Tasks and General Powers of BaFin; Decision in Cases of Doubt

(1) BaFin exercises supervision over payment service providers and e-money issuers under the provisions of this Act.
(2) In the exercise of the tasks assigned to it by law, BaFin may issue to institutions and their managers the orders that are appropriate and necessary to prevent or put a stop to breaches of supervisory provisions, or to prevent or eliminate shortcomings in an institution that could jeopardise the safety of the assets entrusted to the institution or that impair the proper conduct of payment services or e-money business. The power under the first sentence includes remedying shortcomings in the advertising of institutions. The leading associations of the institutions and of consumer protection must be heard before general measures are taken under the second sentence.
(3) BaFin and the Deutsche Bundesbank cooperate under this Act. Section 7 of the Banking Act applies correspondingly.
(4) BaFin decides, in cases of doubt, that an undertaking is subject to the provisions of this Act. A case of doubt is in particular deemed to exist whenever the classification as an institution, payment service provider or e-money issuer is disputed between the operator and BaFin or another administrative authority. Its decisions bind the other administrative authorities.
(5) For payment institutions and e-money institutions, BaFin is the competent authority under Article 46 of Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (OJ L 333, 27.12.2022, p. 1). In carrying out Articles 26 and 27 of Regulation (EU) 2022/2554, BaFin cooperates with the Deutsche Bundesbank. The Deutsche Bundesbank carries out the operational tasks under Articles 26 and 27 of Regulation (EU) 2022/2554. Section 7(3) and (4) of the Banking Act applies correspondingly.