(1) Paragraphs (2) to (5) apply to a licence or authorisation which -
(a) was granted, or deemed to be granted, by the Treasury under regulation 19 or 23 of the 2017 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 (5)) be prohibited by Part 4 (Finance),
and such a licence or authorisation 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 a licence issued by the Treasury under regulation 88(1) (Treasury licences).
(3) An existing financial sanctions licence which excepts a person from a requirement which would otherwise apply has effect on and after the relevant date as if it had been a direction issued by the Treasury under regulation 89 (Treasury directions).
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