Transitional provisions

1. An undertaking that meets the thresholds laid down in Article 3(2) on the date of entry into force of this Regulation shall make the notification under Article 3(3) within two months of that date.

2. Where the shares of a covered undertaking were admitted to trading before the entry into force of this Regulation, that admission shall not constitute a liquidity event. The citizens' capital warrant of such an undertaking shall crystallise upon the first liquidity event within the meaning of point (b) or point (c) of Article 2(6) occurring after its designation.

3. A liquidity event completed before the entry into force of this Regulation shall not give rise to any obligation under Article 5.