Law On Custody And Purchase Of Securities

Original Language Title: Gesetz über die Verwahrung und Anschaffung von Wertpapieren

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Law on the custody and purchase of securities (custodian law-custodians)

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custodian

date of delivery: 04.02.1937

full quote:

" Depository law in the version of the Notice of 11. January 1995 (BGBl. 34), as last amended by Article 2 (38) of the Law of 1. April 2015 (BGBl. I p. 434) "

:Recaught by Bek. v. 11.1.1995 I 34;
as last amended by Art. 2 para. 38 G v. 1.4.2015 I 434

For details, see the Notes

Footnote

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Heading: short heading u. Letter abbreviation inserted. by Art. 1 No. 1 G v. 17.7.1985 I 1507 mWv 26.7.1985 Non-official table of contents

§ 1 General provisions

(1) Securities within the meaning of this Act are shares, Kuxe, Notes, interest, share and renewal certificates, debentures denominated in the holder or transferable by indossment, and other securities, if they are defensible, with the exception of banknotes and paper money. Securities within the meaning of this Act are also name bonds as long as they have been issued on the name of a securities collection bank.(2) In the sense of this law, a deer is to whom, in the operation of his or her commercial securities, securities are entrusted unobtrucly to the custody.(3) Securities collecting banks shall be credit institutions which are recognised as such by the competent authority of the country in whose territory the credit institution is situated. The recognition of the credit institution as a securities collection bank may, in the interests of investor protection, be made subject to the fulfilment of conditions. The recognition and its cancellation and obligations shall be publicly disclosed.

1. Section
Preservation

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§ 2 Special Preservation

The Verwahrer is obligated to keep the securities under to retain, separately from their own holdings and from those of third parties, the externally recognisable name of each deposit, in the case of securities which are not admitted to the collection of custody by a securities collection bank; or if the depositor requires the separate storage. This does not affect any rights and obligations of the depositary, for the depositors, or to carry out administrative acts. Non-official table of contents

§ 3 Third-party custody

(1) The Verwahrer is entitled to use the securities under his name to another Securities To entrust to safekeeping. Branch offices of a depositary shall be considered to be different depositors within the meaning of this provision, both among themselves and in their relationship with the main body.(2) The depositary who allows securities to be held by another depositary (interim depositary) shall be liable for the fault of the third-party depositary as for his own fault. He shall remain responsible for the observation of the necessary diligence in the selection of the third party depositary, even if he has been liable for the fault of the third party depositary by contract, unless the documents are to be paid on the express instruction of the backer for a particular third-party-holder. Non-official table of contents

§ 4 Limited use of retention and retention rights

(1) Trust of the securities of the securities to be Third, the third party shall be deemed to be aware of the fact that the securities do not belong to the demise. The third party may, in the case of securities, claim a lien or a right of retention only on the basis of such claims which have arisen with respect to those securities or for which the securities are subject to the same information on the basis of the securities between the third party and the securities. To be held liable to the third party or to the third party.(2) Paragraph 1 shall not apply where the deer expressly and in writing informs the third party for the individual transaction that he is the owner of the securities.(3) Paragraph 1 shall not apply to a person who does not engage in banking transactions with securities to a third party who does not engage in banking transactions. If he is not the owner of the securities, he shall inform the third party accordingly; in that case, the second sentence of paragraph 1 shall apply. Non-official table of contents

§ 5 Collar-safekeeping

(1) The Verwahrer shall be entitled to represent transferable securities which are to be held in custody by a The securities collection bank shall be admitted to the collective custody, unless the depositary has required the separate storage of the securities in accordance with § 2 sentence 1. In place of the retention of collection by a securities collection bank, the inventor may keep the securities from his holdings of the same kind or from such third parties themselves or entrust them to a third party for the custody of the securities, if the He has authorized him expressly and in writing to do so. Authorisation may not be contained in the depositary's terms and conditions, nor may it refer to other documents; it must be granted in particular for each depositary business.(2) The depositary may, instead of taking the delivered piece into the collection custody, transfer a corresponding collection component to the rear-arm.(3) § 3 shall apply to the collection custody of a third party.(4) Securities collection banks may entrust a foreign depositary with securities for collective custody in the context of a mutual account agreement which is agreed to take up cross-border securities transactions, provided that
1.
the foreign depositary in his host country will perform the duties of a securities collection bank and a public oversight or other supervision equivalent to that of investors,
2.
the depositary with regard to the collection stock of this Depositors shall be granted a legal status equivalent to that laid down in this Act
3.
The claim of the securities collection bank against the foreign Depositors on the delivery of the securities do not preclude bans on the host State of that depositary and
4.
the securities are justifiable and for the collection of custody by the securities collection bank and the foreign depositary are admitted in the context of their mutual account connection.
The liability of the securities collecting banks pursuant to § 3 (2) sentence 1 for a fault of the foreign depositary may be The agreement shall not be limited. Non-official table of contents

