Law establishing a Financial Market Stabilisation Fund (Financial Market Stabilisation Fund Act-FMStFG)

Unofficial table of contents

FMStFG

Date of completion: 17.10.2008

Full quote:

" Financial Market Stabilisation Fund Act of 17. October 2008 (BGBl. 1982), as last amended by Article 248 of the Regulation of 31 August 2015 (BGBl I). I p. 1474).

Status:

Last amended by Art. 248 V v. 31.8.2015 I 1474

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 18.10.2008 + + +) 

  

The G was decided as Article 1 of the G v. 17.10.2008 I 1982 by the Bundestag with the consent of the Bundesrat. It's gem. Article 7 (1) of this Act entered into force on 18 October 2008. Unofficial table of contents

Content Summary

§ 1	Establishment of the Fund
§ 2	Purpose of the Fund
§ 3	Position in legal transactions
§ 3a	Financial Stability Institution
Section 3b	Obligation of confidentiality; cooperation with the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht)
§ 3c	Legal status of the members of the Management Committee
§ 3d	Cover of the costs of the institution; authorisation for a regulation
§ 4	Decision on stabilisation measures; administration
§ 5	Asset separation, federal liability
Section 5a	Share acquisition
§ 6	Guarantee authorisation
§ 6a	Guarantees for special purpose companies
§ 6b	Obligation to pay a compensatory amount
§ 6c	Obligation to compensate for further losses
§ 6d	(dropped)
§ 7	Recapitalization
§ 8	Risk inheritance
§ 8a	Federal Settlement Institutions
§ 8b	State-of-the-art settlement institutions
§ 9	Credit authorisation
§ 10	Conditions for stabilisation measures
§ 10a	Body on the Financial Stability Fund
§ 11	Annual accounts and parliamentary information
§ 12	Administrative costs
§ 13	Temporary and country participation
§ 14	Taxes
§ 14a	Special tax arrangements in connection with transfers of assets in accordance with § § 6a and 8a
Section 14b	Special tax regulations on special purpose companies and settlement institutions according to § § 6a and 8a
§ 14c	Tax treatment of payments into the special purpose company or the settlement institution and the reversals of the special purpose company or the settlement institution
§ 14d	Special tax regimes in connection with state-of-the-art settlement institutions
§ 14e	Application provision for § § 14 to 14d
§ 15	Immediate enforceability
§ 16	Legal Way
§ 17	Proclamation of legal orders
§ 18	Transitional arrangements

Unofficial table of contents

Section 1 Establishment of the Fund

A federal fund under the name "Financial Market Stabilization Fund-FMS" will be established. Unofficial table of contents

§ 2 Purpose of the Fund

(1) The Fund serves to stabilise the financial market by overcoming liquidity shortages and by creating the framework conditions for strengthening the equity base of companies within the meaning of Section 2 of the Restructuring Fund Act in the version valid until 31 December 2014 (financial sector enterprises). Credit institutions which are exempt from corporation tax in accordance with Section 5 (1) (2) of the Corporate Tax Act in the version in force until 31 December 2014, and bridge institutes within the meaning of Section 5 (1) of the Restructuring Fund Act in the version valid until 31 December 2014, no undertakings in the financial sector within the meaning of the first sentence of sentence 1. (2) The Fund shall be a special fund within the meaning of Article 110 (1) of the Basic Law. Unofficial table of contents

§ 3 Position on legal transactions

The Fund is not legally valid. He can act, sue and be sued under his name in the legal trade. Arrest or other measures of foreclosure in the funds do not take place. § 394 sentence 1 of the Civil Code shall apply accordingly. The general place of jurisdiction of the Fund shall be the seat of the institution referred to in Article 3a (1) sentence 3. Unofficial table of contents

§ 3a Financial Market Stabilisation Institution

(1) The provisions of this Act, as amended by the 17. With effect from 23 July 2009, the Financial Market Stabilisation Institute was established in the Federal Ministry of Finance (Federal Ministry of Finance) with effect from 23 July 2009, a federal institution with legal status. It bears the name "Bundesanstalt für Finanzmarktstabilisers-FMSA" (Federal Institute for Financial Market Stabilisation-FMSA). The Anstalt is based in Frankfurt am Main. It is subject to the legal and professional supervision of the Federal Ministry of Finance. In particular, the Federal Ministry of Finance shall have the power to take all orders in order to keep the business of the institution in accordance with the laws, the statutes and the other provisions and to ensure that the tasks are carried out in a suitable manner. (2) The institution shall carry out the tasks assigned to it on the basis of this Act on behalf of the Fund. The institution shall also carry out the duties assigned to it in accordance with Article 8a of this Act. (2a) The institution shall also carry out the duties assigned to it on the basis of the Law on Restructuring Funds. (2b) The institution shall also take on the responsibility of the institution on the basis of the provisions of this Law. Basis of the Sanitization and Settlement Act as well as of Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 laying down uniform rules and a single procedure for the implementation of Credit institutions and certain investment firms within the framework of a single Resolution mechanism and a single resolution fund, as well as amending Regulation (EU) No 1093/2010 (OJ L 327, 30.4.2010, p. 1). (3) The institution shall be led by a management committee consisting of three members. The management committee is the supervisor of the staff of the institution. The provisions of § 3c shall apply to the appointment and the legal status of the members of the Management Committee. Within the first four months of the end of a financial year, the institution shall draw up an annual financial statement and a management report after the end of a financial year. the provisions of the Commercial Code applicable to large corporations. The auditor is to be ordered by the Federal Ministry of Finance on a proposal from the institution. The annual accounts and the annual report shall be considered in accordance with the provisions of the Commercial Code. A group accounting obligation does not exist. The law on publicity shall not apply. (5) The institution may, in accordance with a legal regulation to be adopted in accordance with section 4 (2), use it in the performance of its duties of suitable third parties. The institution may take advantage of the Deutsche Bundesbank (Bundesbank) within the framework of Section 20 of the Federal Banking Act (Bundesbankgesetz). (6) The Federal Ministry of Finance is authorized to do so by means of a decree law which does not give the consent of the Federal Bank of Germany. The Federal Council is required to adopt the statutes of the institution. The Articles of Association may be amended by the Federal Ministry of Finance by means of a regulation which does not require the approval of the Federal Council. The Articles of Association shall, where necessary, include in particular provisions on the organisation of the institution, its representation and on the financial management, management and accounting of the Fund and the institution. (6a) The institution shall operate the institution. no business which is authorised under Directive 2006 /48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (OJ L 327, 30.4.2006, p. 1) or Directive 2004 /39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, amending Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council of 21 April 2004 on the markets in financial instruments European Parliament and Council and repealing Council Directive 93 /22/EEC (OJ L 196, 27.7.1993, p. 1), as amended, must be amended in the current version. The institution shall not be regarded as a credit institution or a financial services institution within the meaning of the Banking Act, as an investment service undertaking within the meaning of the Securities Trading Act or as an insurance undertaking in the sense of the Insurance Supervision Act. (7) The Committee on Budgets and the Finance Committee of the German Bundestag are to be informed immediately of the adoption and amendments to the legal regulations referred to in paragraph 6. Unofficial table of contents

§ 3b Obligation of confidentiality; cooperation with the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht)

(1) The members of the Management Committee, the employees and the third parties authorised by the institution shall be entitled to the facts known to them in the course of their activities, the secrecy of which shall be in the interests of the undertaking of the The financial sector or a third party, in particular commercial and commercial secrets, shall not be disclosed or devalued unauthorised, even if its activity at the institution is terminated. This also applies to other persons who are aware of the facts referred to in the first sentence by means of service reporting. (2) In particular, an unauthorised disclosure or advantage within the meaning of paragraph 1 is not available if facts are passed on to

1.

law enforcement agencies or courts responsible for criminal and judicial matters,

2.

Entities entrusted with the supervision of financial sector undertakings and persons responsible for the supervision of financial sector undertakings,

3.

central banks, including the European Central Bank,

4.

bodies involved in the liquidation or bankruptcy of a financial-sector enterprise, or

5.

persons responsible for the statutory audit of financial sector accounting, as well as bodies supervising those auditors; or

6.

