The drafting of Article 3(1)(b) is poor and ambiguous.
Article 3(1)(b) currently is drafted so that it is unclear whether the Euro 3 Million limit per annum applies to the institution as a whole in a host state, or whether it applies to each individual institution that is established on the territory in forms other than a branch.

For example if a company with a head office in EU state X has 15 such establishments operating in EU state Y, and where each establishment in EU state Y individually transacts Euro 1 Million per annum, then does the company fall within Article 3(1)(b) since its total transactions each year are Euro 15 million, or alternatively does the company fall outside Article 3(1)(b) since each of the 15 establishments in State Y each transacts less then Euro 3 Million ?