Intervention against Unauthorised Payment Services and E-Money Business

(1) Where payment services are provided without the licence required under section 10(1) or the registration required under section 34(1) (unauthorised payment services), or the e-money business is carried on without the licence required under section 11(1) (unauthorised e-money business), BaFin may order the immediate cessation of the business and the prompt winding-up of these transactions, addressed to the undertaking as well as to its shareholders and the members of its governing bodies. It may
1. issue instructions for the winding-up, and
2. appoint a suitable person as liquidator. It may publish its measures under the first and second sentences; personal data may be published only insofar as this is necessary to avert danger. The powers of BaFin under the first to third sentences also exist as against the undertaking involved in the initiation, conclusion or winding-up of these transactions, and as against its shareholders and the members of its governing bodies.
(2) Where BaFin orders the cessation of business or the winding-up of the unauthorised transactions, it also has, as against legal persons and commercial partnerships, the rights named in section 38(1) and (2) of the Banking Act. Subsection (1), third sentence applies correspondingly.
(3) The liquidator is entitled to apply for the opening of insolvency proceedings over the assets of the undertaking. The liquidator's prior activity, and the filing of the insolvency application by the liquidator, do not constitute prior involvement excluding the independence of the insolvency administrator. Where the liquidator is not to be appointed as insolvency administrator, the competent insolvency court must give BaFin the opportunity to comment.
(4) The liquidator receives from BaFin appropriate remuneration and reimbursement of expenses in accordance with the rules on the remuneration of insolvency administrators. The amounts paid must be separately reimbursed to BaFin by the undertaking concerned, and advanced on BaFin's request. BaFin may direct the undertaking concerned to pay the amount set by BaFin directly to the liquidator in the name of BaFin, where this raises no concern that the liquidator's independence will be compromised.