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

(a) was granted, or deemed to be granted, by the Treasury under -

(i) section 17 of the Terrorist Asset-Freezing Act etc. 2010 [Section 46 of the Terrorist Asset-Freezing etc. Act 2010 provides that any licence granted under the Terrorism (United Nations Measures) Order 2009 (S.I. 2009/1747), and was in force immediately before the coming into force of section 46 has effect as a licence granted under the section 17 of the Terrorist Asset-Freezing etc. Act 2010.], or

(ii) 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 persons named in Annex 1 to the EU autonomous ISIL (Da’esh) and Al-Qaida) Regulation;

(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".