Law on the custody and acquisition of securities (custodian act-custodian)

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Custodian

Date of completion: 04.02.1937

Full quote:

" Custodian Act as amended by 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).

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

For more details, please refer to the menu under Notes

Footnote

(+ + + Text proof applicable: 1.1.1975 + + +) 

  

Heading: short transcript and Letter abbreviation inserted. by Article 1 (1) G v. 17.7.1985 I 1507 mWv 26.7.1985 Unofficial table of contents

§ 1 General provisions

(1) Securities within the meaning of this Act are shares, envelopes, intermediate notes, interest, profit share and renewal certificates, debt securities 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, provided that they have been issued on the name of a securities collection bank. (2) The securities of the securities are those who, in the operation of their commercial securities, are not covered by the law. (3) securities collecting banks are credit institutions which are recognised as such by the competent authority of the country in whose territory the credit institution has its registered office. 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 termination of such recognition and obligations shall be publicly disclosed.

Section 1
Custody

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§ 2 Special custody

The Verwahrer shall be obliged to keep the securities separately from their own holdings and from those of third parties, in the case of securities not intended for collective custody, under the outward recognisable name of each of the underlegers. is authorised by a securities collection bank, or where the depositary requires the separate storage. This does not affect any rights and obligations of the depositary, for the depositors, or to carry out administrative acts. Unofficial table of contents

§ 3 Third-party custody

(1) The Verwahrer shall be entitled to entrust the securities under his name to another Verwahrer for the safekeeping. Branches of a depositary shall be considered as different depositors within the meaning of this provision, both among themselves and in relation to the main body. (2) The depositary who has the securities held by another depositary shall be deemed to have been the subject of a (Interim depositary), shall be liable for any fault of the third-person 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. Unofficial table of contents

§ 4 Limited use of pledge and retention rights

(1) The securities of the securities of a third party shall be deemed to be known to the third party that the securities do not belong to the securities deer. The third party may, on the securities, claim a lien or a right of retention only on the basis of such claims which have been incurred in relation to those securities or for which those securities, after each one, have been established between the securities and the securities. (2) Paragraph 1 shall not apply where the deer expressly and in writing informs the third party of the individual transaction that he is the owner of the securities. (3) A person who is the person who is the person who is responsible for the transaction shall be liable for the transaction. does not carry out banking transactions, securities to a third party, paragraph 1 shall not apply. 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. Unofficial table of contents

§ 5 Collar-safekeeping

(1) The depositary shall be entitled to entrust the transferable securities which are admitted to the collection custody by a securities collection bank, unless the depositary has the separate storage of the securities in accordance with § 2 sentence 1. Securities are required. 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 Depositors have expressly authorized him to do so in writing. The authorization 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 the one delivered in (3) To the collection custody of a third party, § 3 is to be applied. (4) Securities collection banks may be subject to a foreign depositary within the framework of a mutual understanding of the collection of the collection. Account connection, which is used to establish a cross-border Securities are agreed to entrust securities to collective custody, provided that:

1.

the foreign depositary in his State of sitting is responsible for the duties of a securities collection bank and is subject to public supervision or other supervision equivalent to that of investor protection,

2.

granted to the depositor, as regards the collection stock of that depositary, a legal status equivalent to that laid down by that law,

3.

the right of the securities collection bank against the foreign depositary for the delivery of the securities shall not preclude any prohibitions on the host State of that depositary; and

4.

the securities are justifiable and are admitted to the collection custody by the securities collection bank and the foreign depositary in the context of their mutual account connection.

