Establishment

(1) Within the portfolio of the Federal Ministry of Finance, a directly federal, legally capable institution under public law is established with effect from 1 May 2002 through the merger of the Federal Banking Supervisory Office, the Federal Insurance Supervisory Office and the Federal Securities Supervisory Office. It bears the name "Federal Financial Supervisory Authority" (BaFin).
(2) BaFin has its seat in Bonn and in Frankfurt am Main.
(3) For actions against BaFin, Frankfurt am Main is deemed the seat of the authority. In proceedings under the Act on Regulatory Offences, Frankfurt am Main is deemed the seat of the administrative authority. The first sentence does not apply to actions arising from a civil-service relationship, or to legal disputes for which the labour courts have jurisdiction.
(4) BaFin is exempt from payment of court costs in proceedings before the ordinary courts.