3.—(1) Subject to paragraph (2), a person who immediately before the date this Order comes into force had permission under Part 4A of the Act to carry on an activity of the kind specified under article 60B(2) of the Regulated Activities Order is, from the date on which this Order comes into force, to be treated as having a Part 4A permission under the Act to carry on an activity of the kind specified by article 39F(1) of the Regulated Activities Order in relation to an exempt agreement specified in article 60C(4A) of the Regulated Activities Order.
(2) Paragraph (1) applies where the person is a lender who enters into an exempt agreement as specified in article 60C(4A) of the Regulated Activities Order.
(3) Paragraph (1) does not affect the ability of the FCA or the PRA to vary or cancel a Part 4A permission under the Act.
(4) Where, by virtue of paragraph (1), a person is treated as having a Part 4A permission of the kind specified by article 39F(1) of the Regulated Activities Order, section 347(2) of the Act (the record of authorised persons etc) does not require the FCA to amend the record maintained under that section in respect of that permission, but this does not prevent the FCA from doing so.