5.—(1) The Bank may, on an application by a European subsidiary, direct that any compliance with the requirements of paragraph 1 above in relation to—
(a)its carrying on of any activity; or
(b)its establishment of a branch,
shall cease to have effect as from such date as may be specified in the direction.
(2) The Bank shall not give a direction under this paragraph unless—
(a)the applicant has given notice of the application to the relevant supervisory authority in its home State; and
(b)the Bank has agreed with that 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 Bank and the relevant supervisory authority.
(4) The Bank 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.