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.