Law governing the federal debt system (Bundesschuldenabsengesetz-BSchuWG)

Unofficial table of contents

BSchuWG

Date of completion: 12.07.2006

Full quote:

" Bundesschuldenabsengesetz vom 12. Juli 2006 (BGBl. I p. 1466), which is defined by Article 1 of the Law of 13 September 2012 (BGBl. I p. 1914).

Status:

Amended by Art. 1 G v. 13.9.2012 I 1914

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 1.8.2006 + + +)
The G was decided by the Bundestag as Article 1 of the G v. 12.7.2006 I 1466. It's gem. Article 4 (1), first sentence, of this Act entered into force on 1 August 2006. § § 1 and 2 are in accordance with. Art. 4 (2) mWv 19.7.2006 entered into force.

Part 1
Perception of tasks of federal debt and parliamentary control

Unofficial table of contents

§ 1 authorisation to transfer tasks of the debt system

(1) In order to improve the economy of the Federal Government's debt system, the Federal Ministry of Finance is authorized to carry out the following tasks of the debt system under the law of the Federal Republic of Germany-Finanzagentur GmbH. To transfer perception in the name of the federal government and its special assets:

1.

Inclusion of credit for the federal government and its special assets in accordance with § 4, as well as measures for portfolio management and market maintenance;

2.

the administration of the debt and financial instruments of the federal government and its special assets, as well as the bonds issued by the Deutsche compensatory bank;

3.

Guided tour of the Bundesschuldbuch in accordance with § § 5 to 8;

4.

Completion of operations to manage liquidity, including cash-related transactions.

From the legal transactions referred to in the first sentence, only the Federal Government or its special assets shall be entitled and obliged. The Federal Ministry of Finance decides on the terms and conditions of emission and general contractual conditions. (2) To the extent that this is necessary for the performance of the tasks assigned under paragraph 1, the Federal Republic of Germany may: Finanzagentur GmbH shall issue orders for the acceptance or performance of payments pursuant to § 70 of the Federal Budget Code, which are executed by the federal funds. The Federal Ministry of Finance may also transfer the performance of payment transactions to the Federal Republic of Germany-Finance Agency GmbH for the performance of the tasks entrusted to it and to the extent that it is a paying agent. The provisions of the Federal Budget Regulations and the implementing provisions adopted thereto shall be applied accordingly. (3) The Federal Republic of Germany-Finanzagentur GmbH shall carry out the tasks assigned pursuant to paragraph 1 as part of the public debt management of the federal government. (4) Deviating regulations of the federal government's debt management by law remain unaffected. Unofficial table of contents

§ 2 Supervision of the Federal Republic of Germany-Finanzagentur GmbH

(1) The Federal Ministry of Finance exercises the supervision of the Federal Republic of Germany-Finanzagentur GmbH regarding the legal and expedient perception of the transferred tasks of the debt system. (2) In the legal regulation pursuant to § 1 (1) (1) (1) of the German Federal Ministry of Finance In the first sentence, the Federal Ministry of Finance may decide that individual or all delegated tasks may be carried out on a temporary basis or may be transferred to a public authority in its business unit or a third party, if in other ways the the right and proper performance of the delegated tasks shall not be ensured can. Unofficial table of contents

§ 3 Parliamentary Assembly

(1) The German Bundestag shall elect a body consisting of members of the Committee on Budgets of the German Bundestag for the duration of an election period. The German Bundestag shall determine the number of members, the composition and the working method. It is elected who unites the majority of the votes of the members of the German Bundestag. If a member leaves the German Bundestag or his political group, or if a member is appointed to the Federal Minister or to the Federal Minister or to the Parliamentary State Secretary or to the Parliamentary Secretary of State, it will lose its membership in the body. A new member shall be elected immediately for a member leaving the office. (2) The Board shall be informed by the Federal Ministry of Finance on all matters relating to the federal debt system. The Federal Ministry of Finance and the Federal Audit Office are constantly represented. The Panel decides on the execution of further participants. (3) The members of the Panel are obliged to keep the confidentiality of all matters known to them in their activities. This also applies to the participants in the meetings.

Part 2
Borrowing by the Federal Government and the Federal School Book

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§ 4 borrowing of the federal government

(1) The inclusion of credits by the Federal Government and its special assets shall be effected within the framework of the respective budget law.

