Law on credit accounts (Banking Act-KWG)

Unofficial table of contents

KWG

Date of completion: 10.07.1961

Full quote:

" Banking Act, as amended by the Notice of 9 September 1998 (BGBl. 2776), as last amended by Article 2 (5) of the Law of 12 June 2015 (BGBl). 926).

Status:	New by Bek. v. 9.9.1998 I 2776;
	Last amended by Art. 2 sec. 5 G v. 12.6.2015 I 926

For more details, please refer to the menu under Notes

Footnote

(+ + + Text proof applicable: 1.1.1987 + + +) 
(+ + + For non-application cf.  Section 2 (9a) sentence 1 + + +) 
(+ + + For application cf.  Section 64h (6) and  7 + + +) 
(+ + + For application cf.  Section 64o (2) and  3 + + +) 
(+ + + For application cf.  § 64r para. 1 to 18 + + +) 
(+ + + For application d.  § 9 cf.  Section 5 (5a) and  § 8 KAGB u.   
 Section 53 (3) of the EinSiG + + +) 
(+ + + For application d.  § 23 cf.  § 33 KAGB + + +) 
(+ + + For application d.  § 23a Abs 1 sentence 2 u.  5 and  Article 2 (2)  § 32 KAGB + + +) 
(+ + + For application d.  § 28 cf.  Section 38 (2) of the KAGB + + +) 
(+ + + For application d.  § 38 cf.  Section 39 (4) of the KAGB + + +) 
(+ + + For application d.  § § 42 and  43 cf.  § 3 para. 5 KAGB + + +) 
(+ + + For application d.  Section 45 (5) cf.  § 41 sentence 4 KAGB + + +) 
(+ + + For application d.  § 46b (1) cf.  Section 43 (1) KAGB + + +) 
(+ + + For application d.  § 53 cf.  Section 51 (1) sentence 3 KAGB + + +) 
(+ + + For application d.  § 45c cf.  Section 88 (5) SAG + + +) 
(+ + + For application d.  § 46 cf.  Section 91 (5) SAG + + +) 
(+ + + For application d.  § 46g cf.  Section 91 (5) SAG + + +) 
(+ + + Official notes of the norm provider on EC law: 
 Implementation of the 
 ERL 27/2009 (CELEX Nr: 32009L0027) 
 EGRL 44/2009 (CELEX Nr: 32009L0044) 
 ERL 83/2009 (CELEX Nr: 32009L0083) 
 ERL 111/2009 (CELEX Nr: 32009L0111)  G v. 19.11.2010 I 1592 + + +) 

  

Headline: Short name and name Letter abbreviation inserted. by Art. 6 No. 1 G v. 21.6.2002 I 2010 mWv 1.7.2002 Unofficial table of contents

Content Summary

First section
	General provisions
	1. Credit institutions, financial services institutions, financial holding companies, mixed financial holding companies and mixed enterprises and financial undertakings
§ 1	Definitions
§ 1a	Validity of Regulations (EU) No 575/2013 and (EC) No 1060/2009 for credit and financial services institutions
§ 1b	(dropped)
§ 2	Exceptions
§ 2a	Exceptions for group members of institutes and institutes belonging to institute-related security systems
§ 2b	Legal Form
§ 2c	Holders of major holdings
§ 2d	Management bodies of financial holding companies and mixed financial holding companies
§ 2e	Exceptions for mixed financial holding companies
§ 3	Prohibited stores
§ 4	Decisions of the Bundesanstalt für Finanzdienstleistungsaufsicht
	2. Bundesanstalt für Finanzdienstleistungsaufsicht
§ 5	(dropped)
§ 6	Tasks
§ 6a	Special tasks
§ 6b	Supervisory review and assessment
§ 7	Cooperation with the Deutsche Bundesbank
§ 7a	Cooperation with the European Commission
§ 7b	Cooperation with the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational Pensions Authority
§ 7c	Cooperation with the European Banking Committee
§ 7d	Cooperation with the European Systemic Risk Board
§ 8	Cooperation with other bodies
§ 8a	Special tasks in the supervision of a summary basis
§ 8b	(dropped)
§ 8c	Transfer of responsibility for the supervision of groups of institutions, financial holding groups, mixed financial holding groups and group members
§ 8d	(dropped)
§ 8e	Colleges of supervisors
§ 8f	Cooperation in the supervision of major branches
§ 9	Confidentiality of Obligations
Second section
	Rules for institutions, groups of institutions, financial holding groups, mixed financial holding groups and mixed enterprises
	1. Own resources and liquidity
§ 10	Additional requirements for the own resources of institutions, groups of institutes, financial holding groups and mixed financial holding groups; Regulation empowerment
§ 10a	Determination of the own resources of institutional groups, financial holding groups and mixed financial holding groups; Regulation empowerment
Section 10b	(dropped)
§ 10c	Capital conservation buffer
§ 10d	Anticyclic Capital Buffer
§ 10e	Capital buffers for systemic risks
§ 10f	Capital buffers for globally system-relevant institutes
§ 10g	Capital buffers for other system-relevant institutions
§ 10h	Interaction of the capital buffers for systemic risks, for globally systemically relevant institutes and for other systemically relevant institutes
§ 10i	Combined Capital Buffer Request
§ 11	Liquidity
§ 12	(dropped)
§ 12a	Rationale of business relations
	2. Credit business
§ 13	Large expous; Regulation empowerment
§ § 13a and 13b	(dropped)
§ 13c	Intra-group transactions with mixed enterprises
§ 13d	(dropped)
§ 14	Millionenkredite
§ 15	Organloans
§ 16	(repealed)
§ 17	Determination of Liability
§ 18	Credit documents
§ 18a and 18b	(dropped)
§ 19	Term of credit for § 14 and of the borrower for § § 14, 15 and 18 (1)
§ 20	Exceptions to the obligations under § 14
§ § 20a to 20c	(dropped)
Section 21	Term of credit for § § 15 to 18 (1)
Section 22	Regulation authorisations for millionloans
	2a. Refinancing Register
Section 22a	Register-Leading Company
§ 22b	Management of the refinancing register for third parties
Section 22c	Refinancing investigators
Section 22d	Refinancing Register
Section 22e	Custodian Order
Section 22f	Relationship of the liquidator to the Federal Institute
Section 22g	Custodian Tasks
§ 22h	Ratio of the liquidator to the register-leading company and to the refinancing company
Section 22i	Remuneration of the liquidator
Section 22j	Effects of registration in the refinancing register
§ 22k	Termination and transmission of register guidance
Section 22l	Appointment of the Sachwalter at the opening of the insolvency proceedings
§ 22m	Announcement of the appointment of the Sachwalter
§ 22n	Legal status of the Sachwalter
§ 22o	Appointment of the Sachwalter in case of insolvency
	3. Customer Rights
§ 22p	(dropped)
	4. Advertising and disclosure requirements of the institutes
Section 23	Advertising
Section 23a	Backup Setup
	5. Special obligations of the institutions and their directors, financial holding companies, mixed financial holding companies and joint enterprises
§ 24	View
§ 24a	Establishment of a branch and provision of cross-border services in other Member States of the European Economic Area
§ 24b	Participation in payment and securities settlement systems and interoperable systems
§ 24c	Automated retrieval of account information
Section 25	Financial information, information on risk-bearing capacity; Regulation empowerment
Section 25a	Special organisational obligations; Regulation empowerment
§ 25b	Outsourcing of activities and processes
Section 25c	Managing Director
Section 25d	Administrative or supervisory body
§ 25e	Requirements for contractually bound intermediaries
§ 25f	Special requirements for the orderly business organisation of CRR credit institutions and of institutional groups, financial holding groups, mixed financial holding groups and financial conglomerates to which a CRR credit institution belongs; Authorisation
	5a. Cashless payment; prevention of money laundering, terrorist financing and other criminal acts to the detriment of the institutions
§ 25g	Compliance with the special organizational obligations in cashless payment transactions
§ 25h	Internal safeguards
Section 25i	Simplified due diligence obligations
Section 25j	Simplifications in the implementation of the identification
§ 25k	Increased due diligence obligations
Section 25l	Group-wide observance of due diligence obligations
§ 25m	Prohibited stores
§ 25n	Due diligence and organizational duties in the e-money business
	5b. Presentation of accounting documents
Section 26	Presentation of annual financial statements, management report and audit reports
	5c. Disclosure
Section 26a	Disclosure by the Institutes
	6. Audit and Reviewer Order
§ 27	(repealed)
§ 28	Order of the examiner in special cases
§ 29	Special obligations of the auditor
§ 30	Determination of audit content
	7. Exemptions
Section 31	Exemptions; Regulation empowerment
Third Section
	Provisions relating to the supervision of institutions
	1. Approval for business operations
Section 32	Permission
§ 33	Failure of permission
§ 33a	Suspension or restriction of the authorisation of undertakings established outside the European Union
§ 33b	Consultation of the competent authorities of another State of the European Economic Area
Section 34	Deputy and continuation in case of death
§ 35	Erasing and waiver of permission
§ 36	Dismissiation of directors and members of the administrative or supervisory body
Section 37	Intervention against unauthorised or prohibited transactions
§ 38	Consequences of repeal and erasure of permission to take measures in the handling of
	2. Label protection
§ 39	Names "Bank" and "Bankier"
§ 40	Name "Sparkasse"
Section 41	Exceptions
§ 42	Decision of the Federal Institute
Section 43	Register rules
	3. Information and examinations
Section 44	Information and audits of institutions, providers of ancillary services, financial holding companies, mixed financial holding companies and undertakings included in the supervision of a consolidated financial base
Section 44a	Cross-border information and examinations
§ 44b	Audit of holders of significant holdings
Section 44c	Prosecution of illicit banking and financial services
	4. Measures in special cases
§ 45	Measures to improve the own resources and liquidity
§ 45a	Measures against financial holding companies and mixed financial holding companies
§ 45b	Measures in case of organisational defects
§ 45c	Special Representative
Section 46	Measures at risk
§ 46a	Powers of subordination and issuing of external credit ratings
§ 46b	Insolvency Application
§ 46c	Insolvency law deadlines and liability issues
§ 46d	Information to the other countries of the European Economic Area on reorganisation measures
§ 46e	Insolvency proceedings in the Member States of the European Economic Area
§ 46f	Provision of information to creditors in insolvency proceedings and insolvency proceedings
§ 46g	Moratorium, cessation of banking and stock exchange
§ 46h	Resumption of banking and stock exchange
§ 47	(dropped)
§ 48	(dropped)
	4a. Measures against credit institutions in the event of risks to the stability of the financial system
§ § 48a to 48s	(dropped)
§ 48t	Measures to limit macroprudential or systemic risks
	5. Enforceability, coercive means, transfer and costs
§ 49	Immediate enforceability
§ 50	(dropped)
Section 51	Conversion and costs
Fourth Section
	Special provisions for housing companies with savings
§ 51a	Capital adequacy requirements for housing companies with savings
Section 51b	Requirements for liquidity for housing companies with austerity
§ 51c	Other special requirements for housing companies with savings
Fifth Section
	Special provisions
Section 52	Special supervision
§ 52a	Limitation of claims against organ members of credit institutions
Section 53	Branch offices of companies based abroad
§ 53a	Representative offices of institutes based abroad
Section 53b	Undertakings established in another Member State of the European Economic Area
§ 53c	Undertakings established in a third country
§ 53d	Parent company established in a third country
Sixth Section
	Special provisions for central counterparties
§ 53e	Holders of major holdings
§ 53f	Colleges of supervisors
§ 53g	Financial endowment of central counterparties
§ 53h	Liquidity
§ 53i	Granting of access under Articles 7 and 8 of Regulation (EU) No 648/2012
§ 53j	Display; Regulation empowerment
§ 53k	Outsourcing of activities and processes
§ 53l	Regulatory authority; measures in the event of organisational deficiencies
§ 53m	Content of the Marketing Authorisation Application
§ 53n	Measures to improve the financial resources and liquidity of a central counterparty approved in accordance with Regulation (EU) No 648/2012
Seventh Section
	Penal rules, fine rules
§ 54	Forbidden business, acting without permission
Section 54a	Criminal provisions
§ 55	Breach of obligation to indicate insolvency or over-indebtedness
§ 55a	Unauthorised use of information on millionloans
§ 55b	Unauthorised disclosure of million/millionk credit
§ 56	Fines
Section 57	(dropped)
Section 58	(dropped)
§ 59	Fines imposed on companies
§ 60	Competent managing authority
§ 60a	Participation of the Bundesanstalt und Mitteilungen in Criminal Matters
§ 60b	Publication of measures
Eighth section
	Transitional and final provisions
Section 61	Permission for existing credit institutions
Section 62	Transfer provisions
§ 63	(repeal and amendment of legislation)
Section 63a	Special provisions relating to the territory referred to in Article 3 of the Agreement
Section 64	Successor companies of the Deutsche Bundespost
Section 64a	(dropped)
Section 64b	(dropped)
Section 64c	(dropped)
Section 64d	(dropped)
Section 64e	Transitional provisions on the Sixth Law amending the Law on Credit
Section 64f	Transitional provisions on the Fourth Financial Market Promotion Act
§ 64g	Transitional provisions on the financial conglomerate policy implementation act
§ 64h	Transitional provisions on the law implementing the newly drafted banking directive and the recast capital adequacy directive
Section 64i	Transitional provisions on the Financial Market Policy Implementation Act
Section 64j	Transitional provisions on the Annual Tax Act 2009
§ 64k	Transitional provision on the law implementing the participation directive
Section 64l	Transitional provision for investment management
§ 64m	(dropped)
§ 64n	Transitional provision on the law for the revision of the financial investment intermediary and asset management law
§ 64o	Transitional provisions on the EMIR Execution Act
§ 64p	Transitional provisions on high-frequency trade law
§ 64q	Transitional provision on the AIFM Implementation Act
Section 64r	Transitional provisions concerning the CRD IV-Implementation Act
§ 64s	Transitional provision on the law for the protection of risks and the planning of the reorganisation and settlement of credit institutions
§ 64t	Transitional provision on Regulation (EU) No 1060/2009
§ 64t	Transitional provisions on the BRRD-transposing law

First section
General provisions

1.
Credit institutions, financial services institutions, financial holding companies, mixed financial holding companies and mixed enterprises and financial undertakings

Unofficial table of contents

§ 1 Definitions

(1) Credit institutions are undertakings which engage in banking operations on a commercial basis or in a manner which requires a commercial operation in a commercial manner. Banking operations are

1.

the acceptance of foreign funds as deposits or other necessarily repayable funds from the public, provided that the repayment claim is not securised in bearer or order debt securities, regardless of whether interest is remunerated (deposit business),

1a.

the transactions referred to in Article 1 (1), second sentence, of the Pfandbrief Act (Pfandbrief Business);

2.

the granting of credit and credit (credit) loans;

3.

the purchase of bills of exchange and cheques (discount business),

4.

the acquisition and disposal of financial instruments in its own name for foreign accounts (financial commission business),

5.

the safekeeping and management of securities for other (depository) securities;

6.

(dropped)

7.

the circumvention of the obligation to repurchase previously sold loan claims prior to maturity;

8.

the assumption of guarantees, guarantees and other warranties for other (guarantee business),

9.

the execution of the cashless cheque (cheque store), the exchange (exchange transaction) and the issue of traveller's cheques (travel cheque business).

10.

the take-over of financial instruments at their own risk of placing or acquiring equivalent guarantees (emissions trading);

11.

(dropped)

12.

the activity as a central counterparty within the meaning of paragraph 31.

(1a) Financial services institutions shall be undertakings providing financial services to others on a commercial or to a scale that requires a commercial business established in a commercial manner, and which are not credit institutions. Financial services

1.

the transfer of transactions relating to the acquisition and sale of financial instruments (investment mediation);

1a.

submission of personal recommendations to clients or their representatives relating to transactions with certain financial instruments, provided that the recommendation is based on or is appropriate for the consideration of the investor's personal circumstances and will not be disclosed exclusively through information dissemination channels or to the public (investment advice),

1b.

the operation of a multilateral system which brings together the interests of a large number of persons in the purchase and sale of financial instruments within the system and in accordance with established provisions in a manner that is subject to a contract for the purchase of of these financial instruments (operation of a multilateral trading system),

1c.

the placing of financial instruments without a firm commitment (placement business),

2.

the acquisition and disposal of financial instruments in the foreign name of the foreign invoice (final transfer),

3.

the management of individual assets invested in financial instruments for others with a margin of discretion (financial portfolio management);

4.

the

a)

continuous offering of the purchase or sale of financial instruments in an organised market or in a multilateral trading system at self-imposed prices;

b)

frequent organised and systematic operation of trade on own account outside an organised market or a multilateral trading system, by offering a system accessible to third parties in order to conduct business with them;

c)

The creation or diversion of financial instruments for own account as a service to others or

d)

Buying or selling financial instruments for own account as a direct or indirect participant in a domestic organised market or multilateral trading system by means of a high-frequency algorithmic trading technique which: is characterised by the use of infrastructures aimed at minimising latency, by the decision of the system to initiate, produce, transmit or carry out a contract without human Intervention for individual transactions or orders and by a high under-day The amount of information in the form of orders, quotes or cancellations, even without service to others (own-trade),

5.

the placement of deposit transactions with undertakings with a registered office outside the European Economic Area (third country deposit agency);

6.

(dropped)

7.

the trade in varieties (variety business),

8.

(dropped)

9.

the current purchase of claims on the basis of framework contracts with or without recourse (factoring),

10.

the conclusion of financing leases as a lessor and the management of property companies within the meaning of Section 2 (6), first sentence, point 17, outside the management of an investment property within the meaning of Article 1 (1) of the the capital investment code (financing leasing);

11.

the acquisition and disposal of financial instruments outside the management of an investment property within the meaning of Article 1 (1) of the Capital Investment Code for a community of investors who are natural persons, with decision margin in the selection of financial instruments, provided that this is a focus of the product being offered and for the purpose of ensuring that these investors participate in the value development of the acquired financial instruments (investment management),

12.

the safekeeping and management of securities exclusively for alternative investment funds (AIF) within the meaning of Article 1 (3) of the Capital Investment Code (limited custody business).

The acquisition and disposal of financial instruments for own account, which is not proprietary trading within the meaning of Section 1 (1a), second sentence, point 4 (own business), shall be considered as financial service if the own business is operated by a company. , the

1.

this business, without having already been, for any other reason, at the institute's business, or operating on a commercial or scale basis, which requires a commercial operation established in a commercial manner, and

2.

an institution, a financial holding or a mixed financial holding group, or a financial conglomerate, of which a CRR credit institution is a member.

A company which operates its own business as a financial service in accordance with the third sentence shall be considered to be a financial services institution. The rates 3 and 4 shall not apply to settlement institutions pursuant to Section 8a (1) sentence 1 of the Financial Market Stabilisation Fund Act. (1b) Institutes within the meaning of this Act are credit institutions and financial services institutions. (2) Business managers in the sense of This law is the natural person who, according to the law, the statutes or the social contract, is responsible for managing the business and representing an institution in the legal form of a legal person or a commercial company. are called. In exceptional cases, the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht-Bundesanstalt) may also call a different person who is responsible for the management of the business and who is authorised to represent it as business manager if it is reliable (3) Financial enterprises are enterprises which are not institutions and not capital management companies or externally managed investment companies and whose main activities are: it consists of:

1.

acquire and hold participations,

2.

to obtain monetary claims on a fee basis,

3.

leasing-object company within the meaning of § 2 (6) sentence 1 no. 17,

4.

(dropped)

5.

to act with financial instruments for their own account,

6.

to advise others in financial instruments,

7.

Advising companies on the capital structure, industrial strategy and related issues, as well as advising and providing services to companies in the event of mergers and acquisitions; or

8.

To provide loans between credit institutions (money brokerage).

The Federal Ministry of Finance, after hearing the Deutsche Bundesbank, may designate by means of a legal regulation further undertakings as financial undertakings whose principal activity is in an activity to which the list set out in Annex I to the Directive 2013 /36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activities of credit institutions and the supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing the Directives 2006 /48/EC and 2006 /49/EC (OJ L 206, 22.7.2006, 338). (3a) (dropped) (3b) (omitted) (3c) (3) (3d) CRR credit institutions within the meaning of this Act are credit institutions within the meaning of Article 4 (1) (1) of Regulation (EU) No 575/2013 of European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 646/2012 (OJ L 136, 31.7.2012, p. OJ L 176, 27.6.2013, p. 1). CRR investment firms within the meaning of this Act are investment firms within the meaning of Article 4 (1) (2) of Regulation (EU) No 575/2013. CRR institutions within the meaning of this law are CRR credit institutions and CRR investment firms. Trading companies are institutions which are not CRR credit institutions and which carry out banking operations within the meaning of the second sentence of paragraph 1 (4) or (10) or provide financial services within the meaning of the second sentence of paragraph 1a (1) to (4), unless: bank transactions or financial services are limited to foreign exchange or units of account. Securities trading banks are credit institutions which are not CRR credit institutions and which carry out banking operations within the meaning of the second sentence of paragraph 1 (2) or (10) or which provide financial services within the meaning of the second sentence of paragraph 1a (1) to (4). E-money institutions are companies within the meaning of Section 1a (1) (5) of the Payment Services Supervisory Act. (3e) Securities and futures exchanges within the meaning of this Act are securities or futures markets, which are provided by the competent public authorities shall be regulated and monitored regularly and shall be accessible directly or indirectly to the public, including:

1.

their operators, if their principal activity is in the operation of securities or futures markets, and

2.

their systems to ensure the performance of transactions in these markets (clearing houses), which are regulated and monitored by the competent public authorities.

(4) The State of origin is the State in which the principal place of establishment of an institution is authorised. (5) As a supervisory authority within the meaning of this Act, the following shall apply:

1.

the European Central Bank, in so far as it is exercising it in accordance with Article 4 (1) (a) to (i) and Article 4 (2) of Regulation (EU) No 1024/2013 of the Council of 15 June 2013, October 2013 on the transfer of specific tasks relating to the prudential supervision of credit institutions to the European Central Bank (OJ L 327, 28.12.2013, 63), and that these tasks are not carried out by the Federal Agency in accordance with Article 6 (6) of this Regulation,

2.

the Bundesanstalt, unless the European Central Bank is deemed to be the supervisory authority in accordance with the provisions of this Act, in accordance with point 1.

(5a) The European Economic Area, within the meaning of this Act, shall comprise the Member States of the European Union and the other States Parties to the Agreement on the European Economic Area. Third countries in the sense of this law are all other states. (5b) (dropped) (6) (7) sister companies are companies that have a common parent company. (7a) (dropped) (7b) (omitted) (7c) (omitted) (7d) (7e) (omitted) (7f) (omitted) (8) (omitted) (9) A significant participation within the meaning of this Act is a qualifying holding in accordance with Article 4 (1) (36) of Regulation (EU) No 575/2013 in the relevant applicable law Version. § 21 (1) in conjunction with a legal regulation pursuant to paragraph 3, section 22 (1) to (3a) in conjunction with a legal regulation pursuant to paragraph 5 and section 23 of the Securities Trading Act as well as § 94 shall apply to the calculation of the share of the voting rights in connection with a legal regulation pursuant to paragraph 3. (2) and (3) in conjunction with a legal regulation referred to in paragraph 5 (1) of the Capital Andes Code. No account shall be taken of the voting rights or shares held by institutions under the emission transaction referred to in the second sentence of paragraph 1, second sentence, number 10, provided that those rights are not exercised or otherwise used to enter into the management of the (10) (11) financial instruments within the meaning of paragraphs 1 to 3 and 17 as well as in the sense of § 2 (1) and (6) are to be taken into account.

1.

shares and other shares in domestic or foreign legal persons, partnerships and other companies, in so far as they are comparable to shares, as well as certificates representing shares or shares similar to shares,

2.

Asset deposits within the meaning of Article 1 (2) of the Property Law, with the exception of shares in a cooperative within the meaning of Section 1 of the Cooperative Act,

3.

Debt instruments, in particular certificates of form, bearer bonds, orders and debt securities and similar rights, which are tradable in their manner on the capital markets, with the exception of payment instruments, and Certificates representing these debt instruments,

4.

other rights which entitle or lead to the acquisition or disposal of rights referred to in paragraphs 1 and 3, or to a cash payment which is dependent on such rights, currencies, interest rates or other income, goods, indices or other rights, Measured variables are determined,

5.

shares in investment assets within the meaning of Section 1 (1) of the Capital Investment Code;

6.

money market instruments,

7.

foreign currency or units of account, and

8.

Derivatives.

Money market instruments are all genera of claims which are usually traded on the money market, with the exception of payment instruments. Derivatives are

1.

as a purchase, exchange or otherwise designed fixed or warranted transactions, which are to be fulfilled in a delayed manner and the value of which is derived directly or indirectly from the price or measure of a basic value (forward transactions) with reference to the the following basic values:

a)

securities or money market instruments,

b)

foreign currency or units of account,

c)

interest rates or other income,

d)

Indices of the basic values of points (a), (b) or (c), other financial indices or financial measures, or

e)

Derivatives;

2.

On-time transactions relating to goods, rates, emission allowances, climate or other physical variables, inflation rates or other economic variables or other assets, indices or measured values as base values, provided that: they

a)

are to be fulfilled by means of cash compensation or give a Contracting Party the right to demand a cash settlement, without this right being justified by default or any other termination event,

b)

shall be concluded on an organised market or in a multilateral trading system, or

c)

pursuant to Article 38 (1) of Commission Regulation (EC) No 1287/2006 of 10 August 2006 on the implementation of Directive 2004 /39/EC of the European Parliament and of the Council as regards recording obligations for investment firms which: Notification of transactions, market transparency, the admission of financial instruments to trade and certain terms within the meaning of this Directive (OJ L 327, 30.4.2004, p. EU No 1) have characteristics of other derivatives and are not intended for commercial purposes and are not subject to the conditions laid down in Article 38 (4) of this Regulation,

and provided that they are not a barracks within the meaning of Article 38 (2) of Regulation (EC) No 1287/2006;

3.

financial differential transactions;

4.

as a purchase, exchange or other form of transactions or warrants which are to be fulfilled in a delayed manner and are used for the transfer of credit risks (credit derivatives);

5.

Transactions relating to the basic values referred to in Article 39 of Regulation (EC) No 1287/2006, provided that they fulfil the conditions laid down in point 2.

(12) (omitted) (13) (omitted) (14) (omitted) (15) (omitted) (16) A system within the meaning of Section 24b is a written agreement in accordance with Article 2 (a) of Directive 98 /26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ C 139, 30.4.2004, p. 45), as amended by Directive 2009 /44/EC (OJ L 166, 11.6.2009, p. 37), including the agreement between a participant and an indirectly participating credit institution issued by the Deutsche Bundesbank or by the competent body of another Member State, or The contracting state of the European Economic Area of the European Securities and Markets Authority has been notified. Systems from third countries shall be equal to the systems referred to in the first sentence, provided that they are essentially in accordance with the conditions set out in Article 2 (a) of Directive 98 /26/EC. The system referred to in the first sentence shall also be a system the operator of which has concluded an agreement with the operator of another system or the operators of other systems which are responsible for the execution of payment or transfer orders between the the other systems involved in the agreement are interoperable systems. (16a) System operators within the meaning of this law are the ones who are legally responsible for operating the system. responsible. (16b) The business day of a system includes day and day (17) Financial collateral in the meaning of this Act are cash balances, funds, securities, money market instruments and credit claims within the meaning of the following. Article 2 (1) (o) of Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (OJ L 201, 31.7.2002, p. 43), as amended by Directive 2009 /44/EC (OJ L 168, 27.6.2009, p. 37), and claims for money arising from an agreement on the basis of which an insurance undertaking has granted a loan in the form of a loan within the meaning of Article 1 (1) of the Insurance Supervision Act, , in each case, including any rights or claims relating thereto, which are deemed to be security in the form of a restricted right of security or by transfer or transfer of full rights by means of an agreement between a collateral taker and a guarantor who is one of the parties referred to in Article 1 (2) The provisions of point (a) to (e) of Directive 2002/47/EC as amended by Directive 2009 /44/EC shall be included in the categories listed below; in the case of credit claims granted by insurance undertakings, this shall apply only where: The security provider has its registered office in Germany. Where the collateral provider is one of the persons or companies referred to in Article 1 (2) (e) of Directive 2002/47/EC, financial security shall only be provided where the security of the collateralisation of liabilities arising from contracts or of the mediation of contracts relating to:

a)

the purchase and sale of financial instruments,

b)

pensions, loans and comparable transactions in financial instruments, or

c)

Loans to finance the acquisition of financial instruments

is used. If the guarantor belongs to the persons or companies referred to in Article 1 (2) (e) of Directive 2002/47/EC, own shares of the security provider or shares in affiliated undertakings within the meaning of section 290 (2) of the Commercial code no financial collateral; the date of the order of security shall be the decisive date. Security providers from third countries shall be the same as the guarantors referred to in the first sentence, provided that they essentially correspond to the entities, financial institutions and bodies referred to in Article 1 (2) (a) to (e). (18) Industry rules within the meaning of this Act are the European Union's legislation in the field of financial supervision, in particular Directives 73 /239/EEC, 98 /78/EC, 2004 /39/EC, 2006 /48/EC, 2006 /49/EC and 2009 /65/EC, and Annex V, Part A, of the Directive 2002/83/EC, the domestic laws based thereon, in particular this Law, the Insurance Supervision Act, the Securities Trading Act, the Capital Investment Code, the Pfandbrief Act, the Law on Building Savings Banks, the Money Laundering Act, including the legal regulations issued thereto, as well as the other in the Legal and administrative provisions adopted by the Financial Supervisory Authority (19) Financial sector in the sense of this Act are the following sectors:

1.

the banking and investment services sector, which includes credit institutions within the meaning of paragraph 1, financial services institutions within the meaning of paragraph 1a, capital management companies as defined in section 17 of the capital investment code, external managed investment companies within the meaning of Article 1 (13) of the capital investment code, financial undertakings within the meaning of paragraph 3, providers of ancillary services within the meaning of paragraph 3c, or equivalent undertakings with registered offices abroad, and E-money institutions within the meaning of Article 1a (1) (5) of the Payment service supervision law and payment institutions as defined in Section 1 (1) (5) of the Payment Services Supervisory Act;

2.

the insurance sector, which includes primary insurance undertakings, reinsurance undertakings within the meaning of Section 104a (2) (3) of the Insurance Supervision Act, insurance holding companies within the meaning of Section 104a (2) (4) of the Insurance Supervision Act Insurance supervision law or equivalent companies with registered offices abroad.

(20) Financial conglomerate is a group or sub-group of companies within the meaning of Article 1 (2) of the Financial Conglomerate-Supervisory Law. (21) (omitted) (22) (omitted) (23) (omitted) (24) Refinancing undertakings are undertakings which: Sell items or claims on their transfer from their business operations to the following companies for the purpose of their own refinancing or the refinancing of the transferor or for the purposes of managing them in a trustee manner:

1.

Purpose societies,

2.

Refinancing investigators,

3.

credit institutions established in a State of the European Economic Area;

4.

insurance undertakings based in a Member State of the European Economic Area,

5.

Pension funds or pension funds within the meaning of the law on the improvement of occupational retirement provision (occupational pension law) or

6.

a body referred to in Article 2 (1) (1), (2) or (3a).

It is not harmful if the refinancing companies also pass on economic risks without it being accompanied by a transfer of law. (25) Refinancing intermediaries are credit institutions which are provided by refinancing companies or by others. Refinancing investigators acquire items from the business operations of a refinancing company or claims on their transfer in order to sell them to special purpose companies or refinancing intermediaries; is not harmful if they are not pass on economic risks without the need for a transfer of law (26) Companies whose main purpose is to raise funds by issuing financial instruments or otherwise to obtain other assets to benefit from them are intended to be to acquire refinancing undertakings or refinancing intermediaries from the operations of a refinancing undertaking or claims for their transfer; shall be harmless if, in addition, they take on economic risks, without (27) Internal approaches within the meaning of this law are: the approaches referred to in Article 143 (1), Articles 221, 225 and 259 (3), 283, 312 (2) and 363 of Regulation (EU) No 575/2013, as amended. (28) Hard core capital in the sense of this law is the hard Core capital as defined in Article 26 of Regulation (EU) No 575/2013, as amended. (29) Housing companies with savings institutions within the meaning of this Act are companies in the legal form of registered cooperative,

1.

which are not CRR institutions or financial services institutions and do not have any participation in an institution or financial firm,

2.

whose corporate object is primarily to manage their own housing stock,

3.

which, in addition, as a banking transaction, exclusively operate the deposit business referred to in the second sentence of paragraph 1, point 1, but shall be limited to:

a)

the receipt of savings deposits,

b)

the issue of name bonds and

c)

the justification of bank deposits with interest-rate collection for the purposes of Section 1 (1) of the Pension Certification Act of 26 June 2001 (BGBl. 1310, 1322), as amended, and

4.

that don't lead a trading book, unless

a)

the share of the trading book generally does not exceed 5 per cent of the total balance of balance sheet and off-balance-sheet transactions,

b)

the total amount of each item in the trading book shall not, as a general rule, exceed the equivalent of EUR 15 million; and

c)

the share of the trading book does not exceed 6 per cent of the total balance of the balance sheet and off-balance-sheet operations, and the total of all items in the trading book does not exceed the equivalent of 20 million euro at any time.

Savings deposits within the meaning of the sentence 1 (3) (a)

1.

permanent funds, which

a)

by making a certificate, in particular a savings book, as savings deposits,

b)

are not intended for payment transactions,

c)

are not accepted by corporations, cooperatives, economic associations, partnerships or by companies established abroad with a similar legal form, unless these companies serve non-profit-making purposes, ' charitable or ecclesiastic purposes or the funds adopted by such undertakings shall be collateral according to § 551 of the Civil Code, and

d)

have a period of notice of at least three months;

2.

Deposits whose saving conditions give the customer the right to use his deposits with a notice period of three months up to a certain amount, which may not exceed EUR 2 000 per savings account and calendar month, without notice of termination ;

3.

Amounts of money provided on the basis of wealth-forming laws.

(30) The risk of excessive indebtedness within the meaning of this Act is the risk arising from the vulnerability of an institution due to indebtedness or conditional indebtedness, the unforeseen corrections of the business plan , including a divestment of balance-sheet assets forced by an emergency situation, which could lead to losses or valuation adjustments for the remaining balance-sheet assets. (31) A central counterparty is a Undertakings within the meaning of Article 2 (1) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ C 139, 30.4.2012, p. 1), as amended. (32) Terrorist financing within the meaning of this Act is

1.

the provision or collection of financial resources, knowing that they are to be used in whole or in part, or to be used,

a)

an act in accordance with § 129a, also in conjunction with Section 129b of the Criminal Code, or

b)

another of the cases referred to in Articles 1 to 3 of Council Framework Decision 2002/475/JHA of 13 June 2002 on combating terrorism (OJ L 201, 31.7.2002, p. EC No (3) circumscribed offences

to commit or to provide aid or to provide aid, and

2.

the commission of an act in accordance with Section 89c of the Criminal Code or participation in such a deed.

(33) systemic risk is the risk of disruption in the financial system, which may have serious negative effects on the financial system and the real economy. (34) Model risk is the potential loss of an institution as a result of the Decisions taken on the basis of results of internal models may suffer from decisions which are in error in development, implementation or application. (35) For the purposes of this Act, the definitions referred to in Article 4 shall apply. Paragraph 1, points 5, 6, 8, 13 to 18, 20 to 22, 29 to 31, 33, 35, 37, 38, 43, 44, 48, 51, 54, 57, 61, 67, 73, 74, 82 and 86 of Regulation (EU) No 575/2013.

Footnote

(+ + + § 1 (1a) sentence 3 and 4: For use as of 1.7.2015 see Section 64s (2) sentence 1 + + +) Unofficial table of contents

§ 1a validity of Regulations (EU) No 575/2013 and (EC) No 1060/2009 for credit and financial services institutions

(1) For credit institutions which are not CRR institutions or housing undertakings with savings institutions, subject to § 2 (8a), 9, 9a, 9b and 9c, the provisions of Regulation (EU) No 575/2013 and the acts adopted on their basis are subject to the following conditions: the provisions of this Act, which refer to the requirements of Regulation (EU) No 575/2013, as well as the legal provisions adopted in addition to Regulation (EU) No 575/2013 pursuant to Article 10 (1), first sentence, and Article 13 (1), as if they were Credit institutions CRR credit institutions. (2) For financial services institutions that do not CRR institutions, subject to § 2 (7) to (9), are subject to the requirements of Regulation (EU) No 575/2013 and the acts adopted pursuant to it, the provisions of this Act, which refer to the provisions of Regulation (EU) No 575/2013, as well as the legal provisions adopted in addition to Regulation (EU) No 575/2013 pursuant to Article 10 (1), first sentence and Article 13 (1), as if these financial services institutions are CRR investment firms. (3) For credit institutions and Financial services institutions that do not have CRR institutions and no housing companies with savings , the provisions of Article 4 (1), first subparagraph, Article 5a (1), and Articles 8b to 8d of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ L 327, 30.12.2009, p. 1), as last amended by Regulation (EU) No 462/2013 (OJ L 302, 15.11.2013, p. 1). 1), and the acts adopted on its basis, as if these credit institutions and financial services institutions are CRR institutions. Unofficial table of contents

§ 1b (omitted)

Unofficial table of contents

§ 2 Exceptions

(1) The credit institution shall not be subject to the provisions of paragraphs 2 and 3.

1.

the Deutsche Bundesbank;

2.

the Kreditanstalt für Wiederaufbau;

3.

the social security institutions and the Federal Employment Agency;

3a.

the government debt management of the Confederation, one of its special assets, a country or another State of the European Economic Area and its central banks, provided that such non-foreign funds are not deemed to be deposits or other repayable funds of the public or the credit business;

3b.

Capital management companies and externally managed investment companies, provided that they provide the collective asset management or, in addition to collective asset management, exclusively those in § 20 (2) and (3) of the Capital Investment Code services or ancillary services listed as a banking transaction;

3c.

EU management companies and foreign AIF management companies, provided that they are solely responsible for collective asset management or in addition to collective asset management, exclusively those referred to in Article 6 (3) of Directive 2009 /65/EC, or in In accordance with Article 6 (4) of Directive 2011 /61/EU, services or ancillary services shall be considered as banking transactions;

4.

private and public-sector insurance undertakings;

5.

Undertakings of the pawn lending profession, insofar as they operate this by granting loans against fauctic paving;

6.

undertakings which are recognised as holding companies under the Law on Company Participation Companies;

6a.

(dropped)

7.

undertakings which conduct banking transactions exclusively with their parent undertakings or their subsidiaries or sister companies;

8.

Undertakings which, without being active on a cross-border basis, shall, as a banking business, exclusively carry out the financial services business on domestic exchanges or in domestic multilateral trading systems within the meaning of Article 1 (1a), second sentence, point (1b), on or in where derivatives are traded (derivatives markets), for other members of those markets or trading systems, provided that the contracts concluded by those undertakings in those markets or in those trading systems are fulfilled; clearing members of the same markets or trading systems;

9.

Entities providing financial commissions only with respect to derivatives within the meaning of section 1 (11) sentence 4 nos. 2 and 5, provided that:

a)

they are not part of a group of companies whose principal activity consists in the provision of financial services within the meaning of Article 1 (1) (2) (1) to (4) or banking transactions within the meaning of Article 1 (1), second sentence, no.

b)

Financial services, financial services within the meaning of section 1 (1a), second sentence, no. 1 to 4, in respect of derivatives within the meaning of section 1 (11), second sentence, No. 2 and 5, and self-transactions in financial instruments at the level of the group of companies Importance in relation to the main activity and

c)

the financial commissions are to be provided only to customers of their principal activity in the factual context of transactions of the principal activity;

10.

Entities which the financial commissions business exclusively serves as a service for providers or issuers of asset investments within the meaning of Article 1 (2) of the Capital Investment Act or of closed AIF within the meaning of Article 1 (5) of the German Capital of Law (WIP) Operate the capital investment code;

11.

Undertakings which exclusively guarantee the emission business as a takeover of equivalent guarantees within the meaning of Article 1 (1), second sentence, point 10, for providers or issuers of assets within the meaning of Article 1 (2) of the Assets Act or of operate closed AIF within the meaning of Article 1 (5) of the Capital Investment Code;

12.

Undertakings which operate the depository business within the meaning of Article 1 (1), second sentence, point 5 exclusively for AIF and thus provide the limited custody business within the meaning of the second sentence of Article 1 (1) (2) (12).

(2) For the Kreditanstalt für Wiederaufbau (Kreditanstalt für Wiederaufbau), § § 14, 22a to 22o, 53b (7) and the regulations made pursuant to § 46g (1) (2) and (46h); for the social insurance institutions, for the Federal Employment Agency, apply to the Federal Employment Agency for the Federal Employment Agency. Insurance undertakings and company-holding companies are governed by § 14. (3) For companies of the type referred to in paragraph 1 (4) to (6), the provisions of this law shall apply in so far as they operate banking transactions which are not the same as those of the undertakings concerned. (4) The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) § § 1a, 2c, 10 to 18, 24, 24a, 25, 25a to 25e, 26 to 38, 45, 46 to 46c and 51 (1) of this Act as a whole shall not apply to an institution as long as the company is responsible for the nature of the does not require the supervision of the business; on the basis of an exemption in accordance with the first half-sentence, it may also determine that the Institute shall not be subject to § 6a and § 24c as long as the company is responsible for the nature of the it does not require the supervision of the business to that effect. The decision is to be published in the Federal Gazette (Bundesanzeiger). (5) (omitted) (6) As financial services institutions do not apply

1.

the Deutsche Bundesbank;

2.

the Kreditanstalt für Wiederaufbau;

3.

the government debt management of the Confederation, one of its special assets, a country or another State of the European Economic Area and its central banks;

4.

private and public-sector insurance undertakings;

5.

undertakings providing financial services within the meaning of Article 1 (1a), second sentence, exclusively within the group of undertakings;

5a.

Capital management companies and externally managed investment companies, provided that they provide the collective asset management or, in addition to collective asset management, exclusively those in § 20 (2) and (3) of the Capital Investment Code provide services or ancillary services as financial services;

5b.

EU management companies and foreign AIF management companies, provided that they provide collective asset management or, in addition to collective asset management, exclusively those referred to in Article 6 (3) of Directive 2009 /65/EC or the provide services or ancillary services as financial services listed in Article 6 (4) of Directive 2011 /61/EU;

6.

undertakings whose financial service exists for others solely in the management of a system of employee participations in their own or associated undertakings;

7.

undertakings providing only financial services within the meaning of both the number 5 and the number 6;

8.

Enterprises which, as financial services, are responsible for other exclusively investment advice and investment services between customers and

a)

national institutes,

b)

institutions or financial undertakings established in another Member State of the European Economic Area which fulfil the conditions laid down in Article 53b (1), first sentence, or (7),

c)

undertakings which are treated or exempted pursuant to Article 53c of a regulation on the law of the European Union,

d)

Capital management companies, externally managed investment companies, EU management companies or foreign AIF management companies, or

e)

Providers or issuers of assets within the meaning of Section 1 (2) of the Property Law Act

, provided that such financial services are based on shares or shares in domestic investment assets issued by a capital management company which is authorised under Section 7 or Article 97 (1) of the Investment Act in the by 21 July 2013, which is still in force for the period provided for in Article 345 (2), first sentence, second sentence, in conjunction with the first sentence of paragraph 2, or the first sentence of paragraph 4 of the capital investment code, or a permit issued by the has received, or shares, in accordance with § § 20, 21 or § § 20, 22 of the capital investment code; or shares in EU investment assets or foreign AIF which may be sold under the capital investment code or are limited to assets under the terms of Section 1 (2) of the Assets Law and the companies are not authorized to do so, to obtain ownership or ownership of funds or shares of customers in the provision of such financial services, unless the company applies for and receives a corresponding permit pursuant to section 32 (1); shares or shares Hedge funds within the meaning of Section 283 of the Capital Investment Code shall not be deemed to be shares in investment property within the meaning of this provision;

9.

Undertakings which, without being active on a cross-border basis, pursue their own operations in derivative markets within the meaning of paragraph 1 (8) and act on cassal markets only for the protection of those positions, own trade within the meaning of Article 1 (1a), second sentence, point 4 Point (a) to (c) or the termination of the contract only for other members of these derivatives markets or as market makers within the meaning of section 23 (4) of the German Securities Trading Act (Securities Trading Act) by way of own-trade within the meaning of § 1 (1a) sentence 2 (4) Point (a) prices for other members of these derivatives markets, provided that they are fulfilled by contracts which these undertakings conclude shall be liable to the clearing members of the same markets or trading systems;

10.

Members of the liberal professions providing financial services within the meaning of Article 1 (1) (1) (2) (1) to (4) only occasionally within the framework of a term of office as a freelance professional and a professional chamber in the form of public law bodies , whose professional right does not exclude the provision of financial services;

11.

Undertakings operating in financial instruments or providing financial services within the meaning of Article 1 (1) (1) (1) to (4) (a) to (c) only with respect to derivatives within the meaning of Article 1 (11) sentence 4 (2) and (5), provided that:

a)

they are not part of a group of companies whose principal activity consists in the provision of financial services within the meaning of Article 1 (1) (2) (1) to (4) or banking transactions within the meaning of Article 1 (1), second sentence, no.

b)

those financial services at the level of the group are of secondary importance in relation to the principal activity; and

c)

financial services in respect of derivatives within the meaning of Article 1 (11), fourth sentence, No. 2 and 5, are provided only for customers of their principal activity in the factual context of transactions of the principal activity;

12.

undertakings whose sole financial service within the meaning of Article 1 (1a), second sentence, is the trade in varieties, provided that their principal activity does not exist in the plant variety business;

13.

In so far as they operate as the principal activity of their own business and own trade within the meaning of Article 1 (1a), second sentence, point 4 (a) to (c), with goods or derivatives within the meaning of Article 1 (11), sentence 4, point 2, in respect of goods, provided that they are not subject to a Group of companies whose principal activity consists in the provision of financial services within the meaning of the second sentence of section 1 (1) (1) (1) to (4) or the operation of banking transactions pursuant to § 1 (1) sentence 2 no. 1, 2 or 8;

14.

(dropped)

15.

undertakings which, acting as financial services within the meaning of Section 1 (1a), second sentence, exclusively provide investment advice in the course of another professional activity, without having to pay particular compensation to investment advice;

16.

operators of organised markets which, in addition to the operation of a multilateral trading system, do not provide any other financial services within the meaning of the second sentence of Article 1 (1) (a);

17.

Undertakings which, as the sole financial service within the meaning of Section 1 (1a), second sentence, conduct financial leasing, if they are only acting as a leasing object company for a single leasing object, do not have their own commercial policy make decisions and be administered by an institution established in the European Economic Area, which is authorised to operate the financial leasing in accordance with the law of the Member State of origin;

18.

Undertakings which, as a financial service, operate only the investment management and whose parent undertaking is the Kreditanstalt für Wiederaufbau or an institution within the meaning of the second sentence. The institution within the meaning of the first sentence is a financial services institution which has the authorisation for the investment management, or a CRR institute based in another State of the European Economic Area within the meaning of Section 53b (1) sentence 1, which shall be held in its The home Member State shall have a permit for transactions comparable to Article 1 (1a), second sentence, No. 11, or an institution based in a third country which is responsible for the operations referred to in Article 1 (1a), second sentence, No. 11, of the The right to a licence pursuant to § 32 is exempted;

19.

Companies which are responsible for the placement business exclusively for providers or for issuers of property investments within the meaning of Section 1 (2) of the Assets Act or of closed AIF within the meaning of Section 1 (5) of the Capital Investment Code , and

20.

Companies that do not provide financial services other than financial portfolio management and investment management, provided that the financial portfolio management and investment management only apply to asset investments within the meaning of Article 1 (2) of the German Asset Management Act or of closed AIF within the meaning of Article 1 (5) of the Capital Investment Code.

The provisions of this law shall apply to institutions and undertakings within the meaning of the first sentence of sentence 1 (3) and (4) in so far as they provide financial services which do not belong to the shops which are to be owned by them. (7) Financial services institutions which do not provide further financial services within the meaning of the second sentence of Article 1 (1a), except the third country deposit agency and the variety business, are § § 10, 10c to 10i, 11 to 18 and 24 (1) point 9, § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § 24a, 25a, paragraph 5, § 26a and 33 (1), first sentence, point 1, and § § 45 and 46 (1) sentence 2 number 4 to 6, and § § 46b and 46c (7a) § § 10 of Regulation (EU) No 575/2013 shall not apply to Articles 24 to 403 and 411 to 455 of Regulation (EU) No 575/2013. (7a) Articles 10c to 10i, 11 to 13c, 15 to 18 and 24 (1) (4), 6, 9, 11, 14, 14a, 16 and 17, paragraph 1a (5), § § 25, 25a (5), § 26a and 33 (1), first sentence, point 1, § § 45 and 46 (1) sentence 2 (4) to (6), and § § 46b and 46c of this Law and Articles 24 to 455 and 465 to 519 of Regulation (EU) No 575/2013. (8)

1.

Investment advisors and investment intermediaries, each

a)

are not authorised to obtain ownership or ownership of customers ' funds or securities in the course of the provision of financial services, and

b)

do not act on their own account with financial instruments, and

2.

undertakings to be classified as institutions on the basis of the return for the provision of cross-border transactions in paragraph 1 (8) or (6) (9);

§ § 10, 10c to 10i, 11, 13, 14 to 18, 24 (1) (14), 14a, 16 and 17, paragraph 1a (5), 25a (2) and (5), sections 26a and 45 of this Act and Articles 39, 41, 50 to 403 and 411 to 455 of Regulation (EU) No 575/2013 are not (8a) The requirements of Article 25a (5), Article 26a, and Articles 39, 41, 89 to 386 of Regulation (EU) No 575/2013 shall apply, subject to § 64h (7), not to the institutions whose principal activity is exclusively operated by Banking transactions or the provision of financial services in connection with derivatives pursuant to § 1 (11) sentence 4 (8b) On financial portfolio management, senior intermediaries and investment managers, who are not authorised to obtain ownership or ownership of customers ' funds or securities in the provision of financial services, and who do not act on their own account with financial instruments, is § 10 (1), sections 10c to 10i, 11, 13, 24 (1) (14), (14a) and (16), (1a) (5), (25a) (2) and (5) and (26a) of this Act and Articles 41 and 89 to 91, 95 Paragraphs 1 and 3, Articles 96, 98 to 403 and 411 to 455 of Regulation (EU) No 575/2013 (9) Articles 387 to 403 of Regulation (EU) No 575/2013 shall not apply to financial issuers and self-dealers who, for their own account, are solely responsible for the performance or execution of a client's order or the access to a settlement and settlement system or a recognised exchange, provided that they act on behalf of a foreign invoice or carry out a client order. (9a) Credit institutions which have exclusive access to a credit institution Permission to operate a central counterparty within the meaning of § 1 (1) sentence 2 § § 2c, 6b, 10, 10c to 10i, 11, 12a to 18, 24 (1) (6), 10, 14, 14a, 16, paragraph 1a (4) to (8), § § 24a, 24c, 25 (1) sentence 2, § § 25a to 25e, 26a, 32, 33, 34, 36 (3) sentence 1 and 2, § § 45 and § § 45 and 45b of this Act, as well as Articles 25 to 455 of Regulation (EU) No 575/2013. Section 24 (1) (9) shall apply with the proviso that the drop in the initial capital is to be indicated below the minimum requirements laid down in Article 16 of Regulation (EU) No 648/2012. (9b) Where a credit institution is responsible for both activities within the meaning of Article 1 (1) Paragraph 12 of the second paragraph of paragraph 1 of the second subparagraph of paragraph 1 of paragraph 1 of Article 1 (1) of the second subparagraph of Article 1 (1) of the second subparagraph of Article 1 (1) of the second subparagraph of Article 1 (1) of the second subparagraph of paragraph 9a shall apply. have to ensure that both the requirements of this law and the requirements of The requirements of Regulation (EU) No 648/2012 are complied with. With regard to the requirements for the initial capital according to § 33 (1) and Article 16 (1) of Regulation (EU) No 648/2012, the credit institutions concerned have to meet the higher requirements in each individual case. Notification and information requirements, which exist both in accordance with Section 2c (1) and Article 31 (2) of Regulation (EU) No 648/2012, may be summarised in a joint advertisement or notice. (9c) § § 10d and 24 (1) Point 16 of this Act and Articles 411 to 430 of Regulation (EU) No 575/2013 shall not apply to guarantee banks within the meaning of Article 5 (1) (17) of the Corporate Tax Law. (9d) Articles 411 to 428 of Regulation (EU) No. 575/2013 are not applicable to CRR investment firms. (9e) (omitted) (10) A company which has does not operate any banking transactions within the meaning of Section 1 (1) sentence 2 and, as financial services, only the investment mediation, the placement business or the investment advice are exclusively for the account and under the liability of a CRR credit institution or a A securities trading company which has its registered office in Germany or operates domestically pursuant to section 53b (1) sentence 1 or 7 (tied agent) shall be deemed not to be a financial services institution, but as a financial undertaking, if the CRR-credit institution or securities trading firm as the liable Company this is indicated by the Federal Institute. The activity of the tied agent shall be attributed to the liable company. If the conditions indicated by the liable company change, the new conditions must be notified immediately to the Federal Institute. For the contents of the advertisements according to sentences 1 and 3 and the documents and evidence to be attached, more detailed provisions may be made by means of a legal regulation pursuant to section 24 (4). The Federal Institute transmits the indications according to sentences 1 and 3 of the Deutsche Bundesbank. In accordance with this paragraph, the Bundesanstalt shall carry out, in accordance with this paragraph, a public register on the Internet, by means of the tied agents which are indicated to it, by the liable undertaking, by the tied agents, by the date of the beginning and by the end of the The activity referred to in the first sentence. For the requirements for inclusion in the register, the contents and the management of the register, detailed provisions may be made by means of a legal regulation in accordance with Article 24 (4), in particular, the liable company may have a writing access to the register. the register is to be set up for this company and the responsibility for the accuracy and up-to-dateness of this page is transferred to it. The Bundesanstalt may be liable to an liable undertaking which did not properly carry out the selection or supervision of its tied agents or infringed the duties assigned to it in the context of the management of the register. (11) (12) For operators of organised markets with registered offices abroad, which are the only financial services to be a multilateral source of financial services. Trading system domesically operated, the requirements of § § 25a, 25b and 33 (1) no. 1 to 4 as well as the disclosure requirements in accordance with section 2c (1) and (4) as well as § 24 (1) Nos. 1, 2 and 11 and paragraph 1a no. 2 accordingly. The requirements referred to in the first sentence shall also apply mutagenally to carriers of a domestic exchange which, in addition to free circulation, are the only financial services to operate a multilateral trading system domestiy. It is suspected that managing directors of a domestic exchange and persons who actually manage the transactions of a foreign organized market comply with the requirements of § 33 (1) no. 2 and 4. The powers of the Federal Institute in accordance with § § 2c and 25a (2) sentence 1 as well as § § 44 to 46h shall apply accordingly. The Bundesanstalt may prohibit the persons referred to in the first sentence from operating a multilateral trading system in the cases referred to in Article 35 (2) (4) and (6), and if they do not comply with the requirements of § 33 (1), first sentence, no. 1 to 4. The persons referred to in the first sentence shall immediately notify the Federal Office of the holding of the holding.

Footnote

(+ + + § 2 (8a): Gem. Section 64h (7) to be applied until 31 December 2014 + + +) Unofficial table of contents

§ 2a Exceptions for group members of institutes and institutes that belong to the institute-related security systems

(1) Institutes may apply for an exemption under Article 7 of Regulation (EU) No 575/2013, as amended, with the supervisory authority. The application shall be accompanied by appropriate documents proving that the conditions for exemption provided for in Article 7 of Regulation (EU) No 575/2013 are met. (2) Provided that the conditions for exemption provided for in Article 7 of the Regulation are fulfilled. (EU) No 575/2013, the Supervisory Authority may, upon request for the management of risks other than liquidity risk, be subject to the requirements laid down in Article 25a (1), third sentence, points 1, 2 and 3 (b) and (c), concerning the Risk controlling function vacated. The application shall be accompanied by appropriate documents proving that the conditions set out in the first sentence are available. (3) Institutes may submit an exemption pursuant to Article 8 of Regulation (EU) No 575/2013, as amended, at the time of the application. Supervisory authority. The application shall be accompanied by appropriate documents proving that the conditions for exemption provided for in Article 8 of Regulation (EU) No 575/2013 are met. (4) Provided that the conditions for exemption provided for in Article 8 of the Regulation are fulfilled. (EU) No 575/2013 and an exemption under Article 8 of Regulation (EU) No 575/2013 is granted, the Supervisory Authority Institute may, upon request for the management of liquidity risks, be subject to the requirements laid down in Article 25a (1) sentence 3 Point 1, 2 and 3 (b) and (c) in relation to the risk controlling function. The application shall be accompanied by appropriate documents proving that the conditions laid down in the first sentence of the first sentence are available. (5) For institutions and higher-level undertakings which are subject to the rules referred to in Article 2a (1), (5) or (6) of this Regulation in the period up to 31 December 2013. , the exemption referred to in paragraph 1 or 2 shall be deemed to have been granted. (6) The supervisory authority may also grant the institution or the parent undertaking, in accordance with a procedure provided for in paragraphs 1 to 4, or in accordance with a procedure referred to in paragraph 1, 5 require continuing exemption to provide the necessary evidence of compliance with the Conditions to be submitted. It may also invite them to make arrangements which are appropriate and necessary to remedy existing shortcomings and to determine a reasonable period of time for this. If the evidence is not submitted or is not submitted within the time limit, or if the deficiencies are not remedied or are not remedied within the time limit, the supervisory authority may cancel the exemption or order that the institution shall comply with the rules to which the Exemption related to use again. Unofficial table of contents

§ 2b Legal Form

(1) Credit institutions which require a permit pursuant to Article 32 (1) may not be operated in the legal form of the individual businessman. (2) In the case of securities trading companies in the legal form of the individual businessman or the persons trading company, to include the risk assets of the holder or the personally liable partner in the assessment of the solvency of the institution in accordance with Article 92 of Regulation (EU) No 575/2013; however, the free assets of the proprietor or members remain shall not be taken into account in the calculation of the institution's own resources Where such an institution is operated in the legal form of an individual businessman, the holder shall take reasonable steps to protect his clients in the event of his or her death, incapacity for business or for other reasons. the institution cees its business. Unofficial table of contents

§ 2c Holdings of significant participations

(1) Anyone who intends to acquire a significant stake in an institution, either alone or in cooperation with other persons or companies (acquirer of interest), has this to the Federal Institute and the Deutsche Bundesbank in accordance with the rate of the sentence 2 immediately to be notified in writing. In the notification, the interested acquirer shall have the right to obtain the amount of the participation and the reasons for the relevant influence, the assessment of its reliability and the examination of the other grounds referred to in the first sentence of paragraph 1 (b) essential facts and documents which are to be determined in greater detail by means of a regulation in accordance with Article 24 (4), as well as the persons or undertakings from which he intends to acquire the relevant shares. The legal regulation may, in particular as a case-by-case decision or general regulation, provide for the interested acquirer to submit the documents referred to in Article 32 (1), second sentence, No. 6 (d) and (e). If the interested acquirer is a legal person or a person-trading company, he shall indicate in the notification the shareholders liable for the assessment of the reliability of his or her statutory or statutory representatives or personally essential facts. The holder of a significant holding shall have any newly appointed legal or statutory representative or new personally liable partner with the facts of the Bundesanstalt, which are essential for the assessment of its reliability. and to the Deutsche Bundesbank in writing without delay. The holder of a significant holding shall also immediately notify the Bundesanstalt and the Deutsche Bundesbank in writing if it intends, alone or in cooperation with other persons or undertakings, to the amount of the significant to increase participation in such a way as to reach or exceed the thresholds of 20 per cent, 30 per cent or 50 per cent of the voting rights or of the capital, or that the institution is under its control. The Bundesanstalt must confirm the receipt of a complete advertisement in accordance with the first sentence or sentence 6 immediately, but no later than two working days after receipt of the notification in writing with regard to the person subject to the notification. (1a) The Federal Institute has the The notification referred to in paragraph 1 shall be assessed within 60 working days from the date of the letter with which it has confirmed the receipt of the full notification in writing (assessment period). In the confirmation referred to in the first sentence of paragraph 1, the Bundesanstalt shall inform the person who is subject to the notification of the date on which the assessment period ends. No later than 50. The working day within the assessment period may require the Bundesanstalt in writing to request further information necessary for the conclusion of the evaluation. The request shall be made in writing, stating the additional information required. The Federal Office shall confirm the receipt of further information in writing immediately, but no later than two working days after the receipt of the information, in writing to the person who is subject to the notification. The assessment period shall be inhibited from the date of the request for further information up to the date of receipt by the Federal Office. The assessment period shall not exceed 80 working days in the case of an inhibition after sentence 6. The Bundesanstalt may request additions or clarifications to this information; this does not lead to a renewed inhibition of the assessment period. By way of derogation from the seventh sentence, in the event of an inhibition, the assessment period may be extended to a maximum of 90 working days if the taxable person is:

1.

is established or supervised outside the European Economic Area, or

2.

a non-prudential supervision pursuant to Directive 2009 /65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) 32), Council Directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance, Directive 2002/83/EC of the European Parliament and of the Council of 18 June 1992 on the European Parliament and the Council Parliament and of the Council of 5 November 2002 on life assurance, Directive 2004 /39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, Council Directive 2005 /68/EC of 16 November 2002 natural person subject to reinsurance or to Directive 2013 /36/EU or company.

