Help! - Engine malfunction! Reduced power. Increased emissions.

I was hoping someone could help me figure out what's going on intermittently with my 2009 e92 m3.



Sometimes when I start the car the following happens:

1. The RPM redline moves to 4500 rpm

2. A half lit engine light pops up

3. A yellow (not red) brake light comes and stays on (even after I put the handbrake down)

4. Service engine soon lights up

5. DSC is disabled

6. The message 'Engine malfunction! Reduced power. Increased emissions.' is displayed on the navigation screen



Now if I turn the car off and on most of the time the above won't happen and everything will start up normal; however, there has to be something wrong if it keeps doing this from time to time.



Any advice is appreciated. Thanks!