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3.—(1) The following are pending applications—
(a)an application for compensation made under an investment business compensation scheme before commencement, in relation to which—
(i)a relevant default occurred, and
(ii)a terminating event did not occur
before commencement; and
(b)an application for compensation made in accordance with paragraph (2).
(2) A person may, after commencement, make an application to the scheme manager under an investment business compensation scheme (as modified by rules made by the Authority under article 4(3)), but only if a relevant default occurred before commencement.
(3) An application may be made under paragraph (2) even if the investment business compensation scheme in question has otherwise ceased to exist.
(4) Except as provided for in paragraph (2), no application may be made under an investment business compensation scheme after commencement.
(5) A post-commencement application means an application for compensation which may be made under paragraph (6).
(6) Notwithstanding anything in Part XV of the Act, a person may after commencement make an application to the scheme manager for compensation under the new scheme as modified by rules made by the Authority under article 6(2), if—
(a)the application—
(i)is not a claim of the kind referred to in section 213(3)(a) of the Act; and
(ii) could, had it been made before commencement, have been entertained under an investment business compensation scheme;
(b)no relevant default occurred before commencement; and
(c)the person making the application has not also made a pending application arising out of the same set of facts.
(7) For the purposes of paragraph (6)—
(a)an application is not to be regarded as falling outside paragraph (6)(a)(ii) merely because no relevant default occurred before commencement; and
(b)the reference to an application that could have been entertained under an investment business compensation scheme is a reference to an application which, had it been made under such a scheme at any time before commencement, would have been an application of a kind in respect of which a payment of compensation could have been made in accordance with that scheme.
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