; (C) establish— (i) a transition process for bringing the activities and investments described in paragraph (B) into conformance with the requirements for a national bank under applicable law; and (ii) procedures for allowing the covered insured State bank to submit to the Comptroller of the Currency an application to continue to hold activities and investments described in paragraph (B) after conversion, which may be approved or denied by the Comptroller in his discretion; and (D) the Comptroller of the Currency determines necessary in the interests of safety and soundness. . (b) Effective date The amendments made by this section shall take effect on December 31, 2023.