My 08 E92 started complaining about the same problem a few days ago. First it was "Increased Emissions". I took it to the dealer the same day, but couldn't leave the car as I had to drive somewhere in the afternoon. The error disappeared when I restarted the engine to leave the dealer.
I put a little more than 500 miles in a day w/o any issues. I came back home. And in half an hour the car started complaining about "Reduced Engine Power", "Engine Malfunction", "DSC Malfunction". The errors clear up when I restart the car, but then come back after a few minutes.
I have an appointment with the dealer tomorrow. It sounds like I am having an issue with the idle control valve as well.
08 E92 ///M3 - Interlagos Blue/Black, M-DCT, 19", Premium Pkg