Transitional provisions for existing securities institutions

(1) Undertakings that were, by 26 June 2021, granted a licence under section 32 of the Banking Act for principal broking business under section 1(1), second sentence, no. 4, underwriting business under section 1(1), second sentence, no. 10, the financial services under section 1(1a), second sentence, nos. 1 to 5 or 12, or for own-account business under section 32(1a), first, second or fourth sentence of the Banking Act, or for whom a licence is deemed to have been granted under section 64e(2), section 64i, section 64n, section 64p or section 64x(1) to (5) of the Banking Act, are deemed to hold the licence under section 15 for those activities. The former licence under section 32 of the Banking Act becomes devoid of purpose to that extent.
(2) Applications for a licence under section 32 of the Banking Act by securities institutions, received by the Bundesanstalt by 26 June 2021, are treated as applications under section 15, provided a licence under section 32 of the Banking Act can no longer be granted before this Act enters into force.
(3) Undertakings that carry on crypto custody business, together with other business subject to a licence requirement under section 32 of the Banking Act, exclusively in relation to units of account or crypto-assets, and that were granted a licence by 26 June 2021, or that made a licence application under section 32 of the Banking Act by 26 June 2021, continue to be treated as such undertakings under section 32 of the Banking Act.
(4) For undertakings that were, by 26 June 2021, granted a licence under section 32 of the Banking Act for the custody business under section 1(1), second sentence, no. 5 of the Banking Act, or for which that licence is, at that time, deemed to have been granted under section 64e(2), section 64i, section 64n, section 64p or section 64x(1) to (5) of the Banking Act, the licence under section 15(1) for the ancillary investment service under section 2(3), no. 1 is, from that date, deemed to have been granted, subject to the conditions named in section 15(2). The former licence under section 32 of the Banking Act for the custody business simultaneously becomes devoid of purpose.