32.—(1) Paragraphs (2) and (3) apply in relation to—
(a)any European licence granted by the ORR under the 2005 Regulations which has effect immediately before exit day, or
(b)any other licence so far as, immediately before exit day, it has effect as if it were a European licence as a result of Schedule 4 to the 2005 Regulations (transitional provisions relating to existing licences and licence exemptions).
(2) The licence continues to have effect on and after exit day as if it were a railway undertaking licence under the 2005 Regulations as amended by these Regulations (and the licence is to be read with such modifications as are necessary for it to do so).
(3) Any act or omission in relation to, or in reliance on, the licence that has effect immediately before exit day continues to have effect in relation to the licence on and after exit day.
33.—(1) Paragraphs (2) and (3) apply in relation to any application made to the ORR before exit day for a European licence under the 2005 Regulations but not determined before exit day.
(2) Subject to paragraph (3), on and after exit day the application is to be treated as an application for a railway undertaking licence and the 2005 Regulations (as amended by these Regulations) apply accordingly.
(3) Any act in relation to the application that has effect immediately before exit day continues to have effect in relation to the application on and after exit day.