Cooperation with other bodies

(1) The Federal Institute cooperates closely with the European Securities and Markets Authority, the European Systemic Risk Board, and the competent authorities of the European Union, the other member states of the European Union, and the other contracting states of the Agreement on the European Economic Area. It transmits information and data to them without delay, where this is necessary for the performance of the tasks and powers laid down in Directive 2009/65/EC or in Directive 2011/61/EU, or the powers conferred by national legal provisions. The general data protection provisions apply to the transmission of personal data to the competent authorities by the Federal Institute. Personal data that is processed automatically, or stored in non-automated files, must be deleted where knowledge of it is no longer necessary for the Federal Institute to perform the tasks within its competence, but at the latest after five years.
(2) Communications from the competent authorities of another member state of the European Union, another contracting state of the Agreement on the European Economic Area, the European Securities and Markets Authority, the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Systemic Risk Board may be used only for the following purposes:
1. to perform the tasks incumbent on the Federal Institute,
2. for orders of the Federal Institute, and for the prosecution and punishment of regulatory offences by the Federal Institute,
3. within the framework of an administrative procedure concerning legal remedies against a decision of the Federal Institute, or
4. within the framework of proceedings before administrative courts, insolvency courts, public prosecutors' offices, or before courts competent for criminal and regulatory offence matters. The Federal Institute may, having regard to the purpose specified by the transmitting body, communicate this information to the Deutsche Bundesbank, insofar as this is necessary for the Deutsche Bundesbank to perform its tasks. Any other use of the information is permitted only with the consent of the transmitting body.
(2a) Information from the competent authorities of another member state of the European Union, another contracting state of the Agreement on the European Economic Area, the European Securities and Markets Authority, the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Systemic Risk Board must be regarded as confidential, unless
1. the authority or body concerned states, at the time of the communication, that this information may be disclosed;
2. disclosure is necessary for court proceedings; or
3. the disclosed information is used in a summary or in an aggregated form, in which the individual financial market participants cannot be identified.
(2b) Subsection (2), fourth sentence, and section 8 do not preclude the exchange of information between the Federal Institute and tax authorities within the meaning of section 6(2) of the Fiscal Code. Where the information originates from another member state of the European Union or another contracting state of the Agreement on the European Economic Area, it may be passed on under the first sentence only with the express consent of the competent authorities that disclosed it.
(3) The Federal Institute transmits information to the competent authorities of the other member states of the European Union or the other contracting states of the Agreement on the European Economic Area, the European Securities and Markets Authority, and the European Systemic Risk Board, insofar as this is necessary in order to
1. monitor the business of individual or all AIF capital management companies, EU AIF management companies, or foreign AIF management companies, and
2. respond to possible effects of this business on the stability of systemically important financial institutions and the orderly functioning of the markets in which they operate. The content of the information to be exchanged under the first sentence is determined by Article 116 of Delegated Regulation (EU) No 231/2013.
(4) The Federal Institute transmits to the European Securities and Markets Authority and the European Systemic Risk Board aggregated information on the business of AIF capital management companies and foreign AIF management companies whose reference state under section 56 is the Federal Republic of Germany. The transmission is made in accordance with Article 35 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
(5) The Federal Institute makes available all information that it has collected under sections 21, 22, and 35 to the competent authorities of other member states of the European Union or the other contracting states of the Agreement on the European Economic Area, the European Securities and Markets Authority, the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Systemic Risk Board, where this is necessary for them to perform their tasks. The Federal Institute makes available to the European System of Central Banks the information that it has collected under section 35, solely for statistical purposes. The Federal Institute informs the competent authorities of the directly affected member states of the European Union or the other contracting states of the Agreement on the European Economic Area without delay, where a management company subject to its supervision, or an investment fund managed by that management company, could give rise to a significant counterparty risk for a credit institution, for other systemically important institutions in these other member states, or for the stability of the financial system in another member state.
(6) The Federal Institute informs the competent authorities of the other member states of the European Union or the other contracting states of the Agreement on the European Economic Area, in which the UCITS capital management company has established branches or is or was active by way of the cross-border provision of services, of a revocation of the authorisation. The Federal Institute must notify measures taken in respect of a domestic UCITS, in particular an order suspending the redemption of units or shares, without delay, to the competent authorities of the other member states of the European Union or the other contracting states of the Agreement on the European Economic Area, in which units or shares in a domestic UCITS are respectively marketed in accordance with the provisions of Directive 2009/65/EC. Where the measure concerns a domestic UCITS managed by an EU UCITS management company, the Federal Institute must also give the notification under the second sentence to the competent authorities of the home state of the EU UCITS management company.
