OBS_VALUE: Normally, a licence requires that the bank has a branch in Germany. However, exemptions can be granted according to art. 2(4) of the Banking Law. For business with institutional investors, exemptions are granted as a rule. For business with private clients, it is a condition that financial services provided to them are brokered through a credit institution within Germany. Financial institutions without a licence are allowed to provide services to German residents, but not to solicit them actively.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.According to the Directive, EEA credit institutions may provide cross-border banking services into other EEA countries under passporting rights but whether commercial presence is required or not for non-EEA firms is left to national authorities.