The right to carry out relevant activities in other Member States, either by establishing a branch or by providing services, is under the Directive 2013/36/EC provided to a financial institution and its subsidiaries, if that financial institution is a subsidiary of a credit institution or is jointly held by two or more credit institutions and all conditions referred to in Article 34 of that Directive are met. Hence, financial institutions (and their subsidiaries) which are not subsidiaries of credit institutions or jointly held by two or more credit institutions do not fall under the scope of Article 34.