1. Member States shall provide that the activities listed in Annex I may be carried out within their territories, in accordance with Article 35, Article 36(1), (2) and (3), Article 39(1) and (2) and Articles 40 to 46, either by establishing a branch or by providing services, by any financial institution from another Member State, whether a subsidiary of a credit institution or the jointly owned subsidiary of two or more credit institutions, the memorandum and Articles of association of which permit the carrying out of those activities and which fulfils each of the following conditions:
(a) the parent undertaking or undertakings are authorised as credit institutions in the Member State by the law of which the financial institution is governed;
(b) the activities in question are actually carried out within the territory of the same Member State;
(c) the parent undertaking or undertakings holds 90 % or more of the voting rights attaching to shares in the capital of the financial instituti
…