Pfandbrief reports; authorisation to issue statutory instruments

(1) The Pfandbrief bank must submit to BaFin, within one month after the end of each quarter, referring to the end of the quarter, reports for each class of outstanding Pfandbriefe on the organisation of the Pfandbrief business, the Pfandbriefe outstanding, and the cover pools, in particular as to their value. BaFin may shorten the reporting period to one month for individual Pfandbrief banks, or, by general ruling, for individual Pfandbrief classes, where the cover situation or market conditions make this appear appropriate.
(2) The Federal Ministry of Finance may, by statutory instrument not requiring the consent of the Bundesrat, issue further provisions on the content and scope of, and the data media, transmission channels and data formats to be used for, the Pfandbrief reports. Before issuing the statutory instrument, the peak associations of the credit industry must be heard. The Federal Ministry of Finance may transfer this authorisation, by statutory instrument, to BaFin.