Special provisions for the territory named in Article 3 of the Unification Treaty

(1) Insofar as a credit institution with its registered office in the German Democratic Republic, including Berlin (East), was permitted on 1 July 1990 to conduct banking business to the extent described in section 1(1), authorisation under section 32 is deemed to have been granted.
(2) The Federal Institute may exempt groups of credit institutions or individual credit institutions with their registered office in the territory named in Article 3 of the Unification Treaty from obligations under this Act, where this is warranted for particular reasons, in particular because of the alignment of the law in the territory named in Article 3 of the Unification Treaty with federal law not yet having taken place.
(3) (repealed)