(1) Where -

(a) a person was named on the ISIL (Da'esh) and Al-Qaida Sanctions List, and

(b) the person is a designated person immediately before the relevant date,

any reference in regulation 27(5) (finance: exceptions from prohibitions) to the date on which a person became a designated person is a reference to the date on which the person was named on the ISIL (Da'esh) and Al-Qaida Sanctions List.

(2) In this regulation -

"designated person" has the same meaning as it has in Part 3 (Finance);

"the relevant date" means -

(a) where regulations under section 56 of the Act provide that Part 3 comes into force at a specified time on a day, that time on that day;

(b) otherwise, the date on which Part 3 comes into force.