Assessment period

The Bundesanstalt must assess the notification under section 24(1) within 60 working days of the date of the letter by which it confirmed receipt of the complete notification (assessment period). Up to the 50th working day within the assessment period at the latest, the Bundesanstalt may request further information necessary to complete the assessment. The request must state the additional information needed. The Bundesanstalt must confirm receipt of the further information to the person subject to the notification obligation promptly, and at the latest within two working days of its receipt. The assessment period is suspended from the time the further information is requested until it is received by the Bundesanstalt. In the event of a suspension under the fifth sentence, the assessment period is at most 80 working days. The Bundesanstalt may request additions to, or clarification of, this information; this does not lead to a further suspension of the assessment period. In derogation from the sixth sentence, in the event of a suspension the assessment period may be extended to at most 90 working days where the person subject to the notification obligation 1. is situated or supervised outside the European Economic Area; or 2. is not a natural person or undertaking subject to supervision under a) Directive 2009/65/EC, b) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1; L 219, 25.7.2014, p. 66; L 108, 28.4.2015, p. 8), as last amended by Directive (EU) 2018/843 (OJ L 156, 19.6.2018, p. 43), c) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directives 2002/92/EC and 2011/61/EU (OJ L 173, 12.6.2014, p. 349; L 74, 18.3.2015, p. 38; L 188, 13.7.2016, p. 28; L 273, 8.10.2016, p. 35; L 64, 10.3.2017, p. 116; L 278, 27.10.2017, p. 56), as last amended by Regulation (EU) 2019/2115 (OJ L 320, 11.12.2019, p. 1), or d) Directive 2013/36/EU.