(1)  This regulation applies to an exemption granted by a corresponding authority if –

(a) the exemption is granted for a provision of the law of the other jurisdiction corresponding to a provision (the "relevant provision" ) of these regulations; and

(b) the exemption has effect in the other jurisdiction; and

(c) the CAP has decided that the exemption is to have effect in all participating jurisdictions or participating jurisdictions including this jurisdiction, and the CAP has not reversed the decision.

(2)  The exemption has effect in this jurisdiction, as if it were an exemption granted by the Competent Authority for the relevant provision, for 10 years after the day on which the CAP made its decision unless –

(a) the decision is sooner reversed by the CAP; or

(b) the exemption is sooner cancelled or varied by the corresponding authority; or

(c) the exemption sooner expires or otherwise ceases to have effect.