1. Member States shall require, in accordance with Article 21c, that third-country undertakings establish a branch in their territory before commencing or continuing the activities referred to in Article 47(1). The establishment of a third-country branch shall be subject to prior authorisation in accordance with this Chapter.
2. Competent authorities shall endeavour to conclude administrative agreements or other arrangements with relevant third-country competent authorities before a third-country branch commences its activities in the relevant Member State. Such agreements shall be based on the model administrative arrangements developed by EBA in accordance with Article 33(5) of Regulation (EU) No 1093/2010. That requirement shall not apply where third-country branches are subject to stricter national requirements. Competent authorities shall submit information about any administrative agreements or other arrangements concluded with third-country competent authorities to EBA without d
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