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

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Read the untranslated law here: http://www.gesetze-im-internet.de/buzav/BJNR023940990.html

Ordinance, the confirmation of the conversion Bill and the procedure of allocation and the acquisition of compensation (BUZAV) BUZAV Ausfertigung date: 29.10.1990 full quotation: "regulation about the confirmation of the conversion Bill and the procedure of allocation and the acquisition of compensation as amended by the notice of 7 December 1994 (BGBl. I S. 3738), by article 1 of the Decree of 26 September 1995 (BGBl. I S. 1194) has been changed" stand : Recast by BEK. v. 7.12.1994 I 3738;
 
amended by art. 1 V v. 26.9.1995 I 1194 for details on the stand number found in the menu see remarks footnote (+++ text detection from: 4.11.1990 +++) § 1 definitions for the purposes of this regulation are 1 financial institutions businesses, empowered banking before July 1, 1990 in the area of the mark of the German Democratic Republic according to § 1 paragraph 1 of the law on banking as amended by the notice of July 11, 1985 (Federal Law Gazette I p. 1472) operated; the power can be based on law, regulation, governmental order or official permission, 2. foreign trade companies companies that have done business with companies or countries outside the currency area of the mark of the German Democratic Republic before 1 July 1990 in the area of the mark of the German Democratic Republic on behalf of public authorities within the framework of the international trade and currency monopoly. This account also companies that have taken over the business operations of foreign trade companies wholly or partly for the purpose of execution, in terms of assets to be settled.

Section 2 submission of documents (1) financial institutions and foreign trade enterprises have the federal supervisory Office for the Kreditwesengesetz (German Inspectorate) and the Deutsche Bundesbank until 15 March 1991 1 after the arrangement about the completion of bookkeeping in mark of the German Democratic Republic to June 30, 1990 by June 27, 1990 (Coll. of the GDR part I no. 40 S. 593) set up, tested and confirmed closing balance and profit and loss account to 30 June 1990 in mark of the German Democratic Republic , 2. that according to the D-Mark balance sheet Act of 23 September 1990 (BGBl. 1990 II S. 885, 1169) set up, tested, identified and with a confirmation note opening balance sheet in German marks for the 1 July 1990 in addition to annex and comparative presentation, 3. have taught him about all business transactions and insurance managers, that they have, provided all the tester which can be or are, with the currency changeover in context , a possible transformation of business since 1 March 1990 related to, and 4. the report on the audit of the opening balance sheet to submit. Financial institutions have also to submit the form completed at the date of 1 July 1990 10410/07.90 of the Deutsche Bundesbank (calculation of indicators of the principles referred to in paragraphs 10 and 11 of the law on banking - principle I-) (annex).
(2) foreign trade companies or financial institutions have according to §§ 21, 22 of the D-Mark balance sheet law setting up a consolidated opening balance sheet and a consolidated financial statements, these documents together with a report on the audit of the consolidated opening balance sheet and the consolidated financial statements are so until 15 March 1991 to submit the federal supervisory office and the German Bundesbank.

§ 3 confirmation of the conversion Bill the federal supervisory Office checks on the basis of the documents referred to in paragraph 2, whether the assets and liabilities denominated in mark of the German Democratic Republic have been converted to after the D-Mark balance sheet law and confirms the conversion Bill. It is not bound by the opinion of the auditor.

Article 4 allocation of compensation of financial institutions and trade businesses (1) sharing federal supervisory office banks claims against the compensation fund currency changeover as compensation so as to, that the assets are sufficient to cover resulting liabilities including provisions from the introduction of the currency, the Deutsche mark and the changeover in the German Democratic Republic and also equity amounting to expel that's at least 4 per cent of total assets and the utilization of the pursuant to § 10 of the law on banking of the federal supervisory Office adopted in principle I as amended by the notice of 19 December 1985 (BAnz. S. 15302) is no more than 13-fold.
(2) the federal supervisory office foreign trade companies shall assign claims against the compensation fund currency changeover as compensation so, that the assets are sufficient to cover outstanding liabilities including provisions from the introduction of the currency, the Deutsche mark and the changeover in the German Democratic Republic.
(3) the assets and liabilities of financial institutions and trade businesses revealed himself from their tested and determined opening balances at 1 July 1990 (4) which are compensation full one hundred Deutsche Mark rounded down to allocated.

