The FMA is a public-law institution with its own legal personality set up to implement banking supervision, insurance supervision, pension companies supervision and securities supervision [constitutional provision: Article 1 para. 1 of the Finanzmarktaufsichtsbehördengesetz (Financial Market Authority Act)]. The FMA enforces the supervisory acts listed in Article 2 paras. 1 to 4 of the Finanzmarktaufsichtsbehördengesetz. It is responsible for the entire federal territory and is not bound by any instructions in the exercising of its office.