Whistleblower system and record-keeping obligation

(1) Securities institutions must establish a procedure that enables employees, while preserving the confidentiality of their identity, to report possible breaches of supervisory law and possible criminal acts within the undertaking to appropriate bodies. The procedure may be made available by social partners, provided the reporting persons are afforded the same level of protection as under section 4d of the Financial Services Supervision Act.
(2) Securities institutions must record all transactions and document the systems and procedures subject to this Act and Regulation (EU) 2019/2033 in such a way that the Bundesanstalt, or a person engaged by it, can at any time verify whether the securities institution complies with this Act and Regulation (EU) 2019/2033. The internal control procedures and the administrative and accounting procedures of the securities institution must enable the Bundesanstalt to verify compliance with these provisions at any time.