Qualification of managers and members of the management or supervisory body of an investment holding company or a mixed financial holding company; prohibition on activity; warning

(1) Managers and members of the management or supervisory body of an investment holding company or a mixed financial holding company must be reliable and have sufficient knowledge, skills and experience for the effective performance of their duties, having regard to the particular role of an investment holding company or a mixed financial holding company. They must devote sufficient time to the performance of their duties.
(2) The Bundesanstalt may, in the case of investment holding companies and mixed financial holding companies, require the removal of the persons named in subsection (1) and prohibit them from carrying on their activity, where 1. they do not satisfy the requirements for carrying on an activity as manager or member of the management or supervisory body under subsection (1); or 2. they have wilfully or recklessly breached this Act, the regulations issued to implement this Act, or orders of the Bundesanstalt, and continue that conduct despite a warning from the Bundesanstalt. The removal of employee representatives on the supervisory board is governed solely by the provisions of the co-determination acts.
(3) The Bundesanstalt may issue a warning to a manager or member of the management or supervisory body of an investment holding company or a mixed financial holding company who has wilfully or recklessly breached this Act, the regulations issued to implement this Act, or orders of the Bundesanstalt.