competent authorities, courts or other bodies responsible for the exploitation of these facts,

in so far as they need the information to carry out their duties. (3) § 10a remains unaffected. (4) The institution, the Deutsche Bundesbank, in the course of its activities under the German Banking Act and the Federal Institute for the Protection of the Federal Republic of Germany (Bundesanstalt) for financial services supervision, observations, findings and assessments, including personal data and operational and business secrets, which are necessary for the performance of their respective tasks, shall be communicated in the Case of the institution, in particular for the examination of applications for the grant of Stabilisation measures and the supervision of undertakings to which stabilisation measures have been granted, for the supervision of settlement institutions in accordance with Article 8a of this Act, for the purpose of carrying out the tasks according to § 3 of the Restructuringfondsgesetz (Restructuring Fund Act), for the collection of contributions in accordance with § § 12 to 12c of the Restructuring Fund Act and for the performance of tasks under the Sancation and Settlement Act as well as of Regulation (EU) No. 806/2014. The persons referred to in § 9 paragraph 1 sentence 1 of the Banking Act, in § 32 sentence 1 of the Act on the Deutsche Bundesbank, in § 8 of the Securities Trading Act and in paragraph 1 are exempt from their respective confidentiality obligations. The institution shall be entitled to request information within the meaning of the first sentence also with the European Central Bank. In addition, the exchange of information with the European Central Bank and other authorities of the European Union and of other Member States pursuant to Directive 2014 /59/EU of the European Parliament and of the Council of 15 May 2014 shall apply. Establishment of a framework for the reorganisation and settlement of credit institutions and investment firms and amending Council Directive 82/891/EEC, Directives 2001 /24/EC, 2002 /47/EC, 2004 /25/EC, 2005 /56/EC, 2007 /36/EC, 2011 /35/EU, 2012 /30/EU and 2013 /36/EU, as well as of Regulations (EU) No 1093/2010 and (EU) No 648/2012 of the European Parliament and Council (OJ C 139, 30.4.2004 190), Regulation (EU) No 806/2014, Regulation (EU) No 1024/2013 of the Council of 15 June 2013 on the implementation of the European Economic and Economic Community (EC) No 1024/2013. October 2013 on the transfer of specific tasks relating to the prudential supervision of credit institutions to the European Central Bank (OJ L 327, 28.12.2013, 63), Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014 setting up a framework for cooperation between the European Central Bank and the national competent authorities and the National designated authorities within the Single Supervisory Mechanism (SSM Framework Regulation) (ECB/2014/17) (OJ L 136, 31.7.2010, p. 1) as well as the other acts adopted on the basis of the above Regulations and Directives. Unofficial table of contents

Section 3c Legal status of the members of the Management Committee

(1) The members of the Management Committee of the Institute are in a public-service relationship with the Federal Government. They must have special professional competence and are appointed by the Federal President on a proposal from the Federal Government. An appointment should in principle be made for a period of three years, but may not exceed five years. Repeated appointments are admissible. (2) The duties of the members of the Management Committee shall begin with the handing out of the certificate of appointment if a later date is not determined in the document. It shall end at the end of the term of office or with the dismissal. The Federal President shall leave a member of the Management Committee

1.

on its request, or

2.

on decision of the Federal Government for important reasons.

Prior to the decision of the Federal Government, the member of the Management Committee shall be given the opportunity to comment. In the event of termination of the term of office, the member of the management committee shall receive a document completed by the Federal President. The dismissal on request shall take effect with the handing out of the document, if the document does not expressly specify a later date. The dismissal for important reasons will be effective with the execution of the decision of the Federal Government if it is not expressly decided for a later date. (3) The members of the Management Committee shall make the decision before the Federal Minister of the Federal Republic of Germany. Finances the following oath: "I swear to uphold the Basic Law for the Federal Republic of Germany and all laws in force in the Federal Republic of Germany and to conscientiously fulfil my official duties, so help me God." The oath can also be made without any religious eureation. (4) The members of the Management Committee may not exercise, in addition to their duties, any other spilled office, business or profession, without the approval of the Federal Ministry of Finance. neither the management of an acquisition company nor a supervisory board, the administrative board, the advisory board or any other body of a public or private undertaking, nor a government or a legislative body of the federal government or a country. They may not reimburse extrajudicial opinions for remuneration without the approval of the Federal Ministry of Finance. Section 99 (2) of the Federal Civil Service Act applies accordingly. (5) § § 67 to 69 and 71 of the Federal Officials Act shall apply accordingly. The Federal Ministry of Finance is replaced by the highest service authority. (6) The legal conditions of the members of the Management Committee are also governed by contracts signed by the Federal Ministry of Finance with the members of the Board of Management. Committee of Management. The contracts shall be subject to the agreement of the Federal Government. (7) If a Federal official is appointed a member of the Management Committee, he shall leave the office at the beginning of his/her term of office. For the duration of the term of office, the rights and obligations arising from the civil servant's relationship shall rest. This does not apply to the duty of secrecy and the prohibition of the acceptance of rewards or gifts. Sentence 2 shall apply at the latest until entry or up to retirement. (8) Ends the official relationship referred to in the first sentence of paragraph 1 and the person concerned is not subsequently appointed to the federal government in a different public-law relationship. Civil servants, if they are not transferred to another office within three months under the conditions laid down in Section 28 (2) of the Federal Civil Service Act or equivalent national laws, by the end of that period from their Employment relationship as an official in the injuncting retirement, if at that point in time have not yet reached the legal age limit. In addition, the provisions of the Federal Civil Service Act are applicable to a single-step retirement. They shall receive a retirement pension which they would have served in their former office in the light of the period of the term of office referred to in the first sentence of paragraph 1. The period of the term of office referred to in the first sentence of paragraph 1 shall also be held in a ruthless condition if the official in accordance with the first sentence of the first sentence is transferred to another office in a civil servant's relationship. § 107b of the Staff Services Act applies accordingly to the members of the Management Committee. A contractual pension scheme referred to in paragraph 6 shall remain unaffected. The rest and accounting provisions of the Civil Service Act shall apply mutatily. (9) The provisions of paragraphs 7 and 8 shall apply to judges and to professional soldiers. Unofficial table of contents

§ 3d coverage of the costs of the institution; authorisation of the regulation

(1) The costs of the institution shall be covered by the institution ' s own revenue in accordance with paragraphs 2 to 4 and shall, moreover, be borne by the Federal Government. The costs of the institution include the personnel and material costs as well as the costs of third parties, which the institution serves in the performance of their duties. (2) The institution may be responsible for individually attributable public services within the framework of their tasks. (3) The institution may, within the limits of its tasks, reimburse the costs incurred, which are not already included in a fee referred to in paragraph 2, for public services which are individually attributable to the institution. require. The reimbursement of costs incurred by the institution from coordination and surveillance activities for the settlement institutions shall be determined in accordance with Article 8a (1) sentence 7. The reimbursement of costs incurred in connection with the termination, restructuring, refinancing, transfer, sale or modification of participations acquired in connection with recapitalisation shall be determined in accordance with § 20 (1) (b) of the 2 to 4 of the Financial Market Stabilisation Acceleration Act. (4) Insofar as the costs of the institution related to the performance of tasks under the Sanation and Settlement Act, the Restructuring Fund Act and the Regulation (EU) No 806/2014, have not already been incurred in connection with the The revenue referred to in paragraphs 2 and 3, or any other revenue related to these tasks, shall be covered by a distribution key to the institutions within the meaning of Article 2 of the Restructuration Fund Act, in accordance with the provisions of the Legal Regulation referred to in paragraph 6. The costs to be refunded also include an appropriate proportion of the overhead costs of the institution. (5) Fees, reimbursements and costs are fixed by the Office in writing by the administrative act. Fees and reimbursements may be set together with the substantive decision. Reimbursement of costs may also be required on the basis of a declaration of commitment or a contract. (6) The Federal Government may adopt detailed provisions by means of a regulation which does not require the approval of the Bundesrat. over

1.

the payer, the chargeable facts and the fees referred to in paragraph 2, by fixed rates or framework rates and by means of rules on increases, reductions and exemptions for certain types of individual public services, where the rates are to be calculated in such a way as to take into account the amount and importance of the administrative burden, the economic value or the other benefits of the individually attributable charges. a reasonable proportion of public service;

2.

the reimbursement of costs, the reimbursement procedure, the payer;

3.

the fixing and collection of the levy, the determination of the costs incurred, the taking into account of misses, the amounts not received and the surpluses of the previous years, the distribution key, the basis of assessment, the minimum levy, the benefits, advance payments and security benefits, sowing surcharges, recovery, stunings and decree, limitation of the fixing and payment periods, repayment of overpaid amounts of the sums paid;

4.

other provisions which are necessary to ensure the purpose of this Act in accordance with paragraphs 1 to 5.

The Federal Government may transfer this authorisation to the institution by means of a legal regulation. (7) In the legal regulation referred to in paragraph 6, it may be determined that it must also apply to the administrative procedures pending at its entry into force, (8) The Committee on Budgets and the Finance Committee of the German Bundestag shall immediately be informed of the adoption and amendment of the legal regulation referred to in paragraph 6. . Unofficial table of contents

