Exemption from the obligation to publish and to make an offer

(1) BaFin may, on application, exempt the offeror from the obligations under section 35(1), first sentence and (2), first sentence, insofar as this appears justified having regard to the manner in which control was obtained, the objective pursued with the obtaining of control, a subsequent falling below the control threshold after control was obtained, the ownership structure of the target company, or the actual possibility of exercising control, taking into account the interests of the applicant and of the holders of the shares of the target company.
(2) The Federal Ministry of Finance may, by statutory instrument not requiring the consent of the Bundesrat, issue detailed provisions on exemption from the obligations under section 35(1), first sentence and (2), first sentence. The Federal Ministry of Finance may transfer the authorisation, by statutory instrument, to BaFin.