(1) An opting-in resolution and an opting-out resolution shall each specify the date from which it is to have effect (the "effective date").

(2) The effective date of an opting-in resolution may not be earlier than the date on which the resolution is passed.

(3) Subparagraphs (b), (c) and (d) of Regulation 16 (2) shall be satisfied at the time when the opting-in resolution is passed, but subparagraph (a) of Regulation 16(2) does not need to be satisfied until the effective date.

(4) An opting-in resolution passed before the time when securities of the company are admitted to trading on a regulated market complies with paragraph (1) if, instead of specifying a particular date, it provides for the resolution to have effect from that time.

(5) An opting-in resolution passed before the commencement of this Regulation complies with paragraph (1) if, instead of specifying a particular date, it provides for the resolution to have effect from that commencement.

(6) Where a company has passed an opting-in resolution, any alteration of its articles of association that would prevent subparagraph (b) of Regulation 16(2) from being satisfied is of no effect until the effective date of an opting-out resolution passed by the company.