Law on the rehabilitation and settlement of institutions and financial groups (Sanation and Resolution Law-SAG)

Unofficial table of contents

SAG

Date of completion: 10.12.2014

Full quote:

" Sanation and Settlement Act of 10 December 2014 (BGBl. I p. 2091), which is provided by Article 4 of the Law of 28 May 2015 (BGBl. 786).

Status:

Amended by Art. 4 G v. 28.5.2015 I 786

Gem. Article 10 (3) G v. 10.12.2014 I 2091 enters into force in Section 146 (6) the day on which the regulatory technical standards referred to in Article 74 (4) of Directive 2014 /59/EU of the European Parliament and of the Council of 15 May 2014 shall be adopted 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 Regulations (EU) No 1093/2010 and (EU) No 648/2012 of the European Parliament and the Council (OJ C 327, 190) enter into force; the Federal Ministry of Finance is announcingthis day in the Federal Law Gazette

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 1.1.2015 + + +) 
(+ + + For application cf.  § § 22, 43, 44, 46, 57, 58, 121, 127, 129, 131,   
 133, 135 + + +) 

  

The G was decided by the Bundestag as Article 1 of the G v. 10.12.2014 I 2091. It's gem. Article 10 (2) of this Act entered into force on 1 January 2015. § 19 (3), § 30 (4), § 41 (4), § 42 (4), § 45 (2), Section 59 (10), § 63 (3), § § 76, 98 (3), § 126 (5) and § 132 (2). Article 10 (1) of this Act in force on 19.12.2014. Unofficial table of contents

Content Summary

Part 1General provisions

§ 1	Scope
§ 2	Definitions
§ 3	Resolution Authority; Supervisory Authority
§ 4	Confidentiality of information; personal data; information rights
§ 5	Confidentiality of Obligations
§ 6	Permitted exchange of information between authorities within the framework of this Act
§ 7	Disclosure of information to other bodies
§ 8	Confidentiality vis-à-vis third countries
§ 9	Prior checking for confidentiality in the case of other information transfers
§ 10	Other provisions
§ 11	Access to information

Part 2Administrative provisions
and preparation requirements
the rehabilitation and early intervention
Chapter 1Sanation planning

§ 12	Refurbelling planning
§ 13	Design of refurbelling plans
§ 14	Special requirements for the design of group recovery plans; individual rehabilitation plan
§ 15	Examination and evaluation of remediation plans
§ 16	Measures in the event of defects in remediation plans
§ 17	Procedures for group restructuring plans and deficiencies in group restructuring plans if the supervisory authority is at the same time a consolidating supervisor
§ 18	Procedures for group restructuring plans and deficiencies in group restructuring plans if the supervisory authority is not a consolidating supervisor
§ 19	Simplified requirements; Regulation empowerment
§ 20	Exemption from institutions belonging to institute-related security systems
Section 21	The obligation to trust the institutions and group members

Chapter 2intra-group financial support

Section 22	Intra-group financial support agreement
Section 23	Admissibility and content of an agreement on intra-group financial assistance
§ 24	Prohibition of abreation
Section 25	Approval requirement
Section 26	Authorisation procedure for parent companies with registered offices in Germany
§ 27	Authorisation procedure for a parent company established in another Member State
§ 28	Forwarding to the resolution authority
§ 29	Obtaining the consent of the shareholders; reporting obligations to the shareholders
§ 30	Conditions for the granting of internal financial assistance; authorisation for a regulation
Section 31	Decisions on the granting and adoption of financial assistance
Section 32	Indication of the intended grant of intra-group financial assistance
§ 33	Decision of the Supervisory Authority on the granting of intra-group financial assistance by a company based in Germany
Section 34	Participation of the supervisory authority in the decision on the granting of intra-group financial assistance by a company established in another Member State
§ 35	Disclosure requirements

Chapter 3 Early intervention

§ 36	Early intervention measures; authorisation of a regulation
Section 37	Dismise of the management
§ 38	Preliminary liquidator
§ 39	Coordination of the early intervention measures and the appointment of a provisional administrator for groups

Part 3Fulfillment law
and preparation requirements
restructuring and settlement
Chapter 1Unwinding planning

§ 40	Creation and update of resolution plans
Section 41	Simplified requirements; Regulation empowerment
§ 42	Involvement of the Institute; Regulation empowerment
Section 43	Centralised safekeeping and management of financial contracts
Section 44	Information of the resolution authority on assets and liabilities
§ 45	Participation of third parties; Regulation empowerment
Section 46	Group resolution plans; participation of EU parent companies and third parties
§ 47	Procedures for group settlement plans if the resolution authority is the competent authority for the group winding
§ 48	Procedures for group settlement plans if the resolution authority is not the group responsible for the group winding

Chapter 2Requirements relating to
liabilities to be taken into account,
relevant capital instruments and approved capital
Section 1Minimum amount
liabilities of eligible liabilities

§ 49	Minimum institution-specific amount of liabilities eligible for consideration
§ 50	Minimum amount of liabilities to be taken into account on a consolidated basis
Section 51	Minimum amount of eligible liabilities for subsidiaries on a single basis
Section 52	Disregard of the minimum amount of liabilities eligible for consideration
Section 53	Compliance with the minimum amount of eligible liabilities by contractual instruments
§ 54	Verification of compliance with the minimum amount of liabilities eligible for consideration
§ 55	Contractual recognition of the instrument of creditor participation and of the instrument of participation of holders of relevant capital instruments in third countries

Section 2Authorised capital and
other instruments of hard core capital

§ 56	Removal of procedural obstacles to the instrument of creditors ' participation

Chapter 3Abwindingability

Section 57	Evaluation of the settlement capacity of institutions
Section 58	Evaluation of Group Resolution Capability
§ 59	Reduction and elimination of obstacles to settlement of institutions; authorisation of a regulation
§ 60	Elimination and elimination of settlement obstacles in groups

Chapter 4Creation of bridge institutes
and asset management companies

Section 61

Establishment of bridge institutes and asset management companies

Part 4Resolution
Chapter 1Settlement authority,
Conditions and other powers

Section 62	Settlement requirements in relation to institutions
§ 63	Risk of stock; Regulation empowerment
Section 64	Settlement requirements in relation to financial institutions and holding companies
Section 65	Conditions for the application of the instrument of the participation of holders of relevant capital instruments
Section 66	Determination of the conditions for the application of the instrument of the participation of the holders of relevant capital instruments in the case of group members
Section 67	Resolution targets; system risk
Section 68	General principles for a settlement
Section 69	Evaluation; judicial review
Section 70	Expert Auditor
Section 71	Purposes of evaluation
Section 72	Principles of evaluation
Section 73	Scope of the evaluation; audit report and additional components
Section 74	Preliminary assessment
§ 75	Final Evaluation
Section 76	Authorisation
Section 77	Arrangement of resolution measures
Section 78	General powers of the resolution authority
§ 79	Measures relating to the transfer to an accepting entity
§ 80	Provision of services and facilities
§ 81	Power in respect of objects situated in third countries
Section 82	Power to suspend contractual obligations
Section 83	Power to restrict security rights
Section 84	Power of temporary suspension of termination rights
§ 85	Deletion of the total amount of variable remuneration and withheld variable remuneration
§ 86	Powers of control
Section 87	Special administration; joint special administrators for group members
Section 88	Rights, tasks and powers of the Special Administrator

Chapter 2Fulfillment Instruments
Section 1Participation of the
Shareholders and creditors

§ 89	Instrument for the participation of holders of relevant capital instruments
§ 90	Instrument of creditor participation
Section 91	Liabilities eligible for consideration
§ 92	Exclusion of the application of the instrument of creditor participation in individual cases
Section 93	Application of the instrument of creditor participation in relation to liabilities of derivatives
Section 94	Compensation contributions from the Restructuring Fund
§ 95	Purposes of the instrument of creditor participation
§ 96	Determination of the amount of relevant capital instruments to be recouped or converted into account and liabilities to be taken into account
Section 97	Liability Cascade
Section 98	Conversion rate; authorisations for regulation
§ 99	Other effects of the application of the instrument of the participation of holders of relevant instruments of capital and of the instrument of creditor participation
§ 100	Treatment of shareholders and holders of hard core capital instruments in the application of the instrument of the participation of holders of relevant capital instruments and of the instrument of creditor participation
§ 101	Resolution powers on the application of the instrument of the participation of holders of relevant capital instruments and of the instrument of creditor participation
Section 102	Requirement to draw up a restructuring plan
Section 103	Requirements for the restructuring plan
Section 104	Evaluation and approval of the restructuring plan
Section 105	Implementation of the restructuring plan; later revisions
Section 106	Admission to trading and inclusion in the trading of newly issued securities

Section 2Transfer of
shares, assets,
Liabilities and legal relationships
Subsection 1General provisions

Section 107	Transfer
Section 108	Multiple Application
§ 109	Consent of the accepting legal entity
§ 110	Transfer item selection
Section 111	Valuation of offers; consideration; compensatory liability
Section 112	Third Compare
Section 113	Effects of the transfer arrangement upon transmission
Section 114	The effectiveness of the transfer
§ 115	Registration of the transfer
Section 116	Insolvency duty; liability of the accepting legal entity
Section 117	Transfer items subject to foreign law
Section 118	Required permissions, approvals and permits; obvious requirements; membership in and access to financial market infrastructures
§ 119	Domestic permit-, approval and approval procedures
§ 120	Special provisions for the procedure according to § 2c of the Banking Act
Section 121	Authorisation procedures in other Member States and third countries
§ 122	Participation of the resolution authority in the case of permit, authorisation or approval procedures of a foreign authority
§ 123	Mutual assistance of the legal entities concerned
Section 124	Measures in the case of transferring legal entities
§ 125	Measures in the case of the accepting legal entity

Subsection 2 Special provisions
for the instrument of the sale of undertakings

§ 126	Marketing process; Regulation empowerment
§ 127	Retransmissions

Subsection 3Special provisions
for the instrument of transfer to a bridge institute

§ 128	Constitution of the Bridge Institute
Section 129	Marketing or liquidation of the bridge institution
§ 130	Asset of the bridge institution
Section 131	Retransmission and retransmission

Subsection 4Special provisions
for the instrument of transmission
to an asset management company

Section 132	Additional application requirements; Regulation empowerment
§ 133	Constitution of the asset management company
Section 134	Special provisions for consideration
§ 135	Retransmission

Section 3Development Regulation;
the rules governing the procedure;
Legal change; Inclaim-
the collection of Deposit Guarantee Schemes;
Protective provisions
Subsection 1Provisions for the
Adoption of a settlement order;
Other procedural provisions; legal effects

Section 136	Content of the settlement arrangement
Section 137	Issuing and announcing the settlement order
§ 138	Participation obligations in case of an inventory risk
Section 139	Decision of the resolution authority
§ 140	Procedural requirements of the resolution authority
Section 141	Insolvency strength of settlement measures, challenge
Section 142	Fees, expenses
Section 143	Claims for damages against organ members and former organ members
Section 144	Exclusion of certain contractual conditions in the event of early intervention and settlement

Subsection 2Use of
Deposit guarantee schemes

§ 145

Use of Deposit Guarantee Schemes as part of a settlement

Subsection 3Compensation for
Disadvantaged shareholders, creditors and
Deposit-guarantee schemes; safeguards

Section 146	Comparison with the outcome of a hypothetical bankruptcy procedure; Regulation empowerment
Section 147	Protection provisions for shareholders and creditors
§ 148	Social protection provisions

Subsection 4Rule of Law

§ 149

Arrangement of a legal change

Subsection 5Legal remedies and exclusion of other measures

Section 150	Legal protection
Section 151	Interruption of judicial proceedings in civil matters
Section 152	Limitation of Liability

Part 5 Cross-border crossing
Group winding and
Relations with third countries
Chapter 1Recognition of measures
the authorities of other Member States

Section 153

Effectiveness of crisis management measures or crisis prevention activities of other Member States

Chapter 2 Cross-Border Group Development
Section 1 Cross-border crossing
decision-making and
Information; Resolution Collegies

Section 154	General principles for decision-making involving a public authority or several authorities of other Member States
§ 155	Responsibility of the resolution authority
Section 156	Resolution Collegium
Section 157	Members of the Resolution Collegium and other participants
Section 158	Organization of the resolution collegium
Section 159	European Resolution Collegies
§ 160	Exchange of information with authorities and ministries of other countries of the European Economic Area

Section 2Group Development in the
the case of a subsidiary,
that is not EU parent company

Section 161	Transfer of information on settlement requirements
Section 162	If the resolution authority is not the group responsible for the group management
Section 163	Procedure if the resolution authority is the competent authority for group management
Section 164	Group fulfillment concept
Section 165	Implementation of the measures without delay

Section 3Group Development in the
Case of EU parent company

Section 166

Group development in the case of an EU parent company

Chapter 3Relations with third countries

Section 167	Agreements with third countries
§ 168	Cooperation with third country authorities
§ 169	Recognition and enforcement of third-country settlement procedures
§ 170	Right to refuse recognition or enforcement of third-country settlement procedures
Section 171	Settlement of domestic EU branches

Part 6Bußmonetary

Section 172	Fines
Section 173	Competent managing authority
§ 174	Publication of measures
§ 175	Participation of the resolution authority and communications in criminal matters

Part 7Transition and final provisions

Section 176

Charges and surcharges

Part 1
General provisions

Unofficial table of contents

§ 1 Scope

This Act shall apply to:

1.

CRR credit institutions within the meaning of Section 1 (3d) sentence 1 of the Banking Act, with the exception of undertakings within the meaning of Article 2 (5) of Directive 2013 /36/EU of the European Parliament and of the Council of 26 June 2013 on access to activity of credit institutions and the supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006 /48/EC and 2006 /49/EC,

2.

CRR investment firms within the meaning of Section 1 (3d) sentence 2 of the Banking Act, which are to be provided with an initial capital of at least EUR 730 000 in accordance with Article 33 (1), first sentence, point 1, point (c) of the Banking Act,

3.

Parent companies of an institute group, a financial holding group or a mixed financial holding group according to § 10a paragraph 1 of the Banking Act and their subordinated companies according to § 10a paragraph 1 of the Banking Act, with seat within the country and

4.

Institutions within the meaning of Section 53 (1) of the Banking Act, with the exception of branches of undertakings established in another State of the European Economic Area within the meaning of Section 53b of the Banking Act.

Unofficial table of contents

§ 2 Definitions

(1) Institutes within the meaning of this Act are CRR credit institutions and CRR investment firms which are covered by the scope of this Act in accordance with § 1. (2) Relevant capital instruments are capital instruments used by the issuing company for the (3) For the purposes of this Act, the following terms shall be determined as follows:

1.

Processing is the application of a resolution instrument to achieve one or more settlement targets.

2.

The power of settlement is one of the powers referred to in Articles 78 to 86, 101, 107 and 144 and 153.

3.

Resolution authorities are the authorities designated by a Member State which are responsible for the application of the resolution instruments and the exercise of the resolution powers.

4.

Settlement instrument is an instrument according to § § 89, 90 or 107.

5.

Settlement measure is the decision on the settlement of an institution or group-affiliated company in accordance with § 62 or § 64, the application of a settlement instrument or the exercise of a settlement power.

6.

Shareholders within the meaning of this Act are shareholders or members.

7.

On a consolidated basis, on the basis of the consolidated position within the meaning of Article 4 (1) (47) of 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. OJ L 176, 27.6.2013, p. 1).

8.

Colleges of supervisors is a colleges of supervisors within the meaning of § 8e of the Banking Act.

9.

Exceptional financial support from public funds shall be State aid in accordance with Article 107 (1) of the Treaty on the Functioning of the European Union or comparable financial assistance from public funds. Means at supranational level, which are each granted for the maintenance or restoration of the viability, liquidity or solvency of an institution or group.

10.

A major branch is a major branch within the meaning of Section 8f (1) of the Banking Act.

11.

Derivatives are derivatives within the meaning of § 1 paragraph 11 sentence 3 of the Banking Act.

12.

Third country is a state that is not a Member State.

13.

A third country institution shall be a company whose head office is situated in a third country and which, under the law of the third country concerned, is responsible for exercising one of those listed in Annex I to Directive 2013 /36/EU or in Annex I, Section A, to the Directive 2014 /65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directives 2002/92/EC and 2011 /61/EU (OJ L 136, 31.5.2002, p. 349), the Commission has approved the following activities:

14.

Own resources requirements are the requirements of Articles 92 to 98 of Regulation (EU) No 575/2013.

15.

Depositors shall be the holder of an insert within the meaning of Section 2 (3) of the Deposit Guarantee Act.

16.

Deposit guarantee schemes are those within the meaning of Section 2 (1) of the Deposit Guarantee Act.

17.

Supplementary capital shall be the instruments of the supplementary capital within the meaning of Article 63 of Regulation (EU) No 575/2013.

18.

Claims eligible for compensation are deposits within the meaning of Section 2 (4) of the Deposit Guarantee Act.

19.

EU parent company is an EU parent institution, an EU parent financial holding company, or a mixed EU parent financial holding company.

20.

Financing mechanisms shall be the mechanisms set up by the Member States through a fund or on the basis of obligatory contributions from institutions authorised in their territory in the implementation of Article 100 of Directive 2014 /59/EU.

21.

Financial contracts shall be

a)

Securities contracts, in particular

aa)

contracts for the sale, sale or purchase of a security, a group of securities or shares in index funds,

bb)

options on a security, a group of securities or an investment index; and

cc)

Pension or reverse repurchase agreements with a security, a group of securities or a securities index;

dd)

other comparable contracts concluded by the Institute with securities collection points, settlement systems or payment systems, central counterparties or swap bodies; and

ee)

contracts from which liabilities within the meaning of Article 91 (1) are to be taken into account by the institution,

b)

Commodity contracts, in particular

aa)

Contracts for the sale, sale or gluing of a product, a group of goods or a commodity index for the purpose of future delivery,

bb)

Options for a commodity, a group of goods or a commodity index,

cc)

Pension or reverse repurchase agreements with a commodity, a group of goods or a commodity index,

c)

Futures contracts, in particular contracts relating to the purchase, sale or transfer of goods or other goods, services, rights or shares at a fixed price at a future date,

d)

Swap arrangements, in particular

aa)

interest rate swaps and options, cassa or other foreign exchange agreements, currency agreements, a share index or a share, a debt index, or a debt, commodity indices or goods, and agreements related to the weather, emissions or inflation,

bb)

Total income, credit spread or credit swaps,

e)

credit agreements concluded between institutions with a duration of up to three months;

f)

framework agreements for the contracts and agreements referred to in points (a) to (e), and

g)

the contracts and contracts referred to in points (a) to (f).

22.

Financial market infrastructure is a multilateral system between participating financial market actors, including a system operator, which is responsible for the settlement, settlement, custody and accounting of payments, securities, derivatives and other financial transactions, or facilitate or facilitate such financial transactions; it includes, in particular, systems within the meaning of Section 1 (16) of the Banking Act, the central banks referred to in Article 1 (31) sentence 1 and 2 of the Banking Act. Counterparties and exchanges.

23.

Covered deposits are deposits within the meaning of Section 2 (5) of the Deposit Guarantee Act.

24.

Covered bonds shall be an instrument within the meaning of Article 52 (4) of Directive 2009 /65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to certain provisions relating to certain aspects of the debt Undertakings for collective investment in transferable securities (UCITS) (OJ L 136, 30.4.2004, p. 32), as defined by Directive 2014 /91/EU (OJ L 302, 15.11.2009, p. OJ L 257, 28.8.2014, p.

25.

Managers are managers within the meaning of Section 1 (2) of the Banking Act.

26.

Business day is every day with the exception of Saturdays and Sundays, as well as public holidays in the Federal Republic of Germany, at which no exchange trading is carried out at least on a domestic exchange.

27.

Cross-border group is a group whose group members are based in more than one State of the European Economic Area.

28.

A group consists of the parent company and its subordinated enterprises.

29.

Group winding shall be a resolution measure at the level of the parent undertaking or of the institution subject to supervision on a consolidated basis, as well as the coordination of the application of resolution instruments and the exercise of Resolution powers by resolution authorities in relation to companies of a group that meet the requirements for settlement.

30.

Group-related company is a parent company or parent company of a group.

31.

The domestic branch of the Union is a Union branch which is maintained within the territory of the Union.

32.

Instruments of hard core capital are the instruments of hard core capital within the meaning of Article 28 of Regulation (EU) No 575/2013.

33.

In liquidation, an institution or a group-related company is an institution or a group-affiliated company for which a settlement measure is taken.

34.

Institute-related security system is a liability agreement within the meaning of Article 113 (7) of Regulation (EU) No. 575/2013.

35.

The consolidating supervisor shall be the authority responsible for exercising supervision on a consolidated basis within the meaning of Article 4 (1) (41) of Regulation (EU) No 575/2013.

36.

Crisis management measure is a settlement measure or the exercise of control powers in accordance with § 86 (1).

37.

Crisis prevention measure

a)

the exercise of powers to remove inadequacies or obstacles to the ability to restructure pursuant to § 16,

b)

the exercise of powers to dismantuse or remove obstacles to settlement capacity in accordance with § 59 or § 60,

c)

The application of measures early intervention in accordance with § § 36 to 38 or

d)

the exercise of the instrument of the participation of the holders of relevant capital instruments in accordance with Section 89.

38.

Critical functions are activities, services and transactions, the cessation of which is caused by the disruption of services essential to the real economy or to a disruption of financial stability in one or more Member States. the size of the institution or group, or its market share, its external and internal linkages, its complexity or its cross-border activities, in particular with regard to its substitutability.

39.

Policy objective means:

a)

in the case of section 107 (1) (1), the production of an asset, financial and earnings situation which ensures the competitiveness of the transferred company in a sustainable way or ensures its orderly winding up; and

b)

in the case of Article 85 (1) (2), the objectives set out in Article 132 (1) (1) to (3).

40.

Member State is a Member State of the European Economic Area.

41.

Emergency liquidity assistance is a temporary measure taken by a central bank within the meaning of Article 4 (1) (46) of Regulation (EU) No 575/2013 against solvent institutions or groups with temporary liquidity problems to remedy the situation of the liquidity problems.

42.

The relevant parent institution shall be a parent institution in a Member State, an EU parent institution, a financial holding company, a mixed financial holding company, a mixed holding company, a parent financial holding company in a Member State Member State, an EU parent financial holding company, a parent mixed financial holding company in a Member State, or a mixed EU parent financial holding company, to which the creditor participation instrument is applied.

43.

An agreement is an agreement whereby a number of receivables or obligations specified or identifiable in advance may be converted into a single net claim, including:

a)

agreements in which the obligations of the parties are directly due or terminated when an event occurs and are to be converted into a single net claim or replaced by such a net (close-out netting agreement),

b)

Netting on the basis of close-out netting within the meaning of Article 2 (1) (n) (i) of Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (OJ L 201, 31.7.2002, p. OJ L 168, 27.6.2002, p.43) and

c)

Financial statements within the meaning of Article 2 (k) of Directive 98 /26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 327, 30.4.1998, p. OJ No L 166, 11.6.1998, p. 45).

44.

The Union branch shall be a branch of a third country institute located in a Member State.

45.

Key business activities are business units and related services, which can significantly influence the assets, financial and earnings situation of an institute or group. Business activities which, from the point of view of the Institute or the Group in the event of a disturbance, result in a significant loss of revenue or profits, substantial losses or a significant loss of the value of the equity, are also essential. could.

46.

Additional core capital shall be the instruments of the additional core capital within the meaning of Article 52 of Regulation (EU) No 575/2013.

47.

Branch office shall be an operating body within the meaning of Article 4 (17) of Regulation (EU) No 575/2013.

(4) In addition, for the purposes of this Act, the following definitions from Article 4 (1) of Regulation (EU) No 575/2013 shall apply:

1.

parent undertakings within the meaning of Article 4 (1) (15) of Regulation (EU) No 575/2013;

2.

subsidiary undertakings within the meaning of Article 4 (1) (16) of Regulation (EU) No 575/2013;

3.

financial holding company within the meaning of Article 4 (1) (20) of Regulation (EU) No 575/2013;

4.

Mixed financial holding company within the meaning of Article 4 (1) (21) of Regulation (EU) No 575/2013;

5.

mixed holding company within the meaning of Article 4 (1) (22) of Regulation (EU) No 575/2013;

6.

financial institution within the meaning of Article 4 (1) (26) of Regulation (EU) No 575/2013;

7.

parent institution in a Member State within the meaning of Article 4 (1) (28) of Regulation (EU) No 575/2013;

8.

EU parent institution within the meaning of Article 4 (1) (29) of Regulation (EU) No 575/2013;

9.

the parent financial holding company in a Member State within the meaning of Article 4 (1) (30) of Regulation (EU) No 575/2013;

10.

EU parent financial holding company within the meaning of Article 4 (1) (31) of Regulation (EU) No 575/2013;

11.

Mixed parent financial holding company within the meaning of Article 4 (1) (32) of Regulation (EU) No 575/2013;

12.

Mixed EU parent financial holding company within the meaning of Article 4 (1) (33) of Regulation (EU) No 575/2013;

13.

Own resources within the meaning of Article 4 (1) (118) of Regulation (EU) No 575/2013.

Unofficial table of contents

§ 3 Resolution Authority; Supervisory Authority

(1) Resolution authority is the Bundesanstalt für Finanzmarktstabilisers. (2) The resolution authority has to coordinate regularly with the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), particularly with regard to

1.

Matters of international cooperation and

2.

the preparation of the integration of the settlement authority as an institution in the institute in the Federal Financial Supervisory Authority.

(3) The supervisory authority shall be the supervisory authority within the meaning of Section 1 (5) of the Banking Act. (4) The Federal Financial Market Stabilisation Agency and the Bundesanstalt für Finanzdienstleistungsaufsicht shall cooperate in accordance with this law. Without prejudice to other legal measures, the cooperation in accordance with the first sentence may be further developed and specified by agreements between the Federal Financial Market Stabilisation and Financial Supervisory Authority (Bundesanstalt für Finanzmarktstabilisation) and the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). In addition, the agreements can give concrete form to the processes required for cooperation. The agreements require the approval of the Federal Ministry of Finance. Unofficial table of contents

§ 4 Confidentiality of information; personal data; information claims

(1) § § 5 to 10 shall apply to the transfer of

1.

Confidential information, in particular operational and business secrets of credit institutions, group-affiliated undertakings or other third parties, and

2.

Information which has adverse effects on the achievement of the settlement objectives referred to in Article 67 (1), on the effectiveness of supervisory and settlement instruments, or on financial, monetary or economic policy can.

(2) The protection of personal data in accordance with the Federal Data Protection Act, as amended, and the protection of intellectual property remain unaffected. In particular, the requirement of data economy is in accordance with § 3a of the German Federal Data Protection Act. A request or disclosure of information in accordance with § § 6 to 8 may only be made if the information is to be used for the purpose to which it was collected. Unofficial table of contents

§ 5 Obligation of Confidentiality

(1) Persons employed by the resolution authority, the supervisory authority and other national authorities shall not be entitled to the information disclosed to them in connection with their activities under this law within the meaning of Section 4 (1). unauthorized access or use. This shall also apply where the officials of the above-mentioned authorities are no longer in service or have completed their activities under this law. The same shall apply to other persons who, by means of service reporting, receive information from the information referred to in the first sentence. (2) Paragraph 1 shall apply to the following persons or persons working in the following posts:

1.

Deposit-guarantee schemes and persons working with them;

2.

potential acquirers who have been contacted by the other national authorities operating under this law or who have been approached by the resolution authorities;

3.

Auditors, accountants, auditors, legal advisers, other professional advisers, evaluators and others directly from the resolution authorities, other authorities acting in the framework of this law, or of potential acquirers or indirectly involved experts;

4.

provisional custodians according to § 38 and the special administrator pursuant to § 87;

5.

the management of a bridge institution or an asset management company appointed by the resolution authority before, during or after its appointment;

6.

other persons or entities providing services, either directly or indirectly, permanently or temporarily, to the resolution authority, to the national competent authorities operating within the framework of that law and to those referred to in points 1 to 5 provide or have provided persons, bodies or authorities;

7.

the senior management and management of the persons, bodies or authorities referred to in points 1 to 6 before, during or after their appointment and staff or former staff of the persons referred to in points 1 to 6; Bodies or authorities.

(3) The resolution authority, the supervisory authority and other national authorities operating within the framework of this law, deposit guarantee schemes and bridge institutes and asset management companies shall have in their respective areas to provide for internal secrecy rules, which largely comply with the rules of § § 4 to 10. In particular, it is necessary to ensure that information within the meaning of Section 4 (1) only comes to persons who are directly involved in the settlement process. (4) The obligation of confidentiality shall be subject to the transfer or exploitation of information. in the sense of Section 4 (1) (1), if the credit institutions, group-affiliated undertakings or other third parties whose interests are affected by the transfer or exploitation are expressly referred to in the transfer or exploitation (5) In the event of a breach of the obligation of confidentiality, the following shall apply: General liability and damage compensation rules. With regard to the use of an employee of the resolution authority, supervisory authority or a national competent authority acting within the scope of the law, the regulations of § 152 apply. Unofficial table of contents

§ 6 Authorized exchange of information between authorities under this Act

(1) An unimpeded exchange of information is taking place between the resolution authority and the supervisory authority in the framework of mutual support, advice and coordination. To the extent that this is necessary for the performance of their tasks, they may request information from each other and have to communicate observations and findings to each other. The rates 1 and 2 shall also apply in relation to the settlement authority and the German Bundesbank, insofar as information is affected which arose during the day-to-day supervision of the institutions by the Deutsche Bundesbank (Bundesbank) or to the running (2) The authorities, persons or bodies referred to in § 5 (1) and (2) shall be empowered to submit information to each other, provided that the receipt of the information is to be fulfilled. of the tasks required under this law. Unofficial table of contents

§ 7 Transfer of information to other bodies

(1) The resolution authority and the supervisory authority shall also be entitled to make available to them, in connection with this law, the following authorities, persons or bodies:

1.

within the framework of resolution colleges, their members, the resolution authorities and the competent authorities in other countries with which the supervisory authority cooperates in the framework of colleges of supervisors in accordance with § 8e of the Banking Act, under the corresponding application of Section 8e of the Banking Act,

2.

the European Banking Authority,

3.

authorities whose judgment the resolution authority deems necessary or helpful,

4.

bodies or authorities involved in the liquidation or insolvency proceedings relating to the proceedings of an institution or a group of undertakings,

5.

law enforcement agencies or courts,

6.

Bodies and persons entrusted with the task of carrying out the law or the public contract

a)

with the supervision of institutions, capital management companies, externally managed investment companies, EU management companies or foreign AIF management companies, financial firms, insurance undertakings, the financial markets or of payment transactions, or

b)

with the money laundering prevention,

7.

persons entrusted with the statutory audit of the accounts of institutions or financial undertakings, and bodies which supervise the persons referred to above,

8.

Authorities responsible for oversight of payment and settlement systems,

9.

parliamentary committees of inquiry pursuant to Section 1 of the Committee of Inquiry into Inquiry pursuant to Section 18 (2) of the Committee of Inquiry into the Committee of Inquiry,

10.

the Bank for International Settlements, including the multilateral bodies established with it, in particular the Financial Stability Board;

11.

the International Monetary Fund,

12.

the Committee on Financial Stability or the European Systemic Risk Board,

13.

the Panel on the Financial Market Stabilisation Fund within the meaning of Section 10a (1) of the Financial Stability Fund Act, the Steering Committee within the meaning of Section 4 (1) sentence 2 of the Financial Market Stabilisation Fund Act,

14.

the Deutsche Bundesbank, or

15.

to the Committee referred to in Articles 42 to 48 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 settlement of credit institutions and , as part of a single resolution mechanism and a single resolution fund, as well as amending Regulation (EU) No 1093/2010 (OJ L 196, 27.7.2010, p. OJ No L 225, 30.7.2014, p. 1).

(2) The information referred to in paragraph 1 may only be passed on to the extent that the bodies referred to therein require the information to carry out their tasks. In addition, the requirements of § 8 must be met for the transfer of information to third countries. Unofficial table of contents

§ 8 Confidentiality vis-à-vis third countries

(1) The resolution authority and the national competent authorities acting under this law shall not disclose information referred to in Article 4 (1) to third-country authorities only if the following conditions are met:

1.

the third country authorities concerned are subject to rules of secrecy which are at least equivalent to the requirements of this law; the evaluation shall, where appropriate, be assessed by the issuing authority, in consultation with the other authorities concerned, authorities;

2.

the information is necessary for the respective third-country authorities in order to exercise the functions which they have in accordance with national law which are comparable to the functions provided for in this Law, and shall be subject to the provisions of The revelation and use powers referred to in point 1 shall not be used for any other purpose;

3.

Personal data may only be transmitted if an adequate level of data protection is ensured within the meaning of Section 4b (2) sentence 2 of the Federal Data Protection Act.

(2) confidential information coming from another EU Member State may be disclosed by the resolution authorities and other national authorities to the respective third-country authorities only if the following conditions are met:

1.

the supervisory authority of the Member State from which the information originates (originating authority), consents to the disclosure;

2.

the information shall be disclosed only for the purposes approved by the originating authority.

Information coming from another EU Member State shall be considered as confidential if it is subject to secrecy rules in accordance with Union law or if it is subject to the law of the Member State concerned of the obligation to comply with the law of the Member State concerned. is subject to Unofficial table of contents

§ 9 Pre-examination for confidentiality in the event of any other disclosure of information

Prior to the disclosure of information outside the disclosure rights of § § 5 to 8, it must be ensured that no information within the meaning of Section 4 (1) is located under this. Within the framework of this examination, the effects of a transfer to economic interests of the person concerned in accordance with Section 4 (1) (1) and on public interests in accordance with Section 4 (1) (2) shall be taken into account. The effects of a transfer of contents and details of the remediation and settlement plans in accordance with § § 12 to 21 and 40 to 48 and of the results of an evaluation according to § § 57 to 60 shall be investigated separately. Unofficial table of contents

§ 10 Other provisions

(1) With regard to the disclosure of information for the purposes of criminal or civil proceedings, the provisions of Section 9 of the Banking Act shall apply. (2) With regard to the use of an employee within the framework of this Act, the national competent authority, which is based on the violation of secrecy within the meaning of this Act, shall apply the provisions of § 152. Unofficial table of contents

Section 11 Access to information

In order to protect effective recovery and settlement planning and effective application of resolution instruments, access to the information provided by the supervisory or resolution authority in connection with the restructuring plan shall be provided in accordance with the § § 12 to 21 or the settlement planning according to § § 40 to 48 were transmitted or in connection with the valuation according to § 69 or the marketing process pursuant to § 126 were incurred by the supervisory or resolution authority, not granted.

