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Article 38 Supervision of forms of infrastructure of certain intermediaries operating under the freedom to provide services

1. Where the activities of the following obliged entities are carried out in their territory under the freedom to provide services through agents or distributors, or through other types of infrastructure, including when those activities are carried out under an authorisation obtained under Directive 2013/36/EU, Member States shall ensure that such activities are subject to supervision by their national supervisors:

(a) electronic money issuers as defined in Article 2, point (3), of Directive 2009/110/EC of the European Parliament and of the Council [Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267, 10.10.2009, p. 7).];

(b) payment service providers as defined in Article 4, point (11), of Directive (EU) 2015/2366; and

(c) crypto-asset service providers.

For

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