Modification Of The Rehabilitation And Settlement Act, The Financial Market Stability Act, And Of The Abbag Law On The Occasion Of The General Comparison With The Free State Of Bavaria

Original Language Title: Änderung des Sanierungs- und Abwicklungsgesetzes, des Finanzmarktstabilitätsgesetzes und des ABBAG-Gesetzes aus Anlass des Generalvergleichs mit dem Freistaat Bayern

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127. Federal law on the occasion of the General comparison with the free State of Bavaria, modifies the rehabilitation and settlement, the financial market stability Act and the ABBAG Act

The National Council has decided:

Table of contents



Article 1





Modification of the rehabilitation and settlement Act







Article 2





Amendment of the financial market stability Act







Article 3





Amendment of ABBAG law





Article 1

Modification of the rehabilitation and settlement Act

The rehabilitation and settlement Act - BaSAG, Federal Law Gazette I no. 98/2014, as last amended by Federal Law Gazette I no. 117/2015, is amended as follows:

1. in the table of contents is the entry for section 99:


"§ 99. application of stabilization measures" 2. Section 2 Z 108 is the point replaced with a semicolon at the end and following Z 109 added:



"109. stabilisation: the instrument of Government equity capital support (§ 99 para 3) and the instrument of the temporary government takeover (§ 99 para 4)."

3. in section 74 paragraph 6, the expression "Use of a Government stabilization instruments" is replaced by the expression "The application of stabilization measures".

4. in section 74, paragraph 7, the expression "the use of State stabilization instruments" is replaced by the expression "the application of stabilization measures".

5. in § 83 para 2 subpara 1 is inserted after the phrase "the FIMBAG," the phrase "the ABBAG,".

6. in paragraph 84, the following paragraph 8a is inserted:

"(8a) a motion for opening insolvency proceedings can be made only by the resolution authority. You entitled to rehabilitation or bankruptcy proceedings party position. The Managing Director of the reduction unit are obliged to preparation and participation in the submission of the insolvency application against the resolution authority."

7 section 99 and heading is as follows:

"Application of stabilization measures

99. (1) if it is indispensable to safeguard the stability of the financial market, may take the Federal Minister of finance in the framework of the present state aid approval of the European Commission stabilization measures, if one of the conditions referred to in paragraph 2. This is allowed only as a last resort, after the other settlement instruments as comprehensively as possible to ensure the stability of the financial market considered and, where expedient, were employed. The resolution authority, the FMA and the Oesterreichische Nationalbank have inform observations fundamental way the Federal Minister of finance in their respective spheres of competence. Furthermore they have to immediately observations of particular importance, if they are of the view that the application of management instruments would not suffice to one to reach which in paragraph 2 targets referred to Z 1 to 3.

(2) the application of stabilization measures is permitted only if the conditions for a settlement and in addition one of the following conditions is met:



1. the Federal Minister of finance determines the FMA and the resolution authority on the basis of opinions of the Austrian National Bank, that the application of management instruments would not comply to prevent significant adverse effects on the stability of the financial market, or 2. the Federal Minister of finance determines on the basis of an opinion of the resolution authority, that the application of management instruments would not suffice to protect the public interest , after the institution or company in accordance with § 1 para 1 Z 2-4 previously an extraordinary liquidity support of the Central Bank has been granted, or 3. the Federal Minister of finance is due to an opinion of the FMA and the resolution authority prior to application of the instruments of the temporary government takeover (para. 4) would found that the application of management instruments are not enough to protect the public interest , after Z 2-4 previously a State equity capital support through the instrument of the equity capital support (para. 3) was granted the institution or company in accordance with section 1, paragraph 1, and the opinions of the institutions referred to in no. 1 to 3 have to present the facts of the case and the possible options in writing and are to provide the Federal Minister of finance in the rush.

(3) the Federal Minister for finance can apply the instrument of Government equity capital support and Z 2-4 participate in the recapitalization of an institution or company in accordance with section 1, paragraph 1, by he provides Z 2 to 4 capital in Exchange for instruments of hard core capital, additional core capital and supplementary capital the Institute or the company in accordance with § 1 para 1, where both the requirements of the instruments within the meaning of part 2 of the Regulation (EU) 575/2013 apply. Applied the instrument of Government equity capital support, the Federal Minister of finance for that has to take care that the participation is transferred to the private sector, once the economic and financial circumstances allow. In the exercise of shareholder rights, the Federal Minister of Finance on a sound and professional management of the Institute has company in accordance with § 1 para 1 to work towards Z 2-4 or other legal entity, in which the instrument of Government equity capital support is applied.

