(1) Subject to the stipulations of subsection (9), a financial reporting advisory council will be instituted within the Federal Ministry of Justice that will have the tasks pursuant to section 342q (1) sentence 1.
(2) The financial reporting advisory council is comprised of
1. one representative of the Federal Ministry of Justice, acting as chairperson, as well as one representative each of the Federal Ministry of Finance and of the Federal Ministry for Economic Affairs and Climate Action,
2. four representatives of enterprises,
3. four representatives of the auditing professions,
4. two representatives of institutions of higher learning.
(3) The Federal Ministry of Justice appoints the members of the financial reporting advisory council. As a rule, solely accountants are to be appointed as members.
(4) The members of the financial reporting advisory council are independent and not bound by instructions. They pursue their activities in the advisory council in an honorary capacity.
(5) The Federal Ministry of Justice may issue bylaws for the advisory council.
(6) The advisory council may institute specialist committees and task forces for certain fields.
(7) The advisory council, its specialist committees and its task forces have a quorum if at least two thirds of their members are present. When votes are taken, the majority of votes will decide and in the case of ties, the chairperson will have the casting vote.
(8) Section 342q (2) applies accordingly to the recommendations issued by the financial reporting advisory council.
(9) The formation of a financial reporting advisory council pursuant to subsection (1) will not be required insofar as the Federal Ministry of Justice recognises a body pursuant to section 342q (1).