(1) Subject to paragraphs (3) and (4), the Panel shall be the competent authority to supervise a bid -

(a) if the offeree company has its registered office in the State in a case where the securities of it are admitted to trading on a regulated market in the State (whether or not they are also admitted to trading on relevant markets in one or more other Member States),

(b) if the offeree company has its registered office in a Member State other than the State in a case where the securities of it are admitted solely to trading on a regulated market in the State,

(c) in each of the cases specified in paragraph (2) if the following conditions are satisfied -

(i) the offeree company does not have its registered office in the State, and

(ii) none of the Member States referred to in the cases so specified is the state in which the offeree company has its registered office.

(2) The cases mentioned in paragraph (1) (c) are -

(a) the securities of the offeree company are admitted to trading on regulated markets in more than one Member State (including the State) but the regulated market on which they were first admitted to trading is a regulated market in the State,