Holders of significant participations; Authorisation to issue statutory instruments

(1) Any person who intends, alone or in concert with other persons or undertakings, to acquire a significant participation in an external UCITS capital management company (interested acquirer) must notify this to the Federal Institute without delay. Section 2c(1), second to seventh sentences, of the Banking Act applies correspondingly; section 2c(1), fifth and sixth sentences, of the Banking Act applies correspondingly, with the proviso that the notifications are to be given only to the Federal Institute in each case.
(1a) The Federal Institute must confirm receipt of a complete notification under subsection (1) to the party required to give notice promptly, but at the latest within two working days of its receipt.
(2) The Federal Institute must assess a notification under subsection (1) within 60 working days from the date of the letter with which it confirmed receipt of the complete notification (assessment period); in other respects, section 2c(1a) of the Banking Act applies correspondingly. Within the assessment period, the Federal Institute may prohibit the intended acquisition of the significant participation, or its increase, where facts justify the assumption that
1. the external UCITS capital management company will not be able, or will not remain able, to satisfy the supervisory requirements, in particular under Directive 2009/65/EC, or
2. the external UCITS capital management company would, through the establishment or increase of the significant participation, become part of a group of undertakings with the holder of the significant participation that, owing to the structure of the participation network or inadequate economic transparency, impairs effective supervision of the external UCITS capital management company, effective exchange of information between the competent authorities, or the allocation of responsibilities between them, or
3. one of the cases named in section 2c(1b), first sentence, points 1 and 3 to 6, of the Banking Act, which apply correspondingly, exists. Section 2c(1b), second to eighth sentences, of the Banking Act applies correspondingly.
(3) In the cases named in section 2c(2), first sentence, points 1 to 3, of the Banking Act, the Federal Institute may prohibit the holder of the significant participation, and the undertakings controlled by that holder, from exercising the voting right, and may order that the units may be disposed of only with its consent. In the case of a disposal under the first sentence, the court at the seat of the external UCITS capital management company must, on the application of the Federal Institute, the external UCITS capital management company, or a person holding a participation in it, appoint a trustee to whom it transfers the exercise of the voting right. Section 2c(2), third to eleventh sentences, of the Banking Act applies correspondingly.
(4) In the assessment under subsection (2), the Federal Institute cooperates with the competent authorities of the other member states of the European Union and the other contracting states of the Agreement on the European Economic Area, where the party required to give notice is one of the natural or legal persons listed in section 8(3), second sentence, points 1 to 3, of the Banking Act. Section 8(3), third and fourth sentences, of the Banking Act applies correspondingly. The Federal Institute must state in its decision all comments or reservations of the authority competent for the party required to give notice.
(5) Any person who intends to give up a significant participation in an external UCITS capital management company, or to reduce the amount of his or her significant participation below the thresholds of 20 percent, 30 percent, or 50 percent of the voting rights or of the capital, or to change the participation such that the external UCITS capital management company ceases to be a controlled undertaking, must notify this to the Federal Institute without delay.
(5a) Notifications, documents, and declarations under subsections (1) and (5) may also be submitted wholly or partly in the English language. The Federal Institute may, at any time, where necessary, require the submission of a translation or, in substantiated cases, of a translation certified by, or prepared by, a publicly appointed or sworn interpreter or translator. Section 23(2), third and fourth sentences, of the Administrative Procedure Act applies correspondingly. Where the Federal Institute requires a translation, only the German-language version is legally binding. Insofar as the Federal Institute requires a translation before confirming receipt of the complete notification, the notification is not complete within the meaning of subsection (2), first sentence, until the translation has been submitted to the Federal Institute. Insofar as the Federal Institute requires a translation in respect of further information within the meaning of section 2c(1a), third sentence, of the Banking Act, this information is not deemed to have been received by the Federal Institute until the translation has been received by the Federal Institute.
(6) The Federal Ministry of Finance is authorised to issue, by statutory instrument not requiring the consent of the Bundesrat, more detailed provisions on the nature, extent, timing, form, and manner of transmission of the notifications to be given under subsections (1) and (5), and on the documents to be submitted with the notification. The Federal Ministry of Finance may transfer this authorisation, by statutory instrument, to the Federal Institute.