§ 5 allocation of assets of the compensation fund currency changeover (1) sharing federal supervisory office the equalisation fund currency conversion claims against financial institutions too, as far as their assets resulting liabilities including provisions, as well as equity in accordance with article 4, paragraph 1 exceed that from the introduction of the currency, the Deutsche mark and the changeover in the German Democratic Republic.
(2) the federal supervisory Office shares claims against foreign trade enterprises to the equalisation fund currency changeover, if their assets exceed the resulting liabilities including provisions from the introduction of the currency, the Deutsche mark and the changeover in the German Democratic Republic.
(3) has, the federal supervisory Office allocated a claim against a financial institution or a foreign trade operation to the equalisation fund currency changeover, the undertaking concerned tells it that this has a corresponding compensation liability to the equalisation fund currency changeover.
(4) the federal supervisory office tells the amount of equalisation claims against him pursuant to § 4 para 1 and 2 as well as its claims the compensation fund currency conversion according to paragraphs 1 and 2. As far as the compensation claims against him are higher according to article 4, paragraph 1 and 2 as a whole as its claims according to paragraphs 1 and 2, the federal supervisory Office shares a claim against the funds of the Federation "Credit settlement fund" to the compensation fund currency changeover. The updated balance of compensation according to § 4 para 1 and 2, as well as the demands for paragraphs 1 and 2 will be confirmed once a month the equalisation fund currency changeover. The confirmation deemed allocation.
(5) paragraph 3 and 4 shall apply mutatis mutandis § 4.

§ 6 interest rate interest rate and repayment (1) which are quarterly arrears without prejudice to the timing of its allocation beginning with July 1, 1990 compensation after § 4 para 1 and 2 and the requirements of the compensation fund currency conversion according to § 5 ABS. 1, 2 and 4. In the initial allocation of a claim or part of a claim are interest rates for interest periods already expired at the time of allocation within six weeks after the adoption of the allocation decision to make. Interest rates are on the part of the principal amount to be paid, which was not yet repaid. The interest rate will be the offered quotation for deposits in German mark among banks for a period corresponding to the period in Frankfurt am Main (3-month FIBOR). For the relevant interest period, the 3-month FIBOR rate by the second business day before the start of the interest period is decisive up to June 30, 1991 (according to § 2 para 3 of the conditions for the loan, the Federal Republic of Germany of 1990 - securities identification number 113 478 - without the advance referred to therein). With effect from 1 July 1991, the rate determined on the second business day prior to the beginning of the period of interest in Frankfurt am main by Telerate in the FIBOR fixing and published on the television rate screen page 22,000 applies to the interest rate. Cases of force majeure, which excludes an input and calculation of Telerate, reports the quotations on the German Bundesbank, providing a suitably timely publication.
(2) the compensation according to § 4 par. 1 and 2 and the requirements of the compensation fund currency conversion according to § 5 ABS. 1, 2 and 4 may be blotted out starting from July 1, 1995, a year later in the amount of 2.5 per cent of the nominal value, for the first time on July 1, 1996; the debtor is entitled to the end of each calendar year to the further partial or full redemption, unless he six weeks beforehand in writing has indicated his intention of repayment and the amount to 2(2c) the Fund currency changeover.

§ 7 temporary nature of the allocation (1) all compensation according to article 4, paragraph 1 and 2 and claims according to § 5 ABS. 1, 2 and 4 are until the end of the fiscal year that ends before the year 1995 for the time being allocated. Preliminary allocations are changed pursuant to sentence 1 prior to the final allocation, except that a change in the allocation of an amount of less than ten thousand Deutsche Mark correction value approaches would lead to.
(2) financial institutions and foreign trade companies are obliged to inform the federal supervisory Office of any correction of a value approach under section 36 of the D-Mark balance Act. You have to do this, even to submit an excerpt of the relevant audit report with the auditor's report of the Auditor, if the federal supervisory office receives the full audit report under other legislation.
(3) a financial institution or foreign trade operating all its assets and liabilities, which are based on the opening balance sheet, another company transfers, the financial institution or the foreign trade operation shall immediately indicate this to the federal supervisory office. The acquiring company has to collect the transferred assets and liabilities separately until the determination of the annual financial statements for the fiscal year ending in the year 1994 in his books and to continue. Paragraph 2 shall apply accordingly for the acquiring company.
(4) results in the final allocation, provisionally allocated to compensation according to article 4, paragraph 1 and 2 and claims according to § 5 ABS. 1, were too high or too low sized 2 and 4 on the basis of a correction value approaches and a change in the opening balance sheets, are to repay interest too much paid, to pay unpaid interest, and each within six weeks after the final allocation. Sentence 1 shall apply accordingly when changes provisional allocations referred to in paragraph 1 sentence 2.

