Cooperation with competent authorities and bodies

(1) The Bundesanstalt, and, insofar as it acts within the framework of this Act, the Deutsche Bundesbank, cooperate, in the supervision of securities institution groups, of securities institutions that provide investment services in another state party, and in the supervision of investment holding companies and mixed financial holding companies, with the other competent authorities and other competent bodies. Subject to the applicable data-protection provisions, the Bundesanstalt and the Deutsche Bundesbank exchange with the competent authorities and other competent bodies all information necessary for the conduct of supervision. Information may also be passed on without a corresponding request from the competent body. This includes in particular information on
1. the legal and organisational administrative and ownership structure, and the principles of orderly management, of the securities institution or of the group referred to in the first sentence, including all supervised undertakings, unsupervised undertakings, unsupervised subsidiary undertakings and significant branches of the group, and the identification of the body respectively competent for supervision;
2. the securities institution's compliance with own funds requirements;
3. compliance with the requirements as to concentration risk and the liquidity coverage requirements of the securities institution;
4. the administrative and accounting procedures and internal control mechanisms of the securities institution;
5. difficulties and risks arising from the securities institution in respect of the protection of depositors and investors;
6. findings that are or may become relevant for financial stability; and
7. all other relevant factors that may influence the risk posed by a securities institution.
(2) The Bundesanstalt may order all measures necessary to avoid or eliminate the difficulties and risks communicated to the Bundesanstalt under subsection (1), fifth sentence, nos. 5 to 7. On request of a competent authority or other competent body, the Bundesanstalt and the Deutsche Bundesbank explain to it how they have taken account of the information and findings made available.
(3) The competent authority within the meaning of subsection (1), first sentence may request the Bundesanstalt and the Deutsche Bundesbank to cooperate in dealing with the information transmitted under subsection (1). The Bundesanstalt and the Bundesbank may make use of all powers available to them under this Act in order to comply with a request.
(4) Where the Bundesanstalt and the Deutsche Bundesbank, after the transmission of the information and findings referred to in subsection (1), are of the opinion that the competent authorities or other competent bodies of the home state party have not taken the necessary measures to comply with requests for information made by them, the Bundesanstalt may, after informing the competent bodies of the home state party, the European Banking Authority and the European Securities and Markets Authority, take appropriate measures to protect the customers to whom services are provided, or to preserve the stability of the financial system.
(5) The Bundesanstalt and the Deutsche Bundesbank may, where a request for cooperation, in particular for the exchange of information, has been refused or has not led to any response within a reasonable period, refer the matter to the European Banking Authority.
(6) The Bundesanstalt may, on request, permit staff of the competent authority or other competent body of the home state party to take part in investigations carried out by the Bundesanstalt at branches of securities institutions authorised in the home state party of the requesting competent authority or other competent body. After prior notification to the Bundesanstalt, the requesting competent authorities or other competent bodies are entitled, themselves or through their agents, to verify on site the information transmitted under subsection (1) and to obtain access to the branch.
(7) The Bundesanstalt may refuse an investigation, the transmission of information, or the participation of staff of competent foreign bodies within the meaning of subsection (6), where court proceedings have already been brought against the persons concerned, or a final decision has already been made, on the basis of the same set of facts. Where the Bundesanstalt does not comply with a request, or exercises its right under the first sentence, it communicates its decision, including its reasons, to the requesting competent body and the European Securities and Markets Authority without delay, and transmits to them precise information on the court proceedings or the final decision.
(8) Where criminal tax proceedings are initiated against holders or managers of securities institutions, or against holders of significant holdings in securities institutions or their statutory or constitutional representatives or personally liable partners, or against persons who actually conduct the business of a financial holding company, a mixed financial holding company or an investment holding company, or where such proceedings are not initiated on the basis of a voluntary disclosure under section 371 of the Fiscal Code, section 30 of the Fiscal Code does not preclude communications to the Bundesanstalt about the proceedings and the underlying facts; the same applies where the proceedings are directed against persons who committed the offence as employees of a securities institution or of a holder of a significant holding in a securities institution.
(9) In the exercise of its supervisory tasks, the Bundesanstalt may, in accordance with Article 33 of Regulation (EU) No 1093/2010 or Article 33 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84; L 115, 27.4.2012, p. 35), as last amended by Regulation (EU) 2019/2175 (OJ L 334, 27.12.2019, p. 1), conclude administrative arrangements on the exchange of information with competent authorities from third countries responsible for the following tasks:
1. the supervision of securities institutions, financial institutions and financial markets, including the supervision of financial undertakings authorised to act as central counterparties, provided the central counterparties have been recognised under Article 25 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1; L 321, 30.11.2013, p. 6), as last amended by Regulation (EU) 2019/2099 (OJ L 322, 12.12.2019, p. 1);
2. resolution, insolvency proceedings and similar procedures involving securities institutions;
3. the supervision of the bodies involved in resolution and in insolvency proceedings or similar procedures relating to securities institutions;
4. the conduct of statutory audits of securities institutions, financial institutions, or bodies managing compensation schemes;
5. the supervision of the persons who conduct the statutory audit of the accounting records of securities institutions or financial institutions;
6. the supervision of persons active on the markets for emission allowances, for the purpose of ensuring an overall view of the financial and spot markets; or
7. the supervision of persons active on the markets for derivatives on agricultural commodities, for the purpose of ensuring an overall view of the financial and spot markets. The first sentence applies on condition that those bodies are subject to a duty of confidentiality corresponding to section 12(1), and that data transmitted may be used only in accordance with the purpose specified by the Bundesanstalt and passed on only with its express consent, insofar as necessary for the performance of the tasks of the body to which the data was transmitted.