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1.—(1) This paragraph applies to a credit institution incorporated in or formed under the law of another member State which immediately before the commencement date is authorised to act as a credit institution by the relevant supervisory authority in that State.
(2) If an institution to which this paragraph applies—
(a)is immediately before the commencement date carrying on in the United Kingdom by the provision of services any home-regulated activity; or
(b)has established in the United Kingdom for the purpose of carrying on such an activity a branch which immediately before that date is in existence,
it shall be treated for all purposes of these Regulations as if the requirements of paragraph 1 of Schedule 2 to these Regulations had been complied with in relation to its carrying on of the activity or, as the case may be, its establishment of the branch.
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