Administrative Council

(1) An Administrative Council is formed at BaFin. The Administrative Council oversees BaFin's management and supports it in performing its tasks. The President must regularly inform the Administrative Council of BaFin's management. The Executive Directors must report on their areas of responsibility.
(2) The Administrative Council adopts its own rules of procedure.
(3) The Administrative Council consists of 1. the chair, the chair's deputy and one further member, delegated by the Federal Ministry of Finance, and 2. the following 14 further members: a) one representative of the Federal Ministry for Economic Affairs and Energy, b) two representatives of the Federal Ministry of Justice and Consumer Protection, c) five members of the German Bundestag, and d) six persons with professional experience or particular expertise in the field of banking, financial services, payment services, investment, insurance, securities or accounting, who may not, however, belong to BaFin. The Deutsche Bundesbank may participate in meetings of the Administrative Council with one representative without voting rights. The chair of BaFin's staff council and their deputies have the same right of participation.
(4) Resolutions of the Administrative Council are adopted by simple majority. In the event of a tie, the chair's vote decides.
(5) The members of the Administrative Council are appointed by the Ministry. In the event that the chair, the chair's deputy or the further member of the Administrative Council under subsection (3), first sentence, no. 1 is unavailable, the Federal Ministry of Finance appoints two further deputy members of the Administrative Council. For each member of the Administrative Council under subsection (3), first sentence, no. 2, letters (a) to (c), a deputy must be named and appointed by the Ministry for the event that the member is unavailable. The members of the Administrative Council must satisfy the conditions for eligibility for election to the German Bundestag. Before the members under subsection (3), first sentence, no. 2, letter (d) are appointed, the associations of the credit and insurance industry and of the capital management companies must be heard. For three of these members the associations may put forward named proposals that satisfy the conditions of subsection (3), first sentence, no. 2, letter (d).
(6) The members of the German Bundestag are proposed by the German Bundestag and appointed for the duration of its electoral term. They remain in office after the end of the electoral term until the new members have been appointed.
(7) Reappointment is possible. Members may, by written declaration to the Federal Government, waive their membership and resign their office. A member is removed where the conditions for appointment no longer exist or another good cause exists in the person of the member, in that case only after hearing the delegating institution.
(8) Where a member leaves, a new member must be appointed in their place without delay. Until a new member is appointed, and in the event of a member's temporary unavailability, the appointed deputy assumes the tasks. Subsections (1) to (8) apply accordingly to deputy members.