1. The competent authority of the Member State where the third-country firm has established or intends to establish its branch shall only grant authorisation where the competent authority is satisfied that:
(a) the conditions under Article 39 are fulfilled; and
(b) the branch of the third-country firm will be able to comply with the provisions referred to in paragraphs 2 and 3.
The competent authority shall inform the third-country firm, within six months of submission of a complete application, whether or not the authorisation has been granted.
2. The branch of the third-country firm authorised in accordance with paragraph 1 shall comply with the obligations laid down in Articles 16 to 20, 23, 24, 25 and 27, Article 28(1), and Articles 30, 31 and 32 of this Directive and in Articles 3 to 26 of Regulation (EU) No 600/2014 and the measures adopted pursuant thereto and shall be subject to the supervision of the competent authority in the Member State where the authorisation was granted.
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