Investor Compensation Act

Original Language Title: Anlegerentschädigungsgesetz

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Investor Compensation Act (AnlEntG)

Unofficial table of contents

AnlEntG

Date of expiry: 16.07.1998

Full quote:

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

:Last modified by Art. 6 G v. 15.7.2014 I 934
Note:Modification by Art. 2 G v. 28.5.2015 I 2015 (No. 21) in a textual, documentary yet non-exhaustive

See the menu under Notes
for details on the standstill.

Footnote

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

Heading: letter abbreviation inserted. by Art. 1 No. 1 G v. 25.6.2009 I 1528
Heading and Letter abbreviation: IdF d. Art. 2 No. 1 G v. 28.5.2015 I 786 mWv 3.7.2015
The G was as Art. 1 G v. 16.7.1998 I 1842 approved 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 overview

§ 1 Definitions
§ 2Institute Security Enforcement
§ 3Compensation claim
§ 4Scope of compensation claim
§ 5Compensation procedure
§ 6 Dress-up facility
§ 7Beliehene Compensation Facility; Regulation empowerment
§ 8Means of Compensation Facility
§ 9Institute Examination
§ 10Compensation device review
§ 11Exclusion from the compensation institution
§ 12branches of undertakings established in another Member State of the European Economic Space
§ 13Obligation To Confidentiality
§ 14 Non-application of the Insurance Supervision Act
§ 15Bußmonetary regulations
§ 16Forced
§ 17Time scope
§ 18Application Determination and Transitional
Non-official table of contents

§ 1 Definitions

(1) Institutes within the meaning of this Act are
1.
Financial services institutions that have a permit to provide financial services within the meaning of Section 1 (1a) sentence 2 (1) to (4) (a) to (c) of the credit law
2.
Credit institutions to which a permit to operate banking transactions within the meaning of Article 1 (1), second sentence, point 4 or point 10 of the Banking Act or the Banking Act, or for the provision of financial services within the meaning of Article 1 (1a), second sentence, points 1 to 4 (a) to (c) of the Banking Act, and to which no permit to operate the deposit and credit business in accordance with Article 1 (1), second sentence, points 1 and 2, is granted. of the Banking Act, and,
3.
External capital management companies, to which a permit pursuant to § 20 (1) in conjunction with § 21 or § 22 of the German Banking Act (§ 20) of the German Banking Act (§ 20) of the German Banking A capital investment code is granted and which is authorized to provide the service or ancillary services referred to in Article 20 (2) (1), (2) and (3) or (3) (3) (2) to (5) of the Capital Investment Code.
(2) Securities transactions in the The terms of this Act are
1.
Banking or financial services within the meaning of Article 1 (1), second sentence, point 4, 5 or point 10, or paragraph 1a, second sentence, points 1 to 4 of the Banking Act and
2.
Services and ancillary services in accordance with § 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 the obligations of an institution for their account in connection with securities transactions. This includes claims by investors for the issuers of instruments owned by them and held or held for their account in connection with securities transactions.(4) A compensation case within the meaning of this Act occurs when the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht) (Bundesanstalt für Finanzdienstleistungsaufsicht-Bundesanstalt) determines that an institution is not able to do so for reasons directly related to its financial situation, to meet liabilities from securities transactions and not to have any prospect of later performance. Non-official table of contents

§ 2 Security of the institutions

The institutions are obligated to have their liabilities from securities transactions in accordance with In accordance with this law, it is to be secured by belonging to a compensation facility. Non-official table of contents

