Sale of subordinated eligible liabilities and relevant capital instruments to retail clients

Without prejudice to the provisions of this Part, subordinated eligible liabilities within the meaning of section 2(3), no. 40a of the Recovery and Resolution Act and relevant capital instruments within the meaning of section 2(2) of the Recovery and Resolution Act may be sold to retail clients within the meaning of section 67(3) only in a minimum denomination of EUR 50,000. For relevant capital instruments within the meaning of section 2(2) of the Recovery and Resolution Act of small and non-complex institutions within the meaning of Article 4(1), no. 145 of Regulation (EU) No 575/2013, the first sentence applies with the proviso that these may be sold to retail clients within the meaning of section 67(3) only in a minimum denomination of EUR 25,000. The first and second sentences do not apply to liabilities and relevant capital instruments within the meaning of this provision that were issued before 28 December 2020.