In so far as the indication of the acquisition of a significant holding in a CRR credit institution is concerned, the Bundesanstalt shall, upon completion of its assessment of the European Central Bank, submit a draft decision in accordance with Article 15 (2) of the Regulation (EU) No 1024/2013. Paragraph 1b shall apply mutas to this draft decision of the Bundesanstalt. (1b) Within the assessment period, the supervisory authority may prohibit the proposed acquisition of the significant shareholding or its increase, if the facts are: To justify the adoption of

1.

the taxable person or, if he is a legal person, also a legal or statutory representative, or, if he is a commercial company, also a shareholder, is not reliable or, for other reasons, is not the person in charge of the In the interests of sound and prudent management of the institution, it is sufficient, in case of doubt, if the facts justify the assumption that he/she is responsible for the acquisition of the significant share of the institution provided by an act which objectively fulfils a criminal offence;

2.

the institution will not be or will not remain in a position to comply with the supervisory requirements, in particular in accordance with Directive 2013 /36/EU, Regulation (EU) No 575/2013, as amended, Directive 2009 /110/EC of the European Parliament and of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions, amending Directives 2005 /60/EC and 2006 /48/EC and repealing Directive 2000 /46/EC, Directive 2007 /64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the Internal market, amending Directives 97 /7/EC, 2002 /65/EC, 2005 /60/EC and 2006 /48/EC and repealing Directive 97 /5/EC, Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the additional Supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate, and Directive 2006 /49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of to satisfy investment firms and credit institutions, or to the institution by reason of the justification or an increase in the significant participation with the holder of the significant participation in a group of undertakings, the effective supervision of the structure of the equity or lack of economic transparency the institution or an effective exchange of information between the competent authorities or the definition of the division of responsibilities between them;

3.

the institution would, by justifying or increasing the significant participation of a subsidiary of an institution established in a third country which is not effectively supervised in the State of its registered office or its head office, or whose principal administration is not effectively supervised, the competent supervisory authority shall not be prepared to cooperate with the supervisory authority in a satisfactory way;

4.

the future business manager is not reliable or not technically suitable;

5.

in the context of the proposed acquisition or increase of the participation of money laundering or terrorist financing within the meaning of Article 1 of Directive 2005 /60/EC, these offences have been attempted or the acquisition has taken place or the increase could increase the risk of such behavior, or

6.

the taxable person does not have the necessary financial soundness; this is the case, in particular, where the taxable person does not meet the specific requirements on the basis of his capital adequacy or financial situation , which can be imposed by law on the own resources and the liquidity of an institution.

The supervisory authority may also prohibit the acquisition or increase of the holding if the information referred to in the second sentence of paragraph 1 or the second sentence of paragraph 1 or the information requested in addition to the third sentence of paragraph 1a is incomplete or incorrect, or do not comply with the requirements of the legal regulation in accordance with Section 24 (4). The supervisory authority shall not provide any conditions for the level of the participation or increase in participation to be acquired, nor shall it place its examination on the economic needs of the market. If, at the end of the assessment, the supervisory authority decides to prohibit the acquisition or increase of the holding, it shall notify the person subject to the decision within two working days and in accordance with the assessment period. in writing, stating the reasons. Comments and reservations of the authorities responsible for the subject-matter shall be reproduced in the decision; the submission may only be made on the basis of the reasons set out in sentences 1 and 2. If the acquisition or increase of the participation is not prohibited in writing within the assessment period, the acquisition or increase may be carried out; the rights of the Bundesanstalt pursuant to paragraph 2 shall remain unaffected. The supervisory authority may set a time limit after the expiry of which it has to notify the person subject to the notification of the execution or the non-execution of the intended acquisition or increase. After the expiry of the period, the taxable person must submit the notification without delay to the Bundesanstalt. (2) The Bundesanstalt may exercise the voting rights to the holder of a significant holding and to the undertakings controlled by him. prohibit and arrange for the shares to be provided with their consent only if:

1.

the conditions for a submission pursuant to the first sentence of paragraph 1 (1) or the second sentence of paragraph 1b are met,

2.

the holder of the significant holding of his obligation pursuant to paragraph 1 has not complied with the prior notification of the Bundesanstalt and the Deutsche Bundesbank, and has not received this information within a time limit set by it. or

3.

the participation has been acquired or increased in the face of a fully-fledgable subdivision referred to in the first sentence of paragraph 1b or the second sentence.

In the event of a plea in accordance with the first sentence, the court shall appoint a trustee at the seat of the institution, at the request of the Bundesanstalt, the institute or any party to which it is party, to which it shall delegate the exercise of the voting rights. The trustee shall take the interests of sound and prudent management of the Institute into account in the exercise of voting rights. In addition to the measures referred to in the first sentence, the Bundesanstalt may commission the trustee with the sale of the shares, in so far as they establish a significant shareholdment, if the holder of the significant participation does not within one of her , the holders of the shares shall have a part to participate in the sale to the extent necessary. If the conditions set out in the first sentence are no longer required, the Bundesanstalt has to request the revocation of the trustee's order. The trustee shall be entitled to compensation for reasonable outlays and to remuneration for his activities. The court shall, at the request of the trustee, determine the expenses and the remuneration; the appeal against the payment of the remuneration shall be excluded. For the costs incurred by the trustee's order, the expenses to be granted to the trustee as well as the remuneration, the institution and the concerned holder shall be liable for the significant participation as a total debtor. (3) Who intends to give up a significant shareholding in an institution, or the amount of its significant shareholding among the thresholds of 20 of the hundred, 30 of the hundred or 50 of the The Bundesanstalt and the Deutsche Bundesbank shall immediately notify the Bundesanstalt and the Deutsche Bundesbank in writing of a hundred of the voting rights or of the capital or to alter the holding in such a way that the institution is no longer controlled. The intended remaining amount of the shareholding shall be indicated. The Bundesanstalt may set a time limit after which the person or persons trading company which has refunded the advertisement in accordance with the first sentence has to notify the execution or the non-execution of the intended decrease or change. After the expiry of the period, the person or persons trading company who has refunded the notification in accordance with the first sentence shall immediately reimburse the notification to the Federal Office. (4) The supervisory authority shall have the acquisition of an immediate or indirect Participation in an institution by which the institution would become a subsidiary of a company established in a third country, provisionally to prohibit or restrict it if there is a corresponding decision of the Commission, which shall: Article 147 (2) of Directive 2013 /36/EU, or Article 15 (3), second sentence, of the Directive 2004 /39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (OJ L 145, 31.5.2004, p. EU No L 145 p. 1, 2005 No 18) (the Financial Market Directive). The temporary suspension or restriction shall not exceed three months from the date of the decision. If the Council decides to extend the period referred to in the second sentence, the supervisory authority shall comply with the extension of the time limit and shall extend the provisional suspension or restriction accordingly.

Footnote

(+ + + § 2c: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

Section 2d Management bodies of financial holding companies and mixed financial holding companies

(1) Persons who actually conduct the business of a financial holding company or of a mixed financial holding company must be reliable, have the professional competence necessary to lead the company and the perception of the person (2) In the case of financial holding companies and mixed financial holding companies, which have been designated as a parent company in accordance with Section 10a (2) sentence 2 or sentence 3, the Federal Office may decide to depart require the persons referred to in paragraph 1 and the persons referred to in paragraph 1 Prohibit activity if:

1.

they do not fulfil the conditions laid down in paragraph 1, or

2.

they have intentionally or recklessly infringed the provision of this law, the regulations issued for the implementation of this law or against orders of the Federal Institute, and in spite of the warning by the Federal Institute of this law Continue behavior.

Footnote

§ 2d para. 2 Inbox italic print: IdF d. Art. 1 No. 9 Buchst. b G v. 28.8.2013 I 3395 mWv 1.1.2014 (deviating from the Federal Law Gazans were replaced by the words "§ 10a (3) sentence 6 or sentence 7 or § 10a paragraph 3 sentence 6 or 7" the words " § 10a para. 3 sentence 6 or sentence 7 or § 10a paragraph 3a Sentence 6 or 7 "replaced by" § 10a paragraph 2 sentence 2 or sentence 3 ") Unofficial table of contents

§ 2e Exceptions to mixed financial holding companies

If a mixed financial holding company is subject, in particular with a view to risk-based supervision, equivalent provisions in accordance with Directive 2006 /48/EC, the Bundesanstalt may, after consulting the Supervision of subsidiaries responsible for the mixed financial holding company only apply the relevant provisions of Directive 2002 /87/EC. (2) A mixed financial holding company, in particular in the With regard to risk-based supervision, equivalent In accordance with the provisions of Directive 2006 /48/EC and Directive 2009 /138/EC, the Bundesanstalt may, in agreement with the body responsible for group supervision in the insurance sector, apply to the mixed financial holding company only the Apply the provisions of Directive 2006 /48/EC in respect of the most heavily represented financial sector within the meaning of Section 8 (2) of the Financial Conglomerate Act. Unofficial table of contents

§ 3 Prohibited Transactions

(1) prohibitions are

1.

the operation of the deposit business, when the group of depositors consists mainly of company members of the company (works savings banks) and not other banking transactions which exceed the scope of this deposit business;

2.

the acceptance of sums of money where the vast majority of the donors have a legal right to grant loans or loans to them from those sums of money (purpose-saving undertakings); this shall not apply to: Building societies;

3.

the operation of the credit transaction or of the deposit business if it is excluded by agreement or business practice or is significantly more difficult to dispose of the amount of the credit or deposits by cash withdrawal.

(2) CRR credit institutions and undertakings belonging to a group of institutions, a financial holding group, a mixed financial holding group or a financial conglomerate to which a CRR credit institution belongs, is the operation of the CRR credit institution in the second sentence of shall be prohibited after 12 months after the exceeding of one of the following thresholds, if:

1.

in the case of CRR credit institutions and institutional groups, financial holding groups, mixed financial holding groups or financial conglomerates, accounting for international accounting standards within the meaning of section 315a of the Commercial Code, CRR-credit institution which, in the categories for financial assets classified as financial assets for sale and for sale, is a member within the meaning of Article 1 in conjunction with point 9 of the Annex to Regulation (EC) No 39 of the Annex to Regulation (EC) No 1126/2008 of the European Commission of 3 November 2008 in the respective applicable The final date of the previous financial year shall exceed EUR 100 billion, or, if the balance sheet total of the CRR credit institution or group, financial holding group, mixed financial holding group or the financial holding group, the financial holding group or the The financial conglomerate, which belongs to a CRR credit institution, reaches at least EUR 90 billion at the closing date of the last three financial years, 20 per cent of the balance sheet total of the CRR credit institution, the institute group, financial holding group, mixed financial holding group or the A financial conglomerate which is a member of a CRR credit institution shall exceed the previous financial year unless the transactions are operated in a financial trading institution within the meaning of Article 25f (1); or

2.

in the case of other CRR credit institutions and groups of institutions, financial holding groups, mixed financial holding groups or financial conglomerates subject to the accounting of the Commercial Code, to which a CRR credit institution belongs to the CRR credit institution, Trading stock according to § 340e (3) of the Commercial Code and the liquidity reserve according to § 340e (1) sentence 2 of the Commercial Code to the closing date of the previous financial year the value of 100 billion Euro if the balance sheet total of the CRR credit institution or the Group, financial holding group, mixed financial holding group or financial conglomerate, of which a CRR credit institution is a member, reaches at least EUR 90 billion at the closing date of the last three financial years, 20 % of the balance sheet total of the CRR credit institution, group, financial holding group, mixed financial holding group or financial conglomerate, of which a CRR credit institution belongs, exceed the previous fiscal year, it is because the business is going to be in a financial trade institute in the For the purposes of Section 25f (1).

Transactions prohibited under the provisions of the first sentence shall be:

1.

self-business;

2.

Credit and guarantee transactions with

a)

hedge funds within the meaning of section 283 (1) of the capital investment code or roof hedge fund within the meaning of section 225 (1) of the capital investment code or, if the transactions are carried out in the context of the management of a hedge fund or roofing hedge fund, with their management companies;

b)

EU-AIF or foreign AIF within the meaning of the Capital Investment Code, which has a significant amount of leverage within the meaning of Article 111 of the Commission's Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011 /61/EU of the European Parliament and of the Council, with a view to exceptions, the conditions for the pursuit of the business, depositaries, leverage, transparency and supervision (OJ C 327, 30.4.2004, p. 1), or, where the transactions are carried out in the framework of the management of the EU-AIF or foreign AIF, with their EU-AIF management companies or foreign AIF administration companies;

3.

self-trading within the meaning of Article 1 (1a), second sentence, point 4 (d), with the exception of market-making activities within the meaning of Article 2 (1) (k) of Regulation (EU) No 236/2012 of 14 March 2012 on short selling and certain aspects of Credit default swaps (OJ L 327, 22. 1) (market-making activities); the authorization of the Federal Institute for individual cases in accordance with the first sentence of paragraph 4 remains unaffected.

Not covered by the business referred to in the second sentence:

1.

transactions for the protection of transactions with customers other than AIF or management companies as defined in the second sentence of the second sentence;

2.

Transactions that serve the interest, currency, liquidity, and credit risk management of the CRR credit institution, the group of institutions, the financial holding group, the mixed financial holding group or the association; form a network in this sense institutions belonging to the same institution-related security system within the meaning of Article 113 (7) (c) of the Regulation of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms;

3.

Transactions in the service of the acquisition and sale of long-term investments, as well as transactions not concluded for the purpose, existing or expected differences between the buying and selling prices or the fluctuations of Market rates, prices, values or interest rates to be used in the short term in order to make profits.

(3) CRR credit institutions and undertakings belonging to a group of institutions, a financial holding group, a mixed financial holding group or a financial conglomerate to which a CRR credit institution belongs, and one of the thresholds of the § 3 (2), first sentence, point 1 or point 2, shall have

1.

within six months of the exceeding of one of the thresholds, to identify, on the basis of a risk analysis, which of their transactions within the meaning of the first sentence of paragraph 2 are prohibited, and

2.

within 12 months of the exceeding of one of the thresholds, to terminate the prohibited transactions already operating pursuant to the first sentence of 1 (1) or to transfer them to a financial trading institution.

The risk analysis referred to in the first sentence of sentence 1 shall be plausible, comprehensive and comprehensible and shall be documented in writing. The Bundesanstalt may extend the period after the first sentence of sentence 1 by up to 12 months on a case-by-case basis; the application must be justified. (4) The Federal Institute may grant a CRR credit institution or a company, which is a group of institutions, to a CRR credit institution or to a company. a financial holding group, a mixed financial holding group or a financial conglomerate which is also a member of a CRR credit institution, irrespective of whether the transactions referred to in paragraph 2 exceed the value of the first sentence of paragraph 2, which: prohibit and order shops to cease operations or to place them on a The financial institution within the meaning of section 25f (1) shall be transferred if it is to be provided that such transactions, in particular in relation to the other business volume, the income or the risk structure of the CRR credit institution or the undertaking which: a group of institutions, a financial holding group, a mixed financial holding group or a financial conglomerate which is also a member of a CRR credit institution, the solvency of the CRR credit institution or of the undertaking which is a member of a CRR credit institution, or the undertaking which is responsible for the Institute Group, a financial holding group, a mixed A financial holding group or a financial conglomerate which is also a member of a CRR credit institution is likely to threaten:

1.

market-making activities;

2.

other transactions within the meaning of the second sentence of paragraph 2 or transactions in financial instruments which, in their nature, are comparable in risk intensity to the transactions referred to in the second sentence of paragraph 2 or of the first sentence of sentence 1, point 1.

In the case of an order within the meaning of the first sentence, the Bundesanstalt shall give the Institute a reasonable period of time.

Footnote

(+ + + § 3 (2) and 3: For use as of 1.7.2015 see Section 64s (2) sentence 1 + + +)
(+ + + § 3 (4): For application as of 1.7.2016 see Section 64s (2) sentence 2 + + +) Unofficial table of contents

Section 4 Decision of the Bundesanstalt für Finanzdienstleistungsaufsicht

In cases of doubt, the Federal Institute shall decide whether an enterprise is subject to the provisions of this Act. Their decisions are binding on the administrative authorities.

2.
Bundesanstalt für Finanzdienstleistungsaufsicht

Unofficial table of contents

§ 5

(dropped) Unofficial table of contents

§ 6 Tasks

(1) The Federal Institute shall exercise the supervision of the institutions in accordance with the provisions of this Act, the legal regulations adopted for this purpose, the Regulation (EU) No 575/2013 as amended and the Regulation (EU) No 575/2013. 575/2013 and Directive 2013 /36/EU, as well as the provisions of Regulation (EU) No 1024/2013 and Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014 establishing a framework for the Cooperation between the European Central Bank and the national competent authorities Authorities and national designated authorities within the Single Supervisory Mechanism (SSM Framework Regulation) (ECB/2014/17) (OJ L 327, 28.11.2002, p. OJ No L 141, 14.5.2014, p. 1). The Bundesanstalt shall be the competent authority for the application of Article 458 of Regulation (EU) No 575/2013 and the competent authority referred to in Article 4 (1) of Directive 2013 /36/EU, unless the European Central Bank is in accordance with the Regulation. (EU) No 1024/2013 shall be considered as the competent authority. In accordance with Article 4 (1) of Directive 2013 /36/EU, the Deutsche Bundesbank shall be the competent body within the framework of the tasks assigned to it in accordance with Article 7 (1), also in conjunction with paragraph 1a, unless the European Central Bank is in accordance with the Regulation (EU) No. 1024/2013 as the competent authority. (1a) The Bundesanstalt exercises the supervision of central counterparties in addition also in accordance with Regulation (EU) No 648/2012 as well as the acts adopted on its basis. (1b) For CRR institutes, the Federal Office of the sectoral competent authority within the meaning of Article 25a of Regulation (EC) No 1060/2009, as amended, and shall comply with the requirements of Regulation (EC) No 1060/2009 as amended, unless Article 17 of the German Securities Trading Act (Securities Trading Act) applies. (2) The Federal Institute has -to counteract maladministration in credit and financial services which endanger the security of the assets entrusted to the institutions, affect the proper conduct of banking operations or financial services; or have significant disadvantages for the economy as a whole. (3) Within the framework of the tasks assigned to it by law, the Federal Institute may, in relation to the institutions and its heads of business, take orders which are appropriate and necessary in order to prevent or to prevent breaches of prudential regulations. , or in order to prevent or eliminate maladministration in an institution which may endanger the security of the assets entrusted to the institution, or to prevent the proper conduct of banking operations or financial services damage. The right to order in accordance with the first sentence also exists in relation to financial holding companies or mixed financial holding companies as well as to the persons who actually lead the transactions of these companies. (4) The Federal Institute has at its (5) to take account, in an appropriate manner, of the potential impact of their decisions on the stability of the financial system in the countries of the European Economic Area concerned. (5) Unofficial table of contents

§ 6a Special tasks

(1) Facing facts which suggest that deposits, other assets entrusted to the Institute, or a financial transaction of terrorist financing adopted by an institution pursuant to Section 89c of the Criminal Code or the Financing of a terrorist group according to § 129a, also in connection with § 129b of the Criminal Code, or in case of carrying out a financial transaction would serve, the Bundesanstalt

1.

give instructions to the management of the institute,

2.

prohibit the institution from having an account or depot which is held by the institute,

3.

prohibit the institution from carrying out other financial transactions.

(2) The facts referred to in paragraph 1 shall, as a general rule, be the case in particular where the holder of an account or depository, the person entitled to dispose of it or the client of an institution is a natural or legal person or a person, non-legal persons ' association, whose name is included in the list of the Council of the European Union adopted in the context of the fight against terrorism, on Council Common Position 2001 /931/CFSP of 27 December 2001 on the Implementation of specific measures to combat terrorism (OJ C 327, 22.4. EC No 93), as amended. (3) The Bundesanstalt may, on a case-by-case basis, at the request of the natural or legal person concerned or of a non-legal person, be able to have assets subject to an order pursuant to paragraph 1. (4) Release one of the members of the Association for the purpose of obtaining the necessary subsistent living of the person or their family members, the payment of benefits, maintenance or comparable purposes. (4) The arrangement referred to in paragraph 1 shall be repealed as soon as and in so far as the reason for the (5) The institution or another case may object to an order pursuant to paragraph 1. (6) The possibility of ordering restrictions on the movement of capital and payments in accordance with Section 4 (1) of the German Foreign Trade Act (Foreign Trade Act) remains unaffected. Unofficial table of contents

Section 6b Supervisory Review and Assessment

(1) In the context of supervision, the Supervisory Authority shall assess and assess the rules, strategies, procedures and processes which an institution has created to meet the supervisory requirements.

1.

the risks to which it is or may be exposed, and in particular the risks identified in the event of stress tests, taking into account the nature, scope and complexity of the activities of an institution; and

2.

the risks to the financial system in accordance with the determination and measurement of systemic risk, in accordance with Article 23 of Regulation (EU) No 1093/2010, and, where appropriate, taking into account recommendations of the European Systemic Risk Board (ESRB) .

The Bundesanstalt is cooperating with the Deutsche Bundesbank in accordance with § 7. (2) The supervisory authority shall evaluate and forward the evaluation and the future, whether the institution created by an institution shall be responsible for the assessment and evaluation of the Rules, strategies, procedures and processes, as well as its liquidity and own resources, ensure an adequate and effective risk management and a sound risk coverage. In addition to credit risks, market risks and operational risks, it shall take into account in particular:

1.

the results of the internal stress tests of an institution using an IRB approach or that for the calculation of the own resources requirements set out in Articles 362 to 377 of Regulation (EU) No 575/2013, as amended in each case, for the market risk using an internal model;

2.

the ability of an institution to assess its positions in the short-term under normal market conditions on the basis of valuation corrections made in accordance with Article 105 of Regulation (EU) No 575/2013, as amended in each case. to sell or to secure substantial losses;

3.

the extent to which an institution is exposed to risk concentrations and their control by the Institute, including the fulfilment of the supervisory requirements;

4.

the impact of diversification effects and the ways in which they are included in the risk measurement system of an institution;

5.

the robustness, suitability and nature of the application of the principles and procedures established by an Institute for the Management of Risk, which remains with the Institute in spite of the use of recognised credit risk mitigation techniques;

6.

the appropriateness of the own resources held by an institution for securitisation, for which it is considered the originator, taking into account the economic substance of the transaction and the degree of risk transfer achieved; the supervisory authority shall monitor in this context, whether an institution shall provide non-contractual support for a transaction;

7.

the liquidity risks to which an institution is exposed, as well as its assessment and management, including the development of alternative scenario analyses and effective contingency plans, as well as the management of risk-mitigating factors, in particular the level, the composition and quality of liquidity buffers;

8.

the results of supervisory stress tests as referred to in paragraph 3 or in Article 32 of Regulation (EU) No 1093/2010;

9.

the geographical distribution of the risks incurred by an institution;

10.

the business model;

11.

the interest rate change risk of an institution from transactions not covered by the trading book;

12.

the procedures for identifying and ensuring the risk-bearing capacity of an institution in accordance with § 25a;

13.

the risk of excessive indebtedness of an institution, as set out in the indicators of excessive indebtedness, including those defined in accordance with Article 429 of Regulation (EU) No 575/2013, as amended in each case, In assessing the appropriateness of the leverage ratio of an institution and the rules, strategies, procedures and mechanisms introduced by the Institute to control the risk of excessive indebtedness, the supervisory authority shall take into account the business model of the Institute;

14.

the rules to ensure the proper management of an institution, the manner in which it is implemented and implemented, and the capacity of the members of the governing body to perform their duties;

15.

the systemic risk of an institution assessed in accordance with the first sentence of paragraph 1, point 2.

(3) The supervisory authority may subject an institute to supervisory stress tests or, in so far as the Bundesanstalt is the supervisory authority, the Deutsche Bundesbank to do so. For this purpose, the supervisory authority and, if the Bundesanstalt is supervisory authority, also the Deutsche Bundesbank (Bundesbank)

1.

call on the Institute to calculate its risk, own resources and liquidity positions using the institute's own risk management methods in the case of clearly defined scenarios and the data, as well as the results to the supervisory authority, the Deutsche Bundesbank and, insofar as the supervisory authority is the European Central Bank, also to be sent to the Bundesanstalt; and

2.

determine the impact of shocks on the Institute on the basis of supervisory stress test methods on the basis of available data.

(4) The supervisory authority shall determine the frequency and intensity of the checks, assessments and possible supervisory stress tests, taking into account the size, the systemic relevance and the nature, scope and complexity of the operations of a Institute. The reviews and assessments shall be updated at least once a year. To the extent that the Bundesanstalt is the supervisory authority, it shall carry out the tasks after the first sentence in coordination with the Deutsche Bundesbank.

Footnote

(+ + + § 6b: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

Section 7 Cooperation with the Deutsche Bundesbank

(1) The Bundesanstalt and the Deutsche Bundesbank shall cooperate in accordance with the provisions of this Act. Without prejudice to other legal measures, the cooperation shall include the ongoing monitoring of the institutions by the Deutsche Bundesbank. The ongoing monitoring includes, in particular, the evaluation of the documents submitted by the institutes, the audit reports in accordance with § 26 and the annual financial statements, as well as the implementation and evaluation of the banking business examinations to be carried out. Assessment of the appropriate capital adequacy and risk management procedures of the institutions and the evaluation of audit findings. The ongoing monitoring by the Deutsche Bundesbank is usually carried out by its main administrations. (1a) In the single supervisory mechanism within the meaning of Article 2 (9) of Regulation (EU) No 1024/2013, paragraph 1 shall also apply. if the Bundesanstalt supports the European Central Bank in its tasks within the meaning of Article 6 (2) and (3) of Regulation (EU) No 1024/2013. In the case of the cooperation referred to in paragraph 1, the Bundesanstalt and the Deutsche Bundesbank shall inform themselves without delay of requests from the European Central Bank and shall exchange information received from the European Central Bank. If the Bundesanstalt or the Deutsche Bundesbank transmit observations, findings, data or other information to the European Central Bank within the framework of the performance of its tasks under this Act, it shall also transmit it at the same time. to the other place. The provisions of paragraphs 2 to 5 shall also apply within the framework of the single supervisory mechanism. (2) The Deutsche Bundesbank shall comply with the guidelines of the Bundesanstalt. The guidelines of the Federal Institute for current supervision are in agreement with the Deutsche Bundesbank. Within the single supervisory mechanism, the Bundesanstalt shall comply with the requirements of the European Central Bank in accordance with Article 6 (5) (a) of Regulation (EU) No 1024/2013 when the guidelines are adopted. If an agreement cannot be reached within a reasonable period of time, the Federal Ministry of Finance shall adopt such guidelines in consultation with the Deutsche Bundesbank and in accordance with the provisions of the uniform Prudential mechanism adopted by the European Central Bank in accordance with Article 6 (5) (a) of Regulation (EU) No 1024/2013. The supervisory measures, in particular general orders and administrative acts, including examination regulations in accordance with § 44 (1) sentence 2 and § 44b (2) sentence 1, shall be taken by the Federal Institute in relation to the institutions. The Bundesanstalt is based on the audit findings and assessments made by the Deutsche Bundesbank as a rule on its supervisory measures. The Federal Office of the Federal Republic of Germany (Bundesanstalt) is based on the audit findings and assessments made by the Deutsche Bundesbank as a rule. (3) The Bundesanstalt and the Deutsche Bundesbank have observations and observations. To communicate findings necessary for the performance of their duties. The Deutsche Bundesbank shall also provide the Bundesanstalt with the information obtained on the basis of statistical surveys in accordance with § 18 of the Act on the German Federal Bank. It must consult the Bundesanstalt before ordering such a survey; § 18, sentence 5, of the Act on the Deutsche Bundesbank shall apply accordingly. (4) The cooperation referred to in paragraphs 1 and 1a and the communications referred to in paragraph 3 shall include the following: Transmission of the personal data necessary for the performance of the tasks of the receiving body. In order to carry out their duties under this Act, the Bundesanstalt and the Deutsche Bundesbank shall be allowed to call each other the data stored at the other place in the automated procedure. The Deutsche Bundesbank (Bundesbank) has the date of every tenth retrieval of personal data carried out by the Federal Office of the Federal Republic of Germany, the data enabling the determination of the data records called up, and the person responsible for the retrieval. to log. The historical data may only be used for the purposes of data protection control, data protection, or to ensure the proper operation of the data processing system. They shall be deleted at the end of the calendar year following the year of logging, provided that they are not required for a running control procedure. The sentences 3 to 5 apply accordingly to the data fetches of the Deutsche Bundesbank at the Bundesanstalt. In addition, the provisions of the Federal Data Protection Act remain unaffected. (5) The Bundesanstalt and the Deutsche Bundesbank can set up joint files. Each of the two bodies may only change, block or delete the data entered by it and is only responsible for the data entered by it in the sense of the Federal Data Protection Act. If one of the two points has evidence that data entered by the other body is incorrect, it shall immediately inform the other body thereof. The other body shall immediately check the accuracy of the data and, if necessary, correct, block and delete the data without delay. When setting up a joint file, it is necessary to determine which body has to take the technical and organizational measures according to § 9 of the German Federal Data Protection Act. The body designated in accordance with the fifth sentence shall ensure that employees have access to personal data only to the extent necessary for the performance of their duties. Any personal data which is not made available by the issuing body shall be recorded in accordance with the provisions of paragraph 4, sentence 3 to 5.

Footnote

§ 7 para. 2 sentence 7 italic print: Formerly sentence 5 gem. Art. 2 No. 7 Buchst. b DBuchst. cc G v. 10.12.2014 I 2091 mWv 19.12.2014, identical with current sentence 6 Unofficial table of contents

Section 7a Cooperation with the European Commission

(1) The Federal Institute reports to the European Commission

1.

the deletion or termination of a permit pursuant to § 35 or the provisions of the Administrative Procedure Act, stating the reasons which led to the repeal,

2.

the granting of a licence pursuant to section 32 (1) to the branch of a company within the meaning of Section 53, having its head office outside the Member States of the European Economic Area,

3.

the number and type of cases in which the establishment of a branch in another State of the European Economic Area has not been established, because the Bundesanstalt does not have the information referred to in the second sentence of Article 24a (1) of this Regulation to the competent authorities of the European Economic Area. where the host Member State has forwarded it,

4.

the number and type of cases in which measures have been taken in accordance with Article 53b (4), third sentence, and paragraph 5, sentence 1,

5.

general difficulties in the establishment of branches, the setting-up of subsidiaries, the operation of banking operations, the introduction of financial services or the activities referred to in Article 1 of this Regulation. in a third country, the first sentence of paragraph 3 shall be 2 to 8; and

6.

the application for permission of the subsidiary of a company established in a third country, provided that the Commission has requested the notification of such applications.

(2) The Federal Institute shall inform the European Commission of:

1.

(dropped)

2.

the principles which it applies, in agreement with the other competent bodies in the European Economic Area, with regard to the supervision of intra-group transactions and risk concentrations,

3.

the procedure chosen in the cases of Section 53d (3) and

4.

(dropped)

5.

the procedure for avoiding the circumvention of the additional capital requirements in the event of overrun of the total book large-credit claims.

(3) The Federal Institute shall forward to the European Commission Directories of financial holding companies or mixed financial holding companies in which the Federal Agency exercises the supervision on a combined basis. Unofficial table of contents

Section 7b Cooperation with the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational Pensions Authority

(1) The Federal Institute shall participate in accordance with

1.

Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716 /2009/EC and repealing the Commission Decision 2009 /78/EC (OJ L 378, 27.4.2009 OJ L 331, 15.12.2010, p.12),

2.

Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716 /2009/EC and Repeal of Commission Decision 2009 /77/EC (OJ L 378, 27.4.2009 OJ L 331, 15.12.2010, p.84),

3.

this law

the activities of the European Banking Authority and the European Securities and Markets Authority as well as the activities of the colleges of supervisors in question. In doing so, it participates in the Deutsche Bundesbank in accordance with Regulation (EU) No 1093/2010 and in accordance with the provisions of this Act. The Bundesanstalt shall, in accordance with Article 35 of Regulation (EU) No 1093/2010 and the European Securities and Markets Authority, establish the European Banking Authority, in accordance with Article 35 of Regulation (EU) No 1095/2010. Require immediately all the information required for the performance of their tasks. It shall apply the guidelines and recommendations of the European Banking Authority in accordance with Article 16 of Regulation (EU) No 1093/2010 and of the European Securities and Markets Authority in the application of this Act. If the Bundesanstalt deviates from these guidelines and recommendations or does it intend to do so, it shall justify this to the relevant European Supervisory Authority. (2) The Federal Institute shall report to the European Banking Authority

1.

the granting of the permission pursuant to § 32 (1), the extinguisher or the waiver of the authorization pursuant to § 35 to a CRR credit institution,

2.

the facts referred to in Article 7a (1) (1) to (4);

3.

the information collected in accordance with Article 450 (1) (g) and (h) of Regulation (EU) No 575/2013, as amended,

4.

the information collected in accordance with Article 450 (1) (i) of Regulation (EU) No 575/2013, as amended,

5.

Measures taken by the Bundesanstalt pursuant to § 6 (3) and § 10 (3), which are based on the Bundesanstalt's finding that a CRR institute, in particular on the basis of its business model or the geographical distribution of the received risks, similar risks, or may be related to similar risks to the financial system,

6.

the functioning of the monitoring and evaluation systems of the risks to which a CRR Institute is or could be exposed and the risks that a CRR Institute may take in accordance with the determination and measurement of systemic risk, in accordance with Article 23 of the Regulation (EU) No 1093/2010, as amended for the financial system, as well as the methodology under which measures are taken on the basis of this review,

7.

the results of supervisory stress tests, in so far as they are required beyond the stress tests carried out in accordance with Article 32 of Regulation (EU) No 1093/2010, in the current version, in order to ensure that the assessment and monitoring of the stress test is sufficient and that the CRR-Institut,

8.

Arrangements of the Bundesanstalt pursuant to Section 10 (3) (5) or (10) (6), stating the reasons,

9.

any other measures taken by the Federal Institute in respect of a CRR Institute if it is in breach of the requirements of Regulation (EU) No 575/2013 or the requirements adopted pursuant to Directive 2013 /36/EU or is likely to be shall be infringed, giving the reasons and

10.

all fines imposed in accordance with section 56 (6) (1), including all permanent subclaims, in particular in accordance with § 36.

(3) The Bundesanstalt shall inform the European Banking Authority of

1.

(dropped)

2.

the procedure chosen in the cases referred to in Article 53d (3);

3.

the procedure for avoiding the circumvention of the additional capital requirements in the event of overrun of the full-book large-credit exposures,

4.

Decisions pursuant to § 2e,

5.

the structure of groups of institutions, financial holding groups or mixed financial holding groups, in which the Bundesanstalt exercises supervision on a consolidated basis, including, in particular, information on the legal and organisational aspects of the the structure and principles of sound management of the Group,

6.

the bodies within the meaning of the fourth sentence of Article 9 (1), which the Bundesanstalt may disclose facts without violating its duty of secrecy, and

7.

the authorisation to hold a further mandate in an administrative or supervisory body pursuant to Article 25c (2) sentence 4, § 25d (3) sentence 4.

(3a) The Bundesanstalt shall transmit inventories within the meaning of Section 7a (3) to the European Banking Authority. (4) The Federal Institute shall report to the European Securities and Markets Authority (European Securities and Markets Authority)

1.

the grant and the deletion or termination of a permit, provided that an investment service undertaking is affected within the meaning of Article 2 (4) of the Securities Trading Act; and

2.

the facts referred to in Article 7a (1) (5).

(5) The Federal Institute shall inform the European Insurance and Occupational Pensions Authority of the decisions taken pursuant to Section 2e.

Footnote

(+ + + Note: Gem. Art. 1 No. 13 Buchst. a DBuchst. bb G v. 28.8.2013 I 3395 to insert the words "in accordance with Article 16 of Regulation (EU) No 1093/2010" in § 7b para. 1 sentence 4 after the word "Banking Supervision". The change statement cannot be performed. It obviously refers to sentence 3. + + +) Unofficial table of contents

Section 7c Cooperation with the European Banking Committee

The Federal Institute shall notify the European Banking Committee of the granting of a licence pursuant to section 32 (1) to the branch of a company within the meaning of Section 53, with its registered office outside the European Economic Area. Unofficial table of contents

Section 7d Cooperation with the European Systemic Risk Board

The Federal Institute shall cooperate closely with the European Systemic Risk Board and shall take into account the warnings and recommendations issued by it in accordance with Article 16 of Regulation (EU) No 1092/2010. The Bundesanstalt reports to the European Systemic Risk Board for each quarter the quota for the countercyclical capital buffer according to § 10d, the calculation basis of the quota according to the legal regulation pursuant to § 10 (1) sentence 1, point 5, and the Duration of application of the quota and information on the fact that the Bundesanstalt takes into account variables within the meaning of the legal regulation in accordance with Article 10 (1), first sentence, point 5, in determining the quota for the countercyclical capital buffer and the quota without their consideration would have been lower. Unofficial table of contents

Section 8 Cooperation with other bodies

(1) (omitted) (2) shall be held against holders or directors of institutions, as well as holders of significant holdings of institutions or their legal or statutory representatives or personally liable partners or persons, where the transactions of a financial holding company or of a mixed financial holding company actually lead, tax criminal proceedings are initiated or if this is not due to a self-indication in accordance with § 371 of the German Tax Code, § 30 of the Tax Regulations Communications to the Federal Agency on the procedure and shall not be contrary to the facts of the case; the same shall apply where the proceedings are directed against persons who commit the offence as a staff member of an institution or of a holder of a significant holding in an institution (3) The Bundesanstalt and, in so far as it operates within the framework of this Act, the Deutsche Bundesbank shall work on the supervision of institutions operating in a banking business in another State of the European Economic Area; or financial services, as well as the supervision of institutional groups, Financial holding groups or mixed financial holding groups within the meaning of Article 10a (1) to (5) with the competent authorities in the European Economic Area and the European Banking Authority and the European Securities and Markets Authority ( Market surveillance authority. In the case of the assessment pursuant to Section 2c (1a) and (1b), the Bundesanstalt shall cooperate with the competent authorities in the European Economic Area if the taxable person is

1.

a CRR institution, a primary or reinsurance undertaking, or a management company within the meaning of Article 2 (1) (b) of Directive 2009 /65/EC (UCITS management company), which is, in another the Member State or the sector other than the one in which the acquisition is intended to be authorised;

2.

a parent undertaking of a CRR institution, a primary or reinsurance undertaking or a UCITS management company, either in a Member State or in a sector other than the one in which the acquisition is intended, , or

3.

is a natural or legal person who controls a CRR institution, a primary or reinsurance undertaking or a UCITS management company, in another Member State or in a sector other than that in which: the acquisition is intended to be authorised.

Subject to Section 4b (1) in conjunction with Section 15 (1) of the German Federal Data Protection Act, they shall exchange with them all relevant and basic information necessary for the implementation of the supervision. Basic information can also be passed on without a request from the competent authority. All information which may have an impact on the assessment of the financial position of an institution in the relevant State of the European Economic Area shall be considered to be fundamental in this respect. These include in particular:

1.

the disclosure of the legal and organisational structure and the principles of sound management of the Group, including all regulated entities, non-regulated entities, non-regulated entities, Subsidiaries and major branches of the group, as well as the identification of the bodies responsible for supervision;

2.

Procedures for the collection and verification of information from institutes affiliated to the group,

3.

Adverse developments in institutions or other undertakings in a group which could seriously affect the institutions, and

4.

serious or exceptional bank-prudential measures taken by the Bundesanstalt in accordance with the provisions of this Act or of the legal regulations adopted for its implementation.

The Bundesanstalt shall transmit to the competent authority in the host Member State

1.

all information relating to the assessment of the reliability and professional competence of the persons referred to in Article 1 (2) sentence 1;

2.

all information for the assessment of the reliability of the holders of a significant holding in the same group of undertakings with registered office in the territory of the Member State which is required for the granting of a licence and of the day-to-day supervision of a company within the meaning of § 33b, sentence 1, which intends to provide banking operations in the host Member State in accordance with Article 1 (1), second sentence, points 1, 2, 4 and 10 or financial services in accordance with Article 1 (1a), second sentence, of the second sentence of paragraph 1 to 4;

3.

information and information obtained without delay in the monitoring of the liquidity of the institution which is responsible for supervising the branch on grounds of investor protection or the financial stability of the host Member State; , and

4.

information that liquidity difficulties are likely to occur or are likely to be expected, as well as details of the planning and implementation of a recovery plan and of all the supervisory authorities in this context; Measures.

The information referred to in paragraphs 3 and 4 of the second sentence shall also be communicated to the competent authority in the host Member State where a CRR credit institution has branches which have been classified as significant. If a competent body does not provide the necessary information in another Member State of the European Economic Area, the Bundesanstalt may, under the conditions laid down in Article 19 of Regulation (EU) No 1093/2010, inform the European Banking Authority Request help. It may also request assistance from the European Banking Authority or the European Securities and Markets Authority in accordance with Article 19 of Regulation (EU) No 1093/2010 and Regulation (EU) No 1095/2010 if a request is made for: (3a) The competent authority within the meaning of the first sentence of paragraph 3 may be the competent authority within the meaning of the first sentence of paragraph 3, which shall be replaced by a competent authority. Federal Institute for Cooperation in the event of monitoring, inspection or Ask for investigation. In the event of a request within the meaning of sentence 1, the Federal Institute shall make use of all the powers conferred upon it under the law for the purpose of monitoring compliance with this Act and the corresponding provisions of those States, where appropriate and is required to comply with the request. The Bundesanstalt may refuse to carry out an investigation, the transmission of information or the participation of staff of these foreign bodies in such examinations if:

1.

in this way, the sovereignty, security or public order of the Federal Republic of Germany could be affected, or

2.

have already initiated a judicial procedure or have taken an indisputable decision on the basis of the same facts against the persons concerned.

If the Bundesanstalt fails to comply with a corresponding request or makes use of its right under sentence 1, it shall immediately inform the requesting body and shall state the reasons; in the case of a refusal pursuant to sentence 3, point 2, it shall be precise (4) In cases where the Federal Institute for the Supervision of EU parent institutions or institutions, which are from an EU parent financial holding company, or of a mixed EU parent financial holding company, , it shall forward to the competent authorities in the other States of the European Economic Area responsible for the supervision of subsidiaries of those institutions, on request, any information which may be useful. All information which may have a significant effect on the assessment of the financial soundness of an institution in another State of the European Economic Area shall be considered to be useful in this respect. The scope of the obligation to provide information shall be based, in particular, on the importance of the subsidiary undertaking in respect of the financial system of the State concerned. (5) Communications from the competent authorities of another State may be used only for the following purposes: shall be:

1.

for the examination of admission to the business of an institute,

2.

to monitor the activities of the institutions on an individual basis or on a summary basis,

3.

for orders of the Bundesanstalt as well as for the prosecution and prosecution of administrative offences by the Federal Institute,

4.

in the context of an administrative procedure relating to appeals against a decision of the Bundesanstalt; or

5.

in the context of proceedings before administrative courts, insolvency courts, public prosecutors or courts responsible for criminal and fine matters.

(6) Prior to the decision on the following facts, the Federal Institute shall regularly consult the competent authorities in the European Economic Area, provided that the decision is of importance for their supervisory activities:

1.

changes in the structure of the holders, the organisation or the management of the group members who require the approval of the Federal Institute,

2.

serious or exceptional bank-prudential measures. In such cases, at least the competent authority responsible for supervision on a summary basis shall be heard, unless that authority is at the Federal Institute.

The Bundesanstalt may, in the event of a risk of default, be able to see the competent authorities in advance. The same shall apply if the prior hearing could endanger the effectiveness of the measure; in such cases, the Federal Institute shall inform the competent authorities immediately after the adoption or implementation of the measure. (7) Is the Federal Agency for the oversight of a group of directors, financial holding group or mixed financial holding group on a combined basis, and a crisis situation, particularly in the event of adverse developments in financial markets, which pose a threat to the Market liquidity and the stability of the financial system of a State within of the European Economic Area, in which one of the group-affiliated undertakings has its head office or a branch has been regarded as significant, the Federal Agency shall without delay have the Federal Ministry of Finance, which shall: European Banking Authority, the European Systemic Risk Board, the Deutsche Bundesbank, and the central governments of the other Member States, where they are concerned, to inform them and all of them to carry out their Essential information to be transmitted. If, in other cases, the Federal Institute receives knowledge of a crisis situation within the meaning of the first sentence, it shall immediately have the aggregated basis for the supervision of the institution groups concerned, financial holding groups or mixed financial holding groups competent bodies and the European Banking Authority. § 9 shall remain unaffected. (8) The Federal Institute shall notify the competent authorities of the host Member State of measures it will take to terminate an institution's failure to comply with the legislation of the host Member State through which it is committed by: the competent authorities of the host Member State have been informed. (9) If the Bundesanstalt has sufficient evidence of a breach of the provisions of this Act, against Regulation (EU) No 575/2013, or in accordance with the provisions of this Regulation, of the States of the European Economic Area, it shall notify those States of the European Economic Area cooperation with the authority responsible for the institutions in whose territory the irregular conduct has taken place. If the Bundesanstalt receives a corresponding notification from the competent authorities of other States, it shall inform the competent authorities of the results of the investigations initiated thereupon.

Footnote

(+ + + § 8 (3) sentence 7: For application, see Section 64r (1) + + +) Unofficial table of contents

Section 8a Special tasks in the supervision of a summary basis

(1) The Federal Agency for the supervision of a summary basis is responsible for a group of institutes, a financial holding group or a mixed financial holding group within the meaning of Section 10a, at the head of which an EU parent institute, a The EU parent financial holding company or a mixed EU parent financial holding company shall, in addition to the other tasks arising out of this law, carry out the following tasks:

1.

Coordination of the collection and dissemination of useful and basic information in accordance with Article 8 (3), in the context of ongoing supervision and crisis situations, including the collection and dissemination of information on the legal and organisational structure as well as the collection and dissemination of the principles of proper management;

2.

Planning and coordination of supervisory activities in the context of current supervision and crisis situations, in particular in the event of adverse developments in institutions or in financial markets; and, where they are under this law, , the Deutsche Bundesbank shall cooperate with the respective competent authorities of the other countries of the European Economic Area, where necessary; in the context of ongoing supervision, cooperation shall include, in particular, the ongoing monitoring of the risk management of the institutions, Cross-border checks, measures in the event of organisational defects in accordance with Section 45b, the disclosure by the institutions and the technical requirements for the organisation referred to in Articles 76 to 87 and 92 to 96 of Directive 2013 /36/EU, and Treatment of risks; in crisis situations, in particular in the event of adverse developments in institutions or in the financial markets, the cooperation concludes the arrangement of measures in accordance with § § 45 to 46b, the elaboration of joint assessments, which Implementation of emergency concepts and communication with the public;

3.

the transmission of the lists within the meaning of Article 7a (3) to the competent authorities of the other States of the European Economic Area.

If the competent authorities of the other States of the European Economic Area do not cooperate with the Bundesanstalt to the extent necessary for the performance of the tasks referred to in the first sentence, the Federal Agency may, in accordance with the provisions of Article 19 of the Regulation (EU) No 1093/2010 (2) The Bundesanstalt and the competent authorities in the European Economic Area may enter into cooperation agreements the more detailed provisions for supervision of supervision. of institute groups, financial holding groups or mixed Financial holding groups within the meaning of § 10a. In these agreements, further tasks may be entrusted to the body responsible for supervision on a summary basis, and procedures for decision-making and cooperation with other competent authorities may be established. (3) If the Bundesanstalt is responsible for the supervision of a group of institutes, a financial holding group or a mixed financial holding group on a combined basis, at the head of which an EU parent institute, a EU parent financial holding company or a mixed EU parent financial holding company , it is to take a joint decision with the authorities responsible for the supervision of group-affiliated companies in the European Economic Area, 1. whether the group's own resources are appropriate on a summary basis of their financial position and their risk profile; and 2. what additional own resources requirements are required for each group of companies and on a combined basis. The decision shall be fully justified in writing and shall take due account of the risk assessment of the subsidiaries carried out by the respective competent authorities. The Federal Institute shall make the decision to the parent company of the group. If not all bodies responsible for the supervision of group-affiliated companies in the European Economic Area agree to the decision of the Federal Institute, the Federal Institute shall participate in the decision of the Federal Institute or at the request of one of the other institutions competent bodies, the European Banking Authority. Their opinion shall be taken into account in the further proceedings; significant deviations from this shall be justified in the decision. (4) Comes to the competent authorities within four months of the submission of a risk assessment of the group. no joint decision is reached, the Bundesanstalt decides on its own whether the own resources of the institute group, financial holding group or mixed financial holding group on a combined basis as well as the own resources of the group group-affiliated companies which they use on an individual basis, or shall be supervised, the financial position and the risk profile are appropriate, or if additional own resources requirements are required and the decision shall be notified to the parent company of the group. In doing so, the Federal Institute shall take due account of the risk assessments carried out by the subsidiaries carried out by the relevant competent authorities. By the end of the four-month period referred to in the first sentence of Article 19 of Regulation (EU) No 1093/2010, until the end of the four-month period referred to in Article 19 of Regulation (EU) No 1093/2010, the Federal Agency or a competent authority in another State of the European If the Banking Authority requests assistance, the Bundesanstalt shall return its decision in accordance with sentence 1 to a decision of the European Banking Authority in accordance with Article 19 (3) of Regulation (EU) No 1093/2010 and shall then decide in Conformity with such a decision. At the end of the four-month period, or after a joint decision has been taken, the European Banking Authority can no longer be requested to provide assistance. As regards the appropriateness of the own resources and the need for additional own resources requirements of the group members, which are not supervised by the Federal Institute on a single basis or under a subconsolidated basis , the Federal Institute shall send its opinion to the relevant competent authority. Where the Bundesanstalt receives from another competent authority a reasoned decision taking into account the risk assessment and the views carried out by the other competent authorities within the period of four months, and (5) Decisions referred to in paragraphs 3 and 4 are usually annual, and exceptionally, under the age of the year, and the following information is available to the competent authorities of the group. update, if one is responsible for the supervision of a group-based company competent authority to do so in writing and comprehensively substantiated by the Bundesanstalt. In this case, the update may be put to the vote alone between the Federal Institute and the competent body which submitted the application. (6) If the Federal Institute for the supervision of an institute group is the Federal Agency within the meaning of the third sentence of paragraph 3, of a financial holding group or of a mixed financial holding group, it shall have a joint decision within the meaning of paragraph 3 on the measures it intends to take in the context of the prudential supervision and the institution-specific To achieve liquidity requirements, paragraph 3, sentences 2 and 3 shall apply accordingly. If no joint decision is reached within one month of the submission of an assessment of the group's liquidity risk profile to the competent authorities, the Federal Institute shall decide on the measures alone and shall give the decision the parent company of the group. If the Bundesanstalt or a competent authority in another State of the European Economic Area has the European Banking Authority, in accordance with the provisions of Article 19 of Regulation (EU) No 1093/2010, by the end of the one-month period referred to in sentence 1. in order to help, the Bundesanstalt shall return its decision in accordance with the first sentence to a decision of the European Banking Authority in accordance with Article 19 (3) of Regulation (EU) No 1093/2010, and shall then decide in accordance with a such decision. After the expiry of the one-month period or after a joint decision has been taken, the European Banking Authority can no longer be requested to provide assistance. Paragraph 5 shall apply accordingly. Unofficial table of contents

§ 8b (omitted)

Unofficial table of contents

§ 8c Transfer of responsibility for the supervision of groups of institutions, financial holding groups, mixed financial holding groups and group members

(1) The Federal Office may depart from the supervision of a group, financial holding group or mixed financial holding group within the meaning of § 10a and revocably revocably to another competent authority on a summary basis. within the European Economic Area, if the supervision by the Federal Institute for the institutions concerned and the importance of their business activities in the other State would be inappropriate and if:

1.

Group of institutions the parent company of the group subsidiaries of a CRR-Institut with headquarters in the other State of the European Economic Area and there in supervision on a summary basis in accordance with Regulation (EU) No. 575/2013, or

2.

Financial holding groups or mixed financial holding groups shall be subject to supervision by the competent authorities of the other State of the European Economic Area on a summary basis in accordance with Regulation (EU) No 575/2013.

In such cases, the Federal Institute shall revoke the parent company from the provisions of this Act on supervision on a summary basis. The parent company shall be consulted prior to the exemption and transfer of responsibility. The European Commission and the European Banking Authority shall be informed of the existence and content of such agreements. (2) The Bundesanstalt shall take over from an agreement with a competent authority within the framework of the European Economic Area oversight on a consolidated basis via a group of institutes, a financial holding group or a mixed financial holding group, it may be an institution of the group with its head office in the country as a parent company . § 10a applies accordingly. (3) According to Article 28 of Regulation (EU) No 1093/2010, the Federal Office may revoke the responsibility for the supervision of an institution which it is responsible for authorising it to another competent authority. Transfer within the European Economic Area if the institution is a subsidiary of an institution responsible for the authorisation and supervision of that institution in accordance with the provisions of Regulation (EU) No 575/2013. This institution shall be consulted prior to the transfer of competence. The European Banking Authority shall be informed of the existence and content of such agreements. Unofficial table of contents

§ 8d (omitted)

Unofficial table of contents

§ 8e colleges of supervisors

(1) If the Federal Agency is responsible for supervision on a combined basis via an institute group, financial holding group or mixed financial holding group, it shall establish colleges of supervisors. The aim of the establishment of colleges of supervisors is to facilitate the exercise of tasks pursuant to § 8 (7), § 8a and the provisions of the legal regulation pursuant to § 10 (1), first sentence, point 3, and to ensure appropriate cooperation with the competent authorities. In the European Economic Area, which also includes the European Banking Authority, and with the competent authorities in third countries. The colleges of supervisors serve

1.

the exchange of information,

2.

where appropriate, the agreement on the voluntary transfer of tasks and responsibilities,

3.

the establishment of prudential audit programmes on the basis of the risk assessment of a group of institutions, a financial holding group or a mixed financial holding group;

4.

the elimination of unnecessary prudential double requirements,

5.

the uniform application of the existing prudential requirements to all undertakings in the group, taking into account existing discretionary powers and voting rights, and

6.

the planning and coordination of supervisory activities in preparation for and in crisis situations, taking into account the work of other fora set up in this area.

(2) The Federal Institute shall establish in writing the establishment and functioning of the respective colleges of supervisors in consultation with the competent authorities; Section 8a (2) shall apply mutatily. The Federal Institute conducts the meetings of the Board of Supervisors and decides which competent bodies will attend a meeting or activities of the Board of Supervisors in addition to the Federal Institute and the German Bundesbank. In addition to the bodies responsible for the supervision of subsidiaries of the group and the competent authorities of the host Member State of a major branch, the Bundesanstalt may also be responsible for the participation of competent bodies. from third countries in the colleges of supervisors, provided that they have confidentiality requirements which, in the opinion of all the bodies involved in the college, comply with the provisions of Title VII, Chapter I, Section II, of Directive 2013 /36/EU are equivalent. (3) The Federal Institute informs all members of the The Board of Supervisors shall, in advance and comprehensively, on the organisation of the meetings, the main issues to be discussed and the activities in question, and in good time on the action taken and the actions taken at the meetings (4) The Bundesanstalt shall take into account, in its decisions referred to in paragraph 2, the importance of the supervisory activities to be planned or co-ordinated to the competent authorities, in particular the possible impact on the competent authorities. Stability of the financial system in the countries concerned. (5) The The Federal Agency shall inform the European Banking Authority of the work of the Board of Supervisors, in particular in crisis situations, and shall transmit to it all the information necessary for the purposes of harmonizing the supervision of are of particular importance at European level. The staff of the European Banking Authority may participate in the activities of the colleges of supervisors, in accordance with Article 21 of Regulation (EU) No 1093/2010, including participation in audits pursuant to Section 44 (1) and (2), if these are carried out by the Federal Institute together with at least one other competent authority in the European Economic Area. (6) In cases where the Federal Institute is not responsible for the supervision of an institute group, Financial holding group or mixed financial holding group on a combined basis , but supervises CRR credit institutions with significant branches in other Member States of the European Economic Area, it shall establish a colleges of supervisors in order to cooperate with the competent authorities of the To facilitate the host Member State in accordance with Article 8 (3) and in crisis situations. In the case of the performance of the tasks referred to in paragraphs 1 to 6, the Bundesanstalt and the Deutsche Bundesbank shall cooperate in the performance of the tasks referred to in paragraphs 1 to 6. Unofficial table of contents

§ 8f Cooperation in the supervision of major branches

The Bundesanstalt shall, at the request of the competent authority, classify the branch of a CRR institute in a host Member State or a State of the European Economic Area as important, in particular where the branch is complies with the requirements of § 53b (8) sentence 4; in this case, the Bundesanstalt shall transmit the competent authority to the competent authority.

1.

the information referred to in Articles 8 (3), 6 (3) and (4) and 11 (3),

2.

the results of the risk assessments of the CRR Institute and

3.

the decisions on the initial or further use of internal approaches and on the measures referred to in Article 6 (3), provided that they have an impact on the major branch.

The Bundesanstalt is planning and coordinating the supervisory activities within the meaning of Section 8a (1) (2) in cooperation with the competent authorities within the meaning of the first sentence of sentence 1. (2) The Federal Institute shall consult the competent authorities within the meaning of the first sentence of paragraph 1 above Decisions relating to the institution's own plan to restore liquidity when it is relevant for liquidity risks associated with the currency of the host Member State or the State of the European Economic Area. If it fails to do so, or if the Bundesanstalt considers it to be the case, the competent authority may request assistance from the European Banking Authority under the conditions laid down in Article 19 of Regulation (EU) No 1093/2010. (3) The Bundesanstalt Information and information provided by the competent authority within the meaning of the first sentence of paragraph 1 shall be taken into account by the Federal Institute in its audit planning; in doing so, it shall have the stability of the financial system of the host Member State or of the State of the European Economic Area.

Footnote

(+ + + § 8f: For application, see Section 64r (2) + + +) Unofficial table of contents

§ 9 Obligation of Confidentiality

(1) The persons employed by the Federal Labour Office and the persons appointed pursuant to Article 4 (3) of the Financial Services Supervisory Act, the special representatives appointed pursuant to section 45c, the unwinders appointed pursuant to § 37 sentence 2 and § 38 (2) sentence 2 and 4 as well as the persons in the service of the Deutsche Bundesbank, in so far as they become active in the implementation of this Act, the facts which have become known to them in the course of their activities, and their secrecy in the interest of the Institute or a third party , in particular business and trade secrets, shall not be disclosed without authorisation; or , even if they are no longer in service or have finished their activities. The provisions of the Federal Data Protection Act, which are to be observed by the supervised institutions and companies, remain unaffected. This shall also apply to other persons who, by means of official reporting, are aware of the facts referred to in the first sentence. In particular, any unauthorised disclosure or use referred to in the first sentence shall not apply where facts are passed on to:

1.

law enforcement agencies or courts responsible for criminal and judicial matters,

2.

by law or in the public order with the supervision of institutions, capital management companies, externally managed investment companies, EU management companies or foreign AIF management companies, financial undertakings, insurance undertakings, financial markets or payment transactions or bodies entrusted with the prevention of money laundering, as well as persons responsible for the prevention of money laundering,

3.

bodies responsible for liquidation or insolvency proceedings relating to the assets of an institution,

4.

persons entrusted with the statutory audit of the accounts of institutions or financial undertakings, and bodies which supervise the persons referred to above,

5.

a Deposit Guarantee Facility or investor compensation facility,

6.

Value paper or futures exchanges,

7.

Central banks,

8.

Operators of systems pursuant to § 1 (16),

9.

the competent authorities in other countries of the European Economic Area and in third countries with which the Federal Institute cooperates within the framework of the colleges of supervisors in accordance with § 8e,

10.

the European Central Bank, the European System of Central Banks, the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority; and Market surveillance authority, the Joint Committee of European Supervisory Authorities, the European Systemic Risk Board, or the European Commission,

11.

Authorities responsible for oversight of payment and settlement systems,

12.

Parliamentary committees of inquiry pursuant to Section 1 of the Committee of Inquiry into Inquiry pursuant to Article 18 (2) of the Committee of Inquiry into the Committee of Inquiry,

13.

the Federal Constitutional Court,

14.

the Federal Court of Auditors, in so far as its investigation order relates to the decisions and other activities of the Federal Institute in accordance with this Act or Regulation (EU) No 575/2013,

15.

administrative courts in administrative disputes in which the Federal Agency is defendant, with the exception of legal proceedings under the Freedom of Information Act,

16.

the Bank for International Settlements, including the multilateral bodies established with it, in particular the Financial Stability Board (FSB),

17.

the International Monetary Fund, in so far as it is necessary for the performance of its statutory mandate or, in particular, of tasks carried out by members,

18.

the Committee on Financial Stability or the European Systemic Risk Board, or

19.

the Federal Financial Stability Fund (Bundesanstalt für Finanzmarktstabilisers), the Board of Financial Market Stabilisation Fund within the meaning of Section 10a (1) of the Financial Stability Fund Act or the Steering Committee within the meaning of Article 4 (1) sentence 2 of the Financial Market Stabilisation Fund Act,

to the extent that these bodies require the information to carry out their duties. The persons employed in the posts referred to in points 1 to 11 and 13 to 19 above shall apply to the persons responsible for the posts referred to in points 1 to 11 and 13 to 19, and to the members of the committees referred to in paragraphs 12 and 19 of the second sentence, the Obligation of confidentiality in accordance with the first sentence. Where a body referred to in the first sentence of paragraphs 1 to 11 and 16 to 18 is situated in another State, the facts may be disclosed only if the persons employed by that body and the persons appointed by that body are subject to the conditions laid down in the first sentence of are subject to a largely equivalent obligation of confidentiality. The foreign body must point out that it may use information only for the purpose for which it is to be submitted to it. Information originating from another State may be disclosed only with the express consent of the competent authorities which have disclosed this information and only for those purposes to which those bodies have agreed. (2) Unauthorised disclosure or use of facts within the meaning of the first sentence of paragraph 1 shall not apply where the results of the provisions of Article 100 of Directive 2013 /36/EU or Article 32 of Regulation (EU) No 1093/2010 are in force in the respectively applicable Stress tests carried out or the European Banking supervisory authority for publication of EU-wide stress test results. (3) Subject to the disclosure of facts as referred to in paragraph 1, the Bundesdatenschutzgesetz (Federal Data Protection Act) is to be applied in the version in force. (4) If a crisis situation arises, the Federal Institute may also disclose facts to the competent authorities in other states. (5) § § 93, 97 and 105 (1), § 111 (5) in conjunction with § 105 (1) and § 116 (1) of the Tax Code shall not apply to the persons referred to in paragraph 1, insofar as they are: Implementation of this Act. This shall not apply in so far as the financial authorities require the knowledge required for the implementation of a procedure on the basis of a tax offence and of a related taxation procedure, in the pursuit of which a compelling public interest , or in the case of intentionally incorrect information from the party responsible for information or the persons working for him. Sentence 2 shall not apply in so far as facts have been reported to the persons referred to in the first or third sentence of paragraph 1 by the competent supervisory authority of another State or by persons appointed by that body.