§ 3 Compensation claim

(1) The creditor of an institution has to pay compensation in the event of a compensation a right to compensation in accordance with § 4.(2) A claim shall be entitled to
1.
CRR credit institutions within the meaning of Section 1 (3d) sentence 1 of the Banking Act , including branches of undertakings domicated abroad who are authorised in accordance with Article 1 (1), second sentence, points 1 and 2 of the Banking Act, investment firms within the meaning of point 1 of Article 4 (1) of Directive 2004 /39/EC of the of the European Parliament and of the Council of 21 1 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 Council Directive 93 /22/EEC (OJ L 136, 31.5.2000, p. 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. June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 646/2012 (OJ L 327, 22.9.2012, p. 1), based in Germany or abroad, insofar as they act on their own behalf and on their own account,
2.
Private and public law Insurance companies domicated at home or abroad,
3.
Administrative companies within the meaning of § 1 (14) of the capital investment code with registered offices in Germany or abroad including the domestic, EU and foreign investment assets managed by them within the meaning of Section 1 (1) of the Capital Investment Code,
4.
the Federation, a Country, a non-autonomous special fund of the Federal Government or of a country, a local authority, another State, or a regional government or local authority of another State,
5.
Managing Director, personally liable partner or members of the institution's supervisory bodies, persons holding at least 5 percent of the institution's capital, auditors in the The meaning of Section 28 of the Banking Act and creditors who have a corresponding position or function in a company which, together with the Institute, have a group within the meaning of Section 18 of the German Stock Corporation Act, without the legal form being important,
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 are come from the own property of the spouses, life partners or relatives,
7.
Companies which, together with the Institute, have a group within the meaning of Section 18 of the German Stock Corporation Act, without that it is a matter of legal form,
8.
creditors who have brought or used facts at the Institute which have the financial difficulties caused or contributed significantly to the deterioration of the financial situation of the institution; these are, in particular, creditors who receive high interest or financial benefits on the basis of individually negotiated agreements ,
9.
Companies which, in accordance with the provisions of the Third Book of the Commercial Code, have to draw up a management report or only because of their inclusion in a Consolidated financial statements are exempt from this obligation, and comparable companies domicated abroad as well as
10.
creditors whose claims against the Institute in the the relationship with 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 implementation of the October 2005 on prevention of the use of the financial system for the purpose of money laundering and terrorist financing (OJ C 327, 18.12.2005, p 15).
If the creditor of the institution has acted on behalf of a third party and the trusteeship is clearly marked as such, the creditor of the institution shall be responsible for the determination of the the right to the third party to the right of claim 1.(3) The entitlement of the person entitled to compensation against the compensation institution 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 over the ground and the amount of the compensation claim, the civil rights path shall be given. Non-official table of contents

§ 4 Scope of the compensation claim

(1) The compensation claim of the creditor of the institution is governed by the the amount and extent of the liabilities owed to it in respect of securities transactions, taking into account any rights of the institution's accounting and retention of rights. A claim for compensation does not exist where deposits or funds are not denominated in the currency of an EU Member State or in euro.(2) The claim for compensation shall be limited to 90 per cent of the liabilities arising from securities transactions and the equivalent of EUR 20 000.(3) In calculating the amount of the compensation claim, the amount of the funds and the market value of the financial instruments shall be based on the entry of the compensation case. 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 to the extent that the loss of assets of the creditor, which is due to the compensation case, is compensated for by the services of third parties.(4) The upper limit referred to in paragraph 2 relates to the creditor's total claim against the institution, irrespective of the number of accounts, the currency and the place where the accounts are held or the financial instruments are kept. The compensation can be paid in euros.(5) In the case of Community accounts, the respective share of the individual account holder shall be relevant for the ceiling referred to in paragraph 2. In the absence of specific provisions, the funds or the financial instruments shall be allocated equal shares to the account holders.(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. Non-official table of contents

§ 5 Compensation procedure

(1) The Bundesanstalt must immediately determine the compensation case, but no later than within 21 days of the fact that 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 shall continue for more than six weeks.(2) The opposition and the action taken against the determination of the compensation case shall not have suspensive effect.(3) The Bundesanstalt publishes the determination of the compensation case in the Federal Gazette (Bundesanzeiger). 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 the first sentence of paragraph 5; it shall take appropriate measures to ensure that the creditors within the period referred to in paragraph 6 of this Article shall be provided for. The institution shall, without delay and within a week at the latest, provide the compensation institution with the documents necessary for the compensation of the creditors.(5) The claim for compensation shall be notified in writing within one year of the notification of the compensation case for the compensation facility. After the expiry of this period, the claim for compensation shall be excluded, unless the deadline for failure to comply 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 level of the claims. In special cases, this period may be extended by up to three months with the consent of the Federal Office.(7) In so far as the compensation institution fulfils the claim for compensation of a person entitled to compensation, its claims against the Institute shall be applied to it.(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 indemnation shall be the Suspend the performance of the compensation until the criminal proceedings are terminated. Non-official table of contents