Part 2
Prudential rules and requirements for the preparation of refurbishment and early intervention

Chapter 1
Refurbelling planning

Unofficial table of contents

§ 12 Sanation planning

(1) Institutes that are not exempt pursuant to § 20 (1) shall have a restructuring plan to be drawn up. In the recovery plan, the institution shall specify the measures to be taken by the institution to safeguard or restore financial stability in the event that its financial situation deteriorates significantly and the financial stability of the institution is likely to deteriorate. (2) If the institution is part of a group, paragraph 1 shall apply with the proviso that the parent company alone has to draw up a recovery plan which is based on the whole group. (3) The Supervisory Authority shall request: the institutions shall submit a recovery plan, and shall determine a period of time not exceeding six months; at the request of the institution, the supervisory authority may extend the period by up to six months. In the request, the supervisory authority shall also indicate whether the institution shall have simplified requirements in respect of the content and level of detail of the recovery plan in accordance with section 19 (1) (1) and the deadline for the Updating of the recovery plan in accordance with Section 19 (1) (2) shall apply. The institutions shall submit the restructuring plan of the supervisory authority and the Deutsche Bundesbank. (4) As far as no simplified requirements are applicable in accordance with Section 19 (1) (2), an institution shall update its recovery plan and the Supervisory authority and the Deutsche Bundesbank

1.

after any change in the legal or organisational structure of the institution, its business activities or financial position or any change in the general risk situation which could have a significant effect on the institution's recovery plan or -other reasons why it is necessary to amend

2.

at least annually.

The supervisory authority may require an institution to update its recovery plan more frequently. (5) Paragraphs 3 and 4 shall apply to the parent company of a group. Unofficial table of contents

§ 13 Structuring of remedial plans

(1) The design of the restructuring plan depends on the size, complexity and networking of the institute or the group, as well as on the nature, scope and complexity of the business model and the associated risk. (2) Subject to simplification The requirements of Article 19 (1) (1) of the restructuring plan shall include, in particular, the following essential elements:

1.

a summary of the essential contents of the recovery plan, including an assessment of the reorganisation capacity of the institution or group;

2.

a strategic analysis of the institution or group that has to contain:

a)

a representation of the corporate structure and the business model,

b)

the designation of essential business activities and critical functions; and

c)

a description of the internal and external networking structures;

3.

a presentation of the options available to the Institute or to the Group in order to safeguard or restore financial stability in the event of a crisis;

4.

an analysis of the impact of each of the policy options presented on the Institute or the Group, as well as the impact of action options on the continuation of critical functions, as well as the impact on other market participants; creditors and shareholders; in this context, the consequences of the options for action for workers and their representations should also be described;

5.

an analysis of the feasibility of the action options presented, including possible implementation obstacles, as well as a description of whether and how these obstacles can be overcome;

6.

the establishment of qualitative and quantitative indicators enabling the timely implementation of action options to ensure or restore the financial stability of the institution or group in such a way as to ensure that the In this context, it is also possible to define an escalation and information process which ensures that the level of the management level of the business ladder is not possible. in a timely and comprehensive manner in the decisions; in the A recovery plan should also be provided for when and how the supervisory authority will be informed in the context of the escalation and information process in the achievement of thresholds of the indicators;

7.

a presentation of scenarios for serious pressures that can trigger a crisis, and their impact on the institute or group; the stress scenarios shall be both system-wide events and the individual institute, or contain the whole group of events relating to the risk potential of the institution or group;

8.

an examination of the effectiveness and feasibility of the recovery plan on the basis of the loading scenarios;

9.

a communication and information concept setting out internal and external communication, taking into account the specific features of specific courses of action;

10.

a preparation of the preparatory actions taken or intended to be taken by the Institute or the Group in order to facilitate the implementation of the recovery plan.

(3) The recovery plan must not be based on the possibility of access to exceptional financial support from public funds or from the receipt of such support. However, the recovery plan shall analyse how and when the institution could apply for the use of central bank facilities in a crisis situation and shall identify asset positions that could be used as collateral. (4) In addition, the restructuring plan must meet the following requirements:

1.

the implementation of the measures provided for in the recovery plan, taking into account the preparatory actions taken or planned by the institution in question pursuant to paragraph 2 (10), are likely to be likely to: to secure or restore the survivability and financial soundness of the Institute or the Group in a sustainable way;

2.

the recovery plan and the options for action can most likely be implemented quickly and effectively in the event of a crisis, with the result that significant negative effects on the financial system, even in cases where other institutions in the the same period of recovery plans to be avoided as far as possible.

The recovery plan must explain the fulfilment of the requirements set out in points 1 and 2 of the first sentence. (5) Each business manager shall be responsible for the preparation, implementation and implementation of the rules, irrespective of the internal rules of jurisdiction. (6) The Supervisory Authority, in consultation with the Resolution Authority of Institutes or the parent company of a group, may take the lead in more detail. require records to be kept in a central database on financial contracts where: the institution concerned is a Contracting Party. Unofficial table of contents

Section 14 Special requirements for the design of group training plans; individual rehabilitation plan

(1) A parent company, which is an EU parent company and for which the supervisory authority is the consolidating supervisor at the same time, has to draw up a group restructuring plan. (2) In addition to the requirements of § 13, the parent company shall have the following: Group recovery plan to meet the following requirements:

1.

the group recovery plan must include options for action that can be implemented both at the level of the parent company and at the level of subordinated enterprises;

2.

the grouping plan should provide for rules to ensure that action options are in line with each other, to be taken at the level of

a)

of the parent company,

b)

a financial holding company, a mixed financial holding company, a mixed holding company, a parent financial holding company in a Member State, an EU parent financial holding company, a mixed financial holding company, a mixed holding company, a parent financial holding company, parent financial holding company in a Member State or of a mixed EU parent financial holding company,

c)

of subsidiaries and

d)

major branches;

3.

the group recovery plan is to contain rules for possible intra-group support, provided that an agreement on intra-group financial support is provided in accordance with § 22.

(3) In accordance with Article 17 (2) to (4) and Article 18, the supervisory authority may require the establishment of a separate restructuring plan relating to a domestic institute, the parent undertaking of an EU parent undertaking in another Member State. In place of and under the conditions of a request under the first sentence, the resolution authority may require the establishment of a restructuring plan by a domestic parent company, which shall also be responsible for all the undertakings which are subordinated to it. . Unofficial table of contents

Section 15 Examination and evaluation of remediation plans

(1) The supervisory authority shall submit the recovery plan to the resolution authority. The resolution authority may examine the recovery plan in order to identify measures which may have a negative impact on the ability of the institution or the group to settle. The resolution authority may make recommendations to the supervisory authority in this regard. (2) The supervisory authority shall examine and evaluate, in agreement with the Deutsche Bundesbank, the extent to which the restructuring plan complies with the requirements of Sections 13 and 14. In assessing the restructuring plan, the supervisory authority will also assess the appropriateness of the capital and refinancing structure in proportion to the complexity of the organizational structure and risk profile of the institute or group. Unofficial table of contents

Section 16 Measures in the event of defects in remediation plans

(1) In order to assess that the recovery plan does not comply with the requirements of Sections 13 and 14 or that its implementation is contrary to significant obstacles, it shall inform the institution concerned or the relevant institution of the parent company of a group, and calls upon the institution or the parent company to submit a revised recovery plan within two months. On request, the supervisory authority may extend this period by up to one month. (2) In the revised recovery plan, the institution or higher-level companies shall state how the deficiencies noted by the supervisory authority are eliminated. Before requesting a revised remediation plan, the institution or parent company shall be consulted by the supervisory authority. If the supervisory authority considers that the inadequacies and obstacles with the revised recovery plan have not been adequately addressed, it may instruct the institution or higher-level undertaking to make certain changes to the (3) Do not submit a revised recovery plan to the institution or parent undertaking concerned or if the supervisory authority concludes that the original assessment of the plan has been shown in its original assessment Inadequacies or potential obstacles with the revised The recovery plan shall not be rectified in an appropriate manner and the inadequacies or obstacles may not be adequately remedied by the instruction to make certain changes to the plan, the supervisory authority may, of the The institution or the parent company shall require that it be informed within a reasonable period of time, by which changes in its business activities, the inadequacies or obstacles which make it impossible to remediate in a crisis situation or would make it much more difficult (remedial obstacles), be fixed (4) The institution or the parent company shall not share any changes it may make in order to remove any obstacles to remediation in its business, or shall the supervisory authority consider that the Where the measures proposed by the institution or the parent undertaking cannot be adequately remedied, the supervisory authority may instruct the institution or higher-level undertaking to take measures to: taking into account the seriousness of the inadequacies and obstacles, and the effects of the measures on the business activities of the Institute are deemed necessary and proportionate to eliminate the obstacles to remediation. (5) The Supervisory Authority may, in accordance with the provisions of paragraph 1, be 4 in particular, require that:

1.

the risk profile, including the liquidity risk, is reduced,

2.

adopt measures to allow for the timely launch of recapitalisation measures,

3.

reviewing the business strategy and the organizational structure,

4.

to make corrections to the refinancing strategy in order to increase the resilience of the main business activities and critical functions, or

5.

the organisation of management changes so that action options from the recovery plan can be implemented in a timely and timely manner.

The power of the supervisory authority to adopt measures under the Banking Act and Articles 36 to 39 remains unaffected by this. (6) A measure to be arranged pursuant to paragraphs 4 and 5 is in particular:

1.

if the remedial obstacles identified are no longer remedied in the event of an imminent stress situation and there is therefore a risk that, if a crisis occurs, the institution ' s risk of stock shall be at risk of can no longer be effectively avoided, and

2.

proportionate if the charges associated with the statement are proportionate to the system risk posed by an inventory risk.

(7) Before issuing an instruction in accordance with paragraphs 4 and 5, the supervisory authority shall agree with the resolution authority on possible measures pursuant to section 59 (5). The administrative act shall require the written form. (8) If the recovery plan is drawn up by an institution's security system in accordance with Article 20 (4), the supervisory authority shall be subject to the powers referred to in paragraphs 1 and 2 in relation to the institution's security system to. Unofficial table of contents

§ 17 Procedure in the case of group-action plans and deficiencies of group-action plans if the supervisory authority is at the same time a consolidating supervisor

(1) If the supervisory authority is at the same time the consolidating supervisor, it shall forward the group recovery plans

1.

the supervisory authorities of the Member States in which subsidiaries are located;

2.

the supervisory authorities of the Member States in which significant branches are located, provided that the group recovery plan is of concern to the significant branch;

3.

the resolution authority;

4.

the resolution authorities of the Member States in which subsidiaries are located.

A transfer to an authority in a Member State shall only take place to the extent that it is ensured that the requirements of § § 4 to 10 are complied with by this authority in respect of confidentiality. (2) After voting with the relevant authorities in the relevant Member State, the relevant information is to be provided. Supervisors represented by supervisory authorities and with the supervisory authorities of the major branches, as far as the major branches are affected by the group recovery plan, the supervisory authority shall, within four months, endeavour to: Transmission of the group recovery plan referred to in paragraph 1 with the supervisory authorities of a subsidiary undertaking to take a joint decision on

1.

the evaluation of the group fishing plan,

2.

the need to draw up a single-base recovery plan for institutions that are part of the group; and

3.

the application of the measures in accordance with § 16.

The supervisory authority may, in accordance with Article 31 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Supervisory Authority), the European Banking Authority (European Supervisory Authority) Banking supervision authority), amending Decision No 716 /2009/EC and repealing Commission Decision 2009 /78/EC (OJ L 145, 31.7.2009, p. 12), in order to assist in reaching an agreement. In so far as individual supervisory authorities do not agree to a joint decision under sentence 1, the supervisory authority may take a joint decision with the other supervisory authorities concerned. (3) Insofar as the supervisory authority and the supervisory authority other supervisory authorities concerned shall not reach a joint decision in accordance with paragraph 2 within four months, the supervisory authority shall take the decision referred to in paragraph 2 alone. The supervisory authority shall, in its decision, take account of the positions and reservations expressed by the other supervisory authorities concerned within the four-month period. It shall communicate the decision to the parent undertaking and to the other supervisory authorities concerned. (4) The supervisory authority shall take its decision in accordance with the decision of the European Banking Authority referred to in Article 19 (3). of Regulation (EU) No 1093/2010, provided that, by the end of the four-month period, one of the supervisory authorities concerned, in accordance with Article 19 of Regulation (EU) No 1093/2010, is the European Banking Authority with one of the matters referred to in paragraph 2 Sentence 1 (1) or, where measures are taken pursuant to Article 16 (5) (1) (1), (2) and (4) shall be referred to in the first sentence of paragraph 2 (3). If no decision is taken by the European Banking Authority within one month, paragraph 3 shall apply accordingly. Unofficial table of contents

§ 18 Procedure in the case of group redevelopment plans and deficiencies in group restructuring plans if the supervisory authority is not a consolidating supervisor

(1) The supervisory authority shall keep a group recovery plan from the consolidating supervisor, and shall endeavour, after consultation with the supervisory authorities in the relevant supervisory board and with the supervisory authorities of the major supervisory authorities, to: Branches, as far as major branches of the group recovery plan are concerned, to take a joint decision within four months with the consolidating supervisor and the other supervisory authorities concerned on:

1.

the evaluation of the group fishing plan,

2.

the need to draw up a single-base recovery plan for institutions that are part of the group; and

3.

the application of the measures in accordance with § 16.

The supervisory authority may request assistance from the European Banking Authority in accordance with Article 31 of Regulation (EU) No 1093/2010 in order to reach an agreement. In so far as individual supervisory authorities concerned do not agree to a joint decision under sentence 1, the supervisory authority may take a joint decision with the other supervisory authorities concerned. (2) The supervisory authority shall adopt the Decision alone if there is no joint decision by the supervisory authorities referred to in paragraph 1 within four months of

1.

the need to draw up an individual recovery plan as referred to in the first sentence of paragraph 1, point 2, for a national institute, or

2.

the application of the measures in accordance with § 16 at the level of the German subsidiary.

3. The supervisory authority shall take its decision in accordance with the decision of the European Banking Authority, provided that, by the end of the four-month period, the consolidating supervisor or one of the supervisory authorities concerned shall comply with Article 19 (3) of Regulation (EU) No 1093/2010, the European Banking Authority shall deal with one of the matters referred to in paragraph 2 (2) in so far as the measures referred to in Article 16 (5), first sentence, points 1, 2 and 4, have been referred to. If no decision is taken by the European Banking Authority within one month, paragraph 2 shall apply. (4) In so far as a joint decision under paragraph 1 does not materiarise, the supervisory authority shall submit those by the consolidating the supervisory authority or the other supervisory authorities concerned, within the limits of their respective competence, shall be bound by the decisions taken. Unofficial table of contents

Section 19 Simplified requirements; Regulation empowerment

(1) The supervisory authority may limit the requirements in accordance with § § 12 to 18 in agreement with the Deutsche Bundesbank in relation to

1.

the content and level of detail of the recovery plans to be drawn up,

2.

the time limit within which recovery plans are to be drawn up or updated; or

3.

the content and level of detail of the information to be made available by the institutions in connection with the planning of refurbishing or settlement.

(2) In laying down simplified requirements, the supervisory authority shall take into account:

1.

the effects of the failure of an institution depending on the type, extent and complexity of business activities, the ownership structure, the legal form, the risk profile and the interconnectedness, and the membership in a institute-related security system, and

2.

whether a settlement in a bankruptcy proceedings can have a negative impact on the financial markets, on other companies in the financial sector, including their refinancing or on the real economy.

(3) The Federal Ministry of Finance is authorized to adopt detailed provisions on the criteria for determining the effects referred to in paragraph 2 (2), which are not required by the approval of the Bundesrat, by means of a regulation which does not require the approval of the Federal Council. of an institution in an insolvency proceedings on the financial markets, other companies in the financial sector, including their refinancing or the real economy, and their evaluation. The Federal Ministry of Finance may transfer the authorization to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) with the proviso that the legal regulation will be issued in consultation with the resolution authority. (4) The The supervisory authority shall inform the European Banking Authority on how to implement and apply Article 4 (1) and (8) to (10) of Directive 2014 /59/EU. Unofficial table of contents

§ 20 Liberation of institutions belonging to institute-related security systems

(1) The supervisory authority may, in agreement with the Deutsche Bundesbank, exempt an institution which belongs to an institute-related security system from the requirements of § § 12 to 18 of this law. Sentence 1 shall not apply to the obligation to draw up a single-aid plan if:

1.

the institute is potentially dangerous to the system,

2.

the Institute referred to in Article 6 (4) of Regulation (EU) No 1024/2013 of the Council of 15 June 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) is subject to the supervision of the European Central Bank,

3.

the total value of the assets of the institution exceeds 30 billion euros,

4.

the ratio of the institution's total assets to gross domestic product exceeds 20%, unless the total value of the institution's assets is less than 5 billion euros, or

5.

the achievement of the settlement objectives will be jeopardised by the liberation.

An institution is potentially hazardous to the system if its failure or the risk of its failure can trigger a systemic risk within the meaning of § 67 (2). In the case of institutions which are not potentially dangerous to the system, it is assumed that the exemption provided for in the first sentence does not jeopardizate the achievement of the settlement objectives. The rates 2 to 4 shall apply mutas to the obligation to draw up a group recovery plan. (2) The application referred to in paragraph 1 shall be accompanied by appropriate documents proving that the conditions for exemption are exist. The application shall require the approval of the institute-related security system. The application can be made by the institute-related security system. The application for an application in accordance with the third sentence has to contain the declaration that the consent of the institutions included in the application for an application for exemption is available. (3) At the request of the supervisory authority, the applicant has to prove that the conditions for the application are met. the liberation is still available. If the conditions of the waiver are no longer available, the supervisory authority may revoke the exemption at any time. (4) The institute-related security system has the requirements of § § 12 to 18 for the institute-related protection system to comply with the conditions laid down in § 19, if necessary.

Footnote

(+ + + § 20: For application, see Section 22 (3) sentence 1 + + +) Unofficial table of contents

§ 21 Confidentiality of the institutions and group-affiliated companies

Institutions and group members shall be obliged to keep confidential the recovery plans and the grouping plans; they may only pass on the recovery plans or group restructuring plans to those third parties who are responsible for the preparation of such plans or group plans. and implementation of the remediation plan or group recovery plan.

Footnote

(+ + + § 21: For application, see Section 22 (3) sentence 1 + + +)

Chapter 2
Intra-group financial support

Unofficial table of contents

Section 22 Agreement on intra-group financial assistance

(1) An agreement on intra-group financial assistance within the meaning of this Act is an agreement on the unilateral or mutual granting of intra-group financial assistance, which is concluded

1.

between the parent company and group-affiliated institutions or financial institutions, each of which is involved in the supervision on a consolidated basis of the parent undertaking and of which at least one institution or financial institution shall have its registered office in another Member State,

2.

in the event of at least one institution or financial institution involved in the agreement, the conditions for early intervention in accordance with § 36 (1) should be met.

(2) The granting of financial assistance to a company of the group in which the conditions for early intervention in accordance with Article 36 (1) are met shall not require any agreement on intra-group financial assistance where the (3) on contracts not aimed at the purpose of point 2 of the first paragraph of paragraph 1, and in accordance with the terms of the consolidated guidelines, the following shall be granted: In particular, contracts of the normal course of business shall be subject to the regulations of § § 22 Up to 35 no application. The power of the supervisory authority in accordance with Section 46 (1), second sentence, in conjunction with the first sentence of the Banking Act, shall remain in respect of payments not made on the basis of an agreement on intra-group financial assistance referred to in paragraph 1, nor the conditions for the granting of financial assistance referred to in paragraph 2 shall be without prejudice.

Footnote

(+ + + § 22: For application, see Section 22 (3) sentence 1 + + +) Unofficial table of contents

§ 23 Admissibility and content of an agreement on intra-group financial support

(1) The party to an agreement on intra-group financial assistance may not be determined by any other group-affiliated company, including the parent company, or by third parties. (2) The parties may not be eligible for financial support. Do not conclude an agreement on intra-group financial assistance if, at the time of conclusion of the contract, at least one party of the agreement already has the conditions for early intervention in accordance with § 36 (1) (3) In an agreement on intra-group financial Support can be agreed upon individually or next to each other for support:

1.

Loans or

2.

Collateral to hedge liabilities of the receiving party in the form of personnel collateral or asset provision.

(4) In an agreement on intra-group financial assistance, it should be specified that:

1.

that the party receiving the support has to provide a consideration and

2.

according to which principles the consideration should be determined and calculated at the time of the granting of financial assistance.

(5) The intra-group financial assistance agreement, including the principles for the calculation of the consideration, shall be in accordance with the following principles:

1.

the conditions for granting intra-group financial assistance shall be at least equivalent to those laid down in Section 30;

2.

in the event of the conclusion of the agreement and in the case of the calculation of the consideration for the granting of financial assistance, each party shall act in its own interest, taking into account direct and indirect advantages of a party to: The reason for granting financial assistance is due to the fact that:

3.

any party granting financial assistance shall be given access to all relevant information on the relevant information prior to the decision to grant financial assistance, and before the calculation of the consideration to be provided for that purpose, Support for the receiving party;

4.

in the calculation of the consideration for the granting of financial assistance, account may also be taken of information held by the party in the possession of the party to which the support is provided and not in the market are known;

5.

in the calculation of the consideration for the granting of financial assistance, it is not necessary to take into account any impact on market prices which is likely to be temporary and may result from circumstances outside the group.

Footnote

(+ + + § 23: For application, see Section 22 (3) sentence 1 + + +) Unofficial table of contents

Section 24 Prohibition of assignment

Requests and other rights arising from an agreement on intra-group financial support cannot be dismissed. Third parties cannot derive rights from an agreement on intra-group financial support.

Footnote

(+ + + § 24: For application, see Section 22 (3) sentence 1 + + +) Unofficial table of contents

Section 25 Approval requirement

An agreement on intra-group financial assistance may only be concluded with the prior approval of the competent supervisory authority at the request of the parent company of the group.

Footnote

(+ + + § 25: For application, see Section 22 (3) sentence 1 + + +) Unofficial table of contents

Section 26 Approval procedure in the case of a parent company with registered office in Germany

(1) If the parent company has its registered office in Germany, it shall submit the application for approval of the planned conclusion of the agreement on intra-group financial assistance to the supervisory authority. The application shall be accompanied by the proposed agreement. (2) The supervisory authority shall forward the request without delay to the supervisory authorities responsible for the subordinated undertakings in other Member States, the parties to the agreement on (3) The supervisory authority and the supervisory authorities concerned in the other Member States shall, within four months of receipt of a complete application, be required to: Paragraph 1 shall decide by common accord whether the terms of the planned The Agreement shall comply with the requirements laid down in Article 23 (5) or in accordance with the provisions adopted in the implementation of Articles 19 and 23 of Directive 2014 /59/EU in other Member States. The decision shall take into account the potential impact of the implementation of the agreement in all the Member States in which the Group operates, including the tax consequences. At the request of one of the supervisory authorities responsible for the consensual decision, the European Banking Authority may assist the supervisory authorities in attaining an agreement in accordance with Article 31 of Regulation (EU) No 1093/2010. The consensual decision shall be justified in writing. (4) If one of the supervisory authorities responsible for the consensual decision referred to in paragraph 3 has, before reaching a consensual decision and before the end of the four-month period, pursuant to Article 19 of Regulation (EU) No 1093/2010, the European Banking Authority shall, in accordance with the decision of the European Banking Authority, decide on the assistance of the European Banking Authority. (5) The supervisory authority shall decide on the views and opinions and Reservations made by the supervisory authorities concerned in the other Member States in the context of the procedure referred to in paragraph 3, where the supervisory authorities responsible for the consensual decision are to be taken up to the end of the four-month period The period referred to in the first sentence of paragraph 3 have not been decided by mutual agreement, nor have the European Banking Authority requested assistance under the conditions laid down in Article 19 of Regulation (EU) No 1093/2010. The supervisory authority shall communicate its decision to the supervisory authorities concerned in the other Member States. (6) The supervisory authority shall give the parent undertaking's request for approval of the conclusion of the agreement, if: Implementation of the authorisation procedure in accordance with paragraphs 3 to 5, it is decided that the agreement on intra-group financial support meets the requirements of Article 23 (5). If the conditions for a permit are not met, the supervisory authority shall reject the application. The parent undertaking shall be given the written justification of a consensual decision in accordance with the fourth sentence of paragraph 3.

Footnote

(+ + + § 26: For application see Section 22 (3) sentence 1 + + +) Unofficial table of contents

Section 27 Approval procedure for a parent company established in another Member State

(1) The competent supervisory authority, based in one Member State, shall forward to the supervisory authority the application of a parent undertaking, established in another Member State, to an agreement on intra-group financial The Supervisory Authority shall, within a period of four months, decide on a consensual decision of all parties to which a parent company, which is supervised by the supervisory authority, intends to become a party. concerned supervisory authorities to ensure that the agreement on intra-group financial support meets the requirements of § 23 (5). In doing so, the Supervisory Authority shall take into account the potential impact of the implementation of the Agreement in all Member States in which the Group operates, including the tax consequences. (2) The Supervisory Authority may, until the end of the Request for assistance from the European Banking Authority for the four-month period in accordance with Article 19 of Regulation (EU) No 1093/2010.

Footnote

(+ + + § 27: For application, see Section 22 (3) sentence 1 + + +) Unofficial table of contents

Section 28 Forwarding to the resolution authority

The Supervisory Authority shall forward an agreement on intra-group financial assistance to the resolution authority approved in accordance with § 26 or § 27.

Footnote

(+ + + § 28: For application cf. Section 22 (3) sentence 1 + + +) Unofficial table of contents

Section 29 Collection of shareholders ' consent; reporting obligations to the shareholders

(1) An agreement on intra-group financial assistance shall be effective only in the ratio of those parties whose shareholders agree to the agreement. In the event that the shareholders take their decisions on the basis of the legal form of the institution or the financial institution in a meeting, the approval of the assembly shall replace the approval of the shareholders. (2) The management of each of the shareholders shall be responsible for the approval of the institution. The Company, which is party to an agreement on intra-group financial assistance, shall report to the shareholders at least annually on the state of implementation of the agreement and the implementation of all on the basis of the Decisions taken.

Footnote

(+ + + § 29: For application, see Section 22 (3) sentence 1 + + +) Unofficial table of contents

Section 30 Conditions for the granting of internal financial assistance; authorisation of a regulation

(1) A financial support in the implementation of an agreement on intra-group financial assistance may be granted by a company of the Group in accordance with § § 31 and 32 only under the following conditions:

1.

there are reasonable prospects that the financial difficulties of the Group's undertaking, which is the recipient of the assistance, will be substantially remedied by the assistance granted;

2.

the granting of financial assistance

a)

Aims to maintain or restore the financial stability of the group as a whole or of a company of the group; and

b)

is in the interest of the group's financial support;

3.

a consideration corresponding to Article 23 (5) shall be established;

4.

the information available to the management of the financial assistance company of the group when deciding on the granting of financial assistance justifies the reasonable expectation that the information provided by the financial assistance shall be available to the Support for the group's receiving companies will fulfil its obligations under the group-internal support agreement;

5.

the granting of financial assistance does not endanger the liquidity or solvency of the group's lending operations;

6.

the granting of financial assistance shall not constitute a threat to financial stability, in particular in the Member State of the undertaking of the group providing financial assistance;

7.

the Group's financial support for the group

a)

meets the requirements laid down in the implementation of Directive 2013 /36/EU at the time of provision of support, in respect of:

aa)

on own resources or liquidity and other requirements laid down in accordance with Article 104 (2) of Directive 2013 /36/EU,

bb)

on large exposments, including any national legislation governing the exercise of the options provided for;

b)

shall not be prompted by the granting of financial assistance to infringe the requirements referred to in point (a) unless the authority responsible for the supervision of the undertaking on a single basis has authorised this;

8.

The granting of financial assistance shall not affect the settlement capacity of the group's supporting undertaking.

(2) The Federal Ministry of Finance is authorized to adopt detailed provisions relating to the conditions set out in points 2, 4, 6 and 7 of paragraph 1 by means of a decree law which does not require the approval of the Bundesrat. The Federal Ministry of Finance may transfer the authorization to the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht) by means of a regulation on the basis that the resolution authority shall be consulted before the enactment of the legal regulation in accordance with sentence 1.

Footnote

(+ + + § 30: For application, see Section 22 (3) sentence 1 + + +) Unofficial table of contents

Section 31 Decisions on the granting and adoption of financial assistance

(1) The Executive Board shall decide on the intended granting of financial support within the Group in accordance with the agreement on intra-group financial assistance and the decision of the Supervisory Authority in accordance with Section 33 (1) (a) 1. The reasons for the grant are to be documented by the Executive Board. (2) The Executive Board decides on the acceptance of a group internal financial support.

Footnote

(+ + + § 31: For application, see Section 22 (3) sentence 1 + + +) Unofficial table of contents

Section 32 indication of the intended granting of internal financial support for groups

(1) If the management of a group-based company having its registered office in Germany has the intention of providing financial support for intra-group financial assistance, it shall notify the following authorities in writing of this prior to the granting of such financial assistance:

1.

the supervisory authority,

2.

the consolidating supervisor,

3.

the supervisory authority of the undertaking which intends to receive the financial assistance; and

4.

of the European Banking Authority.

(2) The indication referred to in paragraph 1 shall contain the following information:

1.

the decision of the Executive Board,

2.

detailed information on the intended grant of financial assistance,

3.

a comprehensible presentation of the consideration determined on the basis of the financial support principles set out in the agreement on intra-group financial assistance, and

4.

a copy of the agreement on intra-group financial support.

(3) If the supervisory authority is at the same time the consolidating supervisor of the undertaking which indicates the intention to provide financial assistance, it shall inform the other members of the Board of Supervisors and the members of the supervisory authority. Resolution collegium immediately on the indicated intention.

Footnote

(+ + + § 32: For application, see Section 22 (3) sentence 1 + + +) Unofficial table of contents

Section 33 Decision of the Supervisory Authority on the granting of intra-group financial assistance by a company based in Germany

(1) The supervisory authority may agree to the granting of financial assistance within five working days of receipt of the complete notification in accordance with § 32 (1), or prohibit or prohibit such assistance if the conditions for the The granting of financial assistance pursuant to § 30 at the time of the grant is not fulfilled. The decision to prohibit or restrict the financial support shall be justified. (2) The decision of the supervisory authority to agree to prohibit or restrict the granting of financial assistance shall be the subject of a decision. without delay, the European Banking Authority, and, if the supervisory authority is not the consolidating supervisor, the supervisory authority shall also immediately notify the supervisory authority. If the supervisory authority is at the same time the consolidating supervisor, it shall inform the other members of the supervisory board as well as the members of the resolution collegium immediately of the decision. (3) The supervisory authority shall, after all, inform the supervisory authority. Access to a proper notification in accordance with Article 32 (1) does not, within the period specified in the first sentence of paragraph 1, exercise or confer on its power to disregard or restrict the granting of financial assistance. within the time limit laid down in the first sentence of paragraph 1, the agreement may, in accordance with the information displayed is completed.

Footnote

(+ + + § 33: For application, see Section 22 (3) sentence 1 + + +) Unofficial table of contents

Section 34 Participation of the supervisory authority in the decision on the granting of intra-group financial assistance by a company established in another Member State

(1) A supervisory authority having its head office in another Member State shall not be granted or limited the granting of financial assistance to a company of the group domiciled in the country which is supervised by the supervisory authority, or to a Undertakings within a group subject to the consolidating supervisor of the supervisory authority and shall have objections to the supervision of the supervisory authority or to the granting of financial assistance, may the supervisory authority within two days of the notification of the decision by the relevant Supervisory authority shall refer the matter to the European Banking Authority and apply for its assistance in accordance with Article 31 of Regulation (EU) No 1093/2010. (2) A supervisory authority having its head office in another shall not be required to: Member State to grant financial assistance to a national group-based company, which is supervised by the supervisory authority and whose grouping plan is to be provided in accordance with Article 7 (5) of Directive 2014 /59/EU Agreements reached on intra-group financial assistance , the supervisory authority may apply to the consolidating supervisor to initiate a re-evaluation of the group recovery plan in accordance with Article 8 of Directive 2014 /59/EU, or, if the recovery plan is at the level of the individual undertaking shall require the transmission of an updated remediation plan.

Footnote

(+ + + § 34: For application, see Section 22 (3) sentence 1 + + +) Unofficial table of contents

Section 35 disclosure requirements

(1) Each company of a group shall disclose whether or not it is party to an agreement on intra-group financial assistance. Any party to an agreement on intra-group financial support shall also disclose the general terms and conditions of the agreement and the names of the participating companies of the group. The information to be disclosed pursuant to sentences 1 and 2 shall be updated at least once a year. (2) The provisions of Articles 431 to 434 of Regulation (EU) No 575/2013 shall apply.

Footnote

(+ + + § 35: For application, see Section 22 (3) sentence 1 + + +)

Chapter 3
Early intervention

Unofficial table of contents

Section 36 Early intervention measures; Regulation empowerment

(1) The financial position of an institution is deteriorated, in particular because of its liquidity situation, due to its leverage ratio or due to credit losses or lump risks, significantly and violates an institution thereby the requirements of Regulation (EU) No 575/2013, the provisions of the Banking Act, or any of Articles 3 to 7, 14 to 17, and 24, 25 and 26 of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on Markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 196, 27.7.2012, p. 84), the Supervisory Authority may, without prejudice to its powers under the Banking Act, order to the Institute measures which are appropriate and necessary to address the significantly deteriorated economic situation of the Institute. The same shall apply if, after an evaluation of the relevant circumstances, including the own resources requirements of the Institute plus 1.5 percentage points, the Institute is in danger of a deterioration in its financial position in the near future as set out in the first sentence. In particular, the Supervisory Authority may:

1.

require the management of the Institute,

a)

update the recovery plan in accordance with Article 12 (4) if the circumstances leading to the fulfilment or the imminent fulfilment of the conditions set out in the first sentence differ from the assumptions in the remediation plan;

b)

to implement one or more of the options for action mentioned in the recovery plan;

c)

make an analysis of the situation and draw up a plan to overcome existing problems, including a timetable;

d)

to draw up a plan for negotiations on a debt restructuring with some or all creditors;

e)

to change the business strategy and the legal and operational structures;

f)

the supervisory authority, including in the context of an on-the-spot audit, to provide access to all information necessary to update the settlement plan, to prepare for the settlement of the institution, and to assess the assets and liabilities of the Institute for Resolution Purpose;

g)

to convene an assembly of the shareholders with a agenda specified by the supervisory authority; if the management does not follow that, the supervisory authority may, instead of the management, have the same effect make themselves;

2.

the institution shall require that one or more of the directors of the institution be dismissed, provided that they are not suitable for the performance of their duties in accordance with the provisions of the Banking Act.