Footnote

(+ + + § 9: For application, see Section 5 (5a) and § 8 KAGB u. Section 53 (3) of the EinSiG + + +)

Second section
Rules for institutions, groups of institutions, financial holding groups, mixed financial holding groups and mixed enterprises

1.
Own resources and liquidity

Unofficial table of contents

§ 10 Supplementary requirements for the own resources of institutions, groups of institutes, financial holding groups and mixed financial holding groups; Regulation empowerment

(1) In the interest of fulfilling the obligations of the institutions, groups of institutions, financial holding groups and mixed financial holding groups vis-à-vis their creditors, in particular in the interests of the security of the assets entrusted to them, the Federal Ministry of Finance is authorized to lay down in consultation with the Deutsche Bundesbank, in addition to Regulation (EU) No 575/2013, more detailed provisions on the appropriate legal provisions, which are not required by the approval of the Federal Council Institutional endowment (Solvency) of the institutes, groups of institutes, Financial holding groups and mixed financial holding groups, in particular:

1.

supplementary provisions concerning the requirements for the authorisation of internal approaches,

2.

Provisions on the ongoing monitoring of internal approaches by the Supervisory Authority, in particular on measures to be taken in the event of non-compliance with requirements for internal approaches and for the abolition of the authorisation of internal approaches,

3.

detailed rules on authorisation, ongoing monitoring and the abolition of the authorisation of internal approaches,

4.

detailed provisions for the review of the requirements for internal approaches by the supervisory authority, in particular on aptitude tests and inspections,

5.

detailed provisions relating to

a)

Arrangement and determination of the quota for the countercyclical capital buffer according to § 10d, in particular for the determination of a buffer benchmark, on the procedure for the recognition of anti-cyclical capital buffers of States of the European Economic Area and Third countries, the publication requirements of the Bundesanstalt and the calculation of the institution-specific capital buffer quota,

b)

Arrangement and determination of the quota for the capital buffer for systemic risks according to § 10e, in particular to take into account systemic or macroprudential risks, to determine the risk positions to be taken into account and their exposure and on the procedure for the recognition of the capital buffers for systemic risks of States of the European Economic Area and third countries,

c)

Arrangement and determination of the quota for the capital buffer for globally system-relevant institutions according to § 10f, in particular for the determination of the globally system-relevant institutes and their allocation to size classes, for the downgrading and downgrading between the the size classes and the publication of the indicators on which the quantitative analysis is based,

d)

Arrangement and determination of the quota for the capital buffer for other systemically relevant institutions according to § 10g, in particular for the determination of the otherwise systemically relevant institutes and for the determination of the quota at the individual institute level, consolidated or underconsolidated level,

e)

the amount and details of the calculation of the maximum payout amount for the combined capital buffer requirement in accordance with § 10i,

6.

detailed rules for determining the percentages and factors referred to in Article 465 (2), 467 (3), 468 (3), 478 (3), 479 (4), 480 (3), 481 (5) and 486 (6) of the Regulation (EU) No 575/2013,

7.

detailed rules on the application and notification procedures provided for in Regulation (EU) No 575/2013; and

8.

guidelines for the assessment of the investment value of immovable property in accordance with Article 4 (1) (74) of Regulation (EU) No 575/2013, as amended,

9.

Detailed rules for the prudential benchmarking exercise of internal approaches to the determination of own resources requirements, in particular detailed rules on the procedure and on the nature, extent and frequency of the institutions to be submitted by the institutions information, as well as more detailed provisions on the requirements to be submitted by the supervisory authority, to the composition of specific benchmarking portfolios and

10.

the duty of the CRR institutions to disclose the information referred to in Article 26a (1), second sentence, on a consolidated level, as well as the return on investment pursuant to Article 26a (1), third and fourth sentences, including the subject-matter of the disclosure requirement, and of the medium, the transmission path, the frequency of the disclosure and the extent of the data to be transmitted to the European Commission in confidence pursuant to Article 26a (1), sentence 5.

The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation, with the proviso that the legal regulation will be issued in agreement with the German Federal Bank. Prior to the adoption of the legal regulation, the leading associations of the institutions must be heard. (2) Institutes may collect personal data of their customers, persons with whom they are responsible for contract negotiations on address risk-related risks, and collect and use for the purposes of Regulation (EU) No 575/2013 and the legal regulation to be adopted pursuant to the first sentence of paragraph 1 for the purposes of Regulation (EU) No 575/2013 and to the extent that such data are available

1.

can be verified by a scientifically recognised mathematical and statistical procedure for the determination and consideration of address risk risks,

2.

necessary for the establishment and operation, including the development and further development of internal credit rating systems, for the estimation of risk parameters of the credit institution or investment firm's address failure risk; and

3.

is not information on nationality or data in accordance with § 3 paragraph 9 of the Federal Data Protection Act.

Business and business secrets are the same as personal data. In order to develop and develop the rating systems, data may also be collected and used, by way of derogation from point 1 of the first sentence, which, in the case of a comprehensible economic approach, shall be used for the purpose of determining and taking into account the Address failure risks can be significant. For the purpose of determining and taking into account the risk of address failure, data may in particular be significant which belong to the following categories or which have been obtained from data of the following categories:

1.

Income, property and employment relationships and other economic conditions, in particular the nature, scope and economic viability of the business of the person concerned,

2.

the payment behaviour and the contractual loyalty of the person concerned,

3.

enforceable claims and enforcement procedures and measures against the person concerned,

4.

Insolvency proceedings concerning the assets of the person concerned, provided that they have been opened or the opening has been requested.

These data may be collected

1.

the person concerned,

2.

in the case of institutions belonging to the same group of institutes,

3.

in the case of credit rating agencies and credit agencies, and

4.

from generally accessible sources.

Institutions shall also be allowed to raise other institutions of the same group and in pseudonymised form from the service providers responsible for the establishment and operation, including the development and development of rating systems, in accordance with the first sentence. -transmit personal data to the extent that this is necessary for the establishment and operation, including the development and further development of internal rating systems, for the estimation of risk parameters of the address failure risk. (3) Supervisory authority may order an institution, an institute group, The financial holding group or a mixed financial holding group shall comply with own resources requirements with respect to risks and risk elements not covered by Article 1 of Regulation (EU) No 575/2013, which shall be subject to the own resources requirements of the Regulation (EU) No 575/2013 and in accordance with the legal regulation referred to in paragraph 1. The Supervisory Authority shall assign such additional own resources requirements, at least in the following cases and for the following purposes:

1.

if risks or risk elements are not covered by the own resources requirements laid down in Regulation (EU) No 575/2013 and in accordance with the legal regulation referred to in paragraph 1, or where the requirements of Article 393 of Regulation (EU) No 575/2013 are met the identification and management of large expound loans are not being complied with,

2.

if the risk-carrying capacity of the Institute, the Institute Group, the financial holding group or the mixed financial holding group is not guaranteed,

3.

if the review pursuant to Section 6b (2), second sentence, point 2 makes it probable that the evaluation corrections made by the Institute are not sufficient to ensure adequate funding of the own resources,

4.

if it seems likely that the risks will be underestimated in spite of compliance with the requirements of this Act, Regulation (EU) No 575/2013 and the legal regulations referred to in paragraph 1 and Article 13 (1),

5.

to ensure the establishment of an additional own-resource buffer for periods of economic downturn,

6.

in order to take account of a particular business situation of the Institute, the Institute Group, the financial holding group or the mixed financial holding group, for example when commending business activities,

7.

if an institution has tacitly supported a securitisation more than once; for this purpose, the supervisory authority may order that the substantial risk transfer for all securitisations for which the institution is considered as originator shall be to take into account the expected further tacit support, or to be recognised only in part in the calculation of the required own resources,

8.

if the own resources requirements resulting from the results of the stress tests for the correlation trading portfolio referred to in the third sentence of Article 377 (5), second half of Regulation (EU) No 575/2013, are substantially higher than the own resources requirements for exceed the correlation trading portfolio in accordance with Article 377 of Regulation (EU) No 575/2013,

9.

Other measures do not allow sufficient improvement of the institute's internal procedures, processes and methods within a reasonable time horizon,

10.

if the institution does not have a proper business organisation within the meaning of section 25a, paragraph 1.

To the extent that institutions which, in the opinion of the supervisory authority, have similar risk profiles, may be exposed to similar risks or pose similar risks to the financial system, the supervisory authority may, in accordance with the first sentence, apply to the Institutions shall be consistent. In the case of institutions for which colleges of supervisors are set up in accordance with § 8e, the supervisory authority shall take into account the assessments of the respective colleges of supervisors when deciding on an order in accordance with the first sentence. (4) The Federal Office may individual institutions, groups of institutions, financial holding groups and mixed financial holding groups, or of individual types or groups of institutions, groups of institutions, financial holding groups and mixed financial holding groups, the holding of Own resources, which are based on the own resources requirements laid down in Regulation (EU) No 575/2013 and in accordance with the provisions of the regulation referred to in paragraph 1, require, for a limited period of time, also where such capital strengthening is required,

1.

in order to counteract a threat to the functioning of the financial market or to a threat to financial stability, and

2.

to avoid significant negative effects on other companies in the financial sector, as well as on the general confidence of depositors and other market participants in a functioning financial system.

A threat of disruption of the functioning of the financial market may be given, in particular, if, on account of exceptional market conditions, the refinancing capacity of several institutions which are relevant to the financial market are adversely affected. threatens. Insofar as it is a supervisory authority, the Bundesanstalt may in this case assess the appropriateness of own funds in accordance with Regulation (EU) No 575/2013 and the legal regulation referred to in paragraph 1, which differ from those of the particular market conditions. Additional own resources may, in particular, within the framework of a coordinated approach at the level of the European Union, to strengthen confidence in the resilience of the European banking sector and to avert an imminent threat to the Financial stability in Europe is required. When determining the amount and the relevant composition of the additional own resources and the relevant time point for compliance with the increased own resources requirements, the Federal Institute shall take into account the standards on which the institution is to apply. the competent European bodies have agreed at Union level in the course of a concerted approach. Within this framework, the Federal Institute may require the institutions to explain in a clear plan the measures by which they comply with the increased own-resources requirements for the date specified by the Federal Institute pursuant to the first sentence of sentence 5. . Insofar as the plan affects the interests of the Financial Market Stabilisation Fund within the meaning of Section 1 of the Financial Market Stabilisation Fund Act, the assessment of the plan shall be carried out in agreement with the Steering Committee in accordance with Article 4 (1) sentence 2 of the Financial Stability Fund Act. Financial Stability Fund Act (Steering Committee). The Bundesanstalt may request the short-term repair of the proposed plan if it does not consider the measures and implementation deadlines specified to be adequate or if the institution does not comply with them. In this case, the institutions will also have to examine the possibility of a request for stabilisation measures under the Financial Stability Fund Act, if no alternative measures are available. If no or only insufficient rectification of the plan has been carried out after the Bundesanstalt has been established in agreement with the steering committee, the Federal Institute may appoint a special representative within the meaning of Section 45c (1) and submit it to of the task referred to in Article 45c (2) (7a). In addition, it may order that the withdrawal by the holders or members, the distribution of profits and the disbursement of variable remuneration components shall not be allowed as long as the increased own resources requirements are not increased. is reached. Contrary decisions on the distribution of profits are void; no rights can be derived from conflicting regulations in contracts. (5) § § 313, 314, 489, 490, 723 to 725, 727 and 728 of the Civil Code and § § 132 up to 135 of the Commercial Code shall not apply if the purpose of a capital transfer is the release of own funds within the meaning of Article 72 of Regulation (EU) No 575/2013. (6) The Federal Agency may order that an institution of the German Bundesbank more frequent or even more extensive reporting on its solvency as provided for in Articles 99 to 101 of Regulation (EU) No 575/2013, as amended. (7) The Bundesanstalt may apply the own funds referred to in Article 72 of Regulation (EU) No 575/2013, as amended, in the version in force. Fix the correction item. Where the correction item is fixed in order to take account of changes in capital which have not yet become recognised, the fixing shall be made with the determination of the next annual financial statements for the closure of a financial year no matter. The Federal Agency shall, at the request of the Institute, set aside the fixing, in so far as the condition for fixing it is omitted.

Footnote

(+ + + § 10: For non-application cf. Section 2 (9a) sentence 1 + + +)
(+ + + § 10 (3), sentence 2, point 5: For the application, see Section 64r (3) + + +) Unofficial table of contents

Section 10a Determination of the own resources of institutional groups, financial holding groups and mixed financial holding groups; Regulation empowerment

(1) An institute group, financial holding group or mixed financial holding group (group) shall each consist of a parent company and one or more subordinated companies. Parent companies are CRR institutions which have to carry out the consolidation in accordance with Article 11 of Regulation (EU) No 575/2013 as well as institutions which, in accordance with § 1a in conjunction with Article 11 of Regulation (EU) No 575/2013, consolidate the consolidation , Subordinated undertakings shall be undertakings which are to be consolidated or are voluntarily consolidated in accordance with Article 18 of Regulation (EU) No 575/2013; institutions which are considered to be CRR institutions pursuant to § 1a shall be regarded as institutions within the meaning of Article 18 of Regulation (EU) No 575/2013. If a credit institution which is not a CRR credit institution is a parent undertaking, the following companies shall also be considered to be undertakings which, as banking transactions, only operate the deposit business in accordance with the second sentence of Article 1 (1) of the second subparagraph of paragraph 1. By way of derogation from the second sentence, the Federal Institute may, at the request of the parent company, designate a different group-affiliated institution as a parent company; the group-affiliated institute shall be heard in advance. If no company of the institute group meets the requirements of the second sentence, the Federal Institute shall determine the parent company of the group. In the case of a horizontal group of companies within the meaning of Article 18 (3) of Regulation (EU) No 575/2013, the group-based institution with its head office is considered to be the parent company with the highest balance sheet total. Where the parent undertaking is a financial services institution which exclusively provides financial services within the meaning of the second sentence of Article 1 (1) (2) (9) or (10), there shall be no group of institutions within the meaning of that provision unless it has a group of institutions: at least one CRR-Institut with its head office in the country as a subsidiary. (2) Are a financial holding company within the meaning of Article 4 (1) (20) of Regulation (EU) No 575/2013 or mixed financial holding company in the sense of , of Article 4 (1) (21) of Regulation (EU) No 575/2013, several institutions Located in the home country, the parent company is the institution with the highest balance sheet total; at the request of the parent company, the Federal Institute shall designate another group-affiliated institute with domials as registered office. parent company; the group-affiliated institute is to be heard in advance. At the request of a financial holding company or a mixed financial holding company, which has its registered office in the country, and after consulting the regulated entity, which pursuant to Article 11 (2) or Article 12 of the Regulation (EU) No 575/2013 or sentence 1 as a parent company, or was determined by the Bundesanstalt, the Bundesanstalt may designate the financial holding company or the mixed financial holding company as a parent company, provided that the parent company has stated that they are responsible for compliance with the group-related obligations required structure and organization. The Federal Institute may, after consulting the regulated entity, which has its registered office in Germany, a financial holding company or a mixed financial holding company which has its registered office in Germany, as referred to in Article 11 (2) or Article 12 of Regulation (EU) No 575/2013 or the first sentence as a parent undertaking, or as defined in the first sentence of the first sentence by the Bundesanstalt, shall also determine, even without a request as a parent undertaking, provided that this is for reasons of banking, in particular those arising from of the organization and structure of the financial holding company or mixed Financial holding company is required. The financial holding company or mixed financial holding company defined as a parent company in accordance with the second sentence or the third sentence shall have to comply with all the group-related obligations of a parent company. If the conditions for a provision are no longer available as a parent company in accordance with the second sentence or sentence 3, in particular where the financial holding company or mixed financial holding company transfers its registered office to another State or is no longer in a position to ensure compliance with the group-related obligations, the Federal Institute shall abolish the provision after consulting the financial holding company or the mixed financial holding company; § 35 (4) shall apply accordingly. The Bundesanstalt shall have all the powers conferred on it by an institution in respect of a financial holding company or mixed financial holding company or a mixed financial holding company, as defined in the second sentence or in the third sentence of the second sentence, and the institutions of the holding company. parent company and its institutions. If no institution in Germany meets the requirement of not being subordinated to any other group affiliated institute, the institution with the highest balance sheet total is regularly considered to be the parent company. Application of the parent company the Federal Institute determines another group-affiliated institute, which has its head office in Germany, as a parent company; the group-affiliated institute is to be heard in advance. (3) By way of derogation from paragraph 1, sentence 1 no financial holding group or mixed financial holding group Financial holding group, if the financial holding company within the meaning of Article 4 (1) (30) or (31) of Regulation (EU) No 575/2013 or the mixed financial holding company within the meaning of Article 4 (1) (32) or (33) of the Regulation (EU) No 575/2013 has its registered office in another Member State of the European Economic Area; and

1.

the financial holding company or the mixed financial holding company shall have at least one CRR-based institution located in its Member State of residence as a subsidiary, or

2.

the financial holding company or the mixed financial holding company at least one CRR-Institut with its registered office in Germany and no CRR-Institut with its registered office in its own country, and the CRR-Institute with its head office in Germany no higher Balance sheet total is the subsidiary CRR-Institut, which is a subsidiary of the financial holding company or mixed financial holding company, and has its head office in another State of the European Economic Area.

More than one financial holding company within the meaning of Article 4 (1) (30) or (31) of Regulation (EU) No 575/2013 or mixed financial holding company within the meaning of Article 4 (1) (1) of Regulation (EU) No 575/2013 in a financial holding group or mixed financial holding group Article 4 (1) (32) or (33) of Regulation (EU) No 575/2013, established both domestily and in another State of the European Economic Area, and has at least one CRR-Institute in each of those States, does not consist of a financial holding group or mixed financial holding group if the CRR-Institut with its registered office in Germany has no higher balance sheet total than another CRR-Institut, which is a subsidiary of the financial holding group or mixed financial holding group, and has its head office in another State of the European Union. Economic area. (4) In order to determine the appropriateness of own funds in accordance with Articles 92 to 386 of Regulation (EU) No 575/2013, as amended at a consolidated level and to limit the large-scale credit risks referred to in Articles 387 up to 403 of Regulation (EU) No 575/2013, the parent companies shall have the Own resources and the relevant risk positions of the Group. Of the own resources to be combined in accordance with the first sentence, the carrying amounts of the capital instruments falling within the scope of Article 26 (1) (a), Article 51 (a) and Article 62 (a) of Regulation (EU) No 575/2013 in the current version. In the case of participations which are communicated through non-group companies, such book values shall be deducted in each case at the level of the share corresponding to the share of the capital held by the capital. If the carrying amount of a holding is higher than the part of the hard core capital items under own resources as defined in the first sentence, in accordance with Article 26 (1) of Regulation (EU) No 575/2013, as amended by the downstream Company, the parent company shall deduct the difference from the hard core capital in accordance with Article 50 of Regulation (EU) No 575/2013, as amended by the Group. The address outage positions resulting from legal relationships between group members are not to be taken into consideration. For subordinated companies that are not subsidiaries, the parent company has its own resources and the relevant risk positions with its own resources, as set out in Regulation (EU) No 575/2013, as amended. and the relevant risk positions of subordinated enterprises, in each case, at the level of the share corresponding to its share in the downstream undertaking. In addition, the sentences 2 to 5, also in conjunction with the legal regulation referred to in paragraph 7, apply accordingly. (5) If the parent company of an institute group is obliged to comply with the provisions of the Commercial Code To draw up consolidated financial statements, or is it in accordance with Article 4 of Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (OJ L 327, 30.1.2002, p. 1), as amended or in accordance with Article 315a (2) of the Commercial Code, when the consolidated financial statements are drawn up, the consolidated financial statements adopted in accordance with Articles 3 and 6 of Regulation (EC) No 1606/2002 in accordance with international accounting standards, it shall, no later than five years after the date of receipt of the relevant obligation, in the determination of the combined own resources and the combined risk exposures, shall be applied in accordance with the following rules: The provisions of Articles 24 to 386 of Regulation (EU) No 575/2013 in the respectively applicable To be based on the consolidated financial statements. If the parent company of an institute group applies the above international accounting standards in accordance with section 315a (3) of the Commercial Code, the rates 1 and 2 shall apply accordingly; to the place where the parent company is based the obligation to apply the international accounting standards shall be applied for the first time. Paragraph 4 shall not apply in the cases of sentences 1 to 3. In such cases, the own funds and other relevant risk positions of undertakings included in the consolidated financial statements and not members of a group within the meaning of this provision shall not be taken into account. Own resources and other relevant risk exposures shall not be included in the consolidated financial statements of undertakings which are members of the group of undertakings within the meaning of this provision, and the procedure referred to in paragraph 4 may be applied. The rates 1 to 6 shall apply in accordance with a financial holding group or mixed financial holding group where the financial holding company or the mixed financial holding company is obliged, in accordance with the said rules, to: To draw up consolidated financial statements or to draw up a consolidated financial statements in accordance with Section 315a (3) of the Commercial Code according to the above-mentioned international accounting standards. (6) A group which, in accordance with paragraph 5, is involved in the investigation of the consolidated financial statements. Own resources and the combined risk positions of the consolidated financial statements , the procedure provided for in paragraph 4 may be used with the consent of the Federal Institute for these purposes if the use of the consolidated financial statements is unsuitable in individual cases. The parent company of the group must apply the procedure provided for in paragraph 4 in this case in at least three consecutive years. (7) The Federal Ministry of Finance is authorized to do so by means of a decree law which does not give the consent of the The Federal Council requires, in consultation with the German Bundesbank, to adopt more detailed provisions on the determination of the own resources of groups, in particular on:

1.

the transfer of information from the consolidated financial statements to the determination of the aggregate amount of own resources in application of the procedure referred to in paragraph 5;

2.

the treatment of the participations assessed in accordance with the equivalence method in the application of the procedure referred to in paragraph 5.

The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation, with the proviso that the legal regulation will be issued in agreement with the German Federal Bank. Prior to the adoption of the legal regulation, the top associations of the institutes are to be consulted. (8) The parent company is responsible for an adequate own resources of the group. However, in order to fulfil its obligations under the first sentence, it may only act on the members of the group, in so far as it does not preclude the generally applicable company law. (9) Groups shall be subject to the application of the requirements Consolidated level exempted in accordance with Articles 11 to 23 of Regulation (EU) No 575/2013 if all group affiliated institutions do not have to apply Articles 92 to 386 of Regulation (EU) No 575/2013 at a single level, unless they have been pursuant to Article 7 of Regulation (EU) No 575/2013, by the application of Articles 92 to 386 of Regulation (EU) No 575/2013 at a single level. (10) The subconsolidation referred to in Article 22 of Regulation (EU) No 575/2013 shall be subject to the application of paragraphs 4 to 9.

Footnote

(+ + + § 10a (4) sentence 4: For application, see Section 64r (4) + + +) Unofficial table of contents

§ 10b (omitted)

Unofficial table of contents

Section 10c Capital maintenance buffer

(1) An institution must, in addition to the hard core capital, which is required to comply with the own resources requirement under Article 92 of Regulation (EU) No 575/2013 and increased own resources requirements for protection not covered by Article 1 of Regulation (EU) No. 575/2013 of covered risks and risk elements in accordance with § 10 (3) is required to hold a capital maintenance buffer consisting of hard core capital. Its amount shall be 2.5 per cent of the total amount of receivingdetermined in accordance with Article 92 (3) of Regulation (EU) No 575/2013. (2) Paragraph 1 shall apply by analogy to institutional groups, financial holding groups and mixed financial holding groups to which: at least one institution which must comply with the requirement laid down in paragraph 1 at the sole level of the institution, and for institutions within the meaning of Article 22 of Regulation (EU) No 575/2013.

Footnote

(+ + + § 10c: For non-application cf. Section 2 (9a) sentence 1 + + +)
(+ + + § 10c: For application, see Section 64r (5) + + +) Unofficial table of contents

§ 10d Anticyclic Capital Buffer

(1) An institute must be in addition to the hard core capital, which is to comply with

1.

the own resources requirement referred to in Article 92 of Regulation (EU) No 575/2013,

2.

Increased own-resources requirements for the protection of risks and risk elements not covered by Article 1 of Regulation (EU) No 575/2013 in accordance with Article 10 (3),

3.

Increased own-resources requirements in accordance with § 10 (4) and

4.

of the capital maintenance buffer according to § 10c

is required to hold an institution-specific anti-cyclical capital buffer consisting of hard core capital. The first sentence shall apply to groups of institutions, financial holding groups and mixed financial holding groups to which at least one institution must be consulted, which must comply with the requirement set out in the first sentence at the level of the institution, and for institutions within the meaning of the Article 22 of Regulation (EU) No 575 /2013. (2) The institution-specific countercyclical capital buffer ratio is the weighted average of the quotas for the countercyclical capital buffers, domestic, in the other Member States of the European Union. Economic Area and third countries, as well as the related European and Overseas countries, territories and jurisdictions in which the relevant risk positions of the Institute are situated, shall apply or be applied in accordance with the following paragraphs. For the calculation of the weighted average, the institutions shall apply the applicable quota for countercyclical capital buffers on the basis of the respective ratios of the ratios determined in accordance with Articles 107 to 311 and 325 to 377 of Regulation (EU) No 575/2013. Total capital requirements for credit risk in the Member State concerned of the European Economic Area, the third country concerned and in the relevant European and overseas countries, territories and legal areas and the Own resources requirements for credit risk in all relevant (3) The rate of the domestic countercyclical capital buffer shall be 0 to 2.5 per cent of the total amount of exposure determined in accordance with Article 92 (3) of Regulation (EU) No 575/2013. The quota is fixed by the Federal Institute in increments of 0.25 percentage points and is rated quarterly. In this context, the Federal Institute shall take into account deviations in the ratio of loans to gross domestic product from its long-term trend and any recommendations made by the Committee on Financial Stability. The Bundesanstalt may, if necessary, set a higher quota than 2.5%. (4) For the first time, the Federal Institute shall set the quota for the domestic countercyclical capital buffer to a value above zero or increase the previous quota, shall determine the date from which the institutions have to apply the increased quota for the calculation of the institution-specific countercyclical capital buffer. This date shall not be more than 12 months after the date of publication of the first establishment or increase in the quota for the domestic countercyclical capital buffer. In the case between the day after the first sentence and the publication of the quota for the domestic countercyclical capital buffer less than 12 months, this shorter period shall be due to exceptional circumstances, such as a significant increase in the number of excessive credit growth, or a situation in which the profitability of the institutions in the European Economic Area makes it possible to build up the domestic counter-cyclical capital buffer faster. (5) Sets the Bundesanstalt the existing quota for the domestic counter-cyclical At the same time, it shall notify a period of time in which it is likely that no increase in the quota for the domestic countercyclical capital buffer is to be expected. The Bundesanstalt may resume the procedure at any time, even before the end of the notified period, and redefine or increase the quota for the domestic countercyclical capital buffer. The Bundesanstalt publishes the quota for the domestic countercyclical capital buffer fixed in the respective quarter as well as the information referred to in paragraphs 3 and 4 on its Internet site. (6) The Federal Institute may be the one from another State of the European Economic Area or a third country quota for the anti-cyclical capital buffer for the calculation of the institution-specific countercyclical capital buffer by the institutions admitted domesticly, if the quota is 2.5 Percentage of the amount referred to in Article 92 (3) of Regulation (EU) No 575/2013 Total amount of exposure exceeds. As long as the Federal Institute has not recognised the higher quota, the institutions admitted domesticated in Germany must, in the calculation of the institution-specific countercyclical capital buffer, a quota of 2.5 per cent for those situated in that state. (7) If the competent authority of a third country has not established and published a quota for the anti-cyclical capital buffer, the Bundesanstalt may set the quota for the institutions authorised domesticated at the national level. Calculation of the institute-specific countercyclical capital buffer for those in this state (8) If the competent authority of a third country has established and published a quota for the countercyclical capital buffer, the Bundesanstalt shall be allowed to have a higher rate for the countercyclical capital buffer , which must apply, in the calculation of the institutional-specific countercyclical capital buffer for the risk exposures situated in that State, to the institutions authorised in the country, if it can reasonably be expected to assume that the the quota fixed by the competent authority of the third country is not sufficient; in order to adequately protect the institutions from the risks of excessive credit growth in the third country concerned. (9) The Bundesanstalt shall recognise a quota for the anti-cyclical capital buffer referred to in paragraph 6, or set a quota for the the countercyclical capital buffers referred to in paragraphs 7 or 8 shall be published by the Bundesanstalt on its website in each case and shall include at least the following additional information:

1.

the State of the European Economic Area or the third country for which that quota applies,

2.

the date from which the national approved institutions must apply the quota for the countercyclical capital buffer to calculate their own-specific countercyclical capital buffer,

3.

in cases where that day is less than 12 months after the date of publication pursuant to this paragraph, the exceptional circumstances justifying a shorter period of time for the application.

(10) In accordance with Article 10 (1) sentence 1, point 5 (a), the provisions of this Regulation shall be laid down.

Footnote

(+ + + § 10d: For non-application cf. Section 2 (9a) sentence 1 + + +)
(+ + + § 10d: For application cf. Section 64r (5) + + +) Unofficial table of contents

§ 10e Capital buffer for systemic risks

(1) The Federal Agency may order that all institutions or certain types or groups of institutions, in addition to the hard core capital, which is to be observed

1.

the own resources requirement referred to in Article 92 of Regulation (EU) No 575/2013,

2.

Increased own-resources requirements for the protection of risks and risk elements not covered by Article 1 of Regulation (EU) No 575/2013 in accordance with Article 10 (3),

3.

Increased own-resources requirements in accordance with § 10 (4),

4.

of the capital maintenance buffer in accordance with § 10c and

5.

of the institute-specific countercyclical capital buffer according to § 10d

is required to hold a capital buffer for systemic risks consisting of hard core capital. The capital buffer for systemic risks may be arranged for risk exposures situated in the territory of the country, in another State of the European Economic Area or in a third country. Its quota shall be at least 1.0% in relation to the risk-weighted position values of these risk positions, which shall be included in the total amount of exposure to be calculated in accordance with Article 92 (3) Regulation (EU) No 575/2013 and the quota shall be adjusted by the Federal Institute in increments of 0.5 percentage points. The rates 1 to 3 shall apply mutatily to groups of institutions, financial holding groups and mixed financial holding groups to which at least one CRR credit institution is a member, which must comply with the requirements laid down in sentences 1 to 3 at the individual level, and for credit institutions within the meaning of Article 22 of Regulation (EU) No 575 /2013. (2) The capital buffer for systemic risks may be arranged to reduce or avert long term, non-cyclical systemic or macroprudential risks, The

1.

may cause a disturbance with significant effects on the national financial system and the real economy at home, and

2.

are not covered by Regulation (EU) No 575/2013.

The capital buffer for systemic risks may only be arranged if these risks are not sufficiently safe by other measures under this Act, with the exception of measures pursuant to Section 48t or Regulation (EU) No 575/2013, with the exception of: the measures referred to in Articles 458 and 459 of Regulation (EU) No 575/2013 may be reduced or refused. The order may be made only if the capital buffer for systemic risks does not adversely affect the financial system or parts of the financial system of another State or of the European Economic Area as a whole , so that the functioning of the internal market of the European Economic Area is impeded. The capital buffer for systemic risks must be reviewed at least every two years. (3) Before ordering a capital buffer for systemic risks, the Federal Institute has the intention of ordering such a buffer of capital, the European Commission, of the European Banking Authority, the European Systemic Risk Board and the competent authorities of the other countries of the European Economic Area and of the third countries concerned. In case of a capital buffer of up to 3 percent, the display must be made one month before the order. The indicators shall contain at least the following information:

1.

a detailed description of the long-term, non-cyclical systemic or macroprudential risks to be averted or reduced by the arrangement of the capital buffers for systemic risks;

2.

an explanation as to why the risks referred to in point 1 represent a risk to financial stability at the national level, which justifies the capital buffer for systemic risks also at the intended level;

3.

an explanation as to why the assumption is justified that the arrangement of the capital buffer for systemic risks is appropriate and proportionate in its specific design, in order to ward off or reduce the risks referred to in point 1;

4.

an assessment of the likely positive or negative effects of the arrangement of the capital buffer on systemic risks on the internal market, taking into account all the information available to the Federal Institute;

5.

an explanatory statement as to why another measure or combination of other measures under this Act or Regulation (EU) No 575/2013, with the exception of measures pursuant to Articles 458 and 459 of Regulation (EU) No 575/2013, taking into account the the effectiveness of the measure is not equally appropriate to ward off or reduce the risks referred to in point 1;

6.

the intended level of the capital buffer for systemic risks.

(4) A capital buffer for systemic risks up to a level of 3.0 per cent may be arranged for risk positions situated in the country and in third countries. A capital buffer for systemic risks of up to 3.0% may be arranged for risk exposures situated in another Member State of the European Economic Area, provided that this is consistent with all risk exposures in the Member State of the European Economic Area. Member States of the European Economic Area are to be found. A capital buffer for systemic risks, which is to be set at over 3.0%, can only be ordered after the adoption of a European Commission act in accordance with Article 133 (15) of Directive 2013 /36/EU. (5) By way of derogation from the third sentence of paragraph 4, the Bundesanstalt für exposures, which are situated in Germany or in third countries, may order a capital buffer for systemic risks of more than 3.0 percent up to 5.0 percent, after

1.

the European Commission has made a favourable recommendation or, if the European Commission has made a negative recommendation,

2.

the Federal Institute for the European Commission has justified the fact that the order of the capital buffer is required against the recommendation of the European Commission.

If the arrangement of the capital buffer for systemic risks as set out in the first sentence also affects institutions whose parent institution has its head office in another State of the European Economic Area, the Federal Institute may use the capital buffer for systemic risk Order risks only if it has previously informed the competent authority of the State concerned, the European Commission and the European Systemic Risk Board of the intention to include a capital buffer for systemic risks as set out in the first sentence towards these institutions. The competent authority of a State of the European Economic Area concerned shall, within one month, object to the arrangement of the capital buffer for systemic risks as set out in the first sentence of the preceding paragraph, as opposed to an institution whose parent institution is situated in the European Commission and the European Systemic Risk Board shall issue negative recommendations within one month, the Bundesanstalt may refer the matter to the European Banking Authority (EBA). Implementation of a dispute settlement procedure in accordance with Article 19 of Regulation (EU) No 1093/2010. (6) The capital buffer for systemic risks may also be arranged and publicly disclosed without prior consultation, without prior consultation. The arrangement of the capital buffer for systemic risks is to be published on the website of the Federal Office. The publication shall contain at least the following information:

1.

the amount of the capital buffer arranged for systemic risks,

2.

the institutions, types or groups of institutions that have to comply with the capital buffers for systemic risks,

3.

a justification for the arrangement of the capital buffer for systemic risks;

4.

the date on which the capital buffer is to be observed for systemic risks,

5.

the States in which risk exposures which are situated there must be taken into account in the capital buffer for systemic risks.

The publication referred to in point 3 has to be maintained if it is to be feared that the stability of the financial markets could be jeopardised. (7) Paragraph 6, first sentence, shall apply to the abolition of the arrangement of a capital buffer for systemic risks; and 2 accordingly. (8) The Federal Institute may recognise the capital buffer for systemic risks placed in another State of the European Economic Area by arranging that all institutions or types or groups of institutions to apply the capital buffers for systemic risks arranged in that State insofar as it relates to risk exposures situated in that State. Paragraph 6 shall apply mutatily to recognition. In the decision on recognition, the Federal Institute shall take into account the information published by the other State when the capital buffer is arranged for systemic risks. The Bundesanstalt has received recognition from the European Commission, the European Banking Authority, the European Systemic Risk Board and the State in which the capital buffer for systemic risks has been ordered. (9) The Bundesanstalt may request the European Systemic Risk Board to submit a recommendation under Article 16 of Regulation (EU) No 1092/2010 on the recognition of a capital buffer for systemic risks in relation to one or more to other countries of the European Economic Area. (10) The details of the Ordinance pursuant to Article 10 (1), first sentence, point 5 (b)

Footnote

(+ + + § 10e: For non-application cf. Section 2 (9a) sentence 1 + + +)
(+ + + § 10e Abs 5: For the first application cf. Section 64r (6) + + +) Unofficial table of contents

§ 10f Capital buffer for globally systemically relevant institutes

(1) The Federal Institute orders that a globally systemically relevant institute in addition to the hard core capital, which is to be observed

1.

the own resources requirements referred to in Article 92 of Regulation (EU) No 575/2013,

2.

Increased own-resources requirements for the protection of risks and risk elements not covered by Article 1 of Regulation (EU) No 575/2013 in accordance with Article 10 (3),

3.

Increased own-resources requirements in accordance with § 10 (4),

4.

of the capital maintenance buffer in accordance with § 10c,

5.

of the institution-specific countercyclical capital buffer according to § 10d and

6.

the systemic capital buffer in accordance with § 10e, in so far as the latter is not credited to the capital buffer for globally systemically relevant institutions,

is required to hold a capital buffer consisting of hard core capital for globally systemically relevant institutions at a consolidated level. In accordance with the assignment of the globally system-relevant institute to a size class, its quota is calculated to a level of 1.0, 1.5, 2.0, 2.5 or 3.5 percent of the size of the institution determined in accordance with Article 92 (3) of Regulation (EU) No. 575/2013. (2) The Federal Institute shall, in agreement with the Deutsche Bundesbank, determine at least annually which institutions, EU parent institutions, EU parent financial holding companies, or mixed EU parent financial holding companies based in Germany on the basis of a quantitative analysis at a consolidated level as globally systemically relevant (globally system-relevant institutes). In the quantitative analysis it takes into account the following categories:

1.

the size of the group,

2.

Transnational activities of the group,

3.

the networking of the group with the financial system,

4.

Replaceability with regard to the range of services and financial infrastructures offered by the Group, and

5.

Complexity of the group.

The institutes are obliged to report annually to the Bundesanstalt and the Deutsche Bundesbank the individual data required for the implementation of the quantitative analysis. (3) Depending on the results of the quantitative analysis, the Federal Institute for a globally systemically relevant institute of a certain size class. The Federal Institute may

1.

to assign a globally systemically relevant institute to a higher-size-class, or

2.

An institution which is required to participate in the quantitative procedure and which has not been identified as a globally systemically relevant institute as part of the quantitative analysis, shall classify it as such and assign one of the size classes, if within the framework of the supplementary qualitative analysis of characteristics of system relevance, which were not or not sufficiently recorded in the quantitative analysis.

(4) The institutions shall be obliged to publish annually the indicators underlying the quantitative analysis. In order to arrange and verify the capital buffer for globally system-relevant institutions as referred to in paragraph 1 and to classify them as globally system-relevant institutions and to assign them to a size class in accordance with paragraphs 2 and 3, the to take account of existing requirements and recommendations of the European Banking Authority and the European Systemic Risk Board at the discretion of the Bundesanstalt. (5) The Federal Institute shall inform the European Parliament of the Banking Supervisory Authority, the European Systemic Risk Board, the European Commission and the institutions classified as globally systemically relevant to the decisions referred to in paragraphs 1 to 3, and shall publish information on the existence of an order and the amount of the capital buffer arranged for globally systemically relevant Institutions as well as a list of institutions classified as globally system-relevant. (6) The details of the legal regulation according to § 10 (1), first sentence, point 5 (c).

Footnote

(+ + + § 10f: For non-application cf. Section 2 (9a) sentence 1 + + +)
(+ + + § 10f (1): For application, see Section 64r (7) + + +) Unofficial table of contents

§ 10g Capital buffer for other systemically relevant institutes

(1) The Federal Institute may order that an institution that is otherwise systemically relevant in addition to the hard core capital, which is to comply with

1.

the own resources requirements referred to in Article 92 of Regulation (EU) No 575/2013,

2.

Increased own-resources requirements for the protection of risks and risk elements not covered by Article 1 of Regulation (EU) No 575/2013 in accordance with Article 10 (3),

3.

Increased own-resources requirements in accordance with § 10 (4),

4.

of the capital maintenance buffer in accordance with § 10c,

5.

of the institution-specific countercyclical capital buffer according to § 10d and

6.

the systemic capital buffer in accordance with § 10e, in so far as the latter is not credited to the capital buffer for globally systemically relevant institutions,

, a capital buffer consisting of hard core capital for other systemically relevant institutions, up to 2.0% of the total amount of exposure determined in accordance with Article 92 (3) of Regulation (EU) No 575/2013. (2) The Federal Institute shall, in agreement with the Deutsche Bundesbank, determine at least annually which institutions, EU parent institutions, EU parent financial holding companies, or mixed EU parent financial holding companies domicated in Germany be classified as otherwise systemically relevant at a consolidated, sub-consolidated or individual institution level (otherwise systemically relevant institutions). In the qualitative and quantitative analysis carried out at the relevant level, it shall take into account, in particular, the following factors for the unit being examined:

1.

size,

2.

economic importance for the European Economic Area and the Federal Republic of Germany,

3.

cross-border activities and

4.

Networking with the financial system.

(3) The Federal Office shall verify at least annually whether and to what extent the capital buffer is required for other system-relevant institutions. In each case, the existing requirements and recommendations of the European Banking Authority and the European Systemic Risk Board shall be taken into account. The order may be made only if the capital buffer for institutions which are otherwise systemically relevant does not adversely affect the financial system or parts of the financial system of another State or of the European Economic Area (4) At least one month before the announcement of the arrangement of a new or modified capital buffer for other systemically relevant institutions, the Federal Institute has the intended order of the European a banking supervisory authority, the European Systemic Risk Board and the European Commission and the competent supervisory authorities of the European Economic Area concerned, where appropriate. The indicators shall contain at least the following information:

1.

a detailed justification, which justifies the setting of a capital buffer for institutions that are otherwise systemically relevant and proportionate to the risks identified;

2.

a detailed explanation of the likely positive and negative effects of the capital buffer on the internal market of the European Economic Area, as well as

3.

the amount of the capital buffer fixed.

(5) The Federal Institute shall inform the relevant other system-relevant institution, the European Banking Authority, the European Systemic Risk Board and the European Commission of the decisions referred to in paragraphs 1 and 2, and published a list of institutions classified as otherwise systemically relevant. (6) Is the otherwise systemically relevant institute subsidiary

1.

of a globally system-relevant institute, or

2.

an EU parent institution based abroad, which is an institution that is otherwise systemically relevant within the meaning of Article 131 (1) of Directive 2013 /36/EU and a capital buffer for other systemically relevant institutions at a consolidated level is subject to

the capital buffer referred to in paragraph 2 shall not exceed the higher value of either 1.0% or of the capital buffer at consolidated level in accordance with Article 131 (4) or (5) of Directive 2013 /36/EU. Ordinance pursuant to § 10 (1) sentence 1, point 5 (d).

Footnote

(+ + + § 10g: For non-application cf. Section 2 (9a) sentence 1 + + +)
(+ + + § 10g: For the first application, see: Section 64r (8) (+ + +) Unofficial table of contents

§ 10h Interaction of capital buffers for systemic risks, for globally systemically relevant institutes and for other systemically relevant institutes

(1) As long as in addition to a capital buffer for globally system-relevant institutions according to § 10f there is also a capital buffer for other system-relevant institutions according to § 10g on a consolidated level, only the higher of the two capital buffers is (2) As long as in addition to a capital buffer for globally system-relevant institutions according to § 10f also

1.

a capital buffer for other systemically relevant institutions in accordance with § 10g on a consolidated level and

2.

a capital buffer for systemic risks in accordance with § 10e on a consolidated level, which has not only been arranged for risk exposures situated in the respective Member State of the European Economic Area,

is only the highest of the three capital buffers. (3) As long as in addition to a capital buffer for other systemically relevant institutions according to § 10g at the individual institute level or under-consolidated level a capital buffer for systemic risks according to § 10e at the level of the individual institutions or the sub-consolidated level, which has not only been arranged for risk exposures situated in the relevant Member State of the European Economic Area, is only the higher of the two capital buffers (4) If a capital buffer for systemic risks according to § 10e was only available for In addition to a capital buffer for a globally systemically relevant institute in accordance with § 10f or a capital buffer for other purposes, risk positions situated in the respective Member State of the European Economic Area shall be arranged for other purposes. system-relevant institutions according to § 10g.

Footnote

(+ + + § 10h: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

§ 10i Combined capital buffer requirement

(1) The combined capital buffer requirement is the total hard core capital of an institution that is required to meet the following capital buffer requirements:

1.

of the capital maintenance buffer in accordance with § 10c,

2.

the institution-specific counter-cyclical capital buffer according to § 10d, and

3.

in the cases and in accordance with

a)

§ 10h (1) of the higher of the capital buffers for globally systemically relevant institutions according to § 10f and for institutions relevant to the system in accordance with § 10g,

b)

§ 10h (2) of the highest of the capital buffers for globally systemically relevant institutions according to § 10f, for other systemically relevant institutions according to § 10g and for systemic risks according to § 10e,

c)

§ 10h (3) of the higher of the capital buffers for systemic risks according to § 10e or otherwise systemically relevant institutions according to § 10g, or

d)

§ 10h (4) of the sum of the capital buffer for systemic risks according to § 10e as well as the capital buffer for globally systemically relevant institutions according to § 10f or the capital buffer for other systemically relevant institutions according to § 10g.

(2) An institution which meets the combined capital buffer requirement shall not make a payout from the hard core capital or to hard core capital instruments as referred to in paragraph 5, if this would decrease its hard core capital to such an extent that: the combined capital buffer requirement would no longer be fulfilled. (3) An institution that does not meet or no longer meets the combined capital buffer requirement must calculate the maximum eligible amount and the Bundesanstalt and the German Federal Institute for Foreign Affairs (Bundesanstalt) and the German Federal Institute for Foreign Affairs (Bundesanstalt) View the Bundesbank. The Institute must make arrangements to ensure that the amount of the payout profits and the maximum eligible amount are precisely calculated and must be in a position to: the Bundesanstalt und der Deutschen Bundesbank die Bundesanstalt und der Deutschen Bundesbank die Bundesanstalt und der Deutschen Bundesbank die Bundesanstalt und der Deutschen Bundesbank die Bundesanstalt und der Deutschen Bundesbank To prove the accuracy of the calculation on request. Until the decision of the Bundesanstalt on the approval of the capital conservation plan referred to in paragraphs 7 and 8, the credit institution may:

1.

do not pay out of hard core capital or on hard core capital instruments referred to in paragraph 5;

2.

assume no obligation to pay variable remuneration or to pay for voluntary pension payments, or pay a variable remuneration if the corresponding obligation has been taken over during a period in which the credit institution has did not meet the combined capital buffer requirement, and

3.

do not make payments from additional core capital instruments.

In accordance with Article 10 (1), first sentence, point 5 (e) (4), an institution which does not fulfil or no longer fulfils the combined capital buffer requirement and intends to pay out a payout of distributable profits or an institution which does not comply with the provisions of the law. To carry out the measure in accordance with the third sentence of paragraph 3, points 1 to 3, the Bundesanstalt and the Deutsche Bundesbank shall inform the Bundesanstalt and the Deutsche Bundesbank with the following information:

1.

Own resources reserved by the Institute, broken down by

a)

hard core capital;

b)

additional core capital;

c)

Supplementary capital;

2.

the level of intermediate profits and profits at the end of the year;

3.

the amount of the maximum payout amount;

4.

the amount of the profit-making profits and their intended allocation

a)

Distributions to shareholders or owners;

b)

repurchase or repurchase of shares;

c)

payments made from additional core capital instruments;

d)

Payment of variable remuneration or voluntary pension payments, either on the basis of the acquisition of a new payment obligation or a payment obligation, which has been taken over during a period in which the credit institution has the combined effect of: Request to capital buffer not met.

(5) A payout of hard core capital or to hard core capital instruments

1.

prize payouts in cash,

2.

the issueof partial or full paid shares or other own resources instruments referred to in Article 26 (1) (a) of Regulation (EU) No 575/2013,

3.

a withdrawal or a repurchase of own shares or other instruments referred to in Article 26 (1) (a) of Regulation (EU) No 575/2013 by an institution,

4.

a repayment of the amounts paid in connection with the own resources instruments referred to in Article 26 (1) (a) of Regulation (EU) No 575/2013; and

5.

a distribution of items referred to in Article 26 (1) (b) to (e) of Regulation (EU) No 575/2013.

(6) An institution which does not or no longer meets the combined capital buffer requirement shall, in addition to the requirements set out in paragraphs 3 to 4, draw up a capital conservation plan and within five working days after: noted that it cannot meet the combined capital buffer requirement, the Bundesanstalt and the Deutsche Bundesbank are presenting. The Federal Office may extend the time limit for submission to a maximum of ten working days, if this appears appropriate in individual cases and taking into account the scope and complexity of the Institute's business activities. The capital conservation plan shall include:

1.

an estimate of revenue and expenditure and a forecast of the balance sheet,

2.

measures to increase the capital ratios of the Institute;

3.

plan and timetable for the increase in own resources to fully meet the combined capital buffer requirement; and

4.

further information which the Bundesanstalt considers necessary for the assessment required in paragraph 7.

(7) The Bundesanstalt shall assess the capital conservation plan and approve it if it considers that its implementation will very likely receive or receive sufficient capital to allow the institution to combine The capital buffer requirement can be fulfilled within the period considered appropriate by the Bundesanstalt as a reasonable period of time. The Federal Institute shall decide on the approval within 14 days of receipt of the capital conservation plan. After approval of the capital conservation plan, the Institute shall be entitled to carry out a distribution of eligible profits as well as measures pursuant to the third sentence of the third sentence of 3 to 3 up to the maximum payout amount. (8) Approved the Federal Institute does not plan the capital conservation plan,

1.

the Bundesanstalt shall ensure that the distribution restrictions referred to in paragraph 3 continue, or

2.

the Federal Institute shall allow the institution to carry out measures within the meaning of the third sentence of paragraph 3, points 1 to 3, to a certain amount which may not exceed the maximum amount eligible for a distributive charge.

In addition, the institution may require the institution to increase its own resources to a certain amount within a certain period of time. (9) The restrictions laid down in this provision shall apply exclusively to payments and distributions application resulting in a reduction of the hard core capital or profits, and provided that the suspension of a payment or a missed payment does not result in a failure or a condition for the initiation of a procedure in accordance with the Institute in force constitutes insolvency rules.

Footnote

(+ + + § 10i: For non-application cf. Section 2 (9a) sentence 1 + + +)
(+ + + § 10i: For application cf. Section 64r (9) + + +) Unofficial table of contents

§ 11 Liquidity

(1) The institutions must invest their funds in such a way as to ensure a sufficient willingness to pay (liquidity) at all times. The Federal Ministry of Finance is authorized to determine, by means of a regulation in consultation with the German Federal Bank, more detailed requirements for sufficient liquidity, in particular through the

1.

methods of assessing sufficient liquidity and the technical principles required for that purpose;

2.

transactions to be taken into account as means of payment and payment obligations, including their tax bases, and

3.

Obligation of the institutions to transmit the information required to demonstrate sufficient liquidity to the Supervisory Authority and the Deutsche Bundesbank, including provisions on the content, type, scope and form of the information, on the frequency its transmission and the permissible data carriers, transmission routes and data formats.

In the legal regulation, the definition of savings deposits is to be linked to Article 21 (4) of the credit institution's financial accounting regulation. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation, with the proviso that the legal regulation will be issued in agreement with the German Federal Bank. Before the adoption of the legal regulation, the top associations of the institutions must be heard. (2) The Federal Institute may, in assessing the liquidity in individual cases, be able to consult institutions on the requirements laid down in the legal regulation referred to in paragraph 1. (3) In assessing the liquidity in individual cases vis-à-vis institutions, the Federal Institute may, in assessing the liquidity of an institution, order the liquidity requirements of an institution to exceed the liquidity requirements of the institution. Institutional groups, financial holding groups and mixed financial holding groups Arrange for liquidity requirements in excess of the requirements of Articles 411 to 428 of Regulation (EU) No 575/2013, as amended, in order to cover specific risks to which an institution is or may be exposed could. The Federal Institute shall comply with the recitals listed in Article 105 of Directive 2013 /36/EU in the version in force in each case. In addition, the Federal Institute may also restrict the time-of-flight transformation. § 10a (1) to (3) shall apply accordingly. (4) The Federal Office may order that an institution, an institute group, a financial holding group or a mixed financial holding group should have more frequent or even more extensive reports on its liquidity ,

Footnote

(+ + + § 11: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

§ 12 (omitted)

Unofficial table of contents

Section 12a Reasons for business relations

(1) An institution, a financial holding company or a mixed financial holding company shall have the right to acquire a stake in a company domicated abroad or to establish a business relationship with such a company; where the undertaking becomes a subordinated undertaking within the meaning of Article 10a, to ensure that, in the case of a financial holding company or mixed financial holding company, the parent responsible for the summary is the parent responsible for the summary Companies which are responsible for the fulfilment of the respective obligations according to § § 10a and 25 (1). Sentence 1 shall not be applied in respect of the information required for the performance of the obligations of § 10a if an institution does not procure the necessary information for the summary pursuant to § 10a , and the deduction of the carrying amount of the book values, as referred to in Article 36, in conjunction with Article 19 (2) (a) of Regulation (EU) No 575/2013, as amended in accordance with Article 10a (4) or (5) of the Regulation comparable manner to the risk arising from the justification of the participation or the business relationship The Bundesanstalt will be able to verify compliance with this condition. The institution, the financial holding company or mixed financial holding company shall immediately have the reasons, the change or the task of a participation or company relationship referred to in the first sentence of the Federal Republic of Germany and the German Federal Institute for Economic Affairs and Development (Bundesanstalt) (2) The Bundesanstalt may prohibit the continuation of the participation or the business relationship if the parent company or the institution within the meaning of Article 22 of Regulation (EU) No 575/2013 is the one for the Fulfilment of the obligations in accordance with § § 10a, 13 (3), § 25 (1) or after the The legal regulations in accordance with § 10 (1) sentence 1 or § 13 (1) sentence 1 and Articles 11 to 17 of Regulation (EU) No 575/2013 in the respectively applicable version do not receive the information required. The exception referred to in the second sentence of paragraph 1 shall apply mutagentily to the authorization for the subsatiation after the first sentence of 1. (3) (omitted).

Footnote

(+ + + § 12a: For non-application cf. Section 2 (9a) sentence 1 + + +)

2.
Credit business

Unofficial table of contents

§ 13 Large loans; Regulation empowerment

(1) The Federal Ministry of Finance is authorized, in consultation with the Deutsche Bundesbank, in the interest of adequate protection of the institutes, institute groups, by means of a decree law which does not require the consent of the Federal Council. Financial holding groups and mixed financial holding groups against clump risks in addition to Regulation (EU) No 575/2013 for large expound detailed rules to be adopted on

1.

the decision-making obligations of the directors referred to in paragraph 2 and the exceptions to them;

2.

The nature, scope, timing and format of the information, transmission routes and data formats of the large credit master data advertisements and their feedback in the context of the large-scale credit reporting procedure provided for in Article 394 (1) to (3) of Regulation (EU) No 575/2013 in the as amended,

3.

the reporting of the share of the trading book in the total balance of accounts and off-balance-sheet transactions, and the use of the derogation provided for in Article 94 (1) of Regulation (EU) No 575/2013;

4.

the rules on the nature, extent, timing and format of the data on the authorised data carriers, transmission routes and the form, pending the entry into force of the technical implementing standards referred to in Article 394 (4) of Regulation (EU) No 575/2013; and Data formats of the large-scale credit points referred to in Article 394 (1) to (3) of Regulation (EU) No 575/2013, as well as the disclosure requirements under those provisions, which may be supplemented by the obligation to reimburse the collection advertisements, to the extent that: this is necessary for the performance of the tasks of the supervisory authority, in particular uniform documents for the assessment of the positions opened by the institutions; and

5.

the implementation of the exemption from the application of Article 395 (1) of Regulation (EU) No 575/2013, as amended by Article 493 (3) of Regulation (EU) No 575/2013, as amended in each case Version.

The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation, with the proviso that the legal regulation will be issued in agreement with the German Federal Bank. Before the adoption of the regulation, the leading associations of the institutions must be heard. (2) An institution in the legal form of a legal person or a commercial company may, without prejudice to the effectiveness of the legal transactions, only be allowed to make a major credit by a unanimous decision by all business managers. The decision is to be taken before the loan is granted. If this is not possible on a case-by-case basis because of the urgency of the business, the decision must be taken up without delay. The decision shall be documented. If the major credit has been granted without a prior unanimous decision by all directors and the decision is not recovered within one month of the granting of the credit, the institution shall have this by the supervisory authority, which shall: Deutsche Bundesbank and, as far as the supervisory authority is the European Central Bank, the Bundesanstalt shall also be notified immediately. Without prejudice to the effectiveness of the credit institution ' s own funds, which are already granted, by reducing the amount of own funds eligible under Article 4 (1) (71) of Regulation (EU) No 575/2013, the institution shall be entitled to: Continue to grant legal business only on the basis of a unanimous decision of all business managers to be notified without delay. The decision shall be documented. If the decision is not made within one month from the date on which the credit has become a major credit, the institution shall have the same authority as the supervisory authority, the Deutsche Bundesbank and, if the supervisory authority is the European (3) The decision-making requirements referred to in paragraph 2 shall apply mutatily to the parent undertaking if a company of the Institute Group, the financial holding group or the joint Financial holding group of Article 7 of Regulation (EU) No 575/2013 Use (4) In the case of loans from public funds which are provided by the federal and state financial institutions on the basis of independent credit agreements, including, where appropriate, through other transmission institutions, by way of house banks at predetermined conditions In the case of the institutions involved, in respect of the application of Article 395 (1) of Regulation (EU) No 575/2013, the individual end-borrowers may, as borrowers of the interbank loan granted by them, be guided (house-bank principle). when the credit claims for security are assigned to them . This applies in accordance with the loans granted by own or public funds to the funding institutions in accordance with the house banking principle (own funds programmes) and for loans from non-public funds, which a credit institution is subject to according to legal requirements. Guidelines, including where appropriate through other transmission institutions, are directed to end-borrowers via house banks.

Footnote

(+ + + § 13: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

§ § 13a and 13b (omitted)

Unofficial table of contents

§ 13c intra-group transactions with mixed enterprises

(1) A CRR-Institut, which is a subsidiary of a joint undertaking, has the supervisory authority, the Deutsche Bundesbank and, insofar as the supervisory authority is the European Central Bank, also the Bundesanstalt important group-internal To view transactions with mixed enterprises or their other subsidiaries. The Federal Ministry of Finance is authorized to determine in more detail by means of a regulation to be adopted in consultation with the German Federal Bank, which does not require the approval of the Federal Council:

1.

the types of transactions and thresholds to be displayed, on the basis of which the intra-group transactions are to be considered significant;

2.

the ceilings for intra-group transactions and restrictions on the type of intra-group transactions;

3.

The type, scope, timing and form of the data, as well as the permitted volumes and transmission routes.

The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation, with the proviso that the legal regulation is to be adopted in agreement with the Deutsche Bundesbank. Before the adoption of the regulation, the leading associations of the institutions must be consulted. (2) The CRR-Institute within the meaning of the first sentence of paragraph 1 may, without prejudice to the effectiveness of legal transactions, be allowed to carry out significant intra-group transactions with mixed enterprises. (3) Without prejudice to the validity of the legal transactions, the CRR Institute may, in accordance with the provisions of the Paragraph 1, first sentence, without the approval of the supervisory authority, no significant carry out intra-group transactions with mixed undertakings or their other subsidiaries which exceed the limits laid down in the legal regulation referred to in the second sentence of paragraph 1 or which are contrary to those laid down in the Regulation Restrictions on the nature of significant intra-group transactions. The consent of the first sentence shall be at the discretion of the supervisory authority. Regardless of whether the Supervisory Authority gives its consent, the Institute shall have the exceeding of the upper limits or the violations of the restrictions on the type of intra-group transactions, the Deutsche Bundesbank and, where appropriate, Supervisory authority the European Central Bank shall also be notified without delay to the Federal Agency. The supervisory authority may:

1.

require the CRR Institute, within the meaning of the first sentence of paragraph 1, when the ceilings laid down in the regulation referred to in the second sentence of paragraph 1 are exceeded, the lodging of the amount of the excess with own resources;

2.

To prevent infringements of the restrictions on the type of intra-group transactions, as set out in the regulation referred to in the second sentence of paragraph 1, by appropriate and necessary measures.

(4) In order to identify, quantify, monitor and manage significant intra-group transactions within a mixed group of companies, the group members must have adequate risk management and adequate risk management. internal control procedures, including proper reporting and due accounting procedures; § 13 shall remain unaffected. Section 10a (8), Article 25a (1), second sentence, and the second sentence of Article 11 (1) and (3) of Regulation (EU) No 575/2013 shall apply accordingly.

