(1) A management company, authorised by the competent authorities of another Member State in accordance with the Directive, may carry on within the State the activity for which it has been authorised, either by the establishment of a branch or under the freedom to provide services.
(2) The establishment of a branch or the provision of services may not be made subject to any authorisation requirement, to any requirement to provide endowment capital or to any other measure having equivalent effect.