(1) A third-country firm intending to provide investment services or perform investment activities, with or without any ancillary services, in the State to retail clients or to professional clients within the meaning of paragraph 4 of Schedule 2 shall establish a branch in the State.
(2) A branch of a third-country firm intending to provide the services referred to in paragraph (1) in the State is required by this Regulation to obtain a prior authorisation from the Bank in accordance with the following conditions -
(a) the services for which the third-country firm has sought authorisation is subject to authorisation and supervision in the third country where the third-country firm is established and the third-country firm is authorised so that the competent authority of the third country pays due regard to any recommendations of FATF in the context of antimoney laundering and countering the financing of terrorism,
(b) co-operation arrangements that include provisions regulating the exc
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