The liability of the securities collecting banks in accordance with Section 3 (2) sentence 1 for a fault of the foreign depositary cannot be limited by agreement. Unofficial table of contents

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

(1) If securities are taken into collective custody, co-ownership shall be created at the time of receipt by the collector of securities for the previous owners in fractions of the securities belonging to the depositary of the depositary of the same kind. For the purpose of determining the fraction, the nominal value of the securities shall be decisive, in the case of securities with no nominal value the number of shares. (2) The collection depositary may, from the collection stock, deliver to each of the depositors the quantity due to it or which may be used by the collector. , without requiring the consent 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. Unofficial table of contents

§ 7 extradition claims of the backer in the collection custody

(1) In the case of collective custody, the depositor may require him to be extradited from the collection stock to securities in the amount of the nominal amount, in the case of securities without a nominal amount equal to the number of shares held for him in custody. (2) The collecting depositary may refuse extradition to the extent that the quantity 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. Unofficial table of contents

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

The provisions of § 6 (2) sentence 1, § 7, which apply to claims of the backer, are to be applied in accordance with the claims of each co-owner or otherwise of a person entitled to it. Unofficial table of contents

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

§ 4 shall also apply to the assertion of rights of lien and retention of the rights of retention of collection components. Unofficial table of contents

§ 9a Collection certificate

(1) The Verwahrer shall have a security securitised in respect of a number of rights which may be securitised for each of the securities of one and the same kind (a collective instrument) to be transferred to a securities collection bank for the sake of safekeeping, unless the securities collection bank is responsible for the In accordance with § 2 sentence 1, the depositor has requested the separate retention of the collection certificate. The exhibitor may at any time and without the consent of the other participants

1.

a collection certificate, held in custody by the securities collection bank, wholly or partly by individual securities to be held in collective custody; or

2.

individual securities of a collective stock of a securities collection bank by a collection certificate

(2) A securities collection bank shall be subject to a collective instrument alone or together with individual securities issued in respect of the rights of the type securitised in the collective instrument, the provisions of Sections 6 to 9 and the other provisions of this Directive shall apply. (3) If, pursuant to § § 7 and 8, the extradition of individual securities is required, the exhibitor shall have the collection certificate to the extent that: shall be replaced by individual securities than is required for extradition ; whereas, during the period necessary for the production of the individual securities, the securities collection bank may refuse extradition; 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 Preservation of the exchange

(1) A declaration by which the depositary authorizes the depositary to return securities of the same type to the depositary in place of the depositary must be expressly and in writing in respect of the individual depositary business. . It may not be included in the depositary's terms and conditions nor reference other documents. (2) The same form requires a declaration by which the depositary authorizes the depositary to deposit securities of the same kind in securities of the same kind. to replace. (3) (subject-free) Unofficial table of contents

§ 11 Scope of the authorization for the custody of the exchange

A declaration by which the depositary authorises the depositary to return securities of the same kind in place to him for the custody of entrusted securities, if this is not expressly excluded in the declaration, which: Authorisation to replace the securities with securities of the same type prior to the return of the securities. 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. Unofficial table of contents

§ 12 Authorisations for pledging

(1) The depositary may only pledge the securities or collateral components on the basis of an authorisation and only in connection with a credit clearance for the depositor 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 or refer to other documents. (2) The depositary may not be entitled to the securities or Repayment of funds only up to the total amount of loans that it 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 aggregate shares shall be at least equal to the amount of the credit granted to the depositor, but shall not exceed it unreasonably. (3) The depositors shall only authorise the depositary who shall: The authorization shall not be the form referred to in the second sentence of paragraph 1 of the second sentence of paragraph 2. (4) The depositors shall authorise the depositary, the securities or the securities, or In the case of the depositary and without regard to the amount of the credit granted to the depositor (unrestricted pledge), it must be stated in the empowerment that the depositary shall be responsible for the amount of the creditor's liabilities. Unrestricted right of care, that is to say, for all its liabilities and without regard to the amount of the credit granted to the depositors. This shall apply mutatis mutandis where the depositors exempt the depositary from the maintenance of individual restraints under paragraph 2. (5) The depositary who is authorized to pledge securities or collective components may be authorized to 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 Securities and Exchange Council may, on the basis of an express and written authorisation, act as a security for its liabilities from transactions on a stock exchange that are subject to legal supervision. , on this stock exchange, its institution or any legal entity entrusted by it with the settlement of the business under its supervision, whose business operations are limited to that activity, provided that it is identical to that of a content-related entity. Business of the rear-leger with the payer's payer's liabilities exist. The value of the pledged securities or collection components shall not exceed the amount of the deposit owed by the deposit to the distributor from that transaction. Authorization of the butcher under the first sentence may be granted in advance for an unspecified number of such pledges. (2) The devotor must ensure, in respect of the pledge creditor, that the pledged securities or the collection components for the liabilities referred to in paragraph 1 may be used only to the extent that the deposit is owed to the person concerned in accordance with 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 authorization to be made available on the property

