Exemptions

(1) Subject to subsections (2) and (3), the following are not deemed credit institutions: 1. the Deutsche Bundesbank and comparable institutions in the other Member States of the European Union, provided they are members of the European System of Central Banks; 1a. other authorities in the other states of the European Economic Area, insofar as they perform central bank functions; 1b. international financial institutions established by two or more Member States of the European Union that serve the purpose of mobilising funds and providing financial assistance to their members, provided that they are affected by, or threatened with, serious financing problems; 2. the Kreditanstalt für Wiederaufbau; 2a. institutions of other Member States exempted from the scope of Directive 2013/36/EU under Article 2(5), points 3 to 4a and points 6 to 23, of Directive 2013/36/EU, as amended on 27 November 2024; these are deemed financial enterprises for the purposes of section 53b(7); 3. the social insurance institutions and the Federal Employment Agency; 3a. the public debt management of the Federation or of a Land, of one of their special funds, or of another state of the European Economic Area, provided that it does not accept third-party funds as deposits or other repayable funds from the public and does not conduct lending business; 3b. capital management companies and externally managed investment companies, provided that, as banking business, they conduct only collective asset management, where applicable including the granting of money loans, and, in the case of managing development promotion funds, the assumption of sureties, guarantees, and other warranties for others, or, alongside this, exclusively the services or ancillary services listed in section 20(2) and (3) of the Capital Investment Code; 3c. EU management companies and, provided that distribution of the investment funds concerned is permitted domestically under the Capital Investment Code on the basis of a distribution notification, foreign AIF management companies, provided that the EU management company or the foreign AIF management company, as banking business, conducts only collective asset management, where applicable including the granting of money loans, or, alongside this, exclusively the services or ancillary services listed in Article 6(3) of Directive 2009/65/EC or in Article 6(4) of Directive 2011/61/EU; distribution of foreign AIFs or EU AIFs to professional investors under section 330 of the Capital Investment Code is not deemed permitted distribution within the meaning of this provision; 3d. EU investment funds and, provided that distribution of the investment funds concerned is permitted domestically under the Capital Investment Code on the basis of a distribution notification, foreign AIFs, provided that the EU investment fund or the foreign AIF, as banking business, conducts only collective asset management, where applicable including the granting of money loans, or, alongside this, exclusively the services or ancillary services listed in Article 6(3) of Directive 2009/65/EC or in Article 6(4) of Directive 2011/61/EU; distribution of foreign AIFs or EU AIFs to professional investors under section 330 of the Capital Investment Code is not deemed permitted distribution within the meaning of this provision; 3e. loan-issuing special purpose entities within the meaning of section 1(19), point 24c, of the Capital Investment Code, provided that, as banking business, they conduct only the granting of money loans; 4. private and public-law insurance undertakings; 5. pawnbroking undertakings, insofar as they conduct this business by granting loans against pledges; 6. undertakings recognised as business investment companies under the Business Investment Companies Act; 6a. (repealed) 7. undertakings that conduct banking business exclusively with their parent undertaking or their subsidiary or sister undertakings; 8. undertakings that, as banking business, conduct only deposit or lending business, in each case only through a crowdfunding service provider authorised under Article 12(1) of Regulation (EU) 2020/1503; 9. undertakings that, apart from principal broking business and underwriting business, each exclusively in relation to commodity forward transactions, emission allowances, and derivatives on emission allowances, conduct no banking business and do not provide dealing on own account within the meaning of section 1(1a), second sentence, point 4(d), subject to the further conditions that a) the undertaking is not part of a group whose principal activity consists in conducting banking business or providing financial services within the meaning of section 1(1a), second sentence, points 1 to 4, b) in each of these cases the banking business constitutes an ancillary activity to the principal activity, both on an individual basis and on an aggregated group basis; the criteria for determining when an activity is ancillary are