Representative offices of institutions with their registered office abroad

An institution with its registered office abroad may establish or continue a representative office domestically, where it is authorised to conduct banking business or provide financial services in its home state and has its head office there. The institution must notify the Federal Institute and the Deutsche Bundesbank, without delay, of its intention to establish a representative office and of the execution of that intention. The Federal Institute confirms to the institution receipt of the notification. The representative office, including its managers, may not commence its activity until the institution has received the Federal Institute's confirmation. The institution must notify the Federal Institute and the Deutsche Bundesbank, without delay, of the relocation or closure of the representative office.