§ 6 Compensation facility

(1) The Kreditanstalt für Wiederaufbau will not be used as a compensation facility. Legal special assets of the Federal Government, which are assigned to the institutions in accordance with § 1 paragraph 1. The compensation facility may act, complain or sued in legal transactions.(2) The purpose of the compensation institution is to collect the contributions of the institutions assigned to it, to apply the funds in accordance with Section 8 (1) and, in the event of compensation, to the creditors of an institution assigned to it for non-compliance. Indebted liabilities from securities transactions.(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 an adequate remuneration from the special fund.(4) The Bundesanstalt decides on the opposition to administrative acts of the compensation facility.(5) The compensation system shall periodically review its systems with a view to their operational capability. It has to inform the Federal Institute of the results of the examinations.(6) In so far as the Bundesanstalt acquires knowledge of circumstances at an institution which is likely to lead to the occurrence of a compensation case, it shall inform the compensation institution accordingly. Non-official table of contents

§ 7 Beliehene Compensation Facility; Regulation empowerment

(1) The Federal Ministry of Finance is authorized to: , by means of a legislative decree, to assign tasks and powers to the compensation institution of a legal person under private law if it is prepared to take over the duties of the compensation institution, and to provide sufficient assurance for the fulfilment of the duties of the compensation institution. the claims of the persons entitled to indemnity (beliehene compensation facility). A legal person provides reasonable assurance if
1.
means the persons who are subject to the law or the articles of association the management and representation of the legal person, are reliable and suitable,
2.
the legal person responsible for the performance of the duties of the legal entity. The necessary equipment and organisation, in particular with regard to the recovery of contributions, the management of the funds and the payment of compensation, and its own resources in the equivalent of at least 1 million
theMinistry of Finance reserves the right to approve the statutes of the legal person and to approve amendments to the statutes of the legal entity.(2) In the event of the insult referred to in paragraph 1, the legal entity of private law shall enter into the rights and obligations of the compensation institution in accordance with § 6. The provisions of § 6 (1) on the assignment of the institutions as well as of § 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). Non-official table of contents

§ 8 Means of the compensation facility

(1) The funds for the implementation of the compensation shall be made 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 the 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 the 30th 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 that follow the 1. In addition to the annual contribution, August 1998 has to pay a one-time payment. The compensation facility may, after approval by the Federal Office, reduce or suspend the obligation to pay if the available funds are sufficient to carry out the compensation.(3) The compensation institution shall, immediately after the information provided by the Federal Agency for a compensation case pursuant to Article 5 (3), second sentence, determine the need for funds and, subject to paragraph 4 thereof, shall immediately make special contributions to the if this is necessary for the purpose of carrying out the compensation procedure. 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 pre-paid in order to meet the needs of the funds in the event of a compensation. 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) In so far as the resource requirements of the compensation facility cannot be covered in time for the performance of their duties pursuant to § 5 (6) by the collection of special contributions, the compensation facility shall include 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 compulsory for all undertakings which have been assigned to the compensation institution at the beginning of the accounting year in which a special contribution or a special payment is made. This shall not apply to institutions which are excreted from the compensation facility prior to the determination of the compensation case.(7) The amount of the respective special contribution and the special payment concerned shall be based on the ratio of the most recent full annual contribution of the individual 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 or payable pursuant to paragraph 6 of this Article. 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 most recent 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 body of the institution of the institution. the most recent 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 of this fictitious annual contribution, special items shall be established in accordance with Section 340e (4) of the Commercial Code within the meaning of Section 340g of the Commercial Code is only taken into account in the amount of half of the amount. 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 system is to be applied to the compensation facility. the payment of payments would be in danger of fulfilling the obligations of this institution vis-à-vis its creditors.(8) Following the conclusion of a compensation procedure, the compensation institution shall report to the institutions on the use of the special contributions and special payments. It shall reimburse the special contributions and special payments paid to the institutions after the conclusion of the compensation procedure, in so far as they do not, in the case of special contributions, do not contribute to the implementation of the compensation case or in the case of special payments. Operation of a credit referred to in the first and second sentences of paragraph 5 have been used.(9) The Federal Ministry of Finance shall regulate the annual contributions, the one-time payments, the special contributions and the special payments by means of a regulation without the consent 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 can transfer the authorization to the Federal Institute by means of a legal regulation.(10) Enforcement shall take place in accordance with the provisions of the Law on Administrative Enforcement of the Compensation Facility. The enforceable copy shall be issued by the compensation facility. Contradiction and challenge against contribution modestals do not have a suspensive effect.(11) In order to fulfil the obligations laid down in § 3 (1), the compensation facility shall be liable only with the assets available on the basis of the contribution benefits after deduction of the costs referred to in the second sentence of paragraph 1. A bellious compensation facility has to maintain and manage this property separately from its other assets. Non-official table of contents

