Management bodies of financial holding companies and mixed financial holding companies

(1) The managers of a financial holding company or of a mixed financial holding company must be reliable, must possess the professional qualifications necessary to manage the company, and must devote sufficient time to performing their duties. Section 25c applies to managers of financial holding companies approved under section 2f, and of mixed financial holding companies approved under section 2f.
(2) For financial holding companies and mixed financial holding companies that are superordinate undertakings of a financial holding group or of a mixed financial holding group under section 10a(2), second sentence, the Federal Institute may require the removal of the persons within the meaning of subsection (1), and may prohibit them from exercising their activity, where 1. they do not meet the conditions under subsection (1), or 2. they have, intentionally or recklessly, contravened the provisions of this Act, the ordinances issued to implement this Act, or orders of the Federal Institute, and continue this conduct despite a warning from the Federal Institute.