Investor compensation law

Original Language Title: Anlegerentschädigungsgesetz

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Investor compensation law (AnlEntG)

Unofficial table of contents

AnlEntG

Date of completion: 16.07.1998

Full quote:

" Investor compensation law of 16 July 1998 (BGBl. I p. 1842), which is provided by Article 2 of the Law of 28 May 2015 (BGBl. I p. 2015) "

Status:	Last amended by Art. 6 G v. 15.7.2014 I 934
Note:	Amendment by Art. 2 G v. 28.5.2015 I 2015 (No 21) in a textual proof, not yet concludedly processed in a documentary form

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 1.8.1998 + + +) 
(+ + + Official notes of the norm provider on EC law: 
 Implementation of the 
 ERL 19/94 (CELEX Nr: 394L0019) 
 ERL 9/97 (CELEX Nr: 397L0009) 
 ERL 14/2009 (CELEX Nr: 309L0014)  G v. 25.6.2009 I 1528 + + +)

Heading: letter abbreviation inserted. by Art. 1 No. 1 G v. 25.6.2009 I 1528
Heading u. Letter abbreviation: IdF d. Art. 2 No. 1 G v. 28.5.2015 I 786 mWv 3.7.2015
The G was adopted as Art. 1 G v. 16.7.1998 I 1842 by the Bundestag with the consent of the Bundesrat. It occurs gem. Article 7, second sentence, of this G mWv 1.8.1998 in force. Unofficial table of contents

Content Summary

§ 1	Definitions
§ 2	Institutions ' obligation to ensure
§ 3	Compensation claim
§ 4	Scope of the compensation claim
§ 5	Compensation procedure
§ 6	Compensation
§ 7	Beliehene compensation facility; Regulation empowerment
§ 8	Means of the compensation facility
§ 9	Examination of institutions
§ 10	Audit of the compensation facility
§ 11	Exclusion from the compensation facility
§ 12	Branches of undertakings with registered offices in another State of the European Economic Area
§ 13	Confidentiality of Obligations
§ 14	Non-application of the Insurance Supervision Act
§ 15	Fines
§ 16	Compulsory appropriations
§ 17	Time-of-use
§ 18	Application and transitional arrangements

Unofficial table of contents

§ 1 Definitions

(1) Institutes within the meaning of this Act are

1.: financial services institutions which have been granted a permit to provide financial services within the meaning of the second sentence of Article 1 (1) (2) (1) to (4) (a) to (c) of the Banking Act;
2.: Credit institutions to which a permit is granted for the operation of banking transactions within the meaning of Article 1 (1), second sentence, point 4 or point 10 of the Banking Act or for the provision of financial services within the meaning of the second sentence of Article 1 (1) (1) (1) to (4) (a) until c. of the Banking Act are granted and are not granted permission to operate the deposit and lending business in accordance with Section 1 (1), second sentence, points 1 and 2 of the Banking Act, and,
3.: external capital management companies to which a permit pursuant to section 20 (1) is granted in connection with § 21 or § 22 of the capital investment code and which is provided for the provision of the provisions of section 20 (2) (1), (2) and (3) or (3) (2) to (5) of the Service or ancillary services referred to in the capital investment code.

(2) Securities transactions within the meaning of this Act are:

1.: Banking or financial services within the meaning of Article 1 (1) (2) (4), (5) or (10) or (1a), second sentence, points (1) to (4) of the Banking Act; and
2.: Services and ancillary services in accordance with Article 20 (2) (1), (2) and (3) or (3) (3) (2) to (5) of the capital investment code.

