(1) Regulation 34 applies to a person who -

(a) is authorised, under the law of the person's home state, to carry on an activity which is regulated by the person's home state regulator,

(b) satisfies the conditions in regulation 36, 37, 38 or 39, and

(c) is not a Gibraltar firm.

(2) If a person satisfies the conditions in regulation 37, 38 or 39, a regulator may direct that, nevertheless, regulation 34 does not apply to the person.

(3) Regulation 34 applies to a person for the period determined in accordance with regulation 41.