Section 4 Decision on stabilisation measures; administration

(1) The Federal Ministry of Finance shall decide on the stabilization measures to be taken by the Fund in accordance with § § 5a, 6, 7 and 8, in the cases of § § 6, 7 and 8 at the request of the company of the financial sector, at the discretion of the competent authorities. Taking into account the financial sector's financial stability, urgency and impact on competition and the principle of the most effective and effective financial sector, taking into account the role of the financial sector in each of the stabilisation measures, and economic use of the funds of the Fund. In so far as these are matters of principle, matters of particular importance and decisions on essential requirements in accordance with a legal regulation adopted pursuant to section 10 of this law, an interministerial committee decides: (Steering Committee) on proposal of the institution. There is no legal right to benefit from the Fund. The administration of the fund is the responsibility of the Federal Ministry of Finance. The services are to be subject to conditions and conditions, with decisions of the European Council and the Council, recommendations of the European Banking Authority and the European Commission's requirements, in particular: Compatibility with Articles 107 and 108 of the Treaty on the Functioning of the European Union, to be taken into account. (1a) Before decisions of the Steering Committee on the proposed stabilisation measures, the Bundesanstalt für to listen to financial services supervision. In the context of this hearing, the Steering Committee shall examine whether the objective of securing financial stability is primarily the aim of prudential supervision measures, in particular by adopting a transfer order in accordance with Article 48a (1) of the Credit law, can be reached. Where the Steering Committee agrees to a stabilisation measure, it shall state in its decision what considerations were relevant in the context of the assessment referred to in the second sentence. The Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht) is entitled to submit the necessary information to the steering committee and the Bundesanstalt für Finanzmarktstabilise (Bundesanstalt für Finanzmarktstabilisers); § 9 (1) sentence 5 of the Banking Act (2) The Federal Government may, by means of a regulation which does not require the consent of the Federal Council, transfer the institution to the decision on measures pursuant to § § 6, 7 and 8 and the management of the fund; paragraph 1, sentence 2 remains unaffected. The Committee on Budgets and the Finance Committee of the German Bundestag are to be informed immediately of the adoption and amendments of the legal regulation. (3) The steering committee is staffed with a representative of the Federal Chancellery, the Federal Ministry of Finance, the Federal Ministry of Justice and Consumer Protection, the Federal Ministry of Economic Affairs and Energy as well as a member on a proposal by the Länder. The Steering Committee is a member of a representative of the Deutsche Bundesbank as a further member of the steering committee. The Steering Committee may include other members in an advisory role. The Federal Ministry of Finance can give a point of order to the steering committee. (4) The guidelines for the management of the fund are determined by the Federal Government by means of a regulation which does not require the approval of the Federal Council. The Committee on Budgets and the Finance Committee of the German Bundestag shall be informed immediately of the adoption and amendments to the legal regulations referred to in the first sentence and the second paragraph. Unofficial table of contents

§ 5 Property separation, federal liability

The Fund is to be separated from the remaining assets of the Federal Government, its rights and liabilities. The Federal Government is directly liable for the liabilities of the Fund; the Fund shall not be liable for the other liabilities of the Federal Government. Unofficial table of contents

§ 5a Share acquisition

The Fund shall be entitled, in the context of the stabilisation of a financial sector undertaking, to share in the undertaking concerned or in a direct or indirect subsidiary undertaking of such undertakings or by third parties. . Such a share acquisition is to be made only if there is an important interest of the federal government and the purpose sought by the federal government cannot be achieved better and economically in other ways. § § 65 to 69 of the Federal Budget Code shall not apply. Section 5 (2) and (5) to (9) of the Financial Stability Fund Regulation, as amended on 1 January 2015, shall apply mutatily to the measures provided for in the first sentence. Unofficial table of contents

§ 6 Warranty authorisation

(1) The Fund shall be empowered to provide guarantees for the Fund up to the amount of EUR 400 billion for debt securities issued from the date of entry into force of this Act and until 31 December 2015, and to substantiated liabilities of financial sector undertakings. in order to remedy liquidity constraints and to support the refinancing of the capital market; the duration of the guarantees and the liabilities to be secured may be used for 84 months for covered bonds within the meaning of Article 129 of the Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on Prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 646/2012 (OJ L 196, 27.7.2012, p. 1) and 60 months for other liabilities. The first sentence shall apply in respect of the assumption of guarantees for the liabilities of special purpose companies which have assumed risk positions of a financial sector undertaking. A fee is to be charged at an appropriate level for the assumption of guarantees. (1a) In so far as debt securities and other claims are guaranteed by the Fund,

1.

the early assertion of the claims, including on the basis of termination, is excluded;

2.

the holders may not claim their claims by means of arrest or enforcement of the issuer's claims against the issuer. Section 394, first sentence, of the Civil Code shall be applied accordingly;

3.

the holders shall not participate in the insolvency proceedings concerning the assets of the debtor.

In an insolvency proceedings concerning the assets of the debtor of the claims, the Fund may declare its claims against the debtor as an insolvency request. Section 41 (2) of the Insolvency Code shall not apply in this respect. (2) § 39 (2) and (3) of the Federal Budget Code shall not apply. (3) A guarantee shall be set against the maximum amount of the corresponding authorization in the amount in which the Fund from this can be used. Interest and costs shall only be charged to the respective enabling framework, insofar as this is determined by law or if a joint liability amount for the main obligation, interest and costs is determined during the acquisition. In so far as the Fund is free of liability in the cases of the guarantee assumption under paragraph 1 without recourse to its liability or has obtained compensation for services rendered, a guarantee shall no longer be set out on the maximum amount. (4) The Federal Government may be subject to further provisions by means of a regulation which does not require the consent of the Federal Council,

1.

the nature of the guarantee and the risks that may be covered by it;

2.

the own resources, which must have at least the financial sector undertakings benefiting from the measures referred to in paragraph 1,

3.

the calculation and calculation of guarantee amounts;

4.

the consideration and other conditions of the guarantee;

5.

ceilings for the assumption of guarantees for liabilities of individual companies in the financial sector and for certain types of guarantees and

6.

other conditions which are necessary to ensure the purpose of this Act in the context of the guarantee referred to in paragraph 1.

(5) The Committee on Budgets and the Finance Committee of the German Bundestag shall be immediately informed of the adoption and amendments to the legal regulation referred to in paragraph 4. Unofficial table of contents

§ 6a guarantees for special purpose vehicles

(1) By way of derogation from the first sentence of Article 6 (1) and (2), the Fund may assume guarantees in accordance with Article 6 (1) for debt securities which are proven by special purpose companies after 1 January 2015 to be exclusively in return for the acquisition of securities and related hedging operations shall be issued to credit institutions, financial holding companies or their domestic and foreign subsidiaries (transferring undertakings); the maturities of the guarantees shall be governed by the duration of the guarantees provided by debt securities issued to special purpose vehicles. These guarantees are considered to be subordinated within the meaning of Article 39 (2) of the Insolvency Code. (2) A guarantee assumption in accordance with paragraph 1 presupposeth that

1.

the transferring company has not acquired the securities after 31 May 2014,

2.

the transferable company's securities account for 90% of the carrying amount of 31 December 2013, 90% of the carrying amount of 31 May 2014, or the actual economic value, whichever is the highest, to which the purpose of the transfer. The transfer value may not exceed the carrying amount of 31 May 2014. The book values shall be obtained from the audited financial statements for the corresponding cut-off date; otherwise, the book value determined in accordance with the rules applicable to the annual accounts shall be valid, which shall be confirmed by a statutory auditor. The surcharge of the carrying amount referred to in the first sentence shall only be made at the level in which the transferring undertaking can comply with a core capital ratio of at least 7 per cent,

3.

the transfering company determines the current fair value as the actual economic value of the securities. The evaluation shall be examined by a knowledgable third party appointed by the Fund and shall be confirmed by the supervision of banks,

4.

the credit institution and the financial holding company already had its registered office in the country as at 31 May 2014 and the purpose company has its registered office in the country, was founded exclusively for the transferring company and exclusively securities of the transferring company,

5.

the contractual term of the longest-running security does not exceed the duration of the guarantee; and

6.

the debt instruments referred to in paragraph 1 are not negotiable.

(3) The actual economic value determined in accordance with paragraph 2 (3) shall be reduced by a reasonable amount of a reduction for further risks which could still be realised in the specific portfolio up to the end of the maturity of the securities. The amount of the envelope shall be determined by the fund in individual cases. The resulting value shall be the fundamental value. (4) The institution shall decide upon the acceptance of the guarantee referred to in paragraph 1 at the request of the transferring company. Section 4 (1) shall apply accordingly. The application must also include the foundation documentation of the special purpose vehicle. (5) The conditions for a guarantee provided for in paragraph 1 shall be determined by the Fund in individual cases in accordance with the following measures:

1.

Prior to a transfer to the special purpose company, the transferring undertakings must fully disclose all the risks relating to the securities to be transferred to the fund, to the knowledgable third party and to the prudential supervision of banks. Transferring companies must carry out stress tests on the essential risks before a transfer to verify their susceptibility to loss on the basis of the Fund's requirements. The aim of these stress tests is to identify a possible need for action in the case of the transferring company, in particular with regard to risk management, to sufficient risk prevention for economic developments or business policy. The results of the stress tests will not be published. If the transferring company is a subsidiary, the obligation to carry out stress tests shall be the parent undertaking.

2.

The Fund must receive a market-based remuneration for the guarantee. The remuneration shall, in principle, consist of an individual percentage of the maximum amount of the guarantee provided, which represents the default risk from the use of the guarantee, and of a margin. For the purpose of calculating the remuneration, the interest rate advantage resulting from the payment of the difference between the transfer value determined in accordance with paragraph 2 (2) and the fundamental value for the transferring undertaking shall also be calculated on the basis of the consideration. The remuneration may be paid to the Fund in whole or in part by the issuance of capital shares of the transferring company or of the belated carrier within the meaning of the second sentence of Article 2 (1).

3.

The guarantee shall in principle be made on first demand in the form of a bank. It shall cover both the capital amount and the interest and all other amounts due to creditors in connection with its claim and shall in principle be issued in euros. Currency risks arising from guarantee granted in other currencies shall be secured by the Fund. The costs of this protection shall be borne by the transferring company.

