Securities Council

(1) A Securities Council is established at the Bundesanstalt. It consists of representatives of the Länder. Membership is not tied to a particular person. Each Land sends one representative. Representatives of the Federal Ministries of Finance, of Justice, for Consumer Protection, and for Economic Affairs and Energy, and of the Deutsche Bundesbank, may attend the meetings. The Securities Council may hear experts, in particular from the fields of exchanges, market participants, business and academia. The Securities Council adopts its own rules of procedure.
(2) The Securities Council participates in supervision. It advises the Bundesanstalt, in particular 1. on the adoption of statutory instruments and the drawing up of guidelines for the Bundesanstalt's supervisory activity, 2. as to the effects of supervisory matters on exchange and market structures and on competition in trading in financial instruments, 3. on the delimitation of competences between the Bundesanstalt and the exchange supervisory authorities, and on questions of cooperation. The Securities Council may put forward proposals to the Bundesanstalt for the general further development of supervisory practice. The Bundesanstalt reports to the Securities Council at least once a year on its supervisory activity, the further development of supervisory practice, and international cooperation.
(3) The Securities Council is convened at least once a year by the President of the Bundesanstalt. It must further be convened at the request of one third of its members. Every member has the right to submit proposals for deliberation.