Lapse and revocation of the licence

(1) The licence lapses where 1. it has not been used within one year of its grant; or 2. the securities institution is granted a licence under section 32(1), first sentence of the Banking Act. The licence also lapses where, in the course of a transformation under section 305, section 320 or section 333 of the Transformation Act, an undertaking constituted as a legal person transfers its legal seat abroad.
(2) The Bundesanstalt may, apart from under the provisions of the Administrative Procedure Act, revoke the licence where 1. the business to which the licence relates has not been carried on for more than six months; 2. facts become known to it that would justify refusal of the licence under section 18(1) and (2); 3. there is a danger to the fulfilment of the securities institution's obligations towards its customers, in particular to the safety of the assets entrusted to the securities institution, and the danger cannot be averted by other measures under this Act; 4. the securities institution has seriously, repeatedly or systematically breached provisions of this Act, of the Anti-Money Laundering Act, of the Securities Trading Act, of Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849 (OJ L 150, 9.6.2023, p. 1), as last amended by Regulation (EU) 2019/2175 (OJ L 334, 27.12.2019, p. 1), or the regulations issued to implement those Acts, or enforceable orders; 5. the securities institution has persistently breached Articles 14, 15, 16(1) or (2), Article 17(1), (2), (4), (5) or (8), Article 18(1) to (6), Article 19(1) to (3), (5) to (7) or (11), or Article 20(1) of Regulation (EU) No 596/2014, or orders of the Bundesanstalt relating to those provisions; 6. the securities institution no longer meets the prudential requirements laid down in Articles 11 and 43 of Regulation (EU) 2019/2033; 7. the securities institution, as a counterparty to repurchase transactions, reverse repurchase transactions or securities or commodities lending transactions, has persistently breached the duties and requirements of Article 4 or 15 of Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (OJ L 337, 23.12.2015, p. 1), as amended by Regulation (EU) 2021/23 (OJ L 22, 22.1.2021, p. 1), or orders of the Bundesanstalt relating to those provisions; or 8. the securities institution has persistently breached Article 7(1), third sentence, or Article 11(1), third sentence of Regulation (EU) No 600/2014, or orders of the Bundesanstalt relating to those provisions.
(3) The licence is as a rule to be revoked by the Bundesanstalt where insolvency proceedings have been opened over the assets of the securities institution, or a decision has been taken to discontinue the securities institution's business. The lapse of the licence does not prevent the persons responsible for the insolvency from continuing to carry on certain activities of the securities institution, insofar as necessary or advisable for the purposes of the insolvency or liquidation proceedings.
(4) Section 48(4), first sentence and section 49(2), second sentence of the Administrative Procedure Act, concerning the one-year period, do not apply.
(5) The Bundesanstalt must publish the revocation or lapse of the licence in the Federal Gazette. It must inform the competent authorities or other competent bodies of the other state parties in which the securities institution has established branches or is active by way of the cross-border provision of services. It informs the European Securities and Markets Authority.