2.

It shall be prohibited: to authorise the opening of a representative office or the establishment of a branch or subsidiary in the Union of a credit or financial institution domiciled in Iran or of any credit or financial institution referred to in Article 32(2); to conclude agreements for, or on behalf of, a credit or financial institution domiciled in Iran or for, or on behalf of, any credit or financial institution referred to in Article 32(2) pertaining to the opening of a representative office or the establishment of a branch or subsidiary in the Union; to grant an authorisation for taking up and pursuing the business of credit institution or for any other business requiring prior authorisation, by a representative office, branch or subsidiary of a credit or financial institution domiciled in Iran or of any credit or financial institution referred to in Article 32(2), if the representative office, branch or subsidiary was not operational before 26 July 2010. to acquire or to extend a participation, or to acquire any other ownership interest, in a credit or financial institution falling within the scope of Article 49 by any credit or financial institution referred to in Article 32(2).

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Source: EUR-Lex (Cellar) · retrieved 2026-11-10 · Text as adopted (Official Journal); later amendments are not incorporated in this text.