(1) A person to whom regulation 47 applies must notify each party to a pre-existing contract with the person that the person is -

(a) an exempt person for the purposes of section 19(1)(b) of the 2000 Act, and

(b) not regulated by the FCA or the PRA.

(2) The notification must be made as soon as reasonably practicable following the day on which regulation 47 first applies to the person.

(3) A person to whom regulation 47 applies must notify each party to a pre-existing contract with the person if there is a material change, on or after IP completion day, in respect of -

(a) the protection afforded to assets held by the person in relation to the performance of the contract,