Objection procedure

(1) Before lodging an appeal, the lawfulness and expediency of BaFin's orders must be reviewed in an objection procedure. Such a review is not required where the remedial decision or the objection decision contains, for the first time, an adverse element. Sections 68 to 73 of the Code of Administrative Court Procedure apply to the objection procedure, insofar as this Act does not provide otherwise.
(2) BaFin takes its decision within a period of two weeks from receipt of the objection. In the case of particular factual or legal difficulties, or a large number of objection proceedings, BaFin may extend the period by an unchallengeable order.
(3) The parties must cooperate in clarifying the facts, in a manner consistent with a course of action geared to furthering and promptly concluding the proceedings. Periods may be set for the parties, after whose expiry further submissions are disregarded.
(4) (repealed)