Regulation On The Confirmation Of The Conversion Bill And The Procedure Of Allocation And The Acquisition Of Compensation

Original Language Title: Verordnung über die Bestätigung der Umstellungsrechnung und das Verfahren der Zuteilung und des Erwerbs von Ausgleichsforderungen

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.

Regulation on the confirmation of the conversion invoice and the procedure for the allocation and purchase of countervailing claims (BUZAV)

Non-official table of contents

BUZAV

Date of completion: 29.10.1990

Full quote:

" Regulation on the confirmation of the conversion invoice and the procedure for the allocation and purchase of compensation claims in the version of the notice of 7. December 1994 (BGBl. 3738), as defined in Article 1 of the 26th Regulation. September 1995 (BGBl. I p. 1194) "

:Recast by Bek. v. 7.12.1994 I 3738;
modified by Art. 1 V v. 26.9.1995 I 1194

For details see the menu under Notes

Footnote

(+ + + Text evidence from: 4.11.1990 + + +)

Non-official table of contents

§ 1 Definitions

For the purposes of this Regulation,
1.
Geldinstitute Company, which is before the 1. July 1990 in the currency area of the Mark of the German Democratic Republic, banking transactions are authorized in accordance with Article 1 (1) of the Law on credit accounts in the version of the notice of 11. July 1985 (BGBl. I p. 1472); the power may be based on law, regulation, administrative order or official permit,
2.
Wholesale Companies, which are: before 1. July 1990 in the currency area of the mark of the German Democratic Republic on behalf of public authorities within the framework of the foreign trade and value monopoly business with companies or countries outside the currency area of the mark of the Germans Democratic Republic. To this end, companies that have taken over the business operations of foreign trade companies in whole or in part for the purpose of handling the assets are also expected to be able to do so in respect of the assets to be unfolded.
unofficial table of contents

§ 2 filing of documents

(1) financial institutions and foreign trade companies have the Federal Supervisory Office (Bundessupervisory Office) for the credit sector (Bundessupervisory Office) and the German Bundesbank up to the 15th March 1991
1.
following the order on the conclusion of the accounts in Mark of the Germans Democratic Republic to the 30th 27 June 1990, June 1990 (GBl. Under the terms of Part I, No 40 p. 593), the final balance sheet, verified and confirmed, as well as the profit and loss account of the 30. June 1990, in Mark of the German Democratic Republic,
2.
according to the D-market balance law of 23. September 1990 (BGBl. 885, 1169), verified, identified and endorsed opening balance sheet in German mark for the first time in the German mark. July 1990, in addition to appendix and comparative presentation,
3.
an insurance of the directors, that they have submitted to the auditor all the documents which have been submitted to the auditor. In the event of a change in the currency, it has been informed of any transactions that have been carried out with a possible reorganization of the business activity since the 1 January 2008. The report on the audit of the opening balance sheet
be submitted in March 1990, as well as
4.
. In addition, the financial institutions shall have the following on the date of the deadline 1. 1 July 1990 Form 10410/07.90 of the Deutsche Bundesbank (calculation of the principles of the principles according to § § 10 and 11 of the Law on the Banking Act-Principle I-) (annex).(2) In accordance with § § 21, 22 of the D-market balance law, foreign trade companies or financial institutions have drawn up a consolidated balance sheet and a group annex, these documents and the report on the audit of the consolidated balance sheet and the consolidated financial statements are Group attachment up to the 15th March 1991 to the Federal Supervisory Office and the Deutsche Bundesbank (Bundessupervisory Office). Non-official table of contents

§ 3 Confirmation of the conversion invoice

The Federal Supervisory Office shall examine, on the basis of the documents referred to in § 2, whether the Assets and liabilities in Mark of the German Democratic Republic have been converted in accordance with the D-market balance law and confirms the conversion bill. It is not bound to the audit opinion of the auditor. Non-official table of contents

§ 4 Allocation of compensation claims of the financial institutions and foreign trade companies

(1) The Federal Supervisory Office shares Financial institutions claims against the compensation fund, as compensation claims, in such a way as to ensure that the assets are sufficient to meet the requirements of the introduction of the currency of the German mark and the changeover in the German currency The Republic of the Democratic Republic of the Republic of Germany, including the provisions of the reserve, and also to show equity in the amount that it has at least 4 of the hundred of the balance sheet total and the utilization of the balance sheet according to § 10 of the Law on the Federal Supervisory Office's credit rating in principle I, as amended by the 19. December 1985 (BAnz. 15302) is at most 13 times.(2) The Federal Supervisory Authority shall notify foreign trade companies of claims against the compensation fund currency conversion as compensation claims in such a way that the assets are sufficient to cover the costs arising from the introduction of the currency of the German mark and the Currency conversion in the German Democratic Republic to cover outstanding liabilities including provisions.(3) The assets and liabilities of the financial institutions and foreign trade holdings shall be the result of their assessed and established opening balance sheets for the first time. July 1990.(4) The compensatory claims shall be allocated to a full one hundred German marks. Non-official table of contents