Footnote

(+ + + § 13c: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

§ 13d (omitted)

Unofficial table of contents

§ 14 Millionenkredite

Credit institutions, CRR investment firms acting on their own account within the meaning of point 3 of Annex I to Directive 2004 /39/EC, financial services institutions within the meaning of the second sentence of Article 1 (1a), point 4, 9 or 10, financial institutions in the sense of the Article 4 (1) (26) of Regulation (EU) No 575/2013, in conjunction with point 2 of Annex I to Directive 2013 /36/EU, which is undertaking factoring, and the undertakings and entities referred to in Article 2 (2) (the millionaire credit reporting procedure) participating companies) have the evidence center headed by the Deutsche Bundesbank quarterly (observation period) the borrowers (millionaire borrowers) whose credit volume amounts to EUR 1 million or more (millioneuro loan limit); display content, time limits for viewing and more detailed provisions relating to the observation period shall be regulated by the legal regulation in accordance with § 22. Higher-level companies within the meaning of § 10a shall at the same time notify the group-affiliated companies of their borrowers within the meaning of the sentence 1 to be applied. This does not apply to the extent to which these companies are notifiable according to the first sentence or are exempted or exempted from the obligation to notify pursuant to § 2 (4), 7, 8 or 9a or the carrying amount of the participation in the group-affiliated company in accordance with Article 36, in conjunction with Article 19 (2) (a) of Regulation (EU) No 575/2013, shall be deducted from the own resources of the parent undertaking in the version in force. The group members who are not themselves notifiable by the first sentence shall submit the information required for this to the parent company. In the case of a Community credit of EUR 1 million or more, the first sentence shall apply even if the share of the individual undertaking does not reach EUR 1 million. (2) If a borrower is granted by one or more undertakings, millionloans are granted. , the Deutsche Bundesbank has to notify the indicating companies. The notification shall include information on the overall indebtedness of the borrower and on the total debt of the borrower unit to which it belongs, on the number of companies involved, and on the forecasted information on the total debt of the borrower. Failure probability within the meaning of Articles 92 to 386 of Regulation (EU) No 575/2013 for this borrower, to the extent that a company itself has reported such a borrower. The notification shall be broken down in accordance with Section 22 of the Regulation. The Deutsche Bundesbank shall, on request, notify a notifiable undertaking of the debt of a borrower or prospective borrower, or, if the borrower or the prospective borrower of a borrower unit , the debt level of the borrower unit. In the case of a prospective borrower, the company shall, at the request of the Deutsche Bundesbank, notify the amount of the proposed credit and shall demonstrate that the expected borrower in the notification shall be included in the communication. has consented. The companies and the Deutsche Bundesbank participating in the Millionenkreditmeldeverfahren may also carry out the notification in accordance with paragraph 1, the notification in accordance with the first sentence and the notification in accordance with the fourth sentence, also by means of electronic data transmission. Details of the procedure are governed by the legal regulation according to § 22. To the extent that it is essential for the purposes of the assignment of the notification referred to in paragraph 1 to a particular borrower, the Deutsche Bundesbank may submit personal data of several borrowers to the notifiable company. This data shall not contain information on the financial circumstances of the borrowers. Persons employed by a notifiable undertaking shall not disclose information communicated to the undertaking pursuant to this paragraph and shall not disclose it to third parties and shall not exploit it. For the purposes of data protection control by the respective competent authority, the Deutsche Bundesbank shall record the date, the transmitted data and the parties involved in each data transmission. The use of historical data for other purposes is not permitted. The historical data must be kept for at least 18 months and must be deleted at the latest after 24 months. (3) According to Article 19 (2) several debtors are considered to be a borrower, the debt and information on the advertisements referred to in paragraph 1 shall also be included in the advertisements referred to in paragraph 1. indicate the predicted default probabilities of the individual debtors. The indebtedness of individual debtors as well as the information on the predicted failure probabilities shall be communicated only to the undertakings which themselves or their group members undertakings within the meaning of paragraph 1 of this Article shall be notified to these debtors. In accordance with § 4b of the German Federal Data Protection Act (Bundesdatenschutzgesetz), the Deutsche Bundesbank may, in agreement with the Federal Agency, have notified the Federal Bank of the Federal Republic of Germany (Bundesanstalt) in accordance with the conditions laid down in § 4b of the Federal Data Protection foreign evidence centres on the data stored in the case of Make available to borrowers, also for transfers to creditors resident there.

Footnote

(+ + + § 14: For non-application cf. Section 2 (9a) sentence 1 + + +)
(+ + + § 14 (1): For application, see Section 64r (10) + + +) Unofficial table of contents

Section 15 Organ lending

(1) Loans

1.

Director of the Institute,

2.

Members of the Institute which are not members of the Management Board if the Institute is operated in the legal form of a commercial or limited liability company, as well as to personally liable partners of one of the members of the Institute. Legal form of the Kommanditgesellschaft on shares operated by shares, which are not managers,

3.

members of an institution of the Institute appointed to supervise the management of the institution when the supervisory powers of the institution are governed by law (supervisory authority),

4.

Authorized agents of the Institute, authorized agents and authorised agents for the entire business operation,

5.

Spouses, life partners and minor children of the persons referred to in points 1 to 4;

6.

silent partner of the institute,

7.

undertakings in the legal form of a legal person or a commercial partnership, where a manager, a procurator or an authorised representative of the institution of the institution authorised to conduct the business as a whole or a business person is legally representative; or is a member of the supervisory body of the legal person or a member of the person-trading company;

8.

A company in the legal form of a legal person or a commercial company, if a legal representative of the legal person, a shareholder of the persons trading company, a procurist or an all- The authorised representative of that undertaking shall be a member of the Board of Supervisors of the Institute,

9.

undertakings in which the institution or a manager is involved, with more than 10 per cent of the capital of the undertaking, or in which the institution or a manager is personally liable to be a shareholder,

10.

companies participating in the Institute with more than 10 of the hundred of the capital of the Institute,

11.

A company in the legal form of a legal person or a commercial company, if a legal representative of the legal person or a shareholder of the person-trading company at the institute with more than 10 of the hundred of the Capital is involved and

12.

Personally liable partners, managing directors, members of the Management Board or of the supervisory body, procurists and authorised agents of a company dependent on the Institute or the Institute for the whole of the business operations the dominant undertaking and its spouses, life partners and minor children,

(Organ lending) may only be subject to market conditions and only with the express consent of the Board of Supervisors, in the event of a unanimous decision by all directors of the Institute and other than within the scope of employee programs. the provisions of point 12 of the supervisory body of the undertaking controlling the institution shall be granted; the above provisions relating to partnerships shall be applied in accordance with partnerships. A unanimous decision by all directors and the express consent of the board of directors may be waived if, in the case of a loan to an undertaking as set out in the first sentence of the first sentence of the first subparagraph of Article 113 of Regulation (EU) No 9 and 10 575/2013 a KSA risk weight of zero of the hundred can be used. As a participation within the meaning of the first sentence of sentence 1 (9) to (11), any holding of shares or business shares of the undertaking shall be deemed to apply if it reaches at least one quarter of the capital (nominal capital, the sum of the shares of the capital), without it having regard to the duration of the holding. . The granting of a credit shall be equal to the design of the remuneration beyond the remuneration of a manager or a member of the Board of Supervisors, and in particular to the design of the removal of advances. Remuneration. In accordance with Article 26 of Regulation (EU) No 575/2013, the Bundesanstalt may be subject to an arrangement of the Bundesanstalt mit hartem Kerncapital in accordance with Article 26 of Regulation (EU) No 575/2013. (2) The Federal Institute may apply for order the granting of organ credits on a case-by-case basis; this right also exists after the organ credit has been granted. In the meantime, organic loans exceeding the ceilings ordered by the Bundesanstalt are due to the further arrangement of the Bundesanstalt on the ordered upper limits; in the meantime, they are subject to a hard core capital under Article 26 of the Regulation (EU) No 575/2013 as amended in each case. (3) Paragraph 1 shall not apply

1.

for loans to authorised persons and for the entire business operation, authorised agents and their spouses, life partners and minor children, if the credit does not have an annual salary of the procurator or of the agent for action exceeds,

2.

for loans to persons or undertakings referred to in the first sentence of paragraph 1 (1) (6) to (11) where the credit is less than 1 per hundred of the institution ' s own funds, or less than 50 of the own funds referred to in Article 4 (1) (71) of Regulation (EU) No 575/2013 is EUR 000; and

3.

loans increased by no more than 10 per cent of the amount decided in accordance with the first sentence of paragraph 1.

(4) The decision of the directors and the decision to consent shall be taken prior to the granting of the credit. The decisions must contain provisions on the return and repayment of the credit. They are to be informed. If the granting of a credit in accordance with the first sentence of the first sentence of paragraph 1 is in need of urgent action, it is sufficient that all the directors and the supervisory body of the credit guarantee shall immediately agree to the granting of credit. If the decision of the business managers is not to be obtained within two months or the decision of the supervisory body within four months, in each case from the date of the granting of the credit, the institution shall have this effect from the Federal Institute for without delay. The decision of the managers and the decision to give their consent to credit to the persons referred to in the first sentence of paragraph 1 (1) to (5) and (12) may be required for certain credit transactions and types of credit transaction in advance, but not for longer than (5) If, contrary to paragraph 1 or 4, a credit is granted to a person referred to in the first sentence of the first sentence of paragraph 1, 1 to 5 and 12, that credit shall be repaid immediately without regard to any outstanding agreements, if not all Immediately afterwards agree to the Managing Director and the Board of Supervisors of the credit granting .

Footnote

(+ + + § 15: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

§ 16

(repealed)

Footnote

(+ + + § 16: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

§ 17 Liability provision

(1) If, contrary to the provisions of Section 15, credit is granted, the directors who infringe their duties shall be liable and the members of the supervisory body who, in spite of being aware of an intended loan, do not comply with the obligations of the law , the institution shall be the total debtor for the resulting damage; the managers and the members of the supervisory body shall demonstrate that they have not acted in a culpable manner. (2) The substitute claim of the institution may also be Creditors shall be asserted as far as they are not satisfied by the creditors can be obtained. In contrast, the creditors shall not be subject to the replacement obligation either by surrender or by comparison of the institution or by the fact that, in the case of institutions in the legal form of the legal person, the granting of credit shall be subject to a decision by the supreme body of the Institute (Annual General Meeting, General Assembly, Shareholders ' Meeting). (3) The claims referred to in paragraph 1 shall be subject to a period of five years.

Footnote

(+ + + § 17: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

Section 18 Credit records

A credit institution may grant a loan exceeding a total of EUR 750 000 or 10 of the institution ' s own capital which is chargeable to the institution under Article 4 (1) (71) of Regulation (EU) No 575/2013 only if it does not exceed the amount of the credit institution, which is It is possible to disclose the economic conditions, in particular by presenting the financial statements. The credit institution may disregard it if the request for disclosure would appear to be unfounded in respect of the collateral or the collateral. The credit institution may depart from the current disclosure if:

1.

the loan is secured by basic rights to residential property used by the borrower himself,

2.

the loan does not exceed four fifths of the mortgage lending value of the deposit property within the meaning of Article 16 (1) and (2) of the Pfandbrief Act; and

3.

the borrower will provide the interest and redemption services owed by the borrower in a trouble-free way.

A disclosure is not required in the case of credit

1.

Central governments or central banks abroad, the federal government, the Deutsche Bundesbank or a non-independent special fund of the federal government if it unsecured a credit risk-standard approach-risk weight of 0 per cent would be obtained,

2.

multilateral development banks or international organisations if they were unsecured to receive a PNA risk weight of 0 per cent, or

3.

Regional governments or local authorities in another State of the European Economic Area, a country, a municipality, a community association, a legally independent special fund of a country, a municipality or a municipality, or a municipality, a municipality or a municipality, a municipality or a municipality. Community association or public sector bodies if they are unsecured would receive a KSA risk weight of 0 per cent.

(2) The institutions shall examine the creditworthiness of the consumer prior to the conclusion of a consumer loan contract or a contract of payment of a financial assistance. The basis may be information from the consumer and, if necessary, information from bodies that collect, for the purpose of transmission, personal data which may be used to assess the creditworthiness of consumers, Save or change. In the event of a change in the amount of the net loan, the information shall be updated. In the event of a significant increase in the net loan amount, credit worthiness shall be reassessed. The provisions on the protection of personal data shall remain unaffected.

Footnote

(+ + + § 18: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

§ 18a and Others 18b (omitted)

Unofficial table of contents

§ 19 Concept of the credit for § 14 and the borrower for § § 14, 15 and 18 (1)

(1) Loans within the meaning of Section 14 are balance sheet assets, derivatives with the exception of the standstill obligations arising from purchase options, as well as the warranties and other non-bilancial transactions assumed for this purpose. Balance-sheet assets within the meaning of the first sentence are:

1.

Credit at central banks and post office offices,

2.

Debt instruments issued by public authorities and alternates approved for refinancing by central banks,

3.

in the drawing-in values for which payments have already been made,

4.

exposures to credit institutions and customers, including the claims made by credit institutions with the goods business and the balance sheet capitalized claims arising from leasing contracts for payments to which the lessee is or are required to pay; or , and the rights of the lessee to purchase the leased assets which provide an incentive to exercise the right of option;

5.

debt securities and other fixed-income securities, in so far as they do not form a right which falls within the derivatives referred to in the first sentence;

6.

shares and other non-fixed-income securities, in so far as they do not have the right to be covered by the derivatives referred to in the first sentence;

7.

participations,

8.

shares in affiliated companies,

9.

(dropped)

10.

other assets, provided that they are subject to an address default risk.

To be regarded as other off-balance-sheet transactions within the meaning of sentence 1

1.

the borrower's own draws in circulation,

2.

Indossament liabilities arising from further changes,

3.

Guarantees and guarantees for balance-sheet assets,

4.

the guarantees and guarantees other than those referred to in point 3, where they do not relate to the derivatives referred to in the first sentence,

5.

Opening and confirmation of accreditations,

6.

unconditional obligations of the building societies for the redemption of foreign pre-financing and intermediate loans to construction savers,

7.

Liability arising from the ordering of securities for foreign liabilities,

8.

in the case of the pension provider, the balance sheet assets which have been transferred from the stock to which the balance sheet assets have been transferred to another with the agreement, that it must withdraw them upon request,

9.

Sales of balance-sheet assets with recourse to which the credit risk remains with the selling institution,

10.

Purchases of assets on balance sheet assets, where there is an unconditional obligation to accept the delivery item,

11.

Placement of appointment deposits on appointment,

12.

Commitments to purchase and refinance

13.

credit commitments not yet used,

14.

credit derivatives,

15.

Claims arising from leasing contracts not yet activated in the balance sheet for payments to which the lessee is liable or liable to be bound, and the leasing holder's option rights for the purchase of the leased assets, which provide an incentive to the lessee the exercise of the right of option, and

16.

off-balance-sheet transactions, provided that they are subject to an address default risk and are not covered by points 1 to 14.

(1a) Derivatives within the meaning of this provision shall be fixed transactions or options transactions designed as a purchase, exchange or other reference to a basic value, the value of which shall be determined by the base value and the value of which shall be determined as a result of: in future, at least one contractual partner may alter the time-to-date of the filling date, including financial differential transactions. The base value within the meaning of the first sentence may also be a derivative. (2) As a borrower within the meaning of § 14, the following shall apply:

1.

two or more natural or legal persons or persons trading companies, where one of them can exercise directly or indirectly a dominant influence on the other or the other. Directly or indirectly dominant influence is in particular present:

a)

for all undertakings which are consolidated within the meaning of Article 290 (2) of the Commercial Code; or

b)

in the case of all undertakings which are bound by contracts which provide that a company is obliged to pay all its profits to another undertaking; or

c)

in the case of holding of voting rights or capital shares in a company of 50 per cent or more by another undertaking or person, whether or not these shares are managed under a trusteeship,

2.

trade companies or corporations and any personally liable partners, partnerships and partners,

3.

All companies belonging to the same group within the meaning of Section 18 of the German Stock Corporation Act.

The summary stocks referred to in points 1 to 3 shall apply cumulatively. (3) As a borrower within the meaning of Articles 15 and 18 (1), two or more natural or legal persons shall be deemed to be a borrower in accordance with the provisions of Article 4 (1) (39) of the Regulation (EU) No 575/2013 a group of connected clients. (4) (omitted) (5) In the case of the payment of money claims, the transferor of the claims shall be deemed to be a borrower within the meaning of § § 14 to 18 if he/she is responsible for the fulfilment of the requirements of the , or, at the request of the acquirer, to recover it; otherwise, the debtor of the liability shall be deemed to be a borrower. (6) (omitted) Unofficial table of contents

§ 20 Exceptions to the obligations pursuant to § 14

As credit within the meaning of § 14, the following shall not apply:

1.

loans for exchange-rate transactions carried out within the normal accounting procedure within two business days of advance payment;

2.

loans in the case of securities transactions carried out within five business days of advance in the normal settlement procedure;

3.

in the case of the implementation of payment transactions, including the execution of payment services, settlement and settlement in any currency and the correspondent banking business, or the provision of services to customers for settlement, Settlement and custody of financial instruments, late payment in the case of financing operations and other loans in the customer business, which exist at the latest until the following business day,

4.

financial collateral which is deposited in the context of financial market transactions for customers and whose agreed maturity or period of notice does not exceed a business day;

5.

Loans granted in the event of the execution of payment transactions, including the execution of payment services, settlement and settlement in any currency and the correspondent banking business, to institutions carrying out such services , provided that the loans are to be repaid until the end of the business,

6.

depreciated loans and

7.

Amounts credited from the direct debit procedure, which are marked with the words "Entrance reserved".

Unofficial table of contents

§ § 20a to 20c (omitted)

Unofficial table of contents

§ 21 Concept of the credit for the § § 15 to 18 (1)

(1) Credit within the meaning of § § 15 to 18 (1)

1.

cash loans of all kinds, money claims acquired, acceptance credits and claims arising from name bonds, with the exception of the Pfandbriefe and municipal debt securities denominated in the name;

2.

the discounting of bills of exchange and cheques;

3.

monetary claims arising from other commercial transactions carried out by a credit institution, other than the claims arising from the trading of credit unions, provided that they are not stashed out beyond the normal commercial period;

4.

Guarantees, guarantees and other warranties of an institution as well as the liability of an institution from the order of collateral for foreign liabilities;

5.

the obligation to stand up for the performance of charges transferred or to repurchase them at the request of the acquirer;

6.

the holding of an institution in shares or business shares of another undertaking which reaches at least one quarter of the capital (nominal capital, the sum of the shares of the capital) of the holding company, without it being the duration of the holding;

7.

Items through which an institution has concluded leases as a lessor, less up to the carrying amount of the leasing item of such items belonging to it, which is due to the fulfilment or disposal of claims arising from the leasing contracts Leasing contracts are formed.

Any collateral or credit of the borrower with the Institute shall not be taken into consideration. (2) As loans within the meaning of § § 15 to 18 (1) do not apply.

1.

loans to the Federal Government, a non-legally independent special fund of the Federal Government or of a country, a country, a municipality or a community association;

2.

unsecured claims made to other institutions in the case of those subdued funds, which are only available to the investment, and which are due at the latest in three months; claims of registered cooperatives to their central banks, from savings banks to their Central banks and central banks and central banks may later be subject to the payment of their central credit institutions;

3.

changes purchased by other institutions which have been approved, indosed or issued by an institution for a period of not more than three months and which are normally traded on the money market;

4.

depreciated loans.

(3) § 15 (1) sentence 1 nos. 6 to 11 and § 18 (1) shall not apply to:

1.

loans, in so far as they meet the requirements of § 14 and § 16 (1) and (2) of the Pfandbrief Act (Realkredite);

2.

Loans with maturities of no more than 15 years against the order of shipping mortgages, insofar as they meet the requirements of section 22 (1), 2 sentence 1 and (5) sentence 3, section 23 (1) and (4) and section 24 (2) in conjunction with para. 3 of the Pfandbrief Act in accordance with

3.

loans to a national legal person under public law other than those referred to in paragraph 2 (1), the European Union, the European Atomic Energy Community or the European Investment Bank;

4.

Loans, insofar as they are vouched for by the federal government, a special fund of the federal government, a country, a municipality or a community association, or are secured in a different way (publicly vouched loans).

(4) As credit within the meaning of Article 18 (1), the following shall not apply:

1.

Loans granted on the basis of the purchase of a claim from non-bank commercial transactions if:

a)

Claims arising from non-bank commercial transactions against the respective debtor shall be acquired on an ongoing basis,

b)

the transferor of the claim shall not be responsible for the fulfilment of the claim; and

c)

the claim is due within three months from the date on which the purchase is expected;

2.

Loans as far as they are covered by collateral in the form of

a)

cash deposits with the lending institution or with a third institution which is a parent or subsidiary of the lending institution, or cash received by the institution as part of the credit-linked note ' s issue; or

b)

Certificates of deposit or similar documents issued by the lending institution or by a third institution which is the parent or subsidiary of the lending institution, and which are deposited with and close to the credit institution Provisions of Articles 192 to 241 of Regulation (EU) No 575/2013 on credit risk reduction shall be complied with.

Unofficial table of contents

Section 22 Regulation empowerment of millionloans

The Federal Ministry of Finance is authorized to adopt more detailed provisions in consultation with the Deutsche Bundesbank for Millionenkredite by means of a decree law which does not require the approval of the Federal Council.

1.

the identification of credit amounts and borrowers;

2.

the determination of the credit equivalent amounts of derivatives and the identification of pension and lending operations and of other similar transactions and the warranties of such transactions;

3.

the allocation of credit to borrowers,

4.

the display content, display periods and the observation period referred to in Article 14 (1), first sentence,

5.

further information in the notification according to § 14 paragraph 2 sentence 2, insofar as this is required on the basis of information received by the Deutsche Bundesbank from foreign evidence centres,

6.

details of the information provided in the notification provided for in Article 14 (2), second sentence, in particular on the conditions and content of the information on forecasted failure probabilities, as well as the breakdown of such information; Notification pursuant to § 14 (2) sentence 3 and

7.

Details of the electronic data transmission procedure in accordance with Article 14 (2) sentence 6.

The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation, with the proviso that the legal regulation will be issued in agreement with the German Federal Bank. Prior to the adoption of the legal regulation, the top associations of the institutes shall be consulted.

2a.
Refinancing Register

Unofficial table of contents

§ 22a Register-leading company

(1) Where the refinancing undertaking is a credit institution or a body referred to in Article 2 (1) (1) to (3a), a company within the meaning of the first sentence of Article 1 (24) (1) to (6) shall be entitled to a transfer of a claim by the the refinancing undertaking or a basic right of the refinancing undertaking which serves to secure claims, these items may be entered in a refinancing register led by the refinancing undertaking; shall apply, in accordance with the right of registration of an aircraft and of a ship's mortgage. A separate department shall be set up for each refinancing transaction. (1a) Paragraph 1 shall apply mutalogically if the claims and fundamental rights are administered by the refinancing undertaking in a fiduciary manner. (2) A duty of the The refinancing undertaking or the refinancing agent for the management of a refinancing register shall not be justified by this sub-section. The register can only be terminated or transferred under the conditions laid down in § 22k. (3) An outsourcing of the register management is not permitted. (4) Paragraphs 1 to 3 shall apply analogously to refinancing investigators, the credit institution or a § 2 (1) (1) to (3a). Unofficial table of contents

Section 22b Management of the refinancing register for third parties

(1) Where the refinancing undertaking is not a credit institution or a body referred to in Article 2 (1) (1) to (3a), the items of the refinancing undertaking referred to in Article 22a (1), first sentence, of the refinancing undertaking on the transfer of which a company shall be transferred shall be subject to the following: The purpose of Article 1 (24), first sentence, points 1 to 6, is to be registered in a refinancing register run by a credit institution or by the Kreditanstalt für Wiederaufbau. Where the refinancing register also contains items whose transfer owes the register-carrying or another undertaking, a separate division shall be provided for each of the refinancing registers within the same refinancing register (2) If the refinancing company is a credit institution for which the management of its own refinancing register according to the nature and scope of its business operations, is an unreasonable burden, the Bundesanstalt is to agree, at the request of the refinancing undertaking, to the management of the refinancing register by another credit institution. The consent of the Bundesanstalt shall be deemed to have been granted if it is not refused within one month of the application of the application. (3) Entries made for other credit institutions without the consent of the Bundesanstalt pursuant to paragraph 1 2 and 3, also in conjunction with paragraph 4, shall be applied in accordance with the provisions of Section 22a (2) and (3).

Footnote

§ 22b para. 1 sentence 1 italic print: IdF d. Art. 1 No. 40 G v. 28.8.2013 I 3395 mWv 1.1.2014 (by way of derogation from the amendment, the word "or" has also been replaced) Unofficial table of contents

Section 22c Refinancing investigators

§ § 22d to 22o shall apply analogously to refinancing registers which, pursuant to Section 22a (4), are conducted by a refinancing agent or pursuant to Section 22b (4) for a refinancing investigator. Unofficial table of contents

§ 22d Refinancing Register

(1) An electronic management of the refinancing register shall be permitted provided that it is ensured that adequate precautions have been taken against a data loss. The Federal Ministry of Finance has to determine details of the form of the refinancing register as well as the manner of recording by means of a regulation which does not require the approval of the Federal Council. The Federal Ministry of Finance may transfer this authorisation to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) by means of a legal regulation. (2) The register-leading company shall enter into the refinancing register:

1.

the claims or collateral to which the companies registered in the register as registered as transferable persons are entitled within the meaning of the first sentence of Article 1 (24) (1) (1) to (6) (transferable persons);

2.

the transferor,

3.

the date of registration,

4.

if an item serves as security, the legal reason, the scope, the rank of security and the date of the day on which the contract containing the legal reason for the security was concluded.

In the cases of points 1 and 4, it is sufficient for third parties, in particular the liquidator, the property lawyer, the federal institution or an insolvency administrator, to determine the information to be entered in a clear way. If the transferor is a Pfandbrief bank, it shall be informed of the registration as well as the trustee ordered pursuant to section 7 (1) of the Pfandbrief Act. Where the person entitled to transfer is an insurance undertaking, the latter and the trustee ordered in accordance with Section 70 of the Insurance Supervision Act must be informed of the registration. (3) Where the required information is missing in accordance with paragraph 2, or (4) receivments are also eligible for registration and, after registration, are not properly registered. (4) Transferable persons can be transferable if the assignment by oral or conkludente Agreement with the debtor has been excluded. § 354a of the Commercial Code as well as legal prohibition of disposal remain unaffected. (5) entries can only be deleted with the consent of the transferor. If a transferor is a Pfandbrief bank or an insurance company, entries can only be deleted with the approval of the trustee of the Pfandbrief bank or the trustee of the insurance company. In any case, the date of deletion shall be entered. Erroneous entries may be deleted with the consent of the administrator; the second sentence of the second sentence of paragraph 2 shall apply accordingly. The correction, its date and the consent of the administrator shall be entered in the refinancing register. (6) The person entitled to transfer may at any time request from the liquidator an extract of the entries in the refinancing register relating to him, on which the person responsible for the registration is subject to the the liquidator has confirmed the conformity with the refinancing register in writing. Unofficial table of contents

§ 22e Order of the liquidator

(1) A natural person shall be the custodian of the refinancing register (liquidator) for each register-leading company. The Office shall terminate the registration procedure or the appointment of a person-various specialist in the refinancing register in accordance with Section 22l (4) sentence 1. (2) The order shall be placed by the Federal Institute on a proposal from the Federal Institute for Foreign Affairs and Social Affairs. register-leading company. The Bundesanstalt is to appoint the proposed person to the liquidator, if their independence, reliability and expertise are guaranteed. In the course of its decision, the Federal Institute shall take due account of the interests of the transferee registered or to be registered in the refinancing register. (3) The order may be limited to a limited period; the Federal Institute may grant the Administrator at any time, for objective reasons. The third sentence of paragraph 2 shall apply accordingly. If the liquidator is in an employment or mandate relationship to a person involved in a specific refinancing transaction, his office shall be responsible for this refinancing transaction. (4) At the request of the register-leading company, a Appoint a deputy to the administrator. The application shall be admissible at any time. Paragraphs 2 and 3 shall apply to the appointment and dismise of the depute. If the liquidator is dismissed pursuant to the first sentence of paragraph 3, his office shall be resigned or he shall be prevented, the substitute shall replace him. (5) If a liquidator does not exist for a not inconsiderable period of time, he shall be responsible for the performance of his duties. The Federal Office shall appoint a suitable administrator without consulting the register-leading company, or shall not be in office, without any substitute having entered its office. The third sentence of paragraph 2 shall apply accordingly. The register-leading company shall immediately inform the Federal Institute if a circumstance has occurred in accordance with the first sentence. (6) The liquidator and his deputy shall be liable to the register-leading company as well as to the transferor from their Activity only in the event of intent or gross negligence. In the case of grossly negligent action, the replacement obligation of the administrator or the deputy is limited to 1 million euros. It cannot be excluded or limited by contract. Where the liability of the liquidator or the deputy is covered by insurance, a deductitution of one and a half times the annual remuneration laid down in accordance with section 22i (1) shall be provided. The register-leading company may close the insurance contract for the benefit of the administrator and the deputy and pay the premiums. Unofficial table of contents

§ 22f Ratio of the liquidator to the Bundesanstalt

(1) The liquidator must provide the Bundesanstalt with information on the findings and observations made by him in the course of his work and also to make unsolicited communications when circumstances result in an improper use of the information. (2) The liquidator is not bound by instructions from the Federal Institute. Unofficial table of contents

Section 22g Tasks of the administrator

(1) The liquidator shall ensure that the refinancing register is properly managed. However, it does not have to examine whether the registered items are those of the refinancing company or objects which can be registered under section 22d (2). (2) In particular, the administrator of the the refinancing register shall ensure that:

1.

the refinancing register shall contain the information required pursuant to section 22d (2),

2.

the dates in the refinancing register correspond to the accuracy and

3.

the entries will not be changed retrospectily.

Furthermore, the liquidator in the refinancing register shall not be able to verify the correctness of the refinancing register. (3) The liquidator may serve other persons and entities in carrying out his duties. Unofficial table of contents

§ 22h Relationship between the liquidator and the refinancing company

(1) The liquidator shall be entitled at any time to see the books and papers of the company leading the register, unless they are not in any connection with the management of the refinancing register. In the cases of § 22b, the liquidator shall also be given the same powers vis-à-vis the refinancing undertaking. (2) The liquidator shall be bound to secrecy by all the facts, from which he or she shall be subject by inspection to the books and documents of the the company or the refinancing company which is different from that in which it is registered. The Federal Institute may only provide information on facts or information relating to the supervision of the refinancing register. (3) Disputes between the liquidator and the register-leading company or the company responsible for the refinancing of the refinancing register. The Federal Institute shall decide on a deviating refinancing company. Unofficial table of contents

§ 22i Remuneration of the liquidator

(1) The liquidator and his deputy shall receive from the register-leading company a reasonable remuneration, the amount of which shall be fixed by the Bundesanstalt, and the replacement of the necessary equipment. (2) (omitted) (3) Except in cases of the The provisions of paragraph 1 shall not apply to the performance of the register-carrying undertaking, the refinancing undertaking for which the register is held and the transferor to the liquidator in the refinancing register and its substitutes. Unofficial table of contents

Section 22j Effects of registration in the refinancing register

(1) Items of the refinancing company which are duly registered in the refinancing register may, in the case of the insolvency of the refinancing company, be separated from the transferee pursuant to § 47 of the Insolvency Code. The same shall apply to items which replace the items duly registered in the refinancing register. In the course of the enforcement of the execution or the execution of the Arrest, the person entitled to transfer may object to the right of transfer in accordance with § 771 of the Code of Civil Procedure. (2) The registration in the refinancing register restricts objections. and non-intervention by third parties against the registered claims and rights. If the items entered in the refinancing register are transferred separately or transferred to a third party, or transferred to a third party, respectively, all objections and objections can be made as in the case of a transgressing shall be asserted. The provision of § 1156 sentence 1 of the Civil Code does not apply. If goods entered in the refinancing register are used for the protection of other objects, the guarantor may make use of all objections and objections to the authorized person under the contract, which shall be subject to the legal reason. for the protection. The provision of § 1157 sentence 2 of the Civil Code does not apply. However, Section 22d (4) in conjunction with Section 22j (1) sentence 1 and 2 shall remain unaffected. (3) In relation to the claims of the transferee for the transfer of the goods duly registered in the refinancing register, the Refinancing companies do not set off and do not claim retention rights. The effects of paragraphs 1 to 3 shall not prevent the refinancing undertaking from being held in the context of the divestiment of the insolvency law. shall bear the risk of its value in whole or in part to the persons entitled to transfer. Unofficial table of contents

Section 22k Termination and transfer of register management

(1) Willigen all transferable persons registered in the refinancing register and, if a transferor is a Pfandbrief bank or an insurance undertaking, the trustee of the Pfandbrief bank or of the insurance undertaking , the management of the refinancing register can be terminated one month after notification to the Federal Institute. Consent to the trustees of the Pfandbrief Bank or of the insurance undertaking to all those who are registered in the Refinancing Register and, where a transferor is a Pfandbrief Bank or an insurance undertaking, the register shall be transferred under the supervision of the Bundesanstalt to a suitable credit institution, provided that the registered items are those of the credit institution receiving the register or the credit institution is responsible for the registration of the goods. Requirements of § 22b on the management of the refinancing register for Third (2) The register management also ends when the register-leading company is unsuitable for registration according to the assessment of the Bundesanstalt zur Registerführung (Federal Employment Agency). In this case, the management of the register will be transferred under the supervision of the Bundesanstalt to a credit institution which, according to the assessment of the Bundesanstalt zur Registerführung, is appropriate. The provisions of § 22b concerning the management of the refinancing register for third parties shall apply mutaly. (3) Paragraph 2 shall not apply if the assets of a company that does not only provide a refinancing register for third parties are applicable. the insolvency proceedings are opened. Unofficial table of contents

§ 22l Order of the Sachwalter at the opening of the insolvency proceedings

(1) If insolvency proceedings are opened on the assets of a company that does not only carry a refinancing register for third parties, the insolvency court shall, at the request of the Federal Institute, appoint one or two proposed by the Bundesanstalt natural persons as legal experts in the refinancing register (Sachwalter). The court may derogate from the proposal of the Bundesanstalt if it appears necessary to ensure proper cooperation between insolvency administrators and non-specialist legal practitioners. The attorney receives a certificate of his appointment, which he has to return to the insolvency court at the end of his duties. (2) The Bundesanstalt makes an application pursuant to the first sentence of paragraph 1, if this is the case after hearing the persons entitled to transfer Proper management of the items entered in the refinancing register appears necessary. As a specialist in the refinancing register, the Bundesanstalt is to propose the liquidator of the refinancing register, in the absence of or permanently preventing it, its deputy or any other suitable natural person. The legal attorney of the refinancing register shall be dismissed at the request of the Bundesanstalt if there is an important reason. (3) The appointment of a second specialist in the refinancing register appears to be the correct administration of the In the event of a refinancing register, the Bundesanstalt may submit a further request pursuant to the first sentence of paragraph 1, after hearing the persons entitled to transfer the goods. If it presents this request, it shall propose to the deputy of the liquidator in the refinancing register, or, if one is missing, another suitable natural person. (4) With the appointment of a person other than that of the liquidator, the Sachwalter shall be replaced by the Office of the Administrator. The Office shall be continued by the expert of the refinancing register. The sentences 1 and 2 shall apply mutatily to the deputy of the administrator. Unofficial table of contents

§ 22m Announcement of the Order of the Sachwalter

(1) The insolvency court shall immediately inform the competent register court of the appointment and dismissiation of the legal attorney and shall make it publicly known. The nomination and dismise of the lawyer shall be entered in the Commercial Register on the basis of the notice of its own motion. The entries will not be made known. The provisions of § 15 of the Commercial Code do not apply. (2) If the refinancing register has registered rights of the registered company for which an entry in the land register exists, the order of the lawyer shall be set up. Requests from the Insolvency Court or the Sachwalter to be entered in the land register if, in accordance with the nature of the rights and the circumstances, it is to be obtained that the interests of the persons entitled to transfer are not jeopardised without the registration. The first sentence shall apply mutas to the rights of the registered company registered in the Register of Ships, the Register of Shipyards or in the Register of Pfandrights to Aircraft. Unofficial table of contents

Section 22n Legal status of the Sachwalter

(1) The Sachwalter shall be under the supervision of the Insolvency Court. The insolvency court may, in particular, request individual information or a report on the state of play and the management of the property, in particular at any time. In addition, the expert is also responsible for the duties of a liquidator. The expert and the insolvency administrator shall inform each other of all the information relating to the insolvency proceedings concerning the assets of the register-carrying company and the management of the items registered in the refinancing register. (2) In so far as the register-leading company has the power to manage and dispose of the items entered in the refinancing register, this right shall be taken over to the expert. In consultation with the insolvency administrator, the expert will use all the institutions of the company in the register that are required to manage the registered items. (3) If the company has the right to register after the order has been placed, the company has the right to If the person in question has an item registered in the refinancing register, this is ineffectual. The provisions of § § 892, 893 of the Civil Code, § § 16, 17 of the Law on the Rights of Registered Ships and Shipyards and § § 16, 17 of the Law on the Rights of Aircraft remain unaffected. If the register-leading company has on the day of ordering the agent of the refinancing register, it is presumed that it has had the order after the order. (4) The non-specialist of the refinancing register has at its management apply the diligence of a prudent and conscientious objector. In the event that the creditor of the refinancing register is in breach of his obligations, the persons entitled to transfer and the company responsible for registration may demand compensation for the damage resulting from this. This shall not apply if the non-specialist in the refinancing register is not responsible for the breach of duty. (5) The non-specialist in the refinancing register receives an appropriate remuneration from the Bundesanstalt and reimbursement of its expenses. The amounts paid shall be reimbursed to the Federal Office by the persons entitled to transfer on a pro rata basis according to the number of items registered for them, and shall be pre-shot at the request of the Federal Institute. In so far as the refinancing register is conducted for third parties, these are obliged to reimburse and advance payments as a full debtor in addition to the persons entitled to transfer. Section 22i (2) and (3) sentence 1 shall apply mutatily. Section 22i (3) sentence 2 shall apply with the proviso that the Federal Institute shall submit a request to the insolvency court for a dismise. Unofficial table of contents

§ 22o Order of the Sachwalter in the event of insolvency

(1) Under the conditions laid down in § 46, the court shall appoint one or two persons as a specialist in the register at the registered office of the company at the request of the Bundesanstalt. The Bundesanstalt shall submit an application in accordance with the first sentence if, after consultation of the persons entitled to transfer, it appears necessary for the proper administration of the items registered in the refinancing register. In the event of danger in the case of danger, the hearing shall not be heard. In this case, the hearing shall be immediately obtained. (2) The provisions of § § 22l to 22n shall apply to the order and dismise as well as to the legal status of a lawyer appointed under these circumstances, with the proviso that: to replace the insolvency court with the court at the registered office of the company in which the register is registered. An important reason in the sense of Section 22l (2) sentence 3 is in particular if the conditions of § 46 are not required again. In this case, the Federal Institute shall appoint the liquidator from the county of the Sachwalter. (3) If the insolvency proceedings concerning the assets of the register-leading company are opened after the appointment of the specialist in accordance with the provisions of paragraphs 1 and 2, the the lawyer shall be appointed by the insolvency court for the period following the opening of the insolvency proceedings as with the opening of the insolvency proceedings. The insolvency court shall replace the court at the registered office of the company in which the register is registered. The court at the registered office of the register-leading company has to hand over to the insolvency court all documents relating to the order and supervision of the agent of the refinancing register.

3.
Customer Rights

Unofficial table of contents

§ 22p (omitted)

-

4.
Advertising and disclosure requirements of the institutes

Unofficial table of contents

§ 23 Advertising

(1) In order to deal with instances of maladministration in the advertising of institutions, the Bundesanstalt may prohibit certain types of advertising. (2) Before general measures referred to in paragraph 1, the top associations of institutions and consumer protection shall be heard.

Footnote

(+ + + § 23: For application, see § 33 KAGB + + +) Unofficial table of contents

Section 23a Secting facility

(1) An institution which operates banking transactions within the meaning of § 1 (1) sentence 2 no. 1, 4 or 10 or provides financial services within the meaning of § 1 (1a) sentence 2 no. 1 to 4 shall have customers who are not institutions in the price-suing over membership of To inform a device for securing the claims of depositors and investors (safety device). The Institute shall also have clients who are not institutions prior to the inclusion of the business relationship in text form, in an easily understandable form, unless the sentences 3 to 10 are to be applied, through the provisions applicable to the safeguard, including: The amount and amount of the backup should be informed. In relation to their claims from § 5 of the Deposit Guarantee Act, the depositors confirm receipt of this information on the information sheet contained in Annex I to this Act. The confirmation that the deposits are eligible for compensation shall be given by depositors on their statements of account, including a reference to the information sheet in Annex I. The website of the relevant Deposit-guarantee schemes shall be indicated on the information sheet. The information sheet set out in Annex I shall be made available to the depositor at least once a year. If an depositor uses Internet banking, the information can be electronically transmitted to him. At the request of the insert, they are made available in paper form. The information provided to the depositor may only refer to the Deposit Guarantee Scheme and its functioning for advertising purposes. Section 3 (2) of the Deposit Guarantee Act shall apply accordingly. In the event that deposits and other repayable funds are not secured, the Institute shall, in accordance with the General Terms and Conditions, in the Preisaushang and at the highlighted position in the contract documents, prior to the inclusion of the business relationship. unless the repayable funds are in Pfandbriefe, municipal bonds or other debt securities which fulfil the conditions laid down in the first and second sentences of Article 52 (4) of Directive 2009 /65/EC. The information contained in the contract documents referred to in sentence 11 shall not contain any other declarations and shall be confirmed separately by the customer. Sentences 7 and 8 shall apply accordingly. In addition, on request, information on the conditions of the security, including the formalities necessary for the assertion of the claims for compensation, must be obtained. (2) An institution shall issue a divorce from a security institution, it has the customers who are not institutions, as well as the Bundesanstalt and the Deutsche Bundesbank, to inform them immediately in text form.

Footnote

(+ + + § 23a (1) sentence 2 and 12, para. 2: For application, see § 32 KAGB + + +)

5.
Special obligations of the institutions, their directors, financial holding companies, mixed financial holding companies and joint enterprises

Unofficial table of contents

§ 24 Show

(1) An institution shall immediately notify the supervisory authority and the Deutsche Bundesbank

1.

the intention to appoint a head of business and the intention of empowering a person to represent the institution individually in the entire business area, specifying in each case the facts to be used for the assessment of the reliability, the professional competence and sufficient time availability for the performance of the respective tasks are essential, as well as the execution, the task or the change of such intent;

2.

the departure of a manager and the withdrawal of the power of individual representation of the institution in its entire business area;

3.

the modification of the legal form, unless a permit pursuant to section 32 (1) is already required, and the change of the company;

4.

a loss of 25 per cent of the own resources eligible under Article 4 (1) (71) of Regulation (EU) No 575/2013;

5.

the transfer of the establishment or seat;

6.

the establishment, transfer and closure of a branch in a third country, and the inclusion and termination of the provision of cross-border services without the establishment of a branch;

7.

the cessation of business operations;

8.

the intention of its statutory and statutory bodies to take a decision on its dissolution;

9.

the lowering of the initial capital under the minimum requirements pursuant to § 33 (1) sentence 1 no. 1 as well as the omission of an appropriate insurance in accordance with § 33 (1) sentence 2 and 3;

10.

the acquisition or abandonation of a significant shareholding in the institution's own institute, the attainment, overshooting or undershooting of the holding thresholds of 20 of the hundred, 30 of the hundred and 50 of the hundred of the voting rights or of the capital, and the the fact that the institution becomes or is no longer a subsidiary of another undertaking, as soon as the institution becomes aware of the imminent change in such participation;

11.

any case in which the counterparty of a repurchase, reverse repurchase or lending business in transferable securities or commodities has not complied with its fulfilment obligations;

12.

the creation, modification or termination of a close connection with another natural person or undertaking;

13.

the emergence, the changes in the amount or the termination of a significant participation in other enterprises;

14.

the submission of a proposal for a decision in accordance with Article 25a, paragraph 5, sentence 6;

14a.

the decision to approve a higher variable remuneration in accordance with the fifth sentence of Article 25a (5), indicating the increase in variable remuneration in relation to the fixed remuneration;

15.

the appointment of a member and deputy member of the administrative or supervisory body, stating the facts to be taken in order to assess their reliability, expertise and sufficient time availability for the performance of their Tasks are necessary;

15a.

the withdrawal of a member and deputy member of the administrative or supervisory body;

16.

a change in the ratio of low-cost equity to the sum of the balance sheet total and the off-balance sheet commitments and the recovery effort for claims arising from off-balance-sheet transactions (modified bilancial Equity ratio) by at least 5 per cent on the basis of a monthly statement in accordance with section 25 (1) sentence 1 or the monthly balance sheet statistics in accordance with section 25 (1) sentence 3 respectively at the end of a quarter in relation to the determined annual financial statements of the Institute; to the extent that the Institute according to international accounting standards , or is obliged to draw up interim financial statements pursuant to the provisions of the Securities Trading Act, a corresponding change in the modified equity capital ratio shall also be based on a to show interim financial statements in relation to the established annual financial statements in accordance with international accounting standards;

17.

Loans

a)

A limited liability company, a shareholder, a shareholder, a shareholder or a shareholder in an institution under public law, if they each have more than 25 per cent of the capital (nominal capital, sum of the total number of shares in the public sector). members of the institution, or in each case more than 25 per cent of the voting rights in the Institute, and the loan has been granted on non-market conditions or has not been secured in a bank-normal manner; and

b)

to persons who, in so far as they are not capital referred to in point (a), have granted capital in accordance with Article 26 (1) (a) and Article 51 (a) of Regulation (EU) No 575/2013, as amended, which shall be more than 25% of the core capital referred to in Article 25 of Regulation (EU) No 575/2013, as amended, without taking into account the capital referred to in Article 26 (1) (a) and Article 51 (a) of Regulation (EU) No 575/2013, in each of the applicable , if the loan is granted on non-market conditions or is not customary in banking has been visited.

(1a) An institution has to display annually the supervisory authority and the Deutsche Bundesbank:

1.

its close links with other natural persons or companies,

2.

its significant holdings in other companies,

3.

the name and address of the holder of a significant shareholding in the indicating institution and in the company established abroad pursuant to § 10a, as well as the amount of such holdings;

4.

the number of its domestic branch offices,

5.

the modified balance-of-equity ratio on the basis of the annual financial statements recorded;

6.

the classification as an important institute within the meaning of § 17 of the Institutsremuneration Ordinance of 16 December 2013 (BGBl. 4270), as well as a change in this classification,

7.

in so far as it is a CRR-Institut, which is classified as being of importance within the meaning of the regulation pursuant to Article 25a (6) of this Act, the information provided for a comparison of remuneration trends and practices within the meaning of Article 75 Paragraph 1 of Directive 2013 /36/EU, in conjunction with Article 450 (1) (g) and (h) of Regulation (EU) No 575/2013, as amended by the European Banking Authority, is required; and

8.

as far as a CRR Institute is concerned, the information on directors and employees with a total remuneration of at least EUR 1 million per annum within the meaning of Article 75 (1) of Directive 2013 /36/EU, in conjunction with Article 450 Paragraph 1 (i) of Regulation (EU) No 575/2013, as amended, which is required for an aggregated publication by the European Banking Authority.

(1b) When displaying a credit as referred to in paragraph 1 (17), the institution shall indicate the collateral and credit terms and conditions. It shall immediately re-notify the supervisory authority and the Deutsche Bundesbank once again of a credit which it has indicated pursuant to paragraph 1, point 17, if the collateral or conditions of credit provided are subject to legal business changes, and the credit conditions of the credit changes to be made. The supervisory authority may require the institutions to submit to it and the Deutsche Bundesbank every five years a collective notification of the loans to be displayed in accordance with paragraph 1 (17). (2) If an institution intends to contact another institution in the The Supervisory Authority and the Deutsche Bundesbank must immediately unite the terms of this law, the electronic money institution within the meaning of the Payment Services Supervisory Act or the payment institution within the meaning of the Payment Services Supervisory Act (PSC). (2a) A member of an administrative or supervisory body of a CRR-Institut, which is of considerable importance within the meaning of § 25d (3) sentence 7, a financial holding company or a mixed financial holding company, the Bundesanstalt and the Deutsche Bundesbank have the admission and the termination (3) A manager of an institution and the persons who hold the business of a financial holding company, or a member of the Board of Directors of another company. of a mixed financial holding company, the Supervisory authority and the Deutsche Bundesbank to be notified immediately

1.

the admission and termination of an activity as a business manager or as a member of the supervisory board or board of directors of another company; and

2.

the acquisition and the task of direct participation in a company, as well as changes in the level of participation.

The holding of at least 25 per cent of the shares in the capital of the company shall be deemed to be a direct participation within the meaning of the first sentence of sentence 1. (3a) A financial holding company shall immediately have the supervisory authority and the Deutsche Bundesbank display:

1.

the intention to appoint a person who is to carry out the operations of the financial holding company, stating the facts which are necessary to assess the reliability, professional competence and time-limit for the operation of the holding company; availability for the perception of its tasks is essential and the execution of such an intention;

2.

the departure of a person who has actually led the transactions of the financial holding company;

3.

changes in the structure of the financial holding group in such a way as to enable the Group to operate across industries in the future;

4.

the appointment of a member and deputy member of the administrative or supervisory body, stating the facts to be taken in order to assess their reliability, expertise and sufficient time availability for the performance of their Tasks are necessary;

5.

the departure of a member and deputy member of the administrative or supervisory body.

In addition, a financial holding company has the supervisory authority and the Deutsche Bundesbank once a year a collective display of the institutions, capital management companies, financial companies, providers of ancillary services and payment institutions in the To submit the terms of the Payment Services Supervision Act, which are their subordinated companies within the meaning of § 10a. The Supervisory Authority shall provide the competent authorities of the other Member States of the European Economic Area, the European Banking Authority and the European Commission with a list of the received summary indications as set out in the first sentence. The statement of reasons, the change or the task of such participations or corporate relationships shall be notified immediately to the supervisory authority and the Deutsche Bundesbank. In the case of a mixed financial holding company, the number 1 and 2 of the first and second sentences shall apply with respect to the persons who are intended to carry out the transactions and, in the case of the members of the administrative and supervisory organ of that institution, the first and second sentences of the first (3b) The Bundesanstalt and the Deutsche Bundesbank may impose additional notification and reporting requirements on institutions or types or groups of institutions, in particular in order to gain a deeper insight into the Development of the economic conditions of the institutions, the principles of which good management and the abilities of the members of the institutions of the Institute, to the extent that this is necessary for the performance of the tasks of the Bundesanstalt and the Deutsche Bundesbank. (3c) Insofar as the European Central Bank The supervisory authority shall also be required to submit the advertisements referred to in paragraphs 1 to 3a to the Bundesanstalt. The advertisements referred to in paragraph 1 (1), (2), (15) and (15a) shall be submitted only to the Bundesanstalt and to the Deutsche Bundesbank. Where the ads referred to in point 6 of paragraph 1 are a branch or a cross-border service in a Member State which is not participating in the single supervisory mechanism, the advertisements shall also be provided only in relation to the Federal Ministry of Finance and the Deutsche Bundesbank (4) The Federal Ministry of Finance may, in consultation with the Deutsche Bundesbank, by means of legal regulation, lay down detailed provisions on the nature, scope, time and form of the provisions of the law provided for in this Act. Display and templates of documents, about the permitted volumes, Transmission routes and data formats and the additional information to be used and to be displayed on the main information, such as special legal entity identifiers, as well as information on their timeliness or validity, and the existing notification requirements be supplemented by the obligation to refund collection advertisements and the submission of collection orders, in so far as this is necessary for the performance of the tasks of the supervisory authority, in particular to provide for uniform documentation for the assessment of the collection orders bank operations carried out by the institutions; and Financial services. This authorisation may be transferred by means of a legal regulation to the Federal Institute with the proviso that legal ordinances of the Federal Institute shall be issued in agreement with the Deutsche Bundesbank. Before the legal regulation is adopted, the top associations of the institutes are to be heard.

Footnote

(+ + + § 24 para. 1 no. 6, 10, 14, 14a, 16, para. 1a nos. 4 to 8: For non-application, see Section 2 (9a) sentence 1 + + +)
(+ + + § 24 para. 1 no. 16 and Paragraph 1a (5): For application, see Section 64r (2) + + +) Unofficial table of contents

Section 24a Establishment of a branch and provision of cross-border services in other countries of the European Economic Area

(1) A CRR credit institution or a trading firm having the intention to establish a branch in another State of the European Economic Area shall immediately post this to the Supervisory Authority and the Deutsche Bundesbank To indicate the condition of the sentence 2. The display must contain

1.

the indication of the Member State in which the branch is to be established,

2.

a business plan resulting in the nature of the transactions envisaged, the organisational structure of the branch and an intention to draw up tied agents,

3.

the address, under the records of the institution, in the host Member State, and documents may be delivered, and

4.

the indication of the head of the branch.

(2) If there is no reason to doubt the appropriateness of the organisational structure and the financial situation of the institution, the supervisory authority shall forward the information referred to in the second sentence of paragraph 1 within two months of receipt of the complete dossier. the competent authorities of the host Member State and shall inform the indicating institution thereof. It shall also inform the competent authorities of the host Member State of the amount of own resources and of the appropriateness of the own resources and, where appropriate, of the Deposit Guarantee Scheme or The investor compensation institution to which the institution belongs or the equivalent protection within the meaning of Article 23a (1) sentence 1. If the supervisory authority does not forward the information referred to in the second sentence of paragraph 1 to the competent authorities of the host Member State, the supervisory authority shall, within two months of receiving all the information referred to in the first sentence of paragraph 1, inform the institution of the Reasons for this. After the notification has been forwarded to the competent authorities of the host Member State, the institution may, after notification of such notification or at the latest after a two-month period, carry out its activity in the other State. (3) the first sentence of paragraph 1 shall apply mutatily to the intention to conduct banking operations in another State of the European Economic Area by means of cross-border trade in services, financial services within the meaning of Article 1 (1a) Sentence 2 No 1, 1a, 1c, 2 to 4, 9 and 10, or the third sentence, or the activities referred to in Article 1 (3), Sentence 1, No. 2 to 8 , to provide commercial information or locker rental, or, in the case of CRR credit institutions, to provide payment services within the meaning of the Payment Services Supervision Act. The notification shall include the indication of the State in which the cross-border service is to be provided, a business plan specifying the activities envisaged and whether the intermediary of tied agents in that State is to be used. are to be included. If there is no reason to doubt the appropriateness of the organisational structure and the financial position of the institution, the supervisory authority shall inform the competent authorities of the host Member State within one month of receipt of the notification. The institution shall await the information of the competent authorities of the host Member State within that period before it takes up its activities in the other State. Failing this, the supervisory authority shall immediately inform the institution of the non-execution and its reasons. (3a) The operator of a multilateral trading system intends to have direct access to his/her trading partners in other countries. In the case of a trading system, the trade system must be notified to the Bundesanstalt, provided that it is the first-time access granted to a trading participant in the State concerned. The Bundesanstalt shall inform the competent authorities of the host Member State within one month of receipt of the notification of that intention. The operator must give the Bundesanstalt the names of the authorized trading participants from that country on request. At the request of the competent authorities in the host Member State, the Bundesanstalt shall communicate this information within a reasonable period of time. (3b) If a financial services institute within the meaning of section 1 (1a), second sentence, no 1 to 4, intends to take part in an activity in accordance with paragraph 3, the Bundesanstalt shall, at the request of the competent authorities of the host Member State, inform the competent authorities of the name or names of the tied agents within a reasonable period of time , which the Institute intends to use in that State. The first sentence shall apply in accordance with the request of a host Member State for the transmission of the names of the members or participants of a multilateral trading system established within the territory of the Member State, which intends to use such systems in that country (3c) A financial services institution which operates factoring within the meaning of Article 1 (1a), second sentence, point 9, or financial leasing within the meaning of Article 1 (1a), second sentence, point 10, and which has the intention of doing so for the purposes of this Activity a branch in another Member State of the European Economic Area , or to operate this activity by means of international trade in services in another Member State of the European Economic Area, paragraphs 1 to 3 shall apply mutatily, provided that the conditions set out in Article 53b (b) 7, the first sentence of point 1 to 7 is fulfilled. The second sentence of paragraph 2 shall apply with the proviso that the competent authority of the host Member State shall be informed of the amount and composition of the own resources of the financial services institution and those referred to in Articles 92 (3) and (4) of Regulation (EU) No 575/2013 (4) The conditions which were indicated in the second sentence of paragraph 1 or in the second sentence of paragraph 3 shall be changed by the Institute of the Supervisory Authority, the Deutsche Bundesbank and the the competent authorities of the host Member State at least one The month before the date of effect of the changes shall be notified in writing. The obligation to notify referred to in the first sentence shall apply mutagenly to an institution which has established its branch in another State of the European Economic Area before the date on which it is subject to the notification requirement referred to in paragraph 1. Changes in the conditions of the Deposit Guarantee Facility or the investor compensation facility or equivalent protection within the meaning of Article 23a (1) sentence 1 shall be subject to the establishment of a branch as referred to in paragraph 1, the institution which shall: Supervisory authority, the Deutsche Bundesbank and the competent authorities of the host Member State shall be notified at least one month before the date of the changes. The supervisory authority shall notify the competent authorities of the host Member State of the changes made in accordance with the third sentence of sentence 3. (4a) Insofar as the European Central Bank is a supervisory authority, the advertisements referred to in paragraphs 1, 3 and 4 shall also be communicated to the Bundesanstalt. , To the extent that the State in which the branch is to be established or the cross-border service is to be provided is a Member State of the European Union, the advertisements shall be submitted only to the Federal Office and to the Federal Republic of Germany. (5) The Federal Ministry of Finance is authorized to determine, by means of a regulation, to what extent paragraphs 1, 2 and 4 apply to the use of a contractually bound intermediary who has his or her seat or habitual residence. Stay in another Member State of the European Economic Area , and that the provisions of paragraphs 2 and 4 apply in respect of the establishment of a branch in a third country, in so far as this applies in the area of the right of establishment as a result of agreements concluded by the European Union Third countries are required. (6) (omitted)

Footnote

(+ + + § 24a: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

Section 24b Participation in payment and securities settlement systems and interoperable systems

(1) An institute has the intention of operating a system in accordance with § 1 para. 16, to notify the Bundesanstalt and the Deutsche Bundesbank without delay, and to name the participants. This also applies to a subsequent change in the subscriber price and to agreements on the operation of interoperable systems. The Deutsche Bundesbank shares the systems notified to it by the European Securities and Markets Authority, after it has convinced itself of the appropriateness of the rules of the system. In the case of an agreement on the operation of interoperable systems, the Deutsche Bundesbank shall examine whether the rules of the participating systems are compatible with each other on the date of the introduction and the unrevocability of orders. (2) The Institute shall provide information on the systems referred to in paragraph 1, in which it is involved, and on the essential rules for its functioning, to the person who can demonstrate a legitimate interest. (3) An institution which is a system of in accordance with Article 1 (16), CRR institutes shall have their registered office in another State of the European Union to grant economic space equal access to the system in accordance with the same transparent and objective criteria applicable to domestic participants in this system. This is without prejudice to the Institute's right to refuse access for legitimate commercial reasons. (4) The Federal Ministry of Finance is authorized, in consultation with the Deutsche Bundesbank, by means of a legal regulation, to determine the details of the to determine the obligation to notify and inform the European Securities and Markets Authority as referred to in paragraph 1, the right of access referred to in paragraph 2 and the access granted in accordance with paragraph 3. (5) to apply paragraphs 1 to 4 accordingly. Unofficial table of contents

§ 24c Automated retrieval of account information

(1) A credit institution shall have a file in which the following data shall be stored immediately:

1.

the number of an account subject to the obligation to perform a legitimation test within the meaning of Article 154 (2), first sentence, of the tax code, or a depository, and the date of the establishment and the date of dissolution,

2.

the name and, in the case of natural persons, the date of birth, the holder and an authorized person, and in the cases referred to in Article 3 (1) (3) of the Money Laundering Act, the name and, where applicable, the address of a notwithstanding economic Authorised persons within the meaning of Section 1 (6) of the Money Laundering Act.

In the event of any change to an indication in accordance with the first sentence, a new record shall be established immediately The data shall be deleted after the expiration of three years after the dissolution of the account or depots. In the case of sentence 2, the old record shall be deleted after the expiry of three years after the new record has been laid down. The credit institution shall ensure that the Bundesanstalt may at any time automatically retrieve data from the file in accordance with the first sentence in a procedure determined by it. It must ensure, through technical and organisational measures, that it does not come to its attention. (2) The Bundesanstalt may retrieve individual data from the file referred to in the first sentence of paragraph 1, to the extent that this is necessary for the fulfilment of its supervisory tasks. Tasks under this Act or the Law on the detection of profits from serious criminal offences, in particular with regard to illicit banking or financial services, or the abuse of institutions by money laundering or fraudulent use Actions to the detriment of the institutions is required and special need for urgent action in the (3) On request, the Federal Institute shall provide information from the file referred to in the first sentence of paragraph 1

1.

the supervisory authorities referred to in Article 9 (1), sentence 4, point 2, in so far as this is necessary in order to carry out their supervisory tasks under the conditions set out in paragraph 2;

2.

the authorities or courts responsible for the performance of international legal assistance in criminal matters and, moreover, for the prosecution and prosecution of criminal offences, in so far as this is necessary for the performance of their legal duties,

3.

the national authority responsible for the restrictions on the movement of capital and payments in accordance with the Foreign Trade Act, in so far as it is related to the fulfilment of its obligations under the external economic law or the acts of the European Union tasks resulting from the restriction of economic or financial relations.

