Participation in payment systems, securities settlement systems, and interoperable systems

(1) An institution must notify the Federal Institute and the Deutsche Bundesbank without delay of its intention to operate a system within the meaning of section 1(16), and must name the participants. This also applies to a later change in the circle of participants, and to arrangements on the operation of interoperable systems. The Deutsche Bundesbank communicates the systems notified to it to the European Securities and Markets Authority, once it has satisfied itself of the suitability of the system's rules. In the case of an arrangement on the operation of interoperable systems, the Deutsche Bundesbank examines whether the rules of the systems involved are compatible with one another as to the point in time of entry and irrevocability of orders.
(2) The institution must provide information about the systems within the meaning of subsection (1) in which it participates, and about the essential rules for their functioning, to anyone able to demonstrate a legitimate interest.
(3) An institution that operates a system within the meaning of section 1(16) must, without prejudice to Titles III, IV, and V of Regulation (EU) No 648/2012, grant CRR credit institutions with their registered office in another state of the European Economic Area equal access to the system under the same transparent and objective criteria that apply to domestic participants in that system. This does not affect the institution's right to refuse access for legitimate commercial reasons.
(4) The Federal Ministry of Finance is empowered, in consultation with the Deutsche Bundesbank, to determine by statutory instrument the details of the notification duty and of informing the European Securities and Markets Authority under subsection (1), of the right to information under subsection (2), and of the granting of access under subsection (3).
(5) Subsections (1) to (4) apply correspondingly to system operators that are not institutions.