Publication of measures and sanctions against investment firms

(1) The Federal Institute publishes, on its website, decisions on measures and sanctions under section 56(4h) issued against investment firms within the meaning of section 2(10) of the Securities Trading Act, without delay after informing the natural or legal person against whom the measure or sanction was imposed. This does not apply to decisions on investigative measures.
(2) In the publication, the Federal Institute names the provision infringed and the natural or legal person or association of persons responsible for the infringement.
(3) Where the Federal Institute, after a case-specific assessment of the proportionality of publication, has come to the view that publication of the identity of the legal person or of the personal data of the natural person would be disproportionate, or where publication would jeopardise the stability of the financial markets or ongoing investigations, the Federal Institute may
1. publish the decision only once the grounds for refraining from its publication no longer exist, or
2. publish the decision without naming personal data, where this anonymised publication ensures effective protection of the personal data concerned, or
3. refrain entirely from publishing the decision, where, in its view, the options named in points 1 and 2 do not sufficiently ensure that
a) the stability of the financial markets is not jeopardised,
b) the publication of decisions on measures classified as more minor is proportionate. Where the Federal Institute decides in favour of publication in anonymised form, publication may be deferred for an appropriate period where it is foreseeable that the grounds for anonymised publication will cease to apply within that period.
(4) Where an appeal is lodged against the decision imposing the sanction or measure, the Federal Institute also publishes this fact and all further information on the outcome of the appeal proceedings on its website without delay. Furthermore, every decision revoking or amending an earlier decision is likewise published.
(5) A publication under subsection (1) must be deleted five years after its publication. By way of derogation from the first sentence, personal data must be deleted as soon as its publication is no longer necessary.