1. Member States shall require third-country branches to have at least two persons in the relevant Member State effectively directing their business subject to prior approval by the competent authorities. Those persons shall be of good repute and possess sufficient knowledge, skills and experience and commit sufficient time to the performance of their duties.
2. Member States shall require class 1 third-country branches to comply with Articles 74 and 75, Article 76(5) and (6), and Articles 92, 94 and 95. Competent authorities may require third-country branches to establish a local management committee to ensure an adequate governance of the branch.
3. Member States shall require class 2 third-country branches to comply with Articles 74, 75, 92, 94 and 95 and to have internal control functions as provided for under Article 76(5) and Article 76(6), first, second and fourth subparagraphs.
Depending on their size, internal organisation and the nature, scope and complexity of their activiti
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