Transitional provision on the Risk Reduction Act

(1) A financial holding company under section 2f(1) already existing on 27 June 2019 may apply to the supervisory authority for authorisation under section 2f by 28 June 2021. In the period between 27 June 2019 and 28 June 2021, the supervisory authority has, vis-à-vis the financial holding company under the first sentence, all the supervisory powers that also exist vis-à-vis a financial holding company authorised under section 2f. Where a financial holding company under section 2f(1) has not applied for authorisation under section 2f by 28 June 2021, the supervisory authority takes corresponding measures under section 2f(6).
(2) CRR credit institutions or investment firms that require an intermediate EU parent undertaking under section 2g(1), and for which, as at 27 June 2019, the total value of the assets of the group of undertakings concerned within the European Economic Area under section 2g(4) amounts to at least EUR 40 billion, must have an intermediate EU parent undertaking, or, in the cases under section 2g(2), two intermediate EU parent undertakings, by 30 December 2023.
(3) Until 26 June 2021, the provisions of this Act as in force until 28 December 2020, with the exception of section 2g, apply to institutions that are not CRR credit institutions and that fall within the scope of application of Regulation (EU) 2019/2033.