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1.—(1) In relation to the provision by the provision of services of any listed service, the requirements of this paragraph are—
(a)that the firm has given to the relevant supervisory authority in its home State a notice in accordance with paragraph 2 below; and
(b)that the Board, or, in the case of a listed firm, the Bank, has received from that authority a notice in accordance with paragraph 3 below.
(2) In relation to the establishment of a branch, the requirements of this paragraph are—
(a)that the firm has given to the relevant supervisory authority in its home State a notice in accordance with paragraph 2 below;
(b)that the Board, or, in the case of a listed firm, the Bank, has received from that authority a notice in accordance with paragraph 3 below; and
(c)that either—
(i)the Board or, as the case may be, the Bank has informed the firm that it may establish the branch; or
(ii)the period of two months beginning with the day on which the Board or, as the case may be, the Bank, received the notice mentioned in paragraph (b) above has elapsed.
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