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7.—(1) The UK authority may, on an application by a UK subsidiary, direct that any compliance with the requirements of paragraph 1 above in relation to—
(a)its carrying on of any activity in another member State; or
(b)its establishment of a branch in another member State,
shall cease to have effect as from such date as may be specified in the direction.
(2) The UK authority shall not give a direction under this paragraph unless—
(a)the applicant has given notice of the application to the relevant supervisory authority in the member State concerned; and
(b)the UK authority has agreed with the relevant supervisory authority that the direction should be given.
(3) The date specified in a direction under this paragraph—
(a)shall not be earlier than the date requested in the application; but
(b)subject to that, shall be such date as may be agreed between the UK authority and the relevant supervisory authority.
(4) The UK authority shall as soon as practicable send a copy of any direction given under this paragraph to the applicant, to the relevant supervisory authority and to every other authority which it knows is a connected UK authority.
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