1.

issuance of debt securities, in particular through the issuance of debtor claims,

2.

the taking up of loans against debt,

3.

Commission of exchangeable liabilities,

4.

Bank credit or

5.

other financial instruments common to financial markets.

(2) In the context of the respective budget law, derivative financial instruments introduced in the financial markets may be used. Unofficial table of contents

Section 4a Introduction of retraining clauses

The terms and conditions of the debentures issued by the Federal Government with an initial maturity of more than one year may contain clauses which, for the purpose of rescheduling, include a change in the terms of the emission conditions by a majority decision of the Allow creditors with the consent of the federal government (retraining clauses). The retraining clauses may also provide for the possibility of uniform decision-making for debt securities of different bonds (inter-bond amendment). § § 4b to 4k shall apply to the retraining clauses to the extent that emission conditions do not provide for any deviating conditions. Unofficial table of contents

Section 4b Majority decisions of creditors

(1) The creditors may, in particular, decide on the following retraining measures (essential decisions):

1.

the reduction of interest rates, the change in their maturity, the reduction or the modification of the procedure for their calculation;

2.

the reduction of the main claim, the change in its due date or the change in the procedure for its calculation;

3.

the change in the currency of the debentures or the payment order;

4.

the other modification of a federal payment obligation;

5.

the release or modification of a guarantee or other security, provided that the release or modification of the terms and conditions are not already expressly provided for in the contract;

6.

the modification of the circumstances in which the debt securities may be terminated prematurely;

7.

the change in the ranking of claims arising from debt securities;

8.

the modification of the applicable law, provided that the debt securities are not governed by German law;

9.

the amendment of the court of jurisdiction, provided that a foreign court has been agreed in the terms of the emission conditions.

(2) The creditors shall either decide in a meeting of creditors or by means of a written vote. (3) Decisions taken in a meeting of creditors shall require a majority of at least 50 per cent of the total of the Resolution of the nominal value of outstanding debt securities. Essential decisions taken in a meeting of creditors require a majority of at least 75 per cent of the nominal value of outstanding debt securities represented in the decision-making process. Essential decisions taken in a meeting of creditors and relating to an inter-agency change require a majority of at least 75 per cent of the nominal value of the outstanding amounts represented in the decision-making process. Debt securities in respect of all bonds affected by the change and a majority of at least 66 2/3 per cent of the nominal value of outstanding debt securities represented in the decision-making process in respect of each of the individual debt securities issued by the (4) decisions taken by way of a written A majority of at least 50% of the nominal value of outstanding debt securities shall be subject to a vote. Essential decisions taken by a written vote require a majority of at least 66 2/3 per cent of the nominal value of the outstanding debt securities. Essential decisions taken by written vote and involving a cross-link amendment shall require a majority of at least 66 2/3 per cent of the nominal value of outstanding debt securities in respect of of all bonds affected by the change, as well as a majority of at least 50% of the nominal value of the outstanding debt securities in respect of each individual bond subject to the change. (5) The creditors may be able to: essential decisions and the nominal value of the majority required for a majority of (6) The majority decisions of the creditors are for all creditors of the same bond and in the case of a debt securities issued by the creditors. all creditors of the bonds affected by the amendment are equally binding. Major decisions relating to a cross-bond amendment and where the necessary majorities are achieved only with respect to some of the bonds affected by the amendment are binding on the creditors of these bonds, if the Federal Government is aware of the conditions which must be fulfilled before a date specified by it (deadline), which may not exceed five business days before the creditors ' meeting or the beginning of the written vote, and if these conditions are actually met. (7) majority decisions the creditors shall always require the consent of the Federal Government. (8) The Federal Government shall make the decisions of the creditors immediately known. Unofficial table of contents

§ 4c Voting Law

(1) In the case of creditors, each creditor shall take part in accordance with the denomination of the outstanding debt securities he holds on the date of the closing date. (2) A debenture shall be deemed not to be outstanding if it is not

1.

hold the federal government, or

2.

a legal entity controlled by the Federation, and that the legal entity cannot freely vote in a decision-making process.

