(1) Paragraphs (2) to (4) apply to a licence which -

(a) was granted, or deemed to be granted, by the Treasury under regulation 9 of the 2016 Regulations [Regulation 21 of the 2016 Regulations saved licences granted under certain instruments revoked by the 2016 Regulations.],

(b) was in effect immediately before the relevant date, and

(c) authorises conduct which would (on and after the relevant date, and in the absence of paragraphs (2) to (4)) be prohibited under Part 3 (Finance),

and such a licence is referred to in this regulation as "an existing financial sanctions licence".

(2) An existing financial sanctions licence which authorises an act which would otherwise be prohibited has effect on and after the relevant date as if it had been issued by the Treasury under regulation 40(1) (Treasury licences).

(3) Any reference in an existing financial sanctions licence to the 2016 Regulations is to be treated on and after the relevant date as a reference to these Regulations.

(4) Any reference in an existing financial sanctions licence to a prohibition in -

(a) the 2016 Regulations, or