§ 5 Allocation of claims of the balance fund currency change

(1) The Federal Supervisory Office shares the compensation fund Currency conversion receivables against financial institutions, insofar as their assets include the liabilities arising from the introduction of the currency of the Deutsche Mark and the currency conversion in the German Democratic Republic, including of the provisions and of the equity in accordance with Section 4 (1).(2) The Federal Supervisory Office shall notify the compensation fund for the currency conversion against foreign trade undertakings, insofar as their assets are the result of the introduction of the currency of the Deutsche Mark and the changeover in the German Democratic Republic. Republic of outstanding liabilities, including provisions.(3) Where the Federal Supervisory Authority has allocated a claim against a financial institution or an external trading establishment to the compensation fund, it shall inform the undertaking concerned that it must make a corresponding compensatory obligation. in relation to the compensation fund for the exchange of currency.(4) The Federal Supervisory Office shall communicate to the compensation fund currency conversion the amount of the compensation claims against it pursuant to section 4 (1) and (2) as well as of its claims pursuant to paragraphs 1 and 2. In so far as the countervailing claims against him pursuant to § 4 (1) and (2) are generally higher than his claims under paragraphs 1 and 2, the Federal Supervisory Office shall notify the compensation fund for the changeover to the special assets of the exchange fund. Federal Government "Credit settlement fund". The continuing balance of the compensatory claims in accordance with Article 4 (1) and (2) and the claims referred to in paragraphs 1 and 2 shall be confirmed once a month to the compensation fund for the exchange of currency. The confirmation shall be considered as a dispatch.(5) § 4 (3) and (4) shall apply accordingly. Non-official table of contents

§ 6 Insuration and repayment

(1) The compensation claims in accordance with § 4 (1) and (2) and the requirements of the compensation fund Currency conversion in accordance with § 5 (1), (2) and (4) shall be without prejudice to the time of its allocation, starting with the 1. It was subsequently awarded quarterly interest in July 1990. In the case of the initial allocation of a claim or part of a claim, interest shall be paid at the time of dispatch already elapsed within six weeks of the date of dispatch of the allocation modest. Interest shall be paid on the part of the capital amount which has not yet been repaid. The interest rate corresponds to the offer rate for deposits in German Mark under banks for a period corresponding to the period in Frankfurt am Main (3-month-FIBOR). For the respective period of interest, up to and including 30. June 1991 of the 3-month FIBOR rate from the second business day before the beginning of the period of interest (corresponding to § 2 para. 3 of the terms of the Federal Republic of Germany bond issued by 1990-Securities ID No 113 478-without the provisions of the Abatation). With effect from 1. July 1991 is valid for the interest on the second business day before the beginning of the period of interest in Frankfurt am Main by Telerate in the FIBOR-Fixing and published on the Telerate screen page 22,000 published sentence. In the case of force majeure, which excludes an entry and identification via Telerate, the quotes are reported to the Deutsche Bundesbank, which provides for a correspondingly up-to-date publication.(2) The compensation claims in accordance with § 4 (1) and (2) and the claims of the compensation fund for the exchange of currency in accordance with § 5 (1), (2) and (4) shall be commencing with the 1. It was subsequently repaid in July 1995 at a level of 2.5 per cent of the nominal value, for the first time on 1 January 1995. July 1996; the debtor is entitled to a further partial or complete repayment at the end of each calendar year, provided that he/she has the right of repayment and the amount of the amount to be repaid to the compensatory fund for the exchange of currency six Weeks earlier in writing. Non-official table of contents

§ 7 Preliminary frequency of allocation

(1) All compensation claims pursuant to § 4 (1) and (2) and claims pursuant to § 5 (1), 2 and 4 shall be allocated provisionally until the end of the financial year ending before 1995. Provisional allocations under the first sentence shall be amended before the final allocation, unless the correction of value rates would result in a change in the allocation by an amount of less than ten thousand German marks.(2) Money institutions and foreign trade companies are obliged to inform the Federal Supervisory Office of any correction of a value replacement according to § 36 of the D-market balance sheet law. To this end, you have to submit an excerpt from the examination report concerned with the audit opinion of the auditor, even if the Federal Supervisory Office receives the full audit report under other legislation.Where a financial institution or an external trading company transfers all of its assets and liabilities which are the basis of the opening balance sheet to another undertaking, the financial institution or the external trade company shall immediately to the Federal Supervisory Authority. The acquiring company must separately record and continue the transferred assets and liabilities until the annual financial statements for the financial year ending in 1994 are established in its books. Paragraph 2 shall apply mutatily to the acquiring undertaking.(4) In the case of the final allocation, there shall be too high a compensatory claim for provisionally granted compensation pursuant to section 4 (1) and (2) and claims pursuant to section 5 (1), (2) and (4) on the basis of the correction of value rates and a change in the opening balance sheets; or have been too low to pay off too much interest, not to repay the interest paid, within six weeks of the final allocation. The first sentence shall apply in the case of a change in the preliminary allocation referred to in the second sentence of paragraph 1. Non-official table of contents

