Paragraphs (2) and (3) apply to a prospectus, and any supplement to that prospectus, in respect of which the FCA has received a notification of approval given in accordance with Article 25 of the Prospectus Regulation before F1IP completion day.

On and after F1IP completion day, the prospectus and any supplement is to be treated for the purposes of the Prospectus Regulation (as it forms part of retained EU law) as if it had been approved by the FCA at the time when it was approved by the competent authority of the home Member State.

Terms used in paragraphs (1) and (2) which are used in the Prospectus Regulation, in particular “approval”, “competent authority” and “home Member State”, have the meanings given in the Prospectus Regulation, as read with Annex 9 to the EEA Agreement, as that Regulation applied immediately before F1IP completion day.

Where, on or after F1IP completion day, a supplement is required under Article 23 of the Prospectus Regulation to a prospectus referred to in paragraph (1), the FCA is the competent authority in relation to that supplement for the purposes of the Prospectus Regulation.