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

(a) was granted, or deemed to be granted, by the Treasury under regulation 9 [Regulation 20 of S.I. 2011/2742 provides that licences granted under regulation 7 of S.I. 2010/1197 have effect as if they were granted under regulation 9 of S.I. 2011/2742.] of the 2011 Regulations in respect of a person named on the ISIL (Da'esh) and Al-Qaida Sanctions List, and

(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 29(1) (Treasury licences).