(1) Where a retail client or a professional client within the meaning of paragraph 4 of Schedule 2 established or situated in the European Union initiates, at its own exclusive initiative, the provision of an investment service or the performance of an investment activity by a third-country firm, the requirement for authorisation under Regulation 48 shall not apply to the provision of that service or the performance of that activity by the third-country firm to that person, including a relationship specifically relating to the provision of that service or the performance of an activity.

(2) An initiative by a retail client or a professional client within the meaning of paragraph 4 of Schedule 2 shall not entitle the third-country firm to market otherwise than through the branch new categories of investment products or investment services to that client.