(1) A former market operator that is not the subject of any termination process continues to be responsible for arranging the discharge of all liabilities, duties and obligations of the firm existing immediately before announcement of the withdrawal or revocation of the firm's authorisation, unless the Bank states otherwise.
(2) Without limiting the generality of paragraph (1), a former market operator, whether or not the subject of any termination process, continues to be subject to -
(a) the obligations that were imposed on the firm by these Regulations, in the operator's previous capacity as an authorised market operator, and
(b) any codes of conduct, rules of conduct, client money requirements and other conditions and requirements that were imposed on the operator by the Bank under these Regulations, in the operator's previous capacity as an authorised market operator,
until all the obligations of the operator have been discharged to the satisfaction of the Bank, to the extent