Cross-border information and examinations

(1) National provisions of law precluding the transmission of data do not apply to the transmission of data between a securities institution, a financial institution, an investment holding company, a mixed financial holding company, or an undertaking having its seat in the European Economic Area that directly or indirectly holds at least 20 per cent of the capital interests or voting rights in the undertaking, is a parent undertaking, or is capable of exercising a controlling influence, or between a mixed-activity holding company and its subsidiary undertakings having their seat in the European Economic Area, where the transmission of the data is necessary to comply with provisions on supervision under Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338; L 208, 2.8.2013, p. 73; L 20, 25.1.2017, p. 1; L 203, 26.6.2020, p. 95), as last amended by Directive (EU) 2019/2034 (OJ L 314, 5.12.2019, p. 64), Regulation (EU) 2019/2033, or Directive 2002/87/EC, in respect of the undertaking having its seat abroad. The Bundesanstalt may prohibit a securities institution from transmitting data to a third country.
(2) On request of an authority competent for the supervision of an undertaking having its seat in another state party, the Bundesanstalt must verify the accuracy of the data transmitted by an undertaking referred to in subsection (1), first sentence, to that authority under Directive 2013/36/EU, Directive (EU) 2019/2034, Regulation (EU) 2019/2033, Regulation (EU) No 575/2013 or Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p. 1), as last amended by Directive (EU) 2019/2034 (OJ L 314, 5.12.2019, p. 64), or permit the requesting authority, a public accountant or an expert to verify that data. The Bundesanstalt may, in the exercise of its proper discretion, proceed correspondingly as against competent authorities in third countries, provided reciprocity is guaranteed. As regards the limits of administrative assistance, section 5(2) of the Administrative Procedure Act applies correspondingly. The undertakings referred to in subsection (1), first sentence, must tolerate the examination.
(3) The Bundesanstalt may require further information from securities institutions, investment holding companies or mixed financial holding companies having their seat in another state party, that facilitates the supervision of securities institutions that are subsidiary undertakings of those undertakings and that are not included in supervision on a consolidated basis by the competent bodies of the other state, for the reasons referred to in Article 19(1) or (2), letter b) of Regulation (EU) No 575/2013.