Cooperation with other authorities

(1) (repealed)
(2) Where criminal tax proceedings are initiated against holders or managers of institutions or of financial holding companies or mixed financial holding companies, or against holders of significant holdings in institutions or their legal or statutory representatives or personally liable partners, or where such proceedings are not initiated on account of a voluntary disclosure under section 371 of the Fiscal Code, section 30 of the Fiscal Code does not preclude communications to the Federal Institute about the proceedings and the underlying facts; the same applies where the proceedings are directed against persons who committed the offence as employees of an institution or of a holder of a significant holding in an institution.
(3) The Federal Institute, and, insofar as it acts under this Act, the Deutsche Bundesbank, cooperate, in the supervision of institutions that conduct banking business or provide financial services in another state of the European Economic Area, and in the supervision of institutional groups, financial holding groups, or mixed financial holding groups within the meaning of section 10a(1) and (2), with the competent authorities in the European Economic Area, and with the European Banking Authority and the European Securities and Markets Authority. In the assessment under section 2c(1a) and (1b), the Federal Institute cooperates with the competent authorities in the European Economic Area where the party subject to the notification duty is
1. a CRR credit institution, a direct or reinsurance undertaking, or a management company within the meaning of Article 2(1)(b) of Directive 2009/65/EC, as amended on 27 November 2024 (UCITS management company), that is authorised in a Member State or sector other than that in which the acquisition is intended,
2. a parent undertaking of a CRR credit institution, a direct or reinsurance undertaking, or a UCITS management company, that is authorised in a Member State or sector other than that in which the acquisition is intended, or
3. a natural or legal person that controls a CRR credit institution, a direct or reinsurance undertaking, or a UCITS management company, that is authorised in a Member State or sector other than that in which the acquisition is intended. In examining an application for a licence under section 32, and in assessing a notification under section 2c(1a) or under section 2h(4), where an application for exemption from the approval requirement under Article 21a of Directive 2013/36/EU, as amended on 27 November 2024, is being examined at the same time, the Federal Institute coordinates with the following authorities:
1. the authority responsible for supervising the financial holding group on a consolidated basis, and
2. the competent authority of the state of the European Economic Area in which the financial holding company or mixed financial holding company applying for approval or exemption from the approval requirement has its registered office, where that is a different authority from the authority under point 1. Subject to the general data protection provisions, in particular section 25(1) of the Federal Data Protection Act, the Federal Institute and the Deutsche Bundesbank exchange with the competent authorities in the European Economic Area all useful and essential information necessary to carry out supervision. Essential information may also be passed on without a corresponding request from the competent authority. Information is deemed essential within this meaning where it may affect the assessment of an institution's financial position in the state of the European Economic Area concerned. This includes, in particular:
1. disclosure of the legal and organisational structure, and the basis of the group's proper management, including all supervised undertakings, unsupervised undertakings, unsupervised subsidiaries, and significant branches of the group, and identification of the respective authorities responsible for their supervision,
2. procedures for collecting and verifying information from institutions belonging to the group,
3. adverse developments in institutions or other undertakings of a group that could seriously affect the institutions, and
4. serious or exceptional banking supervisory measures taken by the Federal Institute under this Act or the statutory instruments issued to implement it. The Federal Institute transmits to the competent authority in the host Member State
1. all information for assessing the reliability and professional qualifications of the persons named in section 1(2), first sentence;
2. all information for assessing the reliability of the holders of a significant holding in undertakings of the same group with a registered office in Germany that is necessary for granting a licence to, and for the ongoing supervision of, an undertaking within the meaning of section 33b, first sentence, that intends to conduct banking business corresponding to section 1(1), second sentence, points 1, 2, 4, and 10, or to provide financial services corresponding to section 1(1a), second sentence, points 1 to 4, in the host Member State;
3. without delay, information and findings obtained in monitoring the institution's liquidity that are necessary for supervising the branch for reasons of depositor and investor protection or the financial stability of the host Member State, and
4. information that liquidity difficulties are occurring, or in all likelihood are to be expected, and details of the planning and implementation of a recovery plan and of all supervisory measures taken in that connection. Information under the seventh sentence, points 3 and 4, is also to be transmitted to the competent authority in the host Member State in which a CRR credit institution has branches classified as significant. Where a competent authority in another state of the European Economic Area does not transmit necessary information, the Federal Institute may request assistance from the European Banking Authority under Article 19 of Regulation (EU) No 1093/2010. It may further request assistance from the European Banking Authority or the European Securities and Markets Authority under Article 19 of Regulation (EU) No 1093/2010 and Regulation (EU) No 1095/2010, where a request for cooperation, in particular for an exchange of information, has been refused by a competent authority, or has not been complied with within a reasonable period.
(3a) The competent authority within the meaning of subsection (3), first sentence, may request the Federal Institute's cooperation in a monitoring exercise, an examination, or an investigation. In response to a request within the meaning of the first sentence, for the purpose of monitoring compliance with this Act and the corresponding provisions of those states, the Federal Institute makes use of all the powers available to it under the Act, insofar as this is suitable and necessary to comply with the request. The Federal Institute may refuse an investigation, the transmission of information, or the participation of employees of those foreign authorities in such examinations, where
1. this could impair the sovereignty, security, or public order of the Federal Republic of Germany, or
2. court proceedings have already been initiated, or an unappealable decision has already been issued, against the persons concerned on the basis of the same facts. Where the Federal Institute does not comply with a corresponding request, or exercises its right under the first sentence, it informs the requesting authority of this without delay and states the reasons; in the case of a refusal under the third sentence, point 2, precise information on the court proceedings or the unappealable decision must be transmitted.
