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Erscheinung:10.03.2017, Stand:updated on 14.12.2022 | Topic BaFin Rules of Procedure of the Executive Board of the Federal Financial Supervisory Authority (Geschäftsordnung des Direktoriums der Bundesanstalt für Finanzdienstleistungsaufsicht – GoDirBaFin)

As amended by the resolution adopted by the Executive Board of the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht BaFin) on 14 December 2022 in accordance with section 4 (1) sentence 2 of the Organisational Statute of BaFin (Organisationsstatut für die Bundesanstalt für Finanzdienstleistungsaufsicht – OsBaFin).

Section 1 Chairperson

The President is the chairperson of the Executive Board and chairs its meetings.

Section 2
Meetings of the Executive Board

(1) Meetings of the Executive Board are convened by the President. As a rule, the Executive Board meets at intervals of two weeks. Participation in a meeting of the Executive Board by means of a video or audio conference call is generally considered equivalent to attending in person. Wherever possible, dates for meetings are to be scheduled as far in advance as possible and for the same day of the week each time. As a general rule, the members of the Executive Board have an obligation to attend the meetings of the Executive Board.

(2) The invitation is to be issued in writing or electronically. The agenda and the required documents are to be made available to the members of the Executive Board and the Investor and Consumer Protection Officer no later than on the third working day prior to the meeting. Meeting documents clearly not dealing with investor and consumer protection issues need not be made available to the Investor and Consumer Protection Officer. Proposals for resolutions must be succinct, precise and solution-oriented in their wording.

(3) In urgent cases, the President may also convene a meeting by phone or in another suitable manner. Meetings are also to be called at the request of at least two members.

(4) Meetings of the Executive Board are attended by the members of the Executive Board, the head of the President’s Office, one keeper of the minutes from the President’s Office and, where investor and consumer protection issues may be concerned, by the Investor and Consumer Protection Officer. Meetings of the Executive Board are confidential; this applies particularly with regard to the course of the deliberations and voting behaviour. If one member of the Executive Board is absent, the deputy designated in the Business Plan can, in consultation with the deputising Chief Executive Director, take part in the meeting on behalf of the respective BaFin Sector; if the Investor and Consumer Protection Officer is absent, this consultation is held with the Chief Executive Director for Securities Supervision. In addition, persons who are not members of the Executive Board may also be consulted for deliberations on specific agenda items.

Section 3
Adoption of resolutions

(1) The Executive Board adopts its resolutions by simple majority unless the German Act Establishing the Federal Financial Supervisory Authority (FinanzdienstleistungsaufsichtsgesetzFinDAG) or the Statutes of the Federal Financial Supervisory Authority (Satzung der Bundesanstalt für Finanzdienstleistungsaufsicht) provide otherwise. The voting result is to be stated in the minutes. The members of the Executive Board are entitled to have their dissenting votes recorded in writing in the minutes.

(2) The Executive Board has a quorum if at least four members are present at the meeting. Abstentions are not to be counted for establishing the simple majority. In case of a tie, the President has the casting vote. If in the event of a tie the President has abstained from voting, the resolution proposal is deemed rejected.

(3) Resolutions pertaining to the operational tasks of the BaFin Sector of a Chief Executive Director are to be adopted only if the Sector is represented with regard to such tasks by the responsible Executive Board member or their deputy who is competent in respect of the operational tasks of the Sector.

(4) If the deliberations relate to personal matters of an Executive Board member, such member has the right to state their position but will not participate in the deliberations and adoption of a resolution.

(5) To the extent required, resolution proposals contain a statement regarding the costs and the implications in terms of personnel of, and alternatives to, the resolution as well as regarding their compliance with European and national legislation.

(6) On a proposal from the President, resolutions may also be adopted by written procedure or electronically. The provisions of the Rules of Procedure for BaFin (Geschäftsordnung der BaFinGoBaFin) on the participation of other organisational units shall apply accordingly.

(7) Where the Executive Board, in the case of measures brooking no delay given the nature of the matter under consideration, does not have a quorum or does not have a quorum on time, the Executive Board members present are deemed entitled to adopt a resolution. They ascertain, on their own responsibility, whether a case as referred to in sentence 1 has arisen and make the necessary decisions.

Section 4
Minutes

(1) The minutes are to set out the venue and time, participants, agenda items and the principal results of the meeting, notably the content of the resolutions adopted. Reference may also be made to written resolution proposals. The minutes are to be signed by the President and by the keeper of the minutes. The validity of the resolutions adopted does not depend on the minuting.

(2) The minutes are to be forwarded to the members of the Executive Board for approval, without undue delay. They are deemed approved if no member has raised any objections to the content of the minutes in writing or electronically within one week after the minutes are sent or, in the case of a member’s absence such as for a business trip or holiday, within one week of such member’s return.

(3) If the minutes are not approved, the Executive Board decides conclusively at the next meeting on any proposals for changes and amendments.

(4) The minutes are confidential. Passing on the minutes to the Personal Advisors of the members of the Executive Board, to the staff of the President’s Office and the Directors-General of the Presidential Unit and the BaFin Sectors is generally permitted. The members of the Executive Board discuss and agree in advance which items of the minutes are not to be passed on.

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