Cross-border activity of pension funds and Pensionsfonds

(1) Pension funds and Pensionsfonds must notify the supervisory authority of their intention to carry out occupational retirement provision for a sponsoring undertaking by way of cross-border activity. In doing so, they must state 1. the host state, 2. the name and location of the head office of the sponsoring undertaking, and 3. the main characteristics of the retirement provision scheme to be operated for the sponsoring undertaking. The supervisory authority examines whether the intended activity is legally permissible, and whether the administrative structure, the financial position, and the reliability and professional suitability of the managers are adequate for the intended cross-border activity. It may require that separate tied assets be established for the retirement provision scheme to be operated. Section 232(1), points 2 and 3, and section 234j(4) to (8), do not apply to the cross-border activity of a pension fund. In the case of a Pensionsfonds, section 236(1), first sentence, points 2 to 4, and second sentence, and subsection (2), and section 239(3) and (4), do not apply.
(2) As soon as the notification under subsection (1), first and second sentences, is complete, the supervisory authority decides within three months whether the requirements under subsection (1), third sentence, are satisfied. Where the requirements are satisfied, it transmits the particulars under subsection (1), second sentence, to the competent authorities of the host state, and informs the pension fund or the Pensionsfonds that those authorities have been informed. Otherwise, it prohibits the pension fund or the Pensionsfonds from commencing the cross-border activity.
(3) In the case of subsection (2), second sentence, the supervisory authority transmits to the pension fund or the Pensionsfonds the information provided by the competent authorities of the host state on 1. the relevant employment and social law provisions in the field of occupational retirement provision to be complied with in operating the retirement provision scheme for the sponsoring undertaking, and 2. the provisions of the host state issued under Title IV of Directive (EU) 2016/2341. Pension funds and Pensionsfonds are entitled to commence the cross-border activity, in accordance with the provisions named in the first sentence, points 1 and 2, as soon as they have received the supervisory authority's notification under the first sentence, but no later than six weeks after they received the notification under subsection (2), second sentence.
(4) Where the supervisory authority is notified by the competent authorities of the host state of material changes to the provisions named in subsection (3), first sentence, points 1 and 2, it must forward this information to the pension fund or the Pensionsfonds.
(5) The supervisory authority takes, in coordination with the competent authorities of the host state, the measures necessary to ensure that the pension fund or the Pensionsfonds stops the breaches of the provisions named in subsection (3), first sentence, points 1 and 2, that have been established by the competent authorities of the host state. The supervisory authority may prohibit or restrict the cross-border activity where the pension fund or the Pensionsfonds fails to comply with the requirements under subsection (3), first sentence, point 1.
(6) For pension funds and Pensionsfonds subject to Land supervision, the competent Land supervisory authority informs the Federal Institute of a notification under subsection (1), first and second sentences. The Federal Institute assists the Land supervisory authority, on request, in carrying out the procedure under subsections (2) and (3) and in carrying out measures under subsection (5).
(7) The supervisory authority informs the European Insurance and Occupational Pensions Authority of the member and contracting states in which the pension fund or the Pensionsfonds is active on a cross-border basis. It continuously notifies it of changes to this information.