Notification

(1) A person who intends, alone or acting in concert with other persons or undertakings, to acquire a significant holding in a securities institution, directly or indirectly (proposed acquirer), or to increase such a significant holding, directly or indirectly, with the effect that the proportion of voting rights or capital held would reach or exceed the thresholds of 20 per cent, 30 per cent or 50 per cent, or that the securities institution would come under that person's control (proposed acquisition), must notify this to the Bundesanstalt and the Deutsche Bundesbank without delay, stating the extent of the planned holding. In the notification, the proposed acquirer must state the facts and documents material to the size of the holding and to the establishment of the material influence, in accordance with Delegated Regulation (EU) 2017/1946, and the persons and undertakings from whom the corresponding interests are to be acquired. The Bundesanstalt may make more detailed provisions in this regard by statutory instrument under section 14(3).
(2) The proposed relinquishment of a significant holding held directly or indirectly, or falling below the thresholds referred to in subsection (1) for holdings in a securities institution, must also be notified without delay. The notification must state the intended remaining level of the holding. The Bundesanstalt may set a period after whose expiry the person, partnership or undertaking that made the notification under the first sentence must notify it whether the proposed reduction or relinquishment was carried out or not. After expiry of that period, the person, partnership or undertaking that made the notification under the first sentence must submit the notification to the Bundesanstalt without delay.
(3) A person who unintentionally acquires a significant holding in a securities institution, or increases a significant holding such that the thresholds of 20 per cent, 30 per cent or 50 per cent of the voting rights or of the capital are reached or exceeded, or the securities institution comes under that person's control, must notify this to the Bundesanstalt and the Deutsche Bundesbank without delay after becoming aware of the acquisition or increase. This also applies where that person intends to reduce the holding so that it again falls below the threshold, unless the holding is reduced without delay after becoming aware of the acquisition or increase. The same applies where the holder of a significant holding in a securities institution unintentionally relinquishes the significant holding, or reduces the amount of the significant holding below the thresholds of 20 per cent, 30 per cent or 50 per cent of the voting rights or of the capital, or alters the holding such that the securities institution is no longer a controlled undertaking.
(4) The Bundesanstalt must confirm receipt of a complete notification to the person subject to the notification obligation promptly, and at the latest within two working days of its receipt. In the confirmation, the Bundesanstalt must inform the person subject to the notification obligation of the day on which the assessment period within the meaning of section 25, first sentence ends.
(5) The holder of a significant holding must notify the Bundesanstalt and the Deutsche Bundesbank without delay of every newly appointed statutory or constitutional representative or new personally liable partner, stating the facts material to assessing that person's reliability.