1. Member States shall ensure that competent authorities have the power to require third-country branches to apply for authorisation under Title III, Chapter 1, at least where:
(a) the third-country branch has carried out in the past or is currently carrying out activities referred to in Article 47(1), without prejudice to the exemptions referred to in Article 48c(4), point (d), with clients or counterparties in other Member States;
(b) the third-country branch meets the indicators of systemic importance referred to in Article 131(3) or is assessed as having systemic importance in accordance with Article 48j and poses significant financial stability risks in the Union or the Member State where it is established; or
(c) the aggregate amount of the assets of all third-country branches in the Union which belong to the same third-country group is equal to or greater than EUR 40 billion or the amount of the third-country branch's assets on its book in the Member State where it is establishe
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