Transitional provisions on the EMIR Implementing Act

(1) For credit institutions that hold authorisation under section 32 to carry on the activity of a central counterparty under section 1(1), second sentence, point 12, on 16 February 2013, section 2(9a) and (9b) does not apply until authorisation under Article 14, in conjunction with Article 17, of Regulation (EU) No 648/2012 is granted. Section 37(1), first sentence, and section 54(1a) do not apply to the credit institutions named in the first sentence in respect of the activity as a central counterparty within the meaning of section 1(1), second sentence, point 12, until authorisation under Article 14, in conjunction with Article 17, of Regulation (EU) No 648/2012 is granted or finally refused. Insofar as an authorisation under section 32 covers the conduct of banking business under section 1(1), second sentence, points 1 to 10, or the provision of financial services under section 1(1a), it remains unaffected in that respect by the grant or final refusal of authorisation under Article 14, in conjunction with Article 17, of Regulation (EU) No 648/2012.
(2) Section 29(1), second sentence, as in force from 16 February 2013, applies for the first time to the audit of the annual financial statements for a financial year beginning after 31 December 2012.
(3) Section 29(1a), as in force from 16 February 2013, applies for the first time to the audit of the annual financial statements for a financial year beginning after the date on which the credit institution received authorisation under Article 14, in conjunction with Article 17, of Regulation (EU) No 648/2012.