Undertakings, regulated markets and multilateral trading facilities having their seat in another Member State of the European Union or in another state party to the Agreement on the European Economic Area

(1) The rights and obligations regulated in this Part and in Articles 14 to 26 of Regulation (EU) No 600/2014 apply correspondingly, with the exception of section 63(2), sections 72 to 78, 80(1) to (6) and (9) to (13), sections 81, 84 to 86 and 87(3) to (8), to branches and tied agents having their seat or habitual residence in Germany within the meaning of section 53b of the Banking Act or section 73 of the Securities Institutions Act, that provide investment services. An undertaking having its seat in another Member State of the European Union or in another state party to the Agreement on the European Economic Area, that provides investment services alone or together with ancillary investment services, and that intends to establish a branch in Germany within the meaning of section 53b of the Banking Act or section 73 of the Securities Institutions Act, must be informed by the Bundesanstalt, within the period specified in section 53b(2), first sentence of the Banking Act, of the reporting obligations under section 22 and of the rights and obligations applicable to the branch under the first sentence.
(2) The Bundesanstalt may require the branch or the tied agent to make changes to the arrangements made to comply with the obligations applicable to it, insofar as the changes are necessary and proportionate to enable the Bundesanstalt to examine compliance with the obligations. Where the Bundesanstalt establishes that the undertaking is not complying with the obligations applicable under subsection (1), first sentence, to its branch or its tied agent, it calls on the undertaking to fulfil its obligations within a period to be determined by the Bundesanstalt. Where the undertaking does not comply with that call, the Bundesanstalt takes all appropriate measures to ensure that the obligations are fulfilled, and informs the competent authorities of the home Member State of the nature of the measures taken. Where the undertaking concerned does not remedy the deficiency, the Bundesanstalt may, after informing the competent authority of the home Member State, take all measures to prevent or sanction further breaches. Where necessary, the Bundesanstalt may prohibit the undertaking concerned from carrying out new business in Germany. The Bundesanstalt informs the European Commission and the European Securities and Markets Authority without delay of measures taken under the fourth and fifth sentences.
(3) Where the Bundesanstalt establishes that an undertaking within the meaning of subsection (1), second sentence, that has established a branch in Germany, or engaged a tied agent, breaches provisions of this Act other than those referred to in subsection (1), first sentence, or corresponding foreign provisions, it notifies this to the competent body of the home Member State in accordance with section 18(8), first sentence. Where the measures thereupon taken by the competent authority of the home Member State are inadequate, or the undertaking continues, for other reasons, to breach the other provisions of this Part, and investor interests or the orderly functioning of the market are thereby endangered, the Bundesanstalt, after prior notification to the competent authority of the home Member State, takes all necessary measures to ensure investor protection and the orderly functioning of the markets. Subsection (2), fourth to sixth sentences, applies correspondingly.
(4) Subsection (3) applies correspondingly to an undertaking having its seat in another Member State of the European Union or in another state party to the Agreement on the European Economic Area, that provides investment services or ancillary investment services by way of cross-border services to clients having their habitual residence or management in Germany, where the undertaking breaches provisions of this Part or corresponding foreign provisions.
(5) Subsection (3) applies correspondingly to operators of regulated markets, multilateral trading facilities and organised trading facilities, with the proviso that measures by the Bundesanstalt against such an operator require breaches of provisions of this Part, of the Stock Exchange Act, or of corresponding foreign provisions, and that the measures under subsection (3), second sentence, may in particular also include prohibiting the operator of the regulated market, the multilateral trading facility or the organised trading facility from making its system accessible to members in Germany.
(6) The Bundesanstalt informs the undertakings or markets concerned of the measures taken under subsections (2) to (5), stating the reasons.
(7) The Bundesanstalt may, in the cases under subsection (2), second sentence, subsection (3), first sentence, and subsection (5), request assistance from the European Securities and Markets Authority in accordance with Article 19 of Regulation (EU) No 1095/2010.