Domestic permit, authorisation and approval procedures

(1) The resolution authority informs the supervisory authority, and other domestic authorities concerned, where it is aware that the recipient legal entity does not yet hold the necessary permits, authorisations or approvals.
(2) The resolution order is deemed, domestically, to be an application for the grant of the permit, authorisation or approval; the application must be decided on without delay. An application under the first sentence should be granted by the authority concerned where the transferring legal entity held the corresponding permit, authorisation or approval, and no obvious grounds exist for refusing the permit, authorisation or approval to the recipient legal entity. Where the supervisory authority or another authority concerned intends to reject the application under the first sentence, it informs the resolution authority without delay and states its reasons. The authority concerned and the resolution authority work together with the transferring and the recipient legal entity on a solution that has regard to the resolution objectives and to the need for a timely decision.
(3) Until the necessary permit, authorisation or approval has been finally granted, or until it has been determined that no such permit, authorisation or approval is in fact required, the permit, authorisation or approval granted to the transferring legal entity is deemed granted to the recipient legal entity. Where the recipient legal entity requires an authorisation under section 32 of the Banking Act, the supervisory authority, by way of derogation from the first sentence, notifies the recipient legal entity, after examining the application, of the period within which it may carry on business in accordance with the first sentence, where the supervisory authority intends to grant the authorisation.