Tasks

(1) The Federal Institute supervises institutions under the provisions of this Act, the statutory instruments issued under it, Regulation (EU) No 575/2013, as amended from time to time, and the legal acts issued on the basis of Regulation (EU) No 575/2013 and Directive 2013/36/EU, and under the provisions of Regulation (EU) No 1024/2013 and Regulation (EU) No 468/2014. The Federal Institute is the competent authority for the application of Article 124(8), Article 164(6), and Article 458 of Regulation (EU) No 575/2013, and the competent authority under Article 4(1) of Directive 2013/36/EU, as amended on 27 November 2024, insofar as the European Central Bank is not deemed the competent authority under Regulation (EU) No 1024/2013. The Deutsche Bundesbank is the competent authority under Article 4(1) of Directive 2013/36/EU, within the framework of the tasks assigned to it under section 7(1), including in conjunction with subsection (1a), insofar as the European Central Bank is not deemed the competent authority under Regulation (EU) No 1024/2013.
(1a) The Federal Institute additionally supervises central counterparties under Regulation (EU) No 648/2012 and the legal acts issued on its basis.
(1b) For CRR institutions, the Federal Institute is the sectoral competent authority within the meaning of Article 25a of Regulation (EC) No 1060/2009, as amended from time to time, and enforces compliance with the requirements of Regulation (EC) No 1060/2009, as amended from time to time, insofar as section 29 of the Securities Trading Act does not apply.
(1c) The Federal Institute is the competent authority within the meaning of Articles 11, 17(1), and 55(1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).
(1d) The Federal Institute is the competent authority under this Act within the meaning of Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (OJ L 352, 9.12.2014, p. 1; L 358, 13.12.2014, p. 50), as amended from time to time, for institutions that manufacture, sell, or advise on PRIIPs within the meaning of Article 4, point 1, of that Regulation, insofar as those PRIIPs are at the same time structured deposits within the meaning of section 2(15) of the Securities Trading Act.
(1e) The Federal Institute is the competent authority for 1. originators, original lenders, and securitisation special purpose entities within the meaning of Article 29(4) of Regulation (EU) 2017/2402, 2. originators, sponsors, and securitisation special purpose entities under Article 29(5) of Regulation (EU) 2017/2402, and 3. third parties within the meaning of Article 28 of Regulation (EU) 2017/2402, and enforces against them, under the provisions of this Act, compliance with the requirements under Articles 6 to 9, in the cases under point 1, compliance with the requirements under Articles 18 to 27, in the cases under point 2, and compliance with the requirements under Article 28 of Regulation (EU) 2017/2402, in the cases under point 3, and the legal acts issued on the basis of Regulation (EU) 2017/2402, insofar as section 295(1), point 4, of the Insurance Supervision Act or section 5(12) of the Capital Investment Code do not apply. In the case of a securitisation bond designated as a "European green bond" within the meaning of Article 16 of Regulation (EU) 2023/2631 of the European Parliament and of the Council of 22 November 2023 on European green bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds (OJ L, 2023/2631, 30.11.2023), as amended by Regulation (EU) 2023/2869 (OJ L, 2023/2869, 20.12.2023), the Federal Institute, as competent authority under Article 44(2) of Regulation (EU) 2023/2631, enforces the requirements imposed on an originator under Regulation (EU) 2023/2631 and under the delegated acts and implementing and regulatory technical standards of the European Commission issued on its basis, and the statutory rules issued in that regard in the Securities Prospectus Act and the Securities Trading Act, insofar as section 295(1), point 4a, of the Insurance Supervision Act or section 5(12) of the Capital Investment Code do not apply.
(1f) The Federal Institute is the competent authority within the meaning of Article 2, point 18, of Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP) (OJ L 198, 25.7.2019, p. 1), under the provisions of this Act, insofar as section 295(1), point 7, of the Insurance Supervision Act, section 32a(1) of the Securities Trading Act, or section 5(13) of the Capital Investment Code do not apply.
(1g) The supervisory authorities under section 1(5) are the competent authorities under Article 46 of Regulation (EU) 2022/2554. In carrying out the tasks under Articles 26 and 27 of Regulation (EU) 2022/2554, the Federal Institute cooperates with the Deutsche Bundesbank. The Deutsche Bundesbank performs the operational tasks under Articles 26 and 27 of Regulation (EU) 2022/2554. Section 7(3) and (4) apply correspondingly.
(2) The Federal Institute must counteract abuses in the credit and financial services sector that endanger the safety of the assets entrusted to institutions, that impair the proper conduct of banking business or financial services, or that may cause considerable disadvantages for the economy as a whole.
(3) In the course of the tasks assigned to it by law, the Federal Institute may issue orders against institutions and their managers, the members of the administrative or supervisory body, the holders of key functions, and the risk takers, and against other natural persons responsible for a breach, that are suitable and necessary to prevent or stop breaches of supervisory provisions or of enforceable orders of the supervisory authority, or to prevent or remedy abuses in an institution that may endanger the safety of the assets entrusted to the institution or that impair the proper conduct of banking business or financial services. The power to issue orders under the first sentence also exists against financial holding companies or mixed financial holding companies, and against their managers, members of the administrative or supervisory body, holders of key functions, and risk takers.
(4) In performing its tasks, the Federal Institute must appropriately take into account the possible effects of its decisions on the stability of the financial system in the states of the European Economic Area concerned in each case.
(5) (repealed)