AI Summary of Article 47 Scope and definitions
This Chapter establishes minimum requirements for the operation of third-country branches in a Member State, specifically concerning activities by third-country undertakings that would either qualify as credit institutions or meet certain criteria if based in the Union, as outlined in paragraph 1(a) and (b).
Additionally, it clarifies that third-country undertakings engaging in activities listed in Annex I, Section A of Directive 2014/65/EU, along with ancillary services related to deposit-taking or lending for the purposes of providing those services, are excluded from the scope of paragraph 1. Furthermore, definitions are provided, including 'third-country branch' as a branch from a third country undertaking and 'head undertaking' as the overarching undertaking with a head office in a third country that has established a branch in the Member State.
Article 47 Scope and definitions
1.This Chapter lays down the minimum requirements concerning the carrying out in a Member State of the following activities by a third-country branch:
(a) any of the activities referred to in points 2 and 6 of Annex I to this Directive by an undertaking established in a third country that would qualify as a credit institution or that would fulfil the criteria set out in Article 4(1), point (1)(b), of Regulation (EU) No 575/2013 if it were established in the Union;
(b) the activity referred to in point 1 of Annex I to this Directive by an undertaking established in a third country.
Where an undertaking established in a third country provides activities and services listed in Annex I, Section A, to Directive 2014/65/EU and any accommodating ancillary services, such as related deposit taking or the granting of credit or loans the purpose of which is to provide services under that Directive, that undertaking shall not be included within the scope of paragraph 1 of this Article.
3. For the purposes of this Title, the following definitions apply: