(1) Regulations 23 to 31 shall not apply where, on the basis of Article 12(1) of Regulation (EU) 2019/2033, an investment firm determines that it meets all of the conditions to qualify as a small and non-interconnected investment firm.

(2) Where an investment firm which has not met all of the conditions set out in Article 12(1) of Regulation (EU) 2019/2033 subsequently meets those conditions, Regulations 23 to 31 shall cease to apply after a period of six months from the date on which those conditions are met.

(3) Regulations 23 to 31 shall cease to apply to an investment firm after the period referred to in paragraph (2) only where -

(a) the investment firm continued to meet the conditions set out in Article 12(1) of Regulations 23 to 31 without interruption during that period, and

(b) the investment firm has notified the Bank accordingly.

(4) Where an investment firm determines that it no longer meets all of the conditions set out in Article 12(1) of Regulation (EU) 2019/2033, it shall notify the Bank and comply with Regulations 23 to 31 within 12 months of the date of that determination.