Trading Surveillance Office

(1) The exchange must, having regard to requirements laid down by the exchange supervisory authority, establish and operate a Trading Surveillance Office as an exchange body, which monitors trading at the exchange and the settlement of exchange transactions. At an exchange on which commodity derivatives are traded, this includes monitoring whether position limits under Division 9 of the Securities Trading Act are complied with by trading participants. Section 57(3) of the Securities Trading Act applies accordingly to monitoring whether position limits are complied with, with the proviso that the Trading Surveillance Office informs the exchange supervisory authority and BaFin. The Trading Surveillance Office must systematically and completely record and evaluate data on exchange trading and the settlement of exchange transactions, including the data under Article 25(2) of Regulation (EU) No 600/2014, and must carry out necessary investigations. At commodity exchanges at which energy within the meaning of section 3, no. 31 of the Energy Industry Act is traded, the Trading Surveillance Office must also systematically and completely record and evaluate data on the settlement of transactions that are not concluded through the exchange but are settled through a settlement system of the exchange or an external settlement system connected to the exchange systems for exchange trading or exchange transaction settlement, and whose subject matter is trading in energy or forward transactions relating to energy; the Trading Surveillance Office may, on the basis of that data, carry out necessary investigations. The exchange supervisory authority may give instructions to the Trading Surveillance Office and take over investigations. The Management may instruct the Trading Surveillance Office, within the framework of that office's tasks under the first to third sentences, to carry out investigations.
(2) The head of the Trading Surveillance Office must report regularly to the exchange supervisory authority. Persons entrusted with monitoring tasks at the Trading Surveillance Office may be relieved of their activity against their will only in agreement with the exchange supervisory authority. With the consent of the exchange supervisory authority, the Management may assign other tasks to those persons. Consent must be given where this does not impair the performance of the monitoring tasks of the Trading Surveillance Office.
(3) The Trading Surveillance Office has the powers of the exchange supervisory authority under section 3(4), first to fifth sentences; section 3(4), ninth to eleventh sentences and (9) applies accordingly.
(4) The Trading Surveillance Office may transmit data on concluded transactions and observations and findings, including personal data, of the Management and the Trading Surveillance Office to another exchange, insofar as necessary for the performance of the tasks of those bodies. The Trading Surveillance Office may also transmit data on concluded transactions and observations and findings, including personal data, to bodies entrusted by law or by public mandate with the supervision of exchanges or other markets on which financial instruments or other economic assets are traded, or entrusted with the supervision of exchange-traded financial instruments or other economic assets, insofar as necessary for the performance of the tasks of those bodies. The Trading Surveillance Office may also receive such data from those bodies, insofar as necessary for the orderly conduct of trading and the settlement of exchange transactions. Such data may be transmitted to those bodies only where those bodies and the persons engaged by them are subject to a duty of confidentiality equivalent to that under section 10. Those bodies must be informed that they may use the data only for the purpose for which it was transmitted to them. The Trading Surveillance Office must inform the exchange supervisory authority, the Management and, within its area of competence, BaFin, of the competent bodies in other states with which it intends to exchange what type of data.
(5) Where the Trading Surveillance Office establishes facts justifying the assumption that exchange-law provisions or orders are being infringed, or that other irregularities exist that may impair the orderly conduct of trading at the exchange or the settlement of exchange transactions, it must inform the exchange supervisory authority and the Management without delay. The Management may take urgent orders suitable to ensure the orderly conduct of trading at the exchange and the settlement of exchange transactions; section 3(9) applies accordingly. The Management must inform the exchange supervisory authority without delay of the measures taken. Where the Trading Surveillance Office establishes facts the knowledge of which is required for BaFin to perform its tasks, it informs BaFin without delay. BaFin must in particular be informed where the Trading Surveillance Office establishes facts the knowledge of which is required to pursue infringements of the prohibition of insider dealing under Article 14 of Regulation (EU) No 596/2014 or the prohibition of market manipulation under Article 15 of Regulation (EU) No 596/2014. The Trading Surveillance Office must inform the exchange supervisory authority of notifications under the fifth sentence. The fourth and fifth sentences apply accordingly in relation to the Agency for the Cooperation of Energy Regulators, the Bundesnetzagentur and the regulatory authorities of other Member States, with the proviso that they must in particular be informed of such data on concluded transactions and observations and findings, including personal data, the knowledge of which is required to pursue infringements of the provisions of Regulation (EU) No 1227/2011. The Trading Surveillance Office may further transmit data on concluded transactions and observations and findings, including personal data, to a body in another state that performs monitoring tasks comparable to those of BaFin or the Bundesnetzagentur in relation to market abuse or insider trading, insofar as the Trading Surveillance Office establishes facts the knowledge of which is required for that body to perform its tasks and the persons employed at that body are subject to a duty of confidentiality equivalent to that under section 10. The transmission of personal data must be consistent with Chapter V of Regulation (EU) 2016/679 and with other general data-protection provisions. That body must be informed that it may use the data only for the purpose for which it was transmitted to it.
(6) The Trading Surveillance Office performs the tasks and exercises the powers assigned to it under this Act only in the public interest.