Establishment of a branch by securities institutions having their seat in another state party

(1) A securities institution having its seat in another state party may, without a licence from the Bundesanstalt, provide investment services domestically through a branch or through tied agents notified under section 3(2) having their seat or habitual residence domestically, where the securities institution has been authorised by the competent authority of its home state party, the investment services provided are covered by that authorisation, and the securities institution is supervised by the competent authority in accordance with the relevant Union-law requirements, in particular Directive 2014/65/EU, Directive (EU) 2019/2034 and Regulation (EU) 2019/2033. Section 53 of the Banking Act does not apply in this case. Section 14 of the Trade Regulation Act remains unaffected.
(2) The Bundesanstalt must, within two months of receipt of the documents transmitted by the competent authority of the home state party concerning the intended establishment of a branch, draw the attention of a securities institution within the meaning of subsection (1), first sentence that intends to establish a branch domestically, to the returns prescribed for its activity to the Bundesanstalt and the Deutsche Bundesbank, and state the conditions that apply, under subsection (5), for reasons in the general interest, to the exercise of the activities planned by the branch. On receipt of the Bundesanstalt's communication, and at the latest after expiry of the period referred to in the first sentence, the branch may be established and may commence its activity. The Bundesanstalt transmits to the European Securities and Markets Authority, on request under Article 35 of Regulation (EU) No 1095/2010, all relevant information in this regard.
(3) All changes in particulars subject to notification under Article 35(2) and (10) of Directive 2014/65/EU must be communicated to the Bundesanstalt by the securities institution having its seat in another Member State only through the competent authority of the home state party.
(4) Subsections (2) and (3) apply correspondingly to tied agents resident domestically who are engaged by a securities institution having its seat in another state party without maintaining a branch domestically. The notification obligation under section 3(2), first sentence remains unaffected.
(5) The following provisions apply to the branches or tied agents referred to in subsection (1), first sentence: 1. section 5(1), second sentence, (4), (6), (8) and (9), sections 6 and 7(1) and (2), and sections 11, 14, 31, 32 and 33(1) and (2), insofar as they concern requirements for the prevention of money laundering and terrorist financing, section 33(3) and (4), sections 34 to 37, and 66(1); 2. sections 24b and 24c of the Banking Act; and 3. section 17 of the Financial Services Supervision Act.