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1.—(1) In relation to the carrying on of a home-regulated activity by the provision of services, the requirements of this paragraph are that the institution has given to the UK authority a notice in accordance with paragraph 2 below.
(2) In relation to the establishment of a branch, the requirements of this paragraph are—
(a)that the institution has given to the UK authority a notice in accordance with paragraph 2 below;
(b)that the UK authority has given to the relevant supervisory authority in the member State concerned the notice which, subject to paragraph 4 below, it is required by paragraph 3(1) or (2) below to give; and
(c)that either—
(i)the relevant supervisory authority has informed the institution that it may establish the branch; or
(ii)the period of two months beginning with the day on which the UK authority gave the relevant supervisory authority the notice mentioned in paragraph (b) above has elapsed.
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