(2) The supervisory authority shall immediately inform the competent resolution authorities of the measures. (3) Paragraph 1 shall not preclude the obligation of the Institute to comply with the rights of participation in accordance with the Works Constitution Act; the obligation of the institution to comply fully with the order within the time limit set by the supervisory authority shall remain unaffected. (4) The Federal Ministry of Finance shall be authorized by means of a decree-law which are not subject to the consent of the of the Federal Council shall be required to lay down more detailed provisions relating to circumstances , on the basis of which it is possible to conclude, in the near future, an imminent breach in accordance with the second sentence of paragraph 1. The Federal Ministry of Finance may transfer the authorisation by means of a regulation to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) with the proviso that the regulation will be issued in consultation with the resolution authority. Unofficial table of contents

Section 37 Disappointment of the Executive Board

(1) If the measures pursuant to § 36 are not sufficient to improve the significant deterioration of the economic situation of the Institute and to eliminate the violations of the legislation referred to in Article 36 (1), the Supervisory authority shall order the convening of individual or all business managers vis-à-vis the institution. The appointment of the new directors by the institution requires the approval of the supervisory authority. (2) The powers of the supervisory authority in accordance with the Banking Act remain unaffected. Unofficial table of contents

Section 38 Preliminary liquidator

(1) If a measure in accordance with § 37 would not be sufficient to improve the significantly deteriorated economic situation of the Institute, the Supervisory Authority may appoint a custodian for the Institute, who temporarily either the The management of the Institute shall be disbanded or co-operating with the Institute (preliminary administrator). The tasks and powers of the provisional administrator shall be determined by the supervisory authority, with the power to convene a meeting of the shareholders and the setting of the agenda only with the prior consent of the Supervisory authority may be exercised. The transfer of duties and powers of a manager to a provisional manager and the removal of the transfer shall be entered in the register ex offic. (2) The supervisory authority may also have a number of provisional (3) The provisional administrator shall report to the supervisory authority at specified intervals on its activities. (4) The provisional administrator shall be appointed for a maximum period of one year. This period may, exceptionally, be extended if the conditions for the appointment of a provisional administrator continue. The Supervisory Authority may reconvene the provisional liquidator at any time. (5) § 45c of the Banking Act remains unaffected. Unofficial table of contents

Section 39 Coordination of the early intervention measures and the appointment of a provisional administrator for groups

(1) In the case of an EU parent undertaking for which the supervisory authority is the consolidating supervisor, the consolidating supervisor shall inform the European Banking Authority, and shall consult the other supervisory authorities within the colleges of supervisors. Following information and consultation, the consolidating supervisor shall decide, taking into account the impact on the companies of the group in the other Member States, whether or not the parent undertaking of the EU is Measure according to § § 36 or 38 to be arranged. It shares its decision with the other supervisory authorities within the colleges of supervisors and the European Banking Authority. (2) Liegen in a subsidiary of an EU parent company supervised by the supervisory authority. the supervisory authority shall inform the European Banking Authority and shall consult the consolidating supervisor with a view to the adoption of a measure, in accordance with the conditions laid down in Articles 36 or 38 of this Directive. Assessment of the potential impact on the group or on undertakings of the Group in other Member States. The supervisory authority shall decide on the arrangement of the measure, taking into account the assessment by the consolidating supervisor. If no assessment has been received by the consolidating supervisor after three days has elapsed, the supervisory authority may decide without its evaluation. It shall notify its decision to the consolidating supervisor and to the other supervisory authorities within the colleges of supervisors and the European Banking Authority. (3) The supervisory authority intends to arrange for a measure to be taken in accordance with § § 36 or 38 of an institution, at the same time at least one supervisory authority in a Member State intends to arrange a measure in accordance with the corresponding national provisions in the implementation of Articles 27 or 29 of the Directive 2014 /59/EU at another institution of the same group, the Supervisory authority in the joint assessment of whether the same provisional administrator is appointed for all the institutions concerned or whether the application of early intervention measures in the interests of restoring financial stability of the relevant institute. The evaluation shall take the form of a written and reasoned joint decision which the supervisory authority, if it is the consolidating supervisor, shall forward to the EU parent undertaking. The supervisory authority may request assistance from the European Banking Authority in accordance with Article 31 of Regulation (EU) No 1093/2010 in order to reach an agreement. In the absence of a consensual decision of the supervisory authorities concerned within five days, the supervisory authority shall decide, within the limits of its competence itself, on the arrangement of the measure. (4) If the supervisory authority is in the cases of Article 30 (1) or (3) of Directive 2014 /59/EU is informed by a decision of a supervisory authority of a Member State concerning early intervention measures and is not in agreement with the decision, it may, until the conclusion of the Consultation referred to in Article 19 (3) of Regulation (EU) No 1093/2010 European Banking Authority, if the decision concerns one of the following early intervention measures:

1.

Early intervention measures in respect of the implementation of arrangements or measures taken from the recovery plan, provided that the spectrum of capital required to maintain or restore the existence and financial position of the institution is and the liquidity measures referred to in point 4 of Section A of the Annex to Directive 2014 /59/EU, regulations and measures for the maintenance or re-establishment of the Institute's own resources in accordance with point 10 of Section A of the Annex to Directive 2014 /59/EU, regulations and measures to ensure access to Liquidity sources as defined in point 11 of Section A of the Annex to Directive 2014 /59/EU or measures for the implementation of the recovery plan referred to in point 19 of Section A of the Annex to Directive 2014 /59/EU;

2.

Early intervention measures in relation to the drawing up of a plan for negotiations on debt restructuring or

3.

Early intervention measures to change the legal or operational structures of an institute.

It may also, in accordance with Article 19 (3) of Regulation (EU) No 1093/2010, call the European Banking Authority if, within the period referred to in the fourth sentence of paragraph 3, no agreement is reached on the evaluation in relation to this Early intervention is achieved. Where a supervisory authority in a Member State has referred to the European Banking Authority in accordance with Article 19 (3) of Regulation (EU) No 1093/2010, the Supervisory Authority shall decide in accordance with the decision of the European Banking Authority Banking supervision authority. If a decision of the European Banking Authority is not available within three days, the supervisory authority shall decide, within the limits of its competence itself, on the arrangement of the measure.

Part 3
Settlement regulations and requirements for the preparation of the restructuring and settlement

Chapter 1
Resolution planning

Unofficial table of contents

Section 40 Creation and updating of settlement plans

(1) The resolution authority shall draw up a settlement plan for each institution which is not part of a group subject to supervision on a consolidated basis. The resolution authority shall settle the settlement plan with the supervisory authority in the preparation of the settlement plan. The same applies to the resolution authorities of the Member States and third countries in which important branches are located, to the extent that concerns of the major branch are concerned. (2) The settlement plan

1.

provides for settlement measures which may be taken by the resolution authority, provided that the institution meets the requirements for settlement, and, where insolvency proceedings are not in question, lay down options for the application of the Resolution instruments and powers;

2.

take into account relevant scenarios, in particular the case that the causes of the threat of a company-specific nature or a general financial instability or system-wide events are the result of the situation;

3.

may not be based on the following assumptions:

a)

the granting of exceptional financial support from public funds beyond the granting of funds from the restructuring fund in accordance with Section 1 of the Restructuring Fund Act,

b)

the granting of emergency liquidity assistance by a central bank, or

c)

the granting of liquidity assistance by a central bank on the basis of non-standard surveys, maturities or interest rates;

4.

comply with technical regulatory standards adopted pursuant to Article 10 (9) of Directive 2014 /59/EU.

Where possible and indicated, the information in the settlement plan should be used in quantities and in number and should not be of only qualitative nature. (3) The settlement plan shall include in particular:

1.

a summary of the main elements of the plan,

2.

a summary of the major changes within the Institute that have occurred since the last settlement plan was presented,

3.

to specify how critical functions and core business areas could be legally and economically separated from other functions to the required extent in order to ensure their continuation following a failure of the Institute;

4.

an analysis of the temporal and objective conditions under which the institution, taking into account the circumstances discussed in the settlement plan, shall take advantage of central bank facilities other than those referred to in point 3 (b) of the second subparagraph of paragraph 2. ; in this context, it is also intended to identify assets which could be suitable as collateral;

5.

an estimate of the time frame for each implementation of the essential aspects of the plan;

6.

a detailed presentation of the assessment of the settlement capacity in accordance with § 57,

7.

a description of major settlement obstacles and any measures taken pursuant to § 59 (4) to remove or remove obstacles to settlement capability identified in the context of the assessment carried out in accordance with Section 57 ,

8.

a description of the procedures for determining the value and marketability of the critical functions, the core business units and the assets of the Institute,

9.

a detailed description of the arrangements to ensure that the information to be transmitted in accordance with Section 42 is up-to-date and that the resolution authorities are at all times available,

10.

Explanations of how the various resolution measures can be financed in accordance with the principles set out in the first sentence of paragraph 2, point 3,

11.

a detailed description of the different resolution strategies, which can be applied in the context of the different scenarios and time horizons,

12.

Explanations of critical interdependencies (cross-linking analysis),

13.

a description of the conditions for maintaining access to financial market infrastructures, investor-compensation and deposit-guarantee schemes, and the transferability of customer positions;

14.

an analysis of the impact of the settlement plan on workers and their representatives, in particular taking into account possible costs;

15.

a presentation of communication with the media and the public,

16.

the minimum requirements for the own funds and liabilities to be taken into account in accordance with Article 49 (1) and, where appropriate, a deadline for compliance with these minimum requirements;

17.

a description of the main processes and systems for the continuation of the business operations of the Institute; and

18.

if relevant, assessments of the Institute in relation to the settlement plan.

(4) After its initial preparation, the settlement plan shall be reviewed at least once in the calendar year and, where appropriate, updated. The same shall apply to changes in the legal or organisational structure of the institution, its business activities or its financial position, which do not insignificantly affect the operation of the settlement plan or in any other way that can make the change necessary. The supervisory authority shall inform the resolution authority of any modification known to the supervisory authority which is relevant or which is relevant in the context of a periodic update as referred to in the first sentence or any other adjustment referred to in the second sentence. (5) The resolution authority shall forward the settlement plan and any possible changes to the supervisory authority. The summary of the main elements of the plan referred to in paragraph 3 (1) shall be disclosed to the Institute.

Footnote

(+ + + § 40 (5): For application, see Section 46 (8) + + +) Unofficial table of contents

Section 41 Simplified requirements; Regulation empowerment

(1) The resolution authority may limit the requirements in accordance with § § 40 to 48 and 57 and 58 in relation to

1.

the content and level of detail of the settlement plans to be drawn up,

2.

the time limit within which the resolution plans are to be drawn up or updated;

3.

the content and level of detail of the information to be provided by the institutions in connection with the planning of the settlement; or

4.

The level of detail of the assessment of the settlement capacity in accordance with § § 57 and 58.

(2) When laying down simplified requirements, the resolution authority shall take into account

1.

the effects of the failure of an institution depending on the type, extent and complexity of business activities, the ownership structure, the legal form, the risk profile and the interconnectedness, and the membership in a institute-related security system, and

2.

whether a settlement in a bankruptcy proceedings can have a negative impact on the financial markets, on other companies in the financial sector, including their refinancing or on the real economy.

(3) In doing so, the resolution authority shall comply with the regulatory technical standards laid down in accordance with Article 4 (6) of Directive 2014 /59/EU. (4) The Federal Ministry of Finance shall be empowered to comply with the provisions of the law, which are not subject to the consent of the The Federal Council needs to lay down more detailed provisions on the criteria for determining the effects referred to in paragraph 2 (2), which are to be applied to the financial markets, to other companies in the financial sector, to the liquidate of an institution in an insolvency proceedings. including their refinancing or the real economy, and their Evaluation. The Federal Ministry of Finance may transfer the authorisation to the resolution authority by means of a legal regulation. (5) The resolution authority shall inform the European Banking Authority, in accordance with Article 4 (1) and (8) to (10) of the Directive 2014 /59/EU is implemented and applied. Unofficial table of contents

Section 42 Participation of the Institute; Regulation empowerment

Subject to the provisions of paragraph 2, the resolution authority may require the institution to provide full support to the resolution authority in the preparation and updating of the settlement plan. In particular, the resolution authority may require the institution to provide it with all the information and analyses necessary for the preparation and implementation of the settlement plan. The Resolution Authority may impose notice and reporting obligations on institutions which are necessary for the preparation and updating of the settlement plan. Article 40 (4), third sentence, shall apply mutatily to the Institute. In the cases of sentences 1 and 2 and in the context of notification and reporting obligations in accordance with sentence 3, the resolution authority shall comply with regulatory technical standards adopted in accordance with Article 11 (3) of Directive 2014 /59/EU. (2) The Supervisory Authority and the Deutsche Bundesbank shall, in cooperation with the resolution authority, examine whether some or all of the information to be submitted in accordance with paragraph 1 is already available. If the relevant information is available, the supervisory authority and the Deutsche Bundesbank shall make it available to the resolution authority. (3) The resolution authority may, in consultation with the supervisory authority, be able to

1.

require an institution to maintain detailed records of financial contracts in which it participates as a contracting party in a central database; and

2.

provide for all institutions a reasonable period of time within which the compilation of such records must be possible.

The resolution authority may set different time limits for different types of financial contracts in accordance with the first sentence of point 2. The powers of the supervisory authority remain unaffected. (4) The Federal Ministry of Finance is authorized to adopt more detailed provisions on the nature and scope of the duties by means of a decree-law which does not require the consent of the Bundesrat. paragraphs 1 and 3 for the transmission of information and analysis, as well as disclosure requirements, authorised data carriers, transmission routes and data formats, and the obligation to refund collection advertisements and the submission of Collection orders, to the extent that this is necessary for the performance of the tasks of the resolution authority , in particular, in order to obtain uniform documents for the preparation and updating of the settlement plan. The Federal Ministry of Finance may transfer the authorization to the resolution authority by means of a legal regulation. (5) The resolution authority is not obliged to grant the institution concerned the following information as a result of the application of this provision. Costs and expenses to be reimburseed.

Footnote

(+ + + § 42: For application, see Section 46 (5) sentence 3 and Section 57 (6) + + +)
(+ + + § 42 (5): For application, see Section 43 (4) and § 44 sentence 3 + + +) Unofficial table of contents

Section 43 Central safekeeping and administration of financial contracts

(1) The supervisory authority or the resolution authority may require that institutions and group members, as well as the parent company of a group, keep all financial contracts centrally and appropriately for the whole group. managing. The administration can take place centrally for the group-affiliated companies by an institute in Germany. The management of financial contracts shall in particular be designed in such a way as to ensure that:

1.

Financial contracts can be found and examined in a short period of time, and

2.

Financial contracts are examined and classified by the institution or by group-affiliated companies for their significance for the institute or group members and are subject to the essential contract contents.

The Institute, the group-affiliated companies and the parent company of a group for the whole group must maintain a system which also allows for the short-term evaluation of the financial contracts which have been held and managed. (2) Supervisory authority or the resolution authority may:

1.

require an institution or group-affiliated company to provide information and evaluations at any time on the financial contracts which have been held and managed within the meaning of paragraph 1;

2.

give up the institution or group-affiliated company and the parent company of a group for the whole group to keep and manage the financial contracts in a particular way; or

3.

require the institution or group of companies to keep records of financial contracts.

(3) A trade repository pursuant to Article 81 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties, and the resolution authority shall be arranged by the supervisory authority or the resolution authority. Transaction register (OJ C 327, 1) should be made available to the supervisory authority or the resolution authority to make available the information required for the performance of their respective tasks and mandates and to provide evaluations. (4) § 42 paragraph 5 shall be applied accordingly. Unofficial table of contents

Section 44 Information of the resolution authority on assets and liabilities

The Resolution Authority shall take appropriate measures to ensure that it is always informed as up-to-date and comprehensive as possible of the assets and liabilities of the Institute or of the Group-affiliated company. Institutions and groups of companies shall provide the resolution authority with this information on a regular basis. Section 42 (5) shall apply accordingly. Unofficial table of contents

Section 45 Participation of third parties; Regulation empowerment

(1) The following companies shall inform the resolution authority, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) and the Deutsche Bundesbank (Deutsche Bundesbank) of the nature and extent of the networking within the meaning of § 40 (3) (12) with institutions:

1.

First and reinsurance undertakings, and pension funds established in Germany,

2.

Insurance holding companies within the meaning of § § 1b and 104a (2) (4) of the Insurance Supervision Act, with its registered office in Germany,

3.

National insurance companies with registered offices in Germany,

4.

mixed financial holding companies domicated in Germany,

5.

parent companies of a domestic financial conglomerate, unless they are institutions within the meaning of Article 1 (1) (b) of the Banking Act;

6.

in the territory of Germany, branches of primary and reinsurance undertakings with registered offices in a third country,

7.

Institutions for occupational retirement provision established in a third country,

8.

in the territory of the Member State concerned in accordance with the first sentence of Article 110d (1) of the Insurance Supervision Act, branches of insurance undertakings which have their registered office in another Member State of the European Community or in another Contracting State of the European Community Agreement on the European Economic Area, which is not subject to the directives of the Council of the European Community in the field of insurance policy,

9.

UCITS capital management companies under the Capital Investment Code, in the case of externally managed UCITS capital management companies, also in relation to the investment assets they manage, and

10.

AIF-Capital Management Companies under the Capital Investment Code, in the case of externally managed AIF capital management companies, also in relation to the investment assets they manage.

The resolution authority may impose further notification and reporting obligations on the entities referred to in the first sentence with respect to the resolution authority and the Deutsche Bundesbank and request further information from those companies which are required to be used in the preparation of the (2) The Federal Ministry of Finance is authorized to adopt more detailed provisions by means of a decree law which does not require the approval of the Federal Council for the purpose of establishing a and the extent of the notification requirements referred to in paragraph 1 and the date of such notification and form, authorised data carriers, transmission routes and data formats, and the obligation to refund collection advertisements and the submission of collection orders, to the extent that this is necessary for the performance of the tasks of the resolution authority, in particular in order to obtain uniform documents for the preparation and updating of the settlement plan. The Federal Ministry of Finance may transfer the authorisation by means of a regulation to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) with the proviso that the regulation will be issued in consultation with the resolution authority. Unofficial table of contents

Section 46 Group development plans; participation of the EU parent companies and third parties

(1) In accordance with § 155, the resolution authority shall be the competent authority for the group winding up, it shall draw up the group settlement plan. The resolution authority shall cooperate with the resolution authorities referred to in paragraph 6 (1) (5) in resolution colleges and shall coordinate with the respective supervisory authorities concerned. When the requirements of § 8 are met, the resolution authority may, in the preparation of the group settlement plan, include resolution authorities from third countries where the group of subsidiaries, financial holding companies or significant entities are required to provide financial support for the development of the group. Branch offices. The group resolution plan shall not have a disproportionate impact on a Member State. (2) The group settlement plan shall be drawn up on the basis of the information provided in accordance with paragraph 5. The group resolution plan shall include a plan for the management of the group as a whole either by taking action at the level of the EU parent undertaking or by dividing the group and by liquidate the subsidiaries. The group settlement plan shall include resolution measures relating to:

1.

the EU parent undertaking,

2.

the subsidiaries which are part of the group and have their registered office in a Member State;

3.

other group members, and

4.

Subsidiaries which do not have their registered office in a Member State, subject to the provisions of § § 167 to 171.

(3) Group development plan

1.

shall set out the resolution measures to be taken with regard to undertakings in a group within the scenarios provided for in Article 40 (2) (2); this includes resolution measures relating to group members, to which: parent companies and subsidiary institutions and co-ordinated resolution measures with regard to subsidiary institutions;

2.

analyses the extent to which the resolution instruments could be applied in a coordinated manner with respect to Union-based companies in the group and that the resolution powers could be exercised in a coordinated manner, in particular on the basis of: measures to facilitate the acquisition by a third party of the group as a whole, of certain defined business units or activities performed by several undertakings in the group, or of certain undertakings in the group;

3.

identify any obstacles to a coordinated settlement;

4.

, provided that a group of undertakings which have their registered office in third countries is established, on the one hand, by appropriate procedures for cooperation and coordination with the competent authorities of the third countries concerned, and on the other hand, the impact of a settlement in the Union;

5.

, measures shall be drawn up, including legal and economic separation of certain functions or business units, which are necessary in order to achieve a group-level settlement in the event of settlement conditions being met. facilitate;

6.

shall describe all the additional measures which the resolution authority intends to take in connection with the handling of the group;

7.

is not expected to be based on the following assumptions:

a)

the granting of exceptional financial support from public funds beyond the granting of funds from the restructuring fund in accordance with Section 1 of the Restructuring Fund Act,

b)

the granting of emergency liquidity assistance by a central bank, or

c)

the granting of liquidity assistance by a central bank on the basis of non-standard surveys, maturities or interest rates;

8.

, subject to the arrangements in point 7, information on the possible financing of the different group resolution measures and, where the use of financing mechanisms is required, principles for the allocation of the Financial responsibility between financing mechanisms set out in several Member States should be based on fair and balanced criteria, and in particular the provisions of Section 12i of the Restructuring Fund Act, and the impact on financial stability in all concerned Member States shall take into account

9.

shall be detailed in the evaluation of the settlement capacity in accordance with Section 58; and

10.

comply with technical regulatory standards adopted in accordance with Article 12 (6) of Directive 2014 /59/EU.

The content of the group settlement plan should be based on the requirements of § 40 (3). (4) After its initial preparation, the group settlement plan shall be drawn up at least once in the calendar year as well as after changes in the law or the organisational structure, business or financial position of the group, including the financial situation of each undertaking in the group, which could have a significant impact on the group settlement plan or which might require it to be amended; and, where appropriate, updated. (5) The EU parent company shall provide full support to the resolution authority and provide it with the relevant information and analysis. This comprehensive support, information and analysis shall concern the EU parent undertaking and, where necessary, each subsidiary company of the group and other members of the group. § 42 shall be applied accordingly. (6) On condition that confidentiality is respected in accordance with § § 5 to 10 and 21, the resolution authority shall transmit the information and analyses it receives pursuant to paragraph 5 of this Article to

1.

the European Banking Authority,

2.

the resolution authorities responsible for subsidiaries,

3.

the settlement authorities of the host Member States or States of the European Economic Area in which there are major branches, provided that the interests of the relevant branch are affected,

4.

the competent authorities referred to in Articles 115 and 116 of Directive 2013 /36/EU, and

5.

The resolution authorities of the Member States in which group members are located.

The information and analyses sent to the authorities referred to in points 2, 3 and 4 of the first sentence shall include at least the information and analyses relating to the interests of the subsidiary undertaking or of the major branch. The European Banking Authority shall be provided with all the information and analysis relevant to its role in the process of the group settlement planning. In the case of information on third-country undertakings, the resolution authority shall not be obliged to provide such information without the consent of the supervisory or resolution authority concerned of the third country. (7) Third parties shall be (8) § 40 (5) shall be applied accordingly, and in the context of the corresponding application of § 40, paragraph 5, sentence 2, the disclosure shall be made to the EU parent company. Unofficial table of contents

Section 47 Procedure for group settlement plans if the resolution authority is the competent authority for the group winding

(1) Where the resolution authority is the competent authority for the group winding up, the resolution authority and the resolution authorities responsible for the subsidiaries shall decide jointly on the group settlement plan. The resolution authority has previously agreed with the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht) if it is this supervisory authority. (2) At the request of a resolution authority responsible for the joint decision, the European Commission can The Banking Authority shall assist the resolution authorities in reaching an agreement in accordance with Article 31 (c) of Regulation (EU) No 1093/2010. This does not apply where one of the resolution authorities concerned considers that the contested issue has an impact on the Member State in question. As the competent authority for group development, the resolution authority is to initiate a reassessment of the group settlement plan, including the minimum requirements for own funds and liabilities eligible for consideration. (3) If, within four months of the date of transmission of the information and analyses referred to in Article 46 (5), no joint decision by the resolution authorities is available by the resolution authority, the resolution authority shall decide: alone through the group settlement plan. The decision shall be justified and shall take account of the positions and reserves of other resolution authorities. (4) The resolution authority shall notify the decision to the EU parent undertaking. If, on the expiry of the four-month period, a resolution authority has referred the matter to the European Banking Authority under Article 19 of Regulation (EU) No 1093/2010, the resolution authority shall issue its decision in anticipation of a of any decision of the European Banking Authority referred to in Article 19 (3) of Regulation (EU) No 1093/2010, and shall then take its decision in accordance with the decision of the European Banking Authority. The four-month period shall be considered to be a conciliation phase within the meaning of Regulation (EU) No 1093/2010. If the European Banking Authority does not take a decision within one month, the decision of the resolution authority shall apply. (5) The resolution authority shall take its decision in accordance with the decision of the European Supervisory Authority (EDC). Banking supervisory authority in accordance with Article 19 (3) of Regulation (EU) No 1093/2010, provided that, by the end of the four-month period, one of the resolution authorities concerned shall be the European Banking Authority, in accordance with Article 19 of Regulation (EU) No 1093/2010 with regard to the matter. If no decision is taken by the European Banking Authority within one month, paragraph 3 shall apply accordingly.

Footnote

(+ + + § 47 (2): For application, see Section 58 (6) + + +) Unofficial table of contents

Section 48 Procedure for group settlement plans if the resolution authority is not the competent authority for the group winding up

(1) If the resolution authority is not the competent authority responsible for the management of the group, but the competent resolution authority for a subsidiary, it shall endeavour to obtain the information and analyses referred to in Article 46 (5) from the group development competent authority, together with other resolution authorities, and after consultation with the Bundesanstalt für Finanzdienstleistungsaufsicht, if this supervisory authority is, a joint decision on a Group settlement plan for the group's responsibilities to the group (2) The resolution authority may request assistance from the European Banking Authority and the resolution authorities in accordance with Article 31 (c) of Regulation (EU) No 1093/2010 in order to reach an agreement. This does not apply where one of the resolution authorities concerned considers that the contested issue has an impact on the relevant Member State of a fiscal nature. (3) It shall be within four months of the date of the Transmission of the information and analyses referred to in Article 46 (5) by the competent authority responsible for the management of the group shall not present a joint decision of the resolution authorities on a group settlement plan, the decision shall be taken by the Resolution authority for the corresponding subsidiary itself, shall draw up a Settlement plan for the corresponding subsidiary and shall continue to write the latter. The decision shall be based on the reasons why the proposed group settlement plan will not be agreed and shall take account of the positions and reserves of the other supervisory authorities and resolution authorities. The resolution authority shall notify its decision to the other members of the resolution collegium. (4) The resolution authority shall take its decision in accordance with the decision of the European Banking Authority referred to in Article 19 (3) of the Regulation (EU) No 1093/2010, provided that, by the end of the four-month period, one of the resolution authorities concerned shall deal with the matter by the European Banking Authority in accordance with Article 19 of Regulation (EU) No 1093/2010. If no decision is taken by the European Banking Authority within one month, paragraph 3 shall apply accordingly.

Chapter 2
Requirements related to liabilities, relevant capital instruments and approved capital

Section 1
Minimum amount of liabilities eligible for consideration

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Section 49 Minimum number of institutions eligible for consideration of eligible liabilities

Each institution shall have, at the request of the resolution authority, a minimum amount of liabilities to be taken into account. The minimum amount shall be expressed as a quota consisting of the sum of own funds and eligible liabilities, on the one hand, and the sum of the total liabilities and own resources of the institution on the other. Liabilities from derivatives shall be taken into account in the calculation of the total liabilities, with the proviso that the contractual partners ' salting agreements are recognised in full. (2) Liabilities to be taken into account must be taken into account. the following conditions are fulfilled in order to be credited to the minimum amount:

1.

the liability has arisen at the level in which it is to be taken into account;

2.

the liability does not exist in relation to the Institute and is not guaranteed by the Institute or collateralised by the Institute in any other way;

3.

the liability shall not be financed directly or indirectly by the institution;

4.

the liability has a residual maturity of at least one year; if the creditor is entitled to an early repayment, the liability for the purposes of this provision shall be deemed to be due at the time in which a such repayment may be required for the first time;

5.

the liability does not result from a derivative;

6.

it is not a liability arising out of deposits which is to be satisfied as a matter of priority in an insolvency proceedings pursuant to Section 46f (4) (2) of the Banking Act.

(3) In the event that a liability falls under the law of a third country, the resolution authority may require the institution to demonstrate that the application of the instrument of creditor participation to this liability shall be based on the law of the institution In particular, the contract law applicable to liability and international agreements on the recognition of settlement measures should be taken into account. If the resolution authority is not satisfied that the application of the instrument of creditor participation would be recognised in accordance with the law of that third country, the liability cannot be limited to the minimum amount (4) The resolution authority shall determine the minimum amount of eligible liabilities in accordance with paragraph 1, in particular on the basis of the following criteria:

1.

the need to ensure that the Institute can be implemented through the application of resolution instruments in a manner appropriate to the settlement objectives;

2.

the requirement to ensure that the institution has sufficient liabilities to be taken into account in order to ensure, where the instrument of creditor participation is applied, that:

a)

losses can be absorbed and

b)

the hard core capital ratio can be restored to an extent that would be necessary to ensure a sufficient market confidence in the institution and to enable it to meet the eligibility requirements and to enable the continue activities for which it is authorised under the terms of Directives 2013 /36/EU or 2014 /65/EU;

3.

the requirement to ensure that the institution should also, in the event of the settlement plan, take into account the possible exclusion of certain categories of eligible liabilities under section 92 of the instrument of creditors ' participation or the provides for the full transfer of certain categories of eligible liabilities in the context of a partial transfer to an accepting entity, has sufficient eligible liabilities to be the application of the instrument of creditor participation; that

a)

losses can be absorbed and

b)

the hard core capital ratio can be restored to an extent that would be necessary to ensure a sufficient level of market confidence in the Institute and enable the Institute to meet the eligibility requirements; and continue the activities for which it is authorised under the terms of Directives 2013 /36/EU or 2014 /65/EU;

4.

the size, business model, refinancing structure and risk profile of the Institute;

5.

the extent to which a Deposit Guarantee Scheme could be used to finance settlement measures in accordance with Section 145; and

6.

of the extent to which the failure of the institution, in particular because of networking with other institutions or with the rest of the financial system, could have a negative impact on financial stability in the sense of contagion.

(5) The institution-specific minimum amount determined by the resolution authority in consultation with the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), if this supervisory authority is, must be withheld by the Institute on a separate basis. The resolution authority may, after consulting the supervisory authority, order that the minimum amount shall also be held by a group-affiliated undertaking. (6) The resolution authority shall take decisions in parallel with the decisions referred to in paragraphs 4 and 5, second sentence Elaboration and continuation of resolution plans. Unofficial table of contents

§ 50 Minimum amount of liabilities to be taken into account on a consolidated basis

(1) Parent undertakings, which are at the same time EU parent companies, also have a minimum amount of eligible liabilities in addition to the minimum amount of eligible liabilities on an individual basis in accordance with Section 49. to a consolidated basis. The amount of the minimum amount on a consolidated basis shall be taken by the resolution authority as the competent authority for group management in consultation with the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht), if that supervisory authority is, after voting with the supervisory authority responsible for supervision on a consolidated basis. In particular, the criteria referred to in Article 49 (4) and the question of whether subsidiaries in third countries should be dealt with separately in accordance with the group resolution plan shall be taken into account. (2) Group competent authority, it shall endeavour to make a joint decision with the foreign resolution authorities responsible for the subsidiaries of the group in relation to the level of the consolidated level Minimum amount of liabilities eligible for consideration. The reasons for the joint decision shall be justified. The resolution authority as the competent authority responsible for the management of the group shall notify the parent undertaking of the joint decision. (3) It shall be within four months of the date of referral to the competent authority of the competent authority for the subsidiary undertakings. The resolution authority shall decide on the minimum amount on a consolidated basis the resolution authority shall decide on the minimum amount for the management of the group by the competent foreign settlement authorities. The decision shall be justified and shall take into account the evaluation of the subsidiaries carried out by the foreign resolution authorities. The resolution authority shall communicate the decision to the EU parent undertaking. (4) The resolution authority shall adopt its decision on the minimum amount on a consolidated basis in accordance with the decision of the European Banking Authority Article 19 (3) of Regulation (EU) No 1093/2010, provided that, by the end of the four-month period, one of the resolution authorities concerned is the European Banking Authority under Article 19 of Regulation (EU) No 1093/2010, with the matter . If no decision is taken by the European Banking Authority within one month, paragraph 3 shall apply. (5) The resolution authority shall be the settlement authority responsible for a subsidiary, but not the entity responsible for the group winding up competent authority, it shall act on a joint decision on the minimum amount at consolidated level as referred to in paragraph 2. It may refer the matter to the European Banking Authority in accordance with Article 19 of Regulation (EU) No 1093/2010. If a joint decision is not reached, the resolution authority shall devote the decision taken by the competent authority to the group management in accordance with paragraph 3 as binding. (6) Decisions on the minimum amount to be applied to: (7) The resolution authority shall take decisions on the minimum amount on a consolidated basis in parallel with the elaboration and continuation of settlement plans. Unofficial table of contents

Section 51 Minimum amount of eligible liabilities for subsidiaries on a single basis

The resolution authority shall, in consultation with the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht, Bundesanstalt für Finanzdienstleistungsaufsicht, if this supervisory authority is), lay down for the subsidiaries for which it is the competent resolution authority, the subsidiary of each subsidiary of the group minimum amount of liabilities to be taken into account on a single basis. This minimum amount shall be set at an appropriate level for each subsidiary undertaking, taking into account the following criteria:

1.

the criteria referred to in Article 49 (4), in particular the size, business model, refinancing structure and risk profile of the subsidiary; and

2.

the minimum amount on a consolidated basis set for the Group in accordance with Article 50.

