Supervisory colleges

(1) Insofar as the Federal Institute and the Deutsche Bundesbank are members of a supervisory college under Article 18 of Regulation (EU) No 648/2012, each of them exercises one vote in votes taken.
(2) Where three votes are provided for German supervisory authorities under Article 19(3), third sentence, of Regulation (EU) No 648/2012, or where the Federal Institute or the Deutsche Bundesbank are not members of the supervisory college, the competent supervisory authorities of the trading venues within the meaning of Article 18(2), letter d, of Regulation (EU) No 648/2012 succeed to the exercise of the votes, in the order of the volume of financial instruments traded on the trading venue in the preceding calendar year that was cleared through the central counterparty concerned.