(3) liabilities arising from securities transactions within the meaning of this Act are the obligations of an institution for the repayment of funds owed or belonging to investors from securities transactions and which are related to their account in connection with are held with securities transactions. This includes claims by investors on the issuance of instruments owned by them and held or held for their account in connection with securities transactions. (4) A case of compensation within the meaning of this Act , the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht, Bundesanstalt für Finanzdienstleistungsaufsicht) states that an institution is not in a position to deal with liabilities from securities transactions for reasons directly related to its financial position. , and there is no prospect of a later fulfillment. Unofficial table of contents

§ 2 Security obligation of the institutions

The institutions are obliged to secure their liabilities from securities transactions in accordance with the provisions of this Act by belonging to a compensation facility. Unofficial table of contents

§ 3 Compensation claim

(1) In the event of compensation against the compensation institution, the creditor of an institution shall be entitled to compensation in accordance with § 4. (2) Keinen

1.: CRR credit institutions within the meaning of Section 1 (3d), first sentence, of the Banking Act, including branches of companies based abroad, to which a permit is granted in accordance with the second sentence of Article 1 (1) (2) of the Banking Act, investment firms within the meaning of Article 4 (1) (1) of Directive 2004 /39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, amending Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing Directive 93 /22/EEC Council Regulation (EC) No 1) and financial institutions within the meaning of Article 4 (1) (26) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, and amending Regulation (EU) No 646/2012 (OJ L 136, 31.4.2012, p. 1), based in Germany or abroad, insofar as they act in their own name and on their own account,
2.: Private and public-sector insurance companies with offices in Germany or abroad,
3.: Management companies within the meaning of Article 1 (14) of the Capital Investment Code, having its head office in Germany or abroad, including the domestic, EU and foreign investment assets under the terms of Section 1 (1) of the Capital Investment Code Capital Investment Code,
4.: the federal government, a country, a non-legally independent special fund of the federal government or of a country, a local authority, another state or a regional government or a local authority of another state,
5.: Manager, personally liable partner or members of supervisory bodies of the Institute, persons holding at least 5 per cent of the capital of the Institute, examiners within the meaning of Section 28 of the Banking Act and creditors who hold a have a corresponding position or function in a company which, together with the Institute, forms a group within the meaning of Section 18 of the German Stock Corporation Act, without the legal form of the company being required to do so,
6.: Spouses, life partners and relatives of the first and second degrees of the persons referred to in paragraph 5, unless the funds or financial instruments come from the property of the spouses, life partners or relatives,
7.: Companies which, together with the Institute, form a group within the meaning of Section 18 of the German Stock Corporation Act (AktG) without having to rely on the legal form,
8.: creditors who have brought or used facts in the Institute which have caused the financial difficulties or have contributed significantly to the deterioration of the financial situation of the Institute; these are, in particular, creditors, which have received high interest or financial benefits on the basis of individually negotiated agreements,
9.: Undertakings which, in accordance with the provisions of the Third Book of the Commercial Code, have drawn up a management report or are exempted from that obligation only on account of their inclusion in a consolidated financial statement, and comparable undertakings with a registered office abroad as well as
10.: Creditors whose claims against the Institute are related to transactions on the basis of which persons are involved in criminal proceedings for money laundering within the meaning of Article 1 of Directive 2005 /60/EC of the European Parliament and of the Council of 26 June 2005 on the application of the provisions of the European Parliament and of the Council of the European Communities October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (OJ L 327, 28.12.2005 15), which have been finally condemned.

If the creditor of the institution has acted on behalf of a third party and the trustee relationship is clearly marked as such, it shall be deemed to be the third party for the determination of the entitlement of the claim under the first sentence. (3) The claim the compensation entitled to compensation shall be statute-barred in five years from the information of the person entitled to compensation in respect of the compensation case in accordance with the first sentence of Article 5 (4). (4) For disputes concerning the reason and the amount of the compensation Claims for compensation are the civil rights path. Unofficial table of contents

