Admission as a specialist

(1) The Management of a securities exchange may, having regard to the trading system used by the exchange, entrust undertakings admitted to participate in exchange trading, on their application, with the determination of exchange prices at that securities exchange (admission as specialist). The applicant and its managers must possess the reliability required for the specialist function, and must be suitable for the specialist function on account of their professional and economic capacity. The Management must admit persons who are to be entitled to act for a specialist in the specialist function (persons acting as specialists), where those persons are exchange traders and possess the professional suitability required for the specialist function. The details are governed by the Exchange Rules.
(2) The Management must, after hearing the exchange supervisory authority and apart from under the provisions of the Administrative Procedure Act, revoke admission as specialist where the specialist is guilty of a gross violation of its obligations. The Management may revoke admission where BaFin has taken measures to secure the satisfaction of the specialist's liabilities towards its creditors. In urgent cases the Management may, even without hearing the specialist, provisionally prohibit a specialist from participating in exchange trading with immediate effect; an objection and an action for annulment have no suspensive effect.
(3) Where a well-founded suspicion exists that one of the conditions named in subsection (1) did not exist, or has subsequently ceased to exist, the Management may order the suspension of a specialist's admission for a period of at most six months.
(4) BaFin must inform the Management without delay where it has taken measures to secure the satisfaction of the specialist's liabilities towards its creditors.