§ 6 Co-ownership of the collection, administrative authority of the depositary in the collection custody

(1) Securities in In the case of collective custody, co-ownership shall be established at the time of receipt by the collector of the owner of the securities of the same type, which is the property of the depositary of the depositary, in accordance with fractions of a fraction. For the determination of the The amount of the securities shall be determined by a fraction of the nominal value of the securities without a nominal amount.(2) The collecting depositary may, from the collection stock, deliver to each of the depositors the quantity due to it or take out the quantity which is due to it, without the need for the agreement of the other parties concerned. In other ways, the collector must not reduce the collection stock. In the case of third party custody, these provisions shall apply mutaly to the intermediary of the intermediary. Non-official table of contents

§ 7 Supplier's extradition claims in collection custody

(1) In the case of the depositary, the depositary may The collection of securities shall require him to be extradited from the collection stock to the sum of the nominal amount, in the case of securities without a nominal amount equal to the number of securities held for him in custody, and the items he has delivered to him he can't reclaim.(2) The collecting depositary may refuse delivery in so far as the amount due to the depositor in accordance with § 6 has been reduced as a result of loss in the collection stock. He shall be liable to the depositor for the failure, unless the loss in the collection stock is due to circumstances which he has not to represent. Non-official table of contents

§ 8 Claims of the co-owners and other persons entitled to do so in the case of collective custody.

The claims of the In accordance with § 6 (2) sentence 1, § 7, the provisions of § 6 para. 2 are to be applied in accordance with the requirements of each co-owner or otherwise of the entitled person. Non-official table of contents

§ 9 Limited use of pledge and retention rights in the case of collection custody

§ 4 applies analogously also to the assertion of rights of lien and retention of rights of collection components. Non-official table of contents

§ 9a Collectors ' certificate

(1) The Verwahrer has a security that securites several rights that are applicable to each other in a reasonable way. Securities of one and the same kind may be securitised (a collective certificate) to be handed over to a securities collection bank for the purpose of safekeeping, unless the depositor has requested the separate retention of the collection certificate in accordance with § 2 sentence 1. The exhibitor may, at any time and without the consent of the other participants,
1.
one of the Securities collection bank held in custody wholly or in part by individual securities to be held in collective custody or
2.
individual securities of a collection stock of a securities collection bank by a collection certificate
.§ § 6 to 9 and the other provisions of this Act shall apply to a securities collection bank alone or together with individual securities issued in respect of the rights of the type securitised in the class of collective documents. , in accordance with the provisions of paragraph 3, by way of collective custody and collection components, unless otherwise specified in paragraph 3.(3) If, pursuant to § § 7 and 8, the extradition of individual securities is required, the issuer must replace the collection certificate with individual securities in so far as it is necessary for the extradition; during the period of manufacture of the securities, the issuer must The securities collection bank may refuse extradition to any period necessary for individual securities. If the issuer is not obliged under the underlying legal relationship to issue individual securities to the holders of the rights securitised in the collective document, the delivery of individual securities may also be issued by the securities collection bank. Securities are not required. Unofficial table of contents

§ 10 Custody of the exchange

(1) A statement authorizing the depositary to retain the depositary in place of the depositary. to return securities of the same type to a securities entrusted to them, must be expressly and in writing for the individual custody business. It may not be included in the depositary's terms and conditions nor be referred to other documents.(2) The same form shall require a declaration authorizing the depositary to replace securities deposited by securities of the same kind.(3) (unopposed) Unofficial table of contents