§ 9 Examination of the institutions

(1) The compensation facility is to assess the risk of the entry of a In the event of a regular and given occasion, audits of the institutions assigned to it shall be carried out regularly. 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. The opposition and the action taken against the tests shall not have suspensive effect.(2) The institutions shall be obliged to submit the annual accounts established with the relevant audit report without delay to the compensation facility to which they are assigned, as well as to provide all information and documents upon request. , which requires the compensation facility 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 for the purpose of carrying out the tasks of the institution concerned. 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) (1) to (3) of the Code of Civil Procedure It would suspend prosecution or proceedings in accordance with the Code of Administrative Offences. The obligated person shall be informed of his right to refuse the information.(3) In the case of a company which submitted a request for permission pursuant to Section 32 (1) sentence 2 of the Banking Act to the Federal Office and would be assigned to it when the permit was granted, the compensation facility may be used for examinations. Assessment of the risk of the entry of a compensation case in the case of a grant of the permit.(4) For the compensation facility at the Kreditanstalt für Wiederaufbau (Kreditanstalt für Wiederaufbau), the examinations in accordance with paragraphs 1 and 3 are carried out by the Deutsche Bundesbank. 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 must 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 facility shall be used by the Deutsche Bundesbank or, in the cases of the third sentence, to replace the appropriate third party with the personnel and material costs involved.(5) The compensation institution shall determine the details of the examinations in the examination guidelines which require the approval of the Federal Institute.(6) The employees of the compensation facility as well as the persons whose service is served may enter the premises of an institution within the usual operating and business hours, insofar as the Federal Institute for measures in accordance with § 46 of the Credit law against this institute. They shall be required to submit all the documents necessary for the preparation of a compensation procedure in accordance with the first and second sentences of Article 5 (1). In the event that areas of the Institute have been outsourced to another company, the rates 1 and 2 shall apply to that undertaking.(7) The expenses of the compensation facility for the implementation or preparation of a compensation procedure within the meaning of § 5 shall be replaced by the institution of the compensation facility.(8) If, in the course of an examination referred to in paragraph 1, or in any other way, the compensation institution considers circumstances which justify the risk of the entry of the compensation case to an institution, it shall immediately inform the institution of the Federal Office of the European Union. Non-official table of contents

§ 10 Examination of the compensation institution

(1) After the end of a calendar year, the compensation facility has a To draw up a business report and to appoint an independent auditor or an independent accounting firm to check the completeness of 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 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 cost of the administration.(2) The compensation institution has the Bundesanstalt and the Deutsche Bundesbank in each case up to the 31. The report shall be submitted to the Commission in May. The examiner must 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 shall be applied accordingly.(3) If the performance of the tasks and powers of the compensation institution has been transferred to a voucher pursuant to § 7, the Federal Court of Auditors shall examine the belived compensation facility with a view to a proper budget and Economic governance. § § 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. Non-official table of contents

§ 11 Exclusion from the compensation institution

(1) An institute will fill in the contribution or co-action obligations in accordance with § § § § 11 8 or § 9 shall not, not correct, not complete or not in good time, the compensation institution shall inform the Bundesanstalt and the Deutsche Bundesbank. 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, exclude the institution from the compensation facility. announcing. If the institution continues to 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 for the operation of securities transactions in accordance with § 1 (2) is omitted, the compensation facility shall only be liable for the liabilities of the institution which were justified before the removal of the securities. Non-official table of contents

