Undertakings having their seat in a third country

(1) Subject to the provisions of Title VIII of Regulation (EU) No 600/2014, the Bundesanstalt may determine, in an individual case, that 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) of this Act do not apply to an undertaking having its seat in a third country that intends to provide investment services in Germany by way of cross-border services, on a commercial basis or on a scale requiring a commercially organised business operation, for as long as the undertaking, as regards the investment services it operates in Germany, does not additionally require supervision by the Bundesanstalt on account of its supervision by the competent home-state authority. The exemption may be made subject to conditions, in particular the condition that the undertaking enables monitoring and examination of compliance with provisions equivalent to sections 6 to 15, 88 and 89.
(2) Part 11 of this Act does not apply to an undertaking having its seat in a third country that does not require authorisation under section 32(1g) of the Banking Act or section 15(5a) of the Securities Institutions Act.