1. Only the following financial undertakings authorised or registered under Union law may apply for registration of a PEPP:
(a) credit institutions authorised in accordance with Directive 2013/36/EU of the European Parliament and of the Council [Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).];
(b) insurance undertakings authorised in accordance with Directive 2009/138/EC of the European Parliament and of the Council [Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1).], engaged in direct life insurance according to Article 2(3) of Directive 2009/138/EC and Annex II t
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