(1) Paragraphs (2) to (7) apply to a company ("C") which -

(a) is established in the United Kingdom as a parent financial holding company or a parent mixed financial holding company on 29th December 2020; and

(b) requires approval or confirmation of an exemption from the Prudential Regulation Authority ("PRA") under section 192P of the Financial Services and Markets Act 2000 ("FSMA").

(2) C is to be treated as having an approval to be established in the United Kingdom as a parent financial holding company or parent mixed financial holding company (as the case may be).

(3) C's approval under paragraph (2) lapses -

(a) on 28th June 2021, if C has not submitted an application to the PRA under section 192Q of FSMA before that date; or

(b) on the earlier of -

(i) the day on which C's application under section 192Q of FSMA is finally determined, or

(ii) 31st December 2021.

(4) For the purposes of this regulation, an application is finally determined -