Power to impose case-specific notification obligations; authorisation to issue statutory instruments

(1) The Bundesanstalt and the Deutsche Bundesbank may impose additional notification and reporting obligations on a securities institution, a securities institution group or an investment holding group, in particular to gain deeper insight into the development of their economic circumstances, into their principles of orderly management, and into the abilities of the members of the governing bodies of the securities institution, insofar as necessary for the Bundesanstalt and the Deutsche Bundesbank to perform their tasks.
(2) The Federal Ministry of Finance may, in consultation with the Deutsche Bundesbank, by statutory instrument not requiring the consent of the Bundesrat, issue further notification obligations for securities institutions, investment holding companies, mixed financial holding companies and their managers, necessary for effective supervision by the Bundesanstalt. The Federal Ministry of Finance may transfer this authorisation, by statutory instrument, to the Bundesanstalt, on condition that the statutory instrument is issued in agreement with the Deutsche Bundesbank. The leading associations of securities institutions must be heard before the statutory instrument is issued.