Competence of the Bundesanstalt for supervision on a consolidated basis and for monitoring compliance with the group capital test

(1) The Bundesanstalt is competent for supervision on a consolidated basis where
1. an EU parent securities institution has its seat in Germany and the EU parent securities institution stands at the head of a securities institution group;
2. a securities institution has its seat in Germany and the parent undertaking of that securities institution is an EU parent investment holding company or a mixed EU parent financial holding company;
3. two or more securities institutions authorised in more than one state party have the same EU parent investment holding company or the same mixed EU parent financial holding company, and one of the securities institutions, together with either the EU parent investment holding company or the mixed EU parent financial holding company, has its seat in Germany;
4. two or more securities institutions authorised in more than one state party have, as parent undertakings, more than one EU parent investment holding company or mixed EU parent financial holding company having their seat in different state parties, a securities institution being situated in each of those state parties, and the securities institution with the highest balance-sheet total has its seat in Germany; or
5. two or more securities institutions authorised in the European Union have, as parent undertakings, the same EU parent investment holding company or the same mixed EU parent financial holding company, none of those securities institutions is authorised in the state party in which the EU parent investment holding company or the mixed EU parent financial holding company has its seat, and the securities institution with the highest balance-sheet total has its seat in Germany. The first sentence applies correspondingly to monitoring compliance with the group capital test.
(2) The Bundesanstalt may, by agreement with the competent authorities of the other state parties concerned, having regard to the securities institutions concerned and the significance of their activities in Germany and the other state parties concerned, depart from the criteria named in subsection (1), first sentence, nos. 3, 4 and 5, where the application of those criteria would not be appropriate for effective supervision on a consolidated basis or for monitoring compliance with the group capital test. In such a case the Bundesanstalt may designate itself or the competent authority of another state party concerned as responsible for supervision on a consolidated basis or for monitoring compliance with the group capital test. In such a case the Bundesanstalt and the competent authorities of the other state parties concerned give the EU parent investment holding company, the mixed EU parent financial holding company, and the securities institution with the highest balance-sheet total, an opportunity to comment on the intended decision before it is taken. The Bundesanstalt and the competent bodies of the other state parties concerned notify the decision to the Commission and the European Banking Authority.