26(1)In the case of an agreement in respect of which—U.K.
(a)a direction under section 127(2) of the M1Financial Services Act 1986 (“the 1986 Act”) is in force immediately before the starting date, or
(b)a direction under section 194A(3) of the M2Broadcasting Act 1990 (“the 1990 Act”) is in force immediately before the starting date,
the transitional period lasts for five years.
(2)To the extent to which an agreement is the subject of a declaration—
(a)made by the Treasury under section 127(3) of the 1986 Act, and
(b)in force immediately before the starting date,
the transitional period lasts for five years.
(3)Sub-paragraphs (1) and (2) do not affect the power of—
(a)the Treasury to make a declaration under section 127(2) of the 1986 Act (as amended by Schedule 2 to this Act),
(b)the Secretary of State to make a declaration under section 194A of the 1990 Act (as amended by Schedule 2 to this Act),
in respect of an agreement for which there is a transitional period.