§ 4 Scope of the compensation claim

(1) The compensation claim of the creditor of the institution shall be based on the amount and the extent of the liabilities owed to it in respect of existing securities transactions, taking into account any rights of settlement and retention of the creditor. Institute. A claim for compensation does not exist, insofar as deposits or funds are not denominated in the currency of an EU Member State or in euro. (2) The claim for compensation is based on a limited amount of 90 per cent of the liabilities. (3) In calculating the amount of the claim for compensation, the amount of the funds and the market value of the financial instruments shall be based on the occurrence of the amount of compensation. In the context of the ceiling referred to in paragraph 2, the claim for compensation shall also include claims for interest. These consist of the entry of the compensation case until the repayment of the liabilities, at the latest until the opening of the insolvency proceedings. The claim for compensation shall be reduced in so far as the loss of assets of the creditor, which has been caused by the compensation case, is compensated for by the benefits of third parties. (4) The upper limit referred to in paragraph 2 relates to the total claim of the Creditors against the Institute, regardless of the number of accounts, the currency and the place where the accounts are held or the financial instruments are held. The compensation may be paid in euros. (5) In the case of Community accounts, the share of the individual account holder in respect of the ceiling referred to in paragraph 2 shall be the relevant component. In the absence of special provisions, the funds or the financial instruments shall be credited to the account holders at equal shares. (6) If the creditor has acted on behalf of a third party, the third party shall be responsible for the upper limit referred to in paragraph 2. Unofficial table of contents

§ 5 Compensation procedure

(1) The Bundesanstalt shall immediately determine the case of compensation, but no later than 21 days after it has become aware that an institution is not in a position to meet liabilities arising from securities transactions. It shall also determine the case of compensation if measures have been taken in accordance with the second sentence of Article 46 (1) (2) (4) to (6) of the Banking Act and continue for more than six weeks. (2) The appeal and the action against the Determination of the compensation case do not have a suspensive effect. (3) The Bundesanstalt publishes the determination of the compensation case in the Federal Gazette. It shall immediately inform the compensation institution of the determination of the compensation case. (4) The indemnification institution shall immediately inform the creditors of the institution of the entry of the compensation case and the period referred to in paragraph 5, first sentence, and shall take appropriate measures to compensate creditors within the time limit referred to in paragraph 6. The institution shall immediately, within a week at the latest, provide the compensation institution with the documents required for the compensation of the creditors. (5) The claim for compensation shall be written within the following period: one year after notification of the compensation case for the compensation facility. After the expiry of this period, the claim for compensation shall be excluded, unless the failure to comply with the deadline is not to be represented by the person entitled to compensation. (6) The compensation institution shall immediately examine the notified claims. The compensation institution shall be entitled to comply at the latest three months after it has established the entitlement and the amount of the claims. In special cases, this period may be extended by up to three months with the consent of the Federal Institute. (7) Insofar as the compensation facility meets the compensation claim of a person entitled to compensation, its claims against the Institute shall be extended to: (8) If the claim of the creditor in relation to transactions on the basis of which persons are identified in criminal proceedings for money laundering within the meaning of Article 1 of Directive 2005 /60/EC, the compensation scheme may: suspend the performance of the compensation until the criminal proceedings have ended. Unofficial table of contents

§ 6 Compensation facility

(1) In the case of the Kreditanstalt für Wiederaufbau (Kreditanstalt für Wiederaufbau), a compensation facility shall be established as a non-legal special fund of the Federal Government, which shall be assigned to the institutions in accordance with § 1 paragraph 1. The compensation facility can act, sue or be sued in legal transactions. (2) The compensation institution has the task of drawing on the contributions of the institutions assigned to it, applying the funds in accordance with Section 8 (1) and in the (3) The Kreditanstalt für Wiederaufbau (Kreditanstalt für Wiederaufbau) manages the compensation facility. It shall be subject to the supervision of the Federal Institute. Section 7 (3), sentences 2 to 4 shall apply accordingly. For the administration, it receives a reasonable remuneration from the special fund. (4) The Federal Institute decides on the objection to the administrative act of the compensation institution. (5) The compensation facility has regular intervals. check their systems with regard to their operational capability. It has to inform the Federal Institute of the results of the exams. (6) If the Bundesanstalt acquires knowledge of circumstances at an institute which is likely to result in the occurrence of a compensation case, it has the following information: To inform the compensation institution accordingly. Unofficial table of contents

