Power to extend Regulation (EU) No 575/2013 to certain securities institutions

(1) The Bundesanstalt may order that a securities institution which carries on dealing on own account or underwriting business, and whose aggregated assets, calculated as an average over the preceding twelve months, exceed EUR 5 billion, must apply the provisions of Regulation (EU) No 575/2013, where the securities institution 1. provides the aforementioned services on such a scale that a failure or crisis of the securities institution could lead to a disruption of the financial system with the potential to have serious negative consequences for the financial system and the real economy; 2. is a clearing member within the meaning of Article 4(1), point 3 of Regulation (EU) 2019/2033 in conjunction with Article 2, point 14 of Regulation (EU) No 648/2012; or 3. is of significant economic importance, on account of its size, the nature, scale and complexity of its activities, or the cross-border services it provides, for the economy of the European Union or of the Member State concerned, or is significantly connected to the financial system of the European Union or of the Member State.
(2) Subsection (1) does not apply to commodity derivatives dealers, emission allowance dealers, management companies or insurance undertakings.
(3) Where a securities institution falls below the threshold referred to in subsection (1) for a period of twelve months, or where the conditions of subsection (1) no longer apply, the securities institution must notify this to the Bundesanstalt without delay. The Bundesanstalt examines the notification and revokes its order under subsection (1), where the conditions concerned have ceased to apply, with effect from the date of receipt of the notification.
(4) The Bundesanstalt informs the European Banking Authority, which acts in accordance with the procedure laid down in Article 19 of Regulation (EU) No 1093/2010, without delay of a decision taken under subsections (1) and (3), drawing attention to the applicability of Titles VII and VIII of Directive 2013/36/EU.