(1) A declaration authorizing the Verwahrer to acquire the securities entrusted to him or to transfer the ownership of the securities to a third party, and then only to be obliged to grant back securities of the same kind, shall be expressly and in writing for the individual depositary business. 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 publisher. (2) When the securities are transferred to or transferred to a third party, the securities shall be transferred to a third party, from that date. the provisions of this Section shall no longer apply to such a depositary business. Unofficial table of contents

§ 14 depositary book

(1) The depositary shall be obliged to carry out a trading book into which any depositary and type, nominal amount or number, numbers or other characteristics of the securities held for him shall be entered. If the numbers or other characteristics of the designation result from directories which are kept in addition to the register of custody, the reference to those directories shall be sufficient to that extent. (2) The registration of a security may be prevented if its (3) The rules on the conduct of a custody book also apply mutationally to the collection. (4) Confidence of the depositors of the securities of the depositary. Third party, he shall have 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) A depositary of the Third-party depositary with the fact that he is not the owner of the securities entrusted by him to the third-party depositary (Section 4 (3)), the third-depositary has to make this recognizable at the registration in the custody account. Unofficial table of contents

Section 15 Unregular safekeeping, investment loans

(1) If the safekeeping of securities is agreed in such a way that the ownership of securities is immediately transferred to the Securities and/or a third party and the Verwahrer is only obliged to grant back securities of the same kind, the provisions of this (2) An agreement of the kind referred to in paragraph 1 shall be valid only if the declaration of the depositary 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 business of his/her business as a loan. Unofficial table of contents

Section 16 Liberation of formalities

The formalities laid down in § 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 who is responsible for the

1.

is 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 statutory provisions applicable to them, not to be registered or

3.

is not registered, because it has its registered office or principal place of business abroad.

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§ 17 Pfandverpreservation

If, in the operation of his or her commercial, securities are entrusted to someone in an unsealed manner as a deposit, the creditor shall have the duties and powers of a depositary. Unofficial table of contents

§ 17a dispositions of securities

Any securities or a collection component which is entered in a register or entered in an account with a legal effect shall be subject to the law of the State under the supervision of which the register is kept, in which: the right of registration shall be made directly in favour of the beneficiary, or in which the principal or branch office of the depositary's account is situated which grants the beneficiary the right to give the right to be credited.

Section 2
Purchasing Commission

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§ 18 Item-directory

(1) If a commissioner (§ § 383, 406 of the Commercial Code) carries out a contract for the purchase of securities, he shall immediately send a list of the purchased items to the commutator no later than within one week. In the unit directory, the securities are to be designated by type, denomination, numbers or other characteristics. (2) The time limit for sending the item of the item shall commence, if the commissioner is to be informed of the execution of the item. of the contract a third party has been named as seller, with the acquisition of the items, otherwise it shall begin with the expiry of the period within which the commissioner after the refund of the execution indication the pieces in the case of a regular Refer to the business without culpable delay or the item directory from a third party designated for the preservation of the pieces. (3) With the dispatch of the piece directory, the ownership of the securities referred to therein shall be taken as far as the Commission is entitled to dispose of them on the securities referred to in If it is not previously transferred to it under the provisions of the civil law, the Commission shall be informed of the decision. Unofficial table of contents