set out in a Commission delegated act issued on the basis of Article 2(4) and Article 89 of Directive 2014/65/EU, c) this ancillary business is conducted exclusively as a service for the customers or suppliers of their principal activity, d) the undertaking notifies the Federal Institute, on request, of the circumstances on the basis of which it has concluded that its activity constitutes an ancillary activity to its principal activity; e) (repealed) 10. undertakings that conduct principal broking business exclusively as a service for providers or issuers of investment products within the meaning of section 1(2) of the Assets Investment Act or of closed-ended AIFs within the meaning of section 1(5) of the Capital Investment Code; 11. undertakings that conduct underwriting business exclusively as the assumption of equivalent guarantees within the meaning of section 1(1), second sentence, point 10, for providers or issuers of investment products within the meaning of section 1(2) of the Assets Investment Act or of closed-ended AIFs within the meaning of section 1(5) of the Capital Investment Code; 12. undertakings that conduct custody business within the meaning of section 1(1), second sentence, point 5, exclusively for AIFs, and thereby provide limited custody business within the meaning of section 1(1a), second sentence, point 12; 13. the following undertakings, provided that they conduct principal broking business and underwriting business within the meaning of section 1(1), second sentence, points 4 and 10, in relation to commodity derivatives, and provided that these transactions are connected with the respective principal activity of the undertakings, and the undertakings operate neither a secondary market nor a platform for secondary trading in financial transmission rights: a) transmission system operators under Article 2, point 35, of Directive (EU) 2019/944 of the European Parliament and of the Council of 5 June 2019 on common rules for the internal market for electricity and amending Directive 2012/27/EU (OJ L 158, 14.6.2019, p. 125; L 15, 20.1.2020, p. 8), or Article 2, point 4, of Directive 2009/73/EC, where they perform their tasks under these Directives, under Regulation (EU) 2019/943 of the European Parliament and of the Council of 5 June 2019 on the internal market for electricity (OJ L 158, 14.6.2019, p. 54), Regulation (EC) No 714/2009 of the European Parliament and of the Council of 13 July 2009 on conditions for access to the network for cross-border exchanges in electricity and repealing Regulation (EC) No 1228/2003 (OJ L 211, 14.8.2009, p. 15), as last amended by Regulation (EU) No 543/2013 (OJ L 163, 15.6.2013, p. 1), Regulation (EC) No 715/2009 of the European Parliament and of the Council of 13 July 2009 on conditions for access to the natural gas transmission networks and repealing Regulation (EC) No 1775/2005 (OJ L 211, 14.8.2009, p. 36; L 229, 1.9.2009, p. 29; L 309, 24.11.2009, p. 87), as last amended by Regulations (EU) 2018/1999 (OJ L 328, 21.12.2018, p. 1) and (EU) No 347/2013 (OJ L 115, 25.4.2013, p. 39), or under the network codes or guidelines issued on the basis of these Regulations, b) persons acting on their behalf as service providers to perform the tasks of a transmission system operator under these legislative acts and under the network codes or guidelines issued on the basis of these Regulations, and c) operators or administrators of an energy balancing system, a pipeline network, or a system for balancing energy supply and consumption in performing such tasks; 14. central securities depositories authorised under Article 16 of Regulation (EU) No 909/2014, insofar as they conduct principal broking business and underwriting business within the meaning of section 1(1), second sentence, points 4 and 10.
(2) For the Kreditanstalt für Wiederaufbau, sections 14, 22a to 22o, 53b(7), and the rules made on the basis of section 46g(1), point 2, and section 46h, apply; for the social insurance institutions, the Federal Employment Agency, insurance undertakings, and business investment companies, section 14 applies.
(3) For undertakings of the kind described in subsection (1), points 4 to 6, the provisions of this Act apply insofar as they conduct banking business that does not belong to the business peculiar to them.
(4) The Federal Institute may determine in an individual case that sections 1a, 2c, 10 to 18, 24, 24a, 25, 25a to 25e, 26 to 38, 45, 46 to 46c, and 51(1) of this Act do not apply in their entirety to an institution, for as long as the undertaking, because of the type of business it conducts, does not require supervision in that respect; on the basis of an exemption under the first half-sentence, it may also determine that section 24c does not apply to the institution, for as long as the undertaking, because of the type of business it conducts, does not require supervision in that respect either. The decision is to be published in the Federal Gazette.
