Voting rights not taken into account

(1) Voting rights arising from shares of an issuer for whom the Federal Republic of Germany is the home state are not taken into account in calculating the voting-rights holding where their holder 1. is a credit institution or an investment services undertaking having its seat in a Member State of the European Union or in another state party to the Agreement on the European Economic Area, 2. holds the shares concerned in the trading book and that holding amounts to no more than 5 percent of the voting rights, and 3. ensures that the voting rights arising from the shares concerned are not exercised and are not otherwise used to influence the management of the issuer.
(2) Voting rights arising from shares acquired for stabilisation purposes under Regulation (EC) No 2273/2003 are not taken into account in calculating the voting-rights holding, where the holder of the shares ensures that the voting rights arising from the shares concerned are not exercised and are not otherwise used to influence the management of the issuer.
(3) Voting rights arising from shares of an issuer for whom the Federal Republic of Germany is the home state are not taken into account in calculating the voting-rights holding, provided that 1. the shares concerned are held exclusively for the purpose of clearing and settling transactions, for a maximum of three trading days, even where the shares are also traded outside a regulated market, or 2. a body entrusted with the custody of shares may exercise the voting rights arising from the shares held in custody only on the basis of instructions given in written form or by electronic means.
(4) Voting rights arising from shares that members of the European System of Central Banks are provided with, or themselves provide, in performing their tasks as monetary authorities, are not taken into account in calculating the voting-rights holding in the issuer for whom the Federal Republic of Germany is the home state, insofar as the transactions concerned are short-term transactions and the voting rights arising from the shares concerned are not exercised. The first sentence applies in particular to voting rights arising from shares transferred to or by a member within the meaning of the first sentence as security, and to voting rights arising from shares made available to, or provided by, the member as a pledge or in the context of a repurchase transaction or similar arrangement against liquidity for monetary-policy purposes or within a payment system.
(5) For the notification thresholds of 3 percent and 5 percent, voting rights arising from such shares of an issuer for whom the Federal Republic of Germany is the home state that are acquired or disposed of by a person who permanently offers, on a market, to buy or sell financial instruments by way of dealing on own account at prices set by that person, are not taken into account, where 1. that person is acting in its capacity as market maker, 2. it holds an authorisation under Directive 2004/39/EC, 3. it does not intervene in the management of the issuer and does not exert any influence on the issuer to buy the shares concerned or to support the price of the shares, and 4. it notifies the Bundesanstalt without delay, no later than within four trading days, that it is acting as market maker in respect of the shares concerned; section 33(1), third and fourth sentences apply correspondingly as to the beginning of the period. The person may also give the notification already at the point in time at which it intends to begin acting as market maker in respect of the shares concerned.
(6) Voting rights arising from shares that, under subsections (1) to (5), are not taken into account in calculating the voting-rights holding may not be exercised, with the exception of subsection (3), number 2.
(7) The Federal Ministry of Finance may, by statutory instrument not requiring the consent of the Bundesrat, 1. determine a shorter maximum period for holding the shares under subsection (3), number 1, 2. adopt further provisions on the non-consideration of the voting rights of a market maker under subsection (5), and 3. adopt further provisions on the electronic means by which instructions under subsection (3), number 2 may be given.
(8) The calculation of the voting rights that are not to be taken into account under subsections (1) and (5) is determined by Commission Delegated Regulation (EU) 2015/761 of 17 December 2014 supplementing Directive 2004/109/EC of the European Parliament and of the Council with regard to certain regulatory technical standards on major holdings (OJ L 120, 13.5.2015, p. 2), as amended from time to time.