(3b) In the course of its supervision of institutions, the Federal Institute cooperates closely with the financial intelligence units and the authorities in other states of the European Economic Area that are responsible, under Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73), as amended by Directive (EU) 2018/843 (OJ L 156, 19.6.2018, p. 43), for supervising the obliged entities listed in Article 2(1), points 1 and 2, of that Directive. It provides the financial intelligence units and the authorities named with the information relevant to performing their tasks, provided this does not jeopardise ongoing investigations. Where this information includes personal data within the meaning of Regulation (EU) 2016/679, the information is to be transmitted insofar as it is necessary for performing tasks under Directive 2013/36/EU, Regulation (EU) No 575/2013, or Directive (EU) 2015/849.
(4) In cases in which the Federal Institute is responsible for supervision on a consolidated basis of EU parent institutions, or of institutions controlled by an EU parent financial holding company or a mixed EU parent financial holding company, it transmits to the competent authorities in the other states of the European Economic Area that are responsible for supervising subsidiary undertakings of those parent undertakings, on request, all useful information. The scope of the duty to provide information depends in particular on the significance of the subsidiary undertaking for the financial system of the state concerned.
(5) Notifications from the competent authorities of another state may be used only for the following purposes:
1. to examine the licensing of an institution's business operations,
2. to monitor the activities of institutions on an individual or consolidated basis,
3. for orders of the Federal Institute and for the prosecution and punishment of regulatory offences by the Federal Institute,
4. in the course of administrative proceedings concerning legal remedies against a decision of the Federal Institute, or
5. in the course of proceedings before administrative courts, insolvency courts, public prosecutors' offices, or courts responsible for criminal and regulatory-fine matters.
(6) Before deciding on the following matters, the Federal Institute regularly hears the competent authorities in the European Economic Area, insofar as the decision is significant for their supervisory activity:
1. changes in the structure of the holders, the organisation, or the management of institutions belonging to the group that require the Federal Institute's consent,
2. serious or exceptional banking supervisory measures. In these cases, at least the authority responsible for supervision on a consolidated basis must always be heard, insofar as that responsibility does not lie with the Federal Institute. The Federal Institute may dispense with prior consultation of the competent authorities where there is danger in delay. The same applies where prior consultation could jeopardise the effectiveness of the measure; in these cases the Federal Institute informs the competent authorities without delay after the measure is issued or carried out.
(7) Where the Federal Institute is responsible for the supervision on a consolidated basis of an institutional group, financial holding group, or mixed financial holding group, and a crisis situation arises, in particular in the event of adverse developments in the financial markets that pose a threat to market liquidity and the stability of the financial system of a state within the European Economic Area in which one of the group's undertakings has its registered office or a branch has been regarded as significant, the Federal Institute must inform, without delay, the Federal Ministry of Finance, the European Banking Authority, the European Systemic Risk Board, the Deutsche Bundesbank, and the central governments of the other Member States, insofar as they are affected, and must transmit to them all information essential for performing their tasks. Where the Federal Institute otherwise becomes aware of a crisis situation within the meaning of the first sentence, it must inform, without delay, the authorities responsible for supervision on a consolidated basis of the affected institutional groups, financial holding groups, or mixed financial holding groups, and the European Banking Authority. Section 9 remains unaffected.
(8) The Federal Institute notifies the competent authorities of the host Member State of measures it will take to end an institution's infringements of the host Member State's legal provisions, of which it has been informed by the competent authorities of the host Member State, and provides corresponding explanations on request. Where the Federal Institute does not agree with measures taken by a competent authority of the host Member State to end an institution's infringements of the host Member State's legal provisions, it may refer the matter to the European Banking Authority under Article 19 of Regulation (EU) No 1093/2010 and request its assistance.
(9) Where the Federal Institute has sufficient grounds to suspect an infringement of the provisions of this Act, of Regulation (EU) No 575/2013, or of the corresponding provisions of the states of the European Economic Area, it notifies the authority responsible for cooperation in the supervision of institutions in whose territory the infringing act took place. Where the Federal Institute receives a corresponding notification from the competent authorities of other states, it informs them of the results of the investigations subsequently initiated.
(10) Where the Federal Institute has sufficient grounds to suspect an infringement of Articles 6 to 27 of Regulation (EU) 2017/2402, it informs the authorities competent under that Regulation. In the case of an incorrect or misleading report within the meaning of Article 27(1) of that Regulation, the Federal Institute informs, without delay, the competent authority of the first point of contact designated under Article 27(1) of that Regulation in that regard. Where the Federal Institute, as the competent authority, is informed of a possible infringement of Articles 6 to 27 of Regulation (EU) 2017/2402, it acts observing the procedure under Article 36(6) of that Regulation.
(11) Where the Federal Institute, on the basis of the review, in particular the evaluation of a CRR credit institution's governance arrangements, business model, or activities, has a reasonable suspicion that money laundering or the financing of terrorism is taking place, has taken place, or has been attempted in connection with that CRR credit institution, or that there is an increased risk of this, the Federal Institute reports that suspicion without delay to the authority or body that supervises the institution under Directive (EU) 2015/849 and that is responsible for ensuring compliance with that Directive. Where there is a suspected increased risk of money laundering or the financing of terrorism, and the Federal Institute is the competent authority, the Federal Institute, together with the authority or body that supervises the CRR credit institution under Directive (EU) 2015/849 and is responsible for ensuring compliance with that Directive, contacts the European Banking Authority in order to transmit their joint assessment without delay. Where the Federal Institute is the competent authority, it takes measures insofar as necessary.