Transitional provision on the Act Amending the Law on Financial Intermediaries and Investment Products

For an undertaking that becomes a financial services institution on 1 June 2012 as a result of the extension of the definition of financial instruments in section 1(11), first sentence, authorisation 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 fifth sentences, also in conjunction with a statutory instrument under section 24(4), by 31 December 2012.