1. A third-country firm may provide investment services or perform investment activities with or without any ancillary services to eligible counterparties and to professional clients within Part 2 of Schedule 1 to this Regulation in the United Kingdom without the establishment of a branch where it is registered in the register of third-country firms kept by the FCA in accordance with Article 48.

2.

The FCA shall register a third-country firm that has applied for the provision of investment services or performance of activities in the United Kingdom in accordance with paragraph 1 only where the following conditions are met:

(a) the Treasury has made a determination under Article 47(1) in respect of the third country;

(aa) the firm, and the services or activities, fall within the scope of the determination;

(b) the firm is authorised in the jurisdiction where its head office is established to provide the investment services or activities to be provided in the United Kingdom and it is subject to effective supervision and enforcement ensuring a full compliance with the requirements applicable in that third country;