§ 19 Suspension of the sending of the piece directory

(1) The Commission may suspend the transmission of the piece-of-the-play directory if it has not been satisfied and has also not approved any payment due to the claims due to it from the performance of the contract. The termination of the purchase price does not apply to the account. (2) The Commission may only make use of the power provided for in paragraph 1 if it declares to the commitator that it is sending the batch of parts of the piece and thus the Transfer of ownership of the documents to satisfaction due to its claims 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) Power of the Commission from the The power of paragraph 1 shall begin at the earliest with the date on which the Commission is satisfied on account of its claims arising out of the performance of the contract. (4) The parties shall be entitled to with each other in the form of a current account (Section 355 of the Commercial Code), the As soon as the sum of the post items reaches or exceeds the sum of the target items for the first time, the Commission is satisfied because of the claims due to him from the performance of the contract. 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 partially satisfied, it shall not be allowed to send the batch of shares. if the suspension would be in breach of good faith, in particular due to a proportionate and minor nature of the backward part. Unofficial table of contents

§ 20 Send of the piece directory on request

(1) If the Commission is responsible for the duration of the business relationship or for a limited period of time to a commitator with which he is in the current account (Section 355 of the Commercial Code), he or she shall, to a certain extent or without any special limitation, be required to: If orders for the purchase of securities are to be executed even without an early correction of the purchase price, he may reserve the right to send out parts of the contract only at the request of the commitator. (2) The commissioner may be informed of the contract. Reservation of the provisions of paragraph 1 shall only be used if he is to be reimbursed to the commutator in the case of inform the execution advertisement in writing that it will not execute the transmission of the piece directory and thus the transfer of the ownership of the documents only at the request of the commitator. (3) The committent states that he will send the consignment of the batch of parts, the deadline for sending the batch of parts shall begin at the earliest with the date on which the declaration is to be sent to the Commission. The invitation must be made in writing and the securities to be included in the unit directory shall be described in detail. Unofficial table of contents

Section 21 Power of suspension and power to be sent on request

Does the Commission intend to suspend the consignment of the piece directory, both because it is not satisfied because of its claims (§ 19), and because it is not satisfied with the special nature of the In the event of a current account of current transactions with the commitissuer (§ 20), he shall inform the committer in writing of the refund of the execution indication that he/she shall send the consignment of the piece of goods and thus the transfer of the property to the Papers only at the request of the commitator, but at the earliest after satisfaction due to its Perform requests from the execution of the work order. Unofficial table of contents

§ 22 Unit of the foreign business

(1) If the securities are to be purchased and stored abroad in accordance with the agreement, the Commission must first send the unit to the unit at the request of the commitator. 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) (2) if the committent states that it is in a position to send the bill of play to be sent, 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 invitation must be made in writing and the securities to be included in the unit directory shall be described in detail. Unofficial table of contents

§ 23 Liberation from the sending of the piece directory

The consignment of the piece directory may not be sent, provided that within the period specified for this purpose (§ § 18 to 22) the securities are at the mercy of the commander or an order of the commander for resale is carried out. Unofficial table of contents

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

(1) The Commission may exempt itself from its obligation to provide the Commission with ownership of certain items by providing it with co-ownership of the securities belonging to the collection stock of a securities collection bank; by the acquisition of co-ownership of the securities belonging to the collection stock of another depositary, it can only free itself if the committent agrees in writing in the individual case expressly and in writing. (2) With the registration of the securities Transfer note in the Commission's custody account, to the extent that the Commission is entitled to co-ownership on the commitsaries if it has not previously transferred to it under the provisions of civil law. The Commission shall immediately inform the Commission of the acquisition of co-ownership. (3) Credit institutions and capital management companies need to obtain co-ownership of a stock of securities and the execution of the By way of derogation from the second sentence of paragraph 2, as well as sections 675 and 666 of the Civil Code and Section 384 (2) of the German Commercial Code, the customer shall not be notified within a period of thirteen months, provided that the co-ownership is based on the basis of the a contractually agreed, constant monthly, two-monthly or quarterly payment, and which do not exceed three times the maximum amount per year, up to which, in accordance with the Fifth Capital Training Act, the current version is eligible for capital benefits can be. Unofficial table of contents