(4) the Federal Minister for finance an institution or company in accordance with § 1 para 1 can temporarily assume Z 2-4 (instrument of vorübergehenden temporary state takeover). For this purpose, the Federal Minister of finance may grant one or more transfer orders, in which the beneficiary a Commissioner of the Federal Minister are held for finance or a company, whose shares wholly or mainly by the Federal Government. Is the instrument of the temporary government takeover is applied, the Federal Minister of finance for that has to ensure that the Institute, companies in accordance with § 1 para 1 economically and professionally managed Z 2-4 or other subjects of law and is transferred to the private sector once the economic and financial circumstances allow.

(5) the FinStaG shall not apply to measures referred to in paragraph 3 and 4. "However, measures referred to in paragraph 3 and 4 in the full amount in accordance with § 2 para 4 have financial market stability Act, Federal Law Gazette I no. 136/2008, cover find."

8. in article 123, paragraph 5 the following sentence is added:

"Charging of fees and special contributions by the management authority shall be enforceable with maturity, even if they are denied the fact and the amount."

9. in article 126 the following paragraph 6 is added:

"(6) the FMA can Regulation (EU) 2015/63, OJ at the request of the resolution authority under application of the delegates No. L 11 of the 17.01.2015 p. 44, by regulation determine which parameters in relation to the criteria referred to in paragraph 5 for the assessment of contributions in the year 2015 are taken into account."

10 in section 161, the following paragraph 4 is added:

"(4) the Federal Minister for finance funds for legal entities, on which management measures are applicable in accordance with this federal law, can provide at the request of the management authority (measure of ensuring the settlement goals), if"



1. This ensures that management objectives and management measures are implemented;

2. processing measure intends to put the resolution authority, that is best suited to achieve the management goals;

3. it is permissible under the legal framework of the European Union for State aid;

4 use of this measure is contrary to no resolution of the resolution authority or of the Committee; and 5 the processing measure not by financial resources from the uniform resolution Fund (article 67 of Regulation (EU) No. 806/2014) to finance it.

Measures referred to in this paragraph are on the total amount in accordance with § 2 para 4 financial market stability Act, Federal Law Gazette I no. 136/2008, to be expected. The decision of the Federal Minister of finance is to communicate the resolution authority."

11 § 167 receives the sales designation (1) and the following paragraph 2 is added:

"(2) the table of contents in terms of § 99 paragraph 2 Z 109, section 74 para 6 and 7, § 84 para 8a, 99 § and § 126 section 6 as amended by Federal Law Gazette I no. 127/2015 with 1 July 2015 into force."

Article 2

Amendment of the financial market stability Act

The financial market stability Act - FinStaG, Federal Law Gazette I no. 136/2008, as last amended by Federal Law Gazette I no. 37/2015, is amended as follows:

1 § 1 para 1 subpara 1 is:



' 1. credit institutions pursuant to section 1 para 1 Banking Act (BWG), Federal Law Gazette No. 532/1993, on which the provisions of the rehabilitation and settlement law (BaSAG), Federal Law Gazette I no. 98/2014 are not applicable, and "2 is labeled (4) § 1 para. 3 and 3 the following paragraph is inserted:

"(3) the Federal Minister of finance is authorized, measures referred to in article 2, paragraph 1 Z 1 to 6"



1. for legal entities in which he holds shares in 4 or 5 Z due to measures referred to in article 2, paragraph 1, 2nd for mining companies in accordance with § 2 para 4 ABBAG Act, Federal Law Gazette I no. 51/2014 or 3.

for the ABBAG - reduction management company of the Federal Government to take, provided that these measures are allowed under the legal framework of the European Union for State aid."

