(1) Subject to paragraph (2), a reinsurance undertaking or SPRV may enter into a finite reinsurance contract with a cession undertaking only if the contract -

(a) states that, except for any related contract disclosed in accordance with subparagraph (b), the contract constitutes all of the contractual arrangements between the reinsurance undertaking or SPRV and the cession undertaking, and

(b) if any other contract has been entered into that is related to the principal contract, discloses the related contract, and

(c) states that the cession undertaking undertakes to comply with the notification requirements (if any) imposed by the competent authority of the Member State or third country in which that undertaking is established, and