Intervention against unauthorised or prohibited business

(1) The Federal Institute may order the immediate cessation of the business operation and the prompt winding-up of this business, against the undertaking and the members of its governing bodies, where
1. banking business is conducted or financial services are provided without the licence required under section 32 or under section 15 of the Securities Institutions Act,
2. clearing services are provided as a central counterparty without the authorisation required under Article 14 of Regulation (EU) No 648/2012,
3. the activity of a central securities depository is carried out without the authorisation required under Article 16(1) of Regulation (EU) No 909/2014,
4. the core services named in Section A, point 1 or 2, of the Annex to Regulation (EU) No 909/2014 are provided without the recognition required under Article 25(2) of Regulation (EU) No 909/2014,
5. crowdfunding services within the meaning of Regulation (EU) 2020/1503 are provided without the authorisation required under Article 12(1) of that Regulation,
6. the activity of a data reporting services provider is carried out without the authorisation required under Article 27b(1), second subparagraph, of Regulation (EU) No 600/2014, or
7. business prohibited under section 3 is conducted. It may issue instructions for the winding-up and appoint a suitable person as liquidator. It may publish its measures under the first and second sentences. The Federal Institute's powers under the first to third sentences also exist against the undertaking that is involved in initiating, concluding, or winding up this business.
(1a) Where the Federal Institute orders the cessation of the business operation or the winding-up of the unauthorised business, it also has, in the case of legal persons and commercial partnerships, the rights named in section 38(1) and (2); subsection (1), third sentence, applies correspondingly.
(2) The liquidator is entitled to apply for the opening of insolvency proceedings over the undertaking's assets. The preceding activity as liquidator, and the making of the insolvency application by the liquidator, do not constitute prior involvement excluding the independence of the insolvency administrator. Where the liquidator is not to be appointed as insolvency administrator, the competent insolvency court must give the Federal Institute the opportunity to comment.
(3) The liquidator receives appropriate remuneration and reimbursement of expenses from the Federal Institute. The amounts paid are to be separately reimbursed to the Federal Institute by the undertaking, and advanced at the Federal Institute's request. The Federal Institute may instruct the undertaking concerned to pay the amount determined by the Federal Institute directly to the liquidator in the name of the Federal Institute, where this gives no cause for concern that the liquidator's independence will be affected.
(4) Insofar and for as long as facts justify the assumption, or it is established, that an undertaking is conducting unauthorised banking business or providing unauthorised financial services, the Federal Institute may inform the public of this suspicion or finding, naming the undertaking or its business name. The first sentence applies correspondingly where an undertaking does not in fact conduct the unauthorised banking business or provide the unauthorised financial services, but creates the impression among the public that it conducts this banking business or provides these financial services. Before the decision on publishing the information, the undertaking is to be heard. Where the information published by the Federal Institute proves to be false, or the underlying circumstances prove to have been inaccurately represented, the Federal Institute informs the public of this in the same manner in which it previously published the information concerned.