§ 11 Scope of the authorization to retain the exchange

A statement by which the depositary shall: Verwahrer authorizes, in place of him, to return securities of the same type to him for the safekeeping of securities of the same kind, if this is not expressly excluded in the declaration, the empowerment, the securities already prior to the return of the securities be replaced by securities of the same type. It does not include the authorization to take measures of a different nature and does not mean that the ownership of the securities should already be transferred to the devotion by their receiving. Non-official table of contents

§ 12 Commitments to pledge

(1) The Securities and Markets Authority may only use the securities or the collection components on the basis of a Authorisation and only in connection with a credit clearance for the backer and only to a depositary. The authorisation must be expressly and in writing for the individual depositary business; it may not be contained in the depositary's terms and conditions, nor may it refer to other documents.(2) The depositary may only take back credit to the transferable securities or collection components until the total amount of the loans which he has granted to the depositors. The securities or collection components may only be charged with pledge rights in order to secure this return credit. The value of the pledged securities or collective components shall be at least equal to the amount of credit granted to the depositary, but shall not exceed it inappropriately.(3) The depositors shall only authorize the depositary to pledge the securities or shares to the amount of the credit granted by the depositary to the depositary (limited pledge), so the authorization shall not be given in the form of of the second sentence of paragraph 1. The third sentence of paragraph 2 shall remain unaffected.(4) The depositors shall have the power to pledge the depositary, the securities or the share of the shares in respect of all liabilities of the depositary and without regard to the amount of the credit granted to the depositor (unrestricted pledge), expressed in the empowerment that the depositary may order unrestricted lien, that is to say, for all its liabilities and without regard to the amount of the credit granted to the depositary. This shall apply mutafictily if the depositary rescues the depositary from the maintenance of individual restrictions in paragraph 2.(5) The Verwahrer, who is authorized to pledge securities or collective components, may pass on the authorization as it is given to him. Unofficial Table Of Contents

§ 12a Pledge as collateral for liabilities from stock exchange transactions

(1) By way of derogation from § 12, the Verwahrer shall be entitled to securities or collateral components on the basis of an express and written authorisation as collateral security for its liabilities arising from transactions on a stock exchange subject to statutory supervision on that stock exchange, the carrier or a legally competent body entrusted by it with the conduct of business under its supervision, the business of which is limited to that activity, provided that the business of the backer with the devoter is equal to the content of the business. Liabilities of the rear-legator. The value of the pledged securities or collection components shall not exceed the amount of the deposit owed by the deposit in relation to the distributor from that transaction. The authorisation of the backer referred to in the first sentence may be granted in advance for an indefinite number of such pledges.(2) The presenter must ensure, in respect of the creditor's creditor, that the pledged securities or shares for his liabilities referred to in paragraph 1 may be used only in so far as the liabilities of the creditor are not A backer shall be placed against the deconfer referred to in paragraph 1. The Verwahrer is liable for a fault of the creditor as for his own fault; this liability can not be limited by agreement. Unofficial table of contents

§ 13 Authorisation at the disposal of the property

(1) A statement authorizing the deputist to be to acquire securities entrusted to them or to transfer the property to a third party, and then only to be obliged to return securities of the same kind, must be expressly and in writing in respect of the individual depositary business. shall be given. The declaration must reflect the fact that the exercise of authorization shall transfer ownership of the depositary or a third party, and therefore only to the depositary of a claim on the supply of a debt by type and number of certain persons. Securities are being created. The declaration may not refer to any other documents or to other statements made by the backer.(2) When the depositary is in possession of the securities or transfers ownership of them to a third party, the provisions of this Section shall no longer apply from that date to such a depositary. Non-official table of contents

§ 14 custody book

(1) The depositary is obliged to conduct a trading book in which each of the depositors and the kind, The nominal amount or number, numbers or other characteristics of the securities held for him/her shall be entered. If the numbers or other designation characteristics result from directories which are kept in addition to the depositary book, the reference to these directories shall be sufficient to the extent that it is appropriate.(2) The registration of a security may be prevented if its custody is terminated before the registration has been effected in the event of a regular business operation.(3) The provisions relating to the management of a custody book shall also apply to the collection of custody.(4) In the case of securities issued by the depositary to a third party, he shall indicate the place of establishment of the third party in the custody account. If the name of the third party does not result from the other accounting, from directories which are kept in addition to the custody account, or from the correspondence, the name of the third party shall also be indicated in the depositary book. If the depositary is authorized to collect custody pursuant to section 5 (1) sentence 2, for the custody of the exchange, for pledging or at the disposal of the property, he shall also be able to make this visible in the custody account.(5) In the case of securities entrusted by him to the third depositary, a depositary of a depositary who does not own the securities entrusted by him to the third depositary (Section 4 (3)), the third depositary shall have the right to know this in the case of the registration in the custody account. Unofficial table of contents

