Necessary permits, authorisations and approvals; supervisory requirements; membership of, and access to, financial market infrastructures

(1) Where the transfer of objects of transfer under section 107 to the recipient legal entity results in the recipient legal entity carrying on business or activities requiring a permit, authorisation or approval, the recipient legal entity requires the necessary permits, authorisations and approvals.
(2) The recipient legal entity must satisfy any requirements of Regulation (EU) No 575/2013, and of the provisions adopted in implementation of Directives 2013/36/EU and 2014/65/EU, applicable to its activities; in doing so, it is subject to supervision in accordance with those Directives and their national implementation.
(3) As legal successor to the institution under resolution, the recipient legal entity may continue to exercise all rights previously exercised by the institution under resolution in respect of the objects of transfer. The first sentence also applies to the right to membership of, and access to, financial market infrastructures, investor compensation schemes, and deposit guarantee schemes, where the recipient legal entity satisfies the corresponding access or membership requirements. Access to the financial market infrastructures, investor compensation schemes, and deposit guarantee schemes referred to in the second sentence may not, however, be refused on the ground that the recipient legal entity does not hold a rating issued by a credit rating agency, or that its rating does not correspond to the rating levels required for the granting of such access. Where the recipient legal entity does not satisfy the conditions for access to such financial market infrastructures, an investor compensation scheme, or a deposit guarantee scheme, the recipient legal entity may exercise the rights referred to in the second sentence, on the resolution authority's direction, for a period determined by the resolution authority. That period should not exceed 24 months, but may, on application by the recipient legal entity, be extended by the resolution authority beyond that period.