12. After paragraph 20 insert—
20A.—(1) If a UK investment firm is seeking to use a tied agent established in an EEA State (other than the United Kingdom) in connection with the exercise of an EEA right deriving from the markets in financial instruments directive, this Part of this Schedule applies as if the firm were seeking to establish a branch in that State.
(2) But if—
(a)a UK investment firm has already established a branch in an EEA State other than the United Kingdom in accordance with paragraph 19; and
(b)the EEA right which it is exercising derives from the markets in financial instruments directive,
paragraph 19 does not apply in respect of its use of the tied agent in question.”.