§ 7 Beliehene Compensation Facility; Regulation empowerment

(1) The Federal Ministry of Finance is authorized to assign tasks and powers of the compensation institution to a legal person of private law by means of a legal regulation if it is prepared to carry out the tasks of the compensation facility. , and provides reasonable assurance as to the performance of the claims of the persons entitled to compensation (beliehene compensation facility). A legal person shall provide reasonable assurance that:

1.: the persons exercising the management and representation of the legal person in accordance with the law or the statutes are reliable and suitable;
2.: the legal person has the equipment and organisation necessary for the performance of the tasks of the compensation institution, in particular as regards the recovery of contributions, the management of the funds and the payment of the compensation; and for its own resources, in the equivalent of at least EUR 1 million.

The German Federal Ministry of Finance may reserve the right to approve the statutes of the legal person and to approve amendments to the statutes by means of the decree of law pursuant to the first sentence of sentence 1. (2) In the case of the insult referred to in paragraph 1, the legal provisions of the legal Person of private law in the rights and obligations of the compensation institution in accordance with § 6. The provisions of § 6 (1) concerning the assignment of the institutions as well as § 6 (4) to (6) shall apply accordingly. (3) A belived compensation institution shall be subject to the supervision of the Federal Institute. The Bundesanstalt has to counteract instances of maladministration, which may affect the proper performance of the compensation or may endanger the assets collected for the purpose of carrying out the compensation. The Federal Institute may take orders which are appropriate and necessary to eliminate or prevent such maladministration. The Federal Institute is responsible for the information and examination rights in accordance with § 44 (1) of the German Banking Act (Kreditwesengesetz). Unofficial table of contents