§ 15 Unregular safekeeping, securities loans

(1) If securities are to be held in custody in such a way that the securities are not Property immediately transferred to the depositary or to a third party and the depositary is only obliged to grant back securities of the same kind, the provisions of this section shall not apply to such a depositary business.(2) An agreement of the type referred to in paragraph 1 shall be valid only if the declaration of the deposit for the individual transaction is made expressly and in writing. The declaration must state that ownership should immediately be transferred to the depositary or a third party, and that only a claim for the delivery of certain securities by type and number of certain securities shall be created for the depositary. The declaration may not refer to any other documents or to other statements made by the backer.(3) These provisions shall apply mutatily if securities are granted to someone in the operation of his/her business as a loan. Non-official table of contents

§ 16 Liberation of formal regulations

The formal requirements of § 4 (2), § 5 (1) sentence 2 and 3, and § § 10, 12, 13 and 15 (2) and (3) shall not apply if the depositary is subject to statutory supervision and the depositary is a merchant, the
1.
entered in the trade register or cooperative register, or
2.
in the case of a legal Person governed by public law, in accordance with the applicable law, not to be registered or
3.
is not registered, because he/she is based or its principal place of business abroad.
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§ 17 Pfandverpreservation

If securities are unsealed as a deposit, the creditor shall have the duties and powers of a depositary. Non-official table of contents

§ 17a Orders on securities

dispositions of securities or collective components of securities issued by the right-wing Effect in a register or recorded in an account shall be subject to the law of the State under the supervision of which the register shall be kept, in which, directly in favour of the recipient, the right-giving registration shall be , or in which the principal or branch office of the depositary is located, which grants the recipient the right-based credit note.

2. Section
Purchasing Commission

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§ 18 Bill of Contents

(1) Performs a Commission (§ § 383, 406 of the In the case of a contract for the purchase of securities, he shall immediately send a list of the purchased items to the commutator without delay, no later than within one week. In the unit directory, the securities must be designated by type, denomination, numbers or other designation characteristics.(2) The time limit for sending the batch of items shall commence if the Commission has made a name to a third party as the seller on the performance of the contract, with the acquisition of the items, otherwise it shall begin with the expiry of the contract. Period within which the Commission, after repayment of the execution indication, shall, in the event of a regular business operation, obtain the items without culpable delay or the batch directory of a third party intended to preserve the items. It could be obtained.(3) With the dispatch of the share directory, the ownership of the securities referred to therein shall, in so far as the Commission is entitled to dispose of them, shall be made available to the Commitissuer if it does not, in accordance with the provisions of the civil law had already gone over to him in the past. Non-official table of contents

§ 19 Suspension of the sending of the piece directory

(1) The commissioner shall be entitled to send the Suspend the parts of the directory if it is not satisfied due to the claims made to it from the performance of the contract and has also not approved the payment of a stundown. The adjustment of the purchase price to the account is not considered as an inversion.(2) The Commission may only make use of the power provided for in paragraph 1 if it declares to the commitator that it is responsible for the transmission of the piece of goods and, thus, the transfer of ownership of the documents to the satisfaction of the latter. Suspend requests from the execution of the order. The declaration must, for which individual business is separately, expressly and in writing, and be sent within one week after repayment of the execution advertisement, shall not refer to other documents.(3) if the Commission makes use of the power of paragraph 1, the time limit shall commence at the earliest with the date on which the Commission satisfies the requirements arising out of the execution of the contract. .(4) If the parties are in the form of a current account (Section 355 of the Commercial Code), the Commission shall be deemed to be satisfied on the basis of the claims arising from the execution of the contract as soon as the sum of the items of Habenposten shall be that of the desired item. For the first time, it reaches or exceeds it. In this case, account should be taken of all items which were to be booked on the same day with value. If the Commission is responsible for several accounts for the Commission, the account on which the Commission's business was to be booked shall be decisive.(5) If the Commission is satisfied in part, it shall not suspend the sending of the piece of the piece of directory if the suspension is in breach of good faith, in particular due to a proportionate and minor nature of the backward part. would be in breach. Non-official table of contents

