25.—(1) For the purposes of regulation 12(1)(c), the period is one that begins with commencement day and ends—
(a)after five years, or
(b)if earlier—
(i)with the day on which the relevant incoming provider is given a decision notice in respect of a decision under regulation 15(1)(b);
(ii)if the FCA makes a determination under section 55V of the 2000 Act to grant an application by the relevant incoming provider for a permission under Part 4A of that Act, with the day before the date stated in the written notice (issued in accordance with section 55V(5) of that Act) as that from which permission has effect;
(iii)if the relevant incoming provider is home state authorised immediately before commencement day, with the day before the day on which the person ceases to be so authorised;
(iv)if the relevant incoming provider is an authorised incoming provider immediately before commencement day, with the day before the day on which the person ceases to be an authorised person (within the meaning of the 2000 Act).
(2) For the purposes of this regulation, a person is home state authorised if, immediately before commencement day, the person is authorised, under the law of the person’s home state, to carry on an activity which is regulated by the person’s home state regulator.