The Federal Institute has to retrieve the data stored in the files in the automated procedure and forward it to the requesting body. The Federal Institute shall examine the admissibility of the transmission only if there is special reason for this. The applicant party shall bear the responsibility for the admissibility of the transmission. For the purposes specified in the first sentence, the Bundesanstalt may provide foreign bodies with information from the file referred to in the first sentence of paragraph 1 in accordance with § 4b of the German Federal Data Protection Act. § 9 (1) sentence 5, 6 and (2) shall apply accordingly. The rules on international mutual legal assistance in criminal matters remain unaffected. (4) The Bundesanstalt will, for the purposes of data protection control by the relevant competent authority, record at each request the date of the implementation of the Data used, the data retrieved, the person who carried out the call, the file number and, when requested, the requesting body and its file number when requested. The use of historical data for other purposes is not permitted. The historical data shall be kept for at least 18 months and shall be deleted at the latest after two years. (5) The credit institution shall, in its area of responsibility, meet at its expense all the arrangements necessary for automated retrieval. . This includes, in accordance with the requirements of the Federal Institute, the acquisition of the equipment necessary to ensure confidentiality and protection against unauthorized access, the establishment of a suitable telecommunication connection and the participation in the closed user system as well as the ongoing provision of these arrangements. (6) The credit institution and the Federal Institute shall take appropriate measures to ensure data protection and data protection in the respective state of the art. to meet data security, in particular confidentiality, and Ensure the integrity of the data retrieved and transmitted further. The state of the art is determined by the Federal Office in consultation with the Federal Office for Information Security (Bundesamt für Sicherheit in der Informationstechnik) in a procedure determined by the Federal Office for Information Security. (7) The Federal Ministry of Finance may, by means of a legal regulation, grant exemptions from the Obligation to transmit in automated procedures. (8) Insofar as the Deutsche Bundesbank and the Federal Republic of Germany-Finanzagentur GmbH hold accounts and depots for third parties, they shall be regarded as credit institutions in the sense of the Paragraphs 1, 5 and 6.

Footnote

(+ + + § 24c: For non-application cf. Section 2 (9a) sentence 1 + + +)
§ 24c (3), first sentence, no. 2: compatible with GG. BVerfGE v. 13.6.2007-1 BvR 1550/03, 1 BvR 2357/04, 1 BvR 603/05- Unofficial table of contents

Section 25 Financial information, information on risk-bearing capacity; Regulation empowerment

(1) An institution shall submit information on its financial situation (financial information) immediately after the end of each quarter of the Deutsche Bundesbank. In addition, a credit institution shall immediately have information on its risk-bearing capacity in accordance with Article 25a (1) sentence 3 and the procedures referred to in Article 25a (1) of the German Federal Bank's date of reference once a year to a date specified by the German Federal Bank (Bundesanstalt). Point 3, point 2 (risk-bearing capacity information). The Federal Institute may shorten the reporting period according to sentences 1 and 2 for an institution, insofar as this is necessary for the performance of the tasks of the Federal Institute. The Deutsche Bundesbank shall forward the information provided for in sentences 1 and 2 to the Bundesanstalt in its opinion; it may dispense with the forwarding of certain information pursuant to sentences 1 and 2. (2) A parent company in the sense of the § 10a shall also submit financial information on a summary basis immediately after the end of each quarter of the German Federal Bank. A parent company within the meaning of § 10a, provided that the group within the meaning of Article 10a (1) is a member of a credit institution with its registered office in Germany, shall also immediately, once a year, become a member of the German Federal Institute for the purposes of a date fixed by the German Federal Agency. Bundesbank to submit risk-bearing capacity information of the group together. The Bundesanstalt may shorten the reporting period in accordance with sentences 1 and 2 for a parent company, to the extent that this is necessary for the performance of the tasks of the Federal Institute. Paragraph 1, first sentence, and Article 10a (4) and (5) on the summary procedure, Article 10a (10) on the subconsolidation of subsidiaries in third countries and Article 11 (1) of Regulation (EU) No 575/2013 on the obligation to provide information shall apply in accordance with the information referred to in sentences 1 and 2. In addition, Section 25a (3) shall apply to the information provided in the second sentence. (3) The Federal Ministry of Finance may, in consultation with the Deutsche Bundesbank, by means of a regulation which does not require the consent of the Federal Council, more detailed provisions concerning Art. and the scope and extent of the authorised data carriers, transmission routes and data formats of the financial information and of the risk-bearing capacity information, in particular with a view to the development of the assets and earnings situation of the institutions and of the Development of the risk situation and risk management procedures for credit institutions , as well as a reduction in the reporting period referred to in the third sentence of paragraph 1 or 2 sentence 3, for certain types or groups of institutions, to the extent that this is necessary for the performance of the tasks of the Federal Agency. The information may also be provided to subordinated undertakings within the meaning of Article 10a, as well as to subsidiaries established in Germany or abroad, which are not included in the supervision on a combined basis, and to mixed undertakings with: subordinated institutions, and the merged entity shall provide the institutions with the necessary information. The Federal Ministry of Finance can transfer the authorization to the Federal Institute for the adoption of a regulation by means of a legal regulation, subject to the provision that the legal regulation will be issued in agreement with the German Federal Bank.

Footnote

(+ + + § 25 (1) sentence 2: For non-application cf. Section 2 (9a) sentence 1 + + +)
(+ + + § 25 (1) sentence 2 and 2 sentence 2: For the first application, see: Section 64r (2) + + +) Unofficial table of contents

Section 25a Special organisational obligations; Regulation empowerment

(1) An institution must have a proper business organisation that ensures compliance with the statutory provisions and the business needs of the Institute. Managers shall be responsible for the proper organisation of the business of the Institute and shall take the necessary measures for the preparation of the relevant internal provisions of the Institute, unless the management or management of the Institute is carried out. Supervisory body decides. A proper business organisation must include, in particular, an adequate and effective risk management, on the basis of which an institution shall keep the risk-bearing capacity on an ongoing basis; risk management shall include in particular:

1.

the establishment of strategies, in particular the definition of a business strategy aimed at the sustainable development of the Institute and a consistent risk strategy, as well as the establishment of processes for planning, implementation, assessment and adaptation of strategies;

2.

procedures for identifying and ensuring the sustainability of risks, based on the prudent identification of the risks and the potential for risk cover available to cover them;

3.

the establishment of internal control procedures with an internal control system and an internal audit, the internal control system in particular:

a)

-design and management arrangements with a clear definition of areas of responsibility;

b)

Processes for the identification, assessment, control and monitoring and communication of risks, in accordance with the criteria laid down in Title VII, Chapter 2, Section 2, Subsection II of Directive 2013 /36/EU, and

c)

includes a risk controlling function and a compliance function;

4.

adequate staffing and technical equipment of the Institute;

5.

the establishment of an appropriate emergency plan, in particular for IT systems, and

6.

appropriate, transparent remuneration systems for managers and employees, aligned with the sustainable development of the institution, taking into account the provisions of paragraph 5; this shall not apply in so far as the remuneration is provided for by collective agreement or by the remuneration of the staff of the institution concerned. Scope of application by agreement of the parties to the work contract on the application of the collective agreements or on the basis of a collective agreement in an operating or service agreement.

The design of risk management depends on the type, scope, complexity and risk content of the business activity. Its appropriateness and effectiveness must be regularly reviewed by the Institute. A proper business organization also includes

1.

appropriate rules on the basis of which the financial situation of the Institute can be determined at any time with sufficient accuracy;

2.

a complete documentation of the business activities which ensures complete supervision by the Federal Institute for its area of responsibility; records must be kept for at least five years; § 257 (4) of the § 257 (3) and (5) of the Commercial Code shall apply mutas to the provisions of the Commercial Code;

3.

a process which allows the employees to respect the confidentiality of their identity, breaches of Regulation (EU) No 575/2013 or of this Act or the legal orders issued pursuant to this Act, and to report any criminal acts within the undertaking to appropriate bodies.

(2) The Federal Institute may specify requirements for the design of a sudden and unexpected change in interest rates and the investigative methodology of the effect on the cash value of the interest rate risks arising from the transactions not covered by the trading book. . The Federal Institute may, on a case-by-case basis, make arrangements to an institution which are appropriate and necessary, the proper business organisation within the meaning of the third and sixth sentences of paragraph 1, and compliance with the provisions of the first sentence of paragraph 1. (3) The provisions of paragraphs 1 and 2 shall apply to groups of institutions, financial holding groups and mixed financial holding groups and institutions within the meaning of Article 4 of Regulation (EU) No 575/2013, with the proviso that the managers shall be responsible for: of the parent company for the proper business organization of the The group, the financial holding group or the mixed financial holding group are responsible. A group within the meaning of the first sentence shall also include subsidiaries of a parent undertaking or subsidiary of a group, financial holding group or mixed financial holding group, to which neither the regulation nor the regulation (EU) No 575/2013 nor § 1a shall apply. The obligations arising from inclusion in risk management at group level must be respected by subsidiaries of the group established in a third country only to the extent that those obligations do not comply with the applicable law in the (4) (omitted) (5) The institutions shall establish appropriate relationships between the variable and fixed annual remuneration for employees and managers. In so doing, the variable remuneration may not exceed 100% of the fixed remuneration for each individual employee or business manager, subject to a decision in accordance with the fifth sentence. In this case, for up to 25 percent of the variable remuneration, the future value can be discounted at the time of the notification to the respective employees or business managers about the amount of variable remuneration for a tax period if: this part of the variable remuneration shall be paid in instruments which shall be retained for a period of at least five years following that notification. A claim and a claim on this part of the variable remuneration may not grow until the end of the retention period and only a claim for error-free determination during the retention period shall be allowed. of the part of the variable remuneration which has not yet been paid to a person or to a claim, but not to this part of the variable remuneration itself. The shareholders, the owners, the members or the institutions of the institution may not be entitled to a higher variable remuneration as per the second sentence, which does not cover 200% of the fixed remuneration for each individual employee or manager. shall be adopted. In order to approve a higher variable remuneration than in the second sentence for employees, the management and the administrative or supervisory body shall, in order to approve a variable remuneration higher than that provided for in the second sentence, only have the management of the management. or Board of Supervisors to make a proposal for decision-making; the proposal has the reasons for the approval of a higher variable remuneration than in the second sentence and its scope, including the number of employees concerned; and managers as well as their functions, and the expected impact of a higher variable remuneration, as specified in the second sentence, to the requirement to provide adequate own resources. The proposal for a decision shall be made known in good time before the decision is taken that the shareholders, the owners, the members or the institutions of the institution are able to provide adequate information; the shareholders, the owners, the owners, shall be informed of the Members or bearers of their rights in a meeting shall be aware of the proposal for a decision with the convening of the Assembly. The decision shall require a majority of at least 66 per cent of the votes cast, provided that at least 50 per cent of the voting rights are represented in the decision-making process, or of at least 75 per cent of the votes cast. Shareholders, owners, members or carriers who, as employees or business managers, would be affected by a higher variable remuneration than in the second sentence, must not exercise their voting rights directly or indirectly. (6) The Federal Ministry of the Finance is authorized to adopt more detailed provisions in consultation with the Deutsche Bundesbank through a regulation which does not require the approval of the Federal Council.

1.

the design of the remuneration systems referred to in the third sentence of paragraph 1, paragraph 6, including the design

a)

the decision-making processes and responsibilities,

b)

the ratio of variables to fixed remuneration and the remuneration instruments for variable remuneration,

c)

positive and negative compensation parameters, the performance periods and retention periods, including the conditions and parameters for a complete loss or a partial reduction of variable remuneration, and

the consideration of the institute-specific and group-wide business and remuneration strategy, including its application and implementation in group-based companies, the goals, the values and the long-term interests of the Institute,

2.

the discounting factors for determining the value of the variable remuneration to be based on the ratio referred to in the second sentence of the second sentence of paragraph 5,

3.

the monitoring of the adequacy and transparency of the remuneration systems by the Institute and the further development of remuneration systems, including the remuneration control committee and a remuneration officer,

4.

the disclosure of the design of the remuneration systems and the composition of the remuneration, including the total amount of the guaranteed bonuses and the individual contractual severance payments, giving the highest severance pay and the number of beneficiaries, and

5.

the disclosure medium and the frequency of disclosure within the meaning of point 4.

The regulations are based in particular on the size and remuneration structure of the institute as well as on the type, scope, complexity, risk content and internationality of the business activities. Within the framework of the provisions of clause 1, point 4, the commercial law provisions relating to disclosure of remuneration in accordance with § 340a (1) and (2) in conjunction with Section 340l (1) sentence 1 of the Commercial Code must remain unaffected. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation, with the proviso that the legal regulation will be issued in agreement with the German Federal Bank. Prior to the adoption of the legal regulation, the top associations of the institutes are to be heard.

Footnote

(+ + + § 25a: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

§ 25b Outsourcing of activities and processes

(1) An institution shall, depending on the nature, scope, complexity and risk content of an outsourcing of activities and processes, shall be subject to any other undertaking which may be responsible for carrying out banking, financial services or other activities. essential services are essential to avoid excessive additional risks. An outsourcing may not affect the regularity of these transactions or services or the business organization within the meaning of section 25a, paragraph 1. In particular, an appropriate and effective risk management must be ensured by the Institute, which includes the outsourced activities and processes. (2) The outsourcing shall not lead to the transfer of responsibility of the Head of business to the offload company. The Institute shall remain responsible for compliance with the statutory provisions to be observed by the Institute. (3) By outsourcing the institution, the Federal Institute shall not be prevented from carrying out its duties; its Rights of information and examination as well as control possibilities must also be carried out in relation to the outsourced activities and processes in the case of outsourcing to a company based in a State of the European Economic Area or a third country by appropriate arrangements shall be ensured. The same applies to the performance of the tasks of the auditors of the Institute. An outsourcing requires a written agreement that the rights of the institution required to comply with the above requirements, including right of instructions and termination rights, as well as the corresponding obligations of the institution (4) If outsourcing interferes with the examination rights and control possibilities of the Federal Institute, the Federal Institute may, in individual cases, take orders which are suitable and necessary, these To eliminate impairment. The powers of the Bundesanstalt pursuant to Article 25a (2) sentence 2 shall remain unaffected.

Footnote

(+ + + § 25b: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

§ 25c Business Manager

(1) The directors of an institute must be technically suitable and reliable for the management of an institute and devote sufficient time to the performance of their tasks. The professional competence requires that the business managers have sufficient theoretical and practical knowledge in the relevant shops and management experience. The existence of professional competence shall be accepted on a regular basis if a three-year managerial activity is demonstrated at an institution of comparable size and business type. (2) In the case of the number of management or supervisory mandates, which shall be: Managing directors at the same time shall take into account the individual case and the nature, scope and complexity of the institution's operations. Managing director of a CRR institute, which is of considerable importance in the sense of sentence 6 cannot be

1.

who, in the same undertaking, is a member of the administrative or supervisory body; or

2.

who is a business manager in another company or who is already a member of the administrative or supervisory body in more than two companies.

For the purposes of the first sentence of sentence 1, a number of mandates shall be deemed to be a mandate if the mandates are to be exercised by undertakings,

1.

which belong to the same group, financial holding group or mixed financial holding group,

2.

belong to the same institution-related security system, or

3.

where the Institute holds a significant stake.

Mandates for organisations and companies which do not predominantly pursue commercial objectives, in particular companies which serve municipal services of general interest, shall not be taken into account in the case of the mandates which are permissible under the first sentence of 1 (2). The Supervisory Authority may, taking into account the circumstances of the individual case and the nature, scope and complexity of the activities of the Institute, the Institute Group, the financial holding group, the financial holding company, take into account the circumstances of the individual case. or the mixed financial holding company shall have an additional mandate in an administrative or supervisory body, if the Member does not prevent the Member from carrying out his duties in the undertaking concerned to devote sufficient time. An institution is of considerable importance within the meaning of the second sentence if its balance sheet total has reached or exceeded 15 billion euros on average for the respective reporting dates of the last three financial years; as an institution of Significant importance shall always apply

1.

Institutions referred to in Article 6 (4) of Regulation (EU) No 1024/2013 of the Council of 15 June 2013. October 2013 on the transfer of specific tasks relating to the prudential supervision of credit institutions to the European Central Bank (OJ L 327, 28.12.2013, 63) shall be supervised by the European Central Bank,

2.

institutions which have been classified as potentially systemic in the sense of Section 47 (1); and

3.

Financial institutions within the meaning of Section 25f (1).

(3) Within the framework of their overall responsibility for the proper business organisation, the business managers must:

1.

Decide on the principles of good management, which ensure the necessary diligence in the management of the institute and in particular determine a separation of duties in the organisation and measures in order to create conflicts of interest , and to ensure that these principles are implemented;

2.

monitor and regularly assess the effectiveness of the principles laid down and implemented in paragraph 1; managers must take appropriate steps to remedy shortcomings;

3.

Devote sufficient time to the definition of strategies and risks, in particular the risk of address risks, market risks and operational risks;

4.

ensure an appropriate and transparent corporate structure, which is based on the strategies of the company and which takes account of the transparency of the business activities of the Institute required for effective risk management, and the to have the necessary knowledge of the structure of the company and the risks associated with it; for the directors of a parent company, this obligation also applies to the group in accordance with section 25a, paragraph 3;

5.

ensure the accuracy of the accounting and financial reporting; this includes the necessary checks and compliance with the statutory provisions and the relevant standards; and

6.

monitor the processes of disclosure and communication.

(4) Institutes must use appropriate human and financial resources to facilitate the introduction of their duties to the members of the management board and to enable the training to be carried out in order to maintain their professional competence; (4a) Within the framework of their overall responsibility for the proper business organisation of the Institute pursuant to Article 25a (1) sentence 2, the directors of an institution shall ensure that the Institute shall have the following strategies, Processes, processes, functions and concepts has:

1.

a business strategy aimed at the sustainable development of the Institute and a consistent risk strategy as well as processes for the planning, implementation, assessment and adaptation of the strategies in accordance with Article 25a, paragraph 1, sentence 3, point 1, at least the directors have to ensure that

a)

the overall objective, the objectives of the Institute for each substantial business activity and the measures taken to achieve these objectives are documented at any time;

b)

the risk strategy shall at all times include the objectives of the risk management of the essential business activities and the measures to be taken to achieve those objectives;

2.

Procedures for the identification and safeguarding of the risk-bearing capacity in accordance with Article 25a, paragraph 1, sentence 3, point 2, at least the managers shall ensure that:

a)

the main risks of the Institute, in particular address failure, market price, liquidity and operational risks, are identified and defined regularly and in relation to a risk inventory (total risk profile);

b)

in the context of the risk inventory, the risk concentration is taken into account, as well as possible significant adverse effects on the assets, the earnings situation or the liquidity situation;

3.

internal control procedures with an internal control system and an internal audit in accordance with Article 25a (1) sentence 3 (3) (a) to (c), at least the managers shall ensure that:

a)

areas of responsibility are clearly defined within the framework of the structure and organisation of responsibilities, with clear definition of essential processes and related tasks, competences, responsibilities, controls and communication channels, and to ensure that employees do not engage in any incompatible activities;

b)

A fundamental separation between the area of credit transactions and a vote on a vote (market), as well as the area of trading on the one hand and the area on the other hand in the case of credit decisions on another vote (market sequence), and the functions which are used for risk controlling and for the settlement and control of trade transactions;

c)

The internal control system Risk control and control processes for the identification, assessment, control, monitoring and communication of the main risks and associated risk concentrations as well as a risk controlling function and includes a compliance function;

d)

shall be reported at appropriate intervals, at least quarterly, to the Executive Board on the risk situation, including an assessment of the risks;

e)

shall be reported at appropriate intervals, at least quarterly, on the part of the management to the administrative or supervisory body on the risk situation, including an assessment of the risks;

f)

adequate stress tests for the essential risks and the overall risk profile of the Institute are regularly carried out and are examined on the basis of the results of possible action needs;

g)

the internal revision shall be reported at appropriate intervals, at least quarterly, to the management and to the supervisory or administrative body;

4.

adequate staffing and technical-organisational equipment of the Institute pursuant to section 25a, paragraph 1, sentence 3, point 4, at least the managers shall ensure that the quantitative and qualitative staffing and the scale and the quality of the technical and organisational equipment, taking into account internal company requirements, business activities and the risk situation;

5.

in the event of emergencies in time-critical activities and processes, appropriate emergency concepts in accordance with Article 25a, paragraph 1, sentence 3, point 5, at least the managers shall ensure that regular emergency tests to check the adequacy and the effectiveness of the contingency plan will be carried out and the results will be reported to those responsible;

6.

in the case of an outsourcing of activities and processes to another undertaking in accordance with Article 25b (1), first sentence, at least appropriate procedures and concepts, in order to avoid excessive additional risks and to affect the regularity of the To avoid transactions, services and the business organisation within the meaning of Section 25a (1).

(4b) For groups of institutions, financial holding groups, mixed financial holding groups and institutions within the meaning of Article 4 of Regulation (EU) No 575/2013, the Executive Director of the parent company shall be responsible for the maintenance of due diligence obligations within the Group, the financial holding group, the mixed financial holding group or the institutions within the meaning of Article 4 of Regulation (EU) No 575/2013, where the parent undertaking is parent undertaking, the parent undertaking shall: Dominant influence within the meaning of Section 290 (2) of the Commercial Code about other companies in the group, without the legal form of the parent company. Within the framework of their overall responsibility for the orderly business organization of the Group as set out in the first sentence, the directors of the parent company shall ensure that the Group is responsible for the following strategies, processes, procedures, Features and concepts include:

1.

a group-wide business strategy aimed at the sustainable development of the Group and a consistent group-wide risk strategy as well as processes for the planning, implementation, assessment and adaptation of the strategies according to Art. 25a, paragraph 1, sentence 3 point 1, at least the heads of business shall ensure that:

a)

the overall objective of the Group, the objectives of the Group for each substantial business activity and the measures taken to achieve these objectives are documented at any time;

b)

the Group's risk strategy shall include at all times the objectives of the risk management of the essential business activities and the measures to be taken to achieve those objectives;

c)

the strategic orientation of the group-affiliated companies is coordinated with the group-wide business and risk strategies;

2.

Procedures for determining and ensuring the risk-bearing capacity of the group in accordance with Article 25a, paragraph 1, sentence 3, point 2, at least the managers shall ensure that:

a)

identify and define the main risks of the group, in particular address failure, market price, liquidity and operational risks, regularly and in the context of a risk inventory (overall risk profile of the group);

b)

in the context of the risk inventory, account shall be taken of risk concentrations within the group, as well as possible significant adverse effects on the assets, earnings situation or liquidity situation of the group;

3.

internal control procedures with an internal control system and an internal audit in accordance with Article 25a (1) sentence 3 (3) (a) to (c), at least the managers shall ensure that:

a)

are clearly delineated within the framework of the structure and organisation of the group of responsibilities, whereby essential processes and related tasks, competences, responsibilities, controls and communication channels within the group are to be clearly defined and to ensure that employees do not engage in any incompatible activities;

b)

in the case of the group-affiliated companies, a fundamental separation between the area which initiates credit transactions and which has a vote on a vote (market), as well as the area of trade on the one hand and the area on the other hand, which is the subject of credit decisions have a further vote (market sequence), and the functions that are used for risk controlling and for the settlement and control of commercial transactions, on the other hand;

c)

shall be reported at appropriate intervals, at least quarterly, to the Executive Board on the risk situation, including an assessment of the risks;

d)

shall be reported at appropriate intervals, at least quarterly, at the level of the group on the part of the management to the administrative or supervisory body, on the risk situation of the group, including an assessment of the risks;

e)

the group's internal control system, a risk controlling function and a compliance function, as well as risk control and control processes for the identification, assessment, control, monitoring and communication of the essential risks and in order to include associated risk concentrations;

f)

adequate stress tests for the essential risks and the overall risk profile are regularly carried out at the group level and are examined on the basis of the results of possible action needs;

g)

the group revision shall be reported at appropriate intervals, but at least quarterly, to the management and to the administrative or supervisory body;

4.

adequate staffing and technical-organisational equipment of the group pursuant to section 25a, paragraph 1, sentence 3, point 4, at least the managers shall ensure that the quantitative and qualitative staffing and scope and the quality of the technical and organisational equipment of the group-affiliated companies takes into account the respective internal company requirements, the business activities and the risk situation of the group-affiliated companies;

5.

in the event of emergencies in time-critical activities and processes, appropriate emergency concepts in accordance with section 25a, paragraph 1, sentence 3, point 5 at the group level, at least the managers shall ensure that emergency tests are regularly carried out for the purpose of checking the the adequacy and effectiveness of the contingency plan will be carried out at group level and the results will be reported to those responsible;

6.

in the case of an outsourcing of activities and processes to another undertaking in accordance with Article 25b (1), first sentence, at least appropriate procedures and concepts, in order to avoid excessive additional risks and to affect the regularity of the To avoid transactions, services and the business organisation within the meaning of Section 25a (1).

(4c) If the Bundesanstalt concludes that the Institute or the Group does not have the strategies, processes, procedures, functions and concepts referred to in paragraphs 4a and 4b, it may, irrespective of any other measures taken under this Act, (5) In exceptional cases, the Bundesanstalt may also entrust another with the management of the business and to represent it in order to represent the shall revocably use the person authorised to act as a manager if it is reliable and is subject to the necessary professional competence; paragraph 1 shall apply. If the institution is operated by a single businessman, in exceptional cases under the conditions set out in the first sentence, a person authorised by the proprietor with the management of the business and authorised to represent him may be revocable as a manager of the business. shall be used. If the establishment of a person is based on a request from the Institute, it can only be revoked at the request of the Institute or the Managing Director.

Footnote

(+ + + § 25c: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

Section 25d Administrative or supervisory board

(1) The members of the administrative or supervisory body of an institution, a financial holding company or a mixed financial holding company must be reliable, the necessary expertise for the performance of the control function, and to assess and monitor the operations of the respective company and to devote sufficient time to the performance of their duties. When examining whether one of the persons referred to in the first sentence has the necessary expertise, the Bundesanstalt shall take into account the extent and complexity of those of the Institute, the Institute Group or the Financial Holding Group, who shall: Financial holding company or the mixed financial holding company. (2) The administrative or supervisory body must, as a whole, have the knowledge, skills and experience acquired in order to perform the control function. as well as for the evaluation and supervision of the management of the Institute or of the The group or financial holding group, the financial holding company or the mixed financial holding company are necessary. The provisions of the co-determination laws concerning the election and dismise of the employees ' representatives in the administrative or supervisory body remain unaffected. (3) Member of the administrative or supervisory body of a CRR-Institute, which is of considerable importance in the sense of sentence 7, it cannot be

1.

who is business manager in the same company;

2.

who in the undertaking concerned has been a business manager, if two former directors of the undertaking are already members of the administrative or supervisory body;

3.

who is a business manager in a company and who is also a member of the administrative or supervisory body in more than two companies; or

4.

Who is a member of the administrative or supervisory body in more than four companies.

The first sentence shall also apply to members of the administrative or supervisory bodies of a financial holding company or mixed financial holding company if they are, pursuant to Article 10a (2) sentence 2 or sentence 3 or § 10b (3) sentence 8, as parent The company has been designated and a CRR-Institute has been assigned to it. Within the meaning of the first sentence of the first sentence of paragraph 3 and 4, a number of mandates shall be deemed to be a mandate if the mandates are to be exercised by undertakings,

1.

which belong to the same group, financial holding group or mixed financial holding group,

2.

belong to the same institution-related security system, or

3.

where the Institute holds a significant stake.

Mandates for organisations and companies which do not predominantly pursue commercial objectives, in particular companies which serve municipal services of general interest, are not subject to the maximum permitted mandates in accordance with the provisions of points 3 and 4 of the first sentence. . The supervisory authority may be a member of the administrative or supervisory body, taking into account the circumstances of the individual case and the nature, scope and complexity of the activities of the institute, the group of institutes or the financial holding group, allow the financial holding company or the mixed financial holding company to hold an additional mandate in an administrative or supervisory body beyond the number of mandates not exceeding the maximum permitted levels set out in points 3 and 4 of the first sentence of the first sentence, if this does not prevent the Member from carrying out his duties in the to give sufficient time to companies in question. Mandates as representatives of the Federal Government or of the Länder are not taken into consideration in the case of the mandates which are not permitted under the first sentence of the first sentence of 1. Sentence 1 (4) shall not apply to local authority officers who are obliged to exercise a mandate in a municipal enterprise or a municipal purpose association by virtue of local authority. An institution is of considerable importance within the meaning of the first sentence if its balance sheet total has reached or exceeded 15 billion euros on average for the respective reporting dates of the last three financial years; as an institution of Significant importance shall always apply

1.

Institutions referred to in Article 6 (4) of Regulation (EU) No 1024/2013 of the Council of 15 June 2013. October 2013 on the transfer of specific tasks relating to the prudential supervision of credit institutions to the European Central Bank (OJ L 327, 28.12.2013, 63) shall be supervised by the European Central Bank,

2.

institutions which have been classified as potentially systemic in the sense of Section 47 (1); and

3.

Financial institutions within the meaning of Section 25f (1).

(3a) A member of the administrative or supervisory body of an institution which is not a CRR institution of significant importance within the meaning of paragraph 3, sentence 7, or a financial holding company may not be

1.

who in the undertaking concerned was a business manager, if two former directors of the undertaking are already members of the administrative or supervisory body; or

2.

who in more than five companies under the supervision of the Federal Institute is a member of the administrative or supervisory body, unless these companies belong to the same institute-related security system.

(4) Institutes, financial holding companies and mixed financial holding companies must use appropriate human and financial resources to facilitate the introduction into their office of the members of the administrative or supervisory body. and the training necessary to maintain the necessary expertise. (5) The design of remuneration systems for members of the administrative or supervisory body may be carried out with a view to the effective exercise of the Supervisory role of the administrative or supervisory body Create conflicts of interest (6) The administrative or supervisory body must also monitor the managers in order to comply with the relevant banking regulations. It is necessary to devote sufficient time to discussing strategies, risks and remuneration systems for managers and employees. (7) The administrative or supervisory body of one of the companies referred to in the first sentence of paragraph 3 shall be dependent on the size of the undertaking. to order, in accordance with paragraphs 8 to 12, the internal organisation and the nature, scope, complexity and risk content of the business of the undertaking, in accordance with paragraphs 8 to 12, which shall advise and assist in its tasks. Each committee shall appoint one of its members to the Chair. The members of the committees must have the knowledge, skills and experience required to carry out the respective tasks of the committee. In order to ensure cooperation and professional exchange between the various committees, at least one member of each committee shall be a member of another committee. The Bundesanstalt may require the formation of one or more committees if, in particular, taking into account the criteria set out in the first sentence or in order to properly carry out the control function of the administrative or supervisory body. (8) The administrative or supervisory body of a company referred to in the first sentence of paragraph 3 shall appoint a risk committee from its centre, taking into account the criteria set out in the first sentence of paragraph 7. The Risk Committee advises the management or supervisory body on the company's current and future overall risk preparedness and strategy and supports it in the monitoring of the implementation of this strategy by the upper management level. The risk committee shall ensure that the conditions in the customer business are in line with the business model and the risk structure of the company. As far as this is not the case, the Risk Committee shall ask the Executive Board proposals on how the conditions in the customer business can be designed in accordance with the business model and the risk structure, and supervise their Implementation. The risk committee shall examine whether the incentives provided by the remuneration system take into account the risk, capital and liquidity structure of the company, as well as the likelihood and maturity of revenue. The duties of the Remuneration Control Committee referred to in paragraph 12 shall remain unaffected. The chairman of the risk committee or, if a risk committee has not been set up, the chairman of the administrative or supervisory body, can provide information directly with the head of the internal audit and at the head of the risk controling . The management must be informed of this. The risk committee may, where necessary, obtain the advice of external experts. The risk committee or, if not established, the administrative or supervisory body shall determine the nature, scope, format and frequency of the information which the management must submit on the subject of strategy and risk. (9) The administrative or supervisory body of a company referred to in the first sentence of paragraph 3 shall appoint, from its centre, an audit committee, taking into account the criteria laid down in the first sentence of paragraph 7. The Audit Committee shall assist the administrative or supervisory body, in particular in the monitoring of

1.

the accounting process;

2.

the effectiveness of the risk management system, in particular of the internal control system and the internal audit;

3.

the performance of the final examinations, in particular as regards the independence of the auditor and the performance of the auditor (volume, frequency, reporting). The Audit Committee shall submit proposals to the administrative or supervisory body for the appointment of a statutory auditor and for the amount of his remuneration, and the administrative or supervisory body for the termination or continuation of the audit contract. advise and

4.

the speedy resolution of the deficiencies identified by the auditor by the management by means of appropriate measures.

The Chairman of the Audit Committee must have expertise in the fields of accounting and auditing. The Chairman of the Audit Committee or, if a Audit Committee has not been established, the Chairman of the Administrative or Supervisory Body, can provide information directly with the Head of the Internal Auditing and the Head of the Risk Controlling department . The management or supervisory body of a company referred to in the first sentence of paragraph 3 may appoint a joint risk and audit committee if this is done in the light of the The criteria referred to in the first sentence of paragraph 7 are reasonable. This is to be communicated to the Federal Institute. Paragraphs 8 and 9 shall apply to the Joint Audit and Risk Committee. (11) The management or supervisory body of a company referred to in the first sentence of paragraph 3 shall, taking into account the criteria referred to in the first sentence of paragraph 7, have: appoint a nomination committee from among its members. The Nomination Committee shall assist the administrative or supervisory body in the

1.

Identification of candidates for the appointment of a post in the Executive Board and in the preparation of election proposals for the election of the members of the administrative or supervisory body, taking into account the nomination committee The balance and diversity of the knowledge, skills and experience of all the members of the institution concerned, a job description with a candidate profile, and the amount of time it takes to complete the task;

2.

development of an objective to promote the representation of the under-represented sex in the administrative or supervisory body, as well as a strategy for achieving them;

3.

regularly, at least once a year, to carry out an assessment of the structure, size, composition and performance of the management and of the administrative or supervisory body, to be carried out at least once a year, and shall speak to the administrative or supervisory body in relation to this recommendations; the Nomination Committee shall ensure that the decision-making within the management by individuals or groups is not influenced in a way that is detrimental to the enterprise;

4.

regularly, at least once a year, an assessment of the knowledge, skills and experience of the individual directors and members of the administrative or supervisory body as well as of the institution in its entirety, and

5.

Review of the principles of management for the selection and appointment of senior management personnel and recommendations to the Executive Board.

In the performance of its tasks, the Nomination Committee may draw on all the resources it deems appropriate, and shall also turn on external consultants. (12) The administrative or supervisory body of a company referred to in the first sentence of paragraph 3 shall, taking into account the criteria referred to in the first sentence of paragraph 7, have an administrative or supervisory body from the centre of the undertaking. Remuneration control committee shall be ordered. The Compensation Control Committee

1.

Monitors the appropriate design of the remuneration systems of the directors and employees, and in particular the appropriate form of remuneration for the directors of the risk controlling function and of the compliance function as well as of such Employees who have a significant influence on the overall risk profile of the Institute and assist the Management or Board of Supervisors in monitoring the appropriate design of the remuneration systems for the employees of the Institute. company; the impact of the remuneration systems on the risk, capital and Liquidity management is to be assessed;

2.

Prepares the decisions of the administrative or supervisory body on the remuneration of directors, taking particular account of the impact of decisions on the risks and risk management of the company; the interests of shareholders, investors, other interested parties and the public interest shall be taken into account;

3.

Supports the administrative or supervisory body in monitoring the proper involvement of the internal control and all other relevant areas in the design of the remuneration systems.

At least one member of the Remuneration Control Committee must have sufficient expertise and professional experience in the field of risk management and risk controlling, in particular with regard to mechanisms to align the remuneration systems the overall risk preparedness and strategy, and the company's own resources. If employees ' representatives are members of the administrative or supervisory body in accordance with the co-determination laws, at least one employee representative must belong to the remuneration control committee. The Remuneration Control Committee shall cooperate with the Risk Committee and should be advised internally, for example, through risk controlling and externally of persons who are independent of the Executive Board. Managers may not attend meetings of the Remuneration Control Committee, where they are advised of their remuneration. The chairman of the remuneration control committee or, if a remuneration control committee has not been established, the chairman of the administrative or supervisory body, may be directly at the head of the internal audit and with the heads of the internal audit institution for To obtain information on the design of the remuneration systems. The management must be informed of this.

Footnote

(+ + + § 25d: For non-application cf. Section 2 (9a) sentence 1 + + +)
(+ + + § 25d para. 3: For the application, see Section 64r (14) + + +) Unofficial table of contents

§ 25e Requirements for contractually bound intermediaries

Where a CRR credit institution or a trading firm uses a tied agent within the meaning of the first sentence of Article 2 (10), it shall ensure that it is reliable and technically appropriate for the provision of the Financial services comply with the legal requirements, inform customers prior to the inclusion of the business relationship about their status in accordance with § 2 (10) sentences 1 and 2 and inform them immediately of the termination of this status. The CRR credit institution or the securities trading company shall, at least until the end of five years after the end of the status of the tied agent, be required to provide proof of compliance with the obligations laid down in the first sentence of sentence 1. storage. More detailed provisions on the required evidence can be made by means of a legal regulation in accordance with § 24 (4). Remuneration systems for tied agents must be designed in such a way as to ensure that they have the legitimate interests of customers in the proper and appropriate provision of financial services by the contract do not conflict with tied agents.

Footnote

(+ + + § 25e: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

§ 25f Special requirements for the orderly business organisation of CRR credit institutions and of institutional groups, financial holding groups, mixed financial holding groups and financial conglomerates, to which a CRR credit institution belongs; Authorisation

(1) All transactions within the meaning of § 3 (2) and (4) shall be carried out at an economically, organisationally and legally independent enterprise (financial trading institute). The additional requirements laid down in paragraphs 2 to 6 shall apply to the financial trading institution to a proper business organisation. (2) The Financial Trade Institute shall not apply to § 2a. (3) The Financial Trade Institute shall have its To ensure refinancing independently. Operations of the CRR credit institution or of undertakings belonging to a group, a financial holding group, a mixed financial holding group or a financial conglomerate to which a CRR credit institution is also a member, with which: The Federal Ministry of Finance may, in consultation with the Deutsche Bundesbank, by means of a legal regulation for the purposes of monitoring compliance with the prohibition of § 3 (2) and (4). Sentence 1 as well as for the determination of the nature and extent of the transactions within the meaning of Article 3 (2) (2) and (4), first sentence, for the CRR credit institution and the parent undertaking of a group of institutions, a financial holding group, a mixed financial holding group and a financial conglomerate, the CRR credit institution, or the financial conglomerate, , to the extent that this is necessary for the fulfilment of the obligations of the Member States, the Commission shall, in accordance with the provisions of the European Parliament and of the Council of the European Parliament, be consulted on the basis of such information and shall lay down detailed rules on the type, scope Tasks of the Bundesanstalt is required, in particular for all information , which the Bundesanstalt requires in the context of the prohibition of § 3 (2) and (4) sentence 1 as well as for the determination of the type and scope of the transactions within the meaning of the second sentence of Article 3 (2) and the first sentence of paragraph 4. This authorisation may be transferred to the Bundesanstalt by means of a legal regulation, with the proviso that legal regulations of the Federal Institute shall be issued in agreement with the German Federal Bank. Prior to the adoption of the regulation, the leading associations of the institutions must be consulted. (5) The administrative or supervisory body of the financial trading institute, the CRR credit institution or the parent company of the institute group, which is responsible for the The financial holding group, the mixed financial holding group and the financial conglomerate, which is also a member of a CRR credit institution, has regularly and in connection with the operations of the financial trading institute and the associated financial conglomerate, to inform and, in particular, to ensure compliance with the above (6) The Financial Trade Institute shall not provide payment services and shall not operate the E-money transaction within the meaning of the Payment Services Supervision Act. (7) The Federal Institute may, in relation to the CRR credit institution, the a parent undertaking of a group of institutions, a financial holding group, a mixed financial holding group or a financial conglomerate to which a CRR credit institution belongs, as well as to the financial trading institute; that are suitable and necessary, the proper to ensure business organisation within the meaning of paragraphs 1 to 6.

Footnote

(+ + + § 25f: For use as of 1.7.2015 see Section 64s (2) sentence 1 + + +) § 25f: Inc. by Art. 2 No. 4 G v. 7.8.2013 I 3090 mWv 31.1.2014

5a.
Cashless payment; prevention of money laundering, terrorist financing and other criminal acts to the detriment of the institutions

Unofficial table of contents

§ 25g Compliance with the special organizational obligations in cashless payment transactions

(1) The Bundesanstalt shall monitor compliance with the obligations of credit institutions

1.

Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 on the transmission of information to the payer in the event of transfers of funds (OJ L 327, 30.12.2006, p. OJ L 345, 8.12.2006, p.1),

2.

Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001 (OJ L 145, 31.5.2009, p. 1), as amended by Regulation (EU) No 260/2012 (OJ L 268, 9.10.2012, p. OJ L 94, 30.3.2012, p. 22), and

3.

Regulation (EU) No 260/2012 laying down the technical requirements and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 (OJ L 145, 31.5.2009, p. OJ No L 94, 30.3.2012, p. 22).

(2) A credit institution must have internal procedures and control systems which ensure compliance with the obligations laid down in the regulations referred to in points 1 to 3 of paragraph 1. (3) The Bundesanstalt may be subject to a credit institution and to its managers shall take orders which are appropriate and necessary to prevent or prevent infringements of the obligations laid down in the regulations referred to in paragraph 1 (1) to (3). Unofficial table of contents

§ 25h Internal security measures

(1) Institutions and financial holding companies and mixed financial holding companies in force in accordance with Article 10a (2) sentence 2 or 3 or in accordance with Article 10a as parent company must be without prejudice to the provisions of Article 25a (1) of this Act and of the provisions of Section 9 of this Act (1) and (2) of the Money Laundering Act, provide for adequate risk management and procedures and principles to prevent money laundering, terrorist financing or other criminal acts which are to be carried out in accordance with the provisions of the a risk to the assets of the Institute. They have to create and update adequate business and customer-related security systems as well as to carry out checks. This shall include the continuous development of appropriate strategies and safeguards to prevent the misuse of new financial products and technologies for the purpose of money laundering and terrorist financing, or to promote the use of such products. Anonymity of business relationships and transactions. (2) Credit institutions shall operate and update adequate data processing systems to enable them to operate, business relationships and individual transactions in payment transactions. , which is due to the public and credit institutions the available experience of the methods of money laundering, terrorist financing and other criminal offences referred to in the first sentence of paragraph 1 shall be considered as doubtful or unusual. Credit institutions may collect, process and use personal data to the extent that this is necessary for the fulfilment of this obligation. The Federal Institute may determine criteria in the presence of which credit institutions may see the use of systems as defined in the first sentence. (3) Any facts which, in accordance with the first sentence of paragraph 2, are to be considered as doubtful or unusual, shall be provided by the Institute. in order to monitor the risk of the respective business relationships or transactions, assess and, where appropriate, the existence of a case subject to reporting requirements pursuant to § 11 (1) of the Money Laundering Act or the reimbursement of a criminal complaint under Section 158 of the Code of Criminal Procedure. The Institute shall record and retain appropriate information in accordance with § 8 of the Money Laundering Act, which is necessary for the presentation to the Federal Agency, that these facts do not apply to the institution. conclude that an act has been or has been or has been committed in accordance with Section 261 of the Criminal Code or a terrorist financing. The second sentence of paragraph 2 shall apply accordingly. Institutions may, on a case-by-case basis, provide each other with information in the context of the fulfilment of their obligation to carry out their investigation in accordance with the first sentence, if it is conspicuous in relation to money laundering, terrorist financing or any other offence or unusual facts and there are actual indications that the recipient of the information needs the information in order to assess whether the facts are to be reported in accordance with § 11 of the Money Laundering Act or a criminal complaint in accordance with § 158 of the Code of Criminal Procedure. The recipient may use the information exclusively for the purpose of preventing money laundering, terrorist financing or other criminal acts, and only under the conditions specified by the institution which is mediating. (4) Institutions have to appoint a money laundering officer directly downstream of the management. It is responsible for the implementation of the rules on combating and preventing money laundering and terrorist financing, as well as the contact person for law enforcement agencies, the Federal Criminal Police Office (Bundeskriminalamt-Zentralstelle für die Bundeskriminalamt). Disdain-and the Bundesanstalt. The money laundering officer shall report directly and directly to the management. For institutions, this shall also be deemed to be a parent company with regard to a group of institutions or a financial holding group within the meaning of Section 10a, a mixed financial holding group within the meaning of Section 10a or as a parent undertaking also with regard to a group of institutions. Financial conglomerate within the meaning of Article 1 (20). Institutions shall have the means and procedures necessary to ensure the proper implementation of the tasks of the money laundering officer and to use them effectively. The money laundering officer shall have unrestricted access to all information, data, records and systems which may be relevant in the course of the performance of his duties. It shall be given sufficient powers to fulfil its function. The Federal Institute shall inform the Federal Office of its appointment and obligation. (5) Institutes may take internal security measures under this provision with the prior consent of the Federal Institute in the context of contractual agreements by a third party. can be done. The consent may be granted if the third party guarantees that the security measures are carried out properly and that the control facilities of the institutes and the control facilities of the Federal Institute are not affected. (6) The Federal Institute may, in individual cases, take orders to an institution which are appropriate and necessary to take the measures referred to in paragraphs 1, 2, 3 and 4. (7) The Federal Republic of Germany-Finanzagentur GmbH shall be considered to be an institution within the meaning of paragraphs 1 to 5. In this respect, the Federal Ministry of Finance monitors compliance with paragraphs 1 to 5 in the context of its supervision in accordance with § 2 paragraph 1 of the Federal Education Act. (8) The Deutsche Bundesbank shall be considered an institution within the meaning of paragraphs 1 to 4. (9) The The role of the money laundering officer within the meaning of paragraph 4 and the obligations to prevent other criminal acts within the meaning of the first sentence of paragraph 1 shall be carried out by a body in the institution. The Federal Institute may, at the request of the Institute, determine that there is a different authority in the Institute for the prevention of other criminal acts, insofar as there is an important reason for doing so. Unofficial table of contents

Section 25i Simplified due diligence obligations

(1) Insofar as the requirements of § 25k of this Act and § 6 of the Money Laundering Act are not available, the institutions may, in addition to § 5 of the Money Laundering Act, simplified due diligence obligations subject to a risk assessment of the Institute. Apply special circumstances of individual case for the following case groups:

1.

, subject to the second sentence of the

a)

government-funded, capital-covered retirement pension schemes,

b)

the contract for the investment of capital benefits, provided that the conditions for State support are fulfilled by the Treaty,

c)

A consumer loan contract or contract for a financial assistance, provided that point 3 (d) is complied with.

d)

credit agreement within the framework of a government support programme, which is carried out via a bank of the federal or state governments and whose loan sum must be used for the purpose of purpose,

e)

Credit agreement for the financing of sales,

f)

other credit agreement in which the credit account serves exclusively to settle the loan and the repayment of the credit from an account of the borrower to a credit institution within the meaning of Article 1 (1), with the exception of the provisions of § 2 (1) (3) to (8) in the case of a credit institution situated in another Member State of the European Union or in the case of a branch or branch of a credit institution located in another country situated in the territory of the European Union,

g)

Savings and

h)

leasing contract;

2.

, subject to the second sentence, in other cases where the following conditions are met:

a)

the contract is in writing,

b)

the transactions in question shall be made via an account of the customer with a credit institution within the meaning of Article 1 (1), with the exception of the undertakings referred to in Article 2 (1) (3) to (8), at a credit institution in another Member State of the European Union, with a domestic branch or branch of a credit institution domiciled abroad or through a credit institution established in a third country for which the requirements of Directive 2005 /60/EC are equivalent to those of a credit institution established in a third country shall apply,

c)

the product or the related transaction is not anonymous and allows for the timely application of § 3 para. 2 sentence 1 no. 3 of the Money Laundering Act and

d)

the benefits arising from the contract or the related transaction cannot be disbursed for the benefit of third parties, except in the event of death, disability, exceeding a certain age limit or in comparable cases;

3.

subject to the provisions of the second sentence, in respect of products or related transactions in respect of which investments in financial assets or claims, such as insurance or other contingent assets, may be invested, provided that the conditions set out in point 3 are met by: in addition:

a)

the services from the product or the transaction can only be paid out in the long term,

b)

the product or the transaction cannot be deposited as collateral and

c)

during the term of the contract no early payments are made and no repurchase clauses can be made available and the contract cannot be terminated prematurely.

However, there is a low risk in the cases of the first sentence of 1 (1) to (3), provided that the following thresholds are not exceeded:

1.

in the case of contracts within the meaning of point 1 (a), (b), (d) and (f) of sentence 1, or for contracts within the meaning of the first subparagraph of point 2 and 3 in total, EUR 15 000 in payments,

2.

for contracts within the meaning of point 1 (c), (c), (e) and (h) of sentence 1, or for other contracts which are used for the financing of goods or their use and in respect of which the ownership of the goods does not apply to the contracting party until the contract has been completed. or the user, 15 000 euros in payments in the calendar year,

3.

for savings contracts within the meaning of the sentence 1 (1) (g) for periodic payments, EUR 1 000 in the calendar year, or a one-off payment of EUR 2 500.

(2) Paragraph 1 shall not apply if there is information available to an institution with a view to a specific transaction or business relationship, which suggests that the risk of money laundering or terrorist financing is not low is. The institutions shall record and retain adequate information in accordance with § 8 of the Money Laundering Act, which is necessary for the presentation to the Bundesanstalt, that the conditions for the application of the simplified Due diligence obligations are available. Unofficial table of contents

Section 25j simplifications in the implementation of the identification

By way of derogation from § 4 (1) of the Money Laundering Act, the verification of the identity of the contractual partner and of the economically authorized person can also be concluded immediately after the opening of an account or depository. In this case, it must be ensured that no funds can be removed from the account or the depot before the verification of the identity is completed. In the event of a repayment of any monies received, they may only be paid to the depositors. Unofficial table of contents

§ 25k Strengthened due diligence obligations

(1) In addition to § 6 of the Money Laundering Act, institutions have increased due diligence obligations due to increased risk also in the handling of payment transactions within the framework of business relations to correspondent institutions with registered offices in a Third country and in the case of correspondent institutions established in a State of the European Economic Area, subject to an assessment by the Institute, as an increased risk. Insofar as these business relationships do not relate to the settlement of payment transactions, § 5 para. 2 no. 1 of the Money Laundering Act shall remain unaffected by this. § 3 (4) sentence 2 of the Money Laundering Act shall apply. (2) In the cases referred to in paragraph 1, institutions shall apply:

1.

To obtain sufficient publicly available information on the correspondent's institution and its business and governance structure in order to cover the nature of the business activities of the correspondent, both before and during such a business relationship, to fully understand and assess the reputation and controls on money laundering and terrorist financing, as well as the quality of supervision,

2.

define and document the respective responsibilities of the two institutions with regard to due diligence obligations, prior to the establishment of such a business relationship,

3.

ensure that, in the event of such a business relationship, the institution shall obtain the consent of one of the members of the Institute ' s superiors, by means of a representative for the pledge,

4.

To take measures to ensure that they do not establish or continue any business relationship with a credit institution which is aware that its accounts are from a bank-shell company within the meaning of Article 3 (10) of the Directive 2005 /60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (OJ L 327, 28.12.2005 EU No 15), as last amended by Directive 2007 /64/EC of the European Parliament and of the Council of 13 November 2007 (OJ L 309, 27.11.2007, p. EU No L 319 p. 1), and

5.

measures to ensure that the Correspondence Institute does not allow transactions through pass-through accounts.

(3) By way of derogation from § 3 (2) sentence 1 no. 2 of the Money Laundering Act, the duty of care pursuant to Section 3 (1) (1) and (3) of the Money Laundering Act for pledged funds pursuant to Section 2 (1) (1) and (2) of the Money Laundering Act (Money Laundering Act) shall consist of the acceptance of cash notwithstanding any threshold amounts specified in the Money Laundering Act or in this Law, in so far as a variety transaction within the meaning of Section 1 (1a), second sentence, No. 7 is not carried out by means of a customer's account opened at the pledge and the (4) factoring institutions within the meaning of Article 1 (1a), second sentence, point 9. have appropriate measures to take in order to counter a discernitable increased risk of money laundering in the acceptance of payments made by debtors which were not known at the conclusion of the framework contract. (5) Late facts or assessments of national or national accounts. of international bodies to combat money laundering and terrorist financing, which justify the adoption of an increased risk in other cases, in particular in the context of due diligence obligations in a State , the Bundesanstalt may arrange for an institution to have a transaction or subject a business relationship, in particular the origin of the assets of a client established in such a State, which are used in the context of the business relationship or the transaction, to be subject to enhanced surveillance; and additional, risk-appropriate due diligence and organisational obligations. The institutions shall record and retain appropriate information in accordance with § 8 of the Money Laundering Act. Sentences 1 and 2 shall also apply to institutions and parent companies in accordance with Section 25l (1). Unofficial table of contents

§ 25l Group-wide observance of due diligence obligations

(1) The institutions and undertakings referred to in Article 25h (1), (3) and (4) shall have, as parent undertakings, internal security measures within the group of their subordinated undertakings, branches and branches, in accordance with § 9 of the Money laundering law and § 25h (1), (3) and (4), compliance with the due diligence obligations in accordance with § § 3, 5 and 6 of the Money Laundering Act and § § 25i and 25k as well as the obligation to record and retain in accordance with § 8 of the Money Laundering Act to ensure. Responsible for the proper performance of the duties according to sentence 1 are the directors within the meaning of § 1 para. 2 sentence 1. To the extent that the measures to be taken pursuant to the first sentence in the context of the establishment or execution of business relations or transactions in a third country in which the undertaking is established are not permitted under the law of the State concerned, or in fact cannot be carried out, the parent undertaking or parent undertaking shall ensure that a parent undertaking, branch or branch in that third country does not establish a business relationship, or continues and does not perform any transactions. To the extent that a business relationship already exists, the parent undertaking or parent undertaking shall ensure that the parent undertaking, the branch or branch of the subsidiary, irrespective of any other legal or legal basis, shall be responsible for ensuring that the business relationship is Contractual provisions shall be terminated by dismissal or otherwise. In the event that stricter obligations apply to the foreign seat of a subsidiary undertaking, a branch or a branch, these more stringent obligations shall be fulfilled. (2) Financial holding companies or mixed Financial holding companies, which are considered to be a parent company in accordance with § 10a, are pledged in the sense of Section 2 (1) No. 1 of the Money Laundering Act. In this respect, they are also subject to the supervision of the Federal Institute in accordance with Section 16 (1) in conjunction with Section 2 (2) of the Money Laundering Act. Unofficial table of contents

§ 25m Prohibited Transactions

The following are prohibited:

1.

the inclusion or continuation of a correspondence or other business relationship with a bank-shell company within the meaning of Article 3 (10) of Directive 2005 /60/EC, and

2.

The establishment and management of accounts on the name of the Institute or for third institutions, through which customers can have their own transactions independently; § 154 (1) of the German Tax Code remains unaffected.

Unofficial table of contents

§ 25n Duty of due diligence and organisational duties in the e-money business

(1) In the case of the issue of e-money within the meaning of the Payment Services Supervisory Act, the Institute shall comply with the obligations of § 3 (1) (1) and (4), § 4 (1) to (4), § 7 (1) and (2) and § 8 of the Money Laundering Act. (2) These obligations are not in so far as the E-money amount issued to the E-money holder and stored on an e-money carrier is 100 euros or less per calendar month and is ensured that:

1.

the e-money issued cannot be technically connected with the e-money of another e-money holder or with the e-money of another issuer;

2.

the obligations referred to in paragraph 1 shall be fulfilled in the event of the return of the issued electronic money against the payment of cash, unless the exchange of the electronic money refers to a value of 20 euros or less or the exchange of return by credit to a Account of the e-money holder in the case of a CRR credit institution or an e-money institution in accordance with § 1 paragraph 2a of the Payment Services Supervisory Law and

3.

as far as the e-money is spent on a rechargeable e-money institution, the maximum amount of EUR 100 per calendar month referred to in the first sentence cannot be exceeded.

In the case of the threshold value of the first sentence, it is not significant whether the e-money holder acquires the e-money through a transaction or various operations, provided there is evidence that there is a link between them. (3) Insofar as e-money is available through a rechargeable e-money carrier shall be issued to the E-money issuer files in which all e-money amounts issued and reexchanged to an already identified e-money holder with time and issuing or return exchange Location is recorded. § 8 (2) to (4) of the Money Laundering Act shall be applied mutagenic. (4) Late facts which justify the assumption that when an e-money institution is used, the e-money spent with e-money from another e-money holder or with e-money other issuers may, or justify, the assumption that, in connection with other technical uses of this e-money carrier, its distribution and the inclusion of certain acceptance points, Increased risk of money laundering, terrorist financing or other criminal acts in accordance with § 25h (1), the Federal Institute may, in order to counteract these risks with appropriate measures,

1.

to give instructions to the management of the institute,

2.

prohibit the use of this e-money carrier, or order other appropriate and necessary technical changes to this e-money carrier,

3.

The Institute shall undertake to fulfil the risk of appropriate obligations in accordance with the provisions of § § 3 to 9 of the Money Laundering Act.

(5) Where there is a low risk of money laundering, terrorist financing or other criminal acts in accordance with § 25h (1) when an e-money carrier is used, the Federal Institute may, subject to the reservation of the present Allow an institution to comply with simplified due diligence obligations in accordance with § 5 of the Money Laundering Act or to be able to disregard other obligations.

5b.
Presentation of accounting documents

Unofficial table of contents

Section 26 Presentation of annual accounts, management report and audit reports

(1) The institutions shall draw up the annual accounts in the first three months of the financial year for the past financial year and shall have the annual accounts and later the annual financial statements and the annual report of the Federal Institute and of the Federal Institute of Technology (Bundesanstalt) and the German Bundesbank shall be submitted immediately in accordance with the conditions laid down in sentence 2. The annual accounts must be accompanied by the endorsement or endorsement of the endorsement. The auditor has to submit the report on the audit of the annual financial statements (audit report) immediately after the end of the examination of the Bundesanstalt and the Deutsche Bundesbank. In the case of credit institutions which belong to a cooperative examination association or are audited by the examination office of a savings bank and giro association, the auditor has the examination report only at the request of the Federal Institute for the Examination of the German Federal Institute for Foreign Affairs (2) If an additional examination has taken place in connection with a security establishment, the examiner or the examination board immediately issued the report on this examination by the Bundesanstalt and the Deutsche Bundesbank (3) An institution which has a consolidated financial statements or a group management report shall submit these documents to the Bundesanstalt and the Deutsche Bundesbank without delay. The parent undertaking of a financial holding group within the meaning of Section 10a, of a mixed financial holding group within the meaning of Section 10a (3a) or of a financial conglomerate shall immediately have a consolidated financial statements or a group management report. if the financial holding company at the head of the financial holding group or the mixed financial holding company at the head of the mixed financial holding group or the financial conglomerate is to have a consolidated financial statements or Group management report. The consolidated auditor shall submit the audit reports on the consolidated financial statements and group management reports referred to in sentences 1 and 2 immediately after the end of its audit at the Bundesanstalt and the Deutsche Bundesbank. In the case of credit institutions which belong to a cooperative examination association or are examined by the examination office of a savings bank and giro association, the examiner must submit the examination report only on request of the Federal Institute. (4) The The provisions of paragraph 3 shall apply in accordance with a separate financial statement in accordance with Section 325 (2a) of the Commercial Code.

5c.
Disclosure

Unofficial table of contents

§ 26a Disclosure by the Institutes

(1) In addition to the information to be provided in accordance with Articles 435 to 455 of Regulation (EU) No 575/2013 as amended, the legal and organisational structure as well as the principles of sound management shall be To represent the management of the group. In addition, the CRR institutions, on a consolidated basis, broken down by Member State of the European Union and third countries in which the institutions have branches, have the following information in an annex to the annual accounts in the For the purposes of Article 26 (1), second sentence, to have a statutory auditor examined and disclosed in accordance with Section 340k of the Commercial Code:

1.

the company names, the nature of the activities and the geographical location of the branches,

2.

the turnover,

3.

the number of salary and salary earners in full-time equivalents,

4.

Profit or loss before taxes,

5.

Taxes on profit or loss,

6.

received public aid.

If the CRR Institute is included in the consolidated financial statements of another parent company established in a Member State of the European Union or in a Contracting State of the Agreement on the European Economic Area, which shall meet the requirements of Directive 2013 /36/EU, the information provided for in the second sentence does not need to be made. In its annual report, the CRR institutions disclose their return on capital, calculated as the quotient of net profit and balance sheet total. Globally system-relevant institutions, which are admitted domesically, are obliged to provide the European Commission with the information referred to in sentence 2 (4) to (6) on a confidential basis by 1 July 2014. In accordance with § 10 (1), first sentence, point 10. (2), an institution shall comply with its disclosure requirements in respect of the requirements set out in Article 432 of Regulation (EU) No 575/2013 in the respective case of the respective institutions. shall not be correct, not correct, in full or in good time, the Bundesanstalt may, on a case-by-case basis, take orders which are appropriate and necessary to ensure that the information is properly disclosed. . In accordance with Articles 433 and 434 of Regulation (EU) No 575/2013, the Bundesanstalt may set different points of time and places for publication or require the disclosure of additional information in the respective version in force.

