Exemptions; authorisation to issue statutory instruments

(1) Sections 114, 115 and 117 do not apply to undertakings that issue exclusively 1. debt instruments admitted to trading on a regulated market with a minimum denomination of EUR 100,000, or the equivalent amount in another currency as at the date of issue, or 2. debt instruments still outstanding that were already admitted to trading on a regulated market domestically or in another Member State of the European Union or another state party to the Agreement on the European Economic Area before 31 December 2010, with a minimum denomination of EUR 50,000, or the equivalent amount in another currency as at the date of issue. The exemptions under the first sentence do not apply to issuers of securities within the meaning of section 2(1), no. 2.
(2) Section 115 does not apply to credit institutions that issue securities as domestic issuers, where their shares are not admitted to trading on a regulated market and they have permanently or repeatedly issued exclusively debt instruments whose total nominal amount does not reach EUR 100 million and for which no prospectus was published under Regulation (EU) 2017/1129.
(3) Section 115 likewise does not apply to undertakings that issue securities as domestic issuers, where they already existed on 31 December 2003 and issue exclusively debt instruments admitted to trading on a regulated market that are unconditionally and irrevocably guaranteed by the Federation, a Land, or one of its regional or local authorities.
(4) The Bundesanstalt may exempt an undertaking having its seat in a third country that issues securities as a domestic issuer from the requirements of sections 114, 115 and 117, including in conjunction with a statutory instrument under section 114(3) or section 115(6), insofar as those issuers are subject to, or submit themselves to, equivalent rules of a third country. The Bundesanstalt informs the European Securities and Markets Authority of the exemption granted. However, the information to be prepared under the provisions of the third country must be made available to the public, published, and simultaneously notified to the Bundesanstalt, in the manner regulated in section 114(1), first and second sentences, and section 115(1), first and second sentences, including in each case in conjunction with a statutory instrument under section 114(3) or section 115(6). The information must, moreover, be transmitted without delay, though not before its publication, to the body responsible for the company register, for entry in the company register. The Federal Ministry of Finance may, by statutory instrument not requiring the consent of the Bundesrat, adopt further provisions on the equivalence of the rules of a third country and the exemption of undertakings under the first sentence.
(5) (repealed)