Cap. 371 Art. 6ASpecific requirements for licensing of credit institutions referred to in point (1)(b) of Article CRR 4(1) of the .

(1) Undertakings referred to in point (1)(b) of Article

4(1) of the CRR which have already obtained a licence pursuant to articles 3, 5 and 6 of the Investment Services Act shall submit an application for a licence in accordance with articles 5 and 6, at the latest on the day when either of the following events takes place:

(a) the average of monthly total assets, calculated over a period of twelve consecutive months, is equal to or exceeds thirty billion euro (€30,000,000,000); or

(b) the average of monthly total assets calculated over a period of twelve consecutive months is less than thirty billion euro (€30,000,000,000), and the undertaking is part of a group in which the total value of the consolidated assets of all undertakings in the group that individually have total assets of less than thirty billion euro (€30,000,000,000) and that carry out any of the activities referred to in paragraphs (3), (4), (6) and (7) of the First Schedule annexed to the

Investment Services Act is equal to or exceeds thirty billion euro (€30,000,000,000), both calculated as an average over a period of twelve consecutive months.

(2) The undertakings referred to in sub-article (1) may continue carrying out the activities referred to in point (1)(b) of Article 4(1) of the CRR until they obtain the licence referred to in sub-article (1).

(3) Where the competent authority, after receiving the information in accordance with Article 95a of the MiFID, determines that an undertaking is to be authorised as a credit institution in accordance with Articles 5 and 6, it shall notify the undertaking.

(4) Pursuant to sub-article (1), the competent authority shall ensure that the process is as streamlined as possible and that any information already pertaining to the competent authority shall be taken into account.