(1) A Consumer Advisory Council is formed at BaFin. It advises BaFin, from the consumer perspective, in the performance of its supervisory tasks.
(2) The Consumer Advisory Council consists of twelve members. The members of the Consumer Advisory Council are appointed by BaFin, in agreement with the Ministry and in consultation with the Federal Ministry of Justice and Consumer Protection. Academia, consumer- and investor-protection organisations, staff of out-of-court dispute-resolution systems, and the Federal Ministry of Justice and Consumer Protection should be appropriately represented in the Consumer Advisory Council.
(3) The Consumer Advisory Council elects a chair from among its members. The Consumer Advisory Council adopts its own rules of procedure.
Division Three
Personnel