(1) Subject to -
(a) subsections (3) and (4) of section 31R, and
(b) Regulation 32 of the European Union (Capital Requirements) Regulations 2014,
a Class 1 firm shall not carry out Class 1 business in the State, unless it is the holder of a Class 1 authorisation or a licence.
(2) Subsection (1) shall not apply to a person who acts on behalf of -
(b) the holder of a Class 1 authorisation or a licence.