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

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

(i) article 5 of the 2000 Order, or

(ii) regulation 9 of the 2012 Regulations [Regulation 19 of the 2012 Regulations treated licences granted under article 5 of the 2000 Order as if they had been granted under regulation 9 of the 2012 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 (4)) be prohibited under Part 3 (Finance),

and such a licence 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 issued by the Treasury under regulation 35 (Treasury licences).