§ 8 Means of the compensation facility

(1) The funds for the implementation of the compensation shall be provided by contributions from the institutions. The contributions of the institutions must cover the claims against the compensation institution, the resulting administrative costs and other costs incurred by the activity of the compensation facility. The funds collected for the compensation shall be designed in accordance with the risk mix in such a way as to ensure the highest possible level of security and adequate liquidity of the installations with reasonable profitability. (2) The institutions shall be obliged to make annual contributions to the compensation facility at the end of each accounting year. The accounting year shall cover the period of 1. October of one year until 30 September of the following year. The legal regulation referred to in the first sentence of paragraph 9 shall be subject to an upper limit for the collection of annual contributions. Institutions which are assigned to a compensation facility after 1 August 1998 shall have a one-off payment in addition to the annual contribution. The compensation facility may, after obtaining the consent of the Federal Institute, reduce or suspend the obligation to pay if the funds available are sufficient to carry out the compensation. (3) The compensation facility shall immediately be subject to the following conditions: Information provided by the Federal Agency for a compensation case in accordance with the second sentence of Article 5 (3) of this Regulation shall determine the requirements of the budget and, subject to paragraph 4, shall be subject to special contributions without delay if this is necessary for the implementation of the Compensation procedure is required. The compensation facility is entitled to cover the requirements for compensation by special contributions, which are to be collected in partial amounts, in so far as the obligation pursuant to § 5 (6) takes into account the duration, the size and the circumstances of the compensation case may be fulfilled. In the case of the collection of partial amounts, the compensation institution shall inform the institutions concerned of the further course of action it intends to take. (4) Special contributions shall be paid in advance to cover the needs of the funds, which shall be included in a There is a compensation case. The financial requirements shall be calculated from the total compensation in the case of compensation plus the administrative costs and other costs incurred in carrying out the compensation case, less the costs of such compensation at the time of the Determination of available means of the compensation facility. The total indemnification shall be determined by the compensation institution from the documents to be transmitted by the institutions pursuant to Article 5 (4), second sentence. If the total compensation is not sufficiently determined on the basis of the documents, the compensation institution shall have the amount, in particular on the basis of the data available to it, on the case of compensation and the average amount of the compensation. To estimate compensation payments and the costs arising from the previous compensation cases at the associated institutes. If the compensation institution finds that the actual resource requirement for the total compensation exceeds the amount determined in accordance with the third sentence or sentence 4, the compensation facility shall be obliged to immediately after that determination to collect additional special contributions to meet the needs of the funds. Special contributions are due with the announcement of the special contributions. (5) Insofar as the resource requirements of the compensation facility are not covered in time for the performance of their duties pursuant to § 5 (6) by the collection of special contributions , the compensation institution shall be able to borate a loan. If the compensation scheme is not likely to be able to use the loan from the available assets, it shall have to pay special payments for redemption, interest and costs. Special payments shall be due six weeks before the due date of the credit services, but not earlier than two weeks after the announcement of the special payment methods. In place of the contribution to the recovery referred to in the first sentence of paragraph 3, the compensation facility may take up a loan if it is to be expected that this credit, including interest and costs, will be included within the current and subsequent accounting years. can be completely repatriated from the available assets without the need for a collection of special payments. (6) The obligation to perform special contributions and special payments shall be made up for all the undertakings which are compensation institution at the beginning of the accounting year, in which a special contribution or a Special payment shall be made. This does not apply to institutions who are excreted from the compensation facility prior to the determination of the compensation case. (7) The amount of the respective special contribution and the respective special payment shall be determined according to the ratio of the latter. the full annual contribution of each institution to the total of the annual contributions and the one-off payments, and, in the cases of the third sentence, the fictitious annual contributions of all institutions contributing to the contribution under paragraph 6, as well as to institutions subject to payment or payment. For institutions which have not yet paid an annual contribution, the one-off payment referred to in the fourth sentence of paragraph 2 shall replace the final annual contribution due. The legal regulation referred to in the first sentence of paragraph 9 may provide that, in the cases of the second sentence, the compensation institution shall, at the request of an institution and upon presentation of credibly made plans, calculate a fictitious annual contribution to the place of the institution of the final annual contribution due, provided that there is a significant deviation from the one-time payment of the institution. If, as a result of the formation of special items in accordance with Section 340g of the Commercial Code, a uniform and fair distribution of the duty obligation to the institutions, taking into account the requirements of the second sentence of paragraph 9, no longer , the legal regulation referred to in the first sentence of paragraph 9 may also provide that in the cases of the first sentence for institutions forming a special item in accordance with Section 340g of the Commercial Code, the compensation facility shall be subject to a fictitious annual contribution , which shall replace the most recent annual contribution due; in the calculation This fictitious annual contribution shall be taken into account in accordance with Section 340e (4) of the Commercial Code, in accordance with Section 340g of the Commercial Code, only in the amount of half of the amount of the annual contribution. The compensation facility is entitled to levy a number of special contributions and special payments in an accounting year. The special contributions and special payments made in one accounting year shall not exceed five times the annual contribution due for an institution; in the case of institutions which have not yet had to pay an annual contribution, the amounts in question shall not exceed five times the annual contribution. special contributions and special payments collected for an accounting year shall not exceed five times the one-off payment or the fictitious annual contribution. If an institution has made special contributions or special payments over a period of three consecutive accounting years, special contributions and special payments may be levied in the immediately following years in each accounting year as a whole shall not exceed twice the annual contribution due for an institution. The compensation facility may exempt an institution with the consent of the Federal Institute from the obligation to perform a special contribution or a special payment in whole or in part, if the totality of the compensation facility is to be paid to the compensation institution. (8) At the end of a compensation procedure, the compensation institution shall have the institutions informed of the use of the Special contributions and special payments to be reported. It shall reimburse the special contributions and special payments paid to the institutions after the conclusion of the compensation procedure, provided that, in the case of special contributions, they do not contribute to the implementation of the compensation case or in the case of special payments. The Federal Ministry of Finance shall regulate the annual contributions, the one-off payments, the special contributions and the special payments, by means of the Federal Ministry of Finance, without any additional fees. Approval of the Federal Council after consultation of the compensation facility; as regards the annual contributions, the one-off payments and the special contributions and special payments, as well as the special payments, the nature and extent of the secured transactions, the business volume and the number, size and structure of the business structure and taking into account the risk of the institutions assigned to the compensation institution to bring about a compensation case. The legal regulation may also contain provisions for the collection of late payment interest rates for late payments, for borrowing and for the investment of funds. The Federal Ministry of Finance may transfer the authorization to the Federal Institute by means of a decree. (10) Enforcement shall be made in accordance with the provisions of the Administrative Enforcement Act. The enforceable copy shall be issued by the compensation facility. Objection and action against contributions have no suspensive effect. (11) For the fulfilment of the obligations under Section 3 (1), the compensation institution shall be liable only with the assets which are based on the contribution benefits after the payment of the fee. the deduction of the costs referred to in the second sentence of paragraph 1 shall be available. A bellious compensation facility has to maintain and manage this property separately from its other assets. Unofficial table of contents