§ 25 Rights of the Commitissuer in the event of non-transmission of the piece directory

(1) Without being authorized to do so in accordance with § § 19 to 24, the Commission shall leave the shipment of the piece of the piece of the game and obtain the failure to comply with a request made to him after the expiry of the period for the transmission of the piece directory. If the customer does not comply within three days, the committent shall be entitled to reject the transaction as not completed for his or her invoice and to claim damages for non-performance. This shall not apply if the omission is based on a circumstance which the Commission is not responsible for. (2) The invitation of the commitator shall lose its effect if it does not inform the Commission within three days of the expiry of the Period of grace shall declare that he wishes to make use of the right referred to in paragraph 1. Unofficial table of contents

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

The Commission, which carries out a contract for the exchange of securities or an order for the exchange of securities or an order to assert a subscription right to securities, shall within two weeks after receiving the new items to send a list of the pieces to the commander, provided that he does not hand the pieces to him within that 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 demand damages for non-performance. Unofficial table of contents

Section 27 Loss of the right to commission

The commissioner, who does not comply with the duties imposed in § 26, loses the right to request commission for the execution of the order (Section 396 (1) of the Commercial Code). Unofficial table of contents

Section 28 Inaliability of the obligations of the Commission

The obligations of the Commission of the Commission arising from § § 18 to 27 may not be excluded or limited by legal business, unless the committent has commercial banking transactions. Unofficial table of contents

Section 29 Preservation by the Commission

The Commission shall have the duties and powers of a depositary with respect to the securities in its possession, in the ownership or in the co-ownership of the commitator. Unofficial table of contents

§ 30 Limited use of pledge and retention rights in the Commission business

(1) If the Commission continues to give an order issued to it for the purchase of securities to a third party, it shall be deemed to be known to the third party that the acquisition for foreign account is effected. (2) § 4 shall apply mutatily. Unofficial table of contents

§ 31 Self-dealers, self-entry

§ § 18 to 30 shall apply mutatis mutuelly if, in the operation of his or her trade, a person sells or reexchanges securities as a proprietary trader or executes an order to purchase or exchange securities by way of self-entry.

Section 3
Priority in insolvency proceedings

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Section 32 Priority creditors

(1) In the case of insolvency proceedings concerning the assets of a devotor, pledge creditor and commissioner referred to in § § 1, 17 and 18, priority shall be given to the following paragraphs 3 and 4:

1.

Those who, at the opening of the insolvency proceedings, have not yet acquired the property or co-ownership of securities but have fully fulfilled their obligations arising from the transaction relating to these securities to the Commission; this applies even if, at the time of the opening of the insolvency proceedings, the securities of the Commission have not yet acquired the securities;

2.

Depositors, pledges and commiters whose property or co-ownership of securities has been infringed by an unlawful disposal of the depositary, creditor or commission or their people, if they are opened Insolvency proceedings have fully fulfilled their obligations arising from the business of these securities to the debtor;

3.

the creditors of paragraphs 1 and 2 where the unfulfilled part of their obligations under the insolvency proceedings does not exceed ten of the hundred of the value of their investment supplier's claim and if they are within a during the week following the request of the insolvency administrator, these obligations have been fully fulfilled.

