Management of the exchange operator

(1) The managers of the exchange operator must be professionally suitable and reliable, and must devote sufficient time to the performance of their tasks.
(2) In determining the number of management or supervisory mandates a manager may hold at the same time, the individual case and the nature, scope and complexity of the exchange operator's business must be taken into account. A manager of an exchange operator that is of considerable importance on account of its size, its internal organisation and the nature, scope and complexity of its business, may not be a person who is a manager at another undertaking or is already a member of the management or supervisory body of more than two undertakings. Several mandates count as one mandate where they are held at undertakings 1. belonging to the same group within the meaning of Article 2, point 11 of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC, or 2. in which the exchange operator holds a significant holding within the meaning of section 1(9) of the Banking Act. Mandates as manager of an exchange or as member of an Exchange Council, and mandates at organisations and undertakings that do not predominantly pursue commercial objectives, in particular undertakings serving municipal public services, are not taken into account among the mandates permitted at most under the second sentence. The exchange supervisory authority may, having regard to the circumstances of the individual case, permit a manager to hold an additional mandate in a management or supervisory body, where this does not prevent the manager from devoting sufficient time to the performance of their tasks at the exchange operator.