(5) Subject to the provisions of Title VIII of Regulation (EU) No 600/2014, as amended on 23 October 2024, and to decisions of the European Commission under Article 25(4), third subparagraph, of Directive 2014/65/EU, as amended on 28 February 2024, and under Article 28(4), first subparagraph, of Regulation (EU) No 600/2014, as amended on 23 October 2024, and provided that Article 21c and Article 47 of Directive 2013/36/EU, as amended on 27 November 2024, do not preclude it, the Federal Institute may determine in an individual case that, for an institution with a registered office in a third country that wishes to conduct banking business or provide financial services domestically by way of cross-border services on a commercial basis or on a scale that requires a commercially organised business operation, sections 1a, 2c, 10 to 18, 24, 24a, 25, 25a to 25e, 26 to 38, 45, 46 to 46c, and 51(1) do not apply in their entirety, for as long as the institution, with regard to its domestic business, does not additionally require supervision by the Federal Institute because of its supervision by the competent authority in its home state. The Federal Institute must revoke existing exemptions insofar as Directive 2013/36/EU, as amended on 27 November 2024, requires the establishment of a domestic branch for the business concerned. On the basis of an exemption under the first sentence, it may also determine that section 24c does not apply to the institution either. The first and third sentences apply correspondingly to institutions with a registered office in the European Economic Area for which market access is not governed by section 53b(1).
(6) The following are not deemed financial services institutions: 1. the Deutsche Bundesbank and comparable institutions in the other states of the European Union that are members of the European System of Central Banks; 1a. international financial institutions established by two or more Member States of the European Union that serve the purpose of mobilising funds and providing financial assistance to their members, provided that they are affected by, or threatened with, serious financing problems; 2. the Kreditanstalt für Wiederaufbau; 3. the public debt management of the Federation or of a Land, of one of their special funds, or of another state of the European Economic Area, and their central banks; 4. private and public-law insurance undertakings; 5. undertakings that provide financial services within the meaning of section 1(1a), second sentence, exclusively for their parent undertakings or their subsidiary or sister undertakings; 5a. capital management companies and externally managed investment companies, provided that they provide only collective asset management, or, alongside collective asset management, exclusively the services or ancillary services listed in section 20(2) and (3) of the Capital Investment Code as financial services; 5b. EU management companies and foreign AIF management companies, provided that they provide only collective asset management, or, alongside collective asset management, exclusively the services or ancillary services listed in Article 6(3) of Directive 2009/65/EC or in Article 6(4) of Directive 2011/61/EU as financial services; 6. undertakings whose financial service for others consists exclusively in administering a system of employee participation in their own undertakings or in undertakings affiliated with them; 7. undertakings that provide financial services exclusively within the meaning of both point 5 and point 6; 8. undertakings that, as financial services for others, provide exclusively investment advice and investment broking between customers and a) domestic institutions or securities institutions, b) institutions or financial enterprises with a registered office in another state of the European Economic Area that meet the conditions of section 53b(1), first sentence, or (7), or securities institutions under section 73(1), first sentence, or section 74(1) of the Securities Institutions Act, c) undertakings that are treated as equivalent to, or exempted, under a statutory instrument issued under section 53c, d) capital management companies, externally managed investment companies, EU management companies, or foreign AIF management companies, or e) providers or issuers of investment products within the meaning of section 1(2) of the Assets Investment Act, provided that these financial services are limited to units or shares in domestic investment funds issued by a capital management company that has been granted a licence under section 7 or section 97(1) of the Investment Act in the version applicable up to 21 July 2013, that continues to exist for the period provided for in section 345(2), first sentence, (3), second sentence, in conjunction with (2), first sentence, or (4), first sentence, of the Capital Investment Code, or that has been granted a licence under sections 20, 21 or