(2) Where the resolution authority is the competent authority of the group, it shall refer the matter to the foreign resolution authorities responsible for the subsidiaries of the group and shall endeavour to make a joint decision with the latter in relation to the The amount of the minimum amount of liabilities to be taken into account by each subsidiary undertaking. It may refer the matter to the European Banking Authority in accordance with Article 19 of Regulation (EU) No 1093/2010. This shall not apply where the amount of the minimum amount determined by the liquidate authority responsible for the subsidiary is less than one percentage point from the level of the minimum amount determined in accordance with § 50 on a consolidated level. The reasons for the joint decision shall be justified. The resolution authority shall submit the joint decision to the subsidiary for which it is the competent resolution authority, and to the EU parent undertaking, if it is the competent authority for the group winding up. In the absence of a joint decision within four months from the date of referral by the resolution authority of the foreign settlement authorities responsible for the subsidiaries, the resolution authority shall decide on the The amount of the minimum amount of liabilities to be taken into account by the subsidiaries responsible for the settlement of which it is responsible. (3) The resolution authority is the resolution authority responsible for a subsidiary, but not the competent authority responsible for the management of the group, it shall act on a a joint decision on the minimum amount at a consolidated level as referred to in paragraph 2. If, within four months of the date of referral to the resolution authorities concerned, the competent authority responsible for the management of the group does not have a joint decision as to the level of the subsidiary to be applied to the subsidiary The resolution authority shall itself take a decision itself for the subsidiaries which it is responsible for the settlement of which is the minimum amount. In doing so, it shall take due account of the opinion expressed by the authority responsible for the management of the group. If, at the end of the four-month period, the authority responsible for the management of the group has referred the matter to the European Banking Authority, the resolution authority shall issue its decision in accordance with the second sentence of sentence 2 up to the date of a decision of the European Banking Authority referred to in Article 19 (3) of Regulation (EU) No 1093/2010. It shall then take its decision in accordance with the decision of the European Banking Authority. If no decision is taken by the European Banking Authority within one month, the second sentence shall apply. (4) The resolution authority shall lay down the decisions taken by the resolution authorities concerned within the limits of their respective competence. (5) Decisions on the minimum amount of eligible liabilities for subsidiaries shall be regularly reviewed and, where appropriate, updated. (6) The resolution authority shall take decisions on the Minimum amount of eligible liabilities for Subsidiaries in parallel with the elaboration and continuation of settlement plans. Unofficial table of contents

Section 52 Abortion of the minimum amount of liabilities eligible for consideration

(1) The resolution authority, as the competent authority for the group winding up, may, for a parent undertaking which is an EU parent institution, be subject to the establishment of an institution-specific minimum amount of eligible liabilities. on a single basis, if:

1.

the EU parent institution shall comply with the minimum amount on a consolidated basis in accordance with Article 50 (1); and

2.

the supervisory authority of the EU parent institute has excluded the institution fully from the own resources requirements in accordance with Article 108 (1) of Directive 2013 /36/EU.

(2) The resolution authority, as the resolution authority responsible for a subsidiary, may, for a subsidiary undertaking, see a minimum amount to be observed on an individual basis in accordance with Section 51, if:

1.

both the subsidiary and its parent undertaking in the Federal Republic of Germany are authorised and supervised;

2.

the parent undertaking is an institution and the subsidiary is included in its supervision on a consolidated basis;

3.

the highest-level group institution of the subsidiary, whose head office is located in Germany, provided that it is not at the same time the parent institution of the European Union, complies with the minimum amount on a subconsolidated basis in accordance with Article 51 (1);

4.

there is no substantial practical or legal obstacle to the immediate transfer of own funds or the repayment of liabilities by the parent company to the subsidiary or to be dislocated;

5.

either the parent undertaking, in respect of the prudent management of the subsidiary, fulfils the requirements of the supervisory authority and, with the consent of the subsidiary, has declared that it is responsible for the commitments entered into by its subsidiary , or the risks caused by the subsidiary are immaterial;

6.

the parent undertaking ' s risk assessment, measurement and control procedures shall also extend to the subsidiary;

7.

the parent undertaking holds more than 50 per cent of the voting rights attaching to the shares or shares of the subsidiary undertaking, or is entitled to appoint or discontinue the majority of the members of the management body of the subsidiary undertaking; and

8.

the competent authority of the subsidiary responsible within the meaning of Article 4 (1) (40) of Regulation (EU) No 575/2013 exempts the subsidiary undertaking from the capital requirements referred to in Article 7 (1) of Regulation (EU) No 575/2013.

Unofficial table of contents

Section 53 Compliance with the minimum amount of eligible liabilities by contractual instruments

(1) In the decisions on the amount of the minimum amount of liabilities eligible for consideration in accordance with § § 49 to 52, it may be provided that the minimum amount of eligible liabilities on a consolidated basis or on the basis of (2) In accordance with paragraph 1, an instrument may be credited to the minimum amount if the instrument is to be used as a basis for the payment of a minimum amount of the instrument.

1.

includes a contract provision stating that, in the event that the resolution authority applies the instrument of creditor participation to the institution concerned, it shall be consigned or converted to the necessary extent before any other be reduced or converted into liabilities eligible for consideration, and

2.

is subject to a binding post-ranged agreement that, in the event of insolvency proceedings, it is subordinated to other eligible liabilities and not before any other liabilities outstanding at that date. Eligible liabilities, other than other contractual instruments within the meaning of this provision, may be refunded.

Unofficial table of contents

Section 54 Review of the maintenance of the minimum amount of liabilities eligible for consideration

(1) The resolution authority shall, in coordination with the supervisory authority, verify that institutions have the minimum amount of eligible liabilities on an individual basis in accordance with section 49 (1) and, where applicable, the requirement of section 53 (1) (2) The resolution authority shall, in consultation with the supervisory authority of the European Banking Authority, communicate the minimum amount of eligible liabilities and, where appropriate, the requirement in accordance with Article 53 (1), which they shall apply to: of each individual institution. Unofficial table of contents

Section 55 Contractual recognition of the instrument of creditor participation and of the instrument of participation of holders of relevant capital instruments in third countries

(1) Institutes and members of the group shall be obliged to agree in the terms of the contract of eligible liabilities that are governed by the law of a third country that the creditor or the party of the parties to the Binding agreement

1.

Recognises that the instrument of creditor participation can be applied to the binding nature, and

2.

agree both with a partial as well as a complete depreciation of the nominal value or outstanding balance and a conversion into shares or other instruments of the hard core capital, which the The resolution authority shall, in application of the instrument of creditor participation, make a contribution.

(2) On request, the institution or the group member shall submit a legal opinion to the resolution authority on the legal enforceability and legal validity of this contract provision. (3) The obligation under paragraph 1 shall not apply to:

1.

Liabilities excluded from the scope of the instrument of creditor participation in accordance with Article 91 (2),

2.

Liabilities arising from deposits pursuant to Section 46f (4) (2) of the Banking Act and

3.

Liabilities that have already been established before 1 January 2015.

(4) The resolution authority may, in so far as liabilities under the law of the law of the European Union, take into account liabilities subject to the law of a particular third country or of certain third countries, from the obligation laid down in paragraph 1. shall be subject to the rewriting and conversion powers of the resolution authority in respect of the third country concerned or of a binding agreement with the third country concerned. The resolution authority may cancel this exemption at any time if the conditions set out in the first sentence are no longer available. (5) Paragraphs 1, 2, 3 (3) and 4 (4) shall apply to the instrument of the participation of holders of relevant capital instruments (6) If the provision of the contract referred to in paragraph 1 in conjunction with paragraph 4 fails in the contractual provisions of a relevant capital instrument, it shall not be credited as a bank-sensitive own-resource component.

Section 2
Approved capital and other instruments of hard core capital

Unofficial table of contents

Section 56 Elimination of procedural obstacles to the instrument of creditors ' participation

(1) The resolution authority may, in consultation with the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht), if this supervisory authority is competent, order any institution or group-based company to have sufficient share capital approved at any time; to hold authorized capital or other hard core capital instruments or to carry out a conditional capital increase in order to implement the practical feasibility of converting liabilities into shares or other instruments of the hard core capital through the issueof new shares or other Instruments of hard core capital to ensure. § 202 (3), first sentence, of the German Stock Corporation Act and § 55a (1), second sentence, of the Act concerning limited liability companies shall not apply to authorized capital created in the execution of an order in accordance with the first sentence. Approved capital, which is created in the execution of an order in accordance with the first sentence, shall not be credited to any other authorized capital. If, in spite of an order in accordance with the first sentence, there is not a sufficient amount of approved share capital, authorised capital stock or other instruments of the hard core capital, this is not the case for the effectiveness of a settlement arrangement. (2) The resolution authority shall, in the context of the planning of the settlement, assess whether and to what extent the institution or group member of the institution concerned makes use of its power under paragraph 1. In particular, it shall take into account the settlement instruments considered in the context of the settlement planning. If the settlement plan provides for the possibility of applying the instrument of creditor participation, the resolution authority shall examine whether the approved share capital, the authorised capital stock or the other instruments of the hard core capital shall be used for the purpose of: (3) Paragraph 1 shall not apply if the specific features of the law preclude the holding of instruments of the hard core capital and the possibility of applying the instrument of the Creditor participation in the presence of the settlement conditions or the Requirements of § 65 by other measures, in particular the order of a change of law pursuant to § 149, is ensured. (4) The settlement authority may require an institution or group-affiliated company, the settlement authority , that no obstacles to the conversion of liabilities into shares or other instruments of the hard core capital arise from the founding documents or the statutes of the institution or group-affiliated company, or that there are no obstacles to the conversion of liabilities into shares or other instruments of the hard such obstacles, in particular by arranging a change of law can be overcome in accordance with § 149. If, however, such obstacles are present in the application of the instrument of creditor participation, such obstacles are not contrary to the effectiveness of a settlement arrangement. (5) Do not see the contractual provisions of a liability In accordance with the provisions of Article 55 (1), the settlement authority shall not prevent the settlement authority from making use of the instrument of creditor participation in the case of this liability.

Chapter 3
Fulfillment capability

Unofficial table of contents

§ 57 Evaluation of the settlement capacity of institutions

The resolution authority shall assess the extent to which an institution which is not a member of a group subject to supervision on a consolidated basis is capable of settlement. The resolution authority shall, in its assessment, agree with the supervisory authority and the resolution authorities of the Member States and of the third countries in which there are major branches, to the extent that the interests of these significant branches are located. (2) An institution shall be able to settle where it is possible, from the point of view of the resolution authority, to open and implement either insolvency proceedings on the assets of the institution or to implement it by application of To wind down resolution instruments and powers, to the extent that:

1.

even in a situation of general financial instability or, in the event of system-wide events, significant adverse effects on financial systems in the Federal Republic of Germany, the other Member States or the Union as a whole, to avoid as possible,

2.

the continuation of critical functions is ensured, provided that the business operations of the Institute include such critical functions; and

3.

critical functions and core area operations are legally and economically separated from other functions to the required extent.

For the purposes of the assessment of the settlement capacity referred to in paragraphs 1 and 2, the resolution authority shall consider at least the aspects referred to in Section C of the Annex to Directive 2014 /59/EU. (4) The resolution authority shall assess the Settlement capacity under this provision simultaneously with and for the purposes of the preparation and updating of the settlement plan in accordance with § 40. (5) The resolution authority shall, within the framework of the assessment of the settlement capacity of an institution, come to a negative result, it shall inform the European Banking Authority accordingly and (6) § 42 shall apply accordingly. Unofficial table of contents

Section 58 Evaluation of the settlement capacity of groups

(1) If the resolution authority is responsible for the group development in accordance with § 155, it shall assess the settlement capacity of the relevant group. The resolution authority shall carry out the evaluation within a resolution collegium after consultation with the consolidating supervisor, the resolution authorities responsible for the subsidiaries and the resolution authorities of the Member States, and Third countries in which major branches are located, to the extent that these important branches are concerned, by. (2) A group is eligible for resolution if it is possible, from the point of view of the resolution authorities, to take account of the The ability of the group companies to either insolvency proceedings to open and implement, or to wind it up through the application of resolution instruments and powers, provided that:

1.

, in particular in a situation of general financial instability or, in the event of system-wide events, significant adverse effects on financial systems in Member States where group companies have their head offices, and Member States or the Union as a whole shall be avoided where possible,

2.

the continuation, including the possibility of the orderly winding up of critical functions, shall be ensured, provided that the business operations of the respective group undertaking include such critical functions; and

3.

the conditions set out in Article 46 (3), first sentence, point 7 are complied with.

For the purposes of the assessment of the settlement capacity referred to in paragraphs 1 and 2, the resolution authorities shall examine at least the aspects referred to in Section C of the Annex to Directive 2014 /59/EU. In addition, the resolution authority shall comply with regulatory technical standards adopted in accordance with Article 15 (4) of Directive 2014 /59/EU. (4) The assessment of the settlement capacity in accordance with this provision

1.

shall be carried out at the same time as and for the purposes of drawing up and updating the settlement plan in accordance with Section 46,

2.

Within the framework of the decision-making process according to § 47 and

3.

shall be taken into account by the Resolution Collegies in accordance with Section 156.

(5) If the resolution authority, as part of its participation in the evaluation of the settlement capacity of a group, comes to a negative result, it shall inform the European Banking Authority. (6) § 47 (2) shall apply mutatily. Unofficial table of contents

§ 59 Dismantling and elimination of obstacles to settlement at institutions; authorisation of a regulation

(1) If the resolution authority determines in its assessment pursuant to § 57 that the resolution capacity of the Institute is contrary to major obstacles, it shall inform the institution concerned and the authorities concerned pursuant to Article 57 (1). in writing, with reference to the period referred to in paragraph 2. The German version of the letter may be accompanied by a non-binding translation. (2) Within four months of receipt of a notification under paragraph 1, the Institute of the Resolution Authority shall propose appropriate measures with which: remove or at least reduce the obstacles referred to in the communication referred to in paragraph 1. (3) The resolution authority shall assess whether the measures proposed in accordance with paragraph 2 are appropriate to remove the obstacles in question or at least reduce it. The resolution authority shall be voting with the supervisory authority in its evaluation. (4) The resolution authority shall, in its assessment, agree that the proposed measures are likely to remove the obstacles to the settlement of the problem. or at least reduce, the resolution authority shall arrange for the institution to implement the measures proposed in accordance with paragraph 2 without delay. Otherwise, the resolution authority shall arrange for the institution to implement other alternative measures, as defined by the resolution authority, for the elimination or dismantling of the obstacles in question. Within one month, the institution shall draw up a plan setting out how to implement the measures adopted by the resolution authority. (5) The alternative measures referred to in paragraph 4, second sentence, to be arranged by the resolution authority shall be: be necessary and proportionate to reduce or eliminate the settlement obstacles in question, taking into account the threat to financial stability resulting from these settlement obstacles and the impact of the alternative measures on the business activity, stability and capacity of the institute, (6) The resolution authority may, in accordance with paragraph 5, arrange for one or more of the following measures to be implemented by the institution:

1.

the conclusion or amendment of agreements on intra-group financial assistance;

2.

the conclusion of service agreements on the safeguarding of critical functions;

3.

the limitation of the maximum individual and aggregated risk positions, without prejudice to the rules on large exposures, including liabilities for the purposes of Article 91 (1), which exist in relation to other institutions, unless they are liabilities to a group-affiliated company;

4.

the fulfilment of additional information requirements, which are relevant for the purpose of planning the settlement, at regular or irregular intervals;

5.

the sale of assets;

6.

the restriction or recruitment of existing or planned business activities or the distribution of new or existing products;

7.

the change of the legal or operational structures of the Institute in order to reduce complexity and to ensure that critical functions through the application of resolution instruments legally and operationally from other functions can be separated;

8.

the establishment of a parent financial holding company or mixed parent financial holding company in a Member State or an EU financial holding company;

9.

the issuing of eligible liabilities or the taking of alternative measures in order to meet the requirements of § 49; the alternative measures include, in particular, the attempt to comply with the conditions to renegotiate liabilities, core capital or supplementary capital instruments eligible for consideration, with the aim of recognising the decisions of the resolution authority in accordance with the relevant law;

10.

if an institution is a subsidiary of a mixed holding company, the establishment of a separate financial holding company by the mixed holding company for the control of the institution, where necessary in order to facilitate the implementation of the Institute and to prevent the application of the resolution instruments and powers provided for in Part 4 from having a negative impact on the non-financial parts of the Group.

The resolution authority shall only order the measures referred to in points 5 to 7 if the institution has previously been given the opportunity to propose measures to remove the obstacles, and the proposed measures shall be adopted in the light of the assessment of the measures proposed by the The resolution authority shall not be able to effectively remove the obstacles. Where an institution is a subsidiary of a mixed holding company, the resolution authority may also arrange for the mixed holding company to have a separate financial holding company for the control of the institution , if necessary, in order to facilitate the implementation of the Institute and to prevent the application of the resolution instruments and powers provided for in Part 4 from being adversely affected by the non-financial parts of the of the group. (7) Before the resolution authority takes a measure in accordance with paragraph 4, second sentence, it shall examine, after consultation with the supervisory authority, the Deutsche Bundesbank and, where appropriate, with the authority responsible for implementing the macro-prudential policy referred to in recommendation B, point 1, of the recommendation of the European Parliament and of the Council. System Risk Board of 22 December 2011 on the macro-prudential mandate of the national authorities (ESRB/2011/ 3) is responsible for the potential impact of the action in question on the relevant institute, on the common market for Financial services, financial stability in other Member States and the Union (8) (4), second sentence, and paragraphs 5 and 6 shall apply mutaly if the institution does not submit any proposals within the period referred to in paragraph 2. (9) In the case referred to in paragraph 1, the resolution authority shall be required to draw up a the settlement plan referred to in § 40 shall be suspended until the procedure referred to in paragraph 4, including a corresponding application of paragraph 4 referred to in paragraph 8, has been terminated and the corresponding obstacles are removed or at least dismantled (10) The Federal Ministry of Finance is authorized to do so by means of a decree law which does not require the consent of the Federal Council to lay down more detailed provisions relating to the measures provided for in paragraph 6 and the conditions under which they may be arranged. The Federal Ministry of Finance may transfer the authorisation to the resolution authority by means of a legal regulation. Unofficial table of contents

§ 60 Removal and elimination of settlement obstacles in groups

(1) If the resolution authority is responsible for the group development in accordance with § 155, it shall, in cooperation with the consolidating supervisor and the European Banking Authority, prepare it in accordance with Article 25 (1) of the Regulation (EU). No 1093/2010, and after consultation with the supervisory authorities concerned, a report. It shall transmit it to

1.

the EU parent undertaking,

2.

the settlement authorities responsible for the subsidiaries; and

3.

the resolution authorities of the Member States and third countries in which major branches are located.

(2) In the report referred to in paragraph 1,

1.

analyse any major obstacles to the effective application of the resolution instruments and the exercise of the resolution powers in relation to the group; and

2.

formulate recommendations for measures which, in the opinion of the resolution authority, are necessary or appropriate in order to remove the obstacles referred to in paragraph 1.

The impact on the business model of the Group shall be taken into account in each case. (3) Within four months of the submission of the report referred to in paragraph 1, the EU parent company may adopt a position and the resolution authority as being the case for the Group development competent authority propose alternative measures to remove or at least reduce the obstacles identified in the report. The resolution authority shall inform the consolidating supervisor, the European Banking Authority and the authorities referred to in points 2 and 3 of the second sentence of paragraph 1 of the proposed measures or the fact that the EU parent undertaking is no measures have been proposed within the time limit laid down in sentence 1. (4) After consultation with the other supervisory authorities and the resolution authorities of the Member States and third countries in which major branches are located, the resolution authority as the competent authority for group management, together with the resolution authorities responsible for the subsidiaries, to take a joint decision on

1.

the identification of the main obstacles and,

2.

where necessary, the evaluation of the measures proposed by the EU parent undertaking and of the measures required by the authorities to remove or remove the existing obstacles.

The decision is intended to take into account the potential impact of such measures in the Member States in which the Group operates. The decision may provide for one or more measures within the meaning of section 59 (5) to be arranged at the level of individual group companies or in relation to the group as a whole. The resolution authority may request assistance from the European Banking Authority in accordance with Article 31 (c) of Regulation (EU) No 1093/2010 in order to assist in reaching an agreement. The resolution authority as the competent authority responsible for the group winding shall notify the joint decision to the EU parent undertaking. (5) If no joint decision is taken within four months of the submission of the report referred to in paragraph 1, the the resolution authority shall decide on the measures to be taken at the group level alone as the authority responsible for the management of the group. In doing so, it shall take account of the positions and reserves of other resolution authorities. The resolution authority shall justify the decision and notify it to the EU parent undertaking. It shall take its decision in accordance with the decision of the European Banking Authority in accordance with Article 19 of Regulation (EU) No 1093/2010, provided that one of the authorities concerned is the European Banking Authority with one of the provisions of Article 59 ( 6 (7), 8 or 10. If the European Banking Authority does not take a decision within one month, the first sentence shall apply. (6) The resolution authority shall be the competent resolution authority for subsidiaries of the group, without, in accordance with Section 155, the resolution authority for the group. , it shall, after consultation with the other supervisory authorities and the resolution authorities of the Member States and third countries in which there are major branches, endeavour jointly with the regulatory authorities responsible for the Group development competent resolution authority and the other concerned Resolution authorities to take a joint decision on

1.

the identification of the main obstacles and,

2.

where necessary, the evaluation of the measures proposed by the EU parent undertaking and of the measures proposed by the authorities to remove or remove the existing obstacles.

In accordance with Article 19 of Regulation (EU) No 1093/2010, the resolution authority may refer the European Banking Authority to one of the matters referred to in Article 59 (6) (7), (8) or (10). It shall notify the joint decision of the subsidiary undertakings which fall within its competence. (7) If there is no joint decision by the resolution authorities in accordance with paragraph 6 within four months, the resolution authority shall apply to: the subsidiaries for which it is responsible, even a decision. In doing so, it shall take due account of the views and reservations of the other resolution authorities. It shall communicate the decision to the subsidiaries concerned and to the resolution authority responsible for the management of the group. The resolution authority shall take its decision in accordance with the decision of the European Banking Authority in accordance with Article 19 of Regulation (EU) No 1093/2010, provided that one of the competent authorities concerned the European Banking Authority with a referred to in Article 59 (6) (7), (8) or (10). If no decision is taken by the European Banking Authority within one month, the provisions of the first sentence shall apply. (8) Where a joint decision does not materiarise, the resolution authority shall lay down the rules applicable to the group development. (9) If the resolution authority is responsible for the management of the group in accordance with § 155, it shall apply the procedure to the resolution authority and the resolution authorities concerned. Preparation of a group settlement plan in accordance with § 46 to the extent and until such time The procedure referred to in paragraphs 1 to 6 has been terminated and the obstacles to effective application of the resolution instruments and the exercise of the resolution powers have been removed or at least reduced. If the resolution authority is not responsible for the group development in accordance with § 155, it shall suspend the procedure for the preparation of a partial settlement plan in accordance with § 48 (3) and (4) until the procedure under paragraphs 7 and 8 has been terminated. , and the obstacles to effective application of resolution instruments and the exercise of resolution powers have been eliminated or at least reduced.

Chapter 4
Establishment of bridge institutes and asset management companies

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Section 61 Foundation of bridge institutes and asset management companies

(1) The restructuring fund according to § 1 of the Restructuring Fund Act can, even without concrete reason, establish legal persons who are

1.

be able to act as a holder of a transfer in accordance with Article 107 (1) (1) (b) (bridge institute), or

2.

in the context of transfers pursuant to Article 107 (1) (2), they may act as the holder of an undertaking (asset management company).

(2) The restructuring fund may acquire shares in a legal entity established by a third party for the purposes of Article 107 (1) (1) (a) or (2) in order to act as a bridge institute within the framework of a transfer pursuant to § 107 (1) (a) or (2). Paragraph 1 (1) (b) or as an asset management company in the context of a transfer pursuant to Article 107 (1) (2). 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 in a better and more economic way. § § 202 (3), first sentence, of the German Stock Corporation Act is not applicable to bridge institutions and asset management companies.

Part 4
Fulfillment

Chapter 1
Settlement power, conditions and further powers

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§ 62 Development requirements with regard to institutions

(1) The conditions for settlement in respect of an institution shall be fulfilled if:

1.

the institution in its stock is at risk;

2.

the implementation of a settlement measure in order to achieve one or more settlement objectives is necessary and proportionate; and

3.

the risk of stock is not equally safely removed by measures other than settlement measures within the time-frame available. Alternative measures may be taken into consideration:

a)

private sector measures, including measures taken by an institution's security system, or

b)

Measures of the Supervisory Authority, in particular measures early intervention in accordance with § § 36 to 38 or measures in accordance with § § 45 to 46 of the Banking Act.

The prior application of measures early intervention in accordance with § § 36 to 38 or measures in accordance with § § 45 to 46 of the Banking Act is not a prerequisite for the adoption of settlement measures. (2) The Supervisory Authority presents after consulting the resolution authority or the resolution authority, after consulting the supervisory authority, it shall establish the risk of stock of the institution. For this purpose, the resolution authority and the supervisory authority shall, on request, provide each other without delay with all the information necessary for this finding. Unofficial table of contents

§ 63 Inventory risk; Regulation empowerment

(1) A risk of an institution shall be at risk if:

1.

the Institute is in breach of the requirements of Article 32 of the Banking Act in such a way as to justify the waiver of the authorization by the supervisory authority, or to have objective evidence of this; that this is about to happen in the near future,

2.

the assets of the institution fall below the level of its liabilities, or there are objective evidence that this is in the near future; or

3.

the institution is insolvent or there is objective evidence that in the near future the institution will no longer be able to comply with the existing payment obligations at the time of maturity, unless there is a serious prospects for the institution to be able, by means of guarantees within the meaning of the second sentence of paragraph 2, point 1 or 2, to comply with existing payment obligations at the time of maturity.

(2) An inventory risk shall be equal to the granting of exceptional financial support from public funds. This shall not apply if the exceptional financial support from public funds is used to avert a serious disturbance of the national economy and to preserve financial stability in the form of

1.

a State guarantee for liquidity facilities provided by the European Central Bank or the Deutsche Bundesbank on their respective terms and conditions,

2.

a state guarantee for newly issued liabilities; or

3.

a supply of equity capital or the purchase of capital instruments

a)

on prices and conditions which do not favour the Institute,

b)

for the closure of capital scares in stress tests at national or Union level or in the single supervisory mechanism, in the assessment of the quality of assets or comparable audits by the supervisory authority, the European Central Bank or the European Banking Authority have been identified and, where appropriate, confirmed by the Supervisory Authority;

c)

if the conditions of Section 65 (2) are not fulfilled at the time of the capital injection.

The rules referred to in points 1, 2 and 3 shall apply only to preventive, temporary and proportionate measures which do not serve to compensate for losses which the institution has already suffered or which is likely to suffer in the near future. . Capital measures taken by public owners who do not constitute aid within the meaning of Article 107 (1) of the Treaty on the Functioning of the European Union remain free of charge. (3) The Federal Ministry of Finance is authorized to Legal Regulation, which does not require the consent of the Federal Council, to lay down more detailed provisions on the circumstances in which there is a risk to the stock in accordance with paragraphs 1 and 2. The Federal Ministry of Finance may transfer the authorisation to the resolution authority by means of a legal regulation. Unofficial table of contents

Section 64 Conditions of settlement in respect of financial institutions and holding companies

(1) The conditions of settlement in respect of a financial institution which is a parent company of a parent company supervised on a consolidated basis shall be subject to the conditions laid down in § 62 (1), both in As regards the financial institution as well as with regard to the parent company. Section 62 (2) shall apply. (2) The settlement conditions relating to a financial holding company, a mixed financial holding company, a mixed holding company, a parent financial holding company in a Member State, an EU parent financial holding company, a mixed parent financial holding company in a Member State or a mixed EU parent financial holding company, if the conditions referred to in paragraph 62 (1) are met both in relation to: of the holding companies mentioned above and also in relation to: Subsidiaries or several subsidiaries of this holding company are fulfilled, provided that the subsidiary or subsidiary is an institution or an institute. If a parent company has its registered office in a third country in accordance with the first sentence, the resolution authority in the third country must have established that this subordinated entity fulfils the conditions of settlement in accordance with the law of the third country. (3) By way of derogation from paragraph 2, the resolution authority may also order settlement measures in relation to a holding company referred to in paragraph 2 where:

1.

the conditions referred to in paragraph 62 (1) are fulfilled in respect of a subsidiary or a number of subsidiaries of that holding company, provided that the subsidiary undertakings are institutions,

2.

the risk of stock of the subsidiary or of the subsidiaries referred to in paragraph 1 could cause the group as a whole or an institution to be at risk; and

3.

a settlement measure relating to that holding company is necessary for the settlement of a subsidiary or of several subsidiaries as referred to in point 1 or for the management of the group as a whole.

In assessing whether the settlement conditions referred to in Article 62 (1) are available in respect of a subsidiary under the first subparagraph of sentence 1, the resolution authority of the subsidiary and the settlement authority of the holding company shall be able to do so by means of: a joint decision may not take account of a transfer of capital or compensation in the group, including the exercise of the instrument of participation of the holders of relevant capital instruments in accordance with § 89. (4) If the subsidiaries of a mixed holding company are directly or indirectly held by an intermediate financial holding company, for the purpose of a group winding referred to in paragraph 2 or paragraph 3, settlement measures may only be used in relation to the intermediate financial holding company and not in relation to the mixed financial holding company. Holding company. Unofficial table of contents

Section 65 Conditions for the application of the instrument of the participation of holders of relevant capital instruments

(1) Except in the cases of § § 62 and 64, the resolution authority may also apply the instrument of the participation of the holders of relevant capital instruments in accordance with § 89 also in relation to relevant capital instruments, which

1.

shall be issued by a subsidiary undertaking and recognised on an individual basis and on a consolidated basis for the purposes of compliance with own resources requirements, where the resolution authority and the competent authority of the competent authority of the the Member State of the subsidiary undertaking, in the form of a joint decision pursuant to § 166 (3) and (4), in accordance with Section 66, states that the requirements of Section 62 (1) are met with regard to the group;

2.

issued by a domestic parent undertaking and which are recognised on a one-off basis at the level of the domestic parent undertaking or on a consolidated basis for the purpose of fulfilling the own resources requirements, if the The resolution authority shall establish that the conditions of paragraph 62 (1) are fulfilled in relation to the group; or

3.

shall be issued by an institution if it is granted exceptional financial support from public funds, except in the case of the second sentence of Article 63 (2), point 3.

For the purposes of paragraph 1 (1) and (2), the risk of stock of a group shall be subject to the following conditions:

1.

the Group is in breach of the prudential requirements at a consolidated level in such a way as to comply with the measures referred to in Article 45 (2), if appropriate in conjunction with Section 45 (1) sentence 3 of the Banking Act, by the Supervisory Authority in respect of a consolidated or consolidated entity of the group, or

2.

objective evidence is available that a breach of paragraph 1 is at least imminent in the near future.

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Section 66 Determination of the conditions for the application of the instrument of the participation of the holders of relevant capital instruments in the case of group-affiliated companies

(1) The resolution authority shall, in relation to a subsidiary which issues relevant capital instruments, which are recognised on a single and consolidated basis for the purpose of meeting the own resources requirements, which shall: Determination of the conditions referred to in § 62 (1), provided that the participation of the holders of relevant capital instruments in accordance with § 89 to achieve the settlement objectives would be sufficient, or the determination in accordance with § 65, paragraph 1, point 3, it shall inform this intention shall immediately be notified to the consolidating supervisor. If the consolidating supervisor is not the competent authority to establish the parent undertaking, the resolution authority shall also notify its intention to the competent authority of the Member State responsible for the determination of the parent undertaking. (2) The resolution authority shall, in relation to a subsidiary which issues relevant capital instruments, which are recognised on an individual basis and on a consolidated basis for the purpose of meeting the own resources requirements, which shall: Determination of the conditions referred to in Article 65 (1) (1), it shall inform the Intention to immediately inform the supervisory authority of the subsidiary whose relevant capital instruments will be used by the instrument for the participation of holders of relevant capital instruments. (3) The resolution authority shall insert a communication in accordance with (4) The resolution authority shall, after consultation with the authorities to which a notification has been made as referred to in paragraph 1, assess whether one or more alternatives are to be considered. Measures can be implemented through which the resolution targets can also be implemented without the Ensure the participation of holders of relevant capital instruments according to § 89 (alternative measures). In particular, early intervention measures in accordance with § 36, the measures referred to in Article 104 (1) of Directive 2013 /36/EU, or a transfer of funds or capital of the parent undertaking must be considered as alternative measures. (5) The resolution authority, after consultation with the notified authorities, shall, in accordance with paragraph 4, conclude that alternative measures are available, shall apply them. (6) In the case referred to in paragraph 1, the resolution authority shall, in accordance with paragraph 1, apply: Coordination with the notified authorities, in accordance with paragraph 4, to the conclusion that no , the resolution authority shall decide whether the statement referred to in paragraph 1 is appropriate. (7) In the case referred to in paragraph 2, the determination shall take the form of a joint decision of the for the determination of the selected authorities of the Member States in which subsidiaries are located, in accordance with § § 161 to 165. In the absence of a joint decision, no determination shall be made in accordance with Section 65 (1) (1). (8) The resolution authority shall take a decision on the participation of holders of relevant capital instruments in accordance with this paragraph and shall, with due regard to the urgency of the circumstances, promptly apply it. Unofficial table of contents

Section 67 Resolution Objectives; System Risk

(1) Resolution targets shall be

1.

the use of a system risk posed by the risk of an institution or group being at risk;

2.

the protection of public funds by avoiding the use of exceptional financial support from public funds.

(2) A system risk is to be found if it is to be found that the risk of stock of the institution or the group in the concrete market situation has a significant negative effect on other companies in the financial sector, on the financial markets, on the general confidence of depositors and other market participants in the functioning of the financial system or on the real economy. In assessing the existence of a system risk, the resolution authority shall, in particular, take into account:

1.

the nature and extent of the liabilities of the institution or group to other institutions, groups and other entities in the financial sector,

2.

the size of the deposits received by the institution or group;

3.

the nature, scale and composition of the risks incurred by the institution or group, and the conditions in the markets where appropriate risk positions are traded,

4.

networking with other financial market participants,

5.

conditions in the financial markets, in particular the expected impact of a collapse of the institution or the group on other financial sector companies, on the financial market and on the confidence of depositors; and market participants in the functioning of the financial market and in the real economy,

6.

the complexity of the transactions concluded by the institution or the group with other market participants;

7.

the nature, scope and complexity of the transactions concluded by the institution or group of cross-border transactions, and

8.

the enforceability of the services and technical systems offered by the Institute or the group domestially or across borders.

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Section 68 General principles for a settlement

(1) The resolution authority shall, in the case of settlement measures, observe the principles that:

1.

losses of shareholders and creditors to the same extent as in insolvency proceedings, which would have been opened at the time of the settlement of the liquidate, provided that no divergent provisions are made in this Act,

2.

covered deposits are fully protected,

3.

the costs of settlement are to be kept as low as possible and the destruction of values which is not necessary to achieve the settlement objectives is avoided;

4.

the directors and senior management of the institution or group of undertakings in liquidation shall be replaced, unless the resolution authority considers the full or partial maintenance of the directors or the senior management level in each individual case as required in order to achieve the settlement objectives,

5.

the directors and senior management of the institution or group of companies in liquidation are required to provide all the necessary support for the achievement of the settlement objectives;

6.

the criminal and civil liability of natural and legal persons is not affected by the risk of the institution in liquidate.

