Licensing procedure and publication

(1) Before granting a licence, the Bundesanstalt must hear the compensation scheme for securities trading enterprises under section 6(1), first sentence of the Investor Compensation Act. On the grant of the licence, the securities institution is assigned to that compensation scheme for securities trading enterprises. The securities institution must be notified of this.
(2) The Bundesanstalt must, before granting a licence to provide investment services, hear the competent bodies of the undertaking's home state party where the licence is to be granted to an undertaking that
1. is a subsidiary or sister undertaking of a credit institution, a securities institution, an exchange operator or a direct insurance undertaking whose parent undertaking is authorised in another state party; or
2. is controlled by the same natural persons or undertakings that control a credit institution, a securities institution, an exchange operator or a direct insurance undertaking having its seat in another state party. The hearing extends in particular to the particulars necessary for assessing the reliability and professional qualifications of the managers, and for assessing the reliability of the holders of a significant holding in undertakings of the same group having their seat in the state party concerned.
(3) The Bundesanstalt must inform an applicant for a licence, within six months of receipt of the complete documents for a licence application, whether a licence is granted or refused.
(4) The Bundesanstalt must publish the grant of a licence in the Federal Gazette. It communicates every authorisation of a securities institution to the European Securities and Markets Authority, stating the services for which the authorisation was granted, and regularly updates its communication.
(5) The Bundesanstalt maintains a register of securities institutions and publishes it on its website. All domestic securities institutions that have been granted a licence under section 15(1) must be entered in the register of securities institutions, with the date of grant and the scope of the licence and, where applicable, the date of lapse or revocation of the licence. The Federal Ministry of Finance may, by statutory instrument not requiring the consent of the Bundesrat, make more detailed provisions on the content of the register and the duties of securities institutions to cooperate in maintaining the register. The Federal Ministry of Finance may transfer this authorisation, by statutory instrument, to the Bundesanstalt.