(1) This section applies if--
(a) before the commencement, an SM unit certificate was--
(i) issued under former schedule 5B, section 49(8), or the provision as applied under section 124(2) of the repealed regulation; or
(ii) issued under section 25I of the repealed regulation; or
(iii) issued under a provision mentioned in subparagraph (i) or (ii) and replaced under section 71 of the Act or changed or replaced under section 25O of the repealed regulation; and
(b) the certificate was in force immediately before the commencement.
(2) This section also applies if, on or after the commencement, an SM unit certificate is issued under former schedule 5B, section 49(8) as applied under section 124(2) of the repealed regulation.
(3) The SM unit certificate is an SM unit certificate under this regulation.