The resolution authority shall take resolution measures against an institution belonging to a group in accordance with the provisions of this Act in such a way as to give effect to the negative effects on the group of undertakings and the group as a whole, and to the minimise the financial stability of the European Union and its Member States, in particular in Member States where groups of companies are active. (3) In the case of resolution measures, the resolution authority will: Inform the Board of the Institute or group members of the company, insofar as this is possible without prejudice to the settlement objectives. Unofficial table of contents

Section 69 Evaluation; judicial review

(1) Before a settlement order is issued,

1.

The resolution authority shall ensure that, in accordance with § § 69 to 75, an appropriate and prudent valuation of the assets and liabilities of the institution or of the group-affiliated company shall be assessed by an independent expert the examiner, or

2.

the resolution authority shall at least take a preliminary assessment in accordance with section 74.

(2) An evaluation in accordance with § § 69 to 75 may be reviewed only in the context of the judicial review of a settlement measure or the application of the instrument of the participation of holders of relevant capital instruments. Unofficial table of contents

Section 70 Expert examiner

(1) The auditor shall be independent of

1.

public authorities, including the resolution authority,

2.

the institution or group of companies; and

3.

the accepting legal entity, where available.

(2) The examiner shall be selected and appointed by the court at the request of the resolution authority. § 10 (1), third sentence, (3) and (4) and (11) of the Transformation Act shall apply accordingly. The Landgericht is responsible for the district court, in whose district the seat of the resolution authority is located. The selection and ordering by the District Court shall be made within five working days at the latest. The Oberlandesgericht (Oberlandesgericht) is to decide on a complaint within five working days. Unofficial table of contents

Section 71 Purposeof the evaluation

The evaluation shall be used by the resolution authority as a basis for assessment for the following purposes:

1.

whether the conditions of settlement or the conditions for the application of the instrument of the participation of the holders of relevant instruments of capital are met for the institution or for the group of undertakings;

2.

if the settlement conditions are met, the decision on the appropriate settlement measures to be taken with regard to the institution or the group of undertakings;

3.

if the instrument of the participation of the holders of relevant capital instruments is exercised in accordance with Section 89, the informed decision on the extent of the confiscation, cancellation, transfer of shares or other instruments of the hard core capital on the the institution or group of companies and the extent of the depreciation and conversion of the relevant capital instruments;

4.

if the instrument of creditor participation is applied in accordance with Section 90, the decision on the level of the depreciation or conversion of liabilities eligible for consideration;

5.

if the instrument of the bridge institution or the instrument of transfer is applied to an asset management company, the determination of the assets, rights, liabilities or shares to be transferred, or other property title and the assessment of the consideration to be paid to the institution or group of undertakings in progress or, where appropriate, to the holders of the shares or other title deeds;

6.

where the instrument of the sale of undertakings is applied, the determination of the assets, rights, liabilities or shares to be transferred or other property rights;

7.

where the instrument of the sale of undertakings, the instrument of the bridge institution or the instrument of transfer to an asset management company is applied, the implementation of the third-party comparative procedure in accordance with § 112;

8.

in all cases, to ensure that any losses in respect of the assets of the institution or group of undertakings are fully recorded at the time of the application of the resolution instruments.

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§ 72 Principles of evaluation

(1) The evaluation shall be based on prudent assumptions, in particular as regards default probabilities and loss rates in respect of the assets of the institution. (2) The evaluation shall not be eligible for the possibility of: , the institution or group-affiliated company shall be subject to exceptional financial support from public funds, from the date on which a settlement measure is taken, to an emergency liquidity assistance provided to the institution or to the group. Central Bank or a liquidity assistance of a central bank to non-market Conditions for collateralisation, maturity and interest rates could be granted. The first sentence shall not apply to the performance of the restructuring fund, which shall be carried out in accordance with the provisions of this Act. (3) The evaluation shall take account of the fact that:

1.

the resolution authority may apply for the adoption of a settlement order and related activities in accordance with Section 142 of the Fees and Expenditure pursuant to § 3d of the Financial Market Stabilisation Fund Act;

2.

the restructuring fund within the meaning of section 1 of the Restructuring Fund Act may charge interest and fees for the guarantees and loans granted to the institution or group affiliated to the company in accordance with § § 6 to 6b of the Restructuring Fund Act Restructurings of the Funds are granted.

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Section 73 Scope of the evaluation; audit report and additional components

(1) In the light of their purpose in accordance with § 71 and the principles of the valuation according to § 72 for all liabilities, the evaluation shall specify the ranking and the expected satisfaction rates in a bankruptcy procedure which shall be the date of receipt of the first settlement measure or the first participation of the holders of relevant capital instruments would have been opened. The evaluation of the hypothetical insolvency proceedings pursuant to § 146 shall be carried out irrespective of the evaluation pursuant to § 69. (2) The auditor shall report to the resolution authority in writing on the outcome of his examination (audit report). In addition, the auditor has to add the following documents as complementary elements of the audit report:

1.

an updated balance sheet and a report on the financial position of the institution or group of members of the group;

2.

an analysis and an estimate of the carrying amount of the assets to be attributed to the institution or to the group-affiliated undertaking;

3.

a statement of the balance sheet and off-balance-sheet liabilities contained in the books or other records of the institution or of the group-affiliated company, together with information on the respective creditors and on the basis of each of the creditors ' accounts. and their ranking in a bankruptcy proceedings.

(3) As a basis for the decisions of the resolution authority referred to in Article 71 (5) and (6), the analysis and an estimate referred to in paragraph 2, second sentence, point 2 may be based on an analysis or estimation of the value of the assets and liabilities of the (4) The resolution authority may submit the audit report, including the supplementary elements, to the accepting entity and the relevant entity in liquidation. in the case of an institution or group of members of a group, if Settlement objectives are compatible. There is no legal claim to the submission of the audit report. Unofficial table of contents

Section 74 Preliminary evaluation

(1) If the performance of an evaluation which meets all the requirements of § § 70 to 73 is not possible or is not possible in good time before the application of a settlement arrangement, the resolution authority may have a preliminary assessment of the assets (2) The requirements of § § 71, 72 and 73 (1) apply to the preliminary evaluation accordingly, insofar as this is appropriate on the basis of the urgency of the case in individual cases. and practicable. (3) The preliminary assessment shall be subject to a (4) The provisional evaluation shall be a valid basis for the resolution authority to take action on settlement measures, including the taking over of control over the settlement measures in question. The institution or group of companies and the instrument of the participation of the holders of relevant capital instruments. Unofficial table of contents

Section 75 Final evaluation

(1) An evaluation which does not comply with all the requirements of § § 70 to 73 shall be deemed to be a preliminary evaluation until a qualified and independent auditor has carried out a final assessment in accordance with § 70, which shall be subject to all requirements § § 70 to 73. The resolution authority shall immediately arrange for the final evaluation. (2) The final evaluation may be carried out separately or at the same time as the evaluation according to § 146 by the expert and independent auditor. However, it must be carried out separately from the evaluation in accordance with § 146. (3) The final evaluation shall be used for the purposes of § 71.

1.

ensure that all losses in respect of the assets of the Institute or of the group-affiliated company are fully recorded in the accounts of the institution, and

2.

as the basis of the decision as to whether claims of creditors or holders of relevant capital instruments are to be restored, or whether the value of the consideration to be paid is to be increased.

(4) The estimate of the net asset value of the institution or group of undertakings carried out in the context of the final evaluation shall be higher than the estimate of the estimate of the net assets of the institution or group of members of the group. Net asset value, the resolution authority may

1.

the power to restore the value of the claims of creditors and the holders of the relevant instruments of capital, which are based on the preliminary assessment by applying the instruments of participation of the holders of relevant capital instruments and creditors ' participation;

2.

the bridge institute or the asset management company, an additional reasonable payment as a further consideration in respect of the assets, rights or liabilities to the institution in liquidate or group members, or in respect of shares or title deeds, to the holders of the shares or other title of ownership.

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Section 76 Regulation empowerment

The Federal Ministry of Finance is authorized, by means of a regulation which does not require the consent of the Federal Council, to lay down more detailed provisions in the light of the regulatory technical standards referred to in Articles 36 (14), 15 and 16 of the Directive 2014 /59/EU on

1.

the requirements for the independence of the expert verifier in accordance with Section 70 (1),

2.

the method to be used for the valuation of assets and liabilities; and

3.

the method to be used for the calculation and inclusion of the abatation in accordance with Article 74 (3).

The Federal Ministry of Finance may transfer the authorisation to the resolution authority by means of a legal regulation. Unofficial table of contents

Section 77 Order of settlement measures

The resolution authority may, in the presence of the conditions of settlement, take all measures necessary to achieve the objectives of the resolution, in accordance with the provisions of this law, in particular:

1.

Arrange for the application of the following resolution instruments in a settlement order in accordance with § 136:

a)

the instrument of the participation of holders of relevant capital instruments in accordance with section 89;

b)

the instrument of creditor participation in accordance with § 90;

c)

the instrument of the sale of undertakings in accordance with Article 107 (1) (1) (a);

d)

the instrument of transfer to a bridge institution in accordance with Article 107 (1) (1) (b);

e)

the instrument of transfer to an asset management company in accordance with Article 107 (1) (2);

2.

in or in addition to a settlement arrangement in accordance with § 136 arrangements pursuant to § § 78 to 87.

(2) In the event of the conditions set out in § 65, the resolution authority may order the instrument of participation of the holders of relevant capital instruments in a settlement order in accordance with § 136 and in or next to this settlement arrangement all (3) Where this is necessary for the application of the resolution measures or of the instrument of the participation of the holders, the resolution of the rights of the holders of the rights of the holders of the rights of the holders of the rights of the holders of the rights of the holders of the relevant capital instruments, the resolution authority may, in the case of a arrange a change of legal form into a joint-stock company in accordance with § 149 in a settlement order. In the case of institutions or group-affiliated companies, the order of the change of law is inadmissible if the country law expressly determines this. (4) The resolution authority shall make the right of the law of the law of the country. (5) The settlement instruments can be used individually or in any combination. (6) By way of derogation from the Paragraph 5 shall apply to the resolution authority in the event of the conditions for settlement shall always be the instrument of the participation of the holders of relevant capital instruments in accordance with the provisions of this Law. Where the participation of the holders of relevant capital instruments is sufficient to achieve the settlement objectives, the resolution authority shall not allocate any further resolution instruments. (7) By way of derogation from paragraph 5, the instrument of transfer shall be limited to: an asset management company referred to in Article 107 (1) (2) shall only be applied jointly with another settlement instrument. (8) The requirements of Section 63 (2), second sentence, point 3 may be applied by the resolution authority to the instrument the creditor's participation and the instrument of participation of the holders Order the relevant capital instruments and exercise the resolution powers in accordance with § § 78 to 87, insofar as this serves to fulfil the requirements of state aid rules. The same shall apply if, in the case of § 64 (1) or (2), the conditions for settlement are not available only on the basis of § 63 (2), second sentence, point 3. Unofficial table of contents

Section 78 General powers of the resolution authority

If the settlement conditions are in place, the resolution authority may

1.

, to communicate to the institution or to the group-affiliated undertaking and to the undertakings referred to in Article 45 (1), first sentence, all the information necessary to decide and to prepare a settlement measure, , including updates and supplements to the information provided for the settlement plans;

2.

require the institution or group of companies to carry out their own audits or to tolerate and support the taking of on-the-spot audits by the resolution authority or persons commissioned by it, with the costs of the checks carried out by the institution or by the group-affiliated company;

3.

Arrange for the institution or group of undertakings to have the maturity of the debt securities issued by it and other liabilities to be taken into account, or to the debt instruments and other debt instruments, to be taken into account by the institution concerned and other take account of the payable interest payable or the date on which the interest is payable, in particular by a temporary suspension of the payments;

4.

Rescend rights to acquire further shares or other title deeds in the institution or group members of the group;

5.

require the institution or the group-affiliated company to appoint or replace the management of an institution and group affiliated with the group.

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Section 79 Measures relating to the transfer to an accepting entity

The resolution authority may order the measures referred to in paragraphs 2 to 7 if this is necessary in order to effectively apply settlement arrangements or to achieve the settlement objectives. (2) The resolution authority may, subject to paragraph 3, be subject to the following conditions: amend and eliminate the rights of third parties in the assets of the institution located in liquidate and by arranging the rights of third parties. Without prejudice to the powers of the resolution authority in accordance with § § 82 to 84 and 144, a security law may be redesigned in so far as the secured liability would thereby be unsecured, unless the liabilities are concerned with covered deposits and the redesign is necessary to ensure the availability of the secured deposits. (3) As far as this is necessary for the performance of its tasks, the resolution authority may suspend or suspend the trade on a regulated market or on the official listing of financial instruments in accordance with Directive 2001 /34/EC of the European Parliament and of the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on the information to be published on those securities (OJ L 197, 21.7.2001, p. 1), which has issued the institution concerned by resolution measures. (4) The resolution authority may, inter alia, arrange for the purposes of Section 118 (3) to be such that the receiving entity is treated in such a way, as if it were the institution or group of companies that is in liquidate. This equal treatment shall relate in particular to the rights or obligations of the institution or group of undertakings in liquidate, including the rights or obligations relating to the participation in an institution or group of members of the group. Market infrastructure or its use. (5) The resolution authority may, in respect of a contract in which the institution or group of undertakings in liquidation is a party to the contract,

1.

Redesign all or individual regulations;

2.

refuse further compliance;

3.

use a accepting entity as a contracting party.

(6) A measure referred to in paragraph 5 shall not entibe the other parties to the contract to terminate or otherwise terminate or amend the contract. Without prejudice to the powers of the resolution authority in accordance with Articles 82 to 84 and 144, the power referred to in paragraph 5 shall not apply to financial collateral arrangements within the meaning of Section 1 (17) of the Banking Act, settlement agreements, Netting agreements, liabilities arising from covered bonds, including derivatives transactions in cover within the meaning of Section 4 (3), second sentence, of the Pfandbrief Act and liabilities from the issued Securitisation transactions. In the case of systems within the meaning of Article 1 (16) of the Banking Act, a measure referred to in paragraph 5 shall not result in the revocation of transfer orders within the meaning of Article 5 of Directive 98 /26/EC and shall have the legal obligation to: Transfer orders and statements in accordance with Articles 3 and 5 of Directive 98 /26/EC, the use of assets, securities or credit facilities within the meaning of Article 4 of Directive 98 /26/EC and the protection of collateral security in the sense of Article 9 of Directive 98 /26/EC shall be without prejudice. (7) The resolution authority may take measures in order to ensure that the settlement measure is effective and, where appropriate, that the transferred activity can be exercised by the accepting entity (continuity measures). (8) The following rights remain Measures referred to in paragraphs 4 and 7 shall be without prejudice to:

1.

the right of a business manager or a manager and an employee of the institution or group affiliated to the company to terminate his or her work or employment contract;

2.

Subject to § § 82 to 84 and 144, the right of a Contracting Party to make use of its contractual rights, including its right of termination, provided that a contractual right to terminate the contract in the event of a specific The act or omission of the institution or group affiliated company in liquidate shall be agreed prior to the transfer or the accepting legal entity after the transfer.

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Section 80 Provision of services and facilities

(1) The resolution authority may, in the case of settlement conditions, be in relation to the institution or group of companies in liquidation or to any other company in the group to which the settlement in liquidation is concerned. An institution or group of companies is a member of a company to provide information, information, services, facilities, and staff members who are responsible for the effective operation of the transferred entity. (2) The resolution authority may, at the request of the The resolution authority of another Member State of the European Union shall take measures on the basis of Article 65 (1) of Directive 2014 /59/EU, which shall be based on the arrangement of the resolution authority for a group-based undertaking with a registered office in Germany , by virtue of the fact that they have an appropriate arrangement vis-à-vis the group of undertakings concerned, which is domiciled in the country. In the cases of the first sentence, paragraph 1 shall apply. (3) An institution, as well as a parent undertaking and its subordinated undertakings, shall have, in the case of substantial outsourcing in contracts of contracts, agreements to be concluded which shall: In accordance with the provisions of paragraphs 1 and 2, the powers of delegation shall be taken into account. The requirements of § 25b of the Banking Act remain unaffected. (4) The powers under paragraphs 1 and 2 do not entitle the resolution authority to provide financial support to the Institute or to the group members. (5) In the case of agreements on services and services referred to in paragraphs 1 and 2, which already exist at the time of the arrangement of a resolution measure, the consideration shall be governed by the existing agreement. In all other cases, the resolution authority shall determine an appropriate consideration. (6) If insolvency proceedings are opened on the assets of the institution or of the group-affiliated company, the insolvency proceedings shall consist of an order referred to in paragraph 1. the following obligations to the insolvency administrator. The arrangement can also be effected with respect to the insolvency administrator. Paragraphs 2 to 5 shall apply accordingly. Unofficial table of contents

Section 81 Power with respect to objects situated in third countries

(1) A settlement measure shall also extend to items or liabilities which are situated in a third country or which are subject to the law of a third country, the resolution authority may, in the presence of the settlement conditions, or order that the conditions laid down in paragraph 65 are fulfilled;

1.

the management, a special administrator within the meaning of Section 45c of the Banking Act, a provisional administrator within the meaning of § 38, a special administrator within the meaning of § 87, or another person who is in control of the institution in liquidate or group-based undertakings, and the receiving entity shall take all appropriate and necessary measures to ensure that the transfer, depreciation, conversion or other settlement measures applicable to the relevant the assets and liabilities shall be effective;

2.

the management, a special administrator within the meaning of Section 45c of the Banking Act, a provisional administrator within the meaning of § 38, a special administrator within the meaning of § 87, or another person who is in control of the institution in liquidate , or group-based undertakings, ensure that the institution or group of undertakings holds the items in question or ensures that the liabilities in question are accompanied on behalf of the accepting legal entity until such time as the the resolution action shall take effect;

3.

the expenditure of the accepting legal entity which has been incurred in the implementation of the measures prescribed in paragraphs 1 and 2, insofar as it is appropriate, shall be replaced in accordance with Article 142 (2).

Where, in the assessment of the resolution authority, the measures provided for in paragraph 1 are highly likely to be unsuitable, a transfer, depreciation, transformation or any other effective transfer, effective in accordance with the law of the third country, resolution action, although the directors, special managers within the meaning of Section 45c of the Banking Act, provisional custodians within the meaning of § 38, special administrator within the meaning of § 87 or other persons who control over the Carrying out the procedure referred to in paragraph 1. , the resolution authority shall dispense with the transfer, depreciation, conversion or other settlement measure in so far as it is provided for in the resolution. If the resolution authority has already ordered the transfer, depreciation, conversion or other settlement measure, it shall repeal it retroactively. Unofficial table of contents

Section 82 Power to suspend contractual obligations

(1) The Resolution Authority may order that all or individual payment or delivery obligations of an institution or group of undertakings in liquidation are suspended from contracts to which it is a party to: the period from the public announcement of this suspension in accordance with Section 137 (1) to the end of the business day following this announcement. In order to suspend such a suspension, the resolution authority shall take into account the possible effects on the proper functioning of financial markets. (2) The suspension referred to in the first sentence of paragraph 1 shall be exempted from:

1.

non-compensation deposits,

2.

Payment and delivery obligations towards systems within the meaning of § 1 paragraph 16 of the Banking Act, system operators within the meaning of § 1 paragraph 16a of the Banking Act, central counterparties within the meaning of Section 1 (31) of the Banking Act and central banks and

3.

Indemnity liabilities arising from securities transactions within the meaning of Section 4 of the Investor Compensation Act.

(3) If the payment or delivery obligations of an institution or group member undertaking in liquidate are suspended from a contract as referred to in the first sentence of paragraph 1, the payment or delivery obligations of the counterparties to the (4) A payment or delivery obligation, the maturity of which falls within the period of suspension, shall be immediately after the Expiry of the replacement period due. (5) Has the settlement authority A settlement measure is ordered, and § § 46 and 46g of the Banking Act are to be applied only with the approval of the resolution authority in relation to the institution concerned. Unofficial table of contents

Section 83 Empower to restrict the rights of the security

(1) In the event of settlement conditions, the resolution authority may provide the creditors of an institution or group of companies whose claims are secured to the creditors of the enforcement of security rights prohibit for the period from the public announcement of this restriction in accordance with § 137 (1) to the end of the business day following this announcement. In the case of such a restriction, the resolution authority shall take into account the possible effects on the proper functioning of financial markets. (2) The limitation referred to in paragraph 1 shall be excluded from the rights of protection provided for in Processing of an institution or group of companies within the meaning of Article 1 (16) of the Banking Act or system operators within the meaning of Article 1 (16a) of the Banking Act, central counterparties within the meaning of Article 1 (31) of the Banking Act. of the Banking Act and Central Banks on its assets. Unofficial table of contents

Section 84 Power of temporary suspension of termination rights

(1) In the event of settlement conditions, the resolution authority may suspend the right of a party to terminate a contract with an institution or group of undertakings in liquidation for the period from the date of the the public announcement of this suspension in accordance with § 137 (1) to the end of the business day following this announcement. (2) The resolution authority may terminate the right of a party to terminate a contract with a group-affiliated company, belongs to the same group as a group member in liquidate undertakings, suspend for the period from the public announcement in accordance with Article 137 (1) to the end of the business day following this announcement in the Member State in which the Contracting Party concerned by the suspension has its registered office, if the following conditions are met:

1.

the fulfilment of the obligations arising out of the contract shall be guaranteed or guaranteed in any other way by the group members of the group in liquidating the contract;

2.

the right of termination shall apply exclusively to the existence of insolvency grounds or to the conditions of settlement or the arrangement or implementation of settlement measures; and

3.

in the event that a transfer order has been or may be arranged with respect to the institution or group of undertakings which is in progress,

a)

all the rights and obligations of the institution in liquidate with this contract or of the group affiliated company have been transferred to and taken over by the accepting entity or may be transferred to and from to be taken over, or

b)

The resolution authority may otherwise protect the claims of the other Contracting Parties.

(3) In the case of an order referred to in paragraph 1 or 2, the resolution authority shall take into account the potential impact on the proper functioning of financial markets. (4) An arrangement referred to in paragraph 1 or 2 shall not be carried out in relation to subscribers of systems in the The terms of Section 1 (16) of the Banking Act, vis-à-vis system operators within the meaning of Article 1 (16a) of the Banking Act, vis-à-vis central counterparties within the meaning of Article 1 (31) of the Banking Act and vis-à-vis central banks. (5) A Contracting Party may, before the end of the period referred to in paragraph 1 or 2, of a Only use termination right when it receives notification from the resolution authority that the rights and obligations associated with the contract are not transferred to a accepting entity nor subject to a fall-down or conversion in the application of the instrument of creditors ' participation. (6) There is no claim to a communication from the resolution authority referred to in paragraph 5. A Contracting Party may, after the expiry of the period referred to in paragraph 1 or 2, use a right of termination, subject to the provisions of Sections 82 and 144, to the extent that no notification has been issued pursuant to paragraph 5, if:

1.

in cases in which the rights and obligations relating to the contract have been transferred to a receiving entity, the contractual conditions for termination of the contract also after transfer to the accepting entity are still available;

2.

in cases where the rights and obligations relating to the contract remain with the institution or group of undertakings in liquidation and the resolution authority does not apply the instrument of the creditors ' participation to the Where the institution or group of undertakings has applied the contractual conditions for termination of the contract, at the end of the period referred to in paragraph 1.

(7) The provisions of paragraphs 1 to 6 shall apply in accordance with all the provisions of the termination of a contract resulting from a contract with an institution or group of undertakings in progress. Unofficial table of contents

Section 85 deletion of the total amount of variable remuneration and retained variable remuneration

(1) The resolution authority may, in the presence of the settlement conditions, order undertakings to the institution or group-affiliated company that the institution or group member company shall be responsible for the total annual amount of the variable for the variable. Remuneration of all directors and employees is provided for (total amount of variable remuneration), limited to a certain share of the annual result, or completely deleted. Excluded from the restriction provided for in the first sentence are variable remuneration components which are agreed upon

1.

by collective agreement, or

2.

within the scope of a collective agreement, by agreement between the parties to the contract of employment, on the application of the collective agreements or on the basis of a collective agreement in an operating or service agreement.

(2) The resolution authority may, in the presence of the settlement conditions, order undertakings to the institution or to the group-affiliated company that the institution or group members of the group of companies all already hold back variable Remuneration of directors and employees as well as employees within the meaning of Section 25a, paragraph 5, sentence 4 of the Banking Act and § 20 (1) and (2) of the Institutional Remuneration Ordinance shall be reduced or cancelled. Unofficial table of contents

Section 86 Control powers

(1) In the event of settlement conditions, the resolution authority may, for the purpose of carrying out a settlement measure, directly or through a special administrator within the meaning of § 87, control the institution and group members in liquidation. Take over companies to

1.

the institution or group of companies which are in liquidate conduct, with all the powers of the shareholders and the management of the institution in liquidate, and perform the activities and services of the institute ,

2.

To manage assets and property of the institution or group of companies located in liquidate and to dispose of these assets and property.

(2) The resolution authority and the special administrator shall not be deemed to be directors of business within the meaning of Section 25c of the Banking Act. Unofficial table of contents

Section 87 Special administration; joint special administrators for group members

(1) If the resolution authority has issued a settlement order to an institution, it may replace the management of that institution with a suitable special administrator for a period of up to one year. Exceptionally, the period may be extended to a total of up to two years if the conditions for the appointment of a special administrator continue. The resolution authority may discontinue the special administrator at any time without giving any reasons. (2) If the resolution authority is considering ordering a special administrator for a group-related company and at the same time a resolution authority in the other Member States, or a number of settlement authorities in other Member States, may also consider determining special managers for other entities in the same group, the resolution authority shall, together with the other resolution authorities, examine the appointment of a joint special administrator to establish a common To find a solution to restore the units ' life skills. The resolution authority agrees to the appointment of a joint special administrator only if it is likely that the restoration of the viability of all units is most likely and the special administrator to be appointed the requirements (3) With the appointment of a special administrator pursuant to paragraph 1, an existing appointment of a provisional administrator for this institution shall end in accordance with Section 38 or of a special administrator pursuant to Section 45c of the Banking Act. Unofficial table of contents

Section 88 Rights, duties and powers of the special administrator

(1) The resolution authority may, in accordance with § 87, the tasks and powers of the special administrator referred to in § 45c (2) of the Banking Act and the rights of the shareholders as well as the duties and powers of the administrative and supervisory bodies. of the Institute. In the course of its activities, the special administrator shall be empowered, in particular, to carry out capital increases and other measures to implement the resolution measures ordered by the resolution authority, which shall have the ownership structure of the institutions, and the Institute to an organisational and financially sound third party institute in compliance with the provisions of § § 107 et seq. of the German law governing such a resolution. (2) In the exercise of his rights, duties and powers under paragraph 1, the special administrator shall be subject to supervision by the resolution authority and shall abide by the instructions of the managing authority. (3) The special administrator shall have the responsibility for the performance of his/her duties. The rights, tasks and powers referred to in paragraph 1 shall always be followed by settlement objectives and, within the limits of its powers, to implement the resolution measures ordered by the liquidation authority for the institution. This obligation shall take precedence over other business managers. (4) The resolution authority may, at any time without giving reasons, restrict or order the rights, tasks and powers of the resolution authority to the special administrator only by means of the (5) The special administrator has the resolution authority at the beginning and the end of its activities and, in the meantime, regularly at intervals which are received by the resolution authority , a detailed written report on the economic and the financial situation of the Institute and the performance of the tasks assigned to it and the results obtained. In addition, the provisions relating to the Special Representative are to be applied in accordance with Section 45c of the Banking Act.

Chapter 2
Resolution Instruments

Section 1
Participation of shareholders and creditors

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Section 89 Instrument for the participation of holders of relevant capital instruments

In the case of an institution or a group-affiliated company, the conditions for settlement in accordance with § 62 or § 64 or the conditions for the application of the instrument of the participation of the holders of relevant capital instruments shall be met in accordance with § 65. the resolution authority shall, in accordance with the following provisions, arrange for:

1.

relevant capital instruments of the institution or of the group-affiliated company are converted into shares or other instruments of hard core capital at the institute or in the group-affiliated company; or

2.

in the case of section 96 (1) (1), the nominal value or the outstanding balance of the relevant capital instruments of the institution or of the group affiliated company shall also be reduced in whole or in part.

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Section 90 Instrument of creditors ' participation

In the case of an institution or a group-affiliated company, where the settlement requirements are in accordance with § 62 or § 64, the resolution authority may, in accordance with the following provisions, order that:

1.

Liabilities of the institution or of the group affiliated to the group shall be converted into shares or other instruments of the hard core capital

a)

of this institution or group of companies,

b)

a relevant parent institution, or

c)

a bridge institution to which the assets, rights or liabilities of the institution or the group affiliated company are transferred; or

2.

in the case of § 96 (1) (1), the nominal value or the outstanding balance of liabilities of the institution or of the group belonging to the group shall also be wholly or partly reduced.

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Section 91 Ineligible liabilities

(1) The instrument of creditor participation shall apply to all liabilities of an institution or group of undertakings which are not excluded from the scope of the instrument of creditor participation in accordance with paragraph 2 of this Article (2) The following liabilities are excluded from the scope of the instrument of creditor participation, irrespective of whether they are entitled to Member States or a third country shall be subject to:

1.

covered deposits up to the level of the level of coverage in accordance with Article 8 of the Deposit Guarantee Act; for deposits under Section 8 (2) of the Deposit Guarantee Act, this shall apply only if the depositor has specified them within a period of time specified by the resolution authority a reasonable period of time credibly made in writing with proof of the facts of the claims; it shall be based on the application of the instrument of creditor participation and the necessity of the separate claim and the proof of the conditions laid down in Article 8 (2) of the Deposit Guarantee Act;

2.

collateralised liabilities, including liabilities, of covered bonds, including derivative transactions within the meaning of Section 4 (3), second sentence, of the Pfandbrief Act, as long as they are at least equal to the security provided for this purpose is secured or covered;

3.

Liabilities arising from the custody of customer assets or customer funds by the institution or the group-affiliated company, provided that the customer in question in an insolvency proceeding concerning the assets of the institution in relation to the managed Assets or funds under management shall be subject to a special or dismissive right; this shall also apply to clients 'assets or customers' funds intended for collective investment undertakings and alternative investment funds in the sense of the the capital investment code;

4.

Liabilities arising from a trust relationship between the Institute or the Group-affiliated company as trustee and another person as a trustee, provided that the trustee is a trustee in respect of the trustee in an insolvency proceedings. the right to exoneration rights would be granted;

5.

liabilities to other institutions not belonging to the group of the institution or group affiliated to the group with a maturity of less than seven days;

6.

Liabilities with a residual maturity of less than seven days against payment systems, securities settlement systems, or operators or other participants in such schemes, where such liabilities are from participation on the system;

7.

Liabilities to

a)

Employees on the basis of outstanding salary claims, pension benefits or other fixed remuneration, with the exception of

aa)

variable remuneration components which are not 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 on the basis of a collective agreement in an operating or business administration or the service agreement; and

bb)

variable remuneration components, which are agreed in the version in force in respect of business managers and managers as well as employees within the meaning of § 18 (1) of the Institutsremuneration Regulation (§ 18 paragraph 1),

b)

business or commercial creditors on the basis of supplies and services essential to the day-to-day operations of the Institute or of the Group-affiliated company, including information technology services; supply services, as well as the rent, management and maintenance of buildings,

c)

Deposit-guarantee schemes on the basis of contributions.

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§ 92 Exclusion of the application of the instrument of creditor participation in individual cases

(1) The resolution authority may, in individual cases, wholly or partly from the scope of the instrument of creditor participation, be able to take into account certain liabilities or certain categories of liabilities eligible for consideration in the individual case. , if

1.

in the case of the liability in question, notwithstanding reasonable efforts by the resolution authority, it is not possible to apply the instrument of creditors ' participation within a reasonable period of time;

2.

the exclusion is absolutely necessary and proportionate to ensure the continuation of critical functions and essential business activities so that the institution or group of companies is the most important business in existence, services and transactions;

3.

the exclusion is absolutely necessary and proportionate to avoid the risk of contagion, which would disturb the functioning of the financial markets, including financial market infrastructures, in such a way that this is the economy of Germany, , in particular those held by natural persons, micro-enterprises and small or medium-sized enterprises, the amount of which may be affected by the covered deposits, or

4.

the application of the instrument of creditor participation to these liabilities would result in the loss of value at which the losses to be borne by other creditors would be higher than if those liabilities were from the instrument of the Creditors ' participation would be excluded.

(2) In exercising the discretion referred to in paragraph 1, the resolution authority shall take account of:

1.

the principle that losses are to be borne primarily by the shareholders and only then by the creditors of the institution or of the group-affiliated company, in accordance with the rank of their liabilities;

2.

the amount of the absorption capacity which the institution or group of undertakings would still have at their disposal if the liability or the category of liabilities arising from the scope of the instrument of the Creditor participation would be excluded;

3.

the existence of sufficient funds to finance the settlement measures.

(3) Before making use of the possibility of exclusion in accordance with paragraph 1, the resolution authority shall notify the Commission of its intention to exclude it. In the event that the intended exclusion requires either a compensation contribution from the restructuring fund or a financing from an alternative source of financing in accordance with § 94, and the requirements of this paragraph in conjunction with The resolution authority shall give the Commission the opportunity to prohibit, within 24 hours, the intended exclusion or any other delegated acts of the Commission referred to in Article 44 (11) of Directive 2014 /59/EU. Propose the modification of the intended exclusion. The resolution authority may give its consent for a longer period of time. Unofficial table of contents

Section 93 Application of the instrument of creditor participation in relation to liabilities of derivatives

(1) In respect of liabilities from derivatives, the instrument of creditor participation is applicable only after or at the same time as the smooth position of the derivatives. (2) The settlement authority is in the presence of the settlement conditions of § 62 (1) to terminate and to terminate derivative contracts for the purpose of the application of the instrument of creditor participation, unless a liability arising from a derivative is derived from the scope of the instrument of the (3) Sub-transactions with derivatives of a In the context of the valuation according to § 69 on the basis of derivative contracts, the settlement authority or an independent expert shall determine the net value of the liabilities. (4) The value of liabilities from derivatives. the resolution authority or the independent expert referred to in paragraph 3 shall, on the basis of

1.

appropriate methods for determining the value of derivative categories, including transactions subject to salting agreements;

2.

principles for determining the point in time at which the value of a derivative position should be established; and

3.

appropriate methods for comparing the level of destruction resulting from the smooth position and the application of the instrument of creditor participation to derivatives, with the level of losses for these derivatives in application of the instrument of creditor participation.

