Tasks and cooperation

(1) BaFin assumes the tasks assigned to the Federal Banking Supervisory Office, the Federal Insurance Supervisory Office and the Federal Securities Supervisory Office. It also performs the tasks assigned to it under other provisions, including advisory activity in connection with the establishment and support of foreign supervisory systems. BaFin acts, by way of inter-institutional delegation, for the Federal Ministry of Finance within the framework of the supervision incumbent on it under the provisions of the institution's articles over the Federal and State Pension Fund (Versorgungsanstalt des Bundes und der Länder). Further details, including the commencement of the inter-institutional delegation, are regulated in an administrative agreement between the Federal Ministry of Finance and BaFin, in agreement with the Federal Ministry of the Interior. BaFin also performs the tasks of the resolution authority under section 3(1) of the Recovery and Resolution Act, and the tasks assigned to it on the basis of the Restructuring Fund Act.
(1a) Within its statutory mandate, BaFin is also committed to protecting collective consumer interests. Without prejudice to further powers under other statutes, BaFin may issue, against institutions and other undertakings supervised under the Banking Act, the Payment Services Supervision Act, the Insurance Supervision Act, the Securities Trading Act, the Capital Investment Code and other statutes, all orders that are suitable and necessary to prevent or remedy abuses relevant to consumer protection, where a general clarification appears warranted in the interest of consumer protection. An abuse within the meaning of the second sentence is a significant, persistent or repeated infringement of a consumer-protection statute that, by its nature or extent, may endanger or impair the interests of consumers generally, not merely of individual consumers. To perform its tasks and in accordance with the second sentence, BaFin may also acquire financial products and make use of financial services by way of covert test purchases.
(1b) BaFin publishes its medium-term strategic objectives. The overview must in particular contain
1. the priority supervisory focus areas and their justification, and
2. the abstract measures for achieving the objectives. These must be made accessible on BaFin's website.
(2) BaFin cooperates with other domestic and foreign bodies and persons in accordance with the statutes and provisions named in subsection (1), and in accordance with
1. Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (OJ L 331, 15.12.2010, p. 1),
2. 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 Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12),
3. Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48), and
4. 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 repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
(2a) In the oversight forum established under Article 32(1), first sentence of Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (OJ L 333, 27.12.2022, p. 1), BaFin provides the senior representative under Article 32(4)(b) of Regulation (EU) 2022/2554. Representatives of BaFin participate in the joint examination teams under Article 40(1) of Regulation (EU) 2022/2554.
(2b) State authorities that are competent authorities under Article 46 of Regulation (EU) 2022/2554 may, to fulfil their obligations under Article 19(6)(a) and (c) of Regulation (EU) 2022/2554, use BaFin's existing IT procedures. The details are to be regulated by administrative agreement.
(3) In carrying out its tasks, BaFin may make use of other persons and bodies.
(4) BaFin performs its tasks and powers only in the public interest.