Admissibility, competence

(1) An appeal lies against orders of BaFin. It may also be based on new facts and evidence.
(2) The appeal is available to the parties to the proceedings before BaFin.
(3) The appeal is also admissible against the failure to issue a requested order of BaFin, on the issuance of which the applicant claims to be entitled. Failure also exists where BaFin has not, without sufficient reason, decided on the application for the order within a reasonable period. The failure is then treated as equivalent to a refusal.
(4) The appeal is decided exclusively by the Higher Regional Court competent for BaFin's seat in Frankfurt am Main.