(1) This section applies if -
(a) a relevant EEA firm has a branch in the United Kingdom; and
(b) the appropriate regulator ascertains that the firm has contravened, or is contravening, a requirement falling within subsection (3) (in a case to which Article 86.2 of the markets in financial instruments directive applies).
(2) "Relevant EEA firm" means an EEA firm falling within paragraph 5(a) or (b) of Schedule 3 which is exercising in the United Kingdom an EEA right deriving from the markets in financial instruments directive.
(3) A requirement falls within this subsection if it is imposed on the firm -
(a) by any provision of or made under this Act which implements the markets in financial instruments directive;
(aa) by or under any provision of the markets in financial instruments regulation; or
(b) by any directly applicable EU regulation made under that directive or the markets in financial instruments regulation.
(4) The Authority must give the firm written notice which -