sections 20, 22 of the Capital Investment Code, or that are issued by an EU management company that has been granted a licence under Article 6 of Directive 2009/65/EC or of Directive 2011/61/EU, or to units or shares in EU investment funds or foreign AIFs that may be distributed under the Capital Investment Code, with the exception of AIFs that may be distributed under section 330a of the Capital Investment Code, or to investment products within the meaning of section 1(2) of the Assets Investment Act that are offered publicly for the first time, and provided that the undertakings are not authorised to obtain ownership or possession of customers' funds or units in the course of providing these financial services, unless the undertaking applies for and is granted a corresponding licence under section 32(1) of this Act or under section 15(1) of the Securities Institutions Act; units or shares in hedge funds within the meaning of section 283 of the Capital Investment Code are not deemed units in investment funds within the meaning of this provision; 9. undertakings with a licence under Article 12(1) of Regulation (EU) 2020/1503 as crowdfunding service providers, insofar as, in the course of crowdfunding, they provide financial services within the meaning of section 1(1a), second sentence, points 1, 1a, 1c, or 3, and provide no other financial services beyond this; 10. members of the liberal professions who provide financial services within the meaning of section 1(1a), second sentence, points 1 to 4, only occasionally within the meaning of Article 4 of Delegated Regulation (EU) 2017/565 and in the course of a mandate relationship as a freelance professional, and who belong to a professional chamber in the form of a body governed by public law whose professional rules do not exclude the provision of financial services; 11. undertakings that, apart from financial services within the meaning of section 1(1a), second sentence, points 1 to 3 and point 4(a) to (c), each exclusively in relation to commodity forward transactions, emission allowances, and derivatives on emission allowances, provide no financial services, subject to the further conditions that a) the undertaking is not part of a group whose principal activity consists in conducting banking business or providing financial services within the meaning of section 1(1a), second sentence, points 1 to 4, b) in each of these cases the financial services constitute an ancillary activity to the principal activity, both on an individual basis and on an aggregated group basis; the criteria for determining when an activity is ancillary are set out in a Commission delegated act issued on the basis of Article 2(4) and Article 89 of Directive 2014/65/EU, c) this ancillary business, insofar as the undertaking does not provide the financial service within the meaning of section 1(1a), second sentence, point 4(a), is conducted exclusively as a service for the customers or suppliers of their principal activity, d) the undertaking notifies the Federal Institute, on request, of the circumstances on the basis of which it has concluded that its activity constitutes an ancillary activity to its principal activity. e) (repealed) 12. undertakings whose only financial service within the meaning of section 1(1a), second sentence, is currency exchange dealing, provided that their principal activity does not consist in currency exchange business; 13. (repealed) 14. (repealed) 15. undertakings that, as a financial service within the meaning of section 1(1a), second sentence, provide exclusively investment advice in the course of another professional activity, without receiving special remuneration for the investment advice; 16. operators of organised markets that, apart from operating a multilateral or organised trading facility, provide no other financial services within the meaning of section 1(1a), second sentence; 17. undertakings that, as the only financial service within the meaning of section 1(1a), second sentence, conduct finance leasing, if they act only as a leasing project company for one or more leased assets of a single lessee, make no independent business policy decisions, and are administered by an institution with a registered office in the European Economic Area that is licensed under the law of its home Member State to conduct finance leasing; 18. undertakings that, as a financial service, conduct only investment management, and whose parent undertaking is the Kreditanstalt für Wiederaufbau or an institution within the meaning of the second sentence. An institution within the meaning of the first sentence is a financial services institution that holds a licence for investment management, or a CRR institution with a registered office in another state of the European Economic Area within the meaning of section 53b(1), first sentence, that, in its home Member State, holds a licence for business comparable to that under section 