A legal entity shall be deemed to be governed by the Federal Government if the Federal Government is entitled, directly or indirectly, to give instructions to the management of the legal entity or if the Federation is the majority of the members of a supervisory board, or the comparable supervisory body of the right-holder, or otherwise may rely. A creditor may vote freely when he votes to the vote

1.

is not subject to instructions from the Federal Government,

2.

, according to an objective due diligence, must act in the interests of its own interest or the interest of its partners, or

3.

must act in the interests of a person who does not hold debt securities which would be deemed to be non-pending, on the basis of a fiduciary or similar duty.

(3) By way of derogation from paragraph 2, creditors may determine the conditions under which a bond shall be deemed to be outstanding; a decision on this shall be deemed to be an essential decision. (4) The federal government shall make a list before the reference date. all creditors who, at the time of publication, are to be regarded as a legal entity governed by the Federal Government and who are considered to be unable to vote freely in the event of a decision. Unofficial table of contents

§ 4d Calculation point; certificate

(1) The Federal Government shall designate a competent body to determine whether the majorities required for the decision-making of creditors have been reached (calculation point). (2) The Confederation shall pass the calculation body before a decision by the creditors. a certificate from which it is clear:

1.

the nominal value of the debt securities outstanding on the reporting date,

2.

the nominal value of the debt securities in force on the reporting date as not outstanding within the meaning of section 4c (2) sentence 1; and

3.

the creditors of the debt securities in force on the reporting date as non-outstanding within the meaning of section 4c (2) sentence 1.

The Federal Government shall make the certificate known in good time before a decision by the creditors so that an appropriately qualified and informed creditor can verify the accuracy of the information until the decision is taken. (3) The information in the The certificate referred to in paragraph 2 shall be binding on all creditors and the Federal Government, unless an affected creditor opposes in writing and in writing, prior to the creditor's decision-making, and provided that the information is correct, and provided that: not that creditor a decision of the creditor, who is on an incorrect statement , shall be established within 15 days of the date of publication of the decision by an action in accordance with Section 4i. Unofficial table of contents

§ 4e convening of the creditors ' meeting

(1) A creditors ' meeting may be convened at any time by the Federal Government. The Federal Government has to convene a meeting of creditors, provided that a case of non-compliance with a Federal Government's obligation to pay occurs and creditors of at least 10 per cent of the nominal value of the outstanding debt Debt securities require the convocation in writing. Section 9 (2) and (4) of the Law on debt securities must be applied accordingly. The Oberlandesgericht (Oberlandesgericht) is responsible at the headquarters of the Deutsche Bundesbank. The provisions of the first book of the Law on the Procedure in Family Matters and in the Matters of Voluntary Jurisdiction are to be applied accordingly. A decision by the individual judge is excluded. The decision of the Oberlandesgericht is indisputable. (2) The creditors ' meeting is to be convened at least 21 days before the day of the assembly. A certified meeting of creditors shall be convened at least 14 days before the day of the meeting. (3) In the convocation there shall be stated:

1.

the time and place of the creditors ' meeting,

2.

the agenda, the proposals for decision-making and the conditions for decision-making,

3.

the reference date and the conditions on which participation in the creditors ' meeting depends,

4.

the conditions which must be met in order to ensure effective representation;

5.

the conditions on which the liability of creditor decisions is subject to an inter-bond change, in which the necessary majorities are achieved only with regard to some of the bonds affected by the change; and

6.

the calculation point.

(4) The convening shall be made known without delay. Unofficial table of contents

§ 4f Presidency; quorum

(1) The Confederation shall designate the Chairman of the creditors ' meeting. If the person appointed by the Federation does not appear in the Assembly, creditors holding more than 50 percent of the nominal value of outstanding debt securities represented in the Assembly may be held by the Chairman of the creditors ' meeting. (2) The creditors ' meeting shall be validly validly, if the members present represent at least 50 per cent of the nominal value of the outstanding debt securities. If essential decisions are to be taken, the creditors ' meeting shall be validly valid if the members present represent at least 66 2/3 per cent of the nominal value of the outstanding debt securities. (3) The Chairman may hold a creditor meeting if it is not quorum within 30 minutes of the start of the session. The convened assembly shall be validly validly if the members present represent at least 25 per cent of the nominal value of the outstanding debt securities. If essential decisions are to be taken, the discredited meeting of creditors shall be validly able if the members present represent at least 66 2/3 per cent of the nominal value of the outstanding debt securities. (4) The creditors may decide to do so for the creditors. -by way of derogation from paragraphs 2 and 3, the nominal value of the outstanding debt securities shall be determined, and a decision shall be taken as an essential decision thereon. Unofficial table of contents

