Exemption of institutions belonging to institutional protection schemes

(1) The supervisory authority may, in coordination with the Deutsche Bundesbank, on application, exempt an institution that belongs to an institutional protection scheme from the requirements of sections 12 to 18 of this Act. The first sentence does not apply to the obligation to draw up an individual recovery plan where 1. the institution is potentially systemically important within the meaning of section 12 of the Banking Act, 2. the institution is subject to the supervision of the European Central Bank under Article 6(4) of Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63), 3. the total value of the institution's assets exceeds EUR 30 billion, or 4. the ratio of the institution's total assets to gross domestic product exceeds 20 per cent, unless the total value of the institution's assets is below EUR 5 billion. The second sentence applies correspondingly to exemption from the obligation to draw up a group recovery plan.
(2) The application under subsection (1) must be accompanied by appropriate documents demonstrating that the conditions for an exemption are satisfied. The application requires the consent of the institutional protection scheme. The application may be made collectively by the institutional protection scheme. The collective application under the third sentence must contain a declaration that the consent of the institutions covered by the collective application to the exemption application has been obtained.
(3) On request of the supervisory authority, the applicant must demonstrate that the conditions for the exemption continue to be satisfied. Where the conditions for the exemption are no longer satisfied, the supervisory authority may revoke the exemption at any time.
(4) The institutional protection scheme must satisfy the requirements of sections 12 to 18 for the institutions belonging to the institutional protection scheme that are affected by the exemption, where applicable in accordance with section 19.