Transitional provision on the Second Financial Markets Amendment Act

(1) For a credit institution that holds authorisation as a CRR credit institution on 3 January 2018, and a financial services institution that holds authorisation to operate a multilateral trading facility within the meaning of section 1(1a), second sentence, point 1b, authorisation to operate an organised trading facility within the meaning of section 1(1a), second sentence, point 1d, is deemed to have been granted.
(2) For an undertaking that becomes a financial services institution on 3 January 2018 as a result of the new category in section 1(1a), second sentence, point 1d, authorisation to operate an organised trading facility 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 2 July 2018.
(3) For an undertaking that requires authorisation under section 32(1), first sentence, on 3 January 2018 as a result of the extension of the concept of financial instrument within the meaning of section 1(11) to include emission allowances, authorisation to conduct the business then requiring authorisation under this Act 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 2 July 2018.
(4) For an undertaking that requires authorisation under section 32(1), first sentence, because of the lapse of section 2(1), point 8, and (6), first sentence, points 9 and 13, in the version of this Act applicable until 2 January 2018, authorisation to conduct the business then requiring authorisation under this Act 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 2 July 2018.
(5) For an undertaking that requires authorisation under section 32(1), first sentence, as a result of the recast of section 2(1), point 9, and (6), first sentence, point 11, authorisation to conduct the business then requiring authorisation under this Act 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 2 July 2018.
(6) For an undertaking that requires authorisation under section 32(1), first sentence, on 3 January 2018 as a result of the extension of the authorisation requirement for conducting own-account business under section 32(1a), second and third sentences, authorisation to conduct own-account business 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 2 July 2018.
(7) For an undertaking with its registered office in a third country that requires authorisation under section 32(1), first sentence, on 3 January 2018 as a result of the extension of the authorisation requirement for conducting own-account business under section 32(1a), second and third sentences, the exemption under section 2(5) is deemed to have been provisionally granted from 3 January 2018 until the European Securities and Markets Authority's decision on an entry of the undertaking in the register under Article 48 of Regulation (EU) No 600/2014, where it submits a complete exemption application under section 2(5), first sentence, by 2 July 2018. For an undertaking with its registered office in a third country that, were it an undertaking with its registered office in Germany, could avail itself of the rules in subsections (1) to (6), the exemption under section 2(5) is deemed to have been provisionally granted from 3 January 2018 for conducting the business then requiring authorisation under this Act, where it submits a complete exemption application under section 2(5), first sentence, by 2 July 2018.