Paragraph 15 I1

the direction is to continue to have effect (but is to be treated as having been given by the Regulator rather than by the Scottish Ministers);

paragraph 19(3) and (4) of schedule 7 to the 2001 Act is to continue to have effect in relation to the direction (except that references in sub-paragraph (4) to the Scottish Ministers are to be treated as references to the Regulator); and

anything done by or in relation to the Scottish Ministers before the appointed day in relation to the direction is to be regarded as having been done by or in relation to the Regulator.