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

(a) was granted, or deemed to be granted, by the Treasury under regulation 9 of the 2014 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 33(1) (Treasury licences).

(3) Any reference in an existing financial sanctions licence to the 2014 Regulations or the EU Yemen Regulation is to be treated on and after the relevant date as a reference to these Regulations.