4.

The assumption of a guarantee requires a viable business model as well as, in principle, a capital endowment of the transferring company that is appropriate in individual cases.

5.

The Fund may require that the management of the deposited securities is not carried out by the transferring company but by third parties. The Fund may give instructions on the management and exploitation of the transferable securities. If the administration is managed by the transferring company, a functional and organisational separation from the remaining business of the transferring company shall be ensured.

6.

The ceiling for the guarantee transfer, in relation to a single transfer company and its affiliates, shall be based on the sum of the risk-weighted assets of the transferring company and the amount of the Fund for guarantees relating to the Available free empowerment frames.

(6) § 6 (2) and (3) of this Act, § § 16 and 17 of the Financial Stability Acceleration Act as well as § 5 (2) and (5) to (9) of the Financial Market Stabilisation Fund Regulation in the version valid on 1 January 2015 apply to the Guarantee granted in accordance with paragraph 1 accordingly. However, Article 5 (2) (5) of the Financial Stability Fund Regulation does not apply to shareholders, subject to the payment of the compensatory amounts in accordance with § § 6b and 6c of the Regulation on dividends and profit distributions to shareholders. Unofficial table of contents

Section 6b Obligation to pay a compensation

(1) Transfer undertakings shall pay compensation to the special purpose company for the duration of the guarantee, but not more than 20 years, from the amount to be paid out to the shareholders, which shall be as follows:

1.

For each financial year, a liability shall be incurred in the amount of a constant share of the difference between the transfer value determined in accordance with Article 6a (2) (2) and the fundamental value determined in accordance with § 6a (3), maximum in the amount of the amount to be sent to the shareholders for the relevant financial year. The share shall be calculated on the basis of the difference divided by the number of full years of the guarantee; it shall be at least one twentieth of the difference.

2.

If the amount to be applied for a financial year does not correspond to the same proportion as referred to in paragraph 1, due to a lack of the corresponding amount of the amount to be paid to the shareholders, the amount in the following years shall be up to the level of the respective amount to be paid to the shareholders. To increase the amount of shareholders to be poured out.

3.

Where the transferring undertaking is a subsidiary, its parent undertaking shall have the share of the compensatory obligation to be paid to the shareholders to be paid to the shareholders by its share in the amount to be paid to the shareholders in question. is to be paid and is considered to be a surpassing company. The amount of compensation from the amount to be paid to the other shareholders of the subsidiary shall remain unaffected.

4.

The transferring company may, up to half of the share capital existing on 1 January 2015, benefit from the obligation to pay in advance of the obligation to pay in accordance with this paragraph from the share held by the shareholders. the amount to be paid out; the preferred shares may also be endowed with voting rights. The amount of the dividend is reduced by the authorization for the adjustment in retained earnings in accordance with § 58 (2) sentence 1 of the German Stock Corporation Act (AktG).

(2) After the full exploitation of the securities, if a positive balance exists in favour of the special purpose vehicle, it shall be left to the transferring company for the purpose of returning to its shareholders. The actual economic value of the transferable securities and the consequences arising from paragraphs 1 and 2 shall be included in the management report and the group management report. of the transferring company. Unofficial table of contents

§ 6c Committing to further loss compensation

(1) If the transferring company is in the legal form of a public limited company, the compensatory amounts paid over the term of the guarantee in accordance with § 6b are not sufficient to compensate for losses in relation to the amount determined in accordance with Article 6a (2) (2) Compensation for transfer at the time of transmission is not balanced losses also beyond the term of the guarantee in full, including interest in the amount to be paid to the shareholders against the Fund balance (postliability). The compensation may also be effected by mutual agreement by issuing shares to the fund. (2) During the period of the liability, the articles of association may only be used for the purpose of cessation of a minor part of the German Stock Corporation Act pursuant to Section 58 (2) sentence 2 of the German Stock Corporation Act. (3) The transferring company may, up to a half of the share capital existing on 1 January 2015, have preferred shares with a preference corresponding to the participation rate before the fund's claims to the Shareholders to pay out the amount; the preferred shares may also be subject to voting rights shall be provided. In order to reduce the amount of the dividend, the authorization for the adjustment in retained earnings is diminished in accordance with § 58 (2) sentence 1 of the German Stock Corporation Act. (4) For transferring companies which are not in the legal form of a public limited company, the amount must be: (5) The statutory and contractual claims for post-liability shall not be subject to the limitation period. (6) The provisions of paragraphs 1 to 5 shall be subject to the obligation to comply with the provisions of the Fund. the resulting consequences are in the management report and the group management report of the company. Unofficial table of contents

§ 6d (omitted)

Unofficial table of contents

§ 7 Recapitalization

(1) The Fund may participate in the recapitalisation of financial sector undertakings, in particular in respect of the performance of a deposit, or in the acquisition of equity participations and other elements of the own resources of those undertakings, including those created by national law. (2) The Federal Ministry of Finance decides on the acquisition and disposal of shareholdings in accordance with paragraph 1. Participation by the Fund should only be carried out if there is an important interest of the Federal Government and the purpose sought by the Federal Government cannot be achieved in a better and more economic way. § § § 65 to 69 of the Federal Budget Code shall not apply. (3) The Federal Government may, by means of a decree law which does not require the consent of the Federal Council, adopt more detailed provisions on

1.

the consideration and other conditions of recapitalisation;

2.

ceilings for the participation in the own resources of individual financial sector companies and for certain types of own resources,

3.

the conditions under which the Fund may resell its participation in the own resources components; and

4.

other conditions which are necessary to ensure the purpose of this Act in the context of recapitalisation referred to in paragraph 1.

(4) The Committee on Budgets and the Finance Committee of the German Bundestag shall be immediately informed of the adoption and amendments to the legal regulation referred to in paragraph 3. Unofficial table of contents

§ 8 Risk-taking

(1) The Fund may be held by companies in the financial sector prior to 1 June 2014, in particular exposures, securities, derivative financial instruments, rights and obligations arising out of credit commitments or warranties and participations, In addition to the corresponding securities, acquire or otherwise secure them. The same is true of special purpose companies which have assumed the risk positions of an enterprise in the financial sector. (2) The Federal Government may, by means of a regulation which does not require the approval of the Federal Council, adopt more detailed provisions on

1.

the nature of the risk exposures which may be acquired or whose risks may be secured;

2.

the nature of the acquisition or protection, including the conditions, assurances and countermeasures in force,

3.

ceilings for risk-taking on individual enterprises in the financial sector and their associated companies, as well as for certain types of risk exposures,

4.

Repurchase rights in favour and repurchase obligations of the beneficiary companies in the financial sector and other appropriate forms of their participation in the risks assumed by the Fund; and

5.

other conditions which are necessary to ensure the purpose of this Act in the context of the risk-taking as referred to in paragraph 1.

(3) The Committee on Budgets and the Finance Committee of the German Bundestag shall be immediately informed of the adoption and amendments to the legal regulation referred to in paragraph 2. Unofficial table of contents

§ 8a Federal legal settlement institutions

(1) The institution may, at the request of the transferring company, establish particialable institutions under public law, to the risk positions acquired until 31 May 2014 and to the non-strategy-oriented business areas of the may be transferred by legal business or by conversion for the purpose of settlement (settlement institutions). Transferring companies are credit institutions and financial holding companies which have their registered office in the country as early as 31 May 2014, as well as their domestic and foreign subsidiaries or special purpose companies, the risk positions of them. . Transferring companies may take over acquired risk positions of domestic and foreign subsidiaries or special-purpose companies that have assumed risk positions from them prior to a transfer in accordance with the first sentence of the first sentence of 1 to 31 May 2014. The settlement institutions may also secure the risk positions or business areas by taking over guarantees, sub-shareholdings or otherwise without transmission. They may act, sue and be sued under their own name in the legal trade, have their own accounting and booking circuit and are to be entered into the commercial register without delay by the register court. The costs of the settlement institutions will be covered by their assets. The administrative costs of coordination and surveillance activities for the settlement institutions arising from the institution shall be borne by the institution itself. The assets of a settlement institution shall be kept separate from the assets of other settlement institutions and from the other assets of the institution, their rights and liabilities. The institution, the fund or the federal government shall not be liable for the liabilities of the settlement institutions, without prejudice to the rules referred to in the first sentence of paragraph 4 and point 1 (b); a settlement institution shall not be liable for the liabilities of other institutions. Settlement institutions. Section 3a (4) shall apply in accordance with the conditions laid down in the provisions of paragraph 4 of this Article, provided that the financial statements of the settlement institutions may be drawn up in accordance with the rules applicable to credit institutions. If tasks of the institution or of the settlement institutions are carried out by other legal or natural persons, it is contractually ensured that the Federal Court of Auditors also has survey rights in respect of these persons. (2) The institution shall monitor the settlement institutions. In particular, monitoring shall ensure that settlement institutions comply with the provisions of the Act and the Staff Regulations. In addition, the institution may, in coordination with the resolution institutions, take on coordination tasks for the settlement institutions, in particular with respect to the principles of risk assessment, refinancing and market-toning divestment of overt Assets; moreover, the management of the respective assets of the settlement institution shall be responsible. The seat, as well as the details of the tasks, organisation, representation, reimbursement of costs, accounting and liquidation of the settlement institutions, including their supervision by the institution, shall be governed by separate statutes which shall be governed by the The institution is to be decided in consultation with the settlement institution; § 4 (1) sentences 1 to 3 shall apply accordingly. Provisions may also be made in the statutes on:

1.

the provision of own resources to the development institutions,

2.

the application of own funds by the direct or indirect shareholders of the transferable legal entity or by third parties, as well as the transfer of shares or any other participation in the settlement institution and the transfer of shares to the settlement institution and the Participation rights and obligations,

3.

the tasks, powers and obligations of the parties involved in the own resources, and

4.

