Licenses granted by the Bahrain Monetary Agency, Bahrain Stock Exchange and the Ministry of Commerce to financial institutions prior to the date wherein this law came into effect, shall be valid. This holds true to registration of entities registered, pursuant to the provisions of Decree Law No.17/1987 with respect to Insurance Companies and Corporations, prior to the date wherein this law came into effect, provided that such Licenses or registration of such persons are valid at the effective date of this law.