§ 9 Examination of the institutions

(1) In order to assess the risk of the entry of a compensation case, the compensation facility shall carry out audits of the institutions assigned to it on a regular basis and in the case of a given occasion. It has to focus on the intensity and frequency of the tests on the probability of the entry of a compensation case at an institution and at the level of the total compensation to be expected in this case. Objection and action against the exams do not have a suspensive effect. (2) The institutions are obliged to provide the compensation institution with which they are associated with the annual financial statements with the corresponding audit report , and, on request, to provide all information and documents required by the compensation system to carry out its tasks under this Act. Persons employed or employed by the compensation institution shall, during normal working hours, be allowed to enter the premises and premises of the institution, in so far as this is carried out in order to carry out the tasks of the institution. Compensation shall be required in accordance with this law. The person responsible for providing information may refuse to reply to such questions, the answers to which he or she himself or one of the members of the civil procedure referred to in Article 383 (1) (1) to (3) of the Code of Civil Procedure of the Criminal Court It would suspend prosecution or proceedings in accordance with the Code of Administrative Offences. (3) The compensation facility may be submitted to a company which has submitted a permit application pursuant to Section 32 (1) sentence 2 of the German Banking Act (Kreditwesengesetz) at the Federal Institute of Business Administration (Bundesanstalt). (4) For the compensation facility at the Kreditanstalt für die Kreditanstalt für die Kreditanstalt für die Kreditanstalt für die Kreditanstalt für die Kreditanstalt für die Kreditanstalt für die für die liable for the payment of compensation for the payment of a fee for the payment Reconstruction will be carried out in accordance with paragraphs 1 and 3 by the Deutsche Bundesbank carried out. On a proposal from the compensation institution, the Bundesanstalt grants the Deutsche Bundesbank the task of carrying out the tests. In accordance with § 7, a belated compensation institution shall carry out the tests referred to in paragraphs 1 and 3 by its own expert examiner, or to commission appropriate third parties with the examinations. Appropriate third parties shall be auditors, sworn accountants, accounting and auditing firms, and other third parties with the necessary knowledge and experience, provided that there are no circumstances in the case of such third parties. Persons with regard to the institutions to be examined may give reasons for conflicts of interest. The belived compensation institution shall require the persons responsible for the tasks set out in the third sentence to notify it without delay of the existence of such circumstances. The examinations may not be carried out by the auditor or the auditor of the reporting requirements and rules of conduct of the institute. The costs incurred by the audits shall be reimbursed by the audited entities of the compensation facility. The compensation institution shall replace the Deutsche Bundesbank or, in the cases of the sentence 3, the appropriate third party with the personnel and material expenses. (5) The compensation facility shall lay down the details of the examinations in the examination guidelines. (6) The employees of the compensation facility, as well as the persons who use them, can hold the premises of an institution within the usual operating and business hours. enter, to the extent that the Federal Institute measures measures in accordance with Section 46 of the Banking Act against this Institute. They shall be required to provide all the documents necessary for the preparation of a compensation procedure in accordance with the first and second sentences of Article 5 (1). Where areas of the Institute have been outsourced to another company, the rates 1 and 2 shall apply in relation to that undertaking. (7) The expenses of the compensation facility for the implementation or preparation of a (8) In the course of an examination as referred to in paragraph 1 or in any other way, the compensation institution shall be aware of circumstances which may jeopardise the risk of the If the compensation case is to be found at an institution, the institution shall immediately inform the institution of the Federal Agency. Unofficial table of contents

