Power to issue a statutory instrument

(1) The Federal Ministry of Finance is authorised, for insurance undertakings not subject to supervision by the Länder supervisory authorities, to issue, by statutory instrument, having regard to delegated acts of the European Commission under Article 135 of Directive 2009/138/EC, provisions on
1. the reporting by insurance undertakings on their entire capital investments;
2. the identification, measurement, monitoring, management, and reporting of, or on,
a) risks arising from capital investments, and
b) specific risks arising from investments in derivative financial instruments; and
3. laying down requirements in connection with the securitisation of loans into tradeable securities and other financial instruments, namely
a) requirements that the originator must satisfy in order for insurance undertakings to be permitted to invest in securities or financial instruments of this kind issued after 1 January 2011, including requirements ensuring that the originator retains a net economic interest of not less than 5 percent, and
b) qualitative requirements that insurance undertakings investing in these securities or financial instruments must satisfy.
(2) The authorisation under subsection (1) may be transferred to the Federal Institute by statutory instrument.
(3) Statutory instruments under subsections (1) and (2) do not require the consent of the Bundesrat.