§ 4g Representation

(1) Each creditor may be represented in the creditor's assembly by an authorized representative. The issuing of full power shall be subject to the written form. The authorization shall be proven to the Federal Government not later than 48 hours before the day of the meeting of the creditors ' meeting. (2) The revocation of the power of attorney shall only be effective if it is declared to the Federal Government at least 48 hours before the day of the meeting of the creditors. The same applies to a modification of the power of atonation. Unofficial table of contents

§ 4h Written vote

The written vote shall apply in accordance with the rules on the convening and holding of creditors ' meetings. Unofficial table of contents

Section 4i Dispute over decisions

(1) A decision of the creditors may be challenged by action for breach of the law or the terms of emission. (2) The action shall be filed within one month from the date of publication of the decision; Section 4d (3) shall remain unaffected. It shall be directed against the Federal Republic of Germany. The Oberlandesgericht (Oberlandesgericht) is responsible for the lawsuit at the seat of the Deutsche Bundesbank. The provisions of the Code of Civil Procedure on the proceedings before the Landgericht in the first legal proceedings must be applied accordingly. A decision by the individual judge is excluded. Against the decision of the Higher Regional Court, the revision takes place in accordance with § 543 of the Code of Civil Procedure; § 544 of the Code of Civil Procedure shall be applied accordingly. In addition, Section 20 (1), second sentence, and paragraph 2 of the Debt Law as well as Section 246 (3) sentences 4 to 6 of the German Stock Corporation Act must be applied accordingly. (3) Before a final decision of the Court of First Instance, the contested decision must not be allowed to , unless the court competent pursuant to the third sentence of paragraph 2 establishes at the request of the Federal Republic of Germany, in accordance with Section 246a of the Stock Corporation Act, that the filing of the action does not give effect to the enforcement of the contested decision ; § 246a (1) sentence 1 and 2, paragraphs 2, 3, sentences 1 to 4 and 6, paragraph 4 of the German Stock Corporation Act (AktG) shall apply accordingly. Unofficial table of contents

§ 4j The effectiveness and enforcement of decisions

The decisions of creditors, which modify or supplement the content of the emission conditions, shall not take effect until they have been completed. They shall be carried out in such a way as to ensure that the emission conditions are made known in their amended or amended version. Unofficial table of contents

§ 4k Notices

The notices pursuant to § 4b (6) sentences 2 and 8, § 4c (4), § 4d (2) sentence 2, § 4e paragraph 4 and § 4j shall be made in the Federal Gazette and on the Internet at the address of the Federal Republic of Germany-Finanzagentur GmbH as well as by the Deutsche Bundesbank. Unofficial table of contents

§ 5 Bundesschuldbuch

(1) A Federal debt book shall be held for the Federal Government and its special assets, which shall include the justification, documentation and management of debtor claims, as well as the documentation and management of other liabilities in accordance with the following Provisions shall be used. The Bundesschuldbuch can also be conducted electronically. (2) The Bundesschuldbuch consists of departments. Each section is entered in a department:

1.

Collecting debt claims in accordance with § 6,

2.

Individual debt accounting requirements in accordance with § 7,

3.

other liabilities within the meaning of § 4, insofar as departments have been set up for this purpose; the Federal Ministry of Finance decides on the establishment of these departments.

(3) A debtor's claim shall be established as a collective debtor's claim or a single debtor's claim by the registration in the respective department; the registration in the Bundesschuldbuch shall be deemed to have been prescribed by law. Unofficial table of contents

