Transitional provisions on the Fourth Financial Market Promotion Act

(1) For a credit institution that holds authorisation as a deposit-taking credit institution on 1 July 2002, authorisation to conduct the credit card business is deemed to have been granted as at that date.
(2) Financial services institutions and securities trading banks that were lawfully active on 1 July 2002 without holding an authorisation from the Federal Institute under section 1(1a), second sentence, point 8, must, by 1 November 2002, notify the Federal Institute and the Deutsche Bundesbank of their activity requiring authorisation and of their intention to continue it. Section 64e(2), second to fifth sentences, applies correspondingly.
(3) to (6) (repealed)