(1) A transitional direction -

(a) may not be given more than 2 years after IP completion day, subject to paragraph (1B),

(b) may specify the period in relation to which it has effect, subject to paragraphs (2) and (2A),

(c) may be given subject to conditions, and

(d) may be given to a particular person or particular persons, or to persons of a description specified in the direction.

(1A) This paragraph applies to a transitional direction which may be given by the Financial Conduct Authority in accordance with this Part in respect of -

(a) a relevant obligation relating to share trading imposed by or under Article 23(1) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments [EUR 2014/600, amended by S.I. 2018/1403, as amended by S.I. 2019/1212, 2019/1390 and 2020/1301.] (the Markets in Financial Instruments Regulation), including the transitional direction entitled "FCA Transitional Direction for the Share Trading Obligation" dated 22nd December 2020;