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1. Member States shall ensure that creditors and credit intermediaries are subject to an adequate admission process, to registration and to supervision arrangements set up by an independent competent authority.

2. The requirement of an adequate admission process and of registration shall not apply to creditors that are:

(a) credit institutions as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013;

(b) payment institutions as defined in Article 4, point (4), of Directive (EU) 2015/2366, for the services referred to in Annex I, point 4, of that Directive; or (c) electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC, for the granting of credit referred to in Article 6(1), first subparagraph, point (b), of that Directive.

3. Member States may decide not to apply admission and registration requirements as referred to in paragraph 1 to suppliers of goods or providers of services who qualify as micro, small and medium-sized enterprises as defined in Recommendation 2003/361/EC, acting as:

(a) credit intermediaries in an ancillary capacity; or (b) creditors in an ancillary capacity, granting credit in the form of deferred payment to purchase goods and services offered by them, if the credit is provided free of interest and with only limited charges payable by the consumer for late payments imposed in accordance with national law.