Special Powers under Regulation (EU) 2022/2554

(1) BaFin may, in the case of breaches of Regulation (EU) 2022/2554 and without prejudice to other powers provided for in this Act, issue orders in individual cases that are appropriate and necessary to ensure compliance, within the scope of application of this Act, with the requirements of Regulation (EU) 2022/2554. In particular, it may order an institution
1. to cease conduct that breaches that Regulation and to refrain from repeating it,
2. to discontinue, temporarily or permanently, practices or conduct that contravene the provisions of the Regulation, and not to repeat them,
3. to ensure that the legal requirements continue to be met, and
4. to take corrective and remedial measures.
(2) BaFin and the Deutsche Bundesbank may carry out investigations into compliance, within the scope of application of this Act, with the requirements of Regulation (EU) 2022/2554. Without prejudice to other powers provided for in this Act, BaFin may, for this purpose, summon members of the governing bodies of an institution for questioning, so that they can give oral or written statements on matters or documents connected with the subject matter and purpose of the investigation, and may record the oral statements. Section 19(4) applies correspondingly. BaFin may transfer the conduct of the questioning to the Deutsche Bundesbank.