§ 20 Dispatch of the piece directory on request

(1) If the commissioner is a commitator with which he or she is (§ 355 of the Commercial Code), for the duration of the business relationship or for a limited period of time, it is agreed that, to a certain extent or without special limitation, he or she shall be awarded contracts for the purchase of securities, even without If an early correction of the purchase price is to be carried out, he may reserve the right to send out parts of the purchase price only at the request of the commitator.(2) The Commission may only make use of the reservation provided for in paragraph 1 if he informs the commitator in writing in the course of the refund of the execution indication that he/she is responsible for the transmission of the piece of material and thus the transfer of the ownership of the item. on the papers will only be executed at the request of the commitator.(3) In order to explain to the Commission that it is in the process of sending the batch of parts, the deadline for sending the batch of parts shall commence at the earliest with the date in which the declaration is received by the Commission. The request must be made in writing and the securities to be included in the unit register shall be described in detail. Non-official table of contents

§ 21 Power to suspend and empower transmission on request

The Commission's dispatch of the This is because it is not satisfied because of its claims (§ 19), as well as because it reserved the suspension with regard to the particularity of the current account exchange with the commitator (§ 19). 20), he shall inform the committer in writing, upon reimbursement of the execution indication, that he shall not, at the earliest, but at the request of the committer, send the consignment of the piece of stock and thus the transfer of the ownership of the documents. shall, after satisfaction of its claims, be carried out from the performance of the contract. Non-official table of contents

§ 22 Unit of the foreign business unit

(1) If the securities are purchased abroad, and , the Commission must first send the unit to the unit at the request of the Commission. The committent may request the consignment at any time, unless foreign law precludes the transfer of the ownership of the securities by the dispatch of the piece directory or that the commissioner is entitled under Section 19 (1) is to suspend the consignment.(2) When the committent states that it is long for the consignment of the piece directory to be sent, the time limit for sending the batch of parts shall commence at the earliest with the date in which the declaration is to be sent to the Commission. The request must be made in writing and the securities to be included in the unit register shall be described in detail. Non-official table of contents

§ 23 Liberation of the shipment of the piece directory

The shipment of the piece directory can be maintained, insofar as the securities are at the mercy of the commander within the period specified for this purpose (§ § 18 to 22), or an order by the commander for resale is carried out. Non-official table of contents

§ 24 fulfillment by transfer of co-ownership to the collection inventory

(1) The commissioner can rely on his/her obligation to: to obtain ownership of certain items in order to grant him co-ownership of the securities belonging to the collection stock of a securities collection bank; by the acquisition of co-ownership of the securities to be collected in the collection stock; any securities belonging to another depositary may only free himself if the committent agrees to the individual case expressly and in writing.(2) The registration of the transfer note in the Commission's custody book, insofar as the Commission has the right to have co-ownership, goes beyond the co-ownership of the commitator if it is not already in accordance with the provisions of the bourgeois law has gone over to him. The Commission shall immediately inform the Commission of the procurement of co-ownership.(3) Credit institutions and capital management companies need the acquisition of co-ownership in a securities collection portfolio and the execution of the business procession by way of derogation from the second sentence of paragraph 2, as well as of § § 675 and 666 of the Civil Society The Code of Commerce and Section 384 (2) of the Commercial Code shall not be communicated to the customer within thirteen months, provided that the co-ownership is in each case based on a contractually agreed, monthly, two-monthly or quarterly payment, and these payments do not exceed three times the maximum amount per year, up to which, in accordance with the Fifth Capital Training Act, capital benefits are provided in the version in force in each case . Non-official table of contents

