4.—(1) Paragraph (2) applies where—
(a)prior to the coming into force of these Regulations, an import or export licence has been issued pursuant to Article 2 of Commission Delegated Regulation (EU) 2016/1237 (cases where a licence is required); but
(b)the requirement to present that licence for the product concerned no longer applies by virtue of the amendments made by regulations 2(2) and 3(2) or, as the case may be, regulations 2(3) and 3(3).
(2) Where this paragraph applies, any security held by the licence issuing authority in accordance with Article 4 of Commission Delegated Regulation (EU) 2016/1237 (security) in connection with the issue of the licence is to be released on the request of the person who lodged the security.