(1) This section applies where an investment firm has established a branch in another Member State in accordance with the provisions of the Markets in Financial Instruments Directive or in accordance with the provisions of Article 18 of Council Directive No. 89/646/EEC of 15 December, 1989 and has under the provisions of Article 7 of the Investor Compensation Directive joined an investor compensation scheme within the territory of that Member State.
(2) Where the supervisory authority has been notified that a branch established in another Member State which has joined an investor compensation scheme for the purposes of subsection (1) has not complied with the obligations imposed on it as a consequence of its membership of the operator of that compensation scheme, the supervisory authority shall, in collaboration with the operator of that compensation scheme, take all appropriate measures to ensure that those obligations are complied with.
(3) Sections 27 and 28 shall apply to an invest
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