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

(a) an EC company within the meaning of the Insurance Companies Act; and

(b) an authorised person (within the meaning of the Financial Services Act) by reason of regulation 57 of the 3ID Regulations.

(2) But this article applies only if there is an activity (a "relevant investment activity") -

(a) which immediately before commencement the firm was, by reason of that regulation, able to carry on in the United Kingdom without contravening section 3 of the Financial Services Act;

(b) which it was then carrying on in the United Kingdom, or had previously carried on there;

(c) which it has received home state authorisation to carry on;

(d) which it has no EEA right to carry on; and

(e) as respects which the condition in paragraph 3(1)(b) of Schedule 4 is satisfied.

(3) Where this article applies -