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Section 94 Compensation contributions of the Restructuring Fund

(1) According to Section 7a of the Restructuring Fund Act, a compensation contribution of the Restructuring Fund may be provided for the liabilities excluded in accordance with § 92. (2) In exceptional circumstances the Resolution Authority for a further financing of the settlement alternative sources of financing, if:

1.

the 5% ceiling referred to in Article 7a (4) of the Restructuring Fund Law has been reached; and

2.

all unsecured, eligible liabilities, with the exception of non-eligible deposits which have not been excluded in accordance with § 92, have been completely written off or converted.

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§ 95 Purposeful of the instrument of creditor participation

The instrument of creditor participation may be used for the following purposes:

1.

to recapitalise the institution or group-affiliated company to the extent necessary to:

a)

once again enable the institution or group of companies to comply with the conditions of authorisation and to carry out the activities for which it is authorised in accordance with Directive 2013 /36/EC or Directive 2014 /65/EU, and

b)

to maintain market confidence in the institution or group of companies,

if there is a reasonable prospect that the application of this instrument, in combination with the measures implemented under the restructuring plan to be submitted in accordance with section 102 above, shall be beyond the implementation of the settlement objectives, the financial soundness and survivability of the institution or group of undertakings concerned shall be restored;

2.

for the conversion of eligible liabilities in hard core capital instruments or for the reduction of the nominal value of eligible liabilities in the cases where the liabilities are transferred

a)

to a bridge institute with the aim of providing capital to the bridge institute, or

b)

as part of the instrument of the sale of undertakings or of the instrument of transfer to an asset management company.

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Section 96 Definition of the amount of relevant capital instruments to be derived or to be converted and liabilities to be taken into account

Before applying the instrument of the participation of the holders of relevant capital instruments or of the instrument of creditor participation, the resolution authority shall determine the following amounts on the basis of the assessment carried out in accordance with Article 69:

1.

the total amount of the relevant capital instruments or liabilities to be taken into account by the institution or group of undertakings which are to be written down;

a)

to ensure that the net asset value of the institution or group of companies is equal to zero; or

b)

to ensure, in the event of an imminent loss, that the net asset value is not less than zero, and

2.

the total amount of the relevant capital instruments or liabilities of the institution or group affiliated to the group, which are in shares or other instruments of the hard core capital at the institute or at the group members are to be converted to

a)

restore the required quota for the hard core capital of the institution or group of undertakings, or

b)

to achieve the required quota for the hard core capital of the bridge institution.

(2) Should the net asset value of the institution or group of companies be greater than zero prior to the application of the instrument of the participation of the holders of relevant capital instruments or of the instrument of the creditors ' participation and also do not threaten any losses referred to in paragraph 1 (1), the resolution authority shall apply only the power of conversion referred to in Article 89 (1) and § 90 (1). (3) In determining the amount referred to in paragraph 1 (2), the The resolution authority shall determine the following additional amounts:

1.

the amount required for the recovery or, in the case of a bridge institution, the required rate of hard core capital,

2.

if necessary, an additional amount in order to ensure a sufficient market confidence in the institution or group of undertakings or the bridge institute located in liquidate and to enable it to take over a period of time continue to fulfil the admission requirements for at least one year and to continue the activities for which it is authorised under the terms of the Directives 2013 /36/EU or 2014 /65/EU.

Any capital injections by the restructuring fund to the bridge institute in accordance with § 7 of the Restructuring Fund Act must be taken into account. (4) In the case of Section 65 (1) (1), a relevant The capital instrument is not written down or converted to a higher amount or to less favourable conditions, as the equivalent relevant capital instruments have been reduced or converted at the level of the parent undertaking. (5) Application of the instrument of creditor participation in combination with the The instrument of transfer to an asset management company shall be a reasonable estimate of the capital requirements of the liabilities to be taken into account in determining the level of the liabilities to be taken into account. (6) Where a liability or a category of liabilities eligible for consideration is excluded in whole or in part in accordance with Article 92 (1), the extent to which the liability is to write down or convert other liabilities to be taken into account, shall be increased accordingly. In the event that a conversion of relevant capital instruments or liabilities eligible for consideration within the meaning of paragraph 1 (2) is based on the legal form, the principles set out in point (3) and (4) of paragraph 1 shall be complied with. the institution or group-affiliated undertaking is not possible and a change of law pursuant to Article 77 (3) is disproportionate, it may be based on the fixing of the amounts referred to in paragraph 1 that a conversion within the meaning of paragraph 1 shall be taken into account: Point 2 shall not take place and the depreciation referred to in point 1 of paragraph 1 shall also apply to those referred to in paragraph 1 Point 2 (a) or (b) shall take place. The fixing shall also be made in accordance with the provisions of the first sentence, provided that the national law provides for an alternative model instead of a change of law in accordance with the second sentence of Article 77 (3). Unofficial table of contents

§ 97 Liability cascade

(1) Shares, other instruments of the hard core capital, relevant capital instruments and liabilities eligible for consideration shall be used in the following order:

1.

shares and other instruments of hard core capital;

2.

instruments of the additional core capital;

3.

Instruments of supplementary capital;

4.

liabilities to be taken into account.

In this case, a category shall be used only if measures taken by the resolution authority in the preceding category do not achieve the amount specified in accordance with Article 96 (1). Within the liabilities eligible for consideration, the first sentence is equivalent to the rank which the liabilities had taken as insolvency claims. (2) In applying the instrument of the participation of the holders of relevant Capital instruments or the instrument of creditor participation shall, in compliance with the liability cascade referred to in paragraph 1, be equal to the losses expressed in the amount specified in accordance with Article 96 (1) of the settlement authority, Shares or other instruments of the hard core capital, the additional the core capital or the supplementary capital and the liabilities of the same level which are eligible for consideration; to that end, it shall write the nominal value of these shares and the nominal value or outstanding balance of those other shares. Capital instruments or liabilities which are eligible for consideration shall be equal in proportion to their nominal value or shall be proportional to their nominal value in proportion to their nominal value. Sentence 1 shall not apply if any other loss distribution within the liabilities of the same rank is permitted in accordance with Section 92 (1). Unofficial table of contents

Section 98 Conversion rate; authorizing the regulation

(1) The factor to which a relevant capital instrument or a liability under consideration in the context of the application of the instrument of the participation of the holders of relevant capital instruments or of the instrument of creditor participation (2) In order to take account of the principles of section 68 (1), the resolution authority shall, when determining the conversion rate, take into account the nominal value and the ranking which shall be taken into account by the Demand and the relevant capital instruments in a bankruptcy procedure (3) The Federal Ministry of Finance is authorized to adopt, by means of a regulation which does not require the consent of the Federal Council, more detailed provisions on how affected creditors are appropriate through the conversion rate be compensated, in particular as to how the priority of priority liabilities under current insolvency law can be taken into account by the conversion rate. The Federal Ministry of Finance may transfer the authorisation to the resolution authority by means of a legal regulation. Unofficial table of contents

Section 99 Further effects of the application of the instrument of the participation of holders of relevant capital instruments and of the instrument of creditor participation

(1) The resolution authority shall, in the exercise of the powers referred to in Article 89 (2) or (90) (2), apply to zero the nominal value or the remaining balance of a relevant capital instrument or of a liability for consideration. The settlement authority shall be deemed to have complied with the liability and any obligations or claims resulting from it against the institution or group affiliated companies and their legal successor. (2) Nominal value or outstanding balance of a relevant a capital instrument or a liability which may be taken into account in the exercise of the powers referred to in Articles 89 and 90 of this Directive only in part,

1.

shall apply the liability in question and any resulting obligations or claims with respect to the institution or group of undertakings and their legal successor, and shall be deemed to have been paid in the amount of the amount signed;

2.

the agreement establishing the original liability shall be subject to a change in the amount payable on the basis of the depreciation of the nominal value and any further changes to the terms and conditions which the The resolution authority may, in the exercise of the power referred to in Article 78 (3), continue to apply to the remaining denomination or to the outstanding remaining amount of the liability.

(3) The depreciation of the nominal value or of the outstanding balance shall be permanent. This shall not affect the authority of the resolution authority in accordance with Section 75 (4) to increase the value of the depreciated liabilities again. Moreover, if the requirements of Section 75 (4) are met, the resolution authority shall have the power to reverse the collection of shares or the erasure of other instruments of the hard core capital at the required level. The legal position of the shareholders or holders of other instruments of the hard core capital should also be restored to the appropriate level. The implementation of these powers shall be carried out by means of an administrative act which is made known in the same way as the settlement order. (4) The settlement arrangement shall replace all the measures laid down in it in accordance with company law. decisions and consents necessary, provided that they have not already been taken before the instrument of participation of the holders of relevant capital instruments or of the instrument of creditors ' participation is made. Charges, notices and other measures relating to the preparation of social decisions shall be deemed to have been effected in the prescribed form. The settlement arrangement also replaces all the legal declarations of the parties involved in the implementation of the company law measures. (5) The rules on shareholder loans and economically comparable Claims, in particular § 39 (1) (5) of the Insolvency Code, shall not apply to the holders of relevant capital instruments or creditors, if they are therefore alone in economic terms with a shareholder or a shareholder comparable third parties, because their claims are the instrument of Participation of the holders of relevant capital instruments or the instrument of creditor participation has been applied. (6) Eligible liabilities in shares or other instruments of the hard core capital at the Institute or at the group-affiliated companies, the institution or group-affiliated company cannot claim any claims on the basis of an erroneous valuation of the converted liabilities against the previous creditors or holders of relevant (7) Erlangen, one or more holders of relevant capital instruments or creditors, because of the application of the instrument of the participation of the holders of relevant capital instruments or of the instrument of creditors ' participation, the control within the meaning of Article 29 (2) of the acquisition and acquisition of securities; and The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) shall, at the request of the resolution authority, exempt the shareholders concerned from the obligation to publish in accordance with the first sentence of Article 35 (1) of the German Securities Acquisition and Takeover Act (Securities Acquisition and Takeover Act) and of the obligation to submit an offer pursuant to Article 35 (2) sentence 1 of the (8) The rights of holders of relevant capital instruments or creditors against co-debtors, guarantors and other third parties who are liable for the liabilities of the institution or group-affiliated company, shall not be affected by the application of the instrument of the participation of the holders of relevant capital instruments or of the instrument of creditor participation. However, the institution or group of undertakings and their legal successor shall, through the application of the instruments referred to in the first sentence, in relation to the co-debtor, the guarantor, the other third party or other persons entitled to the right of recourse in in the same way as the holder of relevant capital instruments or the creditor. Unofficial table of contents

§ 100 Treatment of shareholders and holders of instruments of hard core capital in the application of the instrument of participation of holders of relevant capital instruments and of the instrument of creditor participation

(1) In the case referred to in Article 96 (2), the participation of the shareholders shall be diluted by the application of the instrument of the participation of the holders of relevant capital instruments or of the instrument of creditor participation, in accordance with the conversion rate. Otherwise, the shareholders shall lose their legal position fully. (2) Shareholders and holders of hard core capital instruments shall also be taken into account in accordance with the first sentence of Article 97 (1), first sentence, item 1, if the relevant Shares or instruments of the hard core capital have been acquired in the context of a conversion of debt instruments into shares or other instruments of hard core capital, in accordance with the terms of the contract of the original debt instruments, if that The event has occurred at the latest at the time when the event occurred, to which the evaluation of the resolution authority has shown that the institution or the group member fulfils the conditions of settlement. (3) In the application of the instrument of creditor participation, the shareholders and holders of Instruments of hard core capital shall also be taken into account in accordance with Article 97 (1), first sentence, point 1, if the relevant shares or instruments of the hard core capital have been acquired in the context of the holders ' participation. capital instruments according to § 89, which has been carried out before or at the time at which the evaluation the resolution authority has shown that the institution or group of companies fulfils the conditions of settlement. (4) Where the application of the instrument of the participation of the holders of relevant capital instruments or of the instrument of the By way of derogation from § § 2a, 2c, creditors 'participation in the acquisition or increase of a qualifying holding in the institute or group-affiliated companies within the meaning of Article 1 (9) of the German Banking Act (Kreditwesengesetz) would result in the acquisition of creditors' participation in the acquisition or increase of a qualifying holding in the Paragraph 1, point 10 and paragraph 1a, point 3, of the Banking Act and of the The provisions of the Regulation on the ownership control of the holders of the instrument of holding the holders of relevant capital instruments and of the instrument of creditor participation shall not apply in sufficient time to the appropriate assessment of the holder's control. (5) The Supervisory Authority shall have the opinion of the Supervisory Authority, in accordance with paragraph 4, until the date of application of the instrument of the participation of the relevant capital instruments or the instrument of Article 120 (2) shall be applied to any acquisition and increase of a qualifying holding by an acquirer who is responsible for the application of the instrument of the participation of relevant capital instruments or the instrument of creditor participation. Unofficial table of contents

Section 101 Resolution powers in the application of the instrument of the participation of holders of relevant capital instruments and of the instrument of creditor participation

Where the instrument of the participation of the holders of relevant capital instruments and the instrument of creditor participation is applied, the resolution authority may take all necessary arrangements in accordance with § 96 (1) and (2) and (97). The resolution authority may, in particular:

1.

Withdraw or delete shares or other instruments of the hard core capital;

2.

Transfer shares or other instruments of hard core capital to creditors;

3.

Write down the nominal value or the outstanding balance of relevant capital instruments of the institution or group-affiliated company;

4.

write down the nominal value or the outstanding balance of liabilities of the institution or group belonging to the group which are eligible for consideration;

5.

convert relevant capital instruments into shares or other instruments of hard core capital;

6.

Convert liabilities into shares or other instruments of hard core capital into account;

7.

the capital of the institution or group of undertakings;

8.

Increase the capital of the institution or group-affiliated company, including the exclusion of subscription rights and against non-cash contributions.

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Section 102 Need to draw up a restructuring plan

(1) Where the instrument of creditor participation is applied for the recapitalisation of an institution or group-affiliated undertaking in accordance with Section 95 (1), the management of the institution or group of undertakings concerned shall be responsible for: within one month, after the instrument of creditor participation has been applied by the resolution authority, to draw up a restructuring plan to meet the requirements laid down in paragraph 103, and to the resolution authority (2) In exceptional cases, the resolution authority shall be able to: (1) shall extend the period referred to in paragraph 1 by up to one month, provided that this is necessary in order to achieve the settlement objectives. Where, in accordance with the provisions of Union law on State aid, there is a requirement to notify the restructuring plan, the period referred to in paragraph 1 may be extended in accordance with the time limit laid down in the aid procedure, but not more than (3) For the purposes of the preparation and implementation of a restructuring plan, the resolution authority may appoint one or more special administrators pursuant to § 87. (4) If the instrument of the creditor participation in accordance with § 95 number 1 is to be applied to two or more as two companies of a group, the The restructuring plan shall be drawn up by the EU parent institution and cover all the institutions of the group, and section 14 shall apply mutagens. The restructuring plan shall be submitted to the competent authority responsible for processing at the group level. If the resolution authority is the competent authority for group management under Section 155, it shall forward the restructuring plan to the resolution authorities responsible for the other group companies and to the European Banking Authority. Unofficial table of contents

Section 103 Requirements for the restructuring plan

(1) The restructuring plan shall specify how the full or partial continuation of the business activities of the Institute or of the group affiliated company can be ensured within a reasonable time frame. The restructuring plan shall take into account, inter alia, the current situation and future prospects in the financial markets, and shall include assumptions for the best of the worst case. In this context, it is also possible to take into account combinations of events that can be used to identify the potential hazards of the institute. The measures contained in the restructuring plan shall be based on realistic assumptions as to the economic and financial market conditions under which the institution or group of companies will operate. Assumptions made in the restructuring plan are to be compared with sector-wide reference values. (2) The restructuring plan shall contain at least the following components:

1.

a detailed analysis of the causes and circumstances on the basis of which the risk of stock of the Institute or of the group-affiliated company has occurred,

2.

a description of the measures to be taken which are intended to restore the financial soundness and viability of the institution or group of undertakings, including the impact of the measures on employees; and

3.

a timetable for the implementation of these measures.

(3) In relation to the institution or group of companies, the following measures may in particular be taken to restore the financial soundness and survivability of the institution or group-affiliated company:

1.

the restructuring of business activities;

2.

changes in the operational systems and the institute infrastructure;

3.

the task of loss-making business activities;

4.

the restructuring of existing business activities in order to restore their competitiveness;

5.

the sale of assets or business units.

(4) Where the rules of the European Union are applicable to State aid, the restructuring plan shall be subject to the restructuring plan which the institution or group-affiliated undertaking of the Commission shall apply in accordance with the rules laid down in the European Union law on State aid must be compatible. Unofficial table of contents

Section 104 Evaluation and approval of the restructuring plan

The resolution authority shall, in consultation with the supervisory authority, assess, within one month of the presentation of the restructuring plan, the likelihood that the continuation of the business of the institution or group of members of the group shall be in the event of the implementation of the restructuring plan. The resolution authority shall approve the restructuring plan if, in the course of its assessment, the resolution authority and the supervisory authority have satisfied that the implementation of the restructuring plan will be the continuation of the business (2) In accordance with the supervisory authority, the resolution authority shall not be satisfied that the restructuring plan referred to in paragraph 1 shall be , the resolution authority shall inform the Management or the person appointed as a special administrator in accordance with § 87, and invites them to alter the restructuring plan accordingly. (3) The management or the special administrator of the institute appointed in accordance with § 87, or Within two weeks of receipt of a notification under paragraph 2, the liquidation authority shall submit a revised restructuring plan for approval to the resolution authority. Within one week, the resolution authority shall assess and approve the revised restructuring plan, or shall inform the management or the special administrator of the institute or the group member of the group appointed pursuant to section 87 whether: the revised restructuring plan will require further changes. Unofficial table of contents

Section 105 Implementation of the restructuring plan; later revisions

(1) The management of the institution or group affiliated company or the person ordered as special administrator in accordance with § 87 shall reapply the approved restructuring plan and shall reimburse the resolution authority at least every six months Progress in implementation Report. (2) At the request of the resolution authority, the management of the institute or group-affiliated company or the person ordered as special administrator in accordance with § 87 has to revise the plan if this is the case. In the opinion of the Resolution Authority, in consultation with the Supervisory Authority, To achieve the objective referred to in Article 104 (1), and to submit to the resolution authority for approval. Paragraph 1 shall apply mutatily to the implementation of the amended plan. Unofficial table of contents

Section 106 Admission to trade and inclusion in the trading of newly issued securities

(1) Securities issued for the purposes of the application of the instrument of the participation of holders of relevant capital instruments or of the instrument of creditor participation shall be traded on each domestic exchange for trading in the regulated market , where securities of this type are admitted to trading on the regulated market prior to the application of the instrument of the participation of holders of relevant capital instruments or of the instrument of creditor participation on a domestic exchange were. A prospectus pursuant to Section 3 (4) of the Securities Prospectus Act does not have to be published. (2) The resolution authority shall inform the management of the relevant exchange of the characteristics of the securities to be introduced in accordance with the first sentence of paragraph 1. The provisions of the respective exchange regulations concerning the application pursuant to Section 38 (1), second sentence, of the Stock Exchange Act shall be applied in accordance with the notice. (3) The Exchange shall take the third trading day following the notification referred to in paragraph 2, which shall: Listing of the securities on (introduction). (4) § 38 (2) to (4) of the Stock Exchange Act does not apply to the cases of this paragraph. (5) The follow-up obligations of the introduction are to be fulfilled by the institution or group members.

Section 2
Transfer of shares, assets, liabilities and legal relationships

Subsection 1
General provisions

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§ 107 Transfer

(1) For the settlement requirements according to § 62 or § 64, the resolution authority may order, in accordance with § § 108 to 137, in the settlement order that:

1.

the shares or part or all of the assets of an institution or group of undertakings in liquidate, whether in liquidate or in liquidate, of an institution or group affiliated to the group, including: of its liabilities shall be transferred to

a)

a third party (the instrument of the sale of undertakings); or

b)

a bridge institute (instrument of transfer to a bridge institute),

2.

a part or all of the assets of an institution or group of undertakings in liquidate, including its liabilities, is transferred to an asset management company (instrument of transfer to an asset management company).

(2) Transferable assets are the transferred shares, assets, liabilities and legal relationships. (3) Shareholders and creditors of the transferable legal entity as well as other third parties, their assets, liabilities, or Legal relationships are not transferred under this provision, and do not have any rights in relation to the transfer of goods. There is no claim for transmission. Unofficial table of contents

§ 108 Multiple application

If the settlement conditions are in accordance with § 62 or § 64, the instrument of the sale of the company, the instrument of transfer to a bridge institute and the instrument of transfer to an asset management company can also be used. more than once. Unofficial table of contents

§ 109 Consent of the accepting legal entity

(1) A transfer in accordance with § 107 requires the consent of the accepting legal entity. The consent must refer to a draft of the settlement arrangement, which corresponds to the content of the settlement arrangement adopted. In the case of Article 107 (1) (1) (a), the consent of the public assessment shall be required. The existence of the consent is to be documented in the settlement arrangement. (2) Should be provided for in the settlement arrangement, that the institution or the group-affiliated company shall be in return for the transfer of shares in the , and where a decision of the shareholders ' meeting is required in the case of the accepting entity, the settlement order may not be issued until the necessary decisions are taken by the The shareholders ' meeting is and no longer with the legal sequence of a possible Resettlement can be challenged.

Footnote

(+ + + § 109: For application, see Section 127 (3) sentence 2 and Section 131 (2) sentence 3 + + +) Unofficial table of contents

Section 110 Selection of transferable items

(1) Without prejudice to the powers of the resolution authority in accordance with § § 82, 83 and 144, the transfer items may be transferred only together with the securities ordered and can only be secured together with the transfer items, for (2) Paragraph 1 shall not apply to cover covered deposits. To the extent that it is necessary to ensure the availability of the covered deposits, transferable items may also be available without the collateral and provided collateral, even without the items of transmission for which the collateral is (3) paragraph 1 shall apply mutatily to

1.

collateral arrangements for the collateralisation of liabilities in a system within the meaning of Article 1 (16) of the Banking Act, or included in a system of central banks;

2.

-salting agreements,

3.

Settlement agreements,

4.

liabilities from securitised securitisation transactions and securitised exposures, as well as

5.

Liabilities arising from encircled covered debt securities, including derivative transactions within the meaning of Section 4 (3), second sentence, of the Pfandbrief Act and the cover values entered in the associated cover register.

(4) In the case of systems within the meaning of Article 1 (16) of the Banking Act, a transfer of items of transfer shall not entibe a revocation of transfer orders within the meaning of Article 5 of Directive 98 /26/EC; the transfer shall permit the transfer of such transfer orders. the legal liability of transfer orders and statements in accordance with Articles 3 and 5 of Directive 98 /26/EC, the use of assets, securities or credit facilities within the meaning of Article 4 of Directive 98 /26/EC and the protection of of the collateral security referred to in Article 9 of Directive 98 /26/EC. Unofficial table of contents

Section 111 Evaluation of offers; consideration; compensatory liability

(1) In the case of § 107 (1) (1) (a), the value of the transfer items shall be used on the basis of the assessment in accordance with § 69 of the resolution authority as the basis for the evaluation of the offers which are carried out within the framework of a marketing process according to § § 107 of the resolution authority. 126 (1) and (2) or in the absence of a marketing process in accordance with § 126 (3) outside such a marketing process. (2) If the value of the transfer items is positive on the basis of the valuation according to § 69, the receiving entity shall, in the cases referred to in Article 107 (1) (1) (b) and (3) If the value of the transfer items is negative on the basis of the assessment in accordance with § 69, the subject-matter of the transfer shall be a part or the whole of the goods. Assets of an institution in liquidate, including its liabilities, the transferring entity owes to the accepting entity in the cases of Article 107 (1) (1) (b) and (2) a compensation in the Amount of the absolute amount of the negative value established. (4) Was In the case of a settlement arrangement, only a preliminary assessment is carried out in accordance with § 74, the resolution authority shall use it as a basis for its assessment in accordance with paragraph 1 and for the determination of the consideration or compension of the settlement in accordance with paragraphs 2 and 3. A provisional or compensatory measure provisionally determined in accordance with the first sentence is also provisional and, after completion of the evaluation in accordance with § 69, must either be confirmed or adjusted accordingly. If the preliminary assessment concludes that neither a consideration in accordance with paragraph 2 nor compensation under paragraph 3 is due, this shall be confirmed either after full implementation of the assessment pursuant to § 69, or it shall be a (5) The consideration shall be paid in cash or in units of the accepting legal entity. In the case of Section 107 (1) (2), the consideration may also be in debt instruments of the accepting legal entity. Benefits in accordance with § 124 (2) may be deducted after this conversion, provided that a corresponding conversion is to be made. If the transfer items are the shares issued by the institution or group affiliated with the group, the consideration shall be due to the former shareholders. If the subject of the transfer is a part or the totality of the assets of an institution or group of companies in liquidate, including its liabilities, the consideration shall be due to the transferor of the transfer. Section 142 (2) (1) shall remain unaffected; deductions pursuant to this provision shall also have a duty-free effect in relation to the persons entitled to receive the debt under the terms of sentence 5 or sentence 6. If, in the case of the fifth sentence, the shareholders are not known to the accepting entity, he may, in accordance with Section 372 sentence 2 of the Civil Code, deposit the consideration in return. The place of performance in the sense of a corresponding application of Section 374 (1) of the Civil Code is Frankfurt am Main. (6) The obligation to provide consideration and the compensation obligation arise with the announcement of the settlement arrangement. The maturity and insolvency legal status of the compensatory obligation depend on the maturity and rank of the liabilities recognised by the transfer. Unofficial table of contents

§ 112 Third Comparison

(1) A transfer in accordance with § 107 shall be able to withstand a third party comparison. The following shall be taken into account:

1.

the circumstances of the individual case before and in the presence of the settlement conditions and before and during the adoption of the settlement arrangement,

2.

the provisions of Union law on State aid; and

3.

the evaluation in accordance with § 69.

(2) A transfer for which equivalent consideration is given to the assets of the transferable legal entity shall comply with the criteria set out in points 1 and 3 of paragraph 1 in any case and without further consideration being required. Consideration shall be given to a third party comparison within the meaning of paragraph 1, in return or compensation, which shall be determined on the basis of Section 111 and, where relevant, in the context of a marketing process. Unofficial table of contents

§ 113 Effects of the settlement arrangement upon transmission

(1) A transfer in accordance with § 107 shall be carried out exclusively in accordance with this law in conjunction with the settlement arrangement issued in accordance with this law. (2) The settlement arrangement shall have the following effects:

1.

shall apply with respect to the transferor of the legal entity

a)

Procedural steps which are to be complied with or contractually agreed in accordance with the general rules, in particular decisions of a main, general or creditor assembly or other bodies, than are replaced;

b)

§ § 118 to 122 shall remain unaffected and shall be deemed to have been remedied by law or contractually agreed participation and consent requirements as being fulfilled;

2.

with regard to the transmission of transmission assets

a)

Register, land register and other entries or rewrites for the transfer are not constitutive;

b)

Documents, in particular global certificates, shall be redesigned accordingly; they may be exchanged or rectified;

c)

compliance is not required outside this law of regulated or contractually agreed formal requirements or other general provisions.

(3) The participation of the members of the management and supervisory bodies in the preparation and implementation of the transfer does not constitute a breach of duty in relation to the transferable legal entity and its shareholders. (4) Rights without voting rights, exchange rights as well as instruments referencing shares or providing for conversion or exchange shall in doubt be adapted to the situation created by the transfer.

Footnote

(+ + + § 113: For application see Section 127 (3) sentence 2 and Section 131 (2) sentence 3 + + +) Unofficial table of contents

Section 114 Reaction of the transfer

(1) The transfer shall take effect with the announcement of the settlement arrangement according to § 137. (2) With the transmission of the transfer items, the transfer items recorded by the settlement arrangement shall be transferred to the accepting entity.

Footnote

(+ + + § 114: For application see Section 127 (3) sentence 2 and Section 131 (2) sentence 3 + + +) Unofficial table of contents

Section 115 Registration of the transfer

(1) Where the transfer relates to a part or all of the assets of an institution or group of undertakings in liquidate, including its liabilities, the transferor and the accepting entities shall have: to register the transfer without delay for entry in the register of their respective registered offices. In addition to the final balance sheet, the registrations must be accompanied by a copy of the settlement arrangement. In the cases of § 107 (1) (1) (a), the notarized declaration of consent of the accepting legal entity must also be attached in accordance with § 109 (1) sentence 3. (2) If the consideration is in proportion to the amount of the accepting legal entity, the person responsible for the acceptance of the agreement shall be If a capital increase is required to create the shares, the accepting entity must immediately carry out the actions necessary for the registration of the capital increase and its implementation. (3) The entries shall be made without delay. The registration of an appeal or the imposition of an action against the settlement arrangement, the capital increase or the registration of the transfer or the capital increase in the case of the accepting legal entity shall not prevent the registration. (4) If the transferor or the receiving legal entity fails to register or delay the registration required under paragraph 1 for entry in a register, the resolution authority may make the application for the registration required by the application. In this case, the application may not be withdrawn without the consent of the resolution authority.

Footnote

(+ + + § 115: For application, see Section 127 (3) sentence 2 and Section 131 (2) sentence 3 + + +) Unofficial table of contents

§ 116 Insolvency requirement; liability of the accepting legal entity

(1) Where the resolution instruments referred to in Article 107 (1) (1) are applied, the resolution authority shall, in the event of insolvency, immediately submit an application for the opening of the insolvency proceedings concerning the remaining assets of the transferring legal entities. § 46b (1) sentence 4 of the Banking Act shall apply in accordance with the proviso that the resolution authority shall replace the Federal Institution. If, in the case of the first sentence, there is no insolvency reason, the liquidation authority shall arrange for the liquidation of the company. (2) In all cases of § 107, transfer objects shall be included in an insolvency proceedings concerning the assets of the transferor. Legal carrier not to the insolvency mass. The acquiring legal entity shall not be liable for the transfer of non-recognised liabilities of the transferable legal entity. Unofficial table of contents

Section 117 Transmission articles subject to foreign law

(1) In the case of subject-matter under foreign law, and thereafter the legal effects of the settlement order are not or are not fully recognized, the transmitting legal entity shall be obliged to work to ensure that all (2) In the cases referred to in paragraph 1, the transferable legal entities and the receiving entities shall be up to the date of the The transfer of rights shall be subject to the obligation of each other in relation to the to place transfer items in such a way as to be in accordance with the rules of the foreign legal order. To this end,

1.

the transmitting entities shall manage the transfer items concerned for the account and in the interest of the accepting legal entity whose instructions it is subject to;

2.

the acquiring legal entity shall exempt the transferable entity from the expenses incurred in connection with the transfer objects concerned;

3.

the transferable legal entity to issue the transferred entity from the management of the data subject to the receiving legal entity.

(3) In an insolvency proceeding concerning the assets of the transferable legal entity, the transfer of goods whose transfer under paragraph 1 is not recognized by the foreign legal order does not belong to the insolvency mass. The creditors of claims against the transferring legal entity whose transfer under paragraph 1 is not recognized by the foreign legal order may not assert their claims against the transferable legal entity. Any claims and obligations pursuant to paragraphs 1 and 2 shall remain unaffected by such insolvency proceedings. Acts which serve the fulfilment of these claims and obligations cannot be challenged within or outside this insolvency proceedings. (4) Are there doubts as to whether the legal effects of the settlement arrangement according to foreign law or foreign law are not subject to the law. The provisions of paragraphs 1 to 3 shall apply accordingly. Unofficial table of contents

Section 118 Required permissions, authorisations and permits; supervisory requirements; membership and access to financial market infrastructures

(1) If the transfer of items of transmission according to § 107 to the acquiring legal entity leads to the conduct of such a permit, authorisation or approval of transactions or activities, the receiving legal entities shall require the (2) The receiving legal entity must comply with the requirements of Regulation (EU) No 575/2013 applicable to its activities and the requirements of the implementation of the Directives 2013 /36/EU and 2014 /65/EU shall be subject to the following conditions: Supervision in accordance with these guidelines and their national implementation. (3) The receiving legal entity may, as the legal successor of the institution in liquidation, all rights which have previously been received by the institution in liquidation in question in As regards the transfer of goods, continue to exercise. The first sentence shall also apply to the right to membership and access to financial market infrastructures, investor-compensation institutions and Deposit Guarantee Schemes, where the receiving entity has the appropriate access requirements, or Requirements of membership are fulfilled. However, access to the financial market infrastructures, investor-compensation and deposit-guarantee schemes referred to in the second sentence shall not be refused on the grounds that the receiving entity does not have a credit rating agency. , or that its credit rating does not correspond to the rating levels required for the granting of such access. If the receiving legal entity does not fulfil the conditions for access to such financial market infrastructure, to an investor-compensation facility or to a Deposit Guarantee Scheme, the receiving legal entity shall be able to do so in sentence 2 shall, on the order of the resolution authority, apply for a period of time specified by that authority. This period shall not exceed 24 months, but may, at the request of the accepting entity, be extended by the resolution authority over and above that period. Unofficial table of contents

Section 119 Domitic permits, approval and approval procedures

(1) The resolution authority shall inform the supervisory authority and the other authorities concerned domestily if it is aware that the receiving entity does not yet have the necessary permits, authorisations or authorisations. (2) The settlement arrangement shall be deemed to have been filed domestily as a request for authorisation, authorisation or authorisation; the application shall be deemed to be modest immediately. An application under the first sentence shall be given a favourable opinion by the competent authority if the person carrying out the transfer has the appropriate permission, authorisation or authorisation and there are no obvious reasons for the request to be made. Legal entities to refuse authorisation, authorisation or authorisation. If the supervisory authority or any other authority concerned intends to refuse the application in accordance with the first sentence, it shall immediately inform the resolution authority and inform it of its reasons. The relevant authority and the resolution authority shall cooperate with the transferor and the accepting entity in a solution which takes account of the settlement objectives and the need for a timely decision. (3) To the the granting of the necessary authorization, authorisation or approval, or until such a permit, authorisation or authorisation is not required, the authorisation granted to the transferor of the right shall be valid, Authorisation or authorisation granted as the accepting entity. If the accepting entities require permission in accordance with Section 32 of the Banking Act, the supervisory authority, after examining the application, shall, by way of derogation from the first sentence, disclose to the acquiring legal entity the period within which he/she shall conduct business. shall be allowed to operate in accordance with the first sentence, if the supervisory authority intends to grant permission. Unofficial table of contents

§ 120 Special provisions for the procedure pursuant to Section 2c of the Banking Act

(1) If a transfer of shares pursuant to section 107 leads to the acquisition or increase of a significant holding, the supervisory authority shall, by way of derogation from Section 2c of the Banking Act, take the necessary assessment in good time to ensure that the Application of the relevant settlement instrument is not delayed and the achievement of the settlement objectives envisaged by the settlement measure is not prevented. (2) If the supervisory authority does not exceptionally assess its assessment pursuant to paragraph 1 until the date of the transfer of the transfer pursuant to § 114 , so

1.

the transfer shall take effect without there being any obstacle to enforcement;

2.

the voting rights of the accepting legal entity shall be suspended during the assessment period and shall be transferred to the resolution authority; the resolution authority shall not be obliged to exercise such voting rights; it shall not be liable for the exercise of the right to vote; or non-perception of such voting rights;

3.

shall apply during the assessment period the penalties provided for in Articles 2c, 44b, 56 (2) (1) (a) and (b), (2) (a) and (3) (a) of the Banking Act, in the event of breaches of the requirements of the Acquisition or disposal of significant holdings not for a transfer pursuant to § 107.

