Possible tasks and powers of the special representative

(1) The Federal Institute may, in particular, confer on the special representative:
1. the tasks and powers of one or more managers, where facts exist showing that the manager or managers of the capital management company is or are not reliable, or does or do not have the professional suitability required for managing the capital management company;
2. the tasks and powers of one or more managers, where the capital management company no longer has the required number of managers, in particular because the Federal Institute has required the removal of a manager or has prohibited that manager from exercising his or her activity;
3. the tasks and powers of managers or members of supervisory bodies of the capital management company, in whole or in part, where either the conditions of section 23, point 3, or section 40(3), are satisfied;
4. suitable measures for establishing and safeguarding proper business organisation, including adequate risk management or liquidity management, where the capital management company has persistently infringed the provisions of this Act, the Anti-Money Laundering Act, or the Securities Trading Act, the ordinances issued to implement these Acts, or orders of the Federal Institute;
5. monitoring compliance with orders of the Federal Institute addressed to the capital management company;
6. monitoring measures taken by the capital management company to avert a danger within the meaning of section 42, itself taking measures to avert a danger, or monitoring compliance with measures of the Federal Institute under section 42;
7. examining claims for damages against managers or members of supervisory bodies, or former managers or members of supervisory bodies, where there are indications of damage to the capital management company caused by a breach of duty by managers or members of supervisory bodies.
(2) Insofar as the special representative performs the tasks and exercises the powers of a manager or member of a supervisory body of the capital management company in their entirety, the tasks and powers of the manager or member of the supervisory body concerned are suspended. Where the special representative is granted only part of the powers of a manager or member of a supervisory body for the performance of a task, this has no effect on the remaining powers of the manager or member of the supervisory body of the capital management company.
(3) The special representative may not simultaneously perform the function of one or more managers and of one or more members of a supervisory body. The comprehensive transfer of all tasks and powers of one or more managers to the special representative may take place only in the cases under subsection (1), points 1 and 2. His or her power of representation is determined by the power of representation of the manager or managers in whose place the special representative is appointed.
(4) For as long as the Federal Institute has conferred the function of a manager on a special representative, the persons or supervisory bodies otherwise called upon under other statutory provisions to do so may exercise their right to appoint a manager only with the consent of the Federal Institute.
(5) Where the Federal Institute confers the tasks and powers of a manager under subsection (1), point 1 or point 2, on a special representative, the conferral, the power of representation, and the revocation of the conferral are entered in the commercial register ex officio.
(6) The supervisory body of the capital management company that is competent for the exclusion of partners from management and representation, or the removal of persons authorised to manage or represent, may, where good cause exists, apply for the conferral of the function of a manager on the special representative to be revoked.
(7) The costs arising from the appointment of the special representative, including the reasonable expenses and the remuneration to be granted to him or her, are borne by the capital management company. The Federal Institute fixes the amount of the remuneration. The Federal Institute advances the expenses and the remuneration at the request of the special representative.