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

(a) was granted, or deemed to be granted, by the Treasury under regulation 10 of the 2012 Regulations,

(b) was in effect immediately before IP completion day, and

(c) authorises conduct which would (on and after IP completion day, and in the absence of paragraphs (2) to (4)) be prohibited under Part 3 (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 IP completion day as if it had been issued by the Treasury under regulation 61(1) (Treasury licences).

(3) Any reference in an existing financial sanctions licence to the 2012 Regulations is to be treated on and after IP completion day as a reference to these Regulations.

(4) Any reference in an existing financial sanctions licence to a prohibition in -

(a) the 2012 Regulations, or