1(1a), second sentence, point 11, or an institution with a registered office in a third country that, for the business named in section 1(1a), second sentence, point 11, is exempted from the licensing requirement under section 32 pursuant to subsection (5); 19. undertakings that provide placement business exclusively for providers or for issuers of investment products within the meaning of section 1(2) of the Assets Investment Act or of closed-ended AIFs within the meaning of section 1(5) of the Capital Investment Code; 20. undertakings that, apart from portfolio management and investment management, provide no financial services, provided that portfolio management and investment management are provided only in relation to investment products within the meaning of section 1(2) of the Assets Investment Act or of closed-ended AIFs within the meaning of section 1(5) of the Capital Investment Code; 21. the following undertakings, provided that they provide financial services within the meaning of section 1(1a), second sentence, points 1 to 4, in relation to commodity derivatives, and provided that these financial services are connected with the respective principal activity of the undertakings, and the undertakings operate neither a secondary market nor a platform for secondary trading in financial transmission rights: a) transmission system operators under Article 2, point 35, of Directive (EU) 2019/944 of the European Parliament and of the Council of 5 June 2019 on common rules for the internal market for electricity and amending Directive 2012/27/EU (OJ L 158, 14.6.2019, p. 125; L 15, 20.1.2020, p. 8), or Article 2, point 4, of Directive 2009/73/EC, where they perform their tasks under these Directives, under Regulation (EU) 2019/943 of the European Parliament and of the Council of 5 June 2019 on the internal market for electricity (OJ L 158, 14.6.2019, p. 54), Regulation (EC) No 714/2009 of the European Parliament and of the Council of 13 July 2009 on conditions for access to the network for cross-border exchanges in electricity and repealing Regulation (EC) No 1228/2003 (OJ L 211, 14.8.2009, p. 15), as last amended by Regulation (EU) No 543/2013 (OJ L 163, 15.6.2013, p. 1), Regulation (EC) No 715/2009 of the European Parliament and of the Council of 13 July 2009 on conditions for access to the natural gas transmission networks and repealing Regulation (EC) No 1775/2005 (OJ L 211, 14.8.2009, p. 36; L 229, 1.9.2009, p. 29; L 309, 24.11.2009, p. 87), as last amended by Regulations (EU) 2018/1999 (OJ L 328, 21.12.2018, p. 1) and (EU) No 347/2013 (OJ L 115, 25.4.2013, p. 39), or under the network codes or guidelines issued on the basis of these Regulations, b) persons acting on their behalf as service providers to perform the tasks of a transmission system operator under these legislative acts and under the network codes or guidelines issued on the basis of these Regulations, and c) operators or administrators of an energy balancing system, a pipeline network, or a system for balancing energy supply and consumption in performing such tasks; 22. central securities depositories authorised under Article 16 of Regulation (EU) No 909/2014, insofar as they provide financial services within the meaning of section 1(1a), second sentence, points 1 to 4. For entities and undertakings within the meaning of the first sentence, points 3 and 4, the provisions of this Act apply insofar as they provide financial services that do not belong to the business peculiar to them.
(7) For financial services institutions that, apart from third-country deposit broking and currency exchange dealing, provide no other financial services within the meaning of section 1(1a), second sentence, sections 10, 10c to 10i, 11 to 18, and 24(1), points 4, 9, 14 to 14b, sections 24a, 25a(5), sections 26a and 33(1), first sentence, point 1, sections 45 and 46(1), second sentence, points 4 to 6, and sections 46b and 46c of this Act, and Articles 24 to 403 and 411 to 455 of Regulation (EU) No 575/2013, do not apply.
(7a) For undertakings that provide exclusively financial services under section 1(1a), second sentence, point 9 or point 10, sections 10, 10c to 10i, 11 to 13c, 15 to 18, and 24(1), points 4, 9, 11, 14 to 14b, 16, and 17, (1a), point 5, sections 25, 25a(5) and (5b), section 25d(7), second sentence, sections 26a and 33(1), first sentence, point 1, and sections 45, 46b, and 46c of this Act, and Articles 24 to 455 and 465 to 519 of Regulation (EU) No 575/2013, do not apply.
(7b) For financial services institutions that, apart from qualified crypto custody business or crypto securities register management, provide no other financial services within the meaning of section 1(1a), second sentence, sections 10, 10c to 18, and 24(1), points 4, 14 to 14b, sections 24a and 25a(5), sections 26a and 45 of this Act, and Articles 39, 41, 51 to 403, and 411 to 455 of Regulation (EU) No 575/2013, do not apply.
