Measures against financial holding companies and mixed financial holding companies

(1) The Federal Institute may prohibit a financial holding company at the head of a financial holding group within the meaning of section 10a, or a mixed financial holding company at the head of a mixed financial holding group within the meaning of section 10a, from exercising its voting rights in the superordinate undertaking and the other subordinate undertakings, where
1. the financial holding company or the mixed financial holding company does not transmit to the superordinate undertaking the particulars required for the consolidation under Articles 11 to 23 of Regulation (EU) No 575/2013, in accordance with Article 11(1), second sentence, of Regulation (EU) No 575/2013, unless the requirements of banking supervisory consolidation can be met in another way, or
2. facts exist showing that a manager of the financial holding company or of the mixed financial holding company is not reliable or does not have the professional qualification required to manage the business.
(1a) In the cases under subsection (1), point 2, the Federal Institute may also order the superordinate undertaking of a financial holding group or a mixed financial holding group not to comply with instructions of the financial holding company or the mixed financial holding company, insofar as there are no possibilities under company law to remove the manager. The same applies where such possibilities exist but their exhaustion has remained unsuccessful.
(2) In the case of a prohibition under subsection (1), the court of the registered office of the superordinate undertaking under section 10a must, on the Federal Institute's application, appoint a trustee, to whom it transfers the exercise of the voting rights. In exercising the voting rights, the trustee must have regard to the interests of a sound management of the undertakings concerned that complies with banking supervision. The Federal Institute may, for good cause, apply for the appointment of a different trustee. Where the conditions under subsection (1) have ceased to apply, the Federal Institute must apply for the revocation of the trustee's appointment. The trustee is entitled to reimbursement of appropriate expenses and to remuneration for their activity. The court determines the expenses and the remuneration on the trustee's application; an appeal on a point of law against the determination of remuneration is excluded. The Federation advances the expenses and the remuneration; the financial holding company or the mixed financial holding company and the undertakings concerned are jointly and severally liable for its outlays.
(3) For as long as the prohibition order under subsection (1) is enforceable, the undertakings concerned are not deemed subordinate undertakings of the financial holding company or the mixed financial holding company within the meaning of sections 10a and 13b.