(1) A UK investment firm which has exercised an EEA right deriving from the markets in financial instruments directive to establish a branch must not -
(a) make a change in the requisite details of the branch,
(b) use, for the first time, any tied agent established in the EEA State in which the branch is established, or
(c) cease to use tied agents established in the EEA State in which the branch is established,
unless the requirements of paragraph (2) have been complied with.
(2) The requirements are that -
(a) the firm has given a notice to the appropriate UK regulator stating the details of the proposed change, and
(b) the period of one month beginning with the day on which the firm gave the notice has elapsed.
(3) The appropriate UK regulator must, as soon as reasonably practicable after receiving a notice under paragraph (2), inform the host state regulator of the proposed change.
(4) Paragraph (1) does not apply to a change occasioned by circumstances beyond the firm's control.