Measures in the event of danger

(1) Where there is a danger to the fulfilment of a securities institution's obligations towards its customers, in particular to the safety of the assets entrusted to the securities institution, or where there is a well-founded suspicion that effective supervision of the securities institution is not possible, the Bundesanstalt may take interim measures to avert this danger. It may in particular
1. issue instructions to the managers of the securities institution;
2. prohibit the acceptance of funds or securities from customers, and the granting of securities credit;
3. prohibit or restrict holders and managers from carrying on their activity;
4. issue a temporary prohibition on disposal and payment against the securities institution;
5. order the closure of the securities institution for business with customers; and
6. prohibit the acceptance of payments not intended to satisfy liabilities towards the securities institution, unless the competent compensation scheme or other guarantee scheme ensures full satisfaction of those entitled.
(2) The Bundesanstalt may, under the conditions of subsection (1), first sentence, prohibit or restrict payments to group undertakings, where these transactions are disadvantageous for the securities institution. It may further determine that payments are permissible only under certain conditions.
(3) The Bundesanstalt informs the competent authorities concerned in the other state parties, and the Deutsche Bundesbank, without delay of the measures it intends to take under subsections (1) and (2).
(4) Resolutions on profit distribution are void insofar as they conflict with an order under subsection (1).
(5) In the case of securities institutions operated in a legal form other than that of a sole trader, managers who have been prohibited from carrying on their activity are, for the duration of the prohibition, excluded from managing and representing the securities institution. The general provisions apply to claims arising from the employment contract or other provisions governing the manager's activity. Rights that enable a manager, as a shareholder or otherwise, to participate in decisions on management measures at the securities institution may not be exercised for the duration of the prohibition.
(6) The competent compensation scheme or other guarantee scheme may make its declaration of commitment within the meaning of subsection (1), second sentence, no. 6 conditional on incoming payments, insofar as they are not intended to satisfy liabilities under subsection (1), second sentence, no. 6 towards the securities institution, being kept segregated and administered, for the benefit of the scheme, from the assets of the securities institution existing at the time the prohibition on disposal and payment under subsection (1), second sentence, no. 4 was issued.