3. According to article 1, the following paragraph 1a is inserted:

'section 1a. (1) the Federal Minister of finance is authorized, with Bavaria an agreement to complete the HETA asset resolution AG (FN 108415i), with which all by the Bayerische Landesbank, institution of under public law, in connection with the Hypo Alpe-Adria-Bank International AG (FN 108415i), before national and international courts either against the Federal, the province of Carinthia or the Carinthian State and mortgage bank holding (FN 321737v) claims 31 December 2015 final cleans up at the latest. For this purpose the Federal Minister of finance is authorized, in the free State of Bavaria a payment in the amount of 1.230.000.000 euros (in words: one billion two hundred and thirty million euro) to provide, as well as by the Republic of Austria (Federal) against the Bayerische Landesbank, institution of public law, already judicially asserted claims from the share purchase agreement dated 29 December 2009 to the if this ensures , that Bayerische Landesbank, institution under public law, on the assertion of all your claims in connection with the Hypo Alpe-Adria-Bank International AG against



1. the Republic of Austria (German), 2. the land of Carinthia, 3. the Carinthian State and mortgage bank holding, 4. all other former shareholders of Hypo Alpe-Adria-Bank International AG, 5 estates, which were the property of HETA asset resolution AG or stand or have emerged from this as well as against 6 HETA asset resolution AG, as far as these claims the amount of 2.400.000.000 euros (in words two billion four hundred million euro) exceed , finally and irrevocably waived. With the agreement, the State of Bavaria to the refund of the payment made to him by the Republic of Austria is to undertake, as far as the Bayerische Landesbank, institution under public law, in the framework of management of HETA asset resolution AG obtained payments. The refund is limited with the paid amount from the Republic of Austria, in the free State of Bavaria.

(2) refunds of Bavaria under the agreement referred to in paragraph 1 are in the pursuant to § 7a 3 stability Act of levy - StabAbgG, Federal Law Gazette No. 111/2010, furnished funds for measures referred to in the FinStaG I discontinue.

"(3) payments referred to in paragraph 1 and refunds in accordance with paragraph 2 are on the total amount in accordance with § 2 para 4 financial market stability Act, Federal Law Gazette I no. 136/2008, to be expected."

4. in article 2, paragraph 1, the rate is "For measures Z are referred to in 1 to 6 to see a market-focused remuneration and interest."

5. pursuant to article 2, the following paragraph 2a is inserted:

'Article 2a. (1) the Federal Minister of finance is authorized to purchase debt if this is offered after the public interests referred to in § 1 legal and thus under article 13 Federal Constitution (B-VG), Federal Law Gazette No. 1/1930, producing or ensuring the macroeconomic balance and sustainable child households can be contributed. Debt securities within the meaning of this paragraph are debt securities that justify an at least subordinated liability of a legal entity referred to in § 1 and immediately secured by adhesion arranged by State law are.

(2) the acquisition is to initiate by the public announcement of the offers. There is an offer to disclose for debt instruments, giving rise to obligations of equal rank, and for which the identical legal persons directly are required by State law liability, each. The deals have adequately to take into account the economic performance of the legal entity and the legal persons obliged by law to the liability. If the contractual conditions underlying the debt provide for a certain form of notice, public notice of also this has to comply with. The following information on the offer must refer to the public notice:



1. the exact designation of the debt covered by the offer and the rank of each justified this liability together with the name of the contractual basis, 2. the consideration for the acquisition of debt instruments and the related share of as compensation for the transfer of the liabilities assigned by law made is 3. compensation payment attributable to time of maturity of the consideration and the, 4. the Declaration , that a fair share to the difference between the consideration after Z set offer is provided 2, minus the support payments and payments of the settlement of the legal entity pursuant to section 1 of the purchaser to the holders of the debt, which have accepted the offer within four weeks of final completion of the processing of the legal entity, 5. Note that all liability and safety claims , between the holder of the debt and the liable legal persons are, go over to the Erwerbsfall to the purchaser, to prove the period pursuant to paragraph 3, that is, to the acceptance of the offer available and those where the adoption within this period must be received, 7 figures, how the right to dispose of the debt is 6, 8 further conditions, of which the acquisition of debt instruments to ensure equal treatment of all holders of the debt is made dependent on any , 9 Declaration of legal entities which directly liable for the debt securities covered by the offer on the basis of landesgesetzlicher arrangements, to agree with the offer and the amount of compensation is fixed, 10 the Declaration of legal entities which directly liable for the debt covered by the offer on the basis of landesgesetzlicher arrangements, that the compensation included in the offer is equivalent to their economic performance, and a confirmation of the institution by law for assessing the conduct of the legal entity or an auditor , that the information contained in the Declaration of the legal person are fully and 11 an explicit reference to the condition under paragraph 4 and the legal consequences according to paragraph 5.

(3) the holders of the debt can manifest themselves after public notice within a period to be determined in the notice of between four and eight weeks to the offer and explain in writing whether they accept the offer or reject. Attach a condition to the Declaration of acceptance is void and invalidate the adoption. A declaration can be withdrawn until the end of the period, or it can be changed.