(3) At the end of its assessment, the Supervisory Authority shall immediately inform the resolution authority and the accepting entity in writing whether it prohibits the transfer pursuant to Section 2c of the Banking Act. If the supervisory authority prohibits a transfer in accordance with § 107, the resolution authority may require the accepting entity to have the participation transferred in accordance with section 107 within a period of divestment set by the resolution authority. , taking into account the prevailing market conditions. Paragraph 2 (2) and (3) shall apply until the end of the transfer period referred to in the second sentence of sentence 2. (4) Voting rights transferred to the resolution authority pursuant to paragraph 2 (2) shall proceed with the expiry of the period of failure or with the consent of the supervisory authority. fully on the receiving legal entities.

Footnote

(+ + + § 120 (3): For the application, see Section 121 (3) sentence 2 + + +) Unofficial table of contents

Section 121 licensing procedures in other Member States and third countries

(1) The application of one of the resolution instruments according to § 107, according to the assessment of the resolution authority, requires the implementation of a non-domestic authorisation, authorisation or authorisation procedure, in particular a competition or State aid procedure,

1.

the resolution authority shall inform the competent authority immediately and, where possible, before the intended adoption of a settlement arrangement,

2.

the resolution authority of the affected authority shall offer its assistance and

3.

Calls on the resolution authority to take an immediate decision, if possible before the intended adoption of the settlement order.

(2) Where the resolution authority is not authorized or otherwise prevented from carrying out the necessary legal acts in the proceedings concerned, the transferor and the accepting entities shall be obliged to: (3) In the event of a negative decision before the intended adoption of the settlement order, the settlement arrangement shall not be issued. If the negative decision is taken after the adoption of the settlement arrangement, § 120 (3) shall apply accordingly. Unofficial table of contents

Section 122 Participation of the resolution authority in the case of permit, approval or approval procedures of a foreign authority

(1) Where a legislative act comparable to a settlement order is adopted by a foreign resolution authority, the effectiveness of the foreign act requiring permits, authorisations or permits to be granted domestiated shall be the subject of a , the resolution authority shall, according to information provided by the foreign resolution authority or by a national institute or group-related undertaking, or on its own initiative, be coordinated as a single entity within the meaning of Section 71a of the Administrative procedural law the procedures for granting such Permits, authorisations or permits. § § 71a to 71e of the Administrative Procedure Act are to be applied; the resolution authority shall be entitled as a single entity to shorten or determine the time limits and entry fictions mentioned therein or otherwise relevant. (2) The The resolution authority is not obliged to investigate which permits, authorisations or authorisations are required in Germany. (3) The resolution authority shall coordinate the procedure referred to in paragraph 1, and a domestic authority shall be able to provide the appropriate information. Permission, approval or approval only with the approval of the resolution authority failure. If a domestic authority does not decide within the time limit set by the resolution authority, the appropriate authorization, authorisation or authorisation shall be deemed to have been granted. It may only be withdrawn or revoked with the consent of the resolution authority. Unofficial table of contents

Section 123 Mutual support for the legal entities concerned

(1) In the case of the transferring legal entity, objects whose use or co-use is dependent on the acquiring entities in order to be able to continue the parts of the company transferred to him, the transferable legal entity shall have the following: to allow the use or co-use of entities to be used or co-used against an appropriate fee until such time as the receiving entity is able to replace the items concerned. Claims pursuant to the first sentence or of a contract concluded on the basis of the obligation set out in the first sentence remain unaffected by insolvency proceedings opened on the assets of the institution or group-affiliated company; the conclusion of the contract and the (2) If objects are transferred to the receiving entities, the use or co-use of the transferred entities is to be transferred, in order to order the parts of the company which remain in the same order. to be able to continue or liquidate, the receiving legal entity shall: to allow the use or co-use of entities to be used against an appropriate fee until the transferable entity is able to replace the items concerned. Unofficial table of contents

Section 124 Measures in the case of transferring legal entities

(1) If the consideration in accordance with Article 111 (2) and (5) is in proportion to the receiving legal entity, the resolution authority may instruct the transferor of the transfer to the transferor which he has received in the shareholders ' meeting of the accepting legal entity. to exercise the right to vote in a specific manner as long as the assets transferred to the receiving entities are in jeopardy in their stock and as long as the resolution authority does not achieve the respective objective of the action in respect of the of the accepting entities. In the case of insolvency proceedings, the authority of authority in accordance with the first sentence shall also apply to the insolvency administrator. The statement shall also be made known to the receiving legal entity. The resolution authority shall not be able to instruct the accepting entity to agree to one of the following measures:

1.

a reduction in the capital of the accepting legal entity which does not cover losses,

2.

a capital increase in which the amount of the expenditure or the minimum amount to which the shares are issued is unreasonably low,

3.

a merger, division, outsourcing or transfer of assets under the Transformation Act, in which the consideration or severance of the compensation to be given to the transfer entity is unreasonably low; and

4.

the exclusion of the transferable legal entity from the group of shareholders.

Compliance with the instruction set out in the first sentence shall not constitute a breach of the obligation of the members of the institutions entitled to represent the right to be transferred to the transfer entity or its shareholders. (2) If the consideration in accordance with Article 111 (2) and (5) is in force, the Shares in the accepting entity, the transferring entity may not have, without the prior written consent of the resolution authority, the shares in the accepting entity which are entitled to it, as long as the shares are transferred to the accepting entity. Entities transferred to legal entities are at risk in their stock and as long as such a risk is not permanently averted. (3) A request for the opening of insolvency proceedings on the assets of the transferable legal entity is to be dismissed solely because the assets of the is not likely to be sufficient to cover the costs of the proceedings, the receiving legal entity shall be obliged to pay the cost advance required for the opening of the procedure. Unofficial table of contents

Section 125 Measures in the case of the accepting legal entity

(1) The receiving legal entity shall, on request, provide the resolution authority with immediate information on all the circumstances necessary for the assessment of whether the objective of the measure is fulfilled. To the extent that this is necessary for the verification of the information provided for in the first sentence, the resolution authority may require the submission of documents and the transfer of copies. (2) In order to enable or implement a settlement arrangement, the following shall apply: Resolutions of the shareholders ' meeting of the accepting legal entity on capital measures, on the amendment of social contracts or statutes, on the conclusion or termination of business contracts or on measures taken pursuant to § § 7 to 7b, 7d, 7e, 8 to 11, 12 (1) to (3), § § 14, 15 and 17 up to 19 of the Financial Market Stabilisation Acceleration Act until the resolution authority has established that the relevant policy objective is achieved. This shall also apply where other private or public bodies make contributions to the achievement of the objectives of the measures or to the elimination of the risk of stock. Central banking transactions concluded on normal terms shall not be made in accordance with the second sentence of the second sentence. (3) A decision pursuant to paragraph 2 shall be notified immediately for entry in the register of the registered office of the accepting entity. If it is not manifestly void, it shall be entered immediately in the register. Complaints and applications for the adoption of decisions against the decision or its registration are not contrary to the registration. Section 246a (4) of the German Stock Corporation Act applies accordingly. The provisions of sentences 1 to 4 shall apply in accordance with the resolutions on the exploitation of an authorisation to exploit an authorized capital established in accordance with paragraph 2. (4) The transferor of a measure referred to in paragraph 2 shall vote in favour of a measure referred to in paragraph 2. However, he can nevertheless bring an action against the decision to comply with a instruction issued by the resolution authority in accordance with Article 124 (1). In the case of an increase in capital, the action may also be based on the fact that the amount of the new shares is unreasonably low. In the case of a capital reduction, the action may also be based on the fact that the capital reduction in the extent decided does not serve to compensate for losses. In the case of a measure under the conversion law, the action may also be based on the fact that the consideration or severance granted to the transferable entity is not appropriate. If the action is well founded but the measure has already been entered in the register in accordance with paragraph 3, the claim for damages shall be fulfilled by the issuing of shares in the case of the transfer of shares in the case of the transfer to the transferor of the right under paragraph 3, sentence 4. (5) Are the accepting entities through the Restructuring Fund or in any other way; (5) The receiving entities shall be subject to the same conditions as the other. assistance has been granted for the purpose of eliminating the risk of an inventory, The resolution authority may, pending the achievement of the relevant policy objective,

1.

prohibit disbursements to the shareholders of the accepting legal entity,

2.

Disbursements to the holders of other own-resources components, which are linked to the achievement of defined characteristics in accordance with the contractual provisions, provided that the relevant parameters are not achieved without the support would have been, or

3.

Disbursements to creditors prohibit as long as their claims were not to be served on the basis of a remission statement after a hypothetical repatriation of the support performance.

The disbursal or repurchase of the own resources and debt instruments concerned shall also be deemed to be disburdened within the meaning of the first sentence, as well as to balance sheet measures which will result in the identification of the relevant parameters as set out in point 2 of the first sentence of paragraph 2. . Where a payment is prohibited in accordance with point 2 of the first sentence, the relevant parameters shall be deemed not to have been reached. Sentence 1 shall not apply

1.

for distributions to shares granted to the Restructuring Fund or the Financial Market Stabilisation Fund in the context of a support performance; and

2.

for payments to claims of the restructuring fund that have arisen in connection with the state support.

The third sentence of paragraph 2 shall apply accordingly. The assistance provided by the Restructuring Fund shall be equal to the supply of own resources or liquidity required for the elimination of the risk of stock or to the attainment of the relevant policy objective by private third parties.

Subsection 2
Special provisions relating to the instrument of the sale of undertakings

Unofficial table of contents

Section 126 Market process; Regulation empowerment

(1) If the resolution authority intends to make use of the instrument of the sale of undertakings in the context of a settlement arrangement, it shall initiate a marketing process in good time before the adoption of the settlement order. The marketing process refers to the transfer items which the resolution authority intends to transfer. The resolution authority may jointly market the items of transmission individually or in a number of items of transmission. (2) The marketing process referred to in paragraph 1 shall be based on the following principles:

1.

it must be open and as transparent as possible, taking into account the circumstances of the individual case and the maintenance of financial stability;

2.

it must not be discriminatory, so that there is no undue advantage or undue discrimination against potential purchasers, and that no potential acquirer is given unfair advantage;

3.

Conflicts of interest shall, if possible, be avoided; § 21 of the Administrative Procedure Act shall be applied accordingly;

4.

the need to take account of the need for rapid implementation of the resolution;

5.

The aim is to achieve as high a consideration as possible for the transmission objects concerned.

Subject to the provisions of point 2 of the first sentence, the resolution authority may target certain potential purchasers in a targeted manner. If the marketing intent is insider information, a publication in accordance with Section 15 (1) sentence 1 of the Securities Trading Act may be deferred in accordance with Section 15 (3) of the Securities Trading Act. The marketing process is not to be initiated before the conclusion of an evaluation according to § 69, unless a waiting period would affect the achievement of the settlement objectives. (3) By way of derogation from paragraph 1, the resolution authority may: Apply the instrument of the sale of the company without carrying out a marketing process, if it considers that compliance with the requirements for the marketing process is likely to be the effectiveness of the instrument of the Corporate divestment and thus the achievement of one or more settlement targets (4) In the event of a positive or negative purchase price achieved in a marketing process from the value determined in accordance with § 69, the parties to the proceedings or third parties may not derive any rights from them. In particular, the decision of the liquidate authority for the choice of the instrument of the sale of the company is not solely determined by reason of such a discrepancy. (5) The Federal Ministry of Finance is authorized to Legal Regulation, which does not require the consent of the Federal Council, to lay down more detailed provisions on the circumstances under which the resolution authority, as referred to in paragraph 3, can see from the implementation of a marketing process. The Federal Ministry of Finance may transfer the authorisation to the resolution authority by means of a legal regulation.

Footnote

(+ + + § 126 (2) sentence 1, no. 1, 2, 5: For application, see Section 129 (1) sentence 1 + + +) Unofficial table of contents

Section 127 Retransmissions

(1) Within four months of the date of the transfer of the transfer pursuant to section 114, the resolution authority may order items to be transferred back to the previous shareholders or to the transferor of the transfer entity. (2) The subject-matter covered by a retransmission order shall be deemed to have been in the assets of the transferable legal entity or of the transferor of the transfer order. (3) The consideration or compensation in accordance with § 111 shall be adjusted. § § 109 and 113 to 115 shall apply; the documents referred to in § 115 (1), second sentence, shall be replaced by a copy of the retransmission order. (4) The receiving legal entity shall be liable for liabilities arising from a In the case of a retransmission order, only in the amount of the amount which the creditor would have redeemed in the course of the transfer of the transferable legal entity, if the retransmission had not been carried out. Liability shall be limited to the extent that the creditor cannot obtain satisfaction from the transfer entity.

Subsection 3
Special provisions relating to the instrument of transfer to a bridge institute

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Section 128 Constitution of the Bridge Institute

(1) Bridge institution may only be a legal entity;

1.

whose shares are wholly or partly held by the resolution authority or any other public body;

2.

which is controlled by the resolution authority on the basis of social, contractual or sovereign powers of influence; and

3.

was established as a bridge institute for the purposes of Section 107 (1) (1) (b).

(2) The consent of the resolution authority shall be required

1.

the social contract or the articles of association, the registration of the company, the founding report and the foundation examination,

2.

the appointment of the directors of the Bridge Institute,

3.

the determination of the responsibilities of the respective directors and the remuneration arrangements applicable to them; and

4.

the business organization within the meaning of section 25a of the Banking Act.

The resolution authority may refuse consent if this promotes the achievement of the settlement objectives. (3) The bridge institute shall be operated with the aim of:

1.

gain access to critical functions and

2.

the bridging institution or its assets, rights and liabilities under reasonable conditions to one or more private purchasers, within the time limit specified in paragraph 4, first sentence, of the first sentence of paragraph 4.

(4) The resolution authority shall establish that a legal entity shall lose its capacity as a bridge institution if:

1.

the conditions laid down in paragraph 1 (1) and (2) are no longer fulfilled,

2.

all or substantially all of the assets, rights or liabilities of the bridge institution are sold to a third party, or

3.

the results referred to in points 1 and 2 shall not enter within two years from the date on which the last transfer to the Bridge Institute pursuant to Article 107 (1) (1) (b) has been carried out.

The resolution authority may also extend the time limit set out in point 3 of the first sentence by one year on a number of occasions if it has reason to believe that the extension of one of the results referred to in the first and second sentence of the first sentence makes it easier to achieve the result or if an extension is required in order to ensure the continuation of substantial banking or financial services. The decision referred to in the second sentence shall be justified and shall include a detailed assessment of the situation, including market conditions and prospects, which justify the decision. (5) The resolution authority shall, in accordance with the first sentence of paragraph 4, issue a number of 2 or 3, if a legal entity loses its property as a bridge institution, the resolution authority shall, in the event of insolvency proceedings, immediately submit an application for the opening of the insolvency proceedings concerning the remaining assets of the Bridge Institute. § 46b (1) sentence 4 of the Banking Act shall apply with the proviso that the resolution authority shall enter the office of the Federal Institution. If, in the case of the first sentence, there is no insolvency reason, the resolution authority shall arrange for the liquidation of the company.

Footnote

(+ + + § 128 para. 2: For the application, see Section 133 (2) sentence 1 + + +) Unofficial table of contents

§ 129 Marketing or liquidation of the bridge institute

(1) If the shares in the Bridge Institute are to be transferred to one or more other entities, or if the transfer items transferred to the Bridge Institute are to be sold to one or more other entities, then a The marketing process shall be applied in accordance with the provisions of Section 126 (2), first sentence, points 1, 2 and 5 of this Regulation. A sale must be able to withstand a third party comparison in the light of the circumstances of the individual case and be compatible with the competition and state aid rules. (2) The marketing referred to in paragraph 1 shall not be subject to or only to to achieve disproportionate economic conditions, the resolution authority of the bridge institute may require the establishment of a liquidation plan. The liquidation plan must show that the companies carried out by the bridge institute are dealt with in an orderly manner, or that the items taken over are liquidated in an orderly manner. The settlement objectives pursued by the settlement arrangement must be taken into account. (3) The resolution authority may declare a liquidation plan which has been drawn up in accordance with paragraph 2 to be binding. The resolution authority shall be empowered to take all measures necessary to enforce a liquidation plan binding in accordance with the first sentence. In particular, the resolution authority is empowered to give instructions to the bridge institute. (4) The managing directors of the bridge institute are not responsible for the proper implementation of the liquidating plan, the resolution authority may be required under section 45c of the Banking Act, transfer the powers of the directors to a special representative, who is liable to ensure the proper implementation of the liquidation plan. (5) The directors of the bridge institute shall be liable for forward and gross negligence. § 31 of the Civil Code shall not be applied to the Bridge Institute.

Footnote

(+ + + § 129 (1): For application, see Section 133 (4), second sentence, introductory sentence + + +) Unofficial table of contents

Section 130 Asset of the Bridge Institute

(1) Where the instrument of transfer is applied to a bridge institution, the resolution authority shall ensure that the total value of the liabilities transferred to the Bridge Institute does not cover the total value of the rights and assets (2) The date of the adoption of the settlement order shall be determined by the institution or group affiliated to it or from other sources. (2) Unofficial table of contents

Section 131 Retransmission and retransmission

(1) The resolution authority may order items to be returned to the previous shareholders or to the transferor of the transfer entities if:

1.

the possibility of such a retransmission arrangement being expressly provided for in the settlement arrangement with respect to such transmission objects, or

2.

It has been found that the objects in question do not actually belong to the genera of transferred objects mentioned in the settlement arrangement.

In the settlement arrangement, the possibility of a retransmission arrangement in accordance with the first number of the first number is to be limited and the conditions for a retransmission are to be determined in more detail. (2) The resolution authority may order that items which are subject to § § 1 (1) of the German law (§ 1) 107 (1) (1) (b) have been transferred to a bridge institute, with the consent of the accepting legal entity, to a third party (connection transfer arrangement). The resolution authority shall take into account existing legal transactions as well as the effects which a connection transfer arrangement may have on the situation of the bridge institute, in particular its position on the market. § § 109 and 113 to 115 shall apply accordingly; in the case of the documents referred to in § 115 (1) sentence 2, a copy of the connection transfer arrangement shall occur.

Footnote

(+ + + § 131 (1): For application, see § 135 + + +)

Subsection 4
Special provisions relating to the instrument of transfer to an asset management company

Unofficial table of contents

Section 132 Additional conditions of application; Regulation empowerment

(1) The resolution authority may apply the instrument of transfer to an asset management company only if:

1.

a recovery of the transmission items to be transferred in the context of insolvency proceedings in the light of the situation on the market could have a negative impact on a financial market or on several financial markets,

2.

the transfer is necessary in order to ensure the proper functioning of the institution in progress or of the bridge institution; or

3.

the transfer is necessary in order to maximise the corresponding recovery revenue.

(2) The Federal Ministry of Finance is authorized to adopt, by means of a decree law which does not require the consent of the Federal Council, more detailed provisions on the circumstances in which the transfer of the items of transmission within the framework of a Insolvency proceedings may have a negative effect on one or more financial markets within the meaning of paragraph 1 (1). The Federal Ministry of Finance may transfer the authorisation to the resolution authority by means of a legal regulation. Unofficial table of contents

Section 133 Constitution of the asset management company

(1) An asset management company may be only a legal entity;

1.

whose shares are held either wholly or in part by the resolution authority or any other public body;

2.

which is controlled by the resolution authority on the basis of social, contractual or sovereign powers of influence; and

3.

was established as an asset management company for the purposes of Section 107 (1) (2).

(2) § 128 (2) shall apply accordingly. If Article 25a of the Banking Act is not applicable to the asset management company, the provisions of Section 128 (2), first sentence, point 4 shall be applied instead of a corresponding application of the scheme, that the risk management, including the relevant Strategies that the asset management company pursues, requires the approval of the resolution authority. (3) In the articles of association or in the social contract, it is necessary to determine, as a company's purpose, that the asset management company with the the management of the transfer items shall be entrusted with the aim of: (4) After the instrument of the transfer has been applied to a bridge institution, objects from the bridge institute may be transferred to a bridge institute by means of a legal transaction. Asset management company. Article 129 (1) shall apply mutatily, and no new marketing process shall be required if:

1.

the asset management company has participated in the marketing process, or

2.

the transfer to the asset management company is carried out under conditions which, when viewed in value, correspond to those of the most economic bid which has been received in the context of the marketing process.

(5) The Managing Directors of the asset management company shall be liable for intent and gross negligence. § 31 of the Civil Code shall not be applied to the asset management company. Unofficial table of contents

Section 134 Special provisions for consideration

Where all or individual assets, liabilities and legal relationships of a bridge institution are transferred to an asset management company, the consideration provided by the bridge institution shall be determined by the An asset management company shall be owed, in accordance with the consideration provided or to be provided by the Bridge Institute in accordance with Section 111 (2), which shall not be subject to any of the following steps. Unofficial table of contents

Section 135 Retransmission

Section 131 (1) shall apply mutas to the retransmission of items of transmission transferred by the transferor of the right to the asset management company.

Section 3
Settlement order; rules governing the procedure; change of law; use of Deposit Guarantee Schemes; protection provisions

Subsection 1
Provisions for the adoption of a settlement order; other procedural rules; legal effects

Unofficial table of contents

Section 136 Content of the settlement arrangement

(1) The settlement arrangement shall contain at least the following information:

1.

the name or the company and the seat

a)

of the institution or group of companies to be wound up and

b)

in the case of the application of one of the resolution instruments in accordance with Section 107 of the transmitting legal entity and of the accepting legal entity;

2.

Information on the settlement instruments used, in particular:

a)

the indication of the transferred objects in the case of § 107 and

b)

the indication of the capital instruments and liabilities concerned in the cases of § § 89 and 90;

a generic name shall be sufficient;

3.

the settlement date;

4.

Information on the existence of the requirements of § 109;

5.

if relevant, information on the consideration or compensation according to § 111;

6.

if already known, information in accordance with § 142;

7.

Reservations of a retransmission according to § § 131 and 135.

(2) If the settlement arrangement provides that the institution or the group-affiliated company should be granted shares in the accepting entity in return, it shall contain the following information:

1.

information on the equipment and the number of shares to be granted in the receiving legal entity;

2.

information on the determination of the value of the entirety of the transfer items at the time of § 114, in particular as regards the provision of equipment and the number of shares granted in return; and

3.

Information on the methods and assumptions used to determine the value referred to in point 2.

If the consideration consists of debt instruments of the accepting legal entity, the first sentence shall apply mutatis mutiny. If the consideration is a cash benefit, the amount of the cash to be granted shall be given in lieu of the information provided for in the first sentence. Where a compensatory obligation is provided for, the amount of the compensation shall be given instead of the information provided for in the first sentence. Where a provisional consideration or compensatory obligation is fixed, the provisional and the procedure for determining the final consideration or compension shall be replaced by the information set out in points 2 and 3 of the first sentence of the first sentence. (3) If the settlement arrangement provides for the application of the instrument of participation of the holders of relevant capital instruments or of the instrument of creditor participation, it shall contain at least the following information:

1.

information on the application of instruments to shareholders and holders of other instruments of hard core capital;

2.

information on the percentage level of the depreciation of holders of relevant capital instruments;

3.

Data on the percentage of the depreciation of liabilities eligible for consideration, grouped by categories of liabilities;

4.

information on the conversion of liabilities eligible for consideration and of relevant capital instruments;

5.

Information on shareholders and holders of other instruments of hard core capital following the exercise of the instrument of creditor participation.

(4) If the settlement arrangement contains company law measures which are subject to registration, these shall be listed separately in the administrative act. Unless otherwise specified in § 115 (2) and (4), the resolution authority shall be entitled to apply for the necessary entries in the register court. Registration shall not be constitutive for the effectiveness of the measures. Unofficial table of contents

Section 137 Decree and announcement of the settlement arrangement

(1) The settlement arrangement shall be issued as a general order and shall be disclosed to the public. A separate announcement to the parties involved requires just as little as a separate supply line to the relevant works council. (2) The settlement order must be published without delay in accordance with § 140 (4). (3) The settlement order shall be published in accordance with § 140 (4). Publication also contains information on the declaration of consent of the accepting legal entity and on the capital increase decisions according to § 109. Unofficial table of contents

Section 138 Notification of notification of an existing risk

(1) In the event of a threat of stock or of an imminent threat of stock of an institution or of a group affiliated company, the management of the institute or of the parent company of the group and of the parent company shall inform the (2) The Supervisory Authority shall immediately and fully inform the Resolution Authority of all crisis prevention measures and all other measures to be taken by the Supervisory Authority. (2) prudential measures to be taken against an institution; or (3) The supervisory authority or the resolution authority shall assess the existence of a risk to the stock of an institution or group-affiliated undertaking, and shall inform the other parties concerned of the fact that an institution or group-affiliated company is at risk of Authority immediately hereafter. In addition, the Supervisory Authority and the Resolution Authority shall immediately inform the following bodies:

1.

the Federal Ministry of Finance,

2.

the Deutsche Bundesbank,

3.

the Bundesanstalt für Finanzdienstleistungsaufsicht,

4.

the Bundesanstalt für Finanzmarktstabilisation,

5.

the Deposit Guarantee Scheme concerned,

6.

the supervisory authorities responsible for the groups of undertakings and branches concerned, including the consolidating supervisor,

7.

the resolution authorities responsible for the groups of undertakings and branches concerned, including the settlement authority of the State in which the consolidating supervisor has its registered office,

8.

the Committee on Financial Stability and

9.

the European Systemic Risk Board.

(4) If there is a risk that, in the case of an information transfer to a body within the meaning of the second sentence of paragraph 3, the settlement objectives may be missed, the resolution authority shall be able to dismiss or to anonymise the information of that body, or Aggregated data on the institute or group members at risk of being at risk of being at risk. In accordance with the provisions of Sections 167 to 171, the provisions of the first sentence shall apply to supervisory authorities and resolution authorities in a third country, unless the third country is the third country in which the parent undertaking subject to consolidation is concerned. has its seat. Unofficial table of contents

Section 139 Decision of the resolution authority

1. If the resolution authority is aware of a possible risk of stock from another authority, it shall immediately check whether the conditions for a stock risk are met. If the resolution authority receives knowledge of a possible risk of stock from a body within the meaning of section 138 (3), second sentence, number 1 to 4, this body shall be obliged to provide the resolution authority with full and immediate information on the (2) The resolution authority shall document the result and the main considerations relating to the examination referred to in paragraph 1, as well as the planned further action. Unofficial table of contents

Section 140 procedural obligations of the resolution authority

(1) Before taking a settlement measure, the resolution authority shall inform the

1.

the Federal Ministry of Finance and

2.

the Deposit Guarantee Scheme concerned.

The resolution authority shall adopt resolution measures with immediate financial implications or systemic effects only with the approval of the Federal Ministry of Finance. (2) The resolution authority shall inform the following bodies about the Taking a resolution action:

1.

the Deutsche Bundesbank,

2.

the Bundesanstalt für Finanzdienstleistungsaufsicht,

3.

the supervisory authorities responsible for the groups of undertakings and branches concerned, including the consolidating supervisor,

4.

the resolution authorities responsible for the groups of undertakings and branches concerned, including the settlement authority of the State in which the consolidating supervisor has its registered office,

5.

the Committee on Financial Stability,

6.

the European Systemic Risk Board,

7.

the Commission, the European Central Bank, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority, and the European Banking Authority, and

8.

the system operators of a system within the meaning of Article 1 (16) of the Banking Act, in which the institution concerned or group members of the group is a participant.

(3) A communication on the performance of a settlement measure as referred to in paragraph 1 shall include a copy of the settlement arrangement and shall indicate the date from which the settlement measure shall take effect. (4) The resolution authority shall publish on its Website the settlement order or a notice in which the effects of the settlement measure, in particular with regard to the depositors, and any arrangements according to § § 82 to 84 are summarized. (5) The resolution authority also informs the institute or group members in liquidate Companies and the parent company of the group. Paragraph 3 shall apply accordingly. The information to be published in accordance with paragraph 4 shall be deemed to be the insider information to be published within the meaning of Section 15 of the Securities Trading Act. (6) The resolution authority shall publish on its website and in the Federal Gazette that the Settlement measures have been terminated. Unofficial table of contents

Section 141 Insolvency of settlement measures, countervailability

Insolvency proceedings concerning the assets of the institution or of the group affiliated company shall be without prejudice to the application of a resolution instrument and the exercise of resolution powers and their respective legal effects; a dispute is not possible within or outside of such insolvency proceedings. Unofficial table of contents

§ 142 Fees, Deposits

(1) The resolution authority charges fees for the issuing of a settlement arrangement and for related activities in accordance with § 3d of the Financial Market Stabilisation Fund Act and requires reimbursement of costs. (2) The resolution authority may: that the fees and reimbursements referred to in paragraph 1 shall also be paid in advance by deducting from the following items:

1.

from a consideration owed by the accepting entity pursuant to Section 111 (2), or

2.

of proceeds in connection with the settlement of a bridge institution or an asset management company.

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§ 143 Claims for damages against organ members and former organ members

The resolution authority is to use a special auditor at the Institute or the Group-affiliated company to examine whether claims for damages against organ members or former organ members are due to the breach of due diligence obligations. exist. § 45c (6) of the Banking Act as well as § § 144 and 145 of the German Stock Corporation Act shall apply accordingly. Unofficial table of contents

Section 144 Exclusion of certain contractual conditions in the event of early intervention and settlement

(1) A crisis prevention measure or a crisis management measure, including an event directly related to the application of such a measure, shall apply with respect to the Institute or the Group and all members of the group Undertakings shall not be deemed to be a case of value or termination within the meaning of Directive 2002/47/EC of the European Parliament and of the Council or as an insolvency procedure within the meaning of Directive 98 /26/EC of the European Parliament and of the Council, where the Main performance obligations under the contract, including payment and performance obligations, and the obligation to place collateral. A suspension or restriction in accordance with § § 82 to 84 does not constitute a non-fulfilment of the main contractual obligations. (2) If a third-country settlement procedure is recognized in accordance with § 169, this procedure shall apply for the purposes of this Provision as a crisis management measure. (3) A crisis prevention measure or a crisis management measure, including an event directly related to the application of such a measure, shall not entitle the person to:

1.

to exercise rights of termination, discontinuation, modification, retention, settlement or accounting with respect to an institution or group of undertakings,

2.

Acquire the property of the relevant institution or group affiliated company, exercise control over it or assert claims from a security, and

3.

to affect any contractual rights of the institution or group of undertakings concerned.

This shall only apply if the main obligations under the contract, including payment and service obligations, and the obligation to place collateral remain fulfilled. (4) The rights referred to in the first sentence of paragraph 3 may be exercised if the rights are based on a different event, as a crisis prevention measure, a crisis management measure or an immediate action with the (5) Agreements which are contrary to the provisions of paragraphs 1 and 3 do not allow any rights to be derived from such measures. Institutions and group members shall only use model contracts in commercial transactions if they comply with the provisions of paragraphs 1 and 3.

Subsection 2
Use of Deposit Guarantee Schemes

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§ 145 Use of Deposit Guarantee Schemes as part of a settlement

(1) In the event that a settlement measure is carried out for an institution or for a group-related undertaking, and thereby ensuring that the depositors of that institution or of this group-affiliated company continue to be subject to their deposits may be accessed, the Deposit Guarantee Scheme to which the Institute or the group-affiliated company belongs shall be liable,

1.

in the event that the instrument of creditor participation is applied: for the amount by which the covered deposits would have been reduced, in order to cover the losses of the institution or of the group-affiliated undertaking in accordance with section 78 (1) (1) if the covered deposits were not excluded from the scope of the instrument of the creditor's participation and would therefore have been reduced to the same extent, or

2.

in the event that another or more other resolution instruments are applied as the instrument of creditor participation: the amount of losses incurred by holders of covered deposits in the course of the application of those instruments had.

(2) The Deposit Guarantee Scheme shall not be liable in accordance with paragraph 1 beyond the amount of the losses which it should have borne if insolvency proceedings are opened and carried out through the assets of the Institute or the group-affiliated company (3) If the instrument of creditor participation is applied, the Deposit Guarantee Scheme does not have to contribute to the recovery of the hard core capital ratio in accordance with Article 96 (1) (2). (4) The determination of the amount, for which: the Deposit Guarantee Scheme referred to in paragraph 1 shall be based on: Valuation according to § 69 of this law. In the amount of this amount, the Deposit Guarantee Scheme shall pay a contribution in cash. (5) Eligible deposits shall be paid to an institution or group of companies located in liquidate by application of the instrument of the Transfer of company or the instrument of transfer to a bridge institute transferred to another legal entity, the depositor has no claim to compensation in accordance with Article 5 (1) of the Deposit Guarantee Act in relation to the Deposit-guarantee scheme in respect of the part of its deposit, which shall not be transferred if: the amount of the deposit transferred shall reach or exceed the coverage limit in accordance with § 8 of the Deposit Guarantee Act. (6) The liability of the Deposit Guarantee Scheme shall be half of the target endowment in accordance with Article 10 of Directive 2014 /49/EU of the European Parliament and of the Council of 16 April 2014 on Deposit Guarantee Schemes (OJ L 327, 28.4.2014, p. OJ L 173, 12.6.2014, p. 149).

Subsection 3
Compensatory payment for disadvantaged shareholders, creditors and Deposit Guarantee Schemes; protection provisions

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Section 146 Comparison with the outcome of a hypothetical insolvency proceedings; Regulation empowerment

The resolution authority shall, without delay after the implementation of one or more resolution measures, have an independent, expert verifier to determine whether and to what extent shareholders and creditors shall be informed by the order and Implementation of the resolution measures compared to the situation which would have been terminated at the opening and execution of insolvency proceedings on the assets of the institution. This evaluation shall be carried out separately from the evaluation in accordance with § 69. (2) The examiner shall be selected and appointed by the court at the request of the resolution authority. § 10 (1), third sentence, (3) and (4) and (11) of the Transformation Act shall apply accordingly. The Landgericht is responsible for the district court, in whose district the seat of the resolution authority is located. The selection and ordering by the district court shall be made within five working days of the application at the latest. The Oberlandesgericht (Oberlandesgericht) is to decide on a complaint within five working days. (3) In the assessment referred to in paragraph 1, it should be noted that:

1.

the satisfaction rates which the shareholders and creditors would have had to expect if insolvency proceedings were opened for the institution in liquidate or for the group-affiliated company at the time of section 138 (3) sentence 1 would be

2.

what results have actually been achieved by the shareholders and creditors of the institution or group-affiliated company in the course of the settlement; and

3.

whether, and if so, what differences exist between the hypothetical treatment of the shareholders and creditors as referred to in point 1 and the actual treatment of the shareholders and creditors as referred to in point 2.