Section 10 Examination of the indemnation facility

(1) After the end of a calendar year, the compensation institution shall draw up a business report and an independent auditor or an independent accounting firm with the examination of the completeness of the information. Commission the annual report and the accuracy of the information. The compensation institution shall notify the Federal Institute of the auditor appointed by it without delay after the order. The Federal Office may, within one month after receipt of the notification, request the appointment of another auditor if this is necessary for the purpose of reaching the examination purpose; objection and counterclaim against this shall have no suspensive effect. The annual report shall provide information on the activity and financial conditions of the compensation institution, in particular on the amount and the investment of the funds, on the use of the funds for compensation cases, on the amount of the contributions as well as at the costs of the administration. (2) The compensation facility must submit the annual report to the Bundesanstalt and the Deutsche Bundesbank until 31 May. The auditor has to submit the report on the audit of the annual report immediately after the end of the audit of the Bundesanstalt and the Deutsche Bundesbank. The Bundesanstalt and the Deutsche Bundesbank shall also be informed on request of the information provided for in the fourth sentence of paragraph 1. § 9 of the Banking Act is to be applied accordingly. (3) If the performance of the tasks and powers of the compensation institution was transferred to a borrowed person in accordance with § 7, the Federal Court of Auditors shall examine the offending compensation facility in the With a view to proper budgetary and economic management. § § 89, 90, 92 to 100 of the Federal Budget Regulations are to be applied accordingly. The Federal Court of Auditors shall be informed immediately if the supreme federal authorities enact or explain general provisions concerning the compensation facility. The Federal Court of Auditors shall be consulted prior to the adoption of these provisions. Unofficial table of contents

§ 11 Exclusion from the compensation facility

(1) The compensation institution shall inform the Federal Institute and the Deutsche Bundesbank to inform the institution of the contribution or participation obligations in accordance with § 8 or § 9, not correct, not complete or not in good time. If the institution does not fulfil its obligations within one month of being requested by the Bundesanstalt, the compensation institution may, with a period of twelve months, expel the institution from the compensation facility. announcing. If the institution does not fulfil its obligations, the compensation facility may, with the consent of the Federal Institute, exclude the Institute from the compensation facility after the expiry of this period. After the exclusion, the compensation facility shall only be liable for liabilities of the institution which were established before the expiry of this period. (2) If the permission to operate securities transactions is due away in accordance with Article 1 (2), the liability shall be liable to Compensation means only for liabilities of the institution which were justified before the omission. Unofficial table of contents

§ 12 branches of undertakings with registered offices in another State of the European Economic Area

(1) The branches of a company within the meaning of Section 53b of the Banking Act have a right to be included in a compensation facility in respect of the conditions applicable to domestic institutions, provided that the compensation provided for in this Law on the amount or extent of the security in the company's country of origin is greater than that. The condition is that the company is granted permission to operate the business of a securities trading company within the meaning of Section 1 (3d) of the Banking Act in its home country. (2) The security referred to in paragraph 1 is only to the extent to which the security in the country of origin exceeds the amount and extent. Not secured are banking transactions or financial services with foreign currency or units of account. (3) A branch, which is included in a compensation facility in accordance with paragraph 1, shall fill in its obligations to that institution Compensation institution shall not inform the Federal Institute and the Deutsche Bundesbank to inform the compensation institution. The Bundesanstalt invites the branch to comply with its obligations within a period to be determined by the Federal Agency. If the branch does not comply with this request, the Bundesanstalt shall inform the competent authorities of the home Member State which have granted the permit referred to in the second sentence of paragraph 1. The Bundesanstalt and the competent authorities of the Member State of origin shall, in cooperation with the compensation institution, take all necessary measures to ensure that the branch shall fulfil its obligations under this Act: (4) Where the competent authorities of the home State do not take any action or the measures referred to in paragraph 3 prove to be insufficient, the compensation facility may, with the agreement of the competent authorities of the home Member State, Branch with a period of twelve months from the Exclude indemnation equipment. After the exclusion, the compensation facility shall only be liable for liabilities of the branch which have been established before the expiry of this period. (5) The compensation facility works in coordination with the Federal Institute in the cases of the (1) to (4) shall be accompanied by the compensation institution of the State of origin. Unofficial table of contents

