Transitional provisions on the Financial Conglomerates Directive Implementation Act

(1) (repealed)
(2) Until the statutory instrument under section 13c(1), second sentence, is issued, all significant intra-group transactions with mixed holding companies or their subsidiary undertakings carried out during a calendar year must be notified to the Federal Institute and the Deutsche Bundesbank before 16 January of the following year. Intra-group transactions include, in particular,
1. loans,
2. sureties, guarantees, and other off-balance-sheet transactions,
3. transactions concerning own funds components within the meaning of sections 10, 10a, 53c, and 104g of the Insurance Supervision Act,
4. capital investments,
5. reinsurance transactions,
6. cost-sharing agreements. An intra-group transaction is significant where the individual transaction reaches or exceeds 5 percent of the own funds requirement at group level. Several transactions of the same or different group undertakings with another group undertaking during a financial year are to be aggregated by recipient, even where the individual transaction does not reach 5 percent of the own funds requirement at group level.
(3) Until the statutory instrument under section 24(4) is supplemented,
1. in connection with notifications under section 24(3a), first sentence, point 1,
a) for the purpose of assessing the reliability of the persons who are to actually conduct the business of a financial holding company or a mixed financial holding company, the declarations provided for under section 8, second sentence, point 2, of the Notifications Regulation of 29 December 1997 (Federal Law Gazette I, p. 3372), as last amended by Article 8 of the Act of 15 August 2003 (Federal Law Gazette I, p. 1657), must be made;
b) for the purpose of assessing the professional qualification of the persons who are to actually conduct the business of a financial holding company or mixed financial holding company, the documents named in section 8, second sentence, point 1, of the Notifications Regulation of 29 December 1997 (Federal Law Gazette I, p. 3372), as last amended by Article 8 of the Act of 15 August 2003 (Federal Law Gazette I, p. 1657), must be attached;
2. section 27 of the Notifications Regulation of 29 December 1997 (Federal Law Gazette I, p. 3372), as last amended by Article 8 of the Act of 15 August 2003 (Federal Law Gazette I, p. 1657), applies correspondingly to notifications by a mixed financial holding company under section 12a(1), third sentence.
(4) (repealed)