The Principal Regulations are hereby amended by the substitution of the following Article for Article 31:
(1) Articles 15, 20, 22 and 23 of these Regulations shall apply to an undertaking to which this Article applies.
(2) However, in the case of an undertaking which has, in accordance with Article 32 of these Regulations, availed itself of the advantages specified in Article 26 of the Directive, the references in Articles 15(a), 20(4), 23(3) and 23(4) to another member State shall be construed as references to the member State which has been selected to supervise the solvency of the entire business of the agencies or branches established within the Community.".