§ 6 Collartable accounts receivings

(1) The Federal Government and its special assets may issue debt securities by entering into the Bundesschuldbuch debtor claims up to the level of the nominal amount of the respective issue on the name of a securities collection bank (2) The collection debt collection requirement shall be considered as a collection of securities. The creditors of the collective debt collection request shall be considered co-owners in accordance with fractions. The respective share shall be determined according to the nominal amount of the debt collection requirement for the creditor in collective management. The securities collection bank administers the debt collection request in a fiduciary way for the creditors, without being entitled to the collective debt collection request. The securities collection bank may manage the debt collection request for the creditors together with their own shares. The provisions of the Depository Law shall apply accordingly. (3) Claims for the issuance of securitified school-thirdholders shall be excluded, unless the emission conditions expressly provide for such claims. (4) The securities collection bank may their securitised debt securities entrusted to them for collection custody and their special assets can be converted at any time into a collective debt collection request, provided that the emission conditions do not expressly exclude this. (5) Consists of the Federal issue partly from a collective debt collection request and partly from securitised debt securities, these parts shall be deemed to be a single collection stock. (6) The debtor of the collective debt collection request may only collect objections arising from the registration, the validity of the (7) The securities collecting bank shall be entitled to pay the interest and the capital at the time of maturity by the debtor for the collection debt claims registered on its behalf. require. The debtor shall be exempted from the debt collection claim by payment to the securities collection bank. (8) In the case of emissions or parts thereof, the debtor's own stock or one of its special assets shall be entitled to: All or part of the Federal debt book shall be deleted, provided that the emission conditions are not in conflict with that. The Federal Ministry of Finance decides on the deletion. Unofficial table of contents

Section 7 Individual debt claims

(1) Individual natural or legal persons or property masses whose administration is regulated by law or whose custodians can prove their power of disposal by means of a judicial or notarial certificate may be used during the term of a Collecting debits require that their share be converted into a book claim (single debits) denominated in their name by entry in the individual debt book, unless the justification for a claim is made in the terms of the emission conditions. Individual debits is excluded. The transfer of the application shall be made by the registered securities collection bank. The registration shall give rise to an individual debits at the level of the share. Section 6 (6) shall apply. (2) Unless the justification of a single debt book requirement is excluded in the emission conditions, a single debt requirement may also be justified by the fact that:

1.

for the creditor, who makes the purchase price available to the Federal Government, the corresponding nominal amount is entered directly as a single debtor's claim,

2.

in the case of the creditor, who provides the Bundesschuldbuch der Bundeswertpapiere for conversion into a book claim, a single debtor's claim is entered in the amount of the nominal amount of the securities delivered; in this way shall extinguish his rights in the securities provided. The legal relationship between debtors and creditors established by the security shall also apply to the individual debtor's accounts receivings.

(3) A single debtor's claim may also be entered in the Bundesschuldbuch in order to fulfil a claim for entitlement to benefits as the creditor is entitled to the creditor if the debtor is the federal government or one of his special assets. (4) Changes in the individual debtor's accounts may only be made on the basis of an application by the creditor or by a person entitled to do so by law or by law, legal business, judicial decision or enforceable administrative act. (5) The body responsible for the Bundesschuldbuch only the persons referred to in paragraph 4, as well as public authorities which are entitled to information on the basis of a law, certificates and information on all entries and changes in the debtor's account. (6) Individual debtor accounts may be required, in the case of non-compulsory individual debt claims, shall be converted, at the request of the person entitled to the custody referred to in paragraph 4, into a collection component for the custody of a credit institution. Unofficial table of contents

§ 8 Public faith of the Federal School Book

(1) In order to be effective in relation to the debtor, the individual debtor's accounts require the registration in the Bundesschuldbuch. (2) If an individual debtor's claim for a claim is made on the basis of an application by a rightholder within the meaning of Section 7 (4) , the creditor shall also acquire the creditor to the extent that the creditor is not in a state of condition to the creditor. The right of third parties to the claim, as well as restrictions on the disposal of the previous creditor, shall only be effective against the new creditor, insofar as they are registered in the Bundesschuldbuch. The rates 1 and 2 shall not apply if the new creditor is known at the time of the acquisition of the debtor's claim or, as a result of gross negligence, it was unknown that the previous creditor did not or did not have the requirement to the extent that the creditor was not to previous creditors of a restriction of disposal, or that the claim was subject to the right of a third person. (3) Who, as the holder of a lien or a usufruction on a legal basis, has been subject to a right to a right to a third party; A single debits is entered, the right also acquires, to the extent that the individual debt claim is not available to the registered creditor. (4) The entries shall be made in the same order in which the applications submitted by the Bundesschuldbuch shall be received. Unofficial table of contents

§ 9 (omitted)