(1) A credit institution authorised and supervised by the competent authorities of another Member State may carry on business within the State by establishing a branch or any other means in any one or more of the activities set out in the Schedule provided that the undertaking or provision of these activities is in accordance with the authorisation of the credit institution in that Member State and the requirements of -
(c) Regulation 38(1) and (2), and
are complied with in full.
(2) A credit institution referred to in paragraph (1) shall, in so far as its operations or proposed operations within the State are concerned, comply with all relevant requirements of these Regulations and with the provisions of any enactment relating to the activities set out in the Schedule.
(3) A financial institution which is a subsidiary of a credit institution, or which is a jointly owned subsidiary of 2 or more credit institution
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