reg 3 Effect of restrictions and prohibitions under the 1985 Order
(1) Where immediately before commencement an unauthorised credit union was subject to a direction under Article 59 of the 1985 Order, that direction has effect from commencement as if it were a requirement imposed on that credit union under section 43 of the Act (imposition of requirements). (2) For the purposes of rules and guidance made before commencement by the Authority under Part 10 of the Act (rules and guidance) that relate to credit unions , a credit union which, immediately before commencement— (a) did not hold a certificate under Article 28C of the 1985 Order is to be treated from commencement as a version 1 credit union for the purposes of the Credit Unions Sourcebook ; or (b) held a certificate under that Article is to be treated from commencement as a version 2 credit union for the purposes of the Credit Unions Sourcebook. (3) Paragraphs (1) and (2) are subject to anything done under the Act that has effect from or after commencement.