Cross-border activity of institutions whose home state is another member or contracting state

(1) Subsections (2) to (6) apply to retirement provision schemes 1. that are operated for the sponsoring undertaking, by way of cross-border activity, by an institution whose home state is another member or contracting state and that holds an authorisation within the meaning of Article 9(1) of Directive (EU) 2016/2341, and 2. for which the host state is Germany.
(2) Where the Federal Institute has received from the competent authorities of the institution's home state the particulars named in Article 11(3), second sentence, of Directive (EU) 2016/2341, it informs those authorities, within six weeks, of 1. the relevant employment and social law provisions in the field of occupational retirement provision to be complied with when retirement provision schemes are operated in Germany for a sponsoring undertaking, and 2. the provisions issued under Title IV of Directive (EU) 2016/2341. The institution is entitled to commence the cross-border activity, in accordance with the provisions named in the first sentence, points 1 and 2, as soon as it has received, from the competent authorities of its home state, the information transmitted by the Federal Institute, but no later than upon expiry of the period named in the first sentence.
(3) The Federal Institute determines which implementation route within the meaning of section 1b(2) to (4) of the Company Pensions Act the institution is to be assigned to, and transmits the determination to the institution and to the Pensions-Sicherungs-Verein Versicherungsverein auf Gegenseitigkeit.
(4) The Federal Institute notifies the competent authorities of the home state of material changes to the provisions named in subsection (2), first sentence, points 1 and 2.
(5) The Federal Institute continuously monitors whether the institution complies with the provisions named in subsection (2), first sentence, points 1 and 2. In the event of breaches of these provisions, it informs the competent authorities of the home state without delay. Where the institution continues to breach the provisions, the Federal Institute may, after informing the competent authorities of the home state, itself take suitable measures to end or penalise the breaches. Where no other solution is available, it may prohibit the institution from continuing to be active domestically for the sponsoring undertaking.
(6) For the purposes of subsection (5), first sentence, section 305(1), point 1, (2), points 1 and 2, and (3) apply correspondingly.
(7) On the application of the supervisory authority of the home state, the Federal Institute may prohibit the free disposal of assets held by a custodian or a depositary located domestically.