§ 25 Rights of the commitsary when the unit is not sent

(1) The Commission fails to do so, without in accordance with § § 19 to 24, the consignment of the piece directory shall be sent and the failure to comply with a request made to him after the expiry of the time limit for the transmission of the piece directory shall not be made within three days of the date of dispatch, the committent shall be entitled to reject the transaction as not concluded for its invoice and to claim damages for non-performance. This shall not apply if the omission is based on a circumstance which the Commission has not to represent.(2) The invitation of the commitator shall lose its effect if he does not declare to the Commission within three days of the expiry of the period of grace that he wishes to exercise the right referred to in paragraph 1. Non-official table of contents

§ 26 Unit of the order for exchange and assertion of a subscription right

The Commission, who is A contract for the exchange of securities or of a collection component against securities or an order to assert a subscription right to securities shall, within two weeks after receipt of the new items, be subject to the issuance of the List of items to be sent to the extent that he does not hand the pieces to him within this period. In the unit directory, the securities must be designated by type, denomination, numbers or other designation characteristics. In addition, § § 18 to 24 shall apply; § 25 shall be applied in so far as the committent can only claim damages for non-performance. Non-official table of contents

§ 27 Loss of commission claim

The commissioner, who does not comply with the obligations imposed in § 26, loses the right to request commission for the execution of the contract (Section 396 (1) of the Commercial Code). Non-official table of contents

§ 28 Inaliability of the Commission's obligations

The obligations arising from § § 18 to 27 of the Commission can neither be excluded nor limited by legal business, unless the committent has commercial banking transactions. Non-official table of contents

§ 29 Preservation by the Commission's Commission

The Commission has the property in its possession or the co-ownership of the transferable securities, the duties and powers of a depositary. Non-official table of contents

Section 30 Limited retention of deposit and retention rights in the Commission business

(1) Specifies the The Commission shall continue to disclose a contract awarded to him for the purchase of securities to a third party, and shall be deemed to be known to the third party for the purchase of foreign invoice to be made.(2) § 4 shall apply mutatily. Non-official table of contents

§ 31 Retailers, self-admission

§ § 18 to 30 shall apply mutatically if someone in the operation of his/her commercial securities is sold or exchanged as a proprietary trader, or is carrying out an order to purchase or exchange securities by way of self-entry.

3. Section
precedence in insolvency proceedings

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§ 32 Priority creditors

(1) Insolvency proceedings over the assets of one of the devotors, creditors and commissioners referred to in § § 1, 17 and 18 shall take precedence over paragraphs 3 and 4:
1.
Commiters who, at the opening of the insolvency proceedings, have not yet acquired the property or co-ownership of securities, but their obligations arising from the business of these securities The Commission has fully satisfied the Commission, even if, at the time of the opening of the insolvency proceedings, the Commission has not yet acquired the securities;
2.
Depositors, Pledges and Commiters, their property or co-ownership of securities by an unlawful disposal of the depositary, creditor or commission or their people have been injured if they have fully fulfilled their obligations under the business of these securities to the debtor at the opening of the insolvency proceedings;
3.
the creditors of paragraphs 1 and 2, if the unfulfilled part of their designated obligations at the opening of the insolvency proceedings ten of the hundred of the value of their Do not exceed the obligation to provide securities and if they have fulfilled these obligations in full within one week of the request of the insolvency administrator.
(2) The same shall apply in the insolvency proceedings concerning the assets of a A trader where a person has bought or acquired securities and in the insolvency proceedings concerning the assets of a commission which has executed the order to purchase or exchange securities by way of self-entry (§ 31). (3) in accordance with paragraphs 1 and 2, priority claims shall be paid before the claims of all other insolvency creditors from a special mass; the latter shall be made up of the securities of the same kind in the mass and from the claims to Delivery of such securities. The priority claims shall be paid by the supply of existing securities to the extent that they may be distributed to all priority creditors in accordance with the ratio of the amounts receivable. To the extent that such a distribution is not possible, the full proceeds of non-distributed securities shall be distributed among the priority creditors in proportion to their exposure amounts.(4) The creditors of paragraphs 1 and 2 shall state the claimed priority in the application of the claim in accordance with § 174 of the Insolvency Code. You may obtain satisfaction from the debtor's other assets only with the appropriate application of the provisions of § § 52, 190 and 192 of the Insolvency Code applicable to the persons entitled to the absonation. For the rest, it applies to the provisions of the insolvency order on insolvency creditors.(5) In the case of the case, the insolvency court shall have the right to appoint a carer to the priority creditors in order to respect the rights they are responsible for. The insolvency court will be replaced by the care court for the parish. Section 78 (2) to (5) of the Insurance Supervision Act is to be applied in a reasonable way. Non-official table of contents