(4) requires the acquisition of debt instruments, that



1. each offer by at least a quarter of the Gesamtnominales who collected debt is accepted by offer and 2 this agrees with also a qualified majority of at least two-thirds of the cumulative Gesamtnominales of the debt securities covered by all offers.

Debt, for which no or an invalid declaration was issued within the time limit of paragraph 3, are as rejection of the offer. The acceptance of offers by a qualified majority is to make known publicly referred to in paragraph 2. The acquisition of debt instruments of the qualified majority voting is carried out with the date of publication and enter the legal effects that are related to the provisions of this Federal Act.

(5) after the occurrence of the conditions of paragraph 4, the holders of debt securities by the legal entities obligated directly under a law on liability can no longer request failure exceeding the compensation payment, the owner of debt securities at legal entity will suffer according to § 1. Enforcement by the purchaser and those owners who have turned down the offer, may immediately due to a law on liability committed legal entities against the only up to the amount of compensation which was no. 2 in the offer referred to in paragraph 2. The legal effects also occur if a legal entity is authorized by federal or provincial law on the purchase of the debt securities and the acquisition of debt instruments through this according to the above provisions.

(6) at the request of the purchaser of the debt securities, any holder of a debt security or a legal entity for the liability has territorial jurisdiction I no. 111/2003, for the right legally liable legal person according to the Federal law regarding the judicial proceedings in legal matters out of disputes (except armed law - AußStrG), Federal Law Gazette notice publicly to facilitation known decision referred to in paragraph 2, that



1. required by law qualified majority of owner the offer to purchase of the debt has adopted 2. continue against the legal entity, which is contracted from the respective debt, a claim in the amount of this debt comes to owners who have turned down the offer, and them against the entities committed immediately on the basis of a law on liability for the entire hand on the offer pursuant to par. 2 Z 2 designated compensation entitled to and 3.

as regards the debt, for which the offer for the purchase of qualified majority voting was adopted, immediately exempt committed legal entities of their liabilities to the buyer and all other owners under any law liable, to be liable, regardless of whether the owners have accepted the offer or rejected for a loss exceeds the compensation payment of the debt."

6 paragraph 3 section 1:

"(1) for all measures under this federal law, which constitute State aid, a charge corresponding to the legal framework of the European Union for State aid and interest must be provided." The assumption of liability pursuant to § 2 para 1 Nos. 1 and 2 can be only by written agreement. In these agreements are federal budget law by section 83 2013, Federal Law Gazette I no. 139/2009 (BHG 2013), derogations allowed; Rights within the meaning of § 83 para 2 1 BHG 2013 are Z anyway, see above."

7. in section 3, paragraph 2, the last sentence is omitted.

8 paragraph 5 together with the heading:

"Fees and charges

Legal transactions necessary for the implementation of this federal law, writings, and official acts are § 5 (1) of the framework regulated charges, the Federal Administration fees, as well as in the court fees Act - GGG, BGBl. No. 501/1984, regulated judicial and judicial administrative fees free the.

(2) the Federal Government and the company according to § 3 para 5 are exempt from the payment of fees in the GGG in proceedings before the ordinary courts, have the issues of implementation of the Federal Act on the subject."

9 § 9 is as follows:

§ 9. With the completion of this Federal Act the Federal Minister for Justice with respect to the enactment of an Ordinance pursuant to section 2, paragraph 2, of the Federal Minister of finance in agreement with the German Chancellor, is together with regard to paragraph 2a of the Federal Minister of finance and the Minister of Justice, responsible for the execution of the remaining provisions of the Federal Minister of finance with regard to the exemption from fees for the GGG in 1984, as well as with regard to section 2 paragraph 2 relating to the implementation of the proceedings of the new setting.

10 the following paragraph 3 is added to § the 10:

"(3) section 1 para 3 as amended by Federal Law Gazette I no. 127/2015 1 July 2015 into force."

