(1)  This regulation applies to a licence granted by a corresponding Competent Authority for another participating jurisdiction if –

(a) the licence is a licence granted under a provision of the law of the other jurisdiction corresponding to either of the following regulations (in this regulation referred to as the "relevant provision"):

(i) regulation 219 ;

(ii) regulation 229 ; and

(b) the licence is in force in the other jurisdiction.

(2)  Except for circumstances that do not exist in this jurisdiction, the licence has effect in this jurisdiction as if it were a licence granted by a Competent Authority under the relevant provision.