OBS_VALUE: Credit institutions authorised in other EU Member States can provide in Portugal the services listed in the  Directive 2006/48/EC Annex, through a branch or by the exercise of freedom to provide services.Non-EU headquartered institutions may provide such activities in Portugal through the establishment of a branch or by obtaining an authorization to be an institution in Portugal. The exercise of freedom to provide services is only authorised to an EU institution as per the harmonised framework based on a close cooperation and supervision rules. Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, Articles 33 and 34