(8) (repealed)
(8a) The requirements of section 24(1), points 14 to 14b, section 25a(5), section 26a, and Articles 39, 41, 89 to 386, 429 to 429g, 430(1), first subparagraph, points (a), (b), (e) to (g), and (2) to (5), and Articles 430a and 430b of Regulation (EU) No 575/2013, subject to section 64h(7), do not apply to institutions whose principal activity consists exclusively in conducting banking business or providing financial services in connection with derivatives under section 1(11), third sentence, points 2, 3, and 5.
(8b) (repealed)
(9) (repealed)
(9a) For credit institutions that hold only a licence to carry out the activity of a central counterparty within the meaning of section 1(1), second sentence, point 12, sections 2c, 6b, 10, 10c to 10i, 11, 12a to 18, 24(1), points 6, 10, 14 to 14b, 16, (1a), points 4 to 6, sections 24a, 24c, 25(1), second sentence, sections 25a to 25e, 26a, 26c, 26d, 32, 33, 34, 36(3), and sections 45 to 45b of this Act, and Articles 25 to 455 of Regulation (EU) No 575/2013, do not apply. Section 24(1), point 9, applies with the proviso that a fall of the initial capital below the minimum requirements under Article 16 of Regulation (EU) No 648/2012 must be reported.
(9b) Where a credit institution both engages in activities within the meaning of section 1(1), second sentence, point 12, and also conducts other banking business requiring a licence under this Act or provides financial services, subsection (9a) applies to the activity within the meaning of section 1(1), second sentence, point 12; these credit institutions must ensure that both the requirements of this Act and the requirements of Regulation (EU) No 648/2012 are complied with. With regard to the initial capital requirements under section 33(1) and under Article 16(1) of Regulation (EU) No 648/2012, the credit institutions concerned must meet the higher requirement applicable in the individual case. Notification and information duties that exist both under section 2c(1) and under Article 31(2) of Regulation (EU) No 648/2012 may be combined in a joint notification or communication.
(9c) Section 10d and Article 92(1)(d), Articles 411 to 429g, Article 430(1), first subparagraph, point (a), with regard to the countercyclical capital buffer and the leverage ratio, Article 430(1), first subparagraph, points (d) and (h), Articles 440, 447(e), (f), and (g), and Articles 451 and 451a of Regulation (EU) No 575/2013 do not apply to guarantee banks within the meaning of section 5(1), point 17, of the Corporation Tax Act. Guarantee banks within the meaning of section 5(1), point 17, of the Corporation Tax Act, and development institutions of the Federation or of a Land within the meaning of section 5(1), point 2, of the Corporation Tax Act, may, in determining the risk weight for exposures consisting of subordinated debt instruments under Article 128 of Regulation (EU) No 575/2013 entered into in the course of state programmes for promoting particular economic sectors, apply the rules of Article 133(5) of Regulation (EU) No 575/2013 correspondingly, but without the limitation to 10 percent of own funds provided for in Article 133(5) of Regulation (EU) No 575/2013. For equity exposures within the meaning of Article 133 of Regulation (EU) No 575/2013 of guarantee banks within the meaning of section 5(1), point 17, of the Corporation Tax Act, and of development institutions of the Federation or of a Land within the meaning of section 5(1), point 2, of the Corporation Tax Act, Article 133(5) of Regulation (EU) No 575/2013 applies with the proviso that the limitation to 10 percent of own funds provided for therein does not apply. For equity exposures under the third sentence and subordinated debt instruments under the second sentence that correspond to the development mandate, the conditions of Article 133(5) of Regulation (EU) No 575/2013 are deemed met.
(9d) Article 121(1) of Regulation (EU) No 575/2013, in the version applicable on 31 December 2024, applies to balance-sheet assets in the form of claims of a development institution of the Federation or of a Land within the meaning of section 5(1), point 2, of the Corporation Tax Act against credit institutions, and other exposures of these development institutions to credit institutions, provided that the claims and exposures concerned exist on account of loans that correspond to the development mandate and are passed on to the beneficiaries through these credit institutions.
