(1) In respect of a person to whom regulation 28 or 34 applies, Part 15 of the Financial Services and Markets Act 2000 (Financial Services Compensation Scheme) is modified as follows.

(2) Section 213 (the compensation scheme) has effect as if -

(a) after subsection (4), there were inserted -

"(4A) The compensation scheme may not provide for the scheme manager to have the power to impose levies on a person who is not to be regarded as a relevant person by virtue of subsection (9A).";

(b) after subsection (9), there were inserted -

"(9A) But a person to whom subsection (9B) applies and who, at that time -

(a) has not established a branch in the United Kingdom, and

(b) is treated as if -