§ 7a Pre-dispatch

(1) The Federal Supervisory Office may, after the presence of the documents referred to in § 2 above, provisionally Financial institutions according to § 4 (1) to the level of 80 of the hundred and foreign trading companies pursuant to § 4 (2) at the request of the shareholders up to the amount of 50 of the hundred of the DM opening balances to the 1 audited and established. The European Parliament and the Council of the European Union. In the case of financial institutions, the pre-allocation can be up to 90 per cent of the one in the 31. December 1993 pursuant to § 36 of the German Market Balance Act (DM)-opening balance sheet and for foreign trade companies at the request of the shareholders up to 90 of the hundred of the one in the 31. The DM-opening balance sheet, which was amended in December 1991, was increased. The pre-allocations shall be subject to the final allocation after confirmation of the conversion invoice. § 7 (4) and § 8 (2) sentence 2, para. 3 are to be applied accordingly.(2) The Federal Supervisory Office may preliminary preliminary claims against financial institutions pursuant to section 5 (1) and against foreign trade companies pursuant to § 5 (2), after the existence of the documents referred to in § 2, up to the amount of 80 of the one hundred of the DM opening balances audited and established for the first time. At the request of the shareholders of the foreign trade companies, the resulting compensation liabilities also up to the level of 100 of the hundred. The second sentence of paragraph 1 and section 7 (4) shall apply accordingly. Non-official table of contents

§ 8 assignment, pledge and conversion of countervailing claims in bearer bonds

(1) Compensation claims pursuant to § 4 (1) and (2) may be resigned, inked and pledged.(2) At the request of the creditor, definitively allocated compensatory claims pursuant to section 4 (1) and (2) of the compensation fund shall be converted into bearer bonds. Compensatory claims provisionally granted pursuant to § 4 (1) and (2) may be converted into bearer bonds up to the amount of the amount fixed by the Federal Supervisory Authority, but not more than 75 per cent. The compensation fund for the exchange of currency has the sum of the nominal amounts of the converted compensation claims in a global certificate, which will be deposited with the German cash register for the benefit of the beneficiaries. The issue of individual certificates is excluded. The compensation fund currency conversion makes the emission conditions for the bearer bonds in the Federal Gazette known.(3) If compensatory claims for holders of bearer bonds have been converted for the time being, and the correction of value rates and a change in the opening balance sheet have resulted in them being too high, the amount of the compensatory claims shall be: Compensatory Fund for the conversion of non-converted compensatory claims or bearer bonds to an appropriate extent. To the extent that a transfer is not possible, the amount by which the compensation claims were too high to be reimbursed shall be paid in cash. Non-official table of contents

§ 9 Examination and powers of intervention of the Federal Supervisory Office

(1) The Federal Supervisory Office can provide information on all of the Currency conversion and the allocation of compensation claims relating to business matters, as well as the presentation of books and writings, including those before the 1. The Commission is required to submit an expert opinion on the valuation of certain assets and liabilities in July 1990. In particular, it may examine whether claims against previous shareholders are fully covered. It may serve other persons and facilities in carrying out its duties.(2) If the documents referred to in § 2 are not submitted in due time, the examination statement referred to in § 7 (2) shall not be filed without delay or orders pursuant to paragraph 1 are not immediately followed, the Federal Supervisory Office may use its provisions with Enforcing compulsory funds under the provisions of the Administrative Enforcement Act.(3) The Federal Supervisory Authority shall decide on the allocation of a compensation claim pursuant to § 4 (1) and (2) and a claim pursuant to § 5 (1), (2) and (4), even without a request. Nonofficial table of contents

§ 10

(Entry into force) Non-official Table of contents

Appendix (to § 2 para. 1)
Calculation of the characteristics of the principles according to § § 10 and 11 of the law on credit
-Announcement No. 1/69 of the Federal Supervisory Office for the credit sector, last amended by Notice of 23 March 2011 September 1988-

(Content: Non-representable form,
Fundstelle: BGBl. I 1994, 3742)