Article 3

Amendment of ABBAG law

The ABBAG Act, Federal Law Gazette I no. 51/2014, is amended as follows:

1 § 1-§ 3 and headings are:

"ABBAG - reduction management company of the Federal

§ 1 (1) the removal participation Corporation of the Federal Government (ABBAG) is in accordance with §§ 239 ff German Stock Corporation Act (AktG), Federal Law Gazette No. 98/1965, into a company with limited liability cast, which is headquartered in Vienna. The conversion is to decide at a general meeting to be held after the entry into force of this federal law without delay. This decision is the company "ABBAG - reduction management company of the Federation" (ABBAG), hereafter referred to as society known to change. In accordance with the provisions of this Federal Act required amendments are to make. The balance sheet of the ABBAG to the 31 December 2014 is the conversion to be based. § 243 AktG is not applicable to the conversion. The shares in the ABBAG have to be majority owned by the Federal Government. The management of shares called the Federal Government is the Federal Minister of finance, who has to exercise the property rights for the State in the General Assembly.

(2) provided that nothing else is in this Federal Act, the provisions of the GmbH law, RGBl. are amended, 58/1906, the ABBAG apply to no..

(3) as far as it is required for the operation and a reasonable capital base of society, the Federal Minister of finance authorized, as a contribution in kind shares, which the Federal Government on mining companies and entities referred to in article 1 I keeps no. 136/2008, financial market stability Act - FinStaG, Federal Law Gazette or the related claims and liabilities or a cash deposit to bring into the company.

Subject of enterprise

2. (1) the business of the company consists in



1 1 FinStaG, and 2. the provision of services and taking measures each required or to preserve of offered referred FinStaG public interests for a best possible realisation of the assets and the liquidation of an dismantling company § 1 are the administration including the recovery of shares and property rights of the Federal Government and the company on mining companies and entities in accordance with §.

(2) for this purpose is the company in accordance with a statutory authorisation or assignment by the Federal Minister of finance,



1. the acquisition and the acquisition of shares and property rights to mining companies and entities referred to in § 1 FinStaG, 2. the exercise of property rights, as well as keeping, administration and recovery of shares and property rights to mining companies and entities pursuant to section 1 FinStaG, 3. the sale and dispensing of shares and property rights to mining companies and entities referred to in § 1 FinStaG, 4. the provision of services , for a best possible realisation of the assets and the liquidation of an dismantling company required or to safeguard in section 1 are FinStaG offered above public interests and 5 taking action, by which carrying out a removal company or an entity FinStaG is ensured according to § 1. The measures must be necessary to fix a considerable disturbance in the economy of Austria's, to ensure the macroeconomic balance, or protect, the Austrian economy and be suitable, essential to the production of sustainable orderly households within the meaning of the agreement between the Federal, the State and communities on an Austrian stability pact in 2012 - EAP 2012, Federal Law Gazette I no. 30 / 2013 to contribute.

(3) the above tasks are to include in the articles of Association of the company. The company has these tasks in accordance with the principles of thrift, to exercise efficiency and expediency.

(4) mining companies are referred to in paragraph 1



1. the reduction unit pursuant to article 3 of the Federal law establishing a reduction unit (GSA), Federal Law Gazette I no. 51/2014, 2. removal units pursuant to § 83 of the rehabilitation and settlement law (BaSAG), Federal Law Gazette I no. 98/2014 and 3. mining companies according to § 162 BaSAG.

(5) the Federal Government has to ensure the financing of the administrative expenses of the company in relation to its shares in the company. The financing of measures referred to in paragraph 2 has to be made in accordance with the statutory authorisation or assignment by the Federal Minister of finance.

Order of the institutions

3. (1) the management of the company is the Managing Director to be ordered by the General Assembly on the proposal of the Federal Minister of finance in agreement with the Federal Chancellor. I no. 26/1998, apply the provisions of the staffing law, Federal Law Gazette. First Managing Director is the Board ordered for conversion in accordance with § 1 for the function duration agreed contract with the company.

(2) at the company, a supervisory board is set up. The detailed rules are set in the articles of Association of the company. The not attributable to workers part of the members of the Supervisory Board is appointed on the proposal of the Federal Minister of finance in agreement with the Chancellor."

2. paragraph 5 together with the heading:

"Fees and charges

Legal transactions necessary for the implementation of this federal law, writings, and official acts are § 5 (1) of the framework regulated charges, the Federal Administration fees, as well as in the court fees Act - GGG, BGBl. No. 501/1984, regulated judicial and judicial administrative fees free the.

(2) the Federal Government and the company are exempt from the payment of fees in the GGG in proceedings before the ordinary courts, have the issues of implementation of the Federal Act on the subject."

3. According to § 6, 7 the following section including headline is attached:

"Entry into force

"article 7 paragraphs 1, 2, 3 and 5 come into force with 1 July 2015."

Fischer

Faymann