§ 12 branches of companies based in another State of the European Economic Area

(1) 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 relation to the conditions applicable to domestic institutions, provided that the compensation under this Act the amount or extent of which exceeds the security in the company's home country. 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 state.(2) The security referred to in paragraph 1 shall be limited to the extent to which the security in the country of origin exceeds the amount and scope. Bank transactions or financial services with foreign currency or units of account are not secured.(3) A branch which is included in a compensation facility in accordance with paragraph 1 does not fulfil its obligations to the compensation institution, the compensation institution shall have the Bundesanstalt and the Deutsche Bundesbank (Bundesanstalt) . 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: is fulfilled.(4) Where the competent authorities of the home Member State do not take any action or the measures referred to in paragraph 3 prove to be inadequate, the compensation facility may, with the agreement of the competent authorities of the home Member State, the A branch with a period of twelve months shall be excluded from the compensation facility. After the exclusion, the compensation facility shall only be liable for the liabilities of the branch which were established before the expiry of this period.(5) In accordance with paragraphs 1 to 4, the compensation facility shall cooperate with the compensation institution of the State of origin in coordination with the Bundesanstalt. Non-official table of contents

§ 13 Obligation Of Confidentiality

Persons who are employed or active in the compensation facility may not be subject to any obligation to: foreign secrets, in particular operational or commercial secrets, shall not be disclosed or used without unauthorised disclosure. They are in accordance with the Commitment Act of 2. March 1974 (BGBl. 469, 547), which is 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 unauthorised disclosure or use of foreign secrets is not available if facts are passed on to the Bundesanstalt or the Deutsche Bundesbank. Non-official table of contents

§ 14 Non-application of the Insurance Supervision Act

The provisions of the Insurance Supervision Act do not apply for compensation bodies within the meaning of § § 6 and 7. Non-official table of contents

§ 15 Penal rules

(1) Contrary to the law, who intentionally or recklessly against § 9, paragraph 2, sentence 1, is acting in a manner that is not in compliance with the law. Annual financial statements with the corresponding audit report not, not correct, not complete or not in good time.(2) Contrary to the law, who, intentionally or negligently, does not give an information, not correct, not complete or not in good time, or does not give a document in time, not correct, not correct, not complete or not in good time shall be presented.(3) The administrative offence can be punished with a fine of up to fifty thousand euros.(4) Administrative authority within the meaning of Section 36 (1) (1) of the Law on Administrative Offences is the Federal Institute. Non-official table of contents

§ 16 Compulsory means

(1) The compensation facility may comply with the provisions it has received within its In accordance with the provisions of the Administrative Enforcement Act, the law enforcement powers shall be enforced by means of compulsory means.(2) The amount of the penalty shall be up to EUR 50 000 for measures pursuant to § 8 (1), 2 sentence 1, § 9 (2) sentence 1, (3) and (6) sentence 1 and 2 up to EUR 50 000, for measures pursuant to § 9 (1) sentence 1 up to EUR 100 000. Non-official table of contents

§ 17 Time scope of application

(1) A claim for compensation under this law exists for a Compensation case for non-performance of liabilities from securities transactions only if this case of compensation after the 25. The European Parliament and the Council(2) Claims for compensation under this Act may be granted for the first time as from 1. The Commission shall be notified in November 1998. If the information is provided in advance in accordance with § 5 (4), the registration period shall not begin until the first time in accordance with § 5 (5). November 1998. unofficial table of contents

§ 18 Application determination and transition control

(1) Up to 31. In December 2010, the compensation bodies and institutions may continue to be able to continue to be held in the up to 29 years. The European Parliament and the Council of the European Union(2) Institutes that are before the 30. The compensation facility may no longer be used for the settlement of compensation cases in the case of this compensation facility.(3) For compensation cases before the 30. Article 8 (3) to (10) of the European Parliament and of the Council of the European Parliament and of the Council of 30 June 2009 on the compensation procedure has not yet been concluded. The following measures apply:
1.
To the body of information by: The Bundesanstalt pursuant to § 8 (3) sentence 1 shall take place in the 30. June 2009.
2.
Already before the 30th, the compensation facility has to meet the requirements of the budget. In the case of a loan, the obligation to collect special contributions in accordance with Section 8 (3), first sentence, shall be waited in so far as the borrowing requirement is covered by the loan.
(4) Capital investment companies, which are listed on the 29. Until 29 June 2009, a permit to obtain the individual wealth management pursuant to Section 7 (2) (1) of the investment law and have not made use of this permit for more than one year shall be valid until 29 June 2009. September 2009 not as institutions within the meaning of Section 1 (1) (4).