(1) Subject to subsection (2), an undertaking referred to in point (1)(b) of Article 4(1) of the Capital Requirements Regulation which has been authorised under Part 2 of the Regulations of 2017 shall apply for a Class 1 authorisation or a licence, at the latest on the day when the undertaking satisfies either of the following conditions:

(a) the average of monthly total assets of the undertaking, calculated over a period of 12 consecutive months, is equal to or exceeds €30,000,000,000;

(b) the average of monthly total assets of the undertaking, calculated over a period of 12 consecutive months, is less than €30,000,000,000, and the undertaking is part of a group in which the total value of the consolidated assets of all undertakings in the group that individually have total assets of less than €30,000,000,000 and that carry out any of the activities referred to in paragraphs 3 and 6 of Part 1 of Schedule 1 to the Regulations of 2017 is equal to or exceeds €30,000,000,000, both calculated as an average over a period of 12 consecutive months.