Notification obligations in the case of a failing or likely to fail

(1) Where an institution or group entity is failing or likely to fail within the meaning of section 63, the management of the institution or of the superordinate undertaking of the group, and of the group entity that is failing or likely to fail, informs the supervisory authority and the resolution authority without delay.
(2) The supervisory authority informs the resolution authority without delay and in full of all crisis prevention measures and all banking supervisory measures that it takes in respect of an institution or group entity.
(3) Where the supervisory authority or the resolution authority reaches the assessment that an institution or group entity is failing or likely to fail, it informs the other authority and the Federal Ministry of Finance of this without delay. Where, in addition to the failing or likely to fail, the conditions of section 62(1), first sentence, point 3, are also satisfied, the supervisory authority and the resolution authority inform the following bodies without delay: 1. (repealed) 2. the Deutsche Bundesbank, 3. (repealed) 4. the deposit guarantee scheme concerned, 5. the supervisory authorities responsible for the group entities and branches concerned, including the consolidating supervisory authority, 6. the resolution authorities responsible for the group entities and branches concerned, including the resolution authority of the State in which the consolidating supervisory authority has its seat, 7. the Financial Stability Committee, and 8. the European Systemic Risk Board.
(4) Where there is a risk that passing information to a body within the meaning of subsection (3), second sentence, could jeopardise achievement of the resolution objectives, the resolution authority may refrain from informing that body, or may provide anonymised or aggregated particulars concerning the institution or group entity that is failing or likely to fail. Without prejudice to the provisions of sections 167 to 171, the first sentence applies correspondingly to supervisory authorities and resolution authorities in a third country, unless that third country is the country in which the superordinate undertaking subject to consolidated supervision has its seat.