(7) The Federal Institute transmits to the competent authorities of the host member states of an AIF capital management company or a foreign AIF management company whose reference member state under section 56 is the Federal Republic of Germany a copy of the cooperation agreements it has concluded under section 58(7), point 4, section 317(2), point 1, and section 322(1), point 1. It forwards to the competent authorities of the host member states under the first sentence the information that it has obtained on the basis of a concluded cooperation agreement, or in accordance with section 11(4) and (5), from the competent authorities of a third country concerning the AIF capital management company or the foreign AIF management company. Where the Federal Institute takes the view that the content of the cooperation agreement concluded by the home member state of an EU AIF management company or a foreign AIF management company under Articles 35, 37, or 40 of Directive 2011/61/EU does not correspond to what is required under the regulatory technical standards adopted by the European Commission on the basis of Article 35(14), Article 37(17), and Article 40(14) of Directive 2011/61/EU, the Federal Institute may request the assistance of the European Securities and Markets Authority in accordance with Article 19 of Regulation (EU) No 1095/2010.
(8) The Federal Institute may conclude agreements on the passing on of information with the competent authorities in third countries, insofar as these authorities require the information to perform their tasks. For the purposes of Directive 2011/61/EU, the Federal Institute may transmit data and data analyses to competent authorities in third countries, insofar as the requirements of Chapter V of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1; L 314, 22.11.2016, p. 72; L 127, 23.5.2018, p. 2), as amended from time to time, and the other general data protection provisions, are satisfied. The third country may not pass the data on to other third countries without the express consent of the Federal Institute, given in text form. Subsection (2), second sentence, and section 9(1), sixth to eighth sentences, of the Banking Act apply correspondingly for the purposes of the first and second sentences.
(9) Where the Federal Institute has sufficient grounds for suspecting an infringement of the provisions of Directive 2009/65/EC by an undertaking not subject to its supervision, it notifies this to the competent authorities of the member state of the European Union or the contracting state of the Agreement on the European Economic Area in whose territory the infringing act is taking place or has taken place, or that is competent under European Union law for prosecuting the infringement.
(10) Where the Federal Institute has sufficient grounds for suspecting that an AIF management company not subject to its supervision is infringing the provisions of Directive 2011/61/EU, it notifies this, as precisely as possible, to the European Securities and Markets Authority and the competent authorities of the home member state and the host member state of the AIF management company concerned.
(11) The Federal Institute, for its part, takes suitable measures where it has received a notification under Article 50(5), first sentence, of Directive 2011/61/EU from another competent authority, and informs that authority of the effect of these measures and, so far as possible, of material developments that have occurred in the meantime. In the case of notifications concerning an AIF management company, it also informs the European Securities and Markets Authority. The Federal Institute also notifies the competent authorities of a host member state of a UCITS capital management company of measures it will take to end infringements by the UCITS capital management company of the legal provisions of the host member state, of which it has been informed by the competent authorities of the host member state.
(12) The more detailed procedure for the exchange of information is governed by Articles 12 and 13 of Commission Regulation (EU) No 584/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities (OJ L 176, 10.7.2010, p. 16). The procedures for coordination and the exchange of information between the competent authority of the home member state and the competent authorities of the host member states of the AIF management company are governed by the technical implementing standards adopted by the European Commission on the basis of Article 50(6) of Directive 2011/61/EU. The minimum content of the cooperation agreements concluded under section 58(7), point 4, section 317(2), point 1, and section 322(1), point 1, is governed by the regulatory technical standards adopted by the European Commission on the basis of Article 35(14), Article 37(17), and Article 40(14) of Directive 2011/61/EU.
(13) Where the Federal Institute has sufficient grounds for suspecting an infringement of Articles 6 to 27 of Regulation (EU) 2017/2402, it informs the authorities competent under that Regulation accordingly. Where this concerns an incorrect or misleading report within the meaning of Article 27(1) of that Regulation, the Federal Institute informs without delay the competent authority of the first point of contact designated for this purpose under Article 27(1) of Regulation (EU) 2017/2402. Where the Federal Institute, as competent authority, is informed of a possible infringement of Articles 6 to 27 of Regulation (EU) 2017/2402, it acts in accordance with the procedure under Article 36(6) of that Regulation.