Simplified requirements

(1) The supervisory authority may, in coordination with the Deutsche Bundesbank, restrict the requirements under sections 12 to 18 as regards
1. the content and level of detail of the recovery plans to be drawn up,
2. the time limit within which recovery plans are to be drawn up or updated, or
3. the content and level of detail of the information to be made available by institutions in connection with recovery or resolution planning.
(2) In determining simplified requirements, the supervisory authority takes into account
1. the effects that the failure of an institution would have, depending on the size of the institution, the nature, scale and complexity of its business activities, its ownership structure, its legal form, its risk profile and interconnectedness, and its membership of an institutional protection scheme, in particular whether the institution is potentially systemically important within the meaning of section 12 of the Banking Act, and
2. whether a liquidation in insolvency proceedings could have negative effects on the financial markets, on other undertakings in the financial sector, including their funding, or on the real economy. As regards the criteria to be applied in assessing the effects under the first sentence, points 1 and 2, reference is made to Commission Delegated Regulation (EU) 2019/348 of 25 October 2018 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria for assessing the impact of an institution's failure on financial markets, on other institutions and on funding conditions (OJ L 63, 4.3.2019, p. 1).
(3) The supervisory authority informs the European Banking Authority of how it implements and applies Article 4(1) and (8) to (10) of Directive 2014/59/EU.
(4) The Federal Ministry of Finance is authorised to issue, by statutory instrument not requiring the consent of the Bundesrat, in consultation with the Deutsche Bundesbank, more detailed provisions on the submission of recovery plans for which simplified requirements have been determined under subsection (1) and which are to be submitted to the supervisory authority and the Deutsche Bundesbank under section 12(3), third sentence. This includes in particular provisions on the content, nature, scope and form of the information in the recovery plans, on the frequency of their submission, and on the permissible data carriers, data formats, transmission channels and recipients. The Federal Ministry of Finance may, by statutory instrument, delegate the authorisation to the Federal Financial Supervisory Authority, with the proviso that the statutory instrument is issued in agreement with the Deutsche Bundesbank.