The conditions are -

(a) the person is a body corporate which, immediately before IP completion day, is -

(i) incorporated under the law of any part of the United Kingdom; and

(ii) included within a group of undertakings which comprises a trade repository registered under the EU SFT Regulation;

(b) the person has -

(i) submitted an advance application in accordance with regulation 2, whether or not the application complies with any applicable direction under regulation 2(2)(b); and

(ii) not been notified by the FCA of its decision in respect of the application in accordance with regulation 4(4).