(1) This section applies if it appears to [a regulator] that its power of intervention is exercisable in relation to an EEA firm exercising EEA rights in the United Kingdom (“an incoming EEA firm”) in respect of the contravention of a relevant requirement.
(2) A requirement is relevant if—
[(a) it is imposed—
(i) by [that regulator] under this Act, or
(ii) under any directly applicable Community regulation or decision made under a single market directive; and]
[(b) as respects its contravention, the single market directive in question provides that a procedure of the kind set out in the following provisions of this section (so far as they are relevant in the firm's case) is to apply].
(3) [The regulator] must, in writing, require the firm to remedy the situation.
[(3A) If the firm falls within paragraph 5(da)[, (f) or (h)] of Schedule 3, [the regulator] must at the same time as it gives notice to the firm under subsection (3) refer its findings to the firm's home state regulator.
(3B) Subsections (4) [and (5)] apply to an incoming EEA firm other than a firm falling within paragraph 5(da) [. . .] of Schedule 3.]
(4) If the firm fails to comply with the requirement under subsection (3) within a reasonable time, [the regulator] must give a notice to that effect to the firm's home state regulator requesting it—
(a) to take all appropriate measures for the purpose of ensuring that the firm remedies the situation which has given rise to the notice; and
(b) to inform [the regulator] of the measures it proposes to take or has taken or the reasons for not taking such measures.
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