Register of independent fee-based investment advisers; authorisation to issue statutory instruments

(1) The Bundesanstalt maintains, on its website, a public register of independent fee-based investment advisers, covering all investment services undertakings that intend to provide independent investment advice.
(2) The Bundesanstalt must, on application, enter an investment services undertaking in the register of independent fee-based investment advisers where it 1. possesses an authorisation under section 32 of the Banking Act or section 15 of the Securities Institutions Act, or is a branch of an undertaking under section 53b(1), first and second sentences, or (7) of the Banking Act, or section 73(1) of the Securities Institutions Act, 2. is permitted to provide investment advice within the meaning of section 2(8), first sentence, no. 10, and 3. demonstrates to the Bundesanstalt, by a certificate from a suitable auditor, that it is capable of satisfying the requirements under section 80(7). The examination under subsection (2), no. 3, is carried out, at credit institutions that belong to a cooperative auditing association or that are examined by the auditing office of a savings-bank and giro association, by the competent auditing association or the competent auditing office, insofar as, as regards the latter, this is provided for by state law. Suitable auditors also include auditors, sworn account auditors, and auditing firms that have sufficient knowledge as regards the subject matter of the examination.
(3) The Bundesanstalt must delete the entry in the register of independent fee-based investment advisers where 1. the investment services undertaking waives the entry vis-à-vis the Bundesanstalt, or 2. the investment services undertaking's authorisation under section 32 of the Banking Act or section 15 of the Securities Institutions Act lapses or is revoked in its entirety, or its authorisation to provide investment advice lapses or is revoked.
(4) An investment services undertaking that no longer wishes to provide independent fee-based investment advice must notify this to the Bundesanstalt.
(5) The Federal Ministry of Finance is authorised, by statutory instrument not requiring the consent of the Bundesrat, to adopt further provisions on 1. the content of the register of independent fee-based investment advisers, 2. the institutions' obligations to cooperate in maintaining the register of independent fee-based investment advisers, and 3. the evidence under subsection (2), first sentence, no. 3.
(6) The Federal Ministry of Finance may transfer this authorisation, by statutory instrument, to the Bundesanstalt.