Recital 6

(6)The consumption of banking services outside the Union, as in the context of the World Trade Organisation Understanding on commitments in financial services, is to remain unaffected. The requirement to establish a branch in the Union should not apply to cases of reverse solicitation, that is where a client or counterparty approaches an undertaking established in a third country at its own exclusive initiative for the provision of banking services, including their continuation, or banking services closely related to those originally solicited. When transposing this Directive, Member States should be able to take measures to preserve clients’ acquired rights under existing contracts. Such measures should apply solely for the purpose of facilitating the transition to implementation of this Directive, and should be narrowly framed to avoid instances of circumvention. To prevent the circumvention of the rules applicable to the cross-border provision of banking services by third-country undertakings, competent authorities should be able to monitor the provision of those services. The requirement to establish a branch in the Union should also not apply to interbank and interdealer transactions. In addition, without prejudice to the authorisation regime provided for in Directive 2014/65/EU of the European Parliament and of the Council ⁵ and in Regulation (EU) No 648/2012 of the European Parliament and of the Council ⁶ , the requirement to establish a branch should not apply to cases where third-country credit institutions provide in the Union the investment services and activities 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, including the provision of trading of financial instruments services or private wealth management. Nonetheless, such exemption should take into account compliance with anti-money laundering and counter-terrorist financing rules as laid down in Directive (EU) 2015/849 of the European Parliament and of the Council ⁷ .