Footnote

(+ + + § 26a: For non-application cf. Section 2 (9a) sentence 1 + + +)
(+ + + § 26a (1) sentence 2 No. 1 to 3, para. 1 sentence 2 and 3: For use, see Section 64r (15) + + +)

6.
Audit and Reviewer Order

Unofficial table of contents

§ 27

(repealed) Unofficial table of contents

§ 28 Order of the examiner in special cases

(1) The institutions shall notify the Bundesanstalt and the Deutsche Bundesbank of the examiners they order immediately after the order has been placed. Within one month of receipt of the notification, the Bundesanstalt may request the appointment of another auditor if this is necessary for the purpose of obtaining the examination. If the Institute has appointed an accounting firm to the auditor, which was auditor of the institution in one of the previous two years, the Federal Institute may require the change of the responsible audit partner if the § 319a (1) sentence 5 of the German Commercial Code applies accordingly. The court of the seat of the Institute shall appoint an examiner at the request of the Bundesanstalt if: (a) the institution of the institution (s), (c) the institution of the institution (s), (c)

1.

the indication referred to in the first sentence of paragraph 1 shall not be reimbursed immediately after the end of the financial year;

2.

the institution shall not immediately comply with the request for the appointment of another verifier referred to in the second sentence of paragraph 1;

3.

the elected examiner has rejected the acceptance of the examination order, has fallen away or is prevented from completing the examination in due time, and the institute has not immediately ordered another examiner.

The order by the court is final. Section 318 (5) of the Commercial Code shall apply accordingly. The court may, at the request of the Bundesanstalt, convene a examiner appointed in accordance with the first sentence. (3) Paragraphs 1 and 2 shall not apply to credit institutions which belong to a cooperative examination association or through the examination office of a savings bank. and Giroverband.

Footnote

(+ + + § 28: For application cf. Section 38 (2) of the KAGB + + +) Unofficial table of contents

§ 29 Special duties of the examiner

(1) In the course of the audit of the annual financial statements and of an interim financial statements, the auditor also has to examine the economic circumstances of the institute. In examining the annual accounts, he shall, in particular, determine whether the institution has complied with the following notification requirements and requirements:

1.

the disclosure requirements in accordance with § § 11, 12a, 14 (1) and Regulation (EU) No. 575/2013, as amended, in accordance with § § 15, 24 and 24a respectively also in connection with a legal regulation pursuant to § 24 (4) sentence 1, according to § 24a also in connection with a legal regulation pursuant to Article 24a (5), and

2.

the requirements

a)

in accordance with § § 10a, 10c to 10i also in connection with a legal regulation pursuant to § 10 (1) sentence 1, point 5, in accordance with § § 11, 13 to 13c, 18, 25 (1) and (2), § 25a (1) sentence 3 in each case also in conjunction with a legal regulation pursuant to § 25 Paragraph 3 and Article 25a, paragraph 5, also in conjunction with a regulation pursuant to Article 25a, paragraph 6, in accordance with Article 25a, paragraph 1, sentence 6, point 1, paragraph 3, in accordance with § § 25b, 25c paragraphs 2 to 4b, § 25d paragraphs 3 to 12, § 26a, in accordance with § § 13 and 14 paragraph 1, also in each case also in connection with a legal regulation pursuant to § 22, in accordance with § 51a (1) also in conjunction with a legal regulation pursuant to § 51a (1), in accordance with Article 51b (1), also in conjunction with a regulation pursuant to Section 51b (2) and Article 51c (1),

b)

in accordance with § § 17, 20, 23, 25 and 27 of the Financial Conglomerate-Supervisory Law,

c)

pursuant to Article 4 (1), (2) and (3), second subparagraph, 9 (1) to (4) and 11 (1) to (10), (11), first subparagraph, and (12) of Regulation (EU) No 648/2012,

d)

in accordance with Articles 92 to 386 of Regulation (EU) No 575/2013 also in conjunction with a legal regulation pursuant to Article 10 (1), first sentence, Articles 387 to 403 of Regulation (EU) No 575/2013 also in conjunction with a legal regulation pursuant to § 13 The first sentence of paragraph 1, in accordance with Articles 404 to 409 of Regulation (EU) No 575/2013,

e)

in accordance with Article 4 (1), first subparagraph, Article 5a (1) and Articles 8b to 8d of Regulation (EC) No 1060/2009, as amended, in so far as it is not in accordance with Article 17 (2) in conjunction with Article 36 (1) sentence 1 of the Securities trading law is under consideration.

If an institution is exempted in accordance with Section 2a (1), the auditor shall examine the continued existence of the conditions set out in Article 7 of Regulation (EU) No 575/2013, as amended. If an institution is exempted in accordance with Section 2a (3), the auditor shall examine the continued existence of the conditions set out in Article 8 of Regulation (EU) No 575/2013, as amended in each case. If, in accordance with Section 30, the Federal Institute has taken provisions relating to the content of the examination in relation to the Institute, these shall be taken into account by the examiner. In the event of the audit of the annual financial statements, the auditor shall also have to consider whether or not reserves are credited to the institution's own capital stock. § 10 (4a) to (4c) shall be determined in the case until 31 December 2013. shall be complied with. In the case of a credit institution which has been requested to draw up a recovery plan in accordance with § 12 of the Sanitization and Settlement Act, the auditor shall also have to consider whether the restructuring plan meets the requirements of § 12 (1) and § 13 (1) of the Sanation Plan. Up to 4 of the Sanation and Resolution Act. The results shall be included in the audit report. (1a) Paragraph 1 shall apply with regard to the requirements of Article 4 (1), (2) and (3), second subparagraph, 9 (1) to (4) and 11 (1) to (10), (11), first subparagraph, and (12) of the Regulation (EU) No 648/2012 for the audit of the annual accounts of central counterparties, provided that the auditor has to verify in addition whether the requirements of Article 7 (1) to (4), Article 8 (1) to (4) and Articles 26, 29, 33 to 54 of Regulation (EU) No 648/2012 and of the technical provisions adopted pursuant to these Articles Regulatory standards are complied with. Sentence 1 shall apply in accordance with the shortened conclusion of a central counterparty if such a central counterparty is to be drawn up in accordance with the legal requirements. (2) The examiner also has to examine whether the institution is fulfilling its obligations under § § 24c and 25h to 25n, to the Money Laundering Act and to Regulation (EC) No 1781/2006; in the case of credit institutions, the auditor also has to consider whether the credit institution has fulfilled its obligations under Regulation (EC) No 924/2009 and Regulation (EU) No 260/2012 has arrived. In addition, it has the obligation to comply with the notification and publication obligations and other requirements of Articles 5 to 10 and 12 to 14 of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (OJ L 327, 22.4. OJ L 86, 24.3.2012, p. 1). In the case of institutions, branches within the meaning of § 53b and branches within the meaning of § 53, which operate the custodian business, he has to examine this business in particular, insofar as it is not to be considered in accordance with Section 36 (1) sentence 2 of the Securities Trading Act; This examination also has to extend to compliance with Section 128 of the German Stock Corporation Act (Stock Corporation Act) and Section 135 of the German Stock Corporation Act (AktG) on the exercise of voting rights. In the case of Pfandbrief banks within the meaning of Section 1 (1) sentence 1 of the Pfandbrief Act, compliance with the requirements of the Pfandbrief Act with regard to the technical connection of the Pfandbrief business systems to the overall banking systems shall be considered. The examinations according to the sentences 1 to 4 shall be reported separately; § 26 (1) sentence 3 shall apply accordingly. (3) The examiner shall immediately notify the Bundesanstalt and the Deutsche Bundesbank if facts are known to him during the examination. , which justify the restriction or failure of the confirmation of the institution which may endanger the institution ' s stock or substantially affect its development, which constitutes a significant breach of the provisions relating to the Admission requirements of the Institute or the exercise of an activity under this Act or the serious breaches of the law, the articles of association or the social contract by the directors of the business. At the request of the Bundesanstalt or the Deutsche Bundesbank, the auditor has to explain to them the audit report and to communicate any other facts which have become known during the examination and which are contrary to the regular conduct of the business of the Institute. The notification, explanation and notification obligations under sentences 1 and 2 also exist in relation to a company which is closely associated with the Institute, provided that the examiner is aware of the facts in the course of the examination of the Institute. The examiner is not liable for the accuracy of facts which he indicates in good faith pursuant to this paragraph. (4) The Federal Ministry of Finance is authorized, in agreement with the Federal Ministry of Justice and after hearing of the Germans Bundesbank by means of legal regulation more detailed provisions on

1.

the subject of the examination referred to in paragraphs 1 and 2,

2.

the date of their implementation; and

3.

the contents of the audit reports

, in so far as this is necessary for the performance of the tasks of the Federal Agency, in particular maladministration which endanger the security of the assets entrusted to an institution or the proper conduct of banking operations or financial services, which may affect financial services, as well as uniform documentation for the assessment of the transactions carried out by the institutions. It may be determined in the Regulation that the duties provided for in paragraphs 1 to 3 shall also be subject to the audit of the consolidated financial statements of a group, financial holding group or mixed financial holding group or financial conglomerate , more detailed provisions on the subject-matter of the examination, the date of its implementation and the content of the audit report may be adopted in accordance with the provisions of the first sentence. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation.

Footnote

(+ + + § 29 (1) sentence 2: For application, see Section 64o (2) + + +)
(+ + + § 29 (1a): For application, see Section 64o (3) + + +) Unofficial table of contents

Section 30Determination of examination contents

Without prejudice to the special obligations of the auditor in accordance with § 29, the Federal Institute may also meet with the Institute provisions on the content of the audit to be taken into consideration by the auditor in the context of the annual financial audit. In particular, it may set priorities for the tests.

7.
Exemptions

Unofficial table of contents

Section 31 Liberation; Regulation authorisations

(1) The Federal Ministry of Finance may, after hearing the German Federal Bank, by means of a regulation which does not require the approval of the Federal Council,

1.

all institutions or types or groups of institutions from the obligation to display certain loans and offences in accordance with § 14 (1) and section 24 (1) (1) to (4) and (6) and (6) and (1a), types or groups of institutions, from the obligation to submit Financial information pursuant to § 25 or from the obligation pursuant to § 26 (1) sentence 2, to explain the annual accounts in an annex, as well as to the directors of an institution of the obligation to display holdings pursuant to § 24 para. 3 no. 2 of the exemption if the information for supervision is of no importance;

2.

To exempt types or groups of institutions from compliance with § 26 if the peculiate nature of the business is justified;

3.

all institutions which are not CRR institutions, or any type or group of institutions other than CRR institutions, exempt from obligations to indicate certain loans and offences covered by Regulation (EU) No 575/2013.

The Federal Ministry of Finance can transfer this authorisation to the Federal Institute by means of a regulation of law, with the proviso that the legal regulation shall be issued in consultation with the Deutsche Bundesbank. (2) The Federal Institute may grant individual institutions of Obligations pursuant to § 13 (1) and (2), § 15 (1) sentence 1 No. 6 to 11 and (2), § 24 (1) No. 1 to 4, § § 25, 26 and 29 (2) sentence 2, as well as of the obligation pursuant to § 15 (1) sentence 1 to grant credit only on market conditions, , where this is due to special reasons, in particular because of the nature or extent of the Stores, is displayed. It may also exempt undertakings providing exclusively financial services in accordance with Article 1 (1) (2) (9) or (10) of the obligations laid down in Article 25a (1), third sentence 3 (3) (c), if this is due to special reasons, in particular on the basis of the size of the institute. The exemption may be made at the request of the Institute or on its own account. (3) A parent company according to § 10a has to inform the Federal Institute and the Deutsche Bundesbank of the intention to issue Article 19 (1) of Regulation (EU) No. 575/2013 in the applicable version for a company; in addition, it has to be informed once a year, in a collective indication, of the companies that it applies in accordance with Article 19 (1) of Regulation (EU) No 575/2013, as amended from the summary pursuant to § 12a (1) sentence 1, section 25 (2) and Articles 11 to 18 of Regulation (EU) No 575/2013, as amended in each case. (4) (omitted) (5) (omitted) (6) (omitted)

Third Section
Provisions relating to the supervision of institutions

1.
Approval for business operations

Unofficial table of contents

§ 32 Permission

(1) Anyone wishing to conduct banking transactions or to provide financial services domesically or to an extent that requires a business establishment in a commercial manner, or who wishes to provide financial services, shall require the written permission of the supervisory authority; the Federal Institute has to apply Article 37 (4) of the Administrative Procedure Act. The permit must contain

1.

appropriate evidence of the means necessary for the operation of the business;

2.

the indication of the managers;

3.

the information required for the assessment of the reliability of the applicants and of the persons referred to in Article 1 (2) sentence 1;

4.

the information required for the assessment of the professional competence of the holders and of the persons referred to in the first sentence of Article 1 (2) (1), as required by the institution;

4a.

the information required for the assessment of whether the managers have sufficient time to perform their tasks;

5.

a workable business plan, which will result in the nature of the operations envisaged, the organisational structure and the internal control procedures of the Institute;

6.

provided that significant holdings are held at the Institute:

a)

the indication of the holders of significant holdings;

b)

the level of these holdings;

c)

the information required for the assessment of the reliability of such holders or legal representatives or persons liable to be personally liable,

d)

provided that these holders have annual accounts: the financial statements of the last three financial years, together with the audit reports of independent auditors, if they are to be drawn up, and

e)

provided that these holders belong to a group: the disclosure of the group structure and, where such financial statements are to be drawn up, the consolidated consolidated financial statements of the last three financial years, together with audit reports of independent auditors, where they are to be drawn up;

6a.

provided that no significant shareholdings are held at the institution, the maximum 20 largest shareholders;

7.

an indication of the facts which indicate a close link between the institution and other natural persons or other undertakings;

8.

an indication of the members of the administrative or supervisory body, in addition to the facts required for the assessment of their reliability and expertise, and the information necessary for the assessment of whether or not they are responsible for the performance of their duties may devote sufficient time.

The advertisements and documents to be submitted in accordance with the second sentence shall be determined in more detail by means of a regulation pursuant to Section 24 (4). The obligations laid down in point 6 (d) and (e) of the second sentence shall not apply to financial services institutions. (1a) Those who, in addition to the operation of banking transactions or the provision of financial services within the meaning of Article 1 (1) (1) (2) (1) to (5) and (11) Also requires the written permission of the Federal Institute for its own business. The first sentence of the first sentence of paragraph 1 and paragraphs 2, 4 and 5 as well as sections 33 to 38 shall apply accordingly. (1b) The permission for the restricted custody business within the meaning of Section 1 (1a), second sentence, point 12 may only be granted if the permit is granted for the provision of at least one financial service within the meaning of the second sentence of paragraph 1 (1) (2) (1) to (4) or for the operation of a banking transaction within the meaning of the second sentence of paragraph 1 (1), or shall be issued at the same time; with the erasing or termination of such a Permission is granted for the restricted custody business. (2) The Federal Institute may grant the Give permission, subject to conditions, which must comply with the purpose of this Act. It may restrict permission to individual banking transactions or financial services. (3) Before granting permission, the Federal Institute has to hear the security establishment considered for the Institute. (3a) With the granting of permission shall be notified to the institution, provided that it is liable in accordance with the provisions of the second section of the Deposit Guarantee Act or in accordance with Section 8 (1) of the Investor Compensation Act, to communicate the compensation facility to which the institution is assigned (4) The Federal Agency has granted the permission in the Federal Gazette (Bundesanzeiger). (5) The Bundesanstalt has on its website a register of institutes in which it has been granted all domestic institutes, to which a licence pursuant to paragraph 1, also in connection with § 53 (1) and (2), has been issued, with the date of issue and the extent of the authorization and, where appropriate, the date of the deletion or the waiver of the permit. The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, lay down more detailed provisions concerning the content of the register and the obligations of the institutions to carry out the necessary duties in the conduct of the register. (6) Insofar as a payment institution has been granted a permit pursuant to Section 8 (1) of the Payment Services Supervisory Act or an electronic money institution for a permit pursuant to Section 8a (1) of the Payment Services Supervisory Act and in addition to this In accordance with Article 1 (1) (2) (9), the payment institution shall be required to: E-money-institute shall not be permitted under paragraph 1. The obligation to notify pursuant to Article 14 (1) is to be fulfilled and § 14 (2) to (4) apply. (7) The draft decision of the Bundesanstalt in accordance with Article 14 (2) of Regulation (EU) No 1024/2013 shall be subject to paragraphs 1, 2, first sentence, and paragraph 3. , The tasks referred to in paragraphs 3a to 5 shall be carried out by the Bundesanstalt without prejudice to whether the permission is granted by the European Central Bank or by the Federal Institute.

Footnote

(+ + + § 32: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

§ 33 Say of permission

(1) The permission shall be refused if:

1.

the resources required for the operation of the business, in particular a sufficient initial capital consisting of hard core capital, are not available in the country; initial capital must be available

a)

in the case of investment advisers, investment intermediaries, terminating agents, investment managers and financial portfolio managers, operators of multilateral trading systems or undertakings operating the placement business, which are not authorised to do so in the course of the provision of to obtain ownership or possession of funds or securities of customers by financial services, and who do not act on its own account with financial instruments, an amount equivalent to at least EUR 50 000;

b)

in the case of other financial services institutions which do not act on their own account with financial instruments, an amount equivalent to at least EUR 125 000;

c)

in the case of financial services institutions acting on their own account with financial instruments, in the case of financial services institutions which provide the limited depositary business within the meaning of Article 1 (1) (1) (12), and securities trading banks, an amount equivalent to at least EUR 730 000;

d)

in the case of CRR credit institutions, an amount equivalent to at least EUR 5 million;

e)

(dropped)

f)

in the case of investment advisers, investment intermediaries and terminating intermediaries who are not authorised to obtain ownership or possession of customers ' funds or securities in the provision of financial services, and not on their own account, Financial instruments shall amount to EUR 25 000 if, in addition, they act as insurance intermediaries in accordance with Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance intermediaries (OJ L 327, 22.12.2002, p. EU No 3) are entered in a register and comply with the requirements of Article 4 (3) of Directive 2002 /92/EC, and

g)

in the case of undertakings which only operate their own operations in foreign derivatives markets and in the case of credit markets in order to secure those positions, the financial commission business or the investment mediation shall only provide for other members of those markets, or in the case of proprietary trade within the meaning of Article 1 (1a), second sentence, point 4, point (a), as market makers within the meaning of section 23 (4) of the Securities Trading Act, issue prices for other members of these markets, an amount of EUR 25 000, provided that: Fulfilment of the contracts concluded by these undertakings in these markets or in these trading systems , conclude clearing members of the same markets or trading systems;

2.

where it is established that an applicant or any of the persons referred to in the first sentence of Article 1 (2) are not reliable;

3.

Facts which justify the assumption that the holder of a significant holding or, if he is a legal person, also a legal or statutory representative, or, if he is a person-trading company, also a members, are not reliable or, for other reasons, do not meet the requirements to be met in the interests of sound and prudent management of the Institute;

4.

where it appears that the holder or one of the persons referred to in the first sentence of Article 1 (2) does not have the professional competence required for the management of the Institute and also not another person pursuant to Article 25c (5) as the manager is designated;

4a.

where there is evidence that a manager does not have sufficient time to perform his/her duties;

4b.

where it is established that a manager is in breach of the requirements of Section 25c (2);

4c.

the institution shall, in the event of the granting of the authorisation, subsidiaries of a financial holding company within the meaning of Article 4 (1) (20) of Regulation (EU) No 575/2013 or of a mixed financial holding company within the meaning of Article 4 (1) (a) 1 (32) of Regulation (EU) No 575/2013, which justifies the assumption that a person is not reliable within the meaning of section 2d or who is not responsible for managing the transactions of the financial holding company or of the mixed financial holding company has the necessary professional competence;

5.

a credit institution or a financial services institution empowered to obtain ownership or possession of customers ' funds or securities in the course of the provision of financial services, or in accordance with a certificate issued by the Bundesanstalt; in accordance with Section 4 (1) (2) of the Act on the Certification of Retirement Pensions, it is empowered to offer retirement pension contracts, not at least two managers who are not only voluntary for the Institute;

6.

the institution has its head office and, in so far as it is a legal person and not a branch within the meaning of § 53, its legal seat is not domestic;

7.

the institution is not prepared or is in a position to make the necessary organisational arrangements for the proper operation of the transactions for which it is requested to do so;

8.

the applicant is a subsidiary of a foreign credit institution and the foreign supervisory authority responsible for this credit institution has not agreed to the establishment of the subsidiary.

An investment adviser or intermediary who is not authorised to obtain the ownership or possession of clients ' funds or securities in the provision of financial services, and who does not on his own account with financial instruments , the authorization referred to in point (a) of the first sentence shall not be refused if, instead of the initial capital, it is to conclude a suitable insurance scheme for the protection of customers who have an insurance sum of at least EUR 1 000 000 for each Insurance case and an insurance sum of at least EUR 1 500 000 for all insurance cases of an insurance year. The second sentence shall apply to investment advisers and investment intermediaries who, in addition to insurance intermediaries under Directive 2002/92/EC, are entered in a register and which satisfy the requirements of Article 4 (3) of Directive 2002 /92/EC, subject to the conditions laid down in Article 4 (2) of Directive 2002 /92/EC. (2) The Federal Office may refuse permission if the facts are to be adopted by the Federal Office of the Council of the European Union. justify the fact that effective supervision of the Institute is impaired. This is particularly the case if:

1.

the institution is integrated into a group of undertakings with other persons or undertakings, or is in close contact with such a group of persons, who is subject to the structure of the equity or poor economic transparency of the institution; effective supervision of the Institute;

2.

an effective supervision of the Institute shall be affected by the laws, regulations or administrative provisions of a third country applicable to such persons or undertakings;

3.

the Institute shall be a subsidiary of an institution established in a third country which is not effectively supervised in the State of its registered office or head office, or whose supervisory authority is responsible for satisfactory cooperation with the institution Federal Agency is not ready.

The Federal Institute may also refuse permission if, contrary to Section 32 (1) sentence 2, the application does not contain sufficient information or documents. (3) For reasons other than those mentioned in paragraphs 1 and 3, the permission must not be refused. (4) The Bundesanstalt must inform the applicant of a permit within six months of the submission of the complete dossier for a permit application in accordance with § 32 para. 1 sentence 2, whether a permit is granted or refused. If within twelve months from the date of receipt of the application to the Bundesanstalt, despite the Bundesanstalt's request to complete the application within one month, there are no sufficient information or documents to be submitted by the Federal Institute for the Environment , the application should be rejected.

Footnote

(+ + + § 33: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

§ 33a Suspension or restriction of the authorisation of undertakings with registered offices outside the European Union

The supervisory authority shall suspend or restrict the decision on an application for the authorisation of undertakings with registered offices outside the European Union or of subsidiaries of such undertakings, if such a request is made by a competent authority. Decision of the Council or of the European Commission, which has been adopted in accordance with Article 147 of Directive 2013 /36/EU. The suspension or restriction shall not exceed three months from the date of the decision. Sentences 1 and 2 shall also apply to applications submitted after the date of the decision. If the Council decides to extend the period referred to in the second sentence, the supervisory authority shall comply with this extension of the time limit and shall extend the suspension or restriction accordingly. Unofficial table of contents

Section 33b Consultation of the competent authorities of another State of the European Economic Area

Should a permit be granted for the operation of banking transactions pursuant to § 1 (1) sentence 2 no. 1, 2, 4 or 10 or for the provision of financial services in accordance with § 1 (1a) sentence 2 no. 1 to 4 to a company which

1.

A subsidiary or sister company of a CRR institution or a first insurance undertaking, and whose parent undertaking is authorised in another Member State of the European Economic Area; or

2.

is controlled by the same natural persons or undertakings which control a CRR Institute or a first insurance undertaking established in another State of the European Economic Area,

, the supervisory authority shall consult the competent authorities of the home Member State prior to the granting of the permit. The hearing shall cover, in particular, the information provided for the assessment of the reliability and professional competence of the persons referred to in Article 1 (2), first sentence, and for the assessment of the reliability of the holders of a significant Participation in undertakings of the same group established in the State concerned of the European Economic Area is required. Unofficial table of contents

Section 34 Deputy and continuation in case of death

(1) § 45 of the Industrial Code shall not apply to institutions. (2) After the death of the holder of the permit, an institution may be continued by two alternates without permission for the heirs up to the duration of one year. The alternates shall be determined immediately after the death; they shall be considered as directors. If a deputy is not reliable or if he does not have the necessary professional competence, the supervisory authority can prohibit the continuation of the business. It may extend the period referred to in the first sentence for specific reasons. A substitute shall be sufficient for financial services institutions which are not authorised to obtain the ownership or possession of funds or securities of customers in the provision of financial services.

Footnote

(+ + + § 34: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

§ 35 Erasing and waiver of permission

(1) Permission shall be issued if it is not made use of within a year since its grant. The permit shall also be issued if the CRR credit institution has been excluded from the compensation facility pursuant to Section 41 of the Deposit Guarantee Act by the statutory compensation institution or pursuant to Section 11 of the Investor Compensation Act or the Bundesanstalt has determined, in accordance with Section 47 (3) sentence 1 of the Deposit Guarantee Act, that the institution's affiliation to a Deposit Guarantee Scheme is not given. Sentence 2 shall not apply to the extent that the European Central Bank is a supervisory authority. In such a case, the Bundesanstalt shall submit a draft decision pursuant to Article 14 (5) of Regulation (EU) No 1024/2013. The authorization for the operation of banking transactions within the meaning of Article 1, second sentence, point 12 shall also be issued if the admission of the central counterparty pursuant to Article 14 of Regulation (EU) No 648/2012 for the provision of clearing services by the (2) The supervisory authority may revoke the authorisation, except in accordance with the provisions of the Administrative Procedure Law, if:

1.

the business to which the permit relates has not been exercised for more than six months;

2.

a credit institution is operated in the legal form of the individual businessman;

3.

they are aware of the facts which would justify the failure to grant permission in accordance with the first sentence of Article 33 (1) (1) (1) to (8) or (2) (1) to (3);

4.

Risk for the performance of the institution's obligations towards its creditors, in particular for the security of the assets entrusted to the institution, and the risk shall not be averted by other measures under this law , there is also a risk to the security of the assets entrusted to the institution

a)

in the event of a loss in the amount of half of the own resources applicable under Article 72 of Regulation (EU) No 575/2013, as amended, or

b)

in the case of a loss of more than 10 per cent of the own resources applicable in each case in accordance with Article 72 of Regulation (EU) No 575/2013, in at least three successive financial years;

5.

(dropped)

6.

the Institute has consistently failed to comply with the provisions of this Act, the Money Laundering Act, the Securities Trading Act or the regulations or orders issued for the implementation of these laws;

7.

(dropped)

8.

the prudential requirements laid down in Articles 92 to 403 and 411 to 428 of Regulation (EU) No 575/2013 are no longer met.

(2a) The authorisation shall be revoked by the supervisory authority if insolvency proceedings have been opened by the institution or if the dissolution of the institute has been decided. The omission of permission shall not prevent the persons responsible for the liquidation from continuing to pursue certain activities of the Institute, to the extent that this is necessary or indicated for the purposes of insolvency proceedings or winding-up proceedings. (2b) If the European Central Bank is the supervisory authority, the Bundesanstalt may submit draft decisions pursuant to Article 14 (5) of Regulation (EU) No 1024/2013 in accordance with the provisions of paragraphs 2 and 2a. (3) § 48 (4) sentence 1 and section 49 (2) sentence 2 of the Administrative procedure law for the period of the year is not applicable. (4) If the permission is granted of an institution responsible for the operation of banking transactions or the provision of financial services, the supervisory authority shall immediately inform the competent authorities of the other States of the European Economic Area in which the institution is responsible It has established branches or has been active in the field of cross-border trade in services. Unofficial table of contents

Section 36 Abconvening of heads of directors and members of the administrative or supervisory body

(1) In the cases of Section 35 (2) (3), (4) and (6), the Federal Institute may, instead of waiver, require the responsible directors to be convened, and these directors may also require these directors to carry out their duties at institutions in the the legal form of a legal person. For the purposes of the first sentence of sentence 1, section 35 (2) no. 4 is to be applied with the proviso that the calculation of the amount of the loss of accounting aid by means of which a loss certificate is reduced or avoided shall not be taken into account. (1a) In the Cases referred to in Article 20 (1) (b) to (d) of Regulation (EU) No 648/2012 may, instead of waiver, require the Bundesanstalt to convene the responsible directors and to carry out the exercise of the competent directors ' duties. Prohibit the activity of institutions in the legal form of a legal person. The Federal Institute may also require a dismise if the conditions set out in Article 27 (1) of Regulation (EU) No 648/2012 are not met or if the conditions of Article 31 (1) of Regulation (EU) No 648/2012 are fulfilled. (2) The Federal Institute may also require the dismise of a head of business and may also prohibit that manager from carrying out his duties with institutions in the legal form of a legal person, if he or she is intentional or reckless. against the provisions of this Act, of Regulation (EU) No 575/2013, which Regulation (EU) No 648/2012, the Law on building societies, the depositary act, the Money Laundering Act, the Capital Anladiary, the Pfandbrief Act, the Payment Services Supervision Act or the Securities Trading Act, against which to implement of these laws, the acts adopted for the implementation of Directive 2013 /36/EU and Regulation (EU) No 575/2013, the acts adopted pursuant to Regulation (EU) No 648/2012 or the orders of Bundesanstalt has violated and notwithstanding warning by the Federal Institute (3) The Bundesanstalt may depart from the company referred to in § 25d (3) sentence 1 and 2 as well as § 25d (3a) sentence 1 the dismise of one of the persons referred to in § 25d (3) sentences 1 and 2 and § 25d (3a) sentence 1 require and prohibit the pursuit of their duties by such person, if:

1.

the existence of facts resulting from the fact that the person is not reliable,

2.

where it appears that the person is not in possession of the necessary technical knowledge,

3.

the fact that the person does not devote sufficient time to the performance of their duties,

4.

the person has remained concealed from the company's fundamental violations of the principles of good management due to the exercising of its supervisory and control function in an irregular manner, and that the person is responsible for this kind of anti-care behaviour, despite the fact that the company has not been properly Continuing the warning by the Federal Institute,

5.

the person did not take all necessary measures to remove any committed violations and continue to refrain from doing so despite the warning by the Federal Institute,

6.

the person referred to in the first sentence of Article 25d (3) or the second sentence of paragraph 3 is already the manager of the same undertaking;

7.

the person referred to in the first sentence of Article 25d (3) or the second sentence of paragraph 3 was the manager of the same undertaking and two former directors of the undertaking are already members of the administrative or supervisory body;

8.

the person referred to in the first sentence of Article 25d (3) or the second sentence of paragraph 3 has more than four control mandates and the Bundesanstalt has not allowed it to carry out other mandates,

9.

the person referred to in the first sentence of Article 25d (3) or (2) exercises more than one business manager and two supervisory functions and the Bundesanstalt has not allowed it to carry out further mandates; or

10.

the person referred to in the first sentence of Article 25d (3a) carries out more than five control mandates under the supervision of the Bundesanstalt.

In the case of institutions which are subject to special legal supervision on the basis of their legal form, a measure in accordance with the first sentence shall not be taken until after consultation with the competent authority for the supervision of the institutions. If the Court of First Instance has appointed a member of the Supervisory Board at the request of the Supervisory Board, the application may also be filed by the Federal Office if the conditions set out in the first sentence of the first sentence of the first sentence of the first sentence of the first sentence are fulfilled if the Supervisory Board The appointment of the supervisory authority has not been complied with. The employees ' representatives on the Supervisory Board are convened solely in accordance with the provisions of the co-determination laws.

Footnote

(+ + + § 36 (3) sentence 1 and 2: For non-application, see Section 2 (9a) sentence 1 + + +) Unofficial table of contents

Section 37 intervention against illegal or prohibited transactions

(1) If banking operations or financial services are carried out without the necessary authorization pursuant to § 32, clearing services shall be deemed to be central counterparty without the authorisation required under Article 14 of Regulation (EU) No 648/2012. , the Bundesanstalt may order the immediate cessation of the business operation and the immediate handling of such transactions with the company and the members of its organs. It may enact instructions for the settlement and appoint a suitable person as a liquidate. It may make known its measures in accordance with the first and second sentences. The powers of the Bundesanstalt pursuant to the sentences 1 to 3 also exist in relation to the company which is involved in the initiation, conclusion or settlement of these transactions. (2) The liquidate is a request for the opening of a business. Insolvency proceedings on the assets of the company shall be entitled to insolvency proceedings. (3) The settlement shall receive an appropriate remuneration from the Bundesanstalt and the replacement of its expenses. The amounts paid are to be reimbursed to the Federal Institute by the company and are to be pre-shot at the request of the Federal Institute. The Bundesanstalt may instruct the company concerned to pay the amount fixed by the Bundesanstalt directly to the developer on behalf of the Bundesanstalt, if this does not affect the independence of the winder is. Unofficial table of contents

§ 38 Consequences of the annulment and deletion of the permit, measures in the handling of

(1) In the case of legal persons and partnerships, the Bundesanstalt may determine that the institution is to be uncovered by the supervisory authority or shall be granted permission to do so. Your decision will act as a resolution decision. It must be communicated to the register court and entered into the register of commercial or cooperative registers. (2) The Bundesanstalt may issue instructions for the settlement of an institute or its banking operations and financial services. At the request of the Bundesanstalt, the Court of First Instance has to appoint a liquidate, if the persons otherwise appointed for the conduct of banking and financial services do not provide any guarantee for the settlement of the order. If the court does not have jurisdiction, the Bundesanstalt appoints the winder. (2a) The winder receives an appropriate remuneration from the Bundesanstalt and the replacement of his expenses. The amounts paid shall be reimbursed separately to the Federal Institute by the legal person or the persons trading company concerned and shall be pre-shot at the request of the Federal Institute. The Bundesanstalt may instruct the legal person or persons trading company concerned to pay the amount fixed by the Bundesanstalt directly to the developer on behalf of the Bundesanstalt, if this does not affect the (3) The Bundesanstalt has to make known the cancellation or the erasing of the permission in the Federal Gazette. It must inform the competent authorities of the other Member States of the European Economic Area in which the institution has established branches or has been active in the field of cross-border trade in services. (4) Paragraphs 1 and 2 shall not apply to legal persons governed by public law.

Footnote

(+ + + § 38: For application, see Section 39 (4) of the KAGB + + +)

2.
Label protection

Unofficial table of contents

Section 39-Terms "Bank" and "Banker"

(1) The term "bank", "banker" or a name in which the word "bank" or "banker" is contained may, unless otherwise specified by law, be used in the company, as an addition to the company, to describe the business purpose or to the name of the company. Only guide advertising

1.

credit institutions which have a permit pursuant to § 32, or branches of undertakings pursuant to § 53b (1) sentence 1 and 2 or (7);

2.

other undertakings which, upon the entry into force of this Act, have authorised such a designation in accordance with the provisions of the previous legislation.

(2) The term "Volksbank" or a name in which the word "Volksbank" is contained may only retake credit institutions which are operated in the legal form of a registered cooperative and belong to an audit association. (3) The Bundesanstalt may, upon granting of a permit, determine that the names referred to in paragraph 1 may not be used if the nature or extent of the business of the credit institution after the traffic view has led to the management of such a name. are not justified. Unofficial table of contents

Section 40-name "Sparkasse"

(1) The name "savings bank" or a name in which the word "savings bank" is contained may only lead in the company, as an addition to the company, to the name of the business purpose or for advertising purposes only

1.

public-sector savings banks, which have a permit in accordance with § 32;

2.

other undertakings which, upon the entry into force of this Act, have authorised such a designation in accordance with the provisions of the previous legislation;

3.

Undertakings which are re-established by the conversion of the undertakings referred to in paragraph 2 as long as they have special characteristics, in particular a task oriented towards the common good, and a restriction on the essential elements, on the basis of their statutes. Business activity in the economic area in which the company has its registered office, to the extent that it is before the conversion.

(2) Credit institutions within the meaning of § 1 of the Law on Building Savings Banks may lead the name "Bausparkasse", registered cooperatives belonging to an examination association, to the name "savings and loan fund". Unofficial table of contents

Section 41 Exceptions

§ § 39 and 40 do not apply to companies that have the words "bank", "banker" or "savings bank" in a context that excludes the appearance of running banking transactions. Credit institutions having their head office abroad may, in their domestic activities, lead the names in § 39 para. 2 and in § 40 in the company, as an addition to the company, to the name of the business purpose or for advertising purposes, if they are to be used for the management of the company. of this designation in their State of State and they shall be complementary to the name of the name pointing to their Member State of the State of the host Member State. Unofficial table of contents

Section 42 Decision of the Bundesanstalt

In cases of doubt, the Bundesanstalt decides whether a company has the power to lead the names referred to in § § 39 and 40. It shall inform the register court of its decisions.

Footnote

(+ + + § 42: For application, see § 3 para. 5 KAGB + + +) Unofficial table of contents

Section 43 Register provisions

(1) Insofar as the operation of banking transactions or the provision of financial services requires permission in accordance with § 32, entries in public registers may only be made if the register court has been granted permission to do so. (2) If a company leads a company or an addition to the company whose use is inadmissible pursuant to § § 39 to 41, the register court has the company to dismiss the use of the company or the addition to the company by fixing the company § 392 of the Act on the Procedure in Family Matters and in the Matters of voluntary jurisdiction shall apply accordingly. § 395 of the Law on the Procedure in Family Matters and in the matters of voluntary jurisdiction remains unaffected. (3) The Bundesanstalt is entitled to act in proceedings of the register court, which are related to the registration or modification of the Legal relationships or the company of credit institutions or companies which, in accordance with § § 39 to 41, use illegal designations to submit applications and which under the Act on the procedure in family matters and in the affairs of the the voluntary legal remedies available.

Footnote

(+ + + § 43: For application see § 3 para. 5 KAGB + + +)

3.
Information and examinations

Unofficial table of contents

Section 44 Information and audits of institutions, providers of ancillary services, financial holding companies, mixed financial holding companies and undertakings included in the supervision of a consolidated financial base

(1) An institution or a parent company, the members of their institutions and their employees shall have the Bundesanstalt, the persons and entities whose functions the Federal Institute shall serve in carrying out its tasks, and the members of the institution, the institution or the institution. On request, the Bundesbank shall provide information on all business matters, submit documents and, if necessary, make copies of all business matters. The Federal Institute may, even without special occasion, carry out exams at the institutes and superordinate companies and transfer the performance of the examinations of the Deutsche Bundesbank; this includes companies to which an institute or Parent company has outsourced essential areas within the meaning of § 25b (offload company). The staff of the Bundesanstalt, the Deutsche Bundesbank, and the other persons whose members the Bundesanstalt is serving in carrying out the examinations may, for this purpose, the premises of the Institute, the swap company and the Enter and visit the parent company within the usual operating hours and business hours. The persons concerned shall be subject to measures taken in accordance with sentences 2 and 3. (1a) Where a central counterparty, subject to the conditions laid down in Article 35 (1) of Regulation (EU) No 648/2012, has operational functions, services or activities A company shall be outsourced, the powers of the Bundesanstalt pursuant to the second sentence of paragraph 1 and 3 shall also apply accordingly to that undertaking; paragraph 1, sentence 4 shall apply accordingly. (2) A parent company within the meaning of Section 10a, a Financial holding company at the head of a financial holding group within the meaning of § 10a, a mixed A financial holding company at the head of a mixed financial holding group within the meaning of § 10a or a mixed holding company as well as a member of an institution of such a company shall have the Federal Institute, the persons and entities, , the Federal Institute for the performance of its duties, and the Deutsche Bundesbank, on request, to supply information, to submit documents and, if necessary, to make copies, in order to verify the accuracy of the information or the information provided by the Bundesbank. to verify data transmitted for the supervision of aggregated data They must be based on or in connection with a legal regulation pursuant to § 25 (3) sentence 1. The Bundesanstalt may, even without special occasion, carry out audits of the companies referred to in the first sentence and carry out the performance of the examinations carried out by the Deutsche Bundesbank; the second sentence of the second sentence of paragraph 1 shall apply accordingly. The employees of the Bundesanstalt, the Deutsche Bundesbank and the other persons whose members of the Federal Institute are serving in carrying out the tests may, for this purpose, the business premises of the companies within the normal operating and operating conditions. Enter and visit business hours. The persons concerned shall tolerate measures taken in accordance with sentences 2 and 3. The sentences 1 to 4 apply accordingly to a subsidiary not included in the summary and to a mixed company and its subsidiaries. (2a) The Federal Institute for the supervision of a group of institutes requires the Federal Institute to: Financial holding group, a mixed financial holding group or mixed holding group information already available to another competent body, it shall first send its requests for information to that competent body. In the supervision of institutions subordinate to an EU parent institute according to § 10a, the Bundesanstalt regularly directs requests for information for the implementation of the approaches and methods according to Directive 2013 /36/EU to those responsible for the supervision of the institutions. (3) The entities incorporated in the summary, having their head offices abroad, shall, at the request of the Bundesanstalt, permit the examinations permitted under this Act, in particular the review of the Accuracy of the information provided for the summary pursuant to § 10a (4) to (7), § 25 (2) and (3) and after Articles 11 to 17 of Regulation (EU) No 575/2013, as amended, provided that this is necessary for the performance of the tasks of the Bundesanstalt and is permitted under the law of the other State. This also applies to subsidiaries which are not included in the summary and have their head office abroad. (3a) (omitted) (4) The Federal Institute may attend the General Meetings, General Meetings or Shareholders ' Meetings, as well as the meetings of the Supervisory bodies at institutions, financial holding companies or joint financial holding companies shall send representatives in the legal form of a legal person. They may take the floor in the assembly or sitting. The institutions, financial holding companies and mixed financial holding companies in the legal form of a legal person have, at the request of the Federal Institute, the following measures to be taken into account. To convene the assemblies referred to in the first sentence of paragraph 4, to convene meetings of the administrative and supervisory bodies and to make the announcement of items for decision-making. The Bundesanstalt may send representatives to a meeting scheduled to take place in accordance with the first sentence. These may take the floor in the sitting. The persons concerned shall tolerate measures taken in accordance with sentences 2 and 3. Paragraph 4 shall remain unaffected. (5a) Paragraphs 1 to 5 shall apply only to the extent that the Federal Agency is the supervisory authority within the meaning of Article 1 (5) (2). (6) The information provided for the purpose of providing information may refuse to provide information on such matters, the He or one of the members of the civil procedure referred to in § 383 (1) (1) to (3) of the Code of Civil Procedure would be subject to criminal prosecution or proceedings under the law on administrative offences. Unofficial table of contents

Section 44a Cross-border information and examinations

(1) Legislation which preclude the transmission of data shall not apply to the transmission of data between an institution, a capital management company, a financial undertaking, a financial holding company, a financial holding company, a financial holding company, a financial holding company, a financial holding company, a financial holding company, a mixed financial holding company, a provider of ancillary services, an electronic money institution within the meaning of the Payment Services Supervisory Act, a payment institution within the meaning of the Payment Services Supervisory Act or a company with a registered office in the Abroad, which is at least 20 per cent of the capital shares, or Voting rights in the undertaking shall be held directly or indirectly, parent undertaking may be or may have a dominant influence, or between a mixed undertaking and its subsidiaries established abroad, if the transmission of the data , in order to comply with the rules of supervision in accordance with the provisions of Directive 2013 /36/EU or Directive 2002/87/EC on the business of registered offices abroad. The supervisory authority may prohibit an institution from transmitting data to a third country. (2) At the request of a body responsible for the supervision of a company established in another Member State of the European Economic Area, the Supervisory authority shall verify the accuracy of the data submitted by an undertaking within the meaning of the first sentence of paragraph 1 for the supervisory authority in accordance with Directive 2013 /36/EU, Regulation (EU) No 575/2013 or Directive 2002/87/EC or to allow the requesting body, an auditor or an auditor Experts shall check these data; the supervisory authority may, at its discretion, proceed in accordance with supervisory authorities in third countries if reciprocity is ensured. § 5 (2) of the Administrative Procedure Act on the Limits of Mutual Assistance applies accordingly. The undertakings within the meaning of the first sentence of paragraph 1 shall be subject to the examination. (3) The supervisory authority may be subject to CRR credit institutions, investment firms, capital management companies, financial holding companies or mixed Financial holding companies established in another State of the European Economic Area require information to be provided for the supervision of institutions which are subsidiaries of those undertakings and which are responsible for the supervision of the institutions of the other State of the European Economic Area. The State referred to in Article 19 (1) or (2) (b) of Regulation (EU) No 575/2013, are not included in the supervision on a summary basis. (4) to (6) (omitted) Unofficial table of contents

Section 44b Information and examinations in the case of holders of significant holdings

(1) The obligations under § 44 (1) sentence 1 against the Bundesanstalt and the Deutsche Bundesbank for the information and presentation of documents shall also apply to:

1.

persons and undertakings which display an intention to participate in accordance with § 2c or which are indicated as holders of significant holdings in the context of a permit application pursuant to § 32 (1) sentence 2 no. 6 or a supplementary display pursuant to section 64e (2) sentence 4,

2.

the holders of a significant holding in an institution and the undertakings controlled by them,

3.

persons and undertakings where the facts justify the assumption that they are persons or undertakings within the meaning of point 2; and

4.

Persons and undertakings connected to a person or a company within the meaning of points 1 to 3 in accordance with Section 15 of the German Stock Corporation Act (AktG).

At the request of the Bundesanstalt, the person subject to the submission of the documents shall have the documents to be submitted to be examined in accordance with Section 2c (1) sentence 2 at his expense by an auditor to be determined by the Bundesanstalt. (2) The Bundesanstalt and the German Bundesbank may take measures pursuant to section 44 (1) sentences 2 and 3 in relation to the persons and undertakings referred to in paragraph 1 if there is evidence of a reason for the subsatiation in accordance with Article 2c (1) (1) (1) (1) to (6). The persons concerned shall tolerate these measures. (3) Anyone who is obliged to provide information in accordance with paragraph 1 or 2 may refuse to provide information on such questions, the answers of which shall be answered by him or by one of the questions referred to in § 383 (1) (1) to (3) of the The Civil Procedure Code would expose the members of the Civil Procedure Code to criminal prosecution or to proceedings under the Law on Administrative Offences. Unofficial table of contents

Section 44c Persecution of unauthorised banking and financial services

(1) An undertaking in which facts justify the adoption or are determined that it is banking or financial services without the authorization required by this Act or without the authorisation provided for in Article 14 of Regulation (EU) No 648/2012. , a member of one of its institutions, an employee of that undertaking, and other other persons involved in the conduct of the business, or any other member of one of its institutions, an employee of that undertaking, or any other person who has been prohibited from doing business in accordance with On request, companies of the Bundesanstalt and the Deutsche Bundesbank have information on all To issue business matters and submit documents. A member of an institution and an employee shall, upon request, also provide information after leaving the institution or company. (2) Where this is necessary to determine the nature or extent of the business or activities , the Bundesanstalt may carry out examinations in premises of the company as well as in the rooms of the persons and companies subject to the requirements of the information provided for in the first sentence of paragraph 1, and the conduct of the examinations of the Deutsche Bundesbank transfer. The staff of the Bundesanstalt and the Deutsche Bundesbank may enter and visit these rooms within the usual operating hours and business hours. In order to prevent urgent threats to public order and public security, they are entitled to enter and visit these spaces outside the normal operating and business hours, as well as rooms which also serve as an apartment; the fundamental right Article 13 of the Basic Law shall be restricted to this extent. (3) The staff of the Bundesanstalt and the Deutsche Bundesbank shall be entitled to these premises of the undertaking as well as persons liable to be informed in accordance with the provisions of the first sentence of paragraph 1 and to the persons required to be informed and to be provided. Browse companies. In the context of the search, staff shall also be allowed to search the persons responsible for information and treatment for the purpose of securing objects within the meaning of paragraph 4. The fundamental right of Article 13 of the Basic Law is limited to this extent. Searches of business premises and persons are to be ordered by the judge, except in the event of danger in default. Searches of rooms that serve as an apartment shall be ordered by the judge. The district court, in whose district the rooms are located, is responsible. The appeal is admissible against the judicial decision; § § 306 to 310 and 311a of the Criminal Procedure Code apply accordingly. A transcript is to be produced via the search. It must include the responsible service, reason, time and place of search and its result and, if no judicial order has been issued, the facts which have justified the acceptance of a danger in the course of the infringement. (4) The Employees of the Bundesanstalt and the Deutsche Bundesbank can ensure that items of evidence can be considered as evidence for the investigation of the facts. (5) The persons concerned shall have measures in accordance with the first sentence of paragraph 2, paragraph 3, sentence 1 and paragraph 3. 4 to tolerate. § 44 (6) is to be applied. (6) The rights of the Bundesanstalt and the Deutsche Bundesbank, as well as the compaction and duty to pay the persons concerned, also exist with regard to the companies and persons in which facts justify the adoption, that they are involved in the initiation, closure, or settlement of illicit banking or financial services. On the basis of a corresponding request from the competent authority of another State to the Federal Institute, they shall also exist with regard to undertakings and persons in respect of which the facts justify the assumption that the undertakings or persons are involved in the initiation, conclusion or settlement of banking transactions or financial services which are operated or provided in the other State, contrary to a prohibition in that State.

4.
Measures in special cases

Unofficial table of contents

Section 45 Measures to improve the capital adequacy and liquidity

(1) If the asset, financial or earnings development of an institution or other circumstances justifies the assumption that it meets the requirements of Articles 92 to 386 of Regulation (EU) No 575/2013 in its respectively applicable version or § 10 § 45b (1) sentence 2, § 11 or § 51a (1) or (2) or § 51b may not be permanently fulfilled, the Bundesanstalt may take measures to improve its own resources in relation to the Institute; and Order liquidity, in particular

1.

a well-founded presentation of the development of the main business activities over a period of at least three years, including plan balances, Plangewinn and loss accounts and the development of the Bank's prudential indicators and to submit it to the Bundesanstalt and the Deutsche Bundesbank,

2.

to examine measures to improve the shielding or reduction of the risks and associated risk concentrations identified by the Institute as being significantly identified and to report to the Bundesanstalt and the Deutsche Bundesbank, including: Consideration should be given to concepts for the exit from individual business units or to the separation of institute or group parts,

3.

report on appropriate measures to increase the core capital, the own resources and the liquidity of the Institute in relation to the Bundesanstalt and the Deutsche Bundesbank,

4.

to develop a concept for the use of a possible security situation within the meaning of Section 35 (2) (4) and to submit it to the Bundesanstalt and the Deutsche Bundesbank (Bundesanstalt).

The assumption that the Institute shall comply with the requirements of Articles 92 to 386 of Regulation (EU) No 575/2013 as amended or in § 10 (3) and (4), § 45b (1) sentence 2, § 11 or § 51a (1) or (2) or § § 51a (1) or § 51a (2) 51b shall not be able to be fulfilled permanently, shall be justified on a regular basis if:

1.

the total capital ratio of the percentage of own funds and the sum of 12.5 multiplied by the total amount of the total invoice for address risks, the amount of the operational risk and the sum of the amounts for which the sum of the accounts is to be paid for Market trisikopositions, including the warrants referred to in Articles 92 to 386 of Regulation (EU) No 575/2013, as amended or in accordance with Article 10 (1), first sentence, of Regulation (EU) No 575/2013, or the identification number according to the Regulation in accordance with § 51a (1) sentence 2, from one reporting date to the next by at least 10 per cent or the amount of liquidity to be determined in accordance with Article 11 (1) or the Legal Regulation in accordance with Article 51b (2) sentence 1 has been reduced by at least 25 per cent from one reporting date to the next and, as a result of this development, is likely to be less than the minimum requirements within the next twelve months, or

2.

the total capital ratio of the percentage of own funds and the sum of 12.5 multiplied by the total amount of the total invoice for address risks, the amount of the operational risk and the sum of the amounts for which the sum of the accounts is to be paid for Market trisikopositions, including the warrants referred to in Articles 92 to 386 of Regulation (EU) No 575/2013, as amended or in accordance with Article 10 (1), first sentence, of Regulation (EU) No 575/2013, or the identification number according to the Regulation in accordance with Article 51a (1), second sentence, on at least three consecutive days of reporting In each case, more than 3 per cent or the liquidity ratio to be determined in accordance with Article 11 (1) or the Legal Regulation pursuant to § 51b (2) sentence 1 on at least three consecutive reporting days by more than 10 This development is expected to fall below the minimum requirements within the next 18 months and no evidence justifies the assumption that the minimum requirements will be met. is most likely not to fall below.

In addition to or in place of the measures referred to in the first sentence, the Bundesanstalt may also order the measures referred to in the first sentence of the first sentence of paragraph 1 to paragraph 7 if the measures provided for in the first sentence do not provide sufficient assurance that compliance with the requirements of Articles 92 to 386 of Regulation (EU) No 575/2013, as amended, or § 10 (3) and (4), § 45b (1) sentence 2, § 11 or § 51a (1) or (2) or § 51b); in this respect, paragraph 5 shall be amended accordingly. . (2) In the case of an institution, the own resources shall not be subject to the requirements of Articles 24 to 386 of the Regulation (EU) No 575/2013, as amended, § 10 (3) and (4) or § 45b (1) sentence 2, or the investment of its funds does not meet the requirements of § 11 or corresponds to a housing company with a savings institution liable capital does not comply with the requirements of § 51a (1) and (2) or § 45b (1) sentence 2 or the investment of its funds does not meet the requirements of § 51b, the Bundesanstalt

1.

-prohibit or restrict the withdrawal of profits by the proprietors or members and the distribution of profits;

2.

prohibit or restrict balance sheet measures designed to compensate for a loss of the year or to show a balance sheet profit;

3.

to ensure that the disbursing of any kind of profit-based income on own-resources instruments as a whole or in part shall be waivable if they are not fully covered by an annual surplus achieved;

4.

prohibit or restrict the granting of credit within the meaning of Article 19 (1);

5.

Arrange for the Institute to take measures to reduce risks to the extent that they result from certain types of dealings and products or the use of certain systems;

5a.

Arrange for the institution to limit or complete the total annual amount it provides for the variable remuneration of all managers and employees (total variable remuneration), to a certain proportion of the annual result ; this shall not apply to variable remuneration components which are covered by collective agreements or in its scope by agreement between the parties to the labour contract on the application of the collective agreements or on the basis of a collective agreement; of an operating or service agreement;

6.

prohibit the payment of variable remuneration components or limit them to a certain proportion of the annual result; this does not apply to variable remuneration components which are covered by collective agreements or by agreement within its scope the parties to the work contract are agreed on the application of the collective agreements or under a collective agreement in an operating or service agreement;

7.

Arrange for the institution to specify how and during which period the own resources or liquidity of the institution should be sustainably restored (restructuring plan) and the Bundesanstalt and the Deutsche Bundesbank regularly on the progress of these measures shall be reported, and

8.

Arrange for the credit institution to implement one or more options for action arising from a restructuring plan in accordance with § 13 of the Sanitization and Settlement Act.

The restructuring plan referred to in the first sentence of paragraph 7 shall be transparent, plausible and well-founded. It aims to identify concrete objectives, intermediate objectives and deadlines for the implementation of the measures outlined above, which can be reviewed by the Bundesanstalt. The Federal Institute may at any time inspect the restructuring plan and its accompanying documents. The Federal Institute may require the modification of the restructuring plan and make it subject to it if it considers the stated objectives, intermediate objectives and implementation deadlines to be insufficient or if the institution does not comply with it. (3) The first and second paragraphs of the Points 1 to 3 and 5 to 7 of the first sentence are to be applied to parent companies within the meaning of Section 10a and to institutions which are required under Article 22 of Regulation (EU) No 575/2013 to subconsolidate them in accordance with the requirements of Article 22 of Regulation (EU) No 575/2013. the combined own resources of the members of the group to meet the requirements of Article 24 to 386 of Regulation (EU) No 575/2013 as amended or § 45b (1) respectively. In the case of a group-affiliated institution which is exempted pursuant to Article 2a (1), the Bundesanstalt may apply the exemption in respect of the provisions of Articles 24 to 403 of Regulation (EU) No 575/2013, as amended. (4) (omitted) (5) The Bundesanstalt shall not take the orders referred to in paragraphs 2 and 3 until the institution or the mixed financial holding company does not have the defect within fixed a period to be determined by the Bundesanstalt. To the extent that this is necessary in order to prevent a short-term deterioration of the institution's own resources or liquidity, or where measures have already been taken pursuant to the first sentence of paragraph 1, such arrangements shall also be without prior threat of a time-limit. Decisions relating to the distribution of profits shall be void in so far as they are contrary to an order under paragraphs 2 and 3. Where arrangements in contracts relating to own resources instruments are contrary to an order under paragraphs 2 and 3, no rights may be derived from them. After or together with a reduction in the disbursement of variable remuneration components in accordance with point 6 of the first sentence of paragraph 2, the Bundesanstalt may order that the rights of variable remuneration components shall, in whole or in part, be extinguised, if

1.

the Institute, with or within a period of two years following a disbursement of the disbursement, exceptional state support, including measures under the Restructuring Fund Act or the Financial Stability Fund Act, and the conditions for the reduction of the disbursement until that date have not been omitted or have been omitted solely on the basis of these measures,

2.

in the case of or within a period of two years following a disbursement, an order of the Bundesanstalt pursuant to paragraph 2 (1) to (7) shall be made or already exists, or

3.

in the case of or within a period of two years after a disbursement of the disbursement, measures pursuant to section 46 or a settlement arrangement within the meaning of Section 77 of the Sanitization and Settlement Act are taken.

Such an arrangement shall, in particular, also be provided where:

1.

these claims for variable remuneration components have arisen as a result of such schemes of a remuneration system of an institution which meets the prudential requirements of this law in an appropriate, transparent and on a the sustainable development of the Institute's remuneration systems, or

2.

it is to be assumed that, without the granting of financial services by the restructuring fund or the financial market stabilisation fund, the institution would not have been able to grant the variable remuneration components; is to assume that the If an institution could have provided some of the variable remuneration components, the variable remuneration components should be appropriately reduced.

The Bundesanstalt may also take orders in accordance with the fifth sentence and in the first sentence of paragraph 2 (5a) and (6) if an institution has exceptional government support, including measures under the Restructuring Fund Act or the Financial Stability Fund Act, which is required to maintain a sound equity or liquidity level of the institution and an early termination of government support. If an institution is entitled to state support, the Federal Institute may, in addition, prohibit the payment of variable remuneration components to the members of the institution and the directors of the institute in whole or in part, and the erasure of the , such an order shall not be issued in so far as the disbursement or continuation of the claims is justified in spite of the existence of the conditions of subsatiation and of the circumstances set out in sentence 6. The rates 5 to 7 shall not apply to the extent that the claims for variable remuneration have been incurred before 1 January 2011. Sentence 8 shall not apply to the extent that the claims for variable remuneration have been incurred before 1 January 2012. Institutions shall take into account the power of order in accordance with the first sentence of paragraph 2 (1) (5a) and (6) and the rules set out in sentences 5 to 8 in appropriate contractual arrangements with their members, managers and staff. Where contractual agreements on the granting of variable remuneration preclude an order pursuant to the first sentence of paragraph 2 (1) (5a) and (6) or the provisions in sentences 5 to 8, no rights may be derived from them. (6) The The Federal Institute may also order a measure pursuant to paragraphs 1 to 5 if an institution, the parent undertaking of a group of institutes, a financial holding group or a mixed financial holding group, has increased the increased number of products ordered pursuant to Article 10 (4). Do not comply with capital requirements. (7) For the implementation of the orders referred to in paragraph 6 or § 10 Paragraph 4 shall apply until the Bundesanstalt für Decisions of the shareholders ' meeting of the Institute on capital measures is established by the Federal Institute for Decision-making of the Institute of Shares of Shares in accordance with § § 7 to 7f, 9, 11, 11a, 14 and 15 of the Financial Market Stabilisation Acceleration Act accordingly. This shall also apply where other private or public bodies, other than the Financial Market Stabilisation Fund, contribute in part or in full to the achievement of the capital requirements.

Footnote

(+ + + § 45: For non-application cf. Section 2 (9a) sentence 1 + + +)
(+ + + § 45 (5): For application, see § 41 sentence 4 KAGB + + +)
Section 45 (1) sentence 2 No. 1 italic print: should be correct "amount of credit" Unofficial table of contents

Section 45a Measures against financial holding companies and mixed financial holding companies

(1) The Federal Institute may, at the head of a financial holding company within the meaning of Section 10a or of a mixed financial holding company, at the head of a mixed financial holding group within the meaning of Section 10a, the Federal Institute of Finance of their voting rights in the parent undertaking and the other subordinated undertakings, if:

1.

the financial holding company or the mixed financial holding company does not provide the parent undertaking with the information required for the summary provided for in Articles 11 to 23 of Regulation (EU) No 575/2013 in accordance with the second sentence of Article 11 (1) Regulation (EU) No 575/2013, unless it is possible to take account of the requirements of the Bank's supervisory summary in a different way;

2.

where it is established that a person who actually leads the transactions of the financial holding company or the mixed financial holding company is not reliable or does not have the necessary management of the business professional competence.

(1a) In the cases referred to in the first sentence of paragraph 1, the Bundesanstalt may also order, in relation to the parent undertaking of a financial holding group or a mixed financial holding group, instructions of the financial holding company or of the parent undertaking of a financial holding group or of the parent undertaking of the financial holding company. Do not comply with a mixed financial holding company, provided that there are no company law possibilities to discontinue the persons who actually do business in the financial holding company or the mixed financial holding company . The same shall apply if such possibilities exist, but their exhaustion has not been unsuccessful. (2) In the event of a failure pursuant to paragraph 1, the court of the head office of the parent company shall, at the request of the Bundesanstalt, have the right to take part in accordance with § 10a to appoint a trustee to carry out the exercise of voting rights. The trustee shall take the interests of sound and prudential supervision of the undertakings concerned into account in the exercise of voting rights. The Federal Office may, for important reasons, request the appointment of another trustee. If the conditions set out in paragraph 1 are not met, the Bundesanstalt shall request the revocation of the trustee's order. The trustee shall be entitled to compensation for reasonable outlays and to remuneration for his activities. The court shall, at the request of the trustee, determine the expenses and the remuneration; the appeal against the payment of the remuneration shall be excluded. The Federal Government shall present the expenses and the remuneration; for its expenses, the financial holding company or the mixed financial holding company and the undertakings concerned shall be jointly and severally liable. (3) As long as the order of subsatiation is based on: (1), the undertakings concerned shall not be considered as subordinated undertakings of the financial holding company or of the mixed financial holding company within the meaning of sections 10a and 13b. Unofficial table of contents

Section 45b Measures for organizational defects

(1) If an institution does not have a proper business organisation within the meaning of Article 25a (1), the Bundesanstalt may also be in connection with an order pursuant to Article 25a (2) sentence 2 or § 25c (4c), also in conjunction with , by means of a regulation pursuant to Section 25a, paragraph 6, or § 25b, in particular, that the Institute shall:

1.