Rights of appointment or consent for the establishment of management boards and the appointment of management staff of the settlement institutions; provision may be made for the right of the parties to participate in the settlement institution; paragraph 2a shall remain unaffected.

The statutes are to be published in the Federal Gazette. Other publications are also published in the Federal Gazette (Bundesanzeiger). (2a) The establishment of management boards and the appointment of management personnel require the approval of the institution. Managers of settlement institutions shall be appointed for a maximum period of five years. A repeated appointment or extension of the term of office, each for a maximum period of five years, shall be admissible. It requires the approval of the institution and can be carried out at the earliest one year before the expiry of the previous term of office. (3) The establishment of a settlement institution for the assumption of risk positions or non-strategy-oriented business areas the institution shall, at the request of the transferring company, decide, in the case of a special purpose company, on the joint request of the special purpose vehicle and the credit institution whose exposures have taken over the special purpose company; § 4 (1), first sentence 3. (4) The conditions for the establishment of The institution shall determine the following measures to take account of risk positions or non-strategy-oriented business areas:

1.

It is necessary to ensure that a duty to compensate for losses incurred by the settlement institutions is borne by the direct or indirect shareholders or members of the transferring company in accordance with their participation rate and in the External relations a joint and several liability of the obligations to compensate for loss compensation is justified. Where the transferring company is a special purpose company, it shall be placed on the direct or indirect shareholders or members of the credit institution, the risk of which it has assumed. The assumption of a loss-compensation obligation, which does not correspond to the respective share, by parts of the shareholders or members is permissible if the compliance with the provisions of the European Parliament is ensured. The liability of the shareholders or members of the transferred liabilities of the settlement institutions may be justified; the rates 2 and 3 shall apply mutatily. In the event that the shareholders or members who are liable to compensate for loss are not, or are no longer capable of performing, as total debtors and individually, or are no longer capable of performing, provision should be made for the company to have a subordinated duty, where appropriate, to the losses incurred by the company. from the amount to be paid out to the shareholders in accordance with point 2. The Fund may also be obliged to compensate for losses in relation to the settlement institution, as well as a claim by the Fund or the Federal Government against the transferring company and its direct or indirect shareholders. or members.

1a.

If a country belongs to the direct or indirect shareholders or members of the transferring company, a joint and several liability is not to be justified; the obligation to take over losses according to the respective The participation rate referred to in the first sentence of the first sentence shall remain In the case of a collective of savings banks or a holding company in which savings banks are directly or directly involved, (Verbund) as a shareholder or a member, it is necessary to provide for the loss of the shares to be carried out by the In each case, the settlement institution shall be first of all the amount to be paid out to it in accordance with point 2 (level 1), and then, if the amount is not sufficient, to be directly offset by the composite (level 2). The cumulative total of the losses to be borne by the composite shall be limited to the amount to be determined by the institution, which the association had to bear on 30 June 2008 on the basis of the liability of the guaranty. In the event that the performance of the network in stages 1 and 2 is not sufficient to cover the losses to be borne by it in accordance with the participation rate, the amount of the difference shall be pre-financed by the Fund and shall be financed by the Fund in the following years. the amount to be paid out in accordance with point 2. The financial burden resulting from this shall be borne by the Federal Government and the country concerned in the ratio of 65:35; details shall be laid down in an administrative arrangement. Further national provisions remain unaffected.

1b.

The Fund shall be liable for all loans, debt securities, futures transactions designed as fixed transactions, rights arising from options and other loans to the settlement institution as well as for loans to third parties, insofar as it is expressly provided by the settlement institution. , provided that they have been received, issued, concluded, established or transferred to the settlement institution in which the Fund is the sole obligation to compensate for loss of losses. An appropriate guarantee within the meaning of the rules on the prudential risk weighting of exposures to a settlement institution shall also be provided if a country alone or together with the fund is unlimited in favour of the compensation of Loss of a settlement institution. Rights of recourse between loss compensation and the settlement institution shall remain unaffected and may be justified in particular in the Statutes of the settlement institution.

2.

Where the assumption of a loss-compensation obligation as specified in point 1 is not practicable on the basis of the non-closed share holders or the membership of the transferring company, for example in the case of their stock exchange listing, the transfer shall be carried out by the transmitting company. To take over the obligation to compensate the losses from the amount to be paid out to the shareholders. Where the transferring company is a special purpose company, the credit institution whose risk positions it has taken over shall be deemed to be a credit institution; the same shall apply to subsidiaries as surpassing companies. § § 6b and 6c shall apply mutas to the obligation of the transferring company to compensate for losses arising from the amount to be paid to the shareholders.

3.

If, following the full exploitation of the risk exposures transferred and the non-strategy-related business areas, there is a positive balance in favour of the settlement institution, the settlement institution shall, in accordance with the rules laid down in the statutes of the settlement institution shall be returned to the parties to the settlement institution or, where appropriate, to third parties; in so far as the statutes on this balance do not regulate, it shall be the shareholders or members of the transferring company or of the to be transferred to their shareholders or members for conversion. The second sentence of Article 6b (2) shall apply accordingly.

4.

Without prejudice to points 1 and 2, the institution may determine the consideration which is granted for the taking-over of risk positions or non-strategy-related business areas or their protection.

5.

The transferring company must disclose all risks with regard to the risk positions to be transferred or to be secured and non-strategy-oriented business areas vis-à-vis the institution before a transfer to the settlement institution.

6.

The assumption of risk positions or non-strategic business areas requires that the transferring company, in the case of a special purpose vehicle, the credit institution, whose risk positions it has adopted, shall have a viable the business model and, in principle, the capital adequacy of the individual case, as well as the settlement institution, has a settlement plan which, in detail, provides for the planned execution of the assumed risk positions and business areas that are not in need of strategy.

7.

The transferring company or its direct or indirect shareholders or members must ensure that their responsibility for employees, pension liabilities and other persons in connection with the Existing burdens are fully maintained even after the transfer of risk positions and non-strategy-related business areas to settlement institutions.

8.

For institutions that use measures pursuant to § 8a, the conditions laid down in § 5 (2) (1) to (5), (5) to (9) of the Financial Market Stabilisation Fund (Financial Market Stabilisation Fund) Regulation shall apply in accordance with the version in force on 1 January 2015. The institution may lay down other conditions, which may also be linked to stabilisation measures in accordance with § 8.

The conditions may be ensured in the statutes of the settlement institutions in accordance with paragraph 2 and by contractual arrangements. Article 6a (5) (1), second sentence, sentence 2 to 5 shall apply accordingly. (5) The settlement institutions shall not be regarded as credit institutions or financial services institutions within the meaning of the Banking Act, as investment service companies in the sense of the Securities trading law or as an insurance company within the meaning of the Insurance Supervision Act; § 3a (6a) sentence 1 shall apply accordingly. Sections 3 and 6 (2) and (3), § 6a, 7 to 8e, 9, 14, 22a to 22o, 24 (1) points 6, 8, 11 to 13, and paragraphs 1a, 2 and 4, § § 25, 25a (1) sentence 1 and 2 sentence 2, § § 25g to 25m, 26 (1) Sentences 1 to 3, § 29, paragraph 2, sentence 1 and paragraph 3, to apply in accordance with § § 37, 39 to 44a, 44c, 46g, 46h, 49, 54, 55a, 55b, 56, 59, 60 and 60a of the Banking Act as well as § § 9 and 10 of the Securities Trading Act accordingly; they are deemed to be pledged within the meaning of Article 2 (1) of the Money Laundering Act. To this extent, they are subject to the supervision of the Federal Financial Supervisory Authority. Section 15 of the Financial Services Supervision Act must be applied accordingly. (6) (omitted) (7) A contract which establishes an obligation on the part of the transferring company or its direct or indirect shareholders or members (8) The settlement institutions can be deemed to be accepting losses of a settlement institution or to transfer future amounts to the shareholders to the settlement institution concerned. (8) Legal entities at breakdowns and splits, each for Inclusion, in accordance with the following provisions:

1.

The direct or indirect shareholders of the transferor of the transferable legal entity or of the transferable legal entity itself may be granted a participation in the settlement institutions within the framework of the division. The participation may be limited to a claim to a surplus obtained after completion of the settlement. The parties to the settlement institution as well as further details of the participation shall be determined in the statutes of the settlement institutions referred to in paragraph 2. To the extent that a loss compensation obligation or liability for liabilities of a settlement institution is imposed on the shareholders of the transferable legal entity, the decision of the transferable legal entity in accordance with § 125 in conjunction with § 13 requires the decision of the transferor of the right to be transferred. the conversion law of the consent of all shareholders who, in accordance with the underlying arrangements, have a duty to compensate for losses or liability for liabilities; point 4 remains unaffected. Where indirect shareholdings within the meaning of the second sentence of paragraph 4 are granted, a decision of those shareholders shall be required in addition; shall be subject to loss-sharing obligations or to liability for liabilities of a The resolution shall be subject to the consent of all shareholders.

