Transitional provision on the High-Frequency Trading Act

For an undertaking that becomes a financial services institution on 15 May 2013 as a result of the extension of the concept of dealing on own account in section 1(1a), second sentence, point 4, authorisation for dealing on own account and for own-account business within the meaning of section 32(1a) is deemed to have been provisionally granted as at that date, 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 14 November 2013. For an undertaking that is not resident in Germany and is not an undertaking within the meaning of section 53b(1), first and second sentences, the first sentence applies on the basis that the complete authorisation application must be submitted by 14 February 2014.