Cooperation with the Deutsche Bundesbank

(1) The Bundesanstalt and the Deutsche Bundesbank cooperate under this Act. Without prejudice to further statutory requirements, this cooperation includes ongoing monitoring of securities institutions by the Deutsche Bundesbank. Ongoing monitoring includes in particular the evaluation of the documents submitted by securities institutions, of the audit reports for small or medium-sized securities institutions under section 76, for large securities institutions under section 26 of the Banking Act, and of the annual accounts, as well as the conduct and evaluation of the supervisory reviews for the purpose of assessing the adequacy of the own funds and risk management procedures of securities institutions and the evaluation of audit findings. Ongoing monitoring by the Deutsche Bundesbank is as a rule carried out through its regional head offices.
(2) The Deutsche Bundesbank must observe the guidelines of the Bundesanstalt. The guidelines of the Bundesanstalt on ongoing supervision are issued in agreement with the Deutsche Bundesbank. Where agreement cannot be reached within a reasonable period, the Federal Ministry of Finance issues such guidelines in consultation with the Deutsche Bundesbank. Supervisory measures, in particular general rulings and administrative acts including orders for examinations under section 5(4) and (5), first sentence, are taken by the Bundesanstalt as against securities institutions, parent undertakings or outsourcing undertakings. The Bundesanstalt as a rule bases its supervisory measures on the audit findings and assessments made by the Deutsche Bundesbank.
(3) The Bundesanstalt and the Deutsche Bundesbank must communicate to each other observations and findings necessary for the performance of their tasks. To this extent the Deutsche Bundesbank must also make available to the Bundesanstalt the particulars it obtains through statistical surveys under section 18 of the Act on the Deutsche Bundesbank. The Deutsche Bundesbank must consult the Bundesanstalt before ordering such a survey. Section 18, fifth sentence of the Act on the Deutsche Bundesbank applies correspondingly.
(4) The cooperation under subsections (1) and (2), and the communications under subsection (3), include the transmission of the personal data necessary for the performance of the tasks of the receiving body. In order to perform their tasks under this Act, the Bundesanstalt and the Deutsche Bundesbank may retrieve, by way of an automated procedure, data respectively stored at the other body. The Deutsche Bundesbank must record, in respect of every tenth retrieval of personal data carried out by the Bundesanstalt, the time, the particulars enabling the retrieved data sets to be identified, and the person responsible for the retrieval. The logged data may be used only for purposes of data protection monitoring, data security, or ensuring the proper operation of the data-processing installation. It must be deleted at the end of the calendar year following the year of logging, insofar as it is not needed for an ongoing monitoring procedure. The third to fifth sentences apply correspondingly to data retrievals by the Deutsche Bundesbank at the Bundesanstalt. In other respects, the provisions of the Federal Data Protection Act remain unaffected.