Organs, articles

(1) The organs of BaFin are the Executive Board, the President, and the Administrative Council.
(2) The tasks and powers of the organs are determined by BaFin's articles, insofar as they are not regulated by this Act.
(3) The Ministry is authorised to issue BaFin's articles by statutory instrument. The articles may be amended by the Ministry, by statutory instrument, in consultation with the Administrative Council. The articles must in particular include provisions on 1. the structure and organisation of BaFin, 2. the rights and duties of BaFin's organs, 3. the details of the appointment and removal of the members of the Administrative Council and the right of the associations of the credit and insurance industry and of the capital management companies to be heard, 4. the details of the appointment and removal of the members of the Advisory Board and the Consumer Advisory Council, and 5. budget management and accounting by BaFin.