§ 33 Compenceration procedure for pledge

(1) Insolvency proceedings concerning the assets of a depositary whose Pfandgläubiger, who has, in whole or in part, revalued the securities or collection components pledged to him pursuant to section 12 (2) of his/her satisfaction, shall be found among the backers who are the securities pledged to the pledge creditor or To have accumulated shares in the Verwahrer, a compensation procedure with the aim of equal satisfaction instead.(2) The depositors involved in the balancing procedure shall be satisfied from a special mass. The following shall be included in this special mass:
1.
the securities or collection components which are the subject of the Pfandgläubiger pursuant to section 12 (2) were pledged, but were not used by the creditor to his satisfaction;
2.
the proceeds from the securities or Parts of the collection which the Pfandgcreditor has used, insofar as it is not due to him for his satisfaction;
3.
the claims against one of the compensatory procedures the depositors involved in the loan and services to avoid an imminent devaluation of the deposit.
(3) The special mass shall be subject to the depositors involved in the countervailing procedure, in accordance with the ratio of the value of the to distribute securities or collection components entrusted to them to the Verwahrer. The value shall be the value on the day of the opening of the insolvency proceedings, unless the securities or the collection components have been subsequently used up. In this case, the proceeds obtained shall be decisive. An amount remaining in the special mass after satisfaction of all the depositors involved in the countervailing procedure shall be deducted from the insolvency mass.(4) Any person involved in the countervailing procedure shall be entitled and bound to the securities entrusted by him and present in the special mass to the valuation value of the day of the opening of the securities or Insolvency proceedings to take over. If this value exceeds the amount due to it from the special mass, it shall pay the difference to the special mass. The securities or collection components shall be liable as a deposit for this claim.(5) Each depositor may claim his claims to the insolvency mass as far as he has failed with them in the event of the satisfaction of the special mass.(6) § 32 (4) and (5) shall apply mutatily.

4. Section
Penal Provisions

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§ 34 Depot suppression

(1) Who, apart from the cases of § § 246 and 266 of the penal code, own or foreign share due to
1.
on a security of the securities of the German Securities and Markets Act (§ 1) (1), which has been entrusted to him as a devotee or a plebiscite, or which he has in his possession as a commissioner for the commitator or which he holds in the possession of the customer in the case of § 31;
2.
a collection stock of such securities or the proportion of such stock to be reduced or otherwise unlawful to § 6 para. 2,
will be punishable by imprisonment until shall be punished by a fine of five years or a fine.(2) (omitted) unofficial table of contents

§ 35 Untrue information about the property

Any person's own or foreign share due to a statement in accordance with § 4 If the action is not punishable by other provisions with a more serious penalty, it shall be punishable by a custodial sentence of up to one year or a fine. Non-official table of contents

§ 36 Criminal Code

Is, in the cases of § § 34 and 35, a member of the criminal code (Section 11 (1) no. 1 of the Criminal Code) , it shall be prosecuted only on request. Non-official table of contents

§ 37 Criminality in the event of default or insolvency proceedings.

Anyone who is required to apply a provision in § § 2 and 14, or An obligation arising from § § 18 to 24, 26 shall be punishable by a custodial sentence of up to two years or a fine if he has suspended his payments or if the insolvency proceedings have been opened over his assets and if the infringement foes a claim by the person entitled to the suspension of the securities or makes it difficult to carry out such a claim. Non-official table of contents

§ § 38 to 40 (omitted)

5. Section
Final Provisions

Non-official table of contents

§ 41

(omitted) Non-official table of contents

§ 42 Application to trustees, decree of other provisions

The Federal Ministry of Justice can, in agreement with the Federal Ministry of Finance and the Federal Ministry of Finance, Federal Ministry of Economics and Technology (Federal Ministry of Economics and Technology) by means of a regulation which does not require the approval of the Bundesrat, requires the application of provisions of this law for cases in which merchants are trustees for third party securities possess or acquire or acquire holdings or creditors ' rights, or acquire or enter into public school books or other registers. unofficial table of contents

§ 43

(entry into force, repeal of other regulations, override rule)