(9e) Sections 2c, 6b(1), point 1, (2) and (3), sections 10, 10c to 18, 24(1), points 4, 6, 9, 11, 14, 14a, 16, and 17, (1a), points 4 to 8, (1b), sections 24a, 24c, 25(1), second sentence, sections 25a to 25e, 26c, 26d, 33 to 33b, 36(3), sections 45 to 45b, 53, and 53a of this Act do not apply to credit institutions that hold only a licence under Article 16(1) of Regulation (EU) No 909/2014 to carry out the activity of a central securities depository under Section A, or under Sections A and B, of the Annex to Regulation (EU) No 909/2014.
(9f) Sections 2c, 24(1), points 1 and 2, section 25c(1), section 33(1), points 2 and 4a, and section 35 do not apply to credit institutions that hold only a licence under Article 16(1) of Regulation (EU) No 909/2014 to carry out the activity of a central securities depository under Section A, or under Sections A and B, of the Annex to Regulation (EU) No 909/2014, and that also conduct further banking business or provide financial services that are also investment services within the meaning of section 2(3) of the Securities Trading Act.
(9g) (repealed)
(9h) (repealed)
(9i) Section 26a of this Act, and Article 430(1), first subparagraph, point (h), and Articles 431 to 455 of Regulation (EU) No 575/2013, do not apply to credit institutions named specifically in Article 2(5), point 5, of Directive 2013/36/EU. Credit institutions under the first sentence are not classified as significant institutions within the meaning of section 1(3c) for the purposes of section 25a(5a) and (5b) and of the Institutes Remuneration Ordinance, where their balance-sheet total has not, on average, exceeded EUR 70 billion as at the relevant reporting dates of the last four completed financial years.
(10) An undertaking with a registered office in Germany that does not conduct banking business within the meaning of section 1(1), second sentence, and that, as financial services, provides only investment broking, investment advice, or placement business, and does so exclusively for the account of, and under the liability of, a CRR credit institution that has its registered office in Germany or that is active in Germany under section 53b(1), first sentence, or (7) (tied agent), is not deemed a financial services institution but a financial enterprise, provided that the CRR institution has previously notified this to the Federal Institute. The activity of the tied agent is attributed to the liable undertaking. Where the circumstances notified by the liable undertaking change, the new circumstances must be notified to the Federal Institute without delay. Further provisions on the content of the notifications under the first and third sentences and on the documents and evidence to be attached may be made by statutory instrument under section 24(4). The Federal Institute maintains a public register on the internet of the tied agents notified to it under this subsection, showing the liable undertaking, the tied agents, and the start and end date of the activity under the first sentence. Further provisions on the conditions for inclusion in the register, and on the content and maintenance of the register, may be made by statutory instrument under section 24(4); in particular, the liable undertaking may be granted write access to the page of the register to be set up for that undertaking, and responsibility for the accuracy and currency of that page may be transferred to it. The Federal Institute may prohibit a liable undertaking that has not properly selected or monitored its tied agents, or that has breached the duties conferred on it in connection with maintaining the register, from engaging tied agents within the meaning of the first and second sentences in the undertaking.
(11) (repealed)
(12) For operators of organised markets with a registered office abroad that, as their only financial service, operate a multilateral or organised trading facility domestically, the requirements of sections 25a, 25b, and 33(1), points 1 to 4, and the notification duties under section 2c(1) and (4) and section 24(1), points 1 and 2, and (1a), point 2, apply correspondingly. The requirements named in the first sentence also apply correspondingly to operators of a domestic exchange that, apart from the open market under section 48 of the Stock Exchange Act or an organised trading facility under section 48b of the Stock Exchange Act, operate a multilateral or organised trading facility domestically as their only financial service. It is presumed that managing directors of a domestic exchange, and persons who actually manage the business of a foreign organised market, meet the requirements of section 33(1), points 2 and 4. The powers of the Federal Institute under sections 2c and 25a(2), first sentence, and under sections 44 to 46h, apply correspondingly. The Federal Institute may prohibit the persons named in the first sentence from operating a multilateral or organised trading facility in the cases under section 35(2), points 4 and 6, and also where they do not meet the requirements of section 33(1), first sentence, points 1 to 4. The persons named in the first sentence must notify the Federal Institute without delay of the commencement of operations.