(1) All business within the meaning of section 3(2) and (4) must be conducted at an economically, organisationally, and legally independent undertaking (financial trading institution). The additional requirements under subsections (2) to (6) for a proper business organisation apply to the financial trading institution.
(2) Section 2a does not apply to the financial trading institution.
(3) The financial trading institution must ensure its own refinancing independently. Transactions of the CRR credit institution, or of undertakings belonging to an institutional group, a financial holding group, or a mixed financial holding group to which a CRR credit institution also belongs, with the financial trading institution must be treated as transactions with third parties.
(4) The Federal Ministry of Finance may, in consultation with the Deutsche Bundesbank, issue a statutory instrument establishing notification duties, for the purposes of monitoring compliance with the prohibition under section 3(2) and (4), first sentence, and for determining the type and scope of business within the meaning of section 3(2), second sentence, and (4), first sentence, for the CRR credit institution and the parent undertaking of an institutional group, a financial holding group, and a mixed financial holding group to which a CRR credit institution also belongs, and setting out further provisions on the type, scope, timing, and form of the information and the submission of documents, and on the permissible data media, transmission channels, and data formats, insofar as this is necessary for the Federal Institute to perform its tasks, in particular in order to obtain all information the Federal Institute needs for the purposes of the prohibition under section 3(2) and (4), first sentence, and for determining the type and scope of business within the meaning of section 3(2), second sentence, and (4), first sentence. It may transfer this power by statutory instrument to the Federal Institute, on condition that statutory instruments of the Federal Institute are issued in agreement with the Deutsche Bundesbank. The institutions' umbrella associations must be heard before the statutory instrument is issued.
(5) The administrative or supervisory body of the financial trading institution, of the CRR credit institution, or of the parent undertaking of the institutional group, the financial holding group, or the mixed financial holding group to which a CRR credit institution also belongs, must inform itself regularly and as occasion requires about the financial trading institution's business and the risks associated with it, and must in particular also monitor compliance with the foregoing requirements.
(6) The financial trading institution may not provide payment services and may not conduct e-money business within the meaning of the Payment Services Supervision Act.
(7) The Federal Institute may issue orders to the CRR credit institution, to the parent undertaking of an institutional group, a financial holding group, or a mixed financial holding group to which a CRR credit institution belongs, and to the financial trading institution, that are suitable and necessary to ensure the proper business organisation, including within the meaning of subsections (1) to (6).
5a.
Cashless payment transactions; prevention of money laundering, terrorist financing, and other criminal acts to the detriment of institutions