§ 13 Obligation of Confidentiality

Persons who are employed or active in the compensation facility may not disclose or exploit foreign secrets, in particular commercial or commercial secrets, without unauthorised disclosure. They are in accordance with the Obligations Act of 2 March 1974 (BGBl. 469, 547), as defined by Section 1 (4) of the Law of 15 August 1974 (BGBl). I p. 1942) has been amended to oblige the Federal Institute for a conscientious fulfilment of its obligations. In particular, an unauthorized disclosure or use of foreign secrets is not available if facts are passed on to the Bundesanstalt or the Deutsche Bundesbank. Unofficial table of contents

Section 14 Non-application of the Insurance Supervision Act

The provisions of the Insurance Supervision Act do not apply to compensation bodies within the meaning of § § 6 and 7. Unofficial table of contents

Section 15 Penal rules

(1) Contrary to the law, who intentionally or recklessly does not submit the annual financial statements with the associated examination report in accordance with § 9, paragraph 2, sentence 1, not correct, not complete or not in good time. (2) Order in order to be in order Intentionally or negligently, contrary to § 9, paragraph 2, sentence 1, an information is not provided, not correct, not complete or not provided in good time, or does not present a document, not correct, not complete or not in good time. (3) The A fine of up to fifty thousand euros can be punished with a fine. (4) The administrative authority within the meaning of Section 36 (1) (1) of the Code of Administrative Offences is the Federal Institute. Unofficial table of contents

§ 16 Forced

(1) The compensation institution may enforce the compliance with the provisions of the provisions of the Administrative Enforcement Act (2) The amount of the periodic penalty payment shall be the compliance with the provisions of the provisions of the Administrative Enforcement Act. in the case of measures pursuant to § 8 (1), (2) sentence 1, § 9 (2) sentence 1, (3) and (6) sentence 1 and 2 up to EUR 50 000, in the case of measures pursuant to § 9 (1) sentence 1 up to EUR 100 000. Unofficial table of contents

§ 17 Time-scope

(1) An entitlement to compensation under this Act shall be the case for a compensation case for non-performance of liabilities from securities transactions only if this compensation case has occurred after 25 September 1998. (2) Claims Compensation under this Act may be notified for the first time as from 1 November 1998. If the information has been provided in advance in accordance with § 5 (4), the registration period shall not begin in accordance with § 5 (5) until 1 November 1998. Unofficial table of contents

Section 18 Application and transitional arrangements

(1) By 31 December 2010, the compensation bodies and institutions may continue to apply § 5 in the version valid until 29 June 2009. (2) Institutes that are excreted from a compensation facility before 30 June 2009 may are no longer used for the settlement of compensation cases for this compensation facility. (3) For compensation cases which have been established before 30 June 2009 and in respect of which the compensation procedure has not yet been established , section 8 (3) to (10) is in the version valid from 30 June 2009 with the following measures shall apply:

1.: The information provided by the Bundesanstalt pursuant to § 8 (3) sentence 1 shall be replaced by 30 June 2009.
2.: If, before 30 June 2009, the compensation institution has already taken up a loan to meet the needs of the funds, the obligation to collect special contributions pursuant to section 8 (3), first sentence, shall not be required, in so far as the financial requirements are covered by the loan .

(4) Capital investment companies which, on 29 June 2009, have a permit to obtain the individual wealth management pursuant to Section 7 (2) (1) of the Investment Act and have not made use of this permit for more than one year shall apply until 29 September 2009, not as institutions within the meaning of Section 1 (1) (4).