Take action to reduce risks to the extent that they result from certain types of transactions and products, or the use of certain systems or the outsourcing of activities and processes to another company,

2.

Further branches may be established only with the consent of the Federal Institute and

3.

individual types of business, in particular the acceptance of deposits, funds or securities of customers and the granting of loans pursuant to section 19 (1) must not be operated or operated only to a limited extent.

The Federal Institute shall be entitled to take measures in accordance with the first sentence in addition to setting increased own-resources requirements in accordance with § 10 (3) sentence 2 number 10 as well as together or in addition to a setting of increased own-resources requirements according to § 51a (2) paragraph 1 shall apply mutatily to the respective parent undertaking within the meaning of Section 10a and to an institution which is required under Article 22 of Regulation (EU) No 575/2013 to subconsolidate it, if an institute group, a financial holding group or a mixed group Pursuant to Article 25a (1) and (25b), the financial holding group does not have a proper business organisation; the first sentence of paragraph 1 is to be applied in accordance with the conditions laid down by the Bundesanstalt instead of an understatement or restriction. the granting of credit, the major credit ceilings applicable to the group, financial holding group or mixed financial holding group in accordance with Articles 387 to 403 of Regulation (EU) No 575/2013, as amended in each case can be reduced. If a branch of the Institute in a third country does not have an appropriate business organisation or is not in a position to assess its business organisation or to be included in the Institute's organisation be made available, or is not effectively supervised in the third country, or the supervisory authority responsible for the branch is not prepared to cooperate with the Bundesanstalt in a satisfactory way, The Federal Institute may also carry out the business of the branch limit or order their closure and settlement. (3) (omitted)

Footnote

(+ + + § 45b: For non-application cf. Section 2 (9a) sentence 1 + + +) Unofficial table of contents

Section 45c Special Representative

(1) The Bundesanstalt may appoint a special representative to entrust it with the performance of tasks at an institution and to delegate the necessary powers to it. The Special Representative must be independent, reliable and suitable for the proper performance of the tasks assigned to him in the interests of a sustainable business policy of the Institute and the maintenance of financial stability; to the extent that: Special representative duties of a manager or of an institution, he/she must provide a guarantee for the required professional competence. In the course of his duties, he shall be entitled to request information from the members of the institutions and the employees of the Institute and the submission of documents, to all meetings and meetings of the institutions and other bodies of the Institute in to take part in an advisory function, to enter the business premises of the Institute, to take a look at its business papers and books, and to investigate the subject. The institutions and members of the organs shall assist the Special Representative in the performance of his duties. It is obliged to inform the Federal Institute of all findings in connection with its activities. (2) The Federal Institute may, in particular, transmit to the Special Representative:

1.

to perform the duties and powers of one or more directors if there are facts from which it appears that the director or directors of the institution are not reliable or do not have the necessary responsibility for the management of the institution. have professional competence;

2.

to perform the duties and powers of one or more directors if the institution no longer has the necessary number of directors, in particular because the Federal Institute requires the convening of a business manager; or it has prohibited it from carrying out its activities;

3.

to carry out, in whole or in part, the tasks and powers of the institutions of the Institute if the conditions set out in Article 36 (3), first sentence, points 1 to 9 are met;

4.

to perform the tasks and powers of the institutions of the Institute as a whole or in part if the supervision of the Institute is affected by facts within the meaning of Section 33 (3);

5.

take appropriate measures to establish and secure a proper business organisation, including appropriate risk management, if the Institute has a lasting effect on the provisions of this law, of the law on Building societies, the depositary act, the Money Laundering Act, the Capital Anladiary, the Pfandbrief Act, the Payment Services Supervisory Act or the Securities Trading Act, against the regulations issued for the implementation of these laws or against The Federal Institute has failed to fulfil its orders;

6.

to monitor the orders of the Federal Institute to the Institute;

7.

to draw up a restructuring plan for the Institute if the conditions set out in Article 45 (1), third sentence or paragraph 2 are met, to accompany the implementation of a restructuring plan and to exercise the powers in accordance with Article 45 (2) sentences 4 and 5;

7a.

to draw up a plan according to § 10 (4) sentence 6 for the Institute if the requirements of § 10 (4) sentence 1 are fulfilled and if the institute has not submitted a suitable plan within a period specified by the Bundesanstalt, and the to ensure the implementation of the plan;

8.

To monitor the activities of the Institute for the application of a risk within the meaning of Section 35 (2) (4) or the first sentence of Article 46 (1) 1, to take measures to avert a risk or to comply with measures taken by the Federal Institute in accordance with § 46. monitor;

9.

prepare a settlement arrangement within the meaning of Section 77 of the Sanitization and Settlement Act;

10.

To examine claims for damages against organ members or former organ members if there is evidence of damage to the Institute by a breach of duty of organ members.

(3) Insofar as the Special Representative enters into the duties and powers of an institution or member of the institution as a whole, the duties and powers of the institution or organ member concerned shall rest. The Special Representative may not, at the same time, perform the duties of one or more directors and one or more members of an administrative or supervisory body. Where only in part the powers of an institution or an organ member are granted to the Special Representative for the performance of a task, this shall have no effect on the powers of the institution or organ member of the institution appointed. The full delegation of all tasks and powers of one or more managers to the Special Representative may only be carried out in the cases referred to in paragraph 2 (1), (2) and (4). His power of representation shall be determined by the power of representation of the head of business or of the head of business, on whose behalf the special representative is appointed. As long as the Bundesanstalt has delegated the function of a manager to a special representative, the persons or bodies appointed for this purpose under other legislation may have the right to appoint a business manager only with the consent of the (4) The Bundesanstalt shall carry out the exercise of the duties and powers of a manager referred to in paragraph 2 (1) or (2) to a special representative, the delegation, the power of representation and the repeal of the (5) The institution shall be registered in the commercial register. (5) the Institute, which is responsible for the exclusion of shareholders from the management and representation or the convening of persons authorized to conduct business or representation, may apply for the existence of an important reason, which (6) The costs arising from the appointment of the Special Representative, including the appropriate expenses and the remuneration to be paid, shall be borne by the Special Representative. Institute to the load. The amount of the remuneration shall be determined by the Federal Institute. The Federal Institute shall submit the outlays and the remuneration at the request of the Special Representative. (7) The Special Representative shall be liable for intentional misconduct and negligence. In the event of negligent action, the replacement obligation of the Special Representative shall be limited to 1 million euros. In the case of a public limited company whose shares are admitted to trading on the regulated market, the liability for replacement is limited to EUR 50 million. (8) The provisions of paragraphs 1 to 7 shall apply mutas to financial holding companies or mixed companies. Financial holding companies which, according to Article 10a, are considered to be a parent company and in respect of the persons who actually carry out the transactions of such financial holding companies or mixed financial holding companies.

Footnote

(+ + + § 45c: For application cf. Section 88 (5) SAG + + +) Unofficial table of contents

Section 46 Measures at risk

(1) There is a risk that an institution's obligations towards its creditors may be fulfilled, in particular for the security of the assets entrusted to it, or there is a reasonable suspicion that an effective supervision of the institution shall be carried out. is not possible (Section 33 (3) (1) to (3)), the Federal Institute for the Application of this Risk may take inexorable measures. It may in particular:

1.

adopt instructions for the management of the Institute,

2.

prohibit the acceptance of deposits or funds or securities of customers and the granting of loans (section 19 (1));

3.

Prohibit or restrict the exercise of their business activities by holders and managers,

4.

temporarily impose an inalienable and non-payment ban on the institute,

5.

Order the closure of the Institute of Transport with the clientele; and

6.

prohibit the receipt of payments which are not intended for the performance of liabilities to the institution, unless the competent compensation institution or other security institution provides the satisfaction of the Authorized to the full.

Under the conditions set out in the first sentence, the Bundesanstalt may prohibit or restrict payments to companies belonging to the Group if these operations are detrimental to the institution. It may also stipulate that payments shall be permitted only under certain conditions. The Bundesanstalt shall immediately inform the supervisory authorities concerned in the Member States of the European Union, and the European Central Bank and the Deutsche Bundesbank, of the measures which it intends to take pursuant to the provisions of sentences 3 and 4. Decisions relating to the distribution of profits shall be void in so far as they are contrary to an order under sentences 1 and 2. In the case of institutions which are operated in a different legal form than that of an individual businessman, managers who have been prohibited from carrying out their duties shall be responsible for the duration of the subsatiation of the management and representation of the institution. excluded. The general rules shall apply to the claims arising from the employment contract or other provisions relating to the activities of the manager. Rights which enable a business manager as a shareholder or in other ways to participate in decisions concerning management measures at the institute cannot be exercised for the duration of the subsac. (2) The competent For the purposes of the second sentence of paragraph 1, the declaration of commitment referred to in point 6 of the second sentence of paragraph 1 may make the declaration of commitment subject to the payment of incoming payments, in so far as they are not intended to fulfil liabilities referred to in paragraph 1 Article 2 (6) shall be determined by reference to the Institute, from which at the time of the adoption the capital of the institution in favour of the institution shall be kept and administered separately in accordance with the provisions of the second sentence of paragraph 1 of the second sentence of paragraph 1 of the second sentence of paragraph 1. The institution may, following the adoption of the prohibition of disposal and payment as referred to in the second sentence of paragraph 1, point out the transactions in progress at the time of the adoption and enter into new transactions where such transactions are necessary for the settlement, if and to the extent that: shall make available or undertake to make available the funds necessary for the implementation of such operations, as far as this is concerned, or to the extent to which such assets are subject to the the full satisfaction of all creditors is required to . In addition, the Bundesanstalt may grant exemptions from the prohibition of disposal and payment as defined in the second sentence of the second sentence of paragraph 1, insofar as this is appropriate for the conduct of the business or the administration of the Institute. It may, in particular, order the reimbursement of payments received against an order referred to in the second sentence of paragraph 1, point 6, or received by the institution. It may set an amount limit by which a special representative may allow exceptions to the prohibition of disposal and payment. As long as the measures referred to in the second sentence of paragraph 1 of paragraph 4 to 6 continue, foreclosures, remnants and injunctions shall not be allowed into the assets of the institution. The provisions of the insolvency regime for the protection of payment and securities settlement systems, including interoperable systems, as well as the collateral security of the central banks and financial collateral arrangements, shall be subject to the arrangement of a The measure referred to in the second sentence of paragraph 1, points 4 to 6 shall apply accordingly. The arrangement of precautionary measures in accordance with Article 21 of the Insolvency Code shall not affect the effectiveness of the refund of a payment which, contrary to an order referred to in the second sentence of paragraph 1 above, via a system or via an intermediary body has been received or received at the Institute and whose refund the Federal Agency has ordered in accordance with sentence 4. (3) (omitted)

Footnote

(+ + + § 46: For application, see Section 135 (5) SAG + + +) Unofficial table of contents

§ 46a Use of external credit ratings and the power of subordination

(1) The Bundesanstalt may prohibit the use of such credit ratings from an institution which uses credit ratings of one or more credit rating agencies if the credit rating agencies do not have their registered office within the European Economic Area. and are not registered under Regulation (EC) No 1060/2009 as amended. (2) The Bundesanstalt may, in individual cases, take orders with regard to an institution that are appropriate and necessary to ensure compliance with the requirements of the Requirements of Regulation (EC) No 1060/2009, as amended to ensure. In particular, the Federal Institute may take orders to counteract an excessive recourse of the Institute to credit ratings. Unofficial table of contents

Section 46b Insolvency application

(1) Where an institution which has a permit to operate in the territory of the country or a financial holding company or mixed financial holding company in force in accordance with Section 10a as a parent company, becomes insolvent or occurs over-indebtedness , in the case of an institution operated in the legal form of the individual businessman, the directors and the persons who actually conduct the business of the financial holding company or the mixed financial holding company shall have the right to do so. of the Federal Institute of the Federal Republic of Germany (Bundesanstalt) with the addition of to be notified without delay; the persons referred to in the first half-sentence shall also carry out such an ad, accompanied by appropriate documents, even if the institution or the parent undertaking referred to in Article 10a of this Directive is deemed to be the parent undertaking. Financial holding company or mixed financial holding company is not likely to be able to comply with the existing payment obligations at the time of maturity (imminent insolvency). To the extent that these persons are obliged under other legislation to apply for the opening of the insolvency proceedings in the event of insolvency or over-indebtedness, the obligation to notify shall be replaced by the obligation to notify in accordance with the first sentence. The insolvency proceedings concerning the assets of an institution or of a financial holding company or mixed financial holding company in force in accordance with Section 10a shall apply in the event of insolvency, over-indebtedness, or under the conditions set out in sentence 5, even in the event of imminent insolvency. The application for the opening of insolvency proceedings concerning the assets of the Institute or the financial holding company or mixed financial holding company in force as a parent company pursuant to § 10a may only be submitted by the Federal Institute of Technology (Bundesanstalt) . In the event of imminent insolvency, the Bundesanstalt may, however, only submit the application with the consent of the Institute and in the case of a financial holding company or mixed financial holding in accordance with Section 10a as a parent company. Financial holding company with the consent of the company. Before ordering the insolvency administrator, the insolvency court has to listen to the Bundesanstalt for its suitability. The Federal Institute shall be particularly responsible for the opening decision. The insolvency court shall send the Bundesanstalt all other decisions relating to the proceedings and, on request, give information on the status and progress of the proceedings. The Bundesanstalt may inspect the insolvency proceedings. (2) If insolvency proceedings are opened through an institution which is a participant in a system within the meaning of Section 24b (1), the Bundesanstalt shall immediately have the European Securities and Markets Authority (European Securities and Markets Authority) and Market surveillance authority, the European Systemic Risk Board and the bodies designated by the other States of the European Economic Area to the European Commission. In accordance with Section 24b (5), the system operator shall apply the first sentence accordingly. (3) The insolvency administrator shall keep the Bundesanstalt informed of the status and progress of the insolvency proceedings, in particular by omission of the reports for the insolvency proceedings. Insolvency court, the creditor's assembly or a creditors ' committee. In addition, the Bundesanstalt may request further information and documents relating to insolvency proceedings.

Footnote

(+ + + § 46b (1): For application, see Section 43 (1) KAGB + + +) Unofficial table of contents

§ 46c Insolvency-law deadlines and liability issues

(1) The time limits to be calculated in accordance with § § 88 and 130 to 136 of the Insolvency Code from the date of the application for the opening of the insolvency proceedings shall be calculated on the date of the adoption of a measure pursuant to § 46 (1). (2) It is suspected that Services of the Institute, which were made between an arrangement of the Federal Institute pursuant to § 46 (1) sentence 2 (4) to (6) and the insolvency application and are admissible pursuant to § 46, the creditors of the Institute shall not be subject to any disadvantage and with the care ordinary merchants. The Federal Institute shall act in accordance with its duties in so far as it could reasonably assume, in the exercise of its powers, the achievement of the objectives of the law on the basis of appropriate information. § 4 (4) of the Financial Services Supervisory Act remains unaffected. Unofficial table of contents

Section 46d Information to the other countries of the European Economic Area on reorganisation measures

(1) Before the adoption of a reorganisation measure, in particular a measure pursuant to section 46, vis-à-vis a CRR credit institution, the Federal Institute shall inform the competent authorities of the other States of the European Economic Area. If this is not possible, the competent authorities shall be informed immediately after the adoption of the measure. The same shall apply to the extent to which measures pursuant to section 46 are taken in relation to a branch of a company within the meaning of Section 53, having its head office outside the Member States of the European Economic Area. In such a case, the Federal Institute shall inform the competent authorities of the other States of the European Economic Area in which the undertaking has established further branches. The provisions of Section 8 (3) to (7) shall remain unaffected. (2) Sanation measures which may affect the rights of third parties in a host Member State and may be brought against the remedies shall be without the part serving for the reasons for which they are based in the official language or languages of the countries of the European Economic Area concerned shall be published immediately in the Official Journal of the European Union and in at least two national newspapers of the host Member States. The notice shall include the body on which the statement of reasons is held, the subject matter and the legal basis of the decision, the time limits for appeal, including the date of its expiry date, the address of the Bundesanstalt as above to indicate a contradiction between the competent authority and the address of the competent administrative court. The notice is not a condition of effectiveness. (3) Reaction measures within the meaning of paragraphs 1 and 2 are measures in accordance with § 46 and Section 6 (3) with which the financial situation of a CRR credit institution is secured or restored. , and which could affect the existing rights of third parties in a host Member State of the European Economic Area, including measures allowing for the suspension of payments or the effectiveness of the reorganisation measures by supervisors of the European Economic Area are used. Rehabilitation measures are to be described as such. In view of the reorganisation measures, contracts for the use or acquisition of immovable property, employment contracts and employment relationships, on charges, on repurchase transactions within the meaning of Section 340b of the Commercial Code, shall be applied to § § 336, 337, 338, 340 and 351 (2) of the Insolvency Code shall be applied accordingly, in so far as this Act does not specify otherwise. (4) Paragraphs 1 and 2 shall be applicable. shall not apply if and to the extent that the rights of the internal The operating structure of persons involved, as well as business leaders and shareholders of a CRR credit institution, may be adversely affected in one of these properties. In the case of CRR credit institutions which do not operate on a cross-border basis, the information and notice referred to in paragraphs 1 and 2 shall be free of charge. (5) The Bundesanstalt shall support the reorganisation measures of the authorities of the home Member State in the case of a CRR-credit institution based in another Member State of the European Economic Area. If it considers that reorganisation measures are necessary for a CRR credit institution established in another Member State of the European Economic Area, it shall inform the competent authorities of that State accordingly. Unofficial table of contents

§ 46e Insolvency proceedings in the States of the European Economic Area

(1) In the area of the European Economic Area alone, the respective authorities or courts of the home Member State shall be responsible for the opening of insolvency proceedings relating to the assets of a CRR-Institute. If another State of the European Economic Area is a Member State of origin of a CRR-Institute and where insolvency proceedings are opened on the assets of that institution, the procedure shall be without regard to the conditions of § 343 (2) Secondary insolvency proceedings according to § 356 of the Insolvency Code and other special procedures in accordance with Section 354 of the Insolvency Code with regard to the CRR institutions, which are based in another State of the European Union. The economic area is not allowed. (3) The office of the Insolvency court shall immediately forward the opening decision to the Federal Agency, which shall immediately inform the competent authorities of the other host Member States of the European Economic Area about the opening of proceedings. Without prejudice to the notice provided for in Article 30 of the Insolvency Code, the Insolvency Court shall, in part, in the Official Journal of the European Union and in at least two national newspapers of the host Member States, have the right to open the opening decision. in which the credit institution concerned has a branch or provides services. The publication shall be preceded by the form according to § 46f paragraph 1. (4) The Federal Institute may at any time request information on the status of the insolvency proceedings from the insolvency court and the insolvency administrator. It is obliged to inform the competent authority of another State of the European Economic Area at the request of the competent authority of the state of insolvency proceedings. (5) Presents the application for the opening of insolvency proceedings. the assets of the branch of a company established outside the European Economic Area shall forthwith inform the competent authorities of the Member States of the European Economic Area in which the undertaking has a further Has a branch office or services. The information shall also be extended to the content and stock of the permit in accordance with § 32. The persons and entities involved shall endeavour to take a coordinated approach. (6) Paragraphs 1 to 5 shall also apply to undertakings within the scope of Section 1 of the Sanitization and Settlement Act, in respect of which a settlement instrument in the sense of § 77 of the Sanitization and Settlement Act, or a settlement power within the meaning of § § 78 to 87 of the Sanation and Settlement Act is exercised. Unofficial table of contents

Section 46f Information of creditors in insolvency proceedings and insolvency proceedings

(1) The opening decision shall send a form to the creditors from the office of the insolvency court, in all the official languages of the Member States of the European Economic Area, by means of the words " invitation to notify, and Explanation of a request. Notice periods! " is overwritten. The form is published by the Federal Ministry of Justice in the Federal Gazette and contains, in particular, the following information:

1.

the deadlines to be met and the consequences of their failure to comply;

2.

who is responsible for receiving the application and explaining a claim;

3.

what other measures are required;

4.

the significance of the application of the claim for creditors who have been subject to payment or in rem, and to what extent they must declare their claims.

(2) creditors with a habitual residence, residence or registered office in another State of the European Economic Area may declare their claims in the official language or one of the official languages of that State. The application must be written in German with the words "Registration and explanation of a claim". Upon request, the creditor shall submit a translation of the application and the explanation which is to be certified by a person authorized to do so in the State in accordance with sentence 1. (3) The insolvency administrator shall have the creditors on a regular basis in a suitable form. on the progress of the insolvency proceedings. (4) In rank before the other insolvency claims, the following order shall be corrected in the following order of precedence, with the same rank according to the ratio of the amounts of the insolvency proceedings:

1.

covered deposits within the meaning of Section 2 (23) of the Sanction and Settlement Act as well as claims which have been transferred to the Deposit Guarantee Scheme on the basis of the performance of a compensation claim in accordance with Section 16 of the Deposit Guarantee Act;

2.

Ineligible deposits within the meaning of Section 2 (18) of the Sanitization and Settlement Act and deposits of institutions with registered offices in the European Union, which would be eligible for compensation if they are not from their branches outside the EU of the European Union.

Unofficial table of contents

§ 46g moratorium, cessation of banking and stock exchange

(1) Where economic difficulties are to be feared in the case of credit institutions which are likely to pose serious risks to the economy as a whole, in particular the orderly conduct of general payment transactions, the Federal Government may Regulation

1.

give a credit institution a delay in the performance of its liabilities and arrange for foreclosures, remains and injunctions against the credit institution as well as insolvency proceedings to be carried out during the period of the postponing the assets of the credit institution are not allowed;

2.

ensure that credit institutions remain temporarily closed to their customers and are not allowed to make or accept payments and transfers in the course of their customers ' transactions; it may, in the case of species or groups of Restrict credit institutions and certain banking transactions;

3.

shall order the stock exchanges to remain temporarily closed within the meaning of the Stock Exchange Act.

(2) Before the measures referred to in paragraph 1, the Federal Government shall consult the Deutsche Bundesbank. (3) The Federal Government shall take measures pursuant to paragraph 1, so that it shall determine the legal consequences of this by means of a legal regulation, which shall thereby be applicable to periods and time limits. Dates in the field of civil law, trade, social, change, cheque and procedural law are the result. Unofficial table of contents

§ 46h resumption of banking and stock exchange transactions

(1) The Federal Government may, after consulting the Deutsche Bundesbank, for the period following a temporary closure of the credit institutions and exchanges in accordance with Article 46g (1) (2) and (3) by means of a legal regulation, rules for the resumption of the Payment and transfer, as well as exchange traffic. In this context, it may in particular determine that the payment of funds is subject to temporary restrictions. Such restrictions shall not be imposed on sums of money accepted after the temporary closure of credit institutions. (2) The legal regulations adopted pursuant to paragraph 1 and the provisions of Article 46g (1) shall occur if they: have not been repealed in advance, three months after the date of their delivery. Unofficial table of contents

§ 47 (omitted)

4a.
Measures against credit institutions in the event of risks to the stability of the financial system

Unofficial table of contents

§ § 48a to 48s (omitted)

Unofficial table of contents

§ 48t Measures to limit macroprudential or systemic risks

(1) The Committee on Financial Stability shall establish changes in the intensity of the macro-prudential or systemic risk within the meaning of Article 458 (2) of Regulation (EU) No 575/2013, which are likely to have significant effects on the national financial system and the real economy at home, which should be better reacted with national measures, the Bundesanstalt may, at the request of the Committee on Financial Stability, by means of the general decree in respect of all or a group of the supervision of the Federal Institute under this Act or of Regulation (EU) No 575/2013, subject to the following provisions of Regulation (EU) No 575/2013, as amended, for a period of up to two years in order to bring about the changes observed in the to reduce the intensity of macroprudential or systemic risk by increasing

1.

the own resources requirements referred to in Article 92 of Regulation (EU) No 575/2013, as amended,

2.

the requirements for large exposedcredit in accordance with Articles 392 and 395 to 403 of Regulation (EU) No 575/2013, as amended,

3.

the disclosure requirements laid down in Articles 431 to 455 of Regulation (EU) No 575/2013, as amended,

4.

of the capital maintenance buffer in accordance with § 10c,

5.

the liquidity requirements set out in Part 6 of Regulation (EU) No 575/2013, as amended; or

6.

the risk weights in the credit risk standard rate and in the internal credit rating based approach for residential and commercial real estate loans, as well as for exposures to each other within the financial sector by institutions and companies exist.

(2) The Federal Agency may not adopt the general provisions referred to in paragraph 1 only if:

1.

to the European Parliament, the European Commission, the Council, the European Systemic Risk Board (ESRB) and the European Banking Authority (EBA)

a)

the evidence required for the risks to financial stability at national level in accordance with Article 458 (2) (a) to (f) of Regulation (EU) No 575/2013, including the national measures referred to in paragraph 1, Article 458 (2) (a) (c) of Regulation (EC) No 2 (d) of Regulation (EU) No 575/2013, and

b)

has stated that other measures available under Regulation (EU) No 575/2013 and Directive 2013 /36/EU will not be sufficient to address the threat to financial stability at national level, and

2.

the conditions laid down in Article 458 (4) of Regulation (EU) No 575/2013 are in force for the adoption of the measure.

The Bundesanstalt shall, with the involvement of the European Systemic Risk Board and the European Banking Authority, review the national measures laid down in accordance with paragraph 1 at the end of the period laid down in accordance with the conditions laid down in Article 458 (9) of Regulation (EU) No 575/2013. If the conditions for extending the application of the national measures adopted in accordance with paragraph 1 are met, the Bundesanstalt may, at the request of the Financial Stability Committee, and in accordance with the procedure laid down in Article 458 (4) of the Regulation (EU) No 575/2013, as amended, by the general order, the national measures are repeatedly extended for one year each. (4) The Bundesanstalt may, in consultation with the Deutsche Bundesbank, and after Referral to the Committee on Financial Stability as referred to in Article 458 of the Regulation (EU) No 575/2013, as amended by other Member States of the European Economic Area, in full or in part, in accordance with the provisions of Article 458 (5) to (7) of Regulation (EU) No 575/2013, and with Effect for branches of institutions and companies established abroad to which this law applies in accordance with § 53, or with effect for branches within the meaning of Section 53b in accordance with Article 458 of Regulation (EU) No 575/2013 (5) In so far as the conditions referred to in paragraph 2 (1) are met, the The Federal Agency shall, irrespective of the procedure referred to in paragraphs 1 and 3 and in Article 458 (4) of Regulation (EU) No 575/2013, at any time until the elimination of a risk of macroprudential or systemic risk, but no longer than for the duration of two years

1.

Reduce the large-scale credit ceiling by up to 15% in accordance with Article 395 of Regulation (EU) No 575/2013,

2.

the risk weights of loans for residential real estate and commercial real estate in the credit risk standard rate as well as in the internal ratings-based approach increase by up to 25 per cent and

3.

the risk weights in the credit risk standard rate for exposures received from institutions and companies within the financial sector by up to 25 per cent and in the internal ratings-based approach by 25 per cent.

5.
Enforceability, coercive means, transfer and costs

Unofficial table of contents

Section 49 Immediate Enforceability

Opposition and challenge against measures taken by the Federal Institute, including the threat and the setting of coercive means on the basis of section 2c (1) (1) and (2), subsection (2) sentence 1 and (4), § 3 (4), § 6 (1b), § 6a, § 8a (3) to (5), § 10 (3) and (4), § 12a (2), § 13c (3) sentence 4, § 25c (4c), § 28 (1), § 35 (2) No. 2 to 6, § § 36, 37 and 44 (1), also in conjunction with § 44b, para. 2 and 3a sentence 1, § 44a para. § 44c, 45, § 45a (1) and § 45b (1), § § 45c, 46, 46a, 46b, 53l and 53n (1) do not have suspensive effect. Unofficial table of contents

§ 50

(dropped) Unofficial table of contents

§ 51 Reposition and Costs

(1) The costs of the Federal Supervisory Office shall, in so far as they are not covered by fees or by special repayment pursuant to paragraph 3, be reimbursed to the Federal Government by the institutions at 90 of the hundred. The costs are converted proportionally to the individual institutions in accordance with their business environment and are contributed by the Federal Supervisory Office in accordance with the regulations of the Administrative Enforcement Act. The credit and financial services regulation of 8 March 1999 (BGBl) in the transshipment regulation. 314) shall apply for the period from 12 March 1999 to 30 December 2000, as amended on 12 March 1999, with the force of law. For the period from 31 December 2000 to 31 December 2001, the provisions contained in the Regulation on credit and financial services are applicable in the version in force on 31 December 2000, with the law applicable. For the period from 1 January 2002 to 30 April 2002, the provisions contained in the Regulation on credit and financial services shall apply in the version in force on 1 January 2002, with the law applicable. The costs also include the refund amounts which could not be recovered, as well as the shortfalls from the transfer of the previous year, for which the costs are to be reimbursed, with the exception of the refund or shortfalls, which are still not covered by the is not unquestionable or has been decided by a final decision. The detailed information on the survey of the levy, in particular on the distribution key and date of distribution, the minimum assessment, the transfer procedure, including an appropriate estimation procedure, the time-limits for payment and the amount of the sowing surcharges, and the Federal Ministry of Finance shall determine the recovery by means of a regulation; the Regulation may also provide for the provisional fixing of the amount of the levy. The Federal Supervisory Office may apply for decisions on the basis of § 2 (4), § 10 (3b) sentence 1, § 31 (2), § 32 and 34 (2) and § § 35 to 37 to fix charges of EUR 250 to EUR 50 000. The amount of the fee is to be determined on a case-by-case basis according to the amount of work required for the decision and according to the business scope of the company concerned. (3) The costs incurred by the Federal Government by ordering an unwinder pursuant to § 37 sentence 2 and § 38 (2) sentence 2 and 4, a supervising person pursuant to § 46 (1) sentence 2, by a notice pursuant to § 32 (4), § 37 sentence 3 or § 38 (3) or a review carried out pursuant to section 44 (1) or (2), § 44b sentence 2 or section 44c (2) , shall be reimbursed separately from the company concerned and shall at the request of the Federal Supervisory Office to shoot. The costs incurred by the Federal Government by checking the correctness of the data transmitted for the summary pursuant to § 10a (6) and (7), § 13b (3) and (2) (2) and Article 25 (2) shall be borne by the Federal Government in summary. (4) Paragraph 1, Sentences 3 to 5, as amended by the Law amending the Insurance Supervision Act and other laws of the 15. December 2004 (BGBl. 3416) for the period from 12 March 1999 to 30 April 2002 shall apply to the costs incurred by the Federal Supervisory Authority for the credit system. Moreover, paragraphs 1 to 3 shall apply for the period up to 30 April 2002 in the version in force until 30 April 2002 of the costs incurred by the Federal Supervisory Authority for the credit sector.

Fourth Section
Special provisions for housing companies with savings

Unofficial table of contents

Section 51a Requirements for capital adequacy for housing companies with savings

(1) Housing undertakings with savings institutions must have adequate equity capital in the interest of fulfilling their obligations to their creditors, in particular in the interests of the security of the assets entrusted to them. The Federal Ministry of Finance is authorized to lay down, in consultation with the German Federal Bank, detailed provisions on the capital adequacy (Solvency) of the German Federal Bank by means of a regulation which does not require the approval of the Federal Council. To adopt a housing undertaking with a savings institution, in particular:

1.

the determination of transactions subject to the risk of address losses and market risks and of their risk parameters;

2.

the object and the procedures for determining capital requirements for operational risk;

3.

the calculation methods for the capital requirement and the technical principles required therefor;

4.

the content, nature, scope and form of the information required to demonstrate the appropriate capital adequacy, as well as provisions relating to the data carriers, transmission routes and data formats permitted for the transmission of data, and

5.

the requirements for a credit rating agency in order to be able to recognise its ratings for risk-weighting purposes and the requirements for the rating.

The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation, with the proviso that the legal regulation will be issued in agreement with the German Federal Bank. Prior to the adoption of the legal regulation, the top association of the housing companies is to be heard with savings institution. (2) The Federal Institute may order in the assessment of the appropriateness of the equity capital that a housing company with savings institution comply with the requirements of the legal regulation referred to in the second sentence of paragraph 1, in particular:

1.

in order to take into account such risks which are not or not fully covered by the legal regulation referred to in the second sentence of paragraph 1,

2.

if the risk-bearing capacity of a housing company with a savings institution is not guaranteed,

3.

in order to take account of a particular business situation of the housing undertaking with savings, such as the commensiation of business activities, or

4.

if the housing undertaking with the savings institution does not have a proper business organisation within the meaning of section 25a, paragraph 1.

(3) At the request of the housing company with the savings institution, the Federal Institute may agree to the assessment of the appropriateness of the equity of a deviating calculation of the capital requirements in order to provide an unreasonable individual case in the individual case. (4) The calculation of the appropriateness of the equity capital under the legal regulation referred to in the second sentence of paragraph 1 shall be based on the liability of the equity capital. (5) Equity which is owned by third parties or by subsidiaries of the Housing companies with savings institution is or has been provided, can only , if the housing undertaking is effectively allocated to the savings institution. (6) The following shall be considered as liable capital less the positions of the sentence 2

1.

the balance of business and the reserves, including the business assets of members leaving at the end of the financial year and their claims for payment of a share in the balance sheet in accordance with Section 73 (3) of the Cooperative Law to discontinue the cooperative earnings of the cooperative from registered cooperatives and

2.

the balance sheet profit, insofar as its allocation to the reserves or the business assets is decided.

Deductions within the meaning of the first sentence shall be:

1.

the loss of balance sheet;

2.

intangible assets;

3.

the item of correction referred to in paragraph 9;

4.

Securitisation positions in so far as the legal regulation referred to in the second sentence of paragraph 1 provides for the choice between a deposit of the securitisation position with own funds at its full amount or the deduction, and the housing undertaking with savings institutions selects the deduction.

(7) In the case of reserves referred to in the first sentence of paragraph 6, only the amounts recognised as reserves in the last balance sheet recorded for the closure of a financial year shall apply, with the exception of such liabilities, which are to be taxed only at the time of their dissolution. . Amounts shown as reserves, which have been made up of revenues to which taxes are to be paid only upon the occurrence of a future event, can only be taken into account in the amount of 45 percent. Reserves, which are formed on the basis of a recharge or otherwise by the inflow of external funds, may be taken into account from the date of the influx. (8) From a housing company with Interim financial statements issued shall be subject to a review by the auditor, in which case the interim financial statements for the purposes of this provision shall be deemed to be a comparable one with the annual accounts of comparable financial statements, where the profits of the interim financial statements are attributed to equity, to the extent that they are not bound for foreseeable profit distributions or tax expenses. Losses resulting from interim financial statements are to be deducted from equity. The housing company with the austerity institution has to submit the interim financial statements without delay to the Bundesanstalt and the Deutsche Bundesbank. The auditor must submit a certificate of transparency to the Bundesanstalt and the Deutsche Bundesbank immediately after the completion of the examination of the interim financial statements. A under-annual financial statements made in the course of the merger shall not be considered as interim financial statements within the meaning of this paragraph. (9) The Federal Institute may set a correction post on the liable equity. Where the correction item is fixed in order to take account of changes in capital which have not yet become recognised, the determination shall be made with the determination of the next annual financial statements for the closure of a financial year no matter. The Federal Agency shall abolish the fixing at the request of the housing undertaking with the savings institution, in so far as the condition for the fixing is omitted. Unofficial table of contents

Section 51b Requirements for liquidity for housing companies with savings

(1) Housing companies with savings institutions must invest their funds in such a way that sufficient solvency (liquidity) is guaranteed at all times. Rental payments due in the next twelve months will be taken into account as liquidity inflows. (2) The Federal Ministry of Finance is empowered to act in consultation with the Federal Council by means of a decree-law which does not require the approval of the Federal Council. the Deutsche Bundesbank to lay down more detailed provisions on sufficient liquidity, in particular through the

1.

methods of assessing sufficient liquidity and the technical principles required for that purpose;

2.

transactions to be taken into account as means of payment and payment obligations, including their tax bases, and

3.

Obligation of the housing companies with savings institution to provide the information required to prove the sufficient liquidity to the Bundesanstalt and the Deutsche Bundesbank, including provisions on the content, type, scope and form of the information on the frequency of transmission and on the authorised data carriers, transmission routes and data formats.

The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation, with the proviso that the legal regulation will be issued in agreement with the German Federal Bank. Prior to the enactment of the legal regulation, the top association of the housing companies is to be heard with the savings institution. (3) The Federal Institute may in the assessment of the liquidity in individual cases against housing companies with savings institution over the in the Regulation of the Law referred to in the first sentence of paragraph 2, order additional liquidity requirements if, without such a measure, the sustainable liquidity is not secured. Unofficial table of contents

Section 51c Other special provisions for housing companies with savings

(1) The deposit business within the meaning of Article 1 (29), first sentence, point 3 may only be made with the members of the cooperative and their relatives in accordance with § 15 of the Tax Code and the life partners of the members within the meaning of Article 1 (1) of the Code of Duties. (2) § 25c (1) shall apply with the proviso that managers of housing companies with savings institutions shall, on a case-by-case basis, have the practical knowledge of the relevant transactions after their appointment , if there are at least two members of the Management Board who are eligible for the professional qualification according to § 25c (3) § 25c (4a) (3) (d), (e) and (g) shall apply with the proviso that the reporting shall be carried out at reasonable intervals, at least (4) § § 6b, 7a, 10 to 18, 24 (1) (16), (17) and (1a) (5), § § 24c, 25, 25d (7) to (12), § 25f and Article 26a are not applicable. (5) § 33 (1) sentence 1 shall apply with the proviso that a Housing companies with savings facility as initial capital a value of at least 5 million euros available is.

Fifth Section
Special provisions

Unofficial table of contents

Section 52 Special supervision

To the extent that institutions are subject to a different state supervision, these remain in addition to the supervision of the Federal Institute. Unofficial table of contents

Section 52a limitation of claims against organ members of credit institutions

(1) Claims of credit institutions against directors and members of the supervisory or administrative body arising from the organ and employment relationship due to the breach of due diligence obligations in ten years. (2) Paragraph 1 is also available on the shall apply and continue to be subject to non-limitation claims on 15 December 2010. Unofficial table of contents

Section 53 Branch offices of companies based abroad

(1) In the case of a company having its head office abroad, a branch situated in the territory of the country which carries out banking operations or provides financial services, the branch shall be regarded as a credit institution or a financial services institution. If the company has several domestic branches, they shall be considered as an institution. (2) In the institutions referred to in paragraph 1, this law shall apply with the following conditions:

1.

The Company shall have at least two natural persons domicated in the country who are authorized to conduct the business of the Institute for the Management and Representation of the Company, provided that the Institute conducts banking operations, or Financial services shall be entitled to obtain ownership or ownership of customers ' funds or securities in the event of the provision of financial services. Such persons shall be considered as directors. They are to be registered for registration in the commercial register.

2.

The Institute is obliged to carry out a separate book on the transactions it operates and on the assets of the company which serve its business operations, and to take into account the Bundesanstalt and the Deutsche Bundesbank. The provisions of the Commercial Code shall apply mutatily to the provisions of the Commercial Code. On the liabilities side of the annual balance sheet, the amount of the operating capital made available to the institution by the enterprise and the amount of the operating surpluses paid to the institution to increase its own resources are shall be rejected separately. The surplus of the liabilities items on the assets or the surplus of assets over the liabilities item shall be dismissed at the end of the balance sheet and shall be disclosed separately.

3.

The balance sheet to be set up in accordance with point 2 for the end of each financial year, with a statement of revenue and earnings and an annex, shall be considered as annual accounts (§ 26). § 340k of the Commercial Code applies accordingly for the examination of the annual financial statements, with the proviso that the auditor is elected and appointed by the business managers. The annual accounts of the company shall be submitted to the annual accounts of the company for the same financial year as the annual accounts.

4.

Section 33 (1), first sentence, point 1 (d) shall apply to branches operating both the deposits and the credit business. The institution ' s own resources shall be the sum of the amounts, the operating capital made available to the institution by the enterprise in the financial information referred to in § 25 and the operating surpluses paid to it for the purpose of strengthening its own resources. , less the amount of any active settlement balance. In addition, Article 71 of Regulation (EU) No 575/2013, as amended, shall be attributed to the Institute of Capital in accordance with Article 71; Articles 25 to 91 of Regulation (EU) No 575/2013, as amended, shall apply with the proviso that: Own resources according to the second sentence shall be considered as hard core capital.

5.

Permission can also be refused even if reciprocity is not guaranteed by intergovernmental agreements. The authorization shall be revoked if and to the extent that the undertaking has been withdrawn from the authority responsible for the supervision of the undertaking abroad for the purpose of carrying out banking operations or the provision of financial services.

6.

The Institute shall be deemed to be a legal entity for the purposes of the application of Section 36 (1).

7.

The opening of new branch offices as well as the closure of branch offices in Germany has to be reported immediately by the Institute of the Federal Institute and the German Federal Bank.

(2a) For the provisions of this Act, which establish that an institution is the subsidiary of a company based abroad, the branch shall be considered a wholly-owned subsidiary of the Institute's headquarters, located in the (3) For claims relating to the business operations of a branch within the meaning of paragraph 1, the place of jurisdiction of the establishment pursuant to Section 21 of the Code of Civil Procedure shall not be excluded by contract. (4) The provisions of paragraphs 2 to 3 shall be not to be applied, to the extent that there are intergovernmental agreements to which the legislative bodies in the form of a federal law. (5) If a decision has been taken on the dissolution of the branch office, the branch office must be notified of registration in the commercial register of the court of the branch office and the Note 'in settlement' in legal transactions. The permission granted shall be returned to the Federal Institute. (6) The removal of the branch office, which is also subject to a registration, may only be made with the consent of the Federal Institute. The consent shall normally be refused if it is not established that all the shops of the branch office have been conducted.

Footnote

(+ + + § 53: For application, see Section 51 (1) sentence 3 KAGB + + +) Unofficial table of contents

§ 53a Representative offices of institutions with registered offices abroad

An institution based abroad may establish or maintain a representative office in the country where it is empowered to conduct banking operations or to provide financial services in its home country and where its head office is responsible. The Institute has the intention to establish a representative office and to immediately notify the Federal Institute and the Deutsche Bundesbank of any such intention. The Federal Institute shall confirm the receipt of the complaint to the Institute. The representative office, including its directors, may not take up its duties until the Institute has been confirmed by the Federal Institute. The Institute shall immediately notify the Bundesanstalt and the Deutsche Bundesbank of the transfer or closure of the representative office. Unofficial table of contents

§ 53b Company established in another State of the European Economic Area

1. A CRR credit institution or a trading company based in another Member State of the European Economic Area may, without the authorisation of the supervisory authority, either through a branch or by way of a cross-border operate in the domestic banking sector or provide financial services where the undertaking has been approved by the competent authorities of the home Member State, the transactions are covered by the authorisation and the Undertakings established by the competent authorities in accordance with the guidelines laid down in The European Union is supervised. The first sentence shall apply to CRR credit institutions, which also provide payment services within the meaning of the Payment Services Supervisory Law. § 53 shall not be applied in this case. Article 14 of the Industrial Code remains unaffected. (2) Subject to the provisions of Part II, Title 3 of Regulation (EU) No. 468/2014, the Bundesanstalt has a company within the meaning of the first sentence of paragraph 1 and 2, which intends to establish a branch in the Within two months of receipt of the documents sent by the competent authorities of the Member State of origin on the proposed establishment of the branch, to the documents required for its operation Notification to the Bundesanstalt and the Deutsche Bundesbank, and the conditions shall be specified which, in accordance with the first sentence of paragraph 3, shall apply to the pursuit of the activities envisaged by the branch on the grounds of the general interest. Upon receipt of the notification by the supervisory authority, and at the latest after the expiry of the period referred to in the first sentence, the branch may be established and commend its activities. In the event that an undertaking intends to use, within the meaning of the first sentence of paragraph 1, a tied agent, the Bundesanstalt may request the competent authorities of the home Member State to communicate its name to it. The Bundesanstalt may publish the relevant information on its website. The European Securities and Markets Authority may, in accordance with the procedure and under the conditions laid down in Article 35 of Regulation (EU) No 1095/2010, require access to such information. (2a) Subject to the provisions of II, Title 3 of Regulation (EU) No 468/2014, the Bundesanstalt has within two months a company within the meaning of the first and second sentences of paragraph 1, which intends to act domestily by means of international trade in services after receipt by the competent authorities of the home Member State of the The proposed inclusion of the cross-border service provision shall specify the conditions applicable to the exercise of the activities envisaged for the purposes of the general interest pursuant to the third sentence of paragraph 3. (3) Branches within the meaning of the first and second sentences of paragraph 1 shall apply in accordance with the following provisions, provided that one or more branches of the same undertaking as a credit institution or a financial services institution shall apply:

1.

§ 3 (1) and 6 (2),

1a.

Section 10 (2),

2.

§ 11, provided that it is a CRR credit institution,

3.

§ § 14, 22 and 23,

4.

§ 23a, provided that it is a CRR credit institution or a securities trading company,

5.

Section 24 (1) (5) and (7),

6.

§ § 24b, 24c, 25, 25a para. 1 sentence 6 no. 2,

7.

Section 25h (1) to (3), in so far as these are requirements for the prevention of money laundering and terrorist financing, as well as § 25h (4) and (5),

8.

§ § 25i to 25k, 25m, 37, 39 to 42, 43 (2) and (3), § 44 (1) and (6), § 44a (1) and (2) and § § 44c, 46 to 49 and

9.

Section 17 of the Financial Services Supervision Act.

An investment trading company shall have changes to the business plan, in particular the nature of the operations envisaged and the organisational structure of the branch, address and ladder, and the security establishment in the The home Member State to which the securities trading company belongs, the Bundesanstalt and the Deutsche Bundesbank shall be notified in writing of the amendments at least one month before the date on which the changes take effect. For the activities carried out under the provisions of the first and second sentences of paragraph 1, the cross-border provision of services shall apply to § 3, provided that it is a CRR-Institut or a securities trading company, § § 23a, 37, 44 (1) and § § 44c, 49 and 17 of the Financial Services Supervision Act. § 23a shall not apply to operators of a multilateral trading system which offer access by way of cross-border provision of services in the territory of the country. (4) The supervisory authority shall establish that an undertaking as referred to in the paragraph 1 and 2 shall not comply with its obligations under paragraph 3 or Regulation (EU) No 575/2013 or if it is very likely that it will not comply with those obligations, the supervisory authority shall immediately inform the competent authorities of Bodies of the Member State of origin. If the home Member State does not take any action or if the measures are inadequate, the Member State of origin may, after informing the competent authorities of the home Member State, take the necessary measures; if necessary, (5) In cases of urgency, the supervisory authority may, before initiating the procedure provided for in paragraph 4, order the necessary measures, provided that the home Member State does not: Reorganisation measures within the meaning of Article 2 of Directive 2001 /24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding-up of credit institutions (OJ L 197, 21.7.2001, p. OJ L 125, 5.5.2001, p. 15). It shall immediately inform the European Commission, the European Banking Authority and the competent authorities of the home Member State thereof. Such measures shall be repealed if:

1.

the home Member State has ordered or adopted a reorganisation measure within the meaning of Article 2 of Directive 2001 /24/EC,

2.

the home Member State has arranged or taken the necessary measures to ensure that the undertaking is in compliance with its obligations,

3.

the European Commission, after consulting the supervisory authority, the home Member State and the European Banking Authority, has decided that the measures referred to in the first sentence are to be repealed, or

4.

the reason for their arrangement is eliminated.

(6) The competent authorities of the home Member State may, after informing the supervisory authority itself or through its agents, provide the information necessary for the prudential supervision of the branch in the case of the (7) A company established in another State of the European Economic Area, which operates banking transactions within the meaning of Article 1 (1), second sentence, No. 1 to 3, 5, 7 to 9, financial services within the meaning of Article 1 (1) (1a) sentence 2 no. 7, 9 and 10, or payment services within the meaning of the Payment Services Supervisory Act or as a financial undertaking within the meaning of section 1 (3), such activities may, by way of a branch or by way of cross-border trade in services, be carried out in the territory of the country by way of derogation from § 32 without the permission of the Supervisory authority shall:

1.

the undertaking is a subsidiary of a CRR credit institution or a joint subsidiary of several CRR credit institutions,

2.

its statutes permit these activities,

3.

the parent undertaking or undertakings in the State in which the undertaking has its registered office are authorised as a CRR credit institution,

4.

the activities carried out by the undertaking are also carried out in the home Member State,

5.

the parent undertaking or undertakings hold at least 90 per cent of the voting rights of the subsidiary undertaking,

6.

the parent undertaking or undertakings, in relation to the competent authorities of the Member State of origin of the undertaking, shall make the prudent management of the undertaking credible and, with the agreement of those competent authorities, shall, where appropriate, have been jointly and severally liable for the commitments entered into by the subsidiary; and

7.

the company is involved in the supervision of the parent company on a consolidated basis.

The first sentence shall apply to the subsidiaries of undertakings referred to in the first sentence, financial holding companies, mixed financial holding companies and joint undertakings which fulfil the above conditions. Paragraphs 2 to 6 shall apply accordingly. (8) The Bundesanstalt may request that a national branch of an institution based in another State of the European Economic Area be considered to be significant. Includes the Institute of a group, financial holding group or mixed financial holding group, at the head of which is an EU parent institution, an EU parent financial holding company, or a mixed EU parent financial holding company, the Bundesanstalt shall make the application to the body responsible for supervising the group on a combined basis, otherwise to the competent body of the home Member State. The request shall be justified. In particular, a branch shall be considered to be significant if:

1.

its market share in terms of deposits exceeding 2% of the hundred,

2.

a suspension or suspension of the activities of the Institute would have an effect on the systemic liquidity and payments and settlement and settlement systems in the country, or

3.

it has a certain size and importance in terms of the number of customers within the banking and financial system.

The Federal Agency may require the institutions referred to in the first sentence of sentence 1 to provide all the information necessary for the assessment in accordance with the fourth sentence. (9) If the Federal Institute, the competent body of the home Member State and, where appropriate, the competent authorities of the Federal Republic of Germany, have the Supervision on a combined basis competent authority within two months of receiving the application no consensual decision on the classification of the branch as important, the Federal Institute shall decide under Consideration of the views and reservations of the other competent authority within a further two months on the classification of a branch as significant. This decision shall be notified in writing to the other competent authorities, stating the reasons for the decision. If the Bundesanstalt or a competent authority in another State of the European Economic Area has the European Union, by the end of the two-month period referred to in the first sentence of Article 19 of Regulation (EU) No 1093/2010, the European Union If the Banking Authority requests assistance, the Bundesanstalt shall return its decision in accordance with sentence 1 to a decision of the European Banking Authority in accordance with Article 19 (3) of Regulation (EU) No 1093/2010 and shall then decide in Conformity with such a decision. At the end of the two-month period or after a joint decision has been taken, the European Banking Authority can no longer be asked for assistance. (10) Is the Federal Institute at the individual institute level or under a consolidated basis for the supervision of subsidiaries of an EU parent institution, an EU parent financial holding company or a mixed EU parent financial holding company, for whose supervision on a combined basis they do not , and will not be responsible within the four-month period a joint decision by all the competent authorities on the appropriateness of the own resources and the need for additional own resources requirements, the Bundesanstalt decides alone whether the own resources allocated to the the supervision of subsidiary undertakings is appropriate and whether additional own resources requirements are required. When taking a decision, it shall take due account of the views and reservations of the competent authority exercising the supervisory authority on a summary basis through the Group, the financial holding group or the mixed financial holding group; the The decision must take into account the risk assessment and the views and reserves that have been expressed by the other competent authorities within the four-month period. If, by the end of the four-month period referred to in Article 8a (4), first sentence, the Bundesanstalt or a competent authority in another State of the European Economic Area has the European Union the European In order to assist the banking supervisory authority, the Bundesanstalt shall return its decision in accordance with the first sentence of the decision of the European Banking Authority pursuant to Article 19 (3) of Regulation (EU) No 1093/2010, and shall then decide in Conformity with such a decision. At the end of the four-month period, or after a joint decision has been taken, the European Banking Authority can no longer be requested to provide assistance. The Bundesanstalt shall send the written decision to the competent authority which exercises the supervisory authority on a summary basis through the group, financial holding group or mixed financial holding group, indicating the complete Justification. If the European Banking Authority has been consulted, the Bundesanstalt shall take account of its opinion and justify any significant deviation from it. (11) Before the Federal Institute arranges an examination in accordance with § 44 on a branch which in the case of the Federal Institute of Banking Supervision is a member of the Federal Agency for Banking It shall consult the competent authorities of the home Member State. The information and findings obtained through the examination shall be communicated to the competent authorities of the home Member State if they are important for the risk assessment of the parent institution or for the stability of the financial system. of the home Member State.

Footnote

(+ + + § 53b para. 4, 5 and 8: For use, see Section 64r (16) + + +) Unofficial table of contents

§ 53c Company established in a third country

The Federal Ministry of Finance is authorized, by means of legal regulation

1.

to determine that the provisions of this Act relating to foreign undertakings established in another State of the European Economic Area shall also apply to undertakings established in a third country, in so far as this is in the area of: the right of establishment or the provision of services or the supervision of a consolidated basis on the basis of agreements concluded by the European Union with third countries;

2.

to order the full or partial application of the provisions of Section 53b, with full or partial exemption from the provisions of Section 53, to undertakings established in a third country, if reciprocity is guaranteed and

a)

the undertakings in their Member State are regulated in accordance with internationally recognised principles in the areas covered by the exemption;

b)

grant equivalent facilities to the branches of the relevant domestic companies in that State; and

c)

the competent authorities of the host Member State are prepared to cooperate satisfactily with the Bundesanstalt and this is ensured on the basis of an intergovernmental agreement.

Unofficial table of contents

§ 53d parent company established in a third country

(1) Underlying CRR credit institutions or securities trading companies domicated in the country, which are subsidiaries of an institution, a financial holding company or a mixed financial holding company established in a third country, in which: A third country does not have the provisions of this law on supervision on a consolidated basis equivalent to supervision, the Bundesanstalt may be the group of companies as group, financial holding group or mixed group of companies Financial holding group and an institute as a parent company , the provisions of this Act on supervision on a consolidated basis shall apply mutagenically in this case. Before deciding on the equivalence of supervision in accordance with the first sentence, the Federal Agency shall consult the European Banking Authority. (2) (omitted) (3) The Bundesanstalt may, by way of derogation from paragraphs 1 and 15, paragraph 2, of the Federal Office of the European Banking Authority (Bundesanstalt). Financial conglomerate-prudential supervision of a prudential supervision on a consolidated basis in other ways. In particular, it may require that a financial holding company or mixed financial holding company be set up domestily or in another State of the European Economic Area, to which the provisions of this Act shall be based on: supervision on a consolidated basis must be applied accordingly. (4) In the cases referred to in paragraph 3, the Bundesanstalt shall inform the relevant competent authorities in the European Economic Area of the procedure chosen. The obligations of Section 7a (2) (3) and Section 7b (3) (2) shall remain unaffected.

Sixth Section
Special provisions for central counterparties

Unofficial table of contents

§ 53e Holdings of major holdings

In accordance with Article 30 (4) of Regulation (EU) No 648/2012, Article 2c (2), in conjunction with the first sentence of paragraph 1b, points 1, 3, 4 to 6, shall apply in accordance with the provisions of Article 30 (4) of Regulation (EU) No 648/2012, in order to ensure that the provisions of Article 30 (1) Article 30 (1) of Regulation (EU) No 648/2012, which is likely to have a negative effect on the sound and prudent management of a central counterparty, shall cease; § 44b shall apply mutah. Unofficial table of contents

§ 53f colleges of supervisors

(1) Where the Bundesanstalt and the Deutsche Bundesbank belong to a colleges of supervisors in accordance with Article 18 of Regulation (EU) No 648/2012, they shall each vote one vote in the case of votes. (2) In the event of a vote in accordance with the third sentence of Article 19 (3) of the Regulation (EU) No 648/2012 three votes are provided for German supervisory authorities, or the Bundesanstalt or the Deutsche Bundesbank do not belong to the colleges of supervisors, the competent supervisory authorities of the Trading venues within the meaning of Article 18 (2) (d) of Regulation (EU) No 648/2012 in the order of the volume of financial instruments traded on the trading venue in the previous calendar year, which was settled by the central counterparty concerned. Unofficial table of contents

§ 53g Financial allocation of central counterparties

The Bundesanstalt may, when assessing the appropriateness of the financial resources, order that a central counterparty must comply with the requirements of equity and other financial resources which comply with the requirements of Articles 16 and 43 of the Regulation (EU) No 648/2012, in particular:

1.

to ensure the establishment of an additional financial buffer for periods of economic downturn,

2.

in order to take into account risks arising in particular as part of an institution or financial holding group as a result of company-law designs or dependencies of a central counterparty, or

3.

in order to take account of a particular business situation of a central counterparty.

Unofficial table of contents

§ 53h Liquidity

In assessing the liquidity in individual cases, the Federal Institute may order liquidity requirements in relation to a central counterparty that exceed the requirements laid down in Article 44 of Regulation (EU) No 648/2012, if appropriate in A link with regulatory technical standards adopted in accordance with Article 44 (2) shall be established if, without such a measure, the sustainable liquidity of the central counterparty is not secured. Unofficial table of contents

Section 53i Granting of access under Articles 7 and 8 of Regulation (EU) No 648/2012

A central counterparty which has been granted an authorisation in accordance with Article 14 of Regulation (EU) No 648/2012 shall have the Federal Institute for the receipt of requests for access pursuant to Article 7 of Regulation (EU) No 648/2012 as well as the authorities in writing without delay of an application for access to access under Article 8 of Regulation (EU) No 648/2012. The Federal Institute may be the central counterparty

1.

under the conditions laid down in Article 7 (4) of Regulation (EU) No 648/2012, to grant access within the meaning of Article 7 of that Regulation, or

2.

, under the conditions laid down in Article 8 (4) of Regulation (EU) No 648/2012, to establish access to a trading venue within the meaning of Article 8 of that Regulation.

Unofficial table of contents

§ 53j Ads; Regulation empowerment

(1) A central counterparty has the Bundesanstalt and the Deutsche Bundesbank to indicate at the end of each month:

1.

compliance with the entry requirements referred to in Articles 41 (1), 2 and 3 of Regulation (EU) No 648/2012,

2.

the sum of the default fund or the default fund referred to in Article 42 (1) of Regulation (EU) No 648/2012;

3.

the sum of the other financial resources referred to in Article 43 of Regulation (EU) No 648/2012, including a statement as to whether the default fund and the other financial resources are the failure of the two in accordance with Article 43 (2) of Regulation (EU) No 648/2012 to be able to catch certain clearing members,

4.

The sum of the credit lines or similar possibilities for covering the liquidity needs and the respective counterparties as well as the potential daily liquidity requirements referred to in Article 44 (1) of the Regulation (EU) No 648/2012,

5.

the sum of all collateral received in the reporting period referred to in Article 46 (1) of Regulation (EU) No 648/2012, broken down by collateral in the form of money, securities and guarantees, with the collateral being subject to currency collateral , the securities shall be broken down further and the securities shall be broken down in accordance with the nature, the respective security clearance and the respective share of the total collateral, and, if given, the date of release and

6.

the counterparties in respect of which financial resources, within the meaning of Article 47 of Regulation (EU) No 648/2012, were invested at the date of the reporting date, indicating the volume applied and the collateralisation carried out.

(2) The documents to be submitted to the Federal Institute in accordance with Regulation (EU) No 648/2012 shall be drawn up in English and, at the request of the Federal Institute, in addition to be provided in English and submitted. The Federal Institute may allow the documents to be produced and submitted exclusively in English. (3) The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, be required to consult the Federal Ministry of Finance in consultation with the Deutsche Bundesbank and after consultation of the leading associations of the institutions, more detailed provisions are adopted on:

1.

the nature, extent, timing and form of the advertisements required in accordance with paragraph 1 and the documents, where appropriate, necessary for the purpose of proving that:

2.

the permitted volumes, transmission paths, and data formats for these displays, and

3.

a supplement to the notification requirements referred to in paragraph 1 by the reimbursement of collection displays and the submission of collection orders,

in so far as this is necessary for the performance of the tasks of the Federal Agency, in particular to obtain uniform documents for the assessment of the clearings carried out by central counterparties. The Federal Ministry of Finance may transfer this authorisation to the Federal Institute by means of a regulation on the basis that the regulation is to be adopted in agreement with the German Federal Bank. Unofficial table of contents

§ 53k Outsourcing of activities and processes

In so far as a central counterparty carries out an outsourcing in accordance with Article 35 of Regulation (EU) No 648/2012, Section 25b (3) sentence 1 and 2 (4) shall apply accordingly.

Footnote

§ 53k italic print: IdF d. Art. 1 No. 88 G v. 28.8.2013 I 3395 mWv 1.1.2014 (Change due to obvious inaccuracy of the amendment by way of derogation from the Federal Law Gazet.5) Unofficial table of contents

§ 53l Regulatory Authority; measures for organisational defects

(1) The Bundesanstalt may, in individual cases, take orders with regard to a central counterparty which are suitable and necessary to ensure compliance with the requirements of Regulation (EU) No 648/2012. In particular, in order to ensure the proper organisation of the business, the organisational requirements and the requirements laid down in Articles 26, 28, 29, 31 (1), second sentence, and Articles 33 to 35 of Regulation (EU) No 648/2012, it may: order that a central counterparty

1.

