An exempt investment firm has no entitlement -
(a) to establish a branch by making use of the procedures in paragraph 19 (establishment) of Schedule 3 (EEA passport rights) to the Act; or
(b) to provide any services by making use of the procedures in paragraph 20 (services) of Schedule 3 to the Act,
in a case where the entitlement of the firm to do so would, but for this regulation, derive from the markets in financial instruments directive.