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.