Competence

(1) The Federal Financial Supervisory Authority is the competent resolution authority within the meaning of Article 3(1) of Regulation (EU) 2021/23.
(2) The Federal Ministry of Finance is the competent ministry within the meaning of Article 3(8) of Regulation (EU) 2021/23.
(3) The Federal Financial Supervisory Authority exercises its competence for the recovery and resolution of central counterparties in accordance with the provisions of Part 5 of this Act, the statutory instruments issued thereunder, Regulation (EU) 2021/23, and the legal acts adopted on its basis. By way of derogation from section 1(1), second sentence, the Deutsche Bundesbank is involved in recovery planning by correspondingly applying section 12(3), third sentence, (4), first and fifth sentences, and section 15(2), first sentence.
(4) In taking resolution action, the resolution authority informs the works council of the central counterparty, insofar as this is possible without prejudicing the resolution objectives.