1. It shall be prohibited for credit and financial institutions falling within the scope of Article 49 to do any of the following:
(a)
to open a new bank account with a credit or financial institution domiciled in Iran or with any credit or financial institution referred to in Article 32(2);
(b)
to establish a new correspondent banking relationship with a credit or financial institution domiciled in Iran or with any credit or financial institution referred to in Article 32(2),
(c)
to open a new representative office in Iran or to establish a new branch or subsidiary in Iran;
(d)
to establish a new joint venture with a credit or financial institution domiciled in Iran or with any credit or financial institution referred to in Article 32(2).
2. It shall be prohibited:
(a)
to authorise the opening of a representative office or the establishment of a branch or subsidiary in the Union of a credit or financial institution domiciled in Iran or of any credit or financial institution referred to in Article 32(2);
(b)
to conclude agreements for, or on behalf of, a credit or financial institution domiciled in Iran or for, or on behalf of, any credit or financial institution referred to in Article 32(2) pertaining to the opening of a representative office or the establishment of a branch or subsidiary in the Union;
(c)
to grant an authorisation for taking up and pursuing the business of credit institution or for any other business requiring prior authorisation, by a representative office, branch or subsidiary of a credit or financial institution domiciled in Iran or of any credit or financial institution referred to in Article 32(2), if the representative office, branch or subsidiary was not operational before 26 July 2010.
(d)
to acquire or to extend a participation, or to acquire any other ownership interest, in a credit or financial institution falling within the scope of Article 49 by any credit or financial institution referred to in Article 32(2).