Any person who was registered with the board on or before July 1, 1989, as a foreign accountant based on being a holder in good standing of a certificate, license, or degree in a foreign country constituting a recognized qualification for the practice of public accountancy in such country shall be eligible to renew his live permit under such terms and conditions as provided by law and the rules and regulations of the board. Such registered foreign accountant shall be subject to the laws and rules and regulations of the board, including, but not limited to, those concerning continuing professional education requirements and disciplinary actions. Should such registered foreign accountant fail to renew his live permit or have such permit revoked or suspended, the board may reinstate such registered foreign accountant under terms and conditions as determined by the board.