Transitional provisions on the Financial Markets Directive Implementation Act

(1) For an undertaking that holds authorisation on 1 November 2007 for one or more banking businesses or financial services within the meaning of section 1(1a), second sentence, points 1 to 4, authorisation for investment advice is deemed to have been granted as at that date. For a financial services institution not falling under the first sentence, authorisation for investment advice is deemed to have been provisionally granted from that date until the Federal Institute's decision, where it submits a complete authorisation application under section 32(1), first and second sentences, also in conjunction with a statutory instrument under section 24(4), by 31 January 2008.
(2) For an undertaking that holds authorisation on 1 November 2007 for one or more banking businesses or financial services within the meaning of section 1(1a), second sentence, points 1 to 4, and that has hitherto dealt in financial instruments for its own account, authorisation for dealing on own account is deemed to have been granted as at that date.
(3) Subsection (1), second sentence, applies correspondingly to an undertaking that, as a result of the extension of the definition of financial instruments in section 1(11), becomes a financial services institution or a securities trading bank on 1 November 2007.
(4) For an undertaking that holds authorisation for investment broking on 1 November 2007, authorisation to operate a multilateral trading facility is deemed to have been granted as at that date, where it submits a complete authorisation application under section 32(1), first and second sentences, also in conjunction with a statutory instrument under section 24(4), by 31 January 2008, and the Federal Institute does not object within three months of receiving the complete authorisation application. The Federal Institute may object where, in the case of an ordinary authorisation application under section 32, it would have the right to refuse to grant the authorisation under section 33.
(5) For an undertaking that holds authorisation for contract broking on 1 November 2007, subsection (1), second sentence, applies correspondingly to authorisation to provide the placement business.