Measures against managers and members of supervisory bodies

(1) In the cases under section 39(3), the Federal Institute may, instead of revoking the authorisation, require the removal of the responsible managers, and may also prohibit them from exercising their activity at capital management companies.
(2) (repealed)
(2a) The Federal Institute may issue a warning to a manager where that manager has infringed
1. this Act,
2. the Banking Act,
3. the Securities Trading Act,
4. the Securities Institutions Act,
5. the Anti-Money Laundering Act,
6. the statutory instruments issued on the basis of the Acts named in points 1 to 5,
7. Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or a website (OJ L 176, 10.7.2010, p. 1; L 108, 28.4.2011, p. 38),
8. Regulation (EU) No 584/2010,
9. Regulation (EU) No 231/2013,
10. Regulation (EU) No 345/2013,
11. Regulation (EU) No 346/2013,
12. Regulation (EU) No 694/2014,
13. Regulation (EU) No 1286/2014,
14. Regulation (EU) 2015/760,
15. Regulation (EU) 2016/438,
16. Regulation (EU) 2017/1131,
17. Regulation (EU) 2019/2088,
18. Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings and amending Regulations (EU) No 345/2013, (EU) No 346/2013, and (EU) No 1286/2014 (OJ L 188, 12.7.2019, p. 55),
19. Regulation (EU) 2019/1238, or the legal acts adopted for its implementation,
20. Regulation (EU) 2020/852,
21. Regulation (EU) No 575/2013,
22. Regulation (EU) No 648/2012,
23. Regulation (EU) No 596/2014,
24. Regulation (EU) No 600/2014,
25. Regulation (EU) 2015/2365,
26. Regulation (EU) 2016/1011,
27. Regulation (EU) 2017/2402,
28. the legal acts adopted to implement the Regulations named in points 21 to 27,
29. Regulation (EU) 2019/2033,
30. the other legal acts adopted to implement Directive 2009/65/EC,
31. the other legal acts adopted to implement Directive 2011/61/EU,
32. the legal acts adopted to implement Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338; L 208, 2.8.2013, p. 73; L 20, 25.1.2017, p. 1; L 203, 26.6.2020, p. 95; L 436, 28.12.2020, p. 77), as last amended by Directive (EU) 2022/2556 (OJ L 333, 27.12.2022, p. 153),
33. the legal acts adopted to implement Regulation (EU) No 909/2014, or
34. orders of the Federal Institute. The subject matter of the warning is the finding of the facts material to the decision and the infringement established by them. The Federal Institute may also require the removal of a manager, and may prohibit that manager from exercising activity at capital management companies, where that manager has infringed the legal acts named in the first sentence, or orders of the Federal Institute, and, despite a warning under the first sentence, continues this conduct intentionally or recklessly.
(3) The Federal Institute may require the removal of a member of a supervisory body, and may also prohibit such a person from exercising his or her activity, where facts exist showing that, by his or her personal character or expertise, the safeguarding of investors' interests is not ensured. The removal of employee representatives on the supervisory body is governed solely by the provisions of the co-determination Acts.