Managers

(1) The managers of a small or medium-sized securities institution must have the professional qualifications and reliability required to manage a securities institution, and must devote sufficient time to the performance of their tasks. Professional qualifications require that the managers have, to a sufficient extent, theoretical and practical knowledge of the relevant business and management experience. The existence of professional qualifications is as a rule to be assumed where three years of managerial experience at a securities institution of comparable size and type of business is demonstrated. Such experience may also be demonstrated through activity at another undertaking, provided that undertaking is of comparable size and provides investment services of a nature and volume comparable to the securities institution.
(2) The managers must, taken as a whole, have the knowledge, skills and experience necessary to manage the securities institution and to understand its activities.
(3) A person may not be a manager who is a member of the management or supervisory body of the same undertaking; in the case of a European Company (SE) with a one-tier system, this applies with the proviso that a managing director may not at the same time be the chairperson or a non-executive member of the administrative board.
(4) In determining the number of management or supervisory mandates a manager may hold at the same time, the individual case and the nature, scope and complexity of the securities institution's business must be taken into account.
(5) The small or medium-sized securities institution must deploy adequate human and financial resources to facilitate the induction of managers into their office and to enable the further training necessary to maintain their professional qualifications.
(6) In exceptional cases the Bundesanstalt may also revocably designate as a manager another person entrusted with conducting the business and authorised to represent the securities institution, provided that person is reliable and has the requisite professional qualifications; subsection (1) applies. Where the securities institution is operated by a sole trader, a person entrusted by the owner with conducting the business and authorised to represent the securities institution may, in exceptional cases, be revocably designated as a manager under the conditions of the first sentence. Where the designation of a person as manager is based on an application by the securities institution, it may be revoked only on the application of the securities institution or of the manager.
(7) Section 45 of the Trade Regulation Act does not apply.
(8) A person who does not satisfy the requirements of subsections (1) to (3) may not be appointed as a manager of a small or medium-sized securities institution.