§ 7a advance allocation (1) the federal supervisory office can following receipt of the documentation referred to in § 2 advance preliminary financial institutions pursuant to § 4 paragraph 1 up to the amount of 80 per cent and foreign trade enterprises in accordance with § 4 paragraph 2 at the request of the shareholder to allocate the amount of 50 per cent of the compensation claims arising from the approved and established DM opening balances, to July 1, 1990. Financial institutions can the advance allocation up to 90 per cent of the compensation claim stated in the DM - opening balance sheet changed to 31 December 1993 in accordance with section 36 D-Mark Accounting Act and foreign trade businesses will be at the request of the shareholder to increase up to 90 per cent of the compensation claim stated in the DM - opening balance sheet changed to 31 December 1991. The preliminary allocations are subject to the final allocation after confirmation of the conversion Bill. § 7 para 4 and § 8 para 2 sentence 2, para 3 shall apply accordingly.
(2) the federal supervisory office can allocate up to the amount of 80 per cent of compensation liabilities resulting from the approved and established DM opening balances, to July 1, 1990, at the request of the shareholders of the foreign trade enterprises up to the amount of 100 per cent advance for the time being the equalisation fund currency conversion claims against financial institutions pursuant to § 5 para 1 and against foreign trade companies in accordance with § 5 ABS. 2 following receipt of the documents referred to in paragraph 2. Paragraph 1 are set 2 and § 7 para 4 apply mutatis mutandis.

§ 8 assignment, pledge or compensatory debt in bearer bonds (1) compensation allocated to according to § 4 par. 1 and 2 can be created, assigned and pledged.
(2) at the request of the creditor, definitively allocated to equalisation claims are according to § 4 para 1 and 2 of the compensation fund currency changeover in bearer bonds to convert. Provisionally allocated to equalisation claims cannot, up to the amount fixed by the federal supervisory office converted into bearer bonds, according to § 4 par. 1 and 2 over 75 per cent. The compensation fund currency changeover has to representing the sum of the nominal of the converted compensation demands in a global certificate deposited with the Deutsche Kassenverein in favour of the beneficiaries. The issue of definitive notes is excluded. The compensation fund currency changeover makes known the conditions of issue for the promissory notes in the Federal Gazette.
(3) for the time being allocated to equalisation claims in bearer bonds have been transformed and emerges on the basis of valuations and a change in the opening balance sheet correction that they were too high-sized, so not conversed compensation or bearer bonds are to transfer the compensation fund currency changeover to an appropriate extent. If a transfer is not possible, is the amount of the compensation were rated too high to the, to refund money.

Testing and intervention powers of the federal supervisory Office (1) that can Federal Inspectorate information about all the currency changeover and the allocation of compensation-related business issues as well as the presentation of books and writings, also to the extent that they affect operations before July 1, 1990, and providing an expert opinion for the valuation of certain assets and liabilities require § 9. It can examine in particular whether claims against former equity holders are fully covered. It can use in its work of other persons and bodies.
(2) to the documentation referred to in § 2 failure, the test statement referred to in section 7, paragraph 2 does not immediately submitted or orders not immediately follow referred to in paragraph 1, so the federal supervisory authority can enforce his injunctions with coercion according to the provisions of the administrative enforcement Act.
(3) the federal supervisory Office decides on the allocation of a compensation claim after § 4 para 1 and 2, as well as a claim according to § 5 ABS. 1, 2 and 4 even without application.

§ 10 (entry into force) system (to section 2 paragraph 1) calculation of indicators of the principles referred to in paragraphs 10 and 11 of the law on banking - notice No. 1/69 of the federal supervisory Office for banking, last modified with notice of 23 September 1988 - (content: not displayable form, site: BGBl. I, 1994, 3742)