Special powers under Regulation (EU) No 1286/2014, Regulation (EU) 2016/1011, Regulation (EU) 2019/2088, Regulation (EU) 2020/852 and Regulation (EU) 2020/1503

(1) The Bundesanstalt monitors compliance with the prohibitions and requirements of Regulation (EU) No 1286/2014 and of the Commission delegated acts and implementing acts adopted on its basis. As against an investment services undertaking that advises on, sells, or manufactures a PRIIP, it may make orders that are suitable and necessary to enforce the prohibitions and requirements referred to in the first sentence. In particular it may
1. temporarily or permanently prohibit the marketing, distribution or sale of the PRIIP where there is a breach of Article 5(1), Articles 6, 7 and 8(1) to (3), Articles 9, 10(1), Article 13(1), (3) and (4), or Article 14 or 19 of Regulation (EU) No 1286/2014,
2. prohibit the provision of a key information document that does not satisfy the requirements of Articles 6 to 8 or 10 of Regulation (EU) No 1286/2014,
3. require the manufacturer of a PRIIP to publish a new version of the key information document, where the published version does not satisfy the requirements of Articles 6 to 8 or 10 of Regulation (EU) No 1286/2014, and
4. in the event of a breach of one of the provisions referred to in number 1, publish on its website a warning naming the responsible investment services undertaking and the nature of the breach; section 125(3) and (5) applies correspondingly. The powers referred to in the second sentence are available to the Bundesanstalt, subject to section 34d(8), no. 5, section 34e(2) and section 34g(1), second sentence, no. 5 of the Trade Regulation Code, each in conjunction with a statutory instrument issued thereunder, section 5(6a) of the Capital Investment Code, section 308a of the Insurance Supervision Act and section 47 of the Banking Act, also as against other persons or associations of persons that advise on, sell, or manufacture a PRIIP.
(2) Other than for insurance undertakings under Land supervision, the Bundesanstalt is the competent authority within the meaning of Article 23b(7) and Article 40(1) of Regulation (EU) 2016/1011. It monitors compliance with the prohibitions and requirements of Regulation (EU) 2016/1011 and of the Commission delegated acts and implementing acts adopted on the basis of that Regulation, and may make orders that are suitable and necessary for their enforcement. In particular it may
1. take measures to inform the public correctly about the provision of a benchmark and require corrections,
2. require information and the reporting of transactions from contributors active on spot markets that provide data for the determination of a commodity benchmark, insofar as necessary to monitor compliance with the requirements and prohibitions of Regulation (EU) 2016/1011 in relation to those commodity benchmarks; section 8(2), second and third sentences, and the provisions of a statutory instrument issued under section 8(3), apply correspondingly,
3. in the event of a breach of Articles 4 to 16, 21, 23 to 29 and 34 of Regulation (EU) 2016/1011, or of an enforceable order of the Bundesanstalt issued in connection with an investigation into compliance with the obligations under that Regulation under number 1 or 2, section 6(2), (3), fourth sentence, (8), (11) to (13), or section 7(2),
a) require a supervised entity within the meaning of Article 3(1), point 17 of that Regulation to permanently discontinue the acts or conduct constituting the breach,
b) publish, in respect of a supervised entity within the meaning of Article 3(1), point 17 of that Regulation, a warning under section 6(9) naming the natural or legal person or association of persons that committed the breach,
c) withdraw or suspend the authorisation or registration of an administrator,
d) prohibit a person, for a period of up to two years, from exercising management functions at an administrator or a supervised contributor, where that person has committed the breach wilfully or through gross negligence and continues that conduct despite a warning from the Bundesanstalt.
(3) The Bundesanstalt monitors compliance with the prohibitions and requirements of Regulation (EU) 2019/2088 and Regulation (EU) 2020/852, and of the Commission delegated acts and regulatory and implementing technical standards adopted on their basis. As against an investment services undertaking that provides investment advice or financial portfolio management, it may take the measures necessary for that purpose.
(4) The Bundesanstalt may make orders that are suitable and necessary to enforce the prohibitions and requirements of Regulation (EU) 2020/1503 and of the Commission delegated acts and implementing acts adopted on its basis. In particular the Bundesanstalt may
1. where there is a breach, or a sufficiently well-founded suspicion of a breach, of Regulation (EU) 2020/1503, a) make public the fact that a crowdfunding service provider within the meaning of Article 2(1), letter e) of Regulation (EU) 2020/1503, or a third party appointed to perform tasks in connection with such services, is failing to comply with its obligations, in particular under Chapters II, IV and V of Regulation (EU) 2020/1503, b) in order to ensure investor protection under Chapter IV of Regulation (EU) 2020/1503 or the orderly functioning of the market, make public all material information that may affect the provision of crowdfunding services within the meaning of Article 2(1), letter a) of Regulation (EU) 2020/1503, or require a crowdfunding service provider within the meaning of Article 2(1), letter e) of Regulation (EU) 2020/1503, or a third party appointed to perform tasks in connection with such services, to make that information public, c) suspend the provision of crowdfunding services within the meaning of Article 2(1), letter a) of Regulation (EU) 2020/1503, or require a crowdfunding service provider within the meaning of Article 2(1), letter e) of Regulation (EU) 2020/1503 to suspend the provision of such crowdfunding services, where the Bundesanstalt is of the opinion that the provision of those crowdfunding services would be detrimental to investors' interests, d) subject to the consent of the clients within the meaning of Article 2(1), letter g) of Regulation (EU) 2020/1503 and of the transferee crowdfunding service provider within the meaning of Article 2(1), letter e) of Regulation (EU) 2020/1503, transfer existing contracts to another crowdfunding service provider, where a crowdfunding service provider's authorisation has been withdrawn under Article 17(1), first subparagraph, letter c),
2. where there is a sufficiently well-founded suspicion of a breach of Regulation (EU) 2020/1503, in each individual case a) prohibit a crowdfunding offer within the meaning of Article 2(1), letter f) of Regulation (EU) 2020/1503, or suspend it for a maximum of ten consecutive working days, b) suspend the provision of crowdfunding services within the meaning of Article 2(1), letter a) of Regulation (EU) 2020/1503 for a maximum of ten consecutive working days, or require a crowdfunding service provider within the meaning of Article 2(1), letter e) of Regulation (EU) 2020/1503 to suspend the provision of such crowdfunding services for a maximum of ten consecutive working days, c) prohibit marketing communications within the meaning of Article 2(1), letter o) of Regulation (EU) 2020/1503, or suspend them for a maximum of ten consecutive working days, or require crowdfunding service providers within the meaning of Article 2(1), letter e) of Regulation (EU) 2020/1503, or third parties entrusted with performing functions in relation to the crowdfunding services, to discontinue such marketing communications or suspend them for a maximum of ten consecutive working days,
3. prohibit the provision of crowdfunding services where it establishes that there is a breach of Regulation (EU) 2020/1503.