Prohibitions on activity for natural persons who are not managers

(1) The Bundesanstalt may prohibit a natural person responsible for a breach of section 19(2), no. 5, 7 or 8, who was not a manager at the time of the breach, from taking up or carrying on an activity as a manager of a securities institution constituted as a legal person, for a period of up to two years.
(2) Where a natural person who was not a manager at the time of the repeated breach repeatedly breaches section 19(2), no. 5, 7 or 8, or repeatedly breaches Article 14 or 15 of Regulation (EU) No 596/2014 or Article 4 or 15 of Regulation (EU) 2015/2365, the Bundesanstalt may permanently prohibit that person from taking up or carrying on an activity as a manager at a securities institution constituted as a legal person. Section 22(1) and (4) remains unaffected. In the event of a breach of sections 25i, 25k or 25m of the Banking Act or of Regulation (EU) 2023/1113, the Bundesanstalt may also temporarily prohibit, for a period of up to two years, a natural person responsible for the breach who was not a manager at the time of the breach from taking up or carrying on an activity as a manager at obliged entities within the meaning of section 2(1) of the Anti-Money Laundering Act.