(1) A payment institution intending to commence providing payment services in another Member State (whether by means of establishing a branch or by way of an agency) shall so notify the Bank in writing at least one month before the date that it proposes to commence providing payment services in the other Member State.
(2) Within one month of receiving the notification referred to in paragraph (1), the Bank shall inform the competent authorities of the host Member State of -
(a) the name and address of the payment institution,
(b) the names of the individuals to be responsible for the management of the branch,
(c) its organisational structure, and
(d) the kind of payment services it intends to provide in the host Member State.
(3) The Bank shall cooperate with the competent authorities of the host Member State.
(4) The Bank shall notify the competent authorities of the host Member State whenever it intends to carry out an on-site inspection in the territory of the latter. However,