Member State investment firms authorised to execute client orders or to deal on own account have the right of membership of, or of access to, a regulated market established in the State by means of any of the following arrangements -
(a) directly, by setting up branches in the State, or
(b) by becoming a remote member of, or having remote access to, the regulated market without having to be established in the State, where the trading procedures and systems of the regulated market do not require a physical presence for conclusion of transactions on the market.