2.

Compensation claims can be established between the legal entities involved in the division.

3.

The division and acquisition agreement does not require any examination within the meaning of § 125 in conjunction with § § 9 to 12 of the Transformation Act. For the institution, the Management Board shall take the decision required pursuant to § 125 in conjunction with Section 13 of the Transformation Act to the effectiveness of the transfer; it shall also be in favour of the waiver pursuant to § 127 sentence 2 in conjunction with § 8 Paragraph 3 of the Transformation Act. The report in accordance with § 127 of the Transformation Act shall be reimbursed by the institution responsible for management pursuant to the Staff Regulations referred to in paragraph 2 for the management.

4.

The decision of the transferable legal entity pursuant to Section 125 in conjunction with Article 13 of the Transformation Act shall be subject to the provisions of the third sentence of a majority representing at least two-thirds of the votes cast or of the subscribed capital represented, or Equity capital; the simple majority is sufficient if half of the subscribed capital or equity capital is represented. Divergent statutes are unrespectable. Sentences 1 and 2 shall not apply to legal entities in the legal form of national public law institutions.

5.

§ § 22, 23, 126 (2) sentences 1 and 2 as well as § § 133 and 141 of the Transformation Act are not to be applied in the case of divisions with the participation of a settlement institution.

6.

The final balance sheet may also be a statement of the assets to be transferred (partial balance sheet) for which the rules on the annual balance sheet and its audit apply accordingly, unless otherwise provided for by the limits of its limited scope. results. The register court may register the split only if the final balance sheet has been drawn up for a maximum of twelve months prior to the filing date. In addition, the provision of § 125 in conjunction with Section 17 (2) of the Transformation Act shall remain unaffected.

7.

A partial balance sheet may also be used as an interim balance sheet (§ 125 in conjunction with Section 63 (1) (1) of the Transformation Act). This does not need to be checked.

8.

In the case of indirect shareholdings within the meaning of paragraph 4 (1), second sentence, participation in the trade register of the transferable legal entity shall also be declarations in accordance with § § 140, 146 (1) and § 148 (1) of the Conversion Act of the legal representatives of all companies directly or indirectly involved in the transfer of rights to which no direct or indirect participation in the settlement institution in the context of the division is concerned is granted. Section 313 (2) of the Transformation Act shall also be applied to this declaration.

9.

The details of the division shall be laid down in the statutes of the liquidation institutions referred to in paragraph 2. Divisions under this paragraph shall be breakdowns and divisions, each for inclusion, in the sense of the Law of Transformation of 28. October 1994, as amended on 17 December 2008 (BGBl. 2586), in conjunction with point 1 of this paragraph, to which the provisions of the Conversion Act shall be applicable in so far as this Act and the statutes of the liquidate institutions do not determine otherwise in accordance with paragraph 2.

The settlement institutions can establish companies in Germany and abroad and acquire shareholdings in companies. (9) § § 16 to 19 of the Financial Market Stabilisation Acceleration Act (Financial Market Stabilisation Acceleration Act) are based on the transfer and safeguarding of risk positions. (10) By way of derogation from the second sentence of Article 6 (1), the Fund may take over guarantees in accordance with Article 6 (1) for debt securities and other liabilities which are Settlement events after 23 July 2009 exclusively for refinancing or recoverage of the securities they have acquired or are justified. The maturities of the guarantees shall vary according to the first sentence of Article 6 (1), after the maturity of the debt securities and other liabilities issued by the settlement institution or based on the maturity of the debt. A guarantee assumption requires that the debt instruments of the settlement institutions are not tradable. Section 6 (1a) to (3) shall apply accordingly. If the Fund is a direct or indirect shareholder in accordance with the first sentence of Article 8a (4) (1) (1), the Fund may be subject to a duty to compensate for losses and liability for the transferred liabilities of the settlement institutions pursuant to Article 8a (4) sentence 1 Point 1, first, third and fourth sentences. (11) Insofar as risk positions or non-strategy-oriented business areas are to be transferred to a settlement institution by means of a measure under the Transformation Act, § 7c of the Financial Market Stabilisation Acceleration Act accordingly. Unofficial table of contents

§ 8b Country law settlement institutions

(1) A national settlement institution is an institution under public law according to national law which is responsible for the task of credit institutions, financial holding companies, their domestic and foreign subsidiaries or special purpose companies, the Risk positions have been taken over by them, are to be relieved of risk positions and non-strategic business areas by legal or economic transfer and for which the following is provided by or on the basis of the Land Act:

1.

The National Development Institute shall not operate any business which is subject to an authorisation under Directive 2006 /48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (OJ L 327, 30.4.2006, p. 1) or Directive 2004 /39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, amending Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council of 21 April 2004 on the markets in financial instruments European Parliament and Council and repealing Council Directive 93 /22/EEC (OJ L 196, 27.7.1993, p. 1), as amended, must be amended in the current version.

2.

The national settlement institution may be subject to risk positions acquired up to 31 May 2014, as well as the non-strategy-related business areas of a transferring company through legal business or conversion for the purpose of settlement shall be transferred. Article 8a (1) sentences 2 to 4 shall apply accordingly.

3.

The conditions laid down in Section 8a (4) (5), (6) and (8) sentence 1 shall apply mutagenic to the assumption of risk positions and non-strategy-related business areas by the Landesjurisdiction settlement institution.

(2) In the case of the requirements of paragraph 1, the provisions of Section 3a (4) sentences 1, 4 and 5 as well as sections 8a (5), 7 and 9 shall apply mutagens to the national resolution institutions. The supervision referred to in Article 8a (5) sentence 3 shall also apply to the conditions laid down in paragraph 1 (1). (3) For liabilities and payment obligations of a national settlement institution within the meaning of paragraph 1, the country may be subject to a paragraph 8a (a) The provisions of point 1b of the first sentence of paragraph 1 shall provide for such liability Unofficial table of contents

§ 9 Credit authorisation

(1) The Federal Ministry of Finance is authorized to pay for the Fund to cover expenses and measures pursuant to Sections 5a, 7 and 8 and 8a (4), first sentence, points 1 and 1a of this Act and of measures pursuant to § § 1 and 4 of the Bailout law to borrow up to 70 billion euros in loans. The credit authorization is blocked in the amount of 30 billion euros. The release of the ban requires the approval of the Committee on Budgets of the German Bundestag. In so far as not only the content of the advice but also the fact of consultation and decision-making must be kept secret in order not to make the attainment of the objective of financial market stabilization impossible from the outset, the Removal of the ban by way of derogation from the sentence 3 of the consent by the panel according to § 10a. The Federal Government may invoke this requirement, the Panel may, without delay, disagree with the adoption of this requirement by a majority. In this case, the Committee on Budgets shall decide. If, in accordance with sentence 4, the Panel decides on the consent in accordance with Section 10a, the Panel shall immediately inform the Committee on Budgets of the German Bundestag after the reason for the secrecy has been continued. (2) Credit limits under paragraph 1 increase the amounts of loans paid out again. (3) The net amount of loans is to be credited with discounting documents. (4) Under the conditions of § 37 (1) sentence 2 of the Federal Budget Code, the (1), and with the consent of the Committee on Budgets, (5) The Federal Ministry of Finance is authorized to apply this law for the Fund in the event of the use of a guarantee pursuant to § 6, § 6a or § 8a (10) of this Law. To borrow up to EUR 20 billion (6) will be granted for expenditure other than financial transactions within the meaning of § 3 of Article 115 of the Law of 10 August 2009 (BGBl. 2702, 2704), in connection with the next decision on a budget law, a separate decision of the German Bundestag on the repayment of the increased federal debt to this extent is to be brought about, in so far as this borrowing has been used to exceed the borrowing allowed under the debt rule. The repayment shall be carried out within a reasonable period of time. In accordance with this repayment plan, the net borrowing of the federal government, which is permissible under the debt rule, will be reduced in the respective years. The second sentence of Article 143d (1) of the second sentence of Article 143d (1) of the Act shall apply to borrowing funds for the financing of expenditure on the basis of measures taken up to 31 December 2010 as well as their follow-up measures pursuant to Article 13 (1a) and (1b) of this Act. Basic law. Unofficial table of contents

Section 10 Conditions for stabilisation measures

(1) Companies of the financial sector, which take up stabilization measures of the Fund in accordance with § § 6, 7 and 8 of this Act, must provide the guarantee for a sound and prudent business policy. (2) The Federal Government may by Regulation which does not require the consent of the Federal Council, provides for more detailed provisions on the requirements to be met by the beneficiary companies in the financial sector

1.

the business policy orientation, in credit institutions, in particular the supply of credit to small and medium-sized enterprises, and the sustainability of the business model pursued,

2.

the use of the funds raised;

3.

the remuneration of their organs, employees and essential vicarious agents,

4.

the own resources,

5.

the distribution of dividends,

6.

the period within which these requirements are to be met,

7.

measures to avoid distortion of competition;

8.

the way in which the Fund is to be held accountable,

9.

a declaration of commitment to comply with the requirements set out in points 1 to 8, to be issued and published by the representative body with the agreement of the supervisory body,

10.

other conditions which are necessary to ensure the purpose of this law referred to in paragraph 1.

