Special liquidity requirements

(1) The Bundesanstalt may order special liquidity requirements under section 49, no. 11, where facts justify the assumption that a medium-sized securities institution, or a small securities institution not exempted from the liquidity requirement under Article 43(1) of Regulation (EU) 2019/2033, 1. is exposed to liquidity risks or liquidity risk components not covered, or not adequately covered, by the liquidity requirement in Part 5 of Regulation (EU) 2019/2033; or 2. does not satisfy the requirements of section 39 or 41, and other organisational measures taken by the securities institution are not likely to lead, within a reasonable period, to a sufficient improvement in the arrangements, procedures, mechanisms and strategies.
(2) The Bundesanstalt determines the amount of the special liquidity required under section 49, no. 11 as the difference between the liquidity considered appropriate under subsection (1) and the liquidity requirement provided for in Part 5 of Regulation (EU) 2019/2033.
(3) The special liquidity requirement under section 49, no. 11 must be satisfied with liquid assets under Article 43 of Regulation (EU) 2019/2033.