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PART 3PROHIBITIONS AND EXCEPTIONS

Transitional provision

21.  A ring-fenced body does not carry on an excluded activity or contravene a prohibition imposed by this Order by holding or selling any investments on or after 1st January 2019 provided that—

(a)the investment in question was created or acquired by the ring-fenced body before 1st January 2019, and

(b)the period remaining until the investment matures is less than two years at 1st January 2019.