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36.—(1) A financial management code to which paragraph (2) applies and which has effect immediately before 1 August 2024—
(a)continues in effect on and after 1 August 2024, and
(b)has effect as if—
(i)approved by the Welsh Ministers and Senedd Cymru under section 30 of the 2015 Act, and
(ii)published by the Commission under section 30(7) of the 2015 Act.
(2) This paragraph applies to a financial management code which has been—
(a)approved by the Welsh Ministers and Senedd Cymru under section 30 of the 2015 Act, and
(b)published by HEFCW under section 30(7) of the 2015 Act.
(3) In so far as necessary for the purpose of the exercise by the Commission of its functions pursuant to the 2015 Act, references to “HEFCW” or to “the Higher Education Funding Council for Wales” in a financial management code within paragraph (1) have effect as if they were references to “the Commission” and related expressions are to be interpreted accordingly.
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