(1) It shall be an offence for a company registered in the State or any other person operating in the State to act as an investment business firm, or to claim or to hold themselves out to be an investment business firm, in the State or outside the State unless that person is acting under and within the terms of an authorisation to do so which authorisation has been given -

(a) by a supervisory authority under section 10 or 13 of this Act, or

(b) by a competent authority in another Member State, for the purpose of Council Directive 93/22/EEC of 10 May, 1993 [O.J. No. L.141 11/6/93.] as amended or extended from time to time,

or that person is deemed to have been authorised under Part IV or Part VII of this Act.

(2) For the purposes of this section, an investment business firm shall not be regarded as operating within the State, where it is a firm which has no branch within the State and where -

(a) its head or registered office is in a state other than a Member State, or