Paragraph 60 I1

For regulation 77 (transitional provision: pending applications for trade licences) substitute—

“77.

(1)

Paragraph (2) applies where—

(a)

an application was made before the relevant date for a licence under the 2016 Order,

(b)

the application is for authorisation of an act prohibited by Part 5 (Trade), and

(c)

a decision to grant or refuse the application has not been made before the relevant date.

(2)

The application is to be treated on and after the relevant date as an application for a licence under regulation 41 (trade licences).

(3)

In this regulation—

• “the 2016 Order” has the meaning it has in regulation 75 (transitional provision: financial sanctions licences);

• “the relevant date” means the date on which Part 5 comes into force.”