Branches of CRR credit institutions with their seat in a third country

(1) Where established branches of a CRR credit institution with its seat outside the European Economic Area have deposit protection equivalent to the protection provided for in this Act, BaFin exempts that branch, on application, from allocation under section 24. The protection is regarded as equivalent where only the deposits named in section 6 are excepted from the protection and the depositors' deposits are protected at least in an amount corresponding to the coverage level under section 8(1).
(2) A branch of a CRR credit institution with its seat outside the European Economic Area, that is not a member of a deposit guarantee scheme under this Act, must provide the depositors of that branch with all important information on the protective arrangements for the deposits. The information named in the first sentence must be in the language agreed between the depositor and the CRR credit institution when the account was opened, or in German, and must be clear and comprehensible.