Recital 1

(1)Under Article 8a of Directive 2013/36/EU, investment firms that meet the conditions set out in Article 4(1), point (1)(b), of Regulation (EU) No 575/2013 of the European Parliament and of the Council ² should apply for an authorisation as credit institutions. Those undertakings should provide sufficient information to the competent authorities as to enable them to carry out a comprehensive assessment of the applicant credit institutions.