Notifications; Authorisation to Issue Statutory Instruments

(1) An institution must notify BaFin and the Deutsche Bundesbank without delay of: 1. the intended appointment of a manager and the intended authorisation of a person for sole representation of the institution in its entire area of business, stating in each case the facts material to assessing reliability, professional suitability, including management experience, and sufficient availability of time for performing the respective duties, and the outcome of the notifying institution's own assessment of these criteria, as well as the completion, abandonment or change of any such intention; new facts materially affecting the original assessment of reliability, professional suitability and sufficient availability of time must likewise be notified without delay on becoming known; 1a. the appointment of a member and of alternate members of the administrative or supervisory body, stating the facts necessary to assess their reliability and expertise for performing their duties; new facts materially affecting the original assessment of reliability, expertise and sufficient availability of time must likewise be notified without delay on becoming known; 2. the departure of a manager and the withdrawal of authorisation for sole representation of the institution in its entire area of business; 2a. the departure of a member and of alternate members of the administrative or supervisory body; 3. a change of legal form, insofar as this does not already require a new licence under section 10(1) or section 11(1) or a new registration under section 34(1), and a change of business name; 4. the acquisition or abandonment of a significant holding in the institution itself, the reaching, exceeding or falling below the holding thresholds of 20 per cent, 30 per cent and 50 per cent of the voting rights or of the capital, and the fact that the institution becomes, or ceases to be, a subsidiary of another undertaking, as soon as the institution becomes aware of the impending change in these shareholding relationships; 5. a loss amounting to 25 per cent of own funds; 6. the relocation of the place of business or of the registered office; 7. the cessation of business; 8. the creation, change or termination of a close link within the meaning of Article 4(1), point 38 of Regulation (EU) No 575/2013 to another natural person or another undertaking; 9. the intention to merge with another institution within the meaning of this Act, an institution within the meaning of section 1(1b) of the Banking Act, an investment firm within the meaning of section 2(1) of the Securities Institutions Act, or an institution within the meaning of section 2(4) of the Crypto-Asset Markets Supervision Act; 10. the intention to outsource, the completion of an outsourcing, and material changes and serious incidents in the context of existing material outsourcings, that could have a material effect on the institution's business activity.
(2) An institution must notify BaFin and the Deutsche Bundesbank in advance of every material change to the measures taken to safeguard funds under section 17. Where an institution must maintain safeguarding of professional liability under section 16 or section 36, it must notify BaFin and the Deutsche Bundesbank in advance of every material change to that safeguarding.
(3) Managers, the persons responsible for the management of the institution, and, insofar as the institutions pursue, in addition to the provision of payment services and the issuance of e-money, other business activities, the persons responsible for the conduct of the institution's payment services business and e-money business, must notify BaFin and the Deutsche Bundesbank without delay of: 1. the taking-up and termination of an activity as manager or as supervisory board or administrative board member of another undertaking, and 2. the assumption and relinquishment of a direct holding in an undertaking, and changes in the amount of the holding.
(4) The Federal Ministry of Finance is authorised to issue, by statutory instrument not requiring the consent of the Bundesrat, in agreement with the Deutsche Bundesbank, more detailed provisions on the type, scope, timing and form of the notifications and the submission of documents provided for under this Act, on the permissible data media, transmission channels and data formats, and on additional information to be used and notified in addition to the principal information, such as particular legal entity identifiers and information on their currency or validity, and may supplement the existing notification obligations with an obligation to submit collective notifications and collective returns, insofar as this is necessary for BaFin to perform its tasks, in particular in order to obtain uniform documentation for assessing the payment services provided and the e-money business carried on. The statutory instrument may also contain more detailed provisions on the maintenance of a public register by BaFin, and on access to pages of that register and the allocation of responsibility for the accuracy and currency of the pages. The Federal Ministry of Finance may transfer the authorisation, by statutory instrument, to BaFin, on condition that the statutory instrument is issued in agreement with the Deutsche Bundesbank. The leading associations of the institutions must be heard before the statutory instrument is issued.