Scope of application; relationship to the SRM Regulation; implementation of decisions of the Board

(1) This Act applies to the following undertakings, insofar as Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1; OJ L 101, 18.4.2015, p. 62), as last amended by Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (OJ L 22, 22.1.2021, p. 1), is not determinative: 1. CRR credit institutions within the meaning of section 1(3d), first sentence, of the Banking Act, with the exception of undertakings within the meaning of Article 2(5), point 5, of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338; L 208, 2.8.2013, p. 73; L 20, 25.1.2017, p. 1; L 203, 26.6.2020, p. 95), as last amended by Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 amending Directive 2014/65/EU as regards information requirements, product governance and position limits, and Directives 2013/36/EU and (EU) 2019/878 as regards their application to investment firms, to help the recovery from the COVID-19 crisis (OJ L 68, 26.2.2021, p. 14), 2. securities institutions within the meaning of section 2(1) of the Securities Institutions Act that are required, under section 17(1), point 1, letter a, of the Securities Institutions Act, to hold initial capital of at least the equivalent of EUR 750,000, 3. superordinate undertakings of an institution group, a financial holding group or a mixed financial holding group under section 10a(1) and (2) of the Banking Act, and their subordinate undertakings under section 10a(1) and (2) of the Banking Act that are domiciled in Germany, with the exception of undertakings within the meaning of Article 2(5), point 5, of Directive 2013/36/EU, and 4. domestic Union branches. For domestic undertakings authorised under Article 14 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1; L 321, 30.11.2013, p. 6), as last amended by Regulation (EU) 2019/2099 (OJ L 322, 12.12.2019, p. 1), only Part 5 of this Act applies.
(2) The resolution authority implements, under Article 29 of Regulation (EU) 806/2014, decisions of the Board addressed to it that the Board adopts within the scope of its competence under Article 7(2), (4)(b) and (5) of Regulation (EU) 806/2014, as well as instructions and communications of the Board under Regulation (EU) 806/2014, applying the powers available to it under national law. In doing so, it must base its action on the findings and requirements of the decisions and on the communications of the Board. This does not affect the need for the consent of the Federal Ministry of Finance under section 140(1), second sentence.
(3) In carrying out its tasks, the resolution authority observes the guidelines and general instructions of the Board issued under Regulation (EU) No 806/2014.
(4) The resolution authority and the supervisory authority take account of recommendations of the Board in their decisions.
(5) Insofar as the provisions of this Act apply alongside Regulation (EU) No 806/2014, references to provisions are deemed to be references to the corresponding provisions and terms of Regulation (EU) No 806/2014, and terms are defined within the meaning of Regulation (EU) No 806/2014.
(6) For the purposes of this Act, the supervisory authority and the resolution authority cooperate with the European Banking Authority and, where applicable, with the EFTA Surveillance Authority, in accordance with Regulation (EU) No 1093/2010 in the version of 8 October 2025. References in this Act to the powers of the European Banking Authority under Article 19 of Regulation (EU) No 1093/2010 are deemed, for the supervisory or resolution authorities of the EFTA states within the meaning of Article 2, letter b, of the Agreement on the European Economic Area, to be references to the powers of the EFTA Surveillance Authority.