The requirements may differ according to the type and addressee of the stabilization measure. They shall be determined on the basis of this law and the legal regulation issued for this purpose by contract, voluntary undertaking or administrative act. In the legal regulation to be adopted in accordance with the first sentence, legal consequences of failure to comply with the above requirements may also be regulated. (2a) In a company of the financial sector, the stabilization measures in accordance with § 7 of this law in claim , and where the Fund holds at least 75 per cent of the shares directly or indirectly through one or more subsidiaries, the monetary compensation of the members and employees shall not exceed EUR 500 000 per year. Variable remuneration is not allowed. (2b) In a financial sector company which uses stabilization measures in accordance with Article 7 of this Act and in which the fund does not meet the participation threshold referred to in paragraph 2a, the monetary compensation of the members and employees not exceeding EUR 500 000 per year, subject to the rules set out in the third sentence. Variable remuneration is not permitted, unless the sum of fixed and variable remuneration does not exceed the limit of EUR 500 000 per year. The ceiling of EUR 500 000 may be exceeded, provided that the undertaking has repaid at least half of the recapitalisations provided, or in so far as the capital injection is fully remunerated. (2c) Not covered by the (2a) and (2b) are allowances which are covered by collective agreements or in its scope by agreement between the parties to the labour contract on the application of the collective agreements or by virtue of a collective agreement in an operating or business administration; or The service agreement is agreed. The provisions of paragraphs 2a and 2b shall be taken into account in the event of changes in the contract and new financial statements with members of the organs and employees. The extension of a contract shall be deemed to be a new termination within the meaning of the second sentence. Where contracts do not comply with the provisions of paragraphs 2a and 2b, members of the organs and employees from them shall not be able to exercise any rights. This does not apply to claims arising before 1 January 2011. (2d) In the case of a financial-sector company which takes up stabilisation measures in accordance with § § 6 to 8a, representatives of the institution shall be the expert or expert in the field of business. Persons of information within the meaning of Section 109 (1), second sentence, of the German Stock Corporation Act shall be added to the meetings of the Supervisory Board and its committees, to the extent that deliberation is carried out on matters involving the participation of representatives of the institution as Experts or as representatives of the interests of the federal government seem to be useful. The institution may request the participation of its representatives at such meetings, in so far as it provides advice on matters which may have an impact on stabilization measures. (3) The Committee on Budgets and the Finance Committee of the German Bundestag shall be notified without delay of the adoption and amendment of the regulation referred to in paragraph 2. Unofficial table of contents

§ 10a Body on the Financial Stability Fund

(1) The German Bundestag elects a body consisting of members of the Committee on Budgets for the duration of a legislative term. The Panel is assigned to the Committee on Budgets and has nine members. The German Bundestag shall determine the composition and the working method. (2) The Board shall be kept informed by the Federal Ministry of Finance on all matters relating to the Funds. It shall be empowered to invite members of the Steering Committee and the Management Committee, as well as representatives of the institutions of a company benefiting from a measure of the Fund. The representatives of the institutions shall be entitled and obliged to provide information before the Panel. The Panel also advises on fundamental and strategic issues and on long-term developments in financial market policy. (3) The Panel is a secret. The members of the Panel are obliged to maintain secrecy of all the matters that have become known to them in their activities. This shall apply to all participants in the meetings. Unofficial table of contents

Section 11 Annual accounts and parliamentary information

(1) The Federal Ministry of Finance shall, at the end of each accounting year, draw up the annual accounts for the Fund. It must be attached as an annex to the federal budget accounts. (2) The annual accounts must show in a clear way the fund's holdings, including claims and liabilities, as well as the receipts and expenditure. (3) A budget or economic plan shall not be drawn up. The Committee on Budgets and the Finance Committee of the Deutsche Bundstag are regularly informed of the current state of affairs. The Panel according to § 10a of this Act shall be informed immediately in all cases of essential importance. Unofficial table of contents

§ 12 Administrative costs

The costs for the management of the fund are borne by the Federal Government. Unofficial table of contents

§ 13 Freezing and country participation

(1) Stabilization measures of the Fund, including measures pursuant to § § 6a and 8a, shall be possible until 31 December 2015. Subsequently, the Fund shall be unwound and dissoled. A final result is to be determined for the fund. The results shall be shown separately for the measures granted up to 31 December 2012 and the measures granted after 31 December 2012. The results of measures provided for up to 31 December 2012 shall also be attributed to the results of the measures referred to in paragraphs 1a and 1b in so far as they have taken follow-up measures under paragraphs 1a and 1b until 31 December 2012. (1a) The Fund may also participate, after 31 December 2015, in companies in the financial sector, in accordance with the first sentence of Article 2 (1) of this Act, in the version in force on 31 December 2014, on which it is based on measures pursuant to § 7 of this Act. is already involved, to the extent that this is necessary, in order to contribute to the share of its share in the company (1b) The assumption of guarantees by the Fund in accordance with Article 8a (10) sentence 1 shall be possible after the date referred to in paragraph 1. The same applies to a transfer of risk positions as well as to non-strategy-oriented business areas of the transferring company to an already established settlement institution through legal business or conversion for the purpose of settlement and in this connection, the assumption of loss-compensation obligations by the Fund in accordance with Article 8a (4), first sentence, points 1 and 1a. In the case of a subsequent transfer in accordance with the second sentence, the first sentence of Article 8a (1) may also be used to transfer risk positions which were acquired after 31 May 2014. § 8a (3) and (4) shall apply mutas to the decision of the institution for the subsequent transfer and the conditions under which it is to be taken. In the determination of conditions pursuant to Article 8a (4), in particular a loss-compensation obligation or liability in accordance with Article 8a (4), first sentence, points 1 and 1a, shares which the fund has to be transferred to the transferor after the establishment of the settlement institution shall remain After settlement of the Fund, the remaining result will be divided between the Federal Government and the Länder in the ratio 65:35 for the measures granted until 31 December 2012. The participation of the countries is limited to a maximum amount of 7.7 billion euros. The breakdown of each country is half by population (as of 30 June 2008) and half by gross domestic product in 2007 at current prices. (2a) The remaining result for the measures granted after 31 December 2012 will be split between federal and state in the ratio 65:35, as far as it is positive. Insofar as this result is negative, the restructuring fund is obliged to compensate the fund within the meaning of Section 1 of the Restructuring Fund Act. (3) As far as Landesbanken or special purpose companies, which take over their risk positions, , the resulting financial burden shall be borne by the countries in accordance with their shares in the Landesbanken or special purpose vehicles at the time of the entry into force of the law. In accordance with its share at the time of the entry into force of the law, the Federal Government bears the burdens of financial institutions in accordance with § 2, in which it is involved. (4) The details of the settlement and dissolution of the Fund shall be determined by the Federal Government in each case by Legal Regulation, which requires the consent of the German Bundestag and the Bundesrat. (5) The Committee on Budgets and the Finance Committee of the German Bundestag shall immediately be informed of the adoption and amendments to the legal regulations referred to in paragraph 4. . Unofficial table of contents

§ 14 Taxes

(1) The Fund shall not be subject to the trade tax or corporation tax. He is not an entrepre in the sense of the turnover tax law. (2) A tax deductiy is not to be applied to capital gains of the fund; the capital gains tax has been withheld and paid off, although there was no obligation to do so, the Tax Deductions have to change the tax declaration to this extent. Payments from the Fund shall not be subject to a capital gains tax deductiation. For the purposes of the Double Taxation Agreements, the Fund shall be deemed to be a person resident in Germany and subject to German taxation. (3) § 8c of the Corporate Tax Act and § 10a of the last sentence of the Trade Tax Act are subject to the acquisition of Stabilisation elements shall not be applied by the Fund or its retransmission by the Fund. The first sentence shall also apply to the acquisition of stabilization elements or their retransmission by another domestic authority or a body established by the latter and comparable to the fund, if the stabilization measures are shall be carried out within the time limit laid down in Article 13 (1). Sentence 1 shall apply mutatily to measures within the meaning of the rescuing law. (3a) Insofar as there is a need to prepare for stabilization measures within the meaning of § § 15 (1) of the Transformation Tax Act in the sense of § § 6 to 8 § 15 (3) of the Transformation Tax Act, as amended by Article 5 (2) of the Law of 14 August 2007 (BGBl), is the Law of the Law of 14 August 2007. I p. 1912). Reputable losses, remaining loss income, unbalanced negative income and an interest rate contribution pursuant to § 4h (1) sentence 2 of the Income Tax Act shall remain with the transferring entity. (4) The performance of the Fund for the performance of the Fund to the tasks assigned to the acquirer and to the acquirer of the acquirer as beneficiary are exempt from the basic value tax. In the determination of the percentage of § 1 paragraph 2a of the basic advertising tax law, the acquisition of shares by the fund shall not be taken into consideration. Unofficial table of contents

