1. Member States shall require that an investment firm authorised in
their territory comply at all times with the conditions for initial authorisation
established in Chapter I of this Title.
2. Member States shall require competent authorities to establish the
appropriate methods to monitor that investment firms comply with their
obligation under paragraph 1. They shall require investment firms to
notify the competent authorities of any material changes to the conditions
for initial authorisation.
3. In the case of investment firms which provide only investment
advice, Member States may allow the competent authority to delegate
administrative, preparatory or ancillary tasks related to the review of the
conditions for initial authorisation, in accordance with the conditions
laid down in Article 48(2).