(1) This article applies to a Treaty firm which immediately before commencement -

(a) was authorised under section 31 of the Financial Services Act; or

(b) would have been so authorised but for a direction under section 33 of that Act.

(2) If no such notice as is required by paragraph 3(2) of Schedule 4 has been given as respects the firm in relation to a relevant activity which the firm has received home state authorisation to carry on, the notice is deemed to have been given.

(3) A relevant activity is a regulated activity which, immediately before commencement, the firm was by reason of its authorisation under section 31 of the Financial Services Act (or would have been but for a direction under section 33 of that Act) able to carry on in the United Kingdom without contravening section 3 of that Act.

(4) Any notice of the firm's intention to carry on a regulated activity in the United Kingdom which was given by the firm before commencement -

(a) under section 32 of the Financial Services Act; or

(b) in accordance with rules or regulations as mentioned in section 48(2)(a)(ii) of that Act,