Section 14a Special tax provisions in connection with transfers of assets in accordance with § § 6a and 8a

(1) In the case of the transferring undertaking, the debt securities referred to in Article 6a (1) are to be applied by way of derogation from Article 6 (6) of the Income Tax Law with the value to which the transferring company is entitled to the structured securities in accordance with Article 6a (2) Number 2. In the case of the special purpose company within the meaning of Section 6a (1), the structured securities received shall be subject to the value of the debt securities issued for the acquisition within the meaning of Article 6a (1). (2) In the case of secession, the securities shall be included in the meaning of Section 8a the transferring entity to set the risk positions and non-strategy-oriented business units (transferred assets) within the meaning of Article 8a (1), first sentence, in their final tax balance with the carrying amount of the book. The participation granted to the accepting institution within the meaning of § 8a in the course of the secession is considered to be made to the carrying amount of the transferred economic goods and is taxable. Section 14 (3a) shall apply accordingly. The acquiring legal entity enters into the legal position of the transferring entity, in particular with regard to the dislocations for wear and the reserves that reduce the tax profit. If the duration of the membership of a business asset is significant to the operating assets of the tax, the period of its membership of the assets of the transferring entity shall be set off against the accepting entity. (3) For the purposes of § 8a, the settlement institution shall have the operating assets in place with the carrying amount of the carrying amount. The carrying amount of the exceeding assets, increased by a compensatory obligation and reduced by a compensatory claim for the benefit in accordance with Section 8a (8) (2), shall be deemed to be the selling price and shall be deemed to be the case. Acquisition costs of the participation in the settlement institution. The second sentence of the second sentence of paragraph 2 shall apply. (4) In the case of the tax date of transfer, Section 8a (8) (6) shall apply. Unofficial table of contents

§ 14b Special tax regulations on special purpose companies and settlement institutions in accordance with § § 6a and 8a

(1) The special purpose company within the meaning of Article 6a (1) shall be deemed to be a commercial enterprise within the meaning of Section 35c (1) (2) (e) of the Trade Tax Law and Section 19 (3) (2) of the Trade Tax Implementing Regulation if it is proven to be only acquires and manages the assets referred to in Article 6a (1) (including their sale and re-investment) and the debt required for the acquisition. (2) The institution within the meaning of Article 3a (1) shall be based on the grounds of the exception of the shall not operate in a commercial manner within the meaning of Section 4 of the Corporation tax law and no operation of the public sector within the meaning of § 2 (1) of the Trade Tax Implementing Regulation. (3) By way of derogation from Section 1, paragraph 1, point 6 of the Corporate Tax Law, the settlement institution shall be unlimited Corporation tax obligations and operation of a commercial nature within the meaning of Section 4 of the Corporate Tax Law; it is the tax debtor of the corporation tax. The legal consequences of a hidden profit distribution within the meaning of Section 8 (3) of the Corporate Tax Law are not already to be drawn because the settlement institution losses. (4) The settlement institution is subject to a trade tax, if: it is to be regarded as a standing commercial enterprise; in this case it is the debtor of the trade tax. Article 19 (1) and (2) of the provisions of paragraph 1 of this Article shall apply mutaly to the commercial-taxable settlement institution to which only risk positions within the meaning of Article 8a (1) sentence 1 have been transferred. Industrial tax implementing regulation accordingly. Unofficial table of contents

Section 14c Tax treatment of payments into the special purpose company or the settlement institution and the reversals of the special purpose company or the settlement institution

(1) A negative revenue within the meaning of Section 20 (1) (1) or (10) (a) of the Income Tax Act shall apply.

1.

payments within the meaning of Section 6b (1) to the special purpose company; and

2.

Payments within the meaning of Article 8a (4), first sentence, point 2, to the settlement institution if the shareholder or the member of the transferring company is not involved in the settlement institution within the meaning of Section 8a (4) sentence 1 (2).

The payments shall also reduce the tax base within the meaning of Section 43a (1), first sentence, points 1 and 2 of the Income Tax Act for the capital income from participation in the transferring company; the payments shall also apply to the application of the Investment tax law as negative revenue. If the compensatory person is involved in the settlement institution within the meaning of Article 8a (4), first sentence, points 1 and 2, payments within the meaning of Article 8a (4), first sentence, number 1 and 2, shall be treated as deposits to the settlement institution. (2) § 8b of the Corporate tax law is not to be applied to revenue

1.

within the meaning of Section 6b (1) of the Special Purpose Company and

2.

within the meaning of Article 8a (4), first sentence, point 2 of the settlement institution.

(3) The special purpose company shall assign the revenue within the meaning of Section 6b (1) as access and the reversals within the meaning of Section 6b (2) as a departure in a special account which may not be adversely affected by the reversals; § 27 (2) of the Corporate tax law shall apply accordingly. In accordance with Article 6b (2), the purpose of the special purpose company is only operating expenditure, to the extent that the arrangements are deemed to have been made from the account to be taken in accordance with the first sentence. The rates 1 and 2 shall apply mutatily to the settlement institution which receives revenue within the meaning of the first sentence of Article 8a (4), first sentence, points 1 and 2 of the compensatory person who is not involved in the settlement institution, and measures within the meaning of § 8a (4) Reversals of the Special Purpose Company within the meaning of Section 6b (2) shall be deemed to be revenue within the meaning of Section 20 (1) (1) of the Income Tax Act. (5) Services of the Settlement institution within the meaning of Section 8a (4) (3), the shareholders within the meaning of Article 8a (4) sentence 1 (3) from the participation in the settlement institution shall apply

1.

as revenue within the meaning of Section 20 (1) (1) of the Income Tax Act, if the beneficiary is not a legal person under public law,

2.

as domestic revenue within the meaning of Article 20 (1) (10) (a) of the Income Tax Law, where the person entitled is a legal person under public law.

For the performance of the settlement institution within the meaning of Article 8a (4), first sentence, point 3, which is available to shareholders within the meaning of Article 8a (4), first sentence, point 3, without being involved in the settlement institution, the first sentence shall be applied mutagentily if:

1.

the beneficiary has made payments within the meaning of Article 8a (4), first sentence, point 1, to the settlement institution, in so far as the benefits exceed the sum of the payments (reduced by return) to the settlement institution. This shall be demonstrated by the shareholder; paragraph 3 shall be applied by the shareholder accordingly,

2.

the beneficiary has made payments within the meaning of Article 8a (4), first sentence, point 2, to the settlement institution;

where in these cases the transferring undertaking within the meaning of the second sentence of Article 8a (1) is the undertaking liable to transfer the capital gains, it shall be the debtor of these capital gains for the purposes of Section VI, Part 3 of the Income Tax Law. If services which are economically comparable with services within the meaning of Article 8a (4), first sentence, point 3 are provided before the date referred to in the first sentence of Article 8a (4), first sentence, point 3, the sentences 1 and 2 shall apply mutas to the provisions of Section 8b. If the beneficiary not participating in the settlement institution has made payments within the meaning of Article 8a (4), first sentence, points 1 and 2, the settlement institution shall be entitled to benefits within the meaning of Article 8a (4), first sentence, point 3, up to the amount of those payments. to apply first sentence 2, point 2. This shall be demonstrated by the shareholder; paragraph 3 shall be applied by the shareholder accordingly. Unofficial table of contents

§ 14d Special tax provisions relating to national settlement institutions

Section 14a (2) to (4) shall apply in connection with transfers of assets to the country-law settlement institutions within the meaning of Section 8b. Section 14b (2) to (4) shall apply mutas to the national resolution institutions within the meaning of Section 8b. Unofficial table of contents

§ 14e Application provision for § § 14 to 14d

(1) § 14 (3) sentence 1 and 2 and paragraph 3a in the version of Article 10 of the Law of 16 July 2009 (BGBl. (2) § § 14a to 14d in the version valid from 23 July 2009 shall be applied for the first time for the assessment period 2009 and for the survey period 2009. Unofficial table of contents

Section 15 Immediate enforceability

A contradiction is excluded. The action taken against measures under this Act and the legal regulations based on this Act shall not have suspensive effect. Unofficial table of contents

§ 16 Legal Way

In the first and last legal proceedings, the Federal Administrative Court does not decide on public-law disputes of a constitutional nature under this Act. In addition, the jurisdiction of the ordinary courts remains unaffected. In doing so, the Federal Court of Justice shall decide in the first and last instance. Unofficial table of contents

Section 17 Announcement of legal regulations

By way of derogation from § 2 (1) of the German Federal Gazette (Federal Gazette), legal orders under this Act may be announced. Unofficial table of contents

Section 18 Transitional arrangements

(1) The persons who are members of the Management Committee on 1 March 2012 shall remain in the Management Committee. § § 3a and 3b § § 3a and 3b in the version valid before 1 March 2012 and the provisions of the legal regulation pursuant to § 3a paragraph 6 in the current law applicable before 1 March 2012 are valid until the date of appointment to a public-law relationship. (2) Follow-up measures pursuant to § 13 (1a) or (1b) to the stabilization measures granted up to 31 December 2012 may be applied by companies in the financial sector pursuant to § 2 (1) sentence 1 of this Act in the shall be applied for.