Take action to reduce risks as far as these risks arise from certain types of business and products or from the use of certain systems or the outsourcing of activities and processes to another company, or

2.

Individual business types or services may not be operated or operated only to a limited extent.

The Bundesanstalt may, in place of the measures referred to in the second sentence of paragraph 1 or together with those measures, may order that the central counterparty must comply with the own-resources requirements laid down by the requirements laid down in Article 16 (2) of the Regulation (EU) No 648/2012, also in conjunction with regulatory technical standards referred to in paragraph 3 thereof. Unofficial table of contents

§ 53m Content of the Marketing Authorisation Application

(1) A request for admission as a central counterparty within the territory of the country pursuant to Articles 14 and 17 of Regulation (EU) No 648/2012 must contain:

1.

the nature of the products that have been settled,

2.

a description of the establishment and design of the models and parameters used for the calculation of the casting requirements referred to in Article 41 of Regulation (EU) No 648/2012, including the indication of the relevant sources for price determination within the meaning of Article 40 of Regulation (EU) No 648/2012;

3.

proof of the establishment of default funds within the meaning of Article 42 of Regulation (EU) No 648/2012 and a description of their design,

4.

a description of the arrangements for the provision of other financial resources within the meaning of Article 43 (1) of Regulation (EU) No 648/2012;

5.

a description of the mechanisms for controlling the liquidity risks within the meaning of Article 44 of Regulation (EU) No 648/2012;

6.

a description of the requirements for the collateral referred to in Article 46 of Regulation (EU) No 648/2012,

7.

Information on investment policy within the meaning of Article 47 of Regulation (EU) No 648/2012,

8.

a presentation of the procedures for the failure of a clearing member under Article 48 of Regulation (EU) No 648/2012;

9.

a presentation of the examination procedures within the meaning of Article 49 of Regulation (EU) No 648/2012 and

10.

all information referred to in the second sentence of Article 32 (1); the legal regulation issued in accordance with the third sentence of Article 32 (1) shall apply accordingly.

(2) The Bundesanstalt may request further documents to the extent necessary for the assessment of the application for authorisation. Unofficial table of contents

§ 53n Measures to improve the financial resources and the liquidity of a central counterparty approved under Regulation (EU) No 648/2012

(1) If the assets, financial or earnings development of a central counterparty or other circumstances justify the assumption that the central counterparty meets the requirements set out in Articles 41, 42, 43, 44, 46 or 47 of Regulation (EU) No 648/2012, in connection with the technical regulatory standards adopted for closer design, the Bundesanstalt may, in relation to the central counterparty, take measures to improve its financial Arrange equipment and liquidity, in particular:

1.

the transmission of a reasoned presentation of the development of the essential business activities over a period of at least three years, including plan balances, flat-rate and loss-making accounts,

2.

Measures to improve the shielding or reduction of the risks identified by the central counterparty as a materially identified risk and the associated risk concentrations and reporting to the Bundesanstalt and the Germans Bundesbank, also reporting on concepts for the exit from individual business units or the separation of parts of the central counterparty,

3.

the transmission of a report on appropriate measures to ensure compliance with the requirements of the application, the extent of the default fund, the other financial resources, the liquidity, the requirements for collateral and investment policy, or

4.

the transmission of a concept for the application of a possible security situation in accordance with § 35 (2) (4) to the Bundesanstalt and the Deutsche Bundesbank (Bundesbank).

The assumption that the central counterparty will not be able to meet the requirements permanently is justified on a regular basis, if:

1.

the injection

a)

are not sufficient for at least one day in two reporting periods pursuant to § 53j (1) within a calendar year in order to cover the losses with at least 99 per cent of the changes in receivables in the time horizon referred to in Article 41 (1). Regulation (EU) No 648/2012, also in conjunction with regulatory technical standards referred to in paragraph 5 thereof, or

b)

not fully, at least on a day-to-day basis, to ensure all the risks to all clearing members and to the other central counterparties with which interoperability arrangements exist,

2.

the default fund, in two reporting periods pursuant to § 53j (1) within a calendar year, does not reach the minimum level referred to in the second sentence of Article 42 (1) of Regulation (EU) No 648/2012,

3.

the default fund and the other financial resources on two days of reporting in accordance with Article 53j (1) within a calendar year are not intended to cover an outage of the two pursuant to Article 43 (2) of Regulation (EU) No 648/2012 clearing members are sufficient,

4.

the credit lines or similar possibilities existing to cover the liquidity requirements referred to in Article 44 (1) of Regulation (EU) No 648/2012, including in conjunction with regulatory technical standards referred to in paragraph 2 of this Regulation, to two to cover the liquidity risk with regard to the default of at least the two clearing members, in respect of which the central counterparty has the highest open positions, in accordance with Section 53j (1),

5.

the central counterparty in two reporting periods in accordance with Article 53j (1) in each case more than 3 per cent of the total collateral arrangements without complying with the requirements of Article 46 (1) of Regulation (EU) No 648/2012, including in connection with technical the regulatory standards referred to in paragraph 3 of this Article, or

6.

the central counterparty in two reporting periods in accordance with Article 53j (1) in each case more than 3 per cent of the total collateral arrangements without complying with the requirements of Article 47 (1) of Regulation (EU) No 648/2012, also in connection with technical Regulatory standards referred to in paragraph 8 thereof.

(2) The Bundesanstalt may, instead of the measures referred to in the first sentence of paragraph 1, or together with those measures, order, in accordance with the first sentence of paragraph 3, points 1 to 7, if the measures referred to in the first sentence of paragraph 1 do not provide sufficient assurance that compliance with the Requirements in accordance with Articles 41, 42, 43, 44, 46 or 47 of Regulation (EU) No 648/2012, in each case also in connection with the technical regulatory standards adopted for the purpose of further development, to be secured in the long term; in this respect, paragraph 4 shall be amended accordingly: (3) In the case of a central counterparty, the financial resources shall not be subject to the Requirements referred to in Articles 41, 42 or 43 of Regulation (EU) No 648/2012, also in connection with the technical regulatory standards adopted for the purpose of further development, or the requirements of Article 45b (1), second sentence, of the liquidity the requirements referred to in Article 44 of Regulation (EU) No 648/2012, also in conjunction with regulatory technical standards referred to in paragraph 2 thereof, the collateral obtained does not satisfy the requirements of Article 46 of Regulation (EU) No 648/2012 also in Connection with regulatory technical standards referred to in paragraph 3 of this Regulation or the installation the funds do not meet the requirements laid down in Article 47 of Regulation (EU) No 648/2012 also in connection with technical regulatory standards referred to in paragraph 8 thereof, the Bundesanstalt

1.

to prohibit or restrict the taking of profits by the proprietors or members and the distribution of profits,

2.

prohibit or restrict balance sheet measures designed to compensate for a loss of the year or to show a balance sheet profit,

3.

ensure that the disbursing of any kind of proceeds to own resources instruments as a whole or in part shall be dispensed with if the income is not fully covered by an annual surplus achieved,

4.

Arrange for the central counterparty to take measures to reduce the risks arising from certain types of transactions and products or the use of certain systems,

5.

prohibit the payment of variable remuneration components or limit them to a certain proportion of the annual result; this does not apply to variable remuneration components which are covered by collective agreements or within the scope of a collective agreement the agreement of the parties to the labour contract on the application of the collective agreements, or on the basis of a collective agreement, in an operating or service agreement,

6.

Arrange for the central counterparty to limit the total annual amount it provides for the variable remuneration of all managers and staff (total variable remuneration) to a certain proportion of the annual result, or ; this shall not apply to variable remuneration components which are covered by collective agreements or within the scope of a collective agreement by agreement between the parties to the labour contract on the application of the collective agreements or on the basis of: of a collective agreement in an operating or service agreement are agreed, or

7.

Arrange for the central counterparty to explain how and in what period it will sustainably restore its financial resources or its liquidity (plan to restructure the central counterparty) and the Bundesanstalt and the Germans The Federal Bank shall be regularly reported on the progress of these measures.

The restructuring plan referred to in the first sentence of paragraph 7 shall be transparent, plausible and justified. It aims to identify concrete objectives, intermediate objectives and deadlines for the implementation of the measures outlined above, which can be reviewed by the Bundesanstalt. The Federal Institute may at any time inspect the plan to restructure the central counterparty and the related documents. The Federal Institute may require the modification of the plan to restructure the central counterparty and, if it does not consider the stated objectives, intermediate objectives and deadlines for implementation to be sufficient or if the central counterparty is not sufficiently responsible for the implementation of the plan, the Federal Institute for the (4) The Bundesanstalt shall not take the orders referred to in paragraph 3 until the central counterparty has remedied the defect within a time limit to be determined by the Bundesanstalt. To the extent that this is necessary to prevent a short-term deterioration of the financial resources or the liquidity of the central counterparty, or where measures have already been taken pursuant to the first sentence of paragraph 1, such arrangements shall be shall be admissible even without prior warning of a time-limit. Decisions relating to the distribution of profits shall be void in so far as they are contrary to an order under paragraph 3. Where arrangements in contracts relating to own resources instruments are contrary to an order under paragraph 3, no rights may be derived from them. After or together with a reduction in the payment of variable remuneration components in accordance with the first sentence of paragraph 3, point 5, the Bundesanstalt may order that the rights of variable remuneration components shall be wholly or partly extinguissed, if

1.

the central counterparty receives financial benefits from the restructuring fund or the financial market stabilization fund at or after a disbursement of the disbursement, and, in the case of a subsequent arrangement, the conditions for the payment of the disbursement of the disbursement until that date has not fallen away or has fallen solely on the basis of these benefits,

2.

in the event of or after a disbursement, an order of the Bundesanstalt pursuant to the first sentence of paragraph 3, points 1 to 4, 6 or 7, shall be made or already exists, or

3.

In the event of or after a disbursement of payment measures pursuant to section 46 or a settlement order within the meaning of Section 77 of the Sanction and Settlement Act are taken.

An order in accordance with the fifth sentence shall, in particular, also be provided where:

1.

the claims for variable remuneration components arising from such schemes of a central counterparty remuneration system, which are proportionate to the prudential requirements of Regulation (EU) No 648/2012, transparent remuneration systems geared to the sustainable development of the central counterparty, or

2.

it is to be assumed that, without the granting of financial services by the restructuring fund or the financial market stabilisation fund, the central counterparty would not have been able to grant the variable remuneration components; that the central counterparty could have granted a proportion of the variable remuneration components, the variable remuneration components are to be adequately reduced.

The rates 5 and 6 shall not apply to the extent that the claims for variable remuneration have been incurred before 16 February 2013. Central counterparties must take into account the power of order in accordance with the first sentence of paragraph 3, first sentence, point 5 or 6, and the regulation in sentence 1 in corresponding contractual agreements with their managers and employees. To the extent that contractual agreements on the granting of variable remuneration preclude an order pursuant to the first sentence of paragraph 3 of paragraph 3, no rights may be derived from them.

Seventh Section
Penal rules, fine rules

Unofficial table of contents

Section 54 Prohibited Transactions, acting without permission

(1) Who

1.

operates in accordance with § 3, also in conjunction with § 53b (3) sentence 1 or 2, or

2.

operate banking transactions or provide financial services without the permission of the first sentence of section 32 (1),

shall be punishable by a custodial sentence of up to five years or a fine. (1a) It shall also be punished who, without authorization pursuant to Article 14 (1) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, shall be punished; Central counterparties and trade repositories (OJ C 327, 1) provides a clearing service. (2) If the perpetrator is negligent, the penalty shall be punishable by imprisonment of up to three years or a fine. Unofficial table of contents

Section 54a Criminal law

(1) A custodial sentence of up to five years or a fine shall be punished for who, contrary to § 25c (4a) or § 25c (4b) sentence 2, does not ensure that an institution or a group referred to in that paragraph shall have a strategy, one there, , a process referred to therein, a function referred to therein or a concept referred to therein, and thereby a risk of stock of the institution, the parent company or a group-affiliated institute. (2) If, in the cases referred to in paragraph 1, the risk is negligently brought about, the Imprisonment for up to two years or punishable by a fine. (3) The act is punishable only if the Bundesanstalt abandoned the offender by order in accordance with Section 25c (4c) the removal of the breach of § 25c paragraph 4a or § 25c (4b) sentence 2 , the perpetrator of this enforceable order has been responsible for bringing about the threat of stock. Unofficial table of contents

§ 55 Violation of the obligation to indicate insolvency or overindebtedness

(1) A term of imprisonment of up to three years or a fine shall be punished for who, contrary to § 46b (1) sentence 1, also in connection with § 53b (3) sentence 1, an advertisement is not reimbursed, not correct, not complete or not in good time. (2) the perpetrator negligently, so the penalty is imprisonment up to a year or fine. Unofficial table of contents

§ 55a Unauthorised use of information on millionloans

(1) A term of imprisonment of up to two years or a fine shall be punished for who, contrary to § 14 (2) sentence 10, is used to use an indication. (2) The deed shall only be prosecuted upon request. Unofficial table of contents

Section 55b Unauthorised disclosure of information on millionloans

(1) A term of imprisonment of up to one year or a fine shall be punished for who, contrary to § 14 (2) sentence 10, discloses an indication. (2) If the offender is against payment or in the intention to enrich himself or another or to another The sentence is punishable by a sentence of imprisonment of up to two years or a fine. (3) The act is only prosecuted upon request. Unofficial table of contents

Section 56 Penbual provisions

(1) Contrary to the provisions of the first sentence of Article 36 (1), the first sentence of paragraph 2 or the first sentence of paragraph 3 (3). (1a) the order in which the person concerned is in breach of the law shall be the person who delegated acts intentionally or recklessly in the case of a directly applicable provision in the delegated act. European Union legislative acts adopted by Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ L 327, 30.12.2009, p. 1), as last amended by Regulation (EU) No 462/2013 (OJ L 302, 15.11.2013, p. 1). 1), as amended in each case, is contrary to the scope of this Act, in so far as a legal regulation in accordance with paragraph 4c is applicable to a certain amount of the fine Refers to. (2) Contrary to the law, who intentionally or negligently

1.

against

a)

Section 2c (1), first sentence, 5 or 6,

b)

Section 2c (3), first sentence, or sentence 4,

c)

Section 12a (1), third sentence,

d)

Section 14, paragraph 1, first sentence, first half-sentence, also in conjunction with a legal regulation pursuant to § 22 sentence 1, point 4, also in conjunction with section 53b (3), first sentence, point 3,

e)

Section 15, paragraph 4, sentence 5,

f)

Section 24 (1), points 4, 6, 8, 9, 12, 15, 15a, 16 or 17,

g)

Section 24 (1) (5) or (7), also in conjunction with section 53b (3), first sentence, point 5,

h)

Article 24 (1) (10), (1a) or (1b), second sentence,

i)

§ 24 (2a), (3), first sentence, or (3a), first sentence, point 1 or point 2, or sentence 2, in each case also in conjunction with the fifth sentence,

j)

Section 24 (3a), first sentence, point 3,

k)

The first sentence of Article 24a (1), also in conjunction with the first sentence of paragraph 3, or the first sentence of Article 24a (4), also in conjunction with sentence 2, also in conjunction with a legal regulation pursuant to Article 24a (5),

l)

Section 28 (1), first sentence, or

m)

Section 53a, sentence 2 or sentence 5,

In connection with a legal regulation pursuant to § 24 (4) sentence 1, an advertisement is not reimbursed, not correct, not complete or not in good time,

2.

a legal regulation in accordance with

a)

§ 2c, paragraph 1, sentence 3, or

b)

a fully-enforceable order under such a regulation

to the extent that the legal regulation refers to this fine for a particular case,

3.

a fully-retractable arrangement according to

a)

Section 2c (1b), first sentence, or second sentence, sentence 1,

b)

Article 6a (1),

c)

Section 10i (8), first sentence, point 1,

d)

Section 12a (2), first sentence,

e)

Section 23 (1), also in conjunction with Section 53b (3), first sentence, point 3,

f)

Section 25a, paragraph 2, sentence 2,

g)

Section 25b (4), first sentence,

h)

Section 25h (6),

i)

Article 26a (2), first sentence,

j)

The first sentence of Article 45 (1) or the first sentence of the first subparagraph, or the first sentence of paragraph 2, or the fifth sentence of paragraph 5,

k)

Section 45a (1), first sentence,

l)

§ 45b (1) or

m)

Section 46 (1), first sentence, also in conjunction with Section 53b (3), first sentence, point 8,

shall be contrary to

4.

contrary to Article 10i (2) or the third sentence of the third sentence of paragraph 3, paragraph 1 shall be subject to a distribution

5.

granted a loan, contrary to the first sentence of Article 18 (1),

6.

Contrary to § 22i (3), also in conjunction with Section 22n (5) sentence 4, a performance shall be carried out,

7.

, contrary to Article 23a (1) sentence 11, also in conjunction with Section 53b (3), first sentence, point 4, no indication, not correct, not complete, not provided in the prescribed manner or not in time,

8.

contrary to Section 23a (2), even in conjunction with Section 53b (3) sentence 1, point 4, a customer, the Bundesanstalt or the Deutsche Bundesbank, not properly, not fully, not in the prescribed manner or not in due time,

9.

Contrary to § 24c (1) sentence 1, a file does not lead, is not correct or does not complete the file,

10.

Contrary to Section 24c (1) sentence 5, it does not guarantee that the Bundesanstalt can automatically retrieve data at any time,

11.

against

a)

The first sentence of Article 25 (1) or the first sentence of paragraph 2, in conjunction with a legal regulation referred to in the first sentence of paragraph 3, in each case also in conjunction with Section 53b (3), first sentence, point 6, or

b)

Article 26 (1), first sentence, 3 or 4, or paragraph 3

a financial information, an annual financial statements, a management report, an audit report, a consolidated financial statements or a group management report are not sufficient, not correct, not complete or not in good time,

12.

Contrary to § 25m (1), a correspondent relationship or any other business relationship with a bank-shell company is to be received or continued,

13.

shall establish or implement an account, in accordance with the first half-sentence of Article 25m (2)

14.

a fully-fledgable edition in accordance with § 32 (2) sentence 1,

15.

against

a)

Section 44 (1), first sentence, also in conjunction with section 44b (1), first sentence, or § 53b (3), first sentence, point 8,

b)

Section 44 (2), first sentence, or

c)

Section 44c (1), also in conjunction with Section 53b (3), first sentence, point 8,

does not provide information, not correct, not complete or not in good time, or does not submit a document, not correct, not complete or not in good time,

16.

against

a)

Section 44 (1) sentence 4, also in conjunction with Section 53b (3), first sentence, point 8,

b)

Section 44 (2), fourth sentence, sentence 3 or paragraph 5, sentence 4,

c)

Section 44b (2), second sentence, or

d)

Article 44c (5), first sentence, also in conjunction with Section 53b (3), first sentence, point 8,

does not tolerate a measure,

17.

Contrary to § 44 (5) sentence 1, a measure referred to in that paragraph shall not be carried out or not

18.

contrary to § 53a sentence 4.

(3) (omitted) (4) Contrary to Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 on the transmission of information to the payer in the event of transfers of funds (OJ L 378, 27.12.2006, p. EU No 1), by intentionally or negligently in the case of transfers of funds

1.

, contrary to Article 5 (1), it does not ensure that the full contracting authority is transmitted,

2.

contrary to Article 5 (2), including in conjunction with paragraph 4, a statement on the payer referred to in that paragraph shall not be reviewed or not reviewed in good time,

3.

, contrary to Article 7 (1), does not transmit, correct or not fully transmit the information to the payer,

4.

having regard to Article 8 (2), does not have an effective procedure for determining the absence of the information referred to therein,

5.

, contrary to Article 9 (1), first sentence, the transfer order does not or does not reject the transfer order in time, or does not request a complete order record, or does not request timely

6.

shall not retain, contrary to Article 11 or Article 13 (5), an indication of the contracting entity for at least five years,

7.

Contrary to Article 12, it does not ensure that all information on the payer, which is communicated in the event of a transfer of funds, is retained in the course of the transfer.

(4a) Contrary to the provisions of Article 3 (1) of Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and on behalf of the European Parliament and the Council of the European Communities, Repeal of Regulation (EC) No 2560/2001 (OJ L 327, 30.12.2001 11), as amended by Regulation (EU) No 260/2012 (OJ L 268, 9.10.2012, p. 22), which is subject to a charge other than that referred to therein. (4b) The person who acts as a CRR credit institution is in breach of Regulation (EC) No 1060/2009 by intentionally acting in breach of the provisions of Regulation (EC) No 1060/2009. or reckless

1.

uses a rating, contrary to the first subparagraph of Article 4 (1),

2.

Contrary to Article 5a (1), the CRR credit institution shall not ensure that credit risk assessments are carried out by the CRR credit institution,

3.

Contrary to Article 8c (1), an order is not properly issued,

4.

, contrary to Article 8c (2), it does not ensure that the credit rating agencies in question meet the conditions set out therein, or

5.

contrary to Article 8d (1), second sentence, the documentation referred to therein is not properly carried out.

(4c) The Federal Ministry of Finance is authorized, in so far as this is necessary for the enforcement of the acts of the European Union, to designate, by means of a regulation without the consent of the Federal Council, the facts which are deemed to be an administrative offence. in accordance with paragraph 1a. (4d) Contrary to Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 laying down the technical requirements and the business requirements applicable to: Credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 (OJ L 327, 22), by intentionally or negligently

1.

do not ensure that the technical interoperability of the payment system is ensured, contrary to the first sentence of Article 4 (2);

2.

, contrary to Article 4 (2), second sentence, a business rule referred to in that paragraph

3.

contrary to Article 4 (3), the settlement of a transfer or a direct debit is hindered by a technical obstacle,

4.

carry out a transfer, contrary to the first sentence of Article 5 (1) or (2),

5.

in accordance with the first sentence of Article 5 (1) or the first sentence of paragraph 3, carry out a direct debit

6.

, contrary to Article 5 (8), charges for a readout operation referred to therein.

(4e) Contrary to the provisions of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 327, 22.9.2012, p. 1), by intentionally or negligently

1.

the first subparagraph of Article 7 (1) does not take over the clearing or

2.

, contrary to Article 7 (2), an application does not take place or does not take place in good time, or does not refuse it in time.

(5) In breach of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on the prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 646/2012 (OJ L 139, 30.6.2013, p. 1) or to § 1a in conjunction with Regulation (EU) No 575/2013, by intentionally or negligently

1.

, contrary to Article 28 (1) (f), reduces or repays the capital amount of instruments of the hard core capital,

2.

Contrary to Article 28 (1) (h) (i), advance payments shall be made to instruments of the hard core capital,

3.

contrary to the provisions of Article 28 (1) (h) (ii) or Article 52 (1) (l) (i), out of non-distributable items, distributions shall be made on instruments of the hard or additional core capital,

4.

Contrary to the provisions of Article 52 (1) (i), instruments of the additional core capital shall be terminated, repaid or repurchased,

5.

Contrary to Article 63 (j), instruments of the supplementary capital are terminated, repaid or repurchased,

6.

contrary to Article 94 (3), first sentence, the non-fulfilment of the condition referred to in Article 94 (1) (b) shall not be communicated or not communicated in due time,

7.

, contrary to the provisions of Article 99 (1) concerning the obligations laid down in Article 92, it shall not be reimbursed, in full or in a timely manner,

8.

the data referred to in Article 101 (1) shall not be transmitted, not correct, in full or in good time,

9.

contrary to Article 146, does not inform the non-fulfilment of the requirements or does not notify it in good time,

10.

, contrary to Article 175 (5), the fulfilment of the requirements does not, not to be correct, not fully or insufficiently substantiated,

11.

Contrary to the first sentence of Article 213 (2), the existence of systems is not, or is not correct or not fully, available,

12.

contrary to the second sentence of Article 246 (3), the use of the option referred to in the first sentence shall not be communicated correctly or in full,

13.

Contrary to the second sentence of Article 263 (2), the facts referred to in paragraph 2 do not, are not communicated correctly or in full,

14.

, contrary to Article 283 (6), does not notify the non-compliance of the requirements or does not notify it in time

15.

, contrary to Article 292 (3), first sentence, the time-related collapse referred to in paragraph 3 does not sufficiently or insufficiently substantiate

16.

Contrary to Article 394 (1) to (3), a report shall not be reimbursed, not correct, wholly or not in good time,

17.

, contrary to Article 395 (1), first sentence, also in conjunction with the second sentence, a claim is made,

18.

, contrary to Article 395 (5), second sentence, the amount of the excess and the name of the customer concerned shall not be reported correctly, in full or not without delay,

19.

, contrary to Article 396 (1), first sentence, does not report the exposure value, is not correct, does not report in full or without delay,

20.

under Article 405 (1), first sentence, the credit risk is subject to a securitisation position,

21.

, contrary to the first sentence of Article 412 (1), repeated or continued liquid assets in the amount referred to therein shall not be held,

22.

contrary to the first sentence of Article 414, first half-sentence, the non-compliance or the expected non-compliance of the requirements shall not be communicated, not correct, not fully or without delay,

23.

contrary to Article 414, first sentence, second half-sentence, does not submit a plan, not correct, not complete or not in good time,

24.

, contrary to Article 415 (1) or (2), the information on the liquidity situation referred to therein does not report correctly, in full or in good time,

25.

, contrary to the first sentence of the first subparagraph of Article 430 (1) or the second subparagraph, information on the debt ratio and its elements shall not be transmitted correctly or in full,

26.

, contrary to Article 431 (1), the information referred to therein shall not be published, not correct, in full or in a timely manner,

27.

Contrary to Article 431 (2), the information contained in the authorisations referred to therein is not disclosed, not correct, in full or in a timely manner,

28.

the information referred to in the first and second sentence of the second sentence of the second subparagraph of Article 431 (3) shall not be published in due time, not in full or in good time, or

29.

Contrary to Article 451 (1), the information referred to therein shall not be disclosed, not correct, in full or in a timely manner.

The provisions of the first sentence shall also apply to a credit institution or a financial services institution within the meaning of § 1a. (6) The administrative offence may be

1.

in the cases referred to in paragraph 2 (1) (a), (b) and (h), (3) (a) and (f), (4) and (12), 5 (1) to (5), (7), (8), (16), (17), (20), (21) and (24) to (29), with a fine of up to EUR 5 million,

2.

in the cases referred to in paragraphs 1 and 2 (3) (k), with a fine of up to five hundred thousand euros,

3.

in the cases referred to in paragraph 2 (2) (a), (3) (b) to (e), (g) to (j) and (l), (5) to (10) and (12) to (14), (4b) (1) to (5), and (4c) in conjunction with paragraph 1 (a), with a fine of up to two hundred thousand euros; and

4.

in the other cases, with a fine of up to one hundred thousand euros.

(7) The fine should exceed the economic advantage that the offender has drawn from the administrative offence. If the maximum amount referred to in paragraph 6 is not sufficient for this purpose, it may be exceeded for legal persons or associations of persons up to an amount in the following amount:

1.

10 per cent of the company's annual net turnover in the financial year preceding the administrative offence; or

2.

2 times the multiple-proceeds obtained by the infringement.

Article 17 (4) of the Code of Administrative Offences shall remain unaffected. (8) The annual net turnover within the meaning of the second sentence of the second sentence of paragraph 7 shall be the total amount of the total amount of the items referred to in Article 34 (2), first sentence, point 1 (a) to (e). Credit institution-accounting regulation in the current version, including gross income consisting of interest income and similar income, proceeds from shares, other shareholders ' rights and not fixed-income and fixed-income securities, as well as income from commissions and fees, as set out in Article 316 of Regulation (EU) No 575/2013, minus the sales tax and other taxes directly levied on these revenues. If the company is a subsidiary, it shall be subject to the annual net turnover shown in the consolidated financial statements of the parent company at the top of the group in the previous financial year. Unofficial table of contents

§ § 57 and 58 (omitted)

Unofficial table of contents

Section 59 fines imposed on undertakings

§ 30 of the Code of Administrative Offences also applies to companies within the meaning of § 53b (1) sentence 1 and (7) sentence 1, which operate domestily through a branch or by way of cross-border service provision. Unofficial table of contents

Section 60 competent administrative authority

The Federal Agency is the administrative authority within the meaning of Section 36 (1) (1) of the Law on Administrative Offences. Unofficial table of contents

Section 60a Participation of the Bundesanstalt und Mitteilungen in Criminal Matters

(1) The court, the law enforcement authority or the law enforcement authority shall have criminal proceedings against holders, directors or members of the administrative or supervisory bodies of institutions or financial holding companies as well as against holders of the right to hold proceedings. major holdings in institutions or their legal representatives or members personally liable for the breach of their professional duties or other offences in connection with or in connection with the pursuit of a business or the operation of a other economic enterprise, as well as in criminal proceedings which Criminal offences in accordance with § 54, in the case of the collection of the public action of the Bundesanstalt

1.

the indictup or an application to be sent to its place;

2.

the request for the adoption of a criminal order; and

3.

the final decision on the basis of the decision

; if an appeal has been filed against the decision, the decision shall be communicated with reference to the appeal lodged. In proceedings for negligently committed offences, the transfers specified in paragraphs 1 and 2 shall be carried out only if decisions or other measures taken by the Federal Agency are required immediately from the point of view of the transferring authority. (1a) In criminal proceedings which are subject to criminal offences in accordance with section 54, the Public Prosecutor's Office has already informed the Federal Office of the initiation of the investigation procedure, in so far as this does not endanger the investigative purpose. is expected. If the public prosecutor's office considers that the proceedings are to be stopped, it must be heard by the Bundesanstalt. (2) Otherwise, in a criminal case, facts which indicate maladministration in the business of an institute are known and are aware of the facts of the case. The Court of First Instance, the law enforcement authority or the law enforcement authority shall also communicate these facts to the Office of the Federal Institute for Action in accordance with the provisions of this Act, except in the case of the agency to be notified it can be seen that the interests of the person concerned predominate. It must be taken into account how secured the findings to be transmitted are. (3) The Bundesanstalt is to be granted access to the file on request, unless it can be seen from the point of access to the file that the protection worthy interests of the Affected predominates. The second sentence of paragraph 2 shall apply accordingly. Unofficial table of contents

Section 60b Announcement of measures

(1) The Bundesanstalt shall be responsible for any institution or undertaking under its supervision or against a manager of an institution or undertaking and has become a final measure which it has become legally binding on the grounds of a breach of of this law, the legal regulations adopted for this purpose or the provisions of Regulation (EU) No 575/2013, and any incontedible decision pursuant to paragraphs 2 to 4 of this Article shall immediately be made on its Internet pages make public, including information on the nature and nature of the infringement . The rights of the Bundesanstalt pursuant to § 37 (1) sentence 3 remain unaffected. (2) The announcement of an indisputable penalty decision pursuant to § 56 paragraph 4c may not contain any personal data. (3) An indisputable party The decision pursuant to Article 56 (4c) may not be made known in accordance with paragraph 1 if such a contract notice provides for the stability of the financial markets of the Federal Republic of Germany or of one or more States Parties to the Agreement on the European Economic Area, or such a notice to the parties concerned would cause disproportionate damage. (4) The Bundesanstalt has a final measure or an indisputable fine with the exception of fines decisions pursuant to Section 56 (4c) on an anonymous basis. if a notice referred to in paragraph 1

1.

the personal right of natural persons is infringed or a disclosure of personal data would be disproportionate for other reasons,

2.

the stability of the financial markets of the Federal Republic of Germany, or of one or more Member States of the European Economic Area, or the progress of a criminal investigation, would be seriously jeopardised; or

3.

would cause disproportionate damage to the participating institutions or natural persons.

By way of derogation from the first sentence, the Bundesanstalt may, in the cases set out in points 2 and 3 of the first sentence, disregard the notice referred to in paragraph 1 until the reasons for a contract notice have been removed on an anonymous basis. (5) The measures and Fines decisions within the meaning of paragraph 1, with the exception of the fines decisions in accordance with Article 56 (4c), shall be made at least for five years from the stock of the measure or from the invalidity of the fine on the Internet pages of the Federal Agency shall remain published.

Eighth section
Transitional and final provisions

Unofficial table of contents

§ 61 Permission for existing credit institutions

If, upon the entry into force of this Act, a credit institution was allowed to operate banking transactions in the scope referred to in § 1 para. 1, the permission in accordance with § 32 shall be deemed to have been granted. The period referred to in Article 35 (1) shall begin to run with the entry into force of this Act. Unofficial table of contents

Section 62 General provisions

(1) The legislation in force in the field of credit and the provisions adopted pursuant to previous legislation shall be maintained in so far as they do not preclude the provisions of this Act. This law shall remain unaffected by legislation governing the business activities of certain types of credit institutions. (2) Tasks and powers laid down in the legislation of the Federal Republic of Germany (3) The responsibilities of the countries for recognition as a deposited financial institution in accordance with the thirty-fifth implementing regulation on the conversion law, for the confirmation of the Conversion calculation and the old bank account, as well as for the tasks and powers according to the securities settlement laws and the eviction act for German foreign bonds remain unaffected. Unofficial table of contents

§ 63

(repeal and amendment of legislation) Unofficial table of contents

Section 63a Special provisions relating to the territory referred to in Article 3 of the Agreement

(1) Insofar as a credit institution having its registered office in the German Democratic Republic, including Berlin (East), was allowed to conduct banking transactions in the scope referred to in § 1 para. 1 on 1 July 1990, the authorization pursuant to § 32 shall be deemed to have been granted. (2) Federal institution may exempt groups of credit institutions or individual credit institutions, having their registered office in the territory referred to in Article 3 of the Agreement, under this Act, if, for special reasons, in particular: because of the lack of approximation of the law in the Article 3 of the agreement (3) (to be taken away) Unofficial table of contents

§ 64 successor companies of the Deutsche Bundespost

As from 1 January 1995, the permission in accordance with § 32 applies to the successor company of the Deutsche Bundespost POSTBANK as granted. In the case of the summary pursuant to section 19 (2) sentence 1, shares in the successor companies of the Deutsche Bundespost shall not be taken into consideration until 31 December 2002, held by the Bundesanstalt für Post und Telekommunikation Deutsche Bundespost. . Unofficial table of contents

§ 64a (omitted)

- Unofficial table of contents

§ 64b (omitted)

Unofficial table of contents

§ 64c (omitted)

- Unofficial table of contents

§ 64d (omitted)

Unofficial table of contents

Section 64e Transitional provisions relating to the Sixth Act amending the Law on Credit

(1) For a credit institution which has a permit as a deposit credit institution on 1 January 1998, the licence shall apply to the operation of the financial commission business, the issuance transaction, the money card business, the netmoney business as well as for the provision of financial services at that point in time. (2) Financial services institutions and securities trading banks which were lawfully acting on 1 January 1998 without the permission of the Federal Agency, have until 1 April 1998 to have their rights subject to this law Activities and the intention to continue these activities, the Bundesanstalt and the Deutsche Bundesbank (Bundesanstalt). If the advertisement has been refunded on time, the permission in accordance with § 32 shall be deemed to be granted in this volume. The Federal Institute confirms the designated permission items within three months of the date of receipt of the advertisement. Within three months of receipt of the confirmation of the Bundesanstalt, the Institute of the Bundesanstalt and the Deutsche Bundesbank have to submit a supplementary display, which corresponds to the content requirements of § 32. If the supplementary indication is not filed in due time, the Federal Institute may cancel the permission in accordance with sentence 2; § 35 shall remain unaffected. (3) On institutions for which a permit pursuant to paragraph 2 is deemed to have been granted, § 35 para. 2 no. 3 in conjunction with § 33 (1) sentence 1 (1) (a) to (c) and Section 24 (1) (9) on initial capital only apply from 1 January 2003. As long as the initial capital of the institutions referred to in the first sentence is less than the amount required for the application of the first sentence of Article 33 (1) (1), it shall not be less than the average value of the six preceding months; the The average value shall be calculated every six months and shall be communicated to the Federal Institute. If the average value is less than the average value specified in the second sentence, the Federal Institute may cancel the permit. Article 10 (1) to (8) and Articles 10a, 11 and 13 to 13b shall not apply to the institutions referred to in sentence 1 until 1 January 1999, unless they establish a branch or provide cross-border services in other States. of the European Economic Area according to § 24a. A trading company for which a licence pursuant to paragraph 2 is deemed to have been granted and which does not apply Article 10 (1) to (8) and Articles 10a, 11 and 13 to 13b shall inform the clients that they are not in accordance with § 24a in other States of the The European Economic Area is able to establish a branch or provide cross-border services. Institutions for which permission is granted in accordance with paragraph 2 shall be notified to the Bundesanstalt and the Deutsche Bundesbank, whether they apply § 10 (1) to (8) and § § 10a, 11 and 13 to 13b. (4) (omitted) (5) (omitted) Unofficial table of contents

Section 64f Transitional provisions on the Fourth Financial Market Promotion Act

(1) For a credit institution which has a permit as a deposit credit institution on 1 July 2002, the licence to operate the credit card business shall be deemed to have been granted for that date. (2) Financial services institutions and On 1 July 2002, securities trading banks which were lawfully operating without the permission of the Bundesanstalt pursuant to Section 1 (1a) sentence 2 no. 8 have until 1 November 2002 their authorized activity and the intention to do so. , the Bundesanstalt and the Deutsche Bundesbank. Section 64e (2) sentences 2 to 5 shall apply accordingly. (3) to (6) (omitted) Unofficial table of contents

Section 64g Transitional provisions relating to the financial conglomerate policy implementation act

(1) (2) Until the adoption of the regulation in accordance with Article 13c (1), second sentence, all significant intra-group transactions carried out during a calendar year with joint undertakings or their subsidiaries shall be the Bundesanstalt and the Deutsche Bundesbank before 16 January of the following year. Intra-group transactions are in particular

1.

Loans,

2.

guarantees, guarantees and other off-balance-sheet transactions;

3.

Transactions relating to own resources as defined in § § 10, 10a, 53c and 104g of the Insurance Supervision Act,

4.

capital investments;

5.

reinsurance business,

6.

Cost-sharing agreements.

An intra-group transaction is significant if the individual transaction reaches or exceeds at least 5 percent of the group-level capital requirement. Several transactions of the same or different group-related companies with another group-affiliated company during a financial year are to be summarize in each case, even if the individual transaction is 5 percent the capital requirement is not reached at the group level. (3) Up to a supplement to the legal regulation pursuant to § 24 (4)

1.

are within the scope of the ads according to § 24 (3a) sentence 1 no. 1

a)

to assess the reliability of the persons who are actually to conduct the business of a financial holding company or of a mixed financial holding company, as defined in Section 8, second sentence, No. 2 of the ad regulation of 29 December 1997 (BGBl. 3372), as last amended by Article 8 of the Law of 15 August 2003 (BGBl I). 1657) have been amended to make the declarations provided for;

b)

for the assessment of the professional competence of the persons who are actually to conduct the business of a financial holding company or mixed financial holding company, which according to § 8 sentence 2 no. 1 of the ad regulation of 29 December 1997 (BGBl. 3372), as last amended by Article 8 of the Law of 15 August 2003 (BGBl I). 1657), shall be accompanied by the documents referred to in Article 1 (1);

2.

§ 27 of the ad regulation of 29 December 1997 (BGBl. 3372), as last amended by Article 8 of the Law of 15 August 2003 (BGBl I). 1657), in relation to the advertising of a mixed financial holding company in accordance with Section 12a (1) sentence 3.

(4) (dropped) Unofficial table of contents

§ 64h Transitional provisions on the law implementing the newly drafted banking directive and the recast capital adequacy directive

(1) (omitted) (2) (omitted) (3) (omitted) (4) (omitted) (5) Institutes may use personal data which they have collected before 1 January 2007, in accordance with § 10 paragraph 2. (6) (omitted) (7) § 2 para. 8a is up to the longest to be 31 December 2014. Unofficial table of contents

Section 64i Transitional provisions on the Financial Market Policy Implementation Act

(1) For a company which has a permit for one or more banking transactions or financial services within the meaning of section 1 (1a) sentence 2 no. 1 to 4 on 1 November 2007, the permission to provide investment advice shall be deemed to have been granted at that time. For a financial services institution which does not fall under the first sentence, the permit for investment advice from that date shall be deemed to have been granted until the date of the decision of the Bundesanstalt if it has completed a full financial service until 31 January 2008. Application for permission pursuant to § 32 (1) sentence 1 and 2, also in connection with a legal regulation pursuant to § 24 (4). (2) For a company which on 1 November 2007 a permit for one or more banking transactions or financial services in the sense of 1 to 4, and has so far acted on its own account with financial instruments, (3) For an undertaking which, on the basis of the extension of the definition of the financial instruments referred to in Article 1 (11), on 1 November 2007 to the financial services institution or to the financial services institution, (4) In respect of an undertaking which has a licence to provide investment on 1 November 2007, the authorisation to operate a multilateral trading system shall be deemed to have been granted at that date; , if the application for a complete permission for permission in accordance with § 32 (1) sentence 1 and 2, by 31 January 2008, also in connection with a legal regulation pursuant to section 24 (4), and the Bundesanstalt does not object to it within three months of the receipt of the complete permission request. The Federal Institute may object if, in the event of a proper application for permission under Section 32, it would have the right to refuse to grant permission under Section 33. (5) For a company which was granted a permit for the For the purposes of the provision of the placement business, paragraph 1, second sentence, shall be deemed to have been issued by the end of the contract. Unofficial table of contents

Section 64j Transitional provisions on the Annual Tax Act 2009

(1) For a company which has a permit for one or more banking transactions within the meaning of Section 1 (1) or financial services transactions within the meaning of § 1 (1a) sentence 2 no. 1 to 4 on 25 December 2008, the permission for factoring and the (2) For financial services institutions other than those referred to in paragraph 1, the authorization for factoring and financial leasing shall be deemed to have been granted as of 25 December 2008, if they are to be granted up to 31 December 2008. In January 2009, they indicate that they are carrying out these activities. For undertakings within the meaning of sentence 1, which do not exceed at least two of the three size criteria mentioned in Article 267 (1) of the Commercial Code at the time of entry into force of the law, a longer period shall be valid until 31 December 2009. The notification shall be subject to the information provided for in Article 32 (1), second sentence, No. 2 and 6 (a) and (b), the annual accounts for the last financial year ended, or-if it has not yet been established in accordance with the time-limits in force for this purpose-for the latter. preceding financial year, or-as far as no annual financial statements were to be drawn up-the opening balance sheet and an under-annual profit and loss account, as well as a current commercial register extract and the trade show pursuant to § 14 (1) sentence 1 of the commercial order. Unofficial table of contents

Section 64k Transitional provision on the law implementing the Participation Directive

The provisions of this Act shall apply in the version valid until 17 March 2009, in accordance with the procedure laid down in § 2c, in which an advertisement has been received by 17 March 2009. Unofficial table of contents

Section 64l Transitional provision for the permit for investment management

For an institution that has the permission for the financial commission business, the equity trading or the financial portfolio management on March 25, 2009, the permission for the investment management shall be deemed to be granted at that time. A licence for the investment administration does not exist for such products, for which a sales prospectus has been published until 24 September 2008. Unofficial table of contents

§ 64m (omitted)

Unofficial table of contents

§ 64n Transitional provision on the law for the amendment of financial intermediaries and property law

For a company that becomes the financial services institution on the basis of the extension of the definition of the financial instruments in § 1 (11) sentence 1 on 1 June 2012, the permission from that date shall apply until the decision of the Federal Institute as shall be granted on a provisional basis if, by 31 December 2012, it shall submit a complete application for permission pursuant to § 32 (1), first sentence, and 2, including in conjunction with a legal regulation pursuant to section 24 (4). Unofficial table of contents

Section 64o Transitional provisions on the EMIR Execution Act

(1) For credit institutions which, on 16 February 2013, have a permit pursuant to § 32 for the performance of the activities of a central counterparty pursuant to Article 1 (1), second sentence, point 12, shall be subject to the grant of a permit referred to in Article 14 Article 17 of Regulation (EU) No 648/2012 § 2 (9a) and (9b) does not apply. The first sentence of Article 37 (1) and Article 54 (1a) shall apply to credit institutions referred to in the first sentence as regards the activity as the central counterparty within the meaning of the second sentence of Article 1 (1), second sentence, point 12, until the grant or the final approval of the authorisation has been granted, Article 14, in conjunction with Article 17 of Regulation (EU) No 648/2012, shall not apply. To the extent that a permit pursuant to § 32 includes the operation of banking transactions pursuant to § 1 (1) sentence 2 number 1 to 10 or the provision of financial services in accordance with § 1 paragraph 1a, it shall remain subject to the grant or the final convicted Without prejudice to the authorization provided for in Article 14 in conjunction with Article 17 of Regulation (EU) No 648/2012. (2) § 29 (1) sentence 2 in the version valid from 16 February 2013 shall be for the first time on the final examination of the annual financial statements for a (3) § 29 (1a) in the financial year beginning on 16 February 2013 shall apply for the first time to the financial statements of the annual financial statements for a financial year starting from the date on which the credit institution is authorised under Article 14 in conjunction with Article 17 of Regulation (EU) No 648/2012. Unofficial table of contents

§ 64p Transitional provision on high-frequency trade law

For a company which becomes the financial services institution on the basis of the extension of the concept of proprietary trading in Section 1 (1a), second sentence, point 4 on 15 May 2013, the permit for proprietary trading and its own business shall apply within the meaning of Section 32 (1) (a) 1a shall be granted on a provisional basis at that time if, by 14 November 2013, it shall submit a complete application for permission in accordance with the first and second sentences of § 32 (1) and (2), including in conjunction with a legal regulation pursuant to § 24 (4). For a company that does not reside in Germany and is not a company within the meaning of § 53b (1) Sentence 1 and 2, sentence 1 shall apply with the proviso that the complete permit application shall be submitted by 14 February 2014. Unofficial table of contents

Section 64q Transitional provision on the AIFM Implementation Act

(1) Financial services institutions which, by amending § 1 and the entry into force of the capital investment code, act as capital management companies within the meaning of Section 17 of the Capital Investment Code or as shares in investment assets in the sense of § 1 paragraph 1 of the capital investment code and which meet the requirements of § 353 (1) to (3) is to continue to apply in the version in force until 21 July 2013. (2) Financial services institutions which are subject to the Amendment of § 1 and the entry into force of the capital investment code as Capital management companies within the meaning of Section 17 of the Capital Investment Code or as shares in investment assets within the meaning of Article 1 (1) of the Capital Investment Code shall be governed by this law in the version valid until 21 July 2013 up to the Status of the permit application in accordance with § 22 of the capital investment code or, if the conditions of § 2 (4), 4a, 4b or paragraph 5 of the capital investment code are fulfilled, until the registration according to § 44 of the capital investment code continues to be , Unofficial table of contents

Section 64r Transitional provisions relating to the CRD IV-Implementation Act

(1) § 8 (3) sentence 7 in the version in force as from 1 January 2014 shall apply from 1 January 2015 or, if an act is adopted in accordance with Article 151 (2) of Directive 2013 /36/EU, from the end of the period specified there. Until 31 December 2014 or the expiry of the period specified in the aforementioned act, Section 8 (3) sentence 7 shall continue to apply in the version in force until 31 December 2013. (2) § 8f shall be effective from 1 January 2015 or, if a legal act is Article 151 (2) of Directive 2013 /36/EU shall be adopted as from the expiry of the period specified therein, but not later than 1 January 2017. (3) § 10 (3), second sentence, point 5 in the version in force as from 1 January 2014 is only up to the first subparagraph of Article 1 (2). 1 January 2016. (4) The deduction of the difference in amount according to § 10a paragraph 4 sentence 4 in the the current version shall be made in the period from 1 January 2014 to 31 December 2017 as follows:

1.

from 1 January 2014 to 31 December 2014, 80% of the core capital of the Group referred to in Article 25 of Regulation (EU) No 575/2013 and 20% of the hard core capital of the Group in accordance with Article 50 of Regulation (EU) No 575/2013;

2.

from 1 January 2015 to 31 December 2015, 60% of the core capital of the Group referred to in Article 25 of Regulation (EU) No 575/2013 and 40% of the hard core capital of the Group in accordance with Article 50 of Regulation (EU) No 575/2013;

3.

from 1 January 2016 to 31 December 2016, 40% of the core capital of the Group referred to in Article 25 of Regulation (EU) No 575/2013 and 60 per cent of the hard core capital of the Group in accordance with Article 50 of Regulation (EU) No 575/2013;

4.

from 1 January 2017 to 31 December 2017, 20% of the core capital of the Group referred to in Article 25 of Regulation (EU) No 575/2013 and 80% of the hard core capital of the Group in accordance with Article 50 of Regulation (EU) No 575/2013.

(5) § § 10c and 10d in the version valid from 1 January 2014 shall be fully applied for the first time as from 1 January 2019. In the period from 1 January 2016 to 31 December 2018, the provisions referred to in the first sentence shall apply by means of the following measures:

1.

In the period from 1 January 2016 to 31 December 2016

a)

the capital conservation buffer shall be held in hard core capital and shall be 0.625 per cent of the total risk-weighted exposure amounts of the institution, calculated in accordance with Article 92 (3) of Regulation (EU) No 575/2013;

b)

the institute-specific countercyclical capital buffer is 25 percent of the institute-specific countercyclical capital buffer, which is to be held according to § 10d, i.e. a maximum of 0.625 percent of this total, so that the required combined The capital buffer requirement minus the amount of the capital buffer for systemic exposures is between 0.625 percent and 1.25 percent of the total risk-weighted exposure amounts of the institutions.

2.

In the period from 1 January 2017 to 31 December 2017

a)

the capital maintenance buffer shall be held in hard core capital and shall be 1.25 per cent of the total risk-weighted exposure amounts of the institution, calculated in accordance with Article 92 (3) of Regulation (EU) No 575/2013;

b)

the institute-specific countercyclical capital buffer is 50 percent of the institute-specific countercyclical capital buffer, which is to be held according to § 10d, i.e. a maximum of 1.25 percent of this total, so that the required combined The capital buffer requirement minus the amount of the capital buffer for systemic exposures is between 1.25 percent and 2.50 percent of the total risk-weighted exposure amounts of the institutions.

3.

In the period from 1 January 2018 to 31 December 2018

a)

the capital conservation buffer shall be held in hard core capital and shall be 1.875 per cent of the total risk-weighted exposure amounts of the institution, calculated in accordance with Article 92 (3) of Regulation (EU) No 575/2013;

b)

The institute-specific countercyclical capital buffer is 75 percent of the institute-specific countercyclical capital buffer to be held according to § 10d, i.e. a maximum of 1.875 percent of this total, so that the required combined Capital buffer requirement minus the amount of the capital buffer for systemic exposures is between 1.875 percent and 3.750 percent of the total risk-weighted exposure amounts of the institutions.

(6) § 10e (5) in the version valid from 1 January 2014 shall apply for the first time from 1 January 2015. (7) § 10f (1) in the version valid from 1 January 2014 shall be applied for the first time from 1 January 2019. In the period from 1 January 2016 to 31 December 2018, the rule set out in the first sentence shall apply with the following measures:

1.

In the period from 1 January 2016 to 31 December 2016, the capital buffer for institutions relevant to the global system shall be 25% of the capital buffer to be held for globally systemically relevant institutions, to be held in accordance with § 10f (1) sentence 2;

2.

in the period from 1 January 2017 to 31 December 2017, the capital buffer for institutions relevant to the global system shall be 50 per cent of the capital buffer to be held for globally systemically relevant institutions to be held in accordance with § 10f (1) sentence 2;

3.

in the period from 1 January 2018 to 31 December 2018, the capital buffer for institutions relevant to the global system shall be 75 per cent of the capital buffer to be held for globally systemically relevant institutions, to be held in accordance with section 10f (1) sentence 2.

(8) § 10g in the version valid from 1 January 2014 shall be applied for the first time as from 1 January 2016. (9) § 10i in the version valid from 1 January 2014 shall apply in the period from 1 January 2016 to 31 December 2018 in accordance with the conditions laid down in paragraph 5 and (10) § 14 (1) in the version in force as from 1 January 2014 shall apply in each case with the following measures for the transitional periods mentioned below:

1.

from 1 January 2014 to 31 December 2014, the millioncredit reporting limit shall be EUR 1.5 million; this shall also apply to the reporting of Community credit;

2.

shall apply from 1 January 2014 to 31 December 2016

a)

Credit commitments,

b)

Shares in other companies, irrespective of their accounting certificate,

c)

Balance-sheet assets withdrawn from the hard core capital in accordance with Article 36 in conjunction with Article 19 (2) (a) of Regulation (EU) No 575/2013, and

d)

Securities of the trading stock

not as credit within the meaning of Section 14 (1); § 20 shall remain unaffected.

As of 1 July 2014, the companies participating in the millionaire credit reporting process may submit the master data information to the Deutsche Bundesbank, which is necessary to potentially re-enact the expiry of the transitional period according to the first sentence of the first sentence of 1 July 2014. (11) § 25 (1) sentence 2 and paragraph 2 sentence 2 in the version valid from 1 January 2014 shall be applied for the first time as from 1 January 2015. (12) The advertisements in accordance with § 24 (1) (16) and (1a) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) 5 to the modified equity capital ratio are to be reimbursed for the last time for the Capital ratios on 31 December 2014 and changes that have occurred up to that date. (13) § 25c (2) in the version valid from 1 January 2014, subject to sentence 2, for mandates as business manager and for Mandates in administrative and supervisory bodies, which the Executive Director already held on 31 December 2013, not to be applied. For institutions in which there is a system risk within the meaning of § 67 (2) sentence 1 of the law on the reorganization and settlement of institutions and financial groups, § 25c (2) shall apply from 1 July 2014. (14) § 25d paragraph 3 in the from 1 January 2014 shall not apply, subject to the second sentence, to Mandate as Head of Business and to mandates in administrative and supervisory bodies already held by the Member of the Administrative and Supervisory Body on 31 December 2013. For institutions in which there is a system risk within the meaning of § 67 (2) sentence 1 of the law on the reorganization and settlement of institutions and financial groups, § 25d paragraph 3 shall apply from 1 July 2014. (15) CRR-Institute shall have the following provisions in Article 26a (1) The first subparagraph of point 1 to 3 shall be disclosed for the first time on 1 July 2014 and thereafter on an annual basis. In addition, Section 26a (1), second sentence, and 3 shall apply from 1 January 2015. If the European Commission is to issue a legislative act which departs the disclosure requirement under Article 89 of Directive 2013 /36/EU, the first sentence of Article 26a (1) and the first sentence of Article 26a (1) shall apply as from 1 January 2016; sentence 1 shall remain unaffected. (16) § 53b, paragraph 4, 5 and 8 in the version valid from 1 January 2014 shall apply from 1 January 2015 or when an act is adopted in accordance with Article 151 (2) of Directive 2013 /36/EU from the end of the period specified therein. § 53b (4), (5) and (8) shall continue to apply until 31 December 2014 or the expiry of the period specified in the aforementioned act in the version valid until 31 December 2013. (17) In applying the transitional provisions of the By 31 December 2021, Article 484 (5) of Regulation (EU) No 575/2013 shall be subject to the provisions of the Award Regulation in the adjusted version published in the Bundesgesetzblatt, Part III, Section 7610-2-6, as published in Article 2 of the Regulation (EC) No 575/2013. Regulation of 20 December 1984 (BGBl. 1727), and by Article 7 (1) of the Law of 28 August 2013 (BGBl. 18) For credit institutions with exclusive permission to operate the activities of a central counterparty in accordance with Article 1 (1), second sentence, point 12, until the decision on grant has been taken, the an authorisation in accordance with Article 17 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 136, 31.4.2012, p. 1), the provisions of this Act and the legal regulations adopted pursuant to this Act continue in the version in force until 31 December 2013 respectively. Unofficial table of contents

§ 64s Transitional provision on the law for the protection of risks and the planning of the reorganization and settlement of credit institutions

(1) For a company which is deemed to be a financial services institution pursuant to Article 1 (1a) sentence 3 on July 1, 2015, the permission from that date shall be deemed to have been granted until the decision of the Bundesanstalt as provisional if the company is within twelve months of the Months after the entry into force of this provision, a complete application for permission pursuant to § 32 (1) sentences 1 and 2, also in conjunction with a legal regulation pursuant to § 24 (4), states. (2) § 1 (1a) sentence 3 and 4, § 3 (2) and (3) and § 25f are shall not apply until 1 July 2015. § 3 (4) shall not apply until 1 July 2016. Unofficial table of contents

Section 64t Transitional provision for Regulation (EU) No 1060/2009

Section 29 (2) sentence 4 in the version valid from 19 December 2014 shall apply for the first time to the financial statements of the annual financial statements for the financial year beginning after 31 December 2014. Unofficial table of contents

Section 64t Transitional provision on the BRRD-transposing law

If a transfer order pursuant to § 48a will be issued until 31 December 2014 in the version valid until 31 December 2014, the implementation and legal consequences of such a transfer order shall also apply after 31 December 2014. § § 48a to 48s in the version valid until 31 December 2014. Unofficial table of contents

Section 65

(Entry into force) Unofficial table of contents

Annex I Information sheet for depositors

(Fundstelle: BGBl. I 2015, 810-811)

Deposits at (insert name of credit institution) are protected by:	[insert name of the relevant Deposit Guarantee Scheme] (1)
Backup upper limit:	EUR 100 000 per depositor per credit institution (2) [Replace with the corresponding amount if the currency is not in euro] [If applicable:] The following trademarks are part of your credit institution [insert all trademarks that operate under the same license]
If you have more than one deposit with the same credit institution:	All of your deposits with the same credit institution will be "added up" and the total amount will be subject to the ceiling of EUR 100 000 [to be replaced by the corresponding amount if the currency is not euro] (2)
If you have a Community account with one or more other people:	The ceiling of EUR 100 000 [to be replaced by the corresponding amount if the currency is not euro] shall apply to each single depositor (3)
Reimbursement period in the event of failure of a credit institution:	20 working days up to 31 May 2016 7 working days from 1 June 2016
Currency of refund:	Euro [replace, where appropriate, by other currency]
Contact details:	[ insert contact details of the relevant Deposit Guarantee Scheme (Address, phone, email, etc.)]
For more information:	[insert web site of the relevant Deposit Guarantee Scheme]
Acknowledgement of receipt by the depositor:
Additional information (for all or some of the following points) (1) [Only if applicable:] Your credit institution is part of an institute-related security system that is officially recognised as a Deposit Guarantee Scheme. This means that all institutions that are members of this Deposit Guarantee Scheme support each other in order to avoid insolvency. In the event of insolvency, your deposits will be reimbursed up to EUR 100 000 [by the appropriate amount if the currency is not denominate in euro]. [Only if applicable:] Your deposit will be covered by a statutory Deposit Guarantee Scheme. In the event of insolvency of your credit institution, your deposits will in any case be reimbursed up to EUR 100 000 [by the corresponding amount if the currency is not denominating in euro]. [Only if applicable:] Your deposit will be covered by a statutory Deposit Guarantee Scheme and a contractual Deposit Guarantee Scheme. In the event of insolvency of your credit institution, your deposits will in any case be reimbursed up to EUR 100 000 [by the corresponding amount if the currency is not denominating in euro]. [Only if applicable:] Your deposit will be covered by a statutory Deposit Guarantee Scheme. In addition, your credit institution is part of an institute-related security system in which all members support each other in order to avoid insolvency. In the event of insolvency, your deposits will be reimbursed up to EUR 100 000 [by the appropriate amount if the currency is not denominated in euros] by the Deposit Guarantee Scheme. (2) If a deposit is not available because a credit institution is unable to meet its financial obligations, depositors shall be compensated by the Deposit Guarantee Scheme. The corresponding cover sum shall be no more than EUR 100 000 [to be replaced by the corresponding amount if the currency is not denomination of euro] per credit institution. This means that all deposits held by the same credit institution will be added in the calculation of this sum. For example, if a depositor holds EUR 90 000 in a savings account and EUR 20 000 in a current account, only EUR 100 000 will be reimbursed to the depositor. [Only if applicable:] This method is also applied when a credit institution occurs under different brands. The [insert name of the account-carrying credit institution] shall also operate under the name [insert all other trademarks of the same credit institution]. This means that the total sum of all deposits in one or more of these marks is covered by up to EUR 100 000. (3) In the case of Community accounts, the ceiling of EUR 100 000 applies to each depositor. [Only if applicable:] deposits in an account which may have two or more persons as members of a partnership or a law firm, association or similar entity without legal personality shall be applied to: the calculation of the ceiling of EUR 100 000 [to be replaced by the corresponding amount if the currency is not euro], but is aggregated and treated as an insert of a single depositer. In the cases of Section 8 (2) to (4) of the Deposit Guarantee Act, deposits above EUR 100 000 are to be replaced by the corresponding amount if the currency is not denominated in euro. More information can be obtained from [insert website of the relevant Deposit Guarantee Scheme]. (4) Refund [to be adjusted] The responsible Deposit Guarantee Scheme is [insert name, address, phone, email, and website]. You will be able to pay your deposits (up to EUR 100 000 [replaced by equivalent amount if the currency is not euro]) at the latest within 20 working days until 31 May 2016, or 7 working days from 1 June 2016. If you have not received the refund within these deadlines, you should contact the Deposit Guarantee Scheme, since the period of validity of the refund claims may have expired after a specified period. More information can be obtained from [insert website of the responsible Deposit Guarantee Scheme]. Other important information Deposits of private customers and companies are generally covered by Deposit Guarantee Schemes. Exemptions applicable to certain deposits shall be communicated on the website of the competent Deposit Guarantee Scheme. Your credit institution will also inform you on request about whether certain products are covered or not. If deposits are eligible for compensation, the credit institution will also confirm this on the bank statement.