Notification obligations of managers, investment holding companies and mixed financial holding companies

(1) A manager of a securities institution, and the persons who actually conduct the business of an investment holding company or a mixed financial holding company, must notify the Bundesanstalt and the Deutsche Bundesbank without delay of:
1. the taking up and the ending of an activity as manager or as member of a supervisory or administrative board of another undertaking; and
2. the acquisition and relinquishment of a direct holding in an undertaking, and changes in the amount of the holding. A direct holding exists where at least 25 per cent of the interests in the capital of the undertaking are held.
(2) An investment holding company must notify the Bundesanstalt and the Deutsche Bundesbank without delay of:
1. the intention to appoint a person who is to actually conduct the business of the investment holding company, stating the facts material to assessing that person's reliability, professional qualifications, and sufficient availability of time to perform the tasks, and the implementation of such an intention;
2. the departure of a person who has actually conducted the business of the investment holding company;
3. changes in the structure of the investment holding group such that the investment holding group will in future be active across sectors;
4. the appointment of a member and a deputy member of the management or supervisory body, stating the facts necessary to assess their reliability, expertise and sufficient availability of time to perform their tasks; and
5. the departure of a member and of deputy members of the management or supervisory body. The obligation under the first sentence, nos. 1, 2, 4 and 5 also applies to mixed financial holding companies.
(3) An investment holding company or a mixed financial holding company must further submit to the Bundesanstalt and the Deutsche Bundesbank, once a year, a collective notification of the securities institutions, financial institutions, providers of ancillary services and tied agents subordinate to it.
(4) Where a small or medium-sized securities institution, or an investment holding company or mixed financial holding company deemed to be a parent undertaking to which no large securities institution belongs, becomes unable to pay its debts or becomes over-indebted, the managers, or, in the case of a securities institution operated in the legal form of a sole trader, the owner, and the persons who actually conduct the business of the investment holding company or the mixed financial holding company, must notify this to the Bundesanstalt without delay, enclosing informative documents; the persons named in the first half-sentence must also make such a notification, enclosing corresponding documents, where the securities institution or the investment holding company or mixed financial holding company deemed to be a parent undertaking is likely to be unable to meet its existing payment obligations when they fall due (imminent inability to pay).