(2) The same applies in the case of insolvency proceedings concerning the assets of a self-trader where a person has bought or acquired securities and in the insolvency proceedings concerning the assets of a commissioner who is responsible for the purchase or exchange of securities (3) The claims priority under paragraphs 1 and 2 shall be paid before the claims of all other insolvency creditors from a special mass; this shall be made up of those in the mass existing securities of the same kind and from the claims for the supply of such securities 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 the 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 take precedence over the claimed priority. to declare the application for 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. In addition, it applies to the provisions of the insolvency order on insolvency creditors. (5) The insolvency court, if it is required by the situation of the case, has a priority creditor for the rights of the insolvency court to protect the rights under which it is granted. to order caregiver. 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 sense. Unofficial table of contents

Section 33 Compensation procedure for pledging

(1) In the case of insolvency proceedings concerning the assets of a depositary whose pledge creditor has, in whole or in part, utilised the securities or collection components pledged to him pursuant to section 12 (2) to his satisfaction, finds among the Hinterlegern, the the transferable securities or collective components of the mortgage credited to the depositary are subject to a compensation procedure with a view to equal satisfaction. (2) The depositors involved in the countervailing procedure shall be made up of a Special mass is satisfied. The following shall be included in this special mass:

1.

the securities or collection components which were pledged to the creditor pursuant to Section 12 (2) but which have not been used by the creditor to satisfy them;

2.

the proceeds from the securities or collection components which the Pfandgcreditor has devalued in so far as it is not due to the satisfaction of the Pfandgcreditor;

3.

the claims against an offshoot involved in the countervailing procedure from the credit granted to him as well as services for the application of an imminent grading of the deposit.

(3) The special mass shall be distributed among the parties involved in the countervailing procedure in accordance with the ratio of the value of the securities or the collection components entrusted to the Verwator. 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 the 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 shall be obliged to do so by the depositary of the offender. to take over the securities or the shares in the special mass to the estimated value of the day of the opening of the insolvency proceedings. 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 are liable as a deposit for this claim. (5) Each of the depositors can claim their claims, insofar as they have been excluded from the special mass with them, to the insolvency mass. (6) § 32 (4) and 5 shall apply mutatily.

Section 4
Criminal provisions

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Section 34 Depository deposit

(1) Who, apart from the cases of § § 246 and 266 of the Penal Code, has its own or a foreign advantage due to

1.

by a security of the kind referred to in Article 1 (1), which has been entrusted to him as a devotee or creditor, or which he has in his possession as a commissioner for the commitator or which he holds in the case of § 31 for the customer; illegal,

2.

a collection stock of such securities or the proportion of such holdings is contrary to or unlawful to Section 6 (2),

shall be punished with imprisonment of up to five years or a fine. (2) (omitted) Unofficial table of contents

Section 35 Untrue information on ownership

Any person who makes a statement pursuant to section 4 (2) of his or her own or a foreign part of his/her own judgment or fails to submit a notice pursuant to § 4 (3) shall, if the deed is not threatened with a more severe sentence, with other provisions, with Imprisonment for up to one year or a fine. Unofficial table of contents

§ 36 Criminal Order

If in the cases of § § 34 and 35 a member of the criminal code is injured by the act (§ 11 para. 1 no. 1 of the Criminal Code), it shall be prosecuted only upon request. Unofficial table of contents

§ 37 Pensibility in case of default of payment or insolvency proceedings

Those who are contrary to a requirement of § § 2 and 14 or of an obligation arising from § § 18 to 24, 26 shall be punished with imprisonment of up to two years or a fine if he has suspended his payments or if he or she has to pay his or her property through his/her property. Insolvency proceedings have been opened and if, by the infringement, a claim by the person entitled to the suspension of the securities is foiled or the implementation of such a claim is impeded. Unofficial table of contents

§ § 38 to 40 (omitted)

Section 5
Final provisions

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Section 41

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Section 42 Application to trustees, adoption of further provisions

The Federal Ministry of Justice may, in agreement with the Federal Ministry of Finance and the Federal Ministry of Economics and Technology, by means of a regulation which does not require the consent of the Federal Council, the application of rules of this law for cases in which merchants as trustees hold or acquire securities for third parties or acquire or acquire holdings or creditors ' rights, or are registered in public school books or other registers. Unofficial table of contents

Section 43

(Entry into force, repeal of other provisions, transfer rule)