(4) The assessment referred to in paragraph 1 shall be carried out on the basis of the assumption that:

1.

insolvency proceedings have been opened for the institution or group of companies which are in liquidate management at the time of § 138 (3) sentence 1;

2.

No settlement measures have been carried out;

3.

no exceptional financial support for the institution or group of companies in liquidating is made from public funds.

(5) The auditor shall report in writing to the resolution authority on the outcome of his audit. (6) For the period leading up to the entry into force of the regulatory technical standards referred to in Article 74 (4) of Directive 2014 /59/EU, the Federal Ministry of Finance authorizes, by means of a decree law which does not require the consent of the Bundesrat, detailed provisions on the method of evaluation referred to in paragraphs 1 to 3. The Federal Ministry of Finance may transfer the authorisation to the resolution authority by means of a legal regulation.

Footnote

Section 146 (6): Occurs in accordance with Art 10 (3) G v. 10.12.2014 I 2091 on the day out of which the regulatory technical standards referred to in Article 74 (4) of Directive 2014 /59/EU of the European Parliament and of the Council of 15 May 2014 establishing 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, and the Regulations (EU) No 1093/2010 and (EU) No 648/2012 of the European Parliament and of the Council 1. 190) enter into force; the Federal Ministry of Finance is announcingthis day in the Federal Law Gazette Unofficial table of contents

Section 147 Protection provisions for shareholders and creditors

If the evaluation in accordance with § 146 leads to the conclusion that the losses incurred by a shareholder, creditor or Deposit Guarantee Scheme within the meaning of Section 145 (1) as a result of a settlement measure exceed the losses which they incurred in the case of: If the measure had not been taken in the course of insolvency proceedings, they are entitled to compensation against the restructuring fund in the amount of the difference amount in accordance with § 8 of the Restructuring Fund Act. The same applies to interventions in contracts in accordance with § 79 (5). Unofficial table of contents

§ 148 Protection provisions for social plans

Claims arising from a social plan drawn up after the date of the first sentence of Article 138 (3) shall be excluded from the scope of the instrument of creditor participation, insofar as they are predominant in the hypothetical insolvency case. The probability in a social plan according to § 123 (1) of the Insolvency Code had been contained and would have been settled as a mass liabilities in accordance with § 123 (2) of the Insolvency Code.

Subsection 4
Rule of law

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Section 149 Order of a change of law

(1) The arrangement of a form change shall contain the following provisions:

1.

an indication that the institution or group of companies acquires the legal form of a public limited company by means of the change of form;

2.

the company of the legal entity of a new legal form with the addition of "Aktiengesellschaft auf Arrangement";

3.

the provisional statutes of the legal entity of a new legal form;

4.

the provisional members of the Executive Board and the nature and scope of their power of representation;

5.

the provisional members of the Supervisory Board;

6.

information on the number, nature and extent of the shares obtained by the former shareholders through the change of form;

7.

Information on rights granted to holders of special rights such as shares without voting rights, preferred shares, multi-voting shares, debt securities and enjoyment rights in the legal entity.

The shares and the rights referred to in the first sentence of 1 (4) and (6) shall be equal to the previous allowances provided that they do not take account of changes due to the application of the resolution instruments. (2) The change of form shall be made with the public announcement of the Settlement arrangement according to § 137 effective. The notification of the order shall, in particular, have the following effects:

1.

the form-changing legal entity will continue to exist in the new legal form;

2.

the shareholders of the form-changing legal entity shall be involved in the legal entity in accordance with the rules applicable to the new legal form;

3.

the holders of special rights such as shares without voting rights, preferred shares, multi-voting shares, debt securities and right of enjoyment shall have a right to grant equivalent rights to the legal entity of a new legal form;

4.

Rights of third parties in the shares or memberships of the form-changing legal entity continue to exist as rights to the shares of the legal entity of a new legal form which are to be replaced by them; in particular, the membership of the formchanging legal entity exists. Legal carriers in Deposit Guarantee Schemes can not be terminated as a result of the change of form on the part of the Deposit Guarantee Schemes.

The powers under this Act for the restriction of shares or other rights in the form-changing legal entity shall remain unaffected. Their exercise can be combined with the arrangement of the shape change. The change of form does not affect the claims of the creditors of the formchanging institute or group-affiliated company due at the time of the change of form against one of its partners from liabilities of the institution-changing institute (3) The change of form and the other facts and legal relationships relating to the order shall be made with reference to the following: the arrangement referred to in paragraph 1 shall be entered in the appropriate registers. The resolution authority shall immediately submit the order in accordance with paragraph 1 to the register court for the registration. (4) The provisions of the German Stock Corporation Act shall apply to the legal entity of a new legal form, in so far as the provisions of this Act are applicable. (5) The provisional Board of Management shall, in accordance with the founding rules applicable to the new legal form, immediately initiate the necessary measures for the establishment and register with the Commercial Register, in so far as it does not the arrangement referred to in paragraph 1 provides otherwise. If the legal requirements for the registration of the public limited company are met, the register court will delete the addition "on order" in the company of the Aktiengesellschaft. The arranged change of form remains effective irrespective of the registration or registration.

Subsection 5
Appeal and exclusion of other measures

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Section 150 Legal protection

(1) An opposition proceedings against a settlement measure shall not be carried out. An action against settlement measures taken by the resolution authority, including the threat and the setting of coercive means under this law, shall have no suspensive effect. (2) A settlement measure may be taken within one month of the date of The first and last legal proceedings before the Administrative Court of the Office of the Administrative Court of Appeal shall be subject to the notice of notice. Secondary provisions on a settlement measure cannot be challenged in isolation. (3) The effects of the order on the legal position remain unaffected by the cancellation of a settlement measure. The elimination of the consequences of enforcement cannot be required in this respect. Sentence 2 shall not apply if the recovery of the sequence of:

1.

the settlement objectives are not at risk,

2.

would not threaten any legitimate interests of third parties, and

3.

is not impossible.

(4) In so far as the elimination of the consequences of the implementation of the provisions referred to in the second sentence of paragraph 3 is excluded, the persons concerned shall be entitled to compensation for the disadvantages caused by the settlement measure. Unofficial table of contents

Section 151 Interruption of judicial proceedings in civil matters

In the case of the adoption of a settlement measure by the resolution authority against an institution or a group-based company domicated in the country, a procedure in civil matters involving the institution or the group-based undertaking shall be established in the Domestic as a party or as a dispute or third party within the meaning of Book 1, Section 2, Titles 2 and 3 of the Code of Civil Procedure, is suspended until the resolution authority completes the settlement measure pursuant to Article 140 (6) of the Code. published. Unofficial table of contents

§ 152 Liability limitation

By way of derogation from the first sentence of Article 75 (1) of the Federal Officials Act, officials whose authorities have to carry out tasks under this Act shall be subject to any damage they may have in the performance of tasks carried out by their authority under this Act obsolete, only if they have deliberately violated the obligations they have been carrying out. The first sentence shall apply to officials who are not officials, including those employed in collective bargaining.

Part 5
Cross-border group development and relations with third countries

Chapter 1
Recognition of measures taken by the authorities of other Member States

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Section 153 Effectiveness of crisis management measures or crisis prevention activities of other Member States

(1) A resolution authority in another Member State shall be transferred to another Member State in application of a settlement instrument within the meaning of Directive 2014 /59/EU, or any other title or assets, rights or liabilities, and shall concern: The transfer in the Federal Republic of Germany of assets situated in the Federal Republic of Germany or of any rights or liabilities covered by German law shall be such a transfer as a transfer by the resolution authority itself. (2) The same shall apply to measures a resolution authority in another Member State in the exercise of the the instrument of creditor participation or of the instrument of the participation of the holders of relevant capital instruments, provided that the liabilities and capital instruments concerned are subject to German law or to creditors having their registered office in the (3) The resolution authority shall assist the resolution authority in another Member State during the transfer referred to in paragraph 1.

Chapter 2
Cross-border group development

Section 1
Cross-border decision-making and information; resolution collegies

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Section 154 General principles for decision-making involving one or more authorities of other Member States

If the resolution authority or other competent authorities under this law take decisions or initiate measures under this law which may have an impact in one or more other Member States, they shall:

1.

take into account the bids of decision-making effectiveness and the lowest possible settlement costs in the initiation of a resolution;

2.

, in the decision-making process and in the initiation of measures, proceed swiftly and with the urgency required;

3.

cooperate with other German authorities as well as with resolution authorities, supervisory authorities and other authorities from other Member States in order to ensure that the decision-making and the initiation of actions are coordinated and speedily take place;

4.

to take due account of the interests of the other Member States in which an EU parent undertaking or a subsidiary is established, in particular the effects of a decision or measure or of a subsidiary undertaking. the lack of action on financial stability, the financial resources, the resolution fund, the deposit guarantee scheme or the investor-compensation scheme of those Member States;

5.

to take due account of the interests of the other Member States in which major branches are established, in particular the effects of a decision or measure or of a lack of action on the part of the financial stability of these States;

6.

respect the interests of the Member States in an appropriate way, as well as an impairment or inappropriate protection of the interests of certain Member States and an unjustifiable unequal distribution of the burden on the to avoid Member States;

7.

if, in accordance with this law, there is an obligation to consult an authority before a decision or measure, consult that authority, at least on those aspects of the proposed decision or measure, which has an impact or probably will have

a)

the EU parent undertaking, subsidiary or branch concerned, for which the competent authority is responsible, or

b)

the stability of the Member State concerned;

8.

in the application of resolution measures, follow the respective resolution plans, unless the competent resolution authorities come to the conclusion, after the assessment of the circumstances of the individual case, that the resolution objectives are more effective by: measures which are not provided for in the settlement plan;

9.

take account of the transparency requirement where an intended decision or measure is likely to have an impact on financial stability, financial resources, resolution fund, deposit guarantee scheme or the investor-compensation scheme of another Member State;

10.

by coordination and cooperation, where possible, to achieve a result that will reduce the overall cost of the settlement.

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Section 155 Responsibility of the resolution authority

The resolution authority shall be responsible for the group development of an institution or a parent company if the Bundesanstalt für Finanzdienstleistungsaufsicht is the consolidating supervisor, or, if the European The Central Bank is the consolidating supervisor, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) would be the consolidating supervisor without the application of Regulation (EU) No 1024/2013. Unofficial table of contents

Section 156 Resolution Collegium

(1) Where the resolution authority is responsible for the group development of an institution or parent undertaking, it shall establish a resolution collegium which shall carry out the tasks referred to in Articles 46, 47, 50 to 54, 58, 60, 161 to 166, and which shall: To ensure cooperation and coordination with resolution authorities in third countries. The Settlement Collegium serves

1.

the exchange of information relevant for the preparation of a group settlement plan, for the exercise of preparatory and preventive powers in relation to the group and for the development of the group;

2.

the elaboration of a group settlement plan in accordance with § § 46 and 47;

3.

the assessment of the group's settlement capacity in accordance with § 58;

4.

the exercise of powers to dismantuse or remove obstacles to the group's ability to settle in accordance with § 60;

5.

the decision on the need to draw up a group resolution plan in accordance with § § 161 to 165 or § 166;

6.

the agreement on a group resolution proposal, which is proposed in accordance with sections 161 to 165 or § 166;

7.

coordination of the public communication of group resolution strategies and concepts;

8.

coordination of the use of the respective financing mechanisms;

9.

the establishment of minimum requirements at the group level and the individual institute level in accordance with § § 49 to 54.

(2) The resolution collegium may also be used as a discussion forum for all issues related to cross-border group development. (3) The resolution authority is not obliged to establish a resolution collegium if: shall already perform the functions and tasks referred to in paragraph 1 and in § § 157 and 158, and all the conditions and procedures laid down in paragraph 1 and in § § 157 and 158, including those specified in paragraph 1 and in sections 157 and 158 of this Regulation, concerning the membership of and participation in settlement colleges, and keep in place. In this case, all references to a resolution collegium contained in this Act shall be understood as references to that other group or to that other collegiate body. Unofficial table of contents

Section 157 Members of the Resolution Collegium and other participants

(1) The following authorities shall be voting members of the Resolution Collegium:

1.

the resolution authority;

2.

the settlement authorities of the other Member States in which a subsidiary undertaking subject to supervision on a consolidated basis is established;

3.

the settlement authorities of the other Member States in which a parent undertaking of one or more institutions of the group is established;

4.

the resolution authorities of the other Member States in which major branches are located;

5.

the Deutsche Bundesbank;

6.

the European Central Bank, in so far as it is the competent authority for a group-related undertaking in accordance with Regulation (EU) No 1024/2013;

7.

the supervisory authority;

8.

the supervisory authorities of the other Member States whose resolution authority is a member of the settlement collegium; if the supervisory authority of a Member State is not the central bank of the State, the supervisory authority may decide to: to be accompanied by a representative of the central bank of the Member State;

9.

the Federal Ministry of Finance;

10.

the competent ministries in cases where the resolution authorities of the other Member States, which are members of the resolution collegium, are not the competent ministries;

11.

the authority which carries out the supervision of the Deposit Guarantee Scheme;

12.

the authority responsible for the supervision of the Deposit Guarantee Scheme of a Member State, if the settlement authority of that State is a member of the Resolution Collegium.

(2) The European Banking Authority shall contribute to ensuring the efficient, effective and uniform functioning of resolution collegias in compliance with international standards. To this end, it is to be invited as a member without the right to vote on the meetings of the resolution collegium. (3) The resolution authorities of the third countries in which a parent company established in the European Economic Area is a member of the EU shall be invited as an observer to participate in the resolution collegium concerned at its request, provided that such resolution authorities are subject to confidentiality requirements which, in accordance with the provisions of View of the resolution authority to the requirements set out in § § 4 to 10 and 21 comparable. Unofficial table of contents

Section 158 Organisation of the Resolution Collegium

(1) The Resolution Authority shall be chaired by the Resolution Collegium. In this property, it must:

1.

, after consulting the other members of the Resolution Collegium, set out in writing the modalities and procedures for the functioning of the resolution collegium;

2.

co-ordinate all the activities of the Resolution Collegium;

3.

convene meetings of the Resolution Collegium and inform its members in advance on the convening of the meetings, the main agenda items and the issues to be discussed;

4.

inform the members of the Resolution Collegiate of the meetings planned to enable them to request participation;

5.

decide which members and observers shall be invited to participate in certain meetings of the Resolution Collegium, taking into account the importance of the matter to be discussed for the members and observers concerned, in particular the the possible impact on financial stability in the Member States and third countries concerned;

6.

inform all members of the College in good time about the decisions taken and the results achieved in the meetings concerned.

(2) The members of the Resolution Collegium shall request attendance at the meetings. The resolution authorities of the other Member States shall be entitled to attend meetings of the resolution collegium whenever matters are on the agenda subject to the joint decision-making process or which are included in the resolution. (3) The members of the Resolution Collegium work closely together. Unofficial table of contents

Section 159 European Resolution Collegies

(1) Where a third country institution or a third country undertaking has subsidiaries in Germany and at least one other Member State, or at least two Union branches, classified as significant by at least two Member States. , the resolution authority shall establish a European resolution collegium with the resolution authorities of the other Member States in which these subsidiaries are established or in which the Union branches are situated. (2) The European Resolution collegium shall take the functions referred to in § 156 and Tasks relating to subsidiary institutions and to Union branches in so far as the functions and tasks of these branches of the Union are significant. (3) If the national subsidiaries referred to in Article 127 (3) are to be considered The third subparagraph of Directive 2013 /36/EU shall be held by a financial holding company having its head office in the Union, the resolution authority of the Member State shall be chaired by the European resolution college in which the supervisory authority responsible for supervision consolidated on a consolidated basis in accordance with that Directive Supervisory authority. If the first sentence is not applicable, the members of the European Resolution Collegium shall designate the Presidency. (4) The resolution authority may agree to renunciation of the establishment of a European resolution collegium if another group is already in or any other college, including a resolution collegium established in accordance with section 156, the functions and tasks referred to in paragraphs 1 to 3 and 5, and all the conditions and conditions laid down in paragraphs 1 to 3, 5 and 160; and Procedures, including those relating to membership in and Participation in European resolution colleges, meeting or complying with them. In this case, all references to a European resolution collegium contained in this Act shall be construed as references to that other group or collegiate body. (5) Subject to paragraphs 3 and 4, § 156 shall apply. accordingly. Unofficial table of contents

Section 160 Exchange of information with the authorities and ministries of other countries of the European Economic Area

(1) Subject to § § 4 to 10, the resolution authority and the supervisory authority shall forward to the resolution authorities and supervisory authorities in other Member States, upon request, all the information necessary for the exercise of the latter by the Directive. In 2014 /59/EU will be useful. In particular, the resolution authority shall make available to the resolution authorities in other Member States all relevant information in a timely manner in order to facilitate the performance of the tasks referred to in Article 156 (1), second sentence, points 2 to 9. Where the resolution authority is the competent authority for the group winding, the resolution authority shall coordinate the exchange of all relevant information between the resolution authorities. (2) Prior to the transfer of information provided by the resolution authority, the resolution authority shall settlement authority of a third country, the resolution authority shall ask the resolution authority of the third country whether it agrees to the transfer or not, provided that the resolution authority of the third country does not have previously passed the transfer of the (3) The resolution authority shall be entitled to: To pass on information originating from the resolution authority of a Member State or a third country to the Federal Ministry of Finance if the information relates to a decision or a matter which has been sent to the Federal Ministry of Finance requires the Federal Ministry of Finance, or that requires a hearing or the approval of the Federal Ministry of Finance, or which could have an impact on public finances.

Section 2
Group development in the case of a subsidiary which is not an EU parent undertaking

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Section 161 Transmission of information on settlement requirements

If the resolution authority considers that an institution or group-related entity that is a member of a group meets the requirements of § 62 or § 64, and is not an institution or group-affiliated company, it is not EU parent companies, the resolution authority shall without delay transmit the following information to the competent authority responsible for the management of the group, to the consolidating supervisor and to the members of the competent authority responsible for the group. Resolution Collegium:

1.

their assessment that the institute or group of companies in question meets the requirements of § 62 or § 64, and

2.

Information on the settlement measures or on possible insolvency proceedings which the resolution authority deems appropriate in the case of the institution or group of undertakings concerned.

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Section 162 Procedure if the resolution authority is not the competent authority for the group winding up

(1) Where the resolution authority is not the competent authority of the group, it may take the settlement measures notified in accordance with section 161 (2) or the application for the opening of insolvency proceedings concerning the assets of the shall place an institution or group of undertakings in question if:

1.

the group competent authority, after consulting the resolution authority and the other members of the resolution collegium, has considered that the settlement measures notified to it pursuant to section 161 (2) or Insolvency measures cannot be expected to satisfy the conditions laid down in Article 62 or Article 64 in respect of an institution or company of the group in another Member State, or

2.

the competent authority for the management of the group shall not, within 24 hours or any agreed longer period after receipt of the notification in accordance with Section 161, arrive at an assessment as referred to in paragraph 1.

(2) Where the resolution authority is not in agreement with a group resolution concept within the meaning of section 164 proposed by the group competent authority, or does it consider that it is based on the Financial stability other resolution measures or measures other than those proposed in the group resolution concept in relation to an institution or a company within the meaning of § 161 must be explained in detail as to why they are not with the Group resolution concept, the competent authority for group management and the resolution authorities of other Member States that are covered by the group resolution concept, inform them of the reasons and inform them of the measures it will take. On the grounds that it does not agree, it shall take due account of the potential impact on the financial stability of the Member States concerned and of the potential impact of the measures on other parts of the group in an appropriate manner - Unofficial table of contents

Section 163 Procedure, if the resolution authority is the competent authority for group management

(1) Where the resolution authority is the competent authority for group management and receives a notification of a resolution authority of another Member State corresponding to Section 161, it shall, after consulting the other members of the respective resolution collegium the consequences of the settlement measures notified, the intended application for the opening of insolvency proceedings or the other notified insolvency measures of the resolution authorities of other Member States to the group and to companies of the group. It shall assess, in particular, whether the settlement measures or insolvency measures notified to it can be expected to indicate that the conditions or conditions for settlement in respect of an institution or company of the group in another (2) The resolution authority, after consulting the other members of the resolution collegium, considers that the measures notified to it do not expect to be taken into account. that the conditions of § 62 or § 64 in relation to an institute or company the group is satisfied in another Member State, it shall inform the participating resolution authority. (3) The resolution authority, after consulting the other members of the resolution collegium, shall assess the fact that the latter Where settlement measures and insolvency measures are notified in order to ensure that the conditions laid down in § 62 or Article 64 are met in respect of an institution or company of the group in another Member State, it shall submit to the Settlement Collegium within 24 hours of receipt of the communication corresponding to § 161 a proposal for a group resolution concept. The 24-hour period can be extended with the approval of the co-participating resolution authority. Unofficial table of contents

§ 164 Group resolution concept

(1) In a group resolution concept

1.

, the resolution measures should be taken by the resolution authority or the resolution authorities of the other Member States in order to achieve the settlement objectives and to comply with the resolution principles in accordance with Section 68;

2.

to specify how these resolution measures should be coordinated;

3.

a financing plan shall be defined.

The financing plan referred to in paragraph 1 (3) shall be based on the group settlement plan, the principles governing the allocation of financial responsibility in accordance with Article 46 (3) (8) and the general principles of mutual recognition. Support in accordance with Section 12i of the Restructuring Fund Act. (3) The group resolution concept is the subject of a joint decision of the resolution authority and the resolution authorities of the other Member States, which are responsible for the Group resolution concept are responsible for the subsidiary companies. If not all resolution authorities of other Member States agree to the group resolution concept, the resolution authority with the other resolution authorities in other Member States may decide on a joint decision on a group resolution concept for the institutions and companies of the group which are subject to their jurisdiction. At the request of a supervisory authority, the European Banking Authority may, in the event of a joint decision in accordance with Article 31 (c) of Regulation (EU) No 1093/2010, the competent resolution authorities in the case of a joint decision (4) If a group resolution plan is not implemented or if a resolution authority departs from the group resolution concept at a later stage, the resolution authority shall adopt resolution measures with respect to an institution or Where the undertaking referred to in paragraph 1 is concerned, it shall have: To work closely with resolution authorities from other Member States within the resolution collegium in order to develop a coordinated resolution strategy for all of the group's institutions and companies affected by a failure. It shall inform the members of the Resolution Collegiate on a regular and comprehensive basis on the resolution measures taken and on the progress that has been made. Unofficial table of contents

Section 165 Immediate implementation of the measures

The resolution authority shall implement all measures in accordance with sections 161 to 164 without delay and with due regard to the urgency of the matter.

Section 3
Group development in the case of an EU parent company

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Section 166 Group development in the case of an EU parent undertaking

(1) The resolution authority considers that a parent company, which is also an EU parent company, meets the requirements of § 62 or § 64, it shall immediately forward the information referred to in § 161 above Information about this parent company to the other members of the resolution collegium responsible for the group concerned. The settlement measures or insolvency measures in accordance with Section 161 (2) may also include the implementation of a group resolution concept elaborated in accordance with § 164, if:

1.

it is probable, on the basis of settlement measures or other measures at the level of the parent undertaking referred to in paragraph 1 sentence 1, notified in accordance with section 161 (2), that the conditions of § 62 or section 64 in respect of a companies of the group in one of the other Member States are fulfilled;

2.

resolution measures or other measures taken at the level of the parent undertaking within the meaning of the first sentence of paragraph 1 shall not be sufficient to stabilise the situation or not to result in a satisfactory outcome;

3.

in accordance with a determination by the competent resolution authorities in other Member States of one or more subsidiaries, fulfil the conditions laid down in § 62 or Article 64, or

4.

Settlement measures or other measures taken at the level of the parent undertaking within the meaning of the first sentence of paragraph 1 for the subsidiaries of the group shall be so advantageous that a group resolution concept shall be applied.

(2) If the measures notified by the resolution authority in accordance with paragraph 1 do not include a group resolution concept, the resolution authority shall take its decision in consultation with the members of the resolution collegium. In its decision, the resolution authority shall follow the respective resolution plans if it does not come to the conclusion, after the assessment of the circumstances of the individual case, that the resolution objectives can be more effectively achieved by means of measures which: are not provided for in the settlement plan and shall take into account the financial stability of the Member States concerned. (3) The measures notified in accordance with paragraph 1 shall include a group resolution concept, the group resolution shall be the subject of a the joint decision of the resolution authority and the decision taken by the Subsidiaries covered by the group resolution scheme, competent resolution authorities of other Member States. If not all resolution authorities within the meaning of the first sentence agree to the group resolution concept, the resolution authority with the other resolution authorities of the other Member States may adopt a joint decision on a group resolution scheme for the institutions and companies of the group under their jurisdiction. At the request of a supervisory authority, the European Banking Authority may, in the event of a joint decision in accordance with Article 31 (c) of Regulation (EU) No 1093/2010, the competent resolution authorities in the case of a joint decision (4) Where a group resolution approach is not implemented and the resolution authority is meeting settlement measures with regard to an undertaking within the meaning of paragraph 1, it shall, within the framework of the resolution authorities of the other Member States, have of the resolution collegium concerned in order to establish a to develop a coordinated resolution strategy for all the relevant institutes and companies in the group. It shall inform the members of the Resolution Collegiate on a regular and comprehensive basis on the resolution measures taken and the progress in progress. (5) The resolution authority shall implement all measures in accordance with this provision without delay and , taking due account of the urgency of the matter.

Chapter 3
Relations with third countries

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Section 167 Agreements with third countries

(1) In agreements with third countries, the nature and manner of cooperation between the resolution authority and the supervisory authority and the relevant third-country authorities may, in particular, for the purpose of exchanging information in relation to the Rehabilitation and settlement planning in respect of institutions, financial institutions, parent companies and third country institutions shall be established in the following cases:

1.

in cases where a third-country national or a third country institution has subsidiaries or as significantly classified branch offices in the territory of the country and in at least one other Member State;

2.

in cases where a parent undertaking established in the territory of at least one other Member State has a subsidiary undertaking or a major branch, a third State subsidiary or a number of third country subsidiary institutions;

3.

in cases where an institution established in the territory of the country or a major branch established in its territory, the parent undertaking or subsidiary in at least one other Member State, a subsidiary undertaking or a major branch office , has one or more subsidiaries or one or more major branches in at least one third country;

4.

in cases where a parent company established in Germany has a subsidiary or a major branch in at least one other Member State, one or more subsidiaries, or one or more significant branches in a third country.

The agreements referred to in paragraph 1 shall not contain any provisions relating to individual institutions, financial services institutions, parent undertakings or third country institutions. (3) The agreements referred to in paragraph 1 shall at least: comply with the content requirements of § 168 (3) and (4) and are intended in particular to cooperate between the resolution authority and the respective third country authority in the performance of the tasks described in section 168 and the exercise of the tasks described therein. (4) The agreements referred to in paragraph 1 shall be closed for an indefinite period and shall not enter into force once the European Council has concluded agreements on the basis of proposals from the Commission in accordance with the provisions of Article 93 of Directive 2014 /59/EU. Unofficial table of contents

Section 168 Cooperation with third country authorities

(1) The provisions of this paragraph shall apply in respect of cooperation with a third country, if and as long as no agreement has been entered into force with the third country concerned in accordance with Section 167 (4). (2) With regard to cooperation with a third country, the European Banking Authority may conclude non-binding framework cooperation agreements with third-country authorities. In that period and for the period during which no non-binding framework cooperation agreement has yet been concluded between the European Banking Authority and the competent third-country authorities, the resolution authority or the supervisory authority may: non-binding cooperation agreements concluded with the following competent third-country authorities:

1.

in cases where a subsidiary is established at home and in at least one other Member State, with the relevant authority of the third country in which the third country undertaking or a third country institute is established;

2.

in cases where a third-country institution has one or more Union branches within the territory of the Member State and in at least one other Member State, with the relevant authority of the third country in which the institution concerned is established;

3.

in cases where a group-related company having its head office is a subsidiary of a subsidiary or a significant branch in another Member State, and at the same time a third State subsidiary or a number of third State subsidiary institutions, or one or more third country branches, with the respective authorities of the third countries in which the subsidiary institutions or branches concerned are established;

4.

in cases where a group-related undertaking has its head office in another Member State, a subsidiary or a major branch in the country and another Member State and, at the same time, a third country subsidiary institution or a number of third country subsidiary institutions or one or more third country branches, with the respective authorities of the third countries where the third country subsidiary institutions or third country branches concerned are established;

5.

in cases where a domestically established institution with a subsidiary institution or a major branch in another Member State is a third country subsidiary institution or a number of third country subsidiary institutions or one or more Third-country branches, with the respective authorities of the third countries in which these branches are established.

The cooperation agreements referred to in this paragraph shall not contain any provisions relating to individual institutions. (3) The cooperation agreements referred to in paragraph 2 shall be subject to the procedures and arrangements for the exchange of information. the information required and the cooperation between the authorities concerned as regards the exercise of the following tasks and the exercise of the following powers in respect of the powers referred to in the first sentence of paragraph 2, point 1 to 5 institutions or groups to which such institutions belong:

1.

Preparation of settlement plans in accordance with § § 40 to 48 and the comparable requirements under the law of the respective third countries;

2.

assessment of the settlement capacity of the institutions and groups in accordance with § § 57 and 58 and the comparable requirements under the law of the respective third countries;

3.

the exercise of the powers to dismantuse or remove obstacles to settlement capacity in accordance with Articles 59 and 60 and the equivalent powers under the law of the respective third countries;

4.

the application of the early intervention measures in accordance with § 36 and the equivalent powers under the law of the respective third countries;

5.

Application of the resolution instruments and the exercise of the resolution powers and comparable powers which can be exercised by the respective third-country authorities.

The cooperation agreements concluded in accordance with paragraph 2 may also contain provisions relating to:

1.

on the exchange of information required for the preparation and continuation of settlement plans;

2.

on consultations and cooperation in the preparation of resolution plans, including the principles governing the exercise of powers in accordance with Articles 169 to 171 and comparable powers under the law of the respective third countries;

3.

on the exchange of information required for the application of resolution instruments and the exercise of resolution powers and comparable powers under the law of the respective third countries;

4.

on the early warning or consultation of the parties to the cooperation agreement before any substantial measures are taken in accordance with this Act or under the law of the respective third country concerned by the Institute or the Working Party, which shall: the subject of the agreement;

5.

on the coordination of public communication in the case of joint resolution actions;

6.

on procedures and modalities for the exchange of information and cooperation referred to in paragraphs 1 to 5, in particular, where appropriate, by setting up and taking action on crisis management groups.

The resolution authority shall inform the European Banking Authority of cooperation agreements concluded by the resolution authority or the supervisory authority.

Footnote

Section 168 (2), second sentence, no. 3 italics: due to obvious inaccuracy, the word "third country stocking institute" has been replaced by "third country stocking institutions" Unofficial table of contents

Section 169 Recognition and enforcement of third-country settlement procedures

(1) The provisions of this paragraph shall apply in respect of a third-country settlement procedure, if and as long as no agreement has been entered into force with the third country concerned in accordance with Article 167 (4). They shall also apply after the entry into force of an agreement in accordance with Article 167 (4) with a third country, provided that the agreement does not regulate the recognition and enforcement of the third-country settlement procedure. (2) Third-country settlement procedure is a measure provided for by the law of a third country for dealing with the failure of a third country institution which is comparable in its objectives and expected results to the settlement measures provided for in this Law. (3) If a European resolution collegium exists in accordance with § 159, paragraph 1, the decision shall be taken this, in the context of a joint decision on whether to recognise third-country settlement procedures with regard to a third country institute or a parent undertaking, provided that no case is available under Section 170 and provided that:

1.

the third country institution or parent undertaking has domestic subsidiary institutions or one or more national branches of the Union in two or more other Member States, whether or not

2.

the third country institute or parent undertaking has assets, rights or liabilities which are situated in two or more Member States or are subject to the law of those Member States.

Where the European resolution collegium has agreed in a joint decision on the recognition of a third-country settlement procedure, the resolution authority shall issue this third-country settlement procedure, subject to its Compatibility with German law as well as with existing intergovernmental agreements with the respective third country, by means of mutual assistance. (4) If no joint decision of the European resolution collegium on the recognition of a The third country resolution procedure referred to in paragraph 2 shall be adopted by the The resolution authority for subsidiary institutions established in Germany, or a national branch of the Union as a major entity, as well as for assets, rights or liabilities which are situated in Germany or are subject to German law, under Consideration of the regulation of § 170 on the recognition and enforcement of third-country settlement procedures. It shall take into account the interests of the individual Member States in which a third country institution or a parent undertaking is active, and in particular the possible effects of the recognition and enforcement of the third-country settlement procedure on other parts of the group and on financial stability in the Member States concerned. (5) Under the condition of compatibility with German law and with existing intergovernmental agreements with the respective third country, the Resolution authority, in accordance with paragraph 4, in particular entitled:

1.

on the exercise of the powers of resolution in accordance with the third country resolution procedure by means of mutual assistance in relation to

a)

the assets of a third country institution or a parent undertaking located in the country or subject to German law;

b)

the rights or liabilities of a third country institution which is the responsibility of the Union branch of the Union or which is subject to German law or which justifiably justifiably justifiable claims on the territory of the Member State;

2.

for the purpose of executing or ordering the execution of a transfer of shares or title deeds on a subsidiary established in Germany;

3.

for the exercise of powers in accordance with Articles 82, 83 or 84 of the Treaty with regard to the rights of parties to a contract with a company referred to in paragraph 3, where such powers are necessary for the enforcement of the third-country settlement procedures;

4.

restricting the enforceability of contractual rights, in particular:

a)

the termination, termination, liquidation or settlement of contracts or the repayment or settlement of claims on the subject; or

b)

the contractual rights of the parties referred to in paragraph 3 and of other group-related undertakings, if and to the extent that the law to be implemented results from a settlement measure relating to those parties, subject to the condition that: that the essential contractual obligations, including the payment and delivery obligations and the obligation to provide collateral, remain unaffected.

The resolution authority may, where necessary in the public interest, implement resolution measures concerning a parent undertaking, where the competent third country resolution authority considers that it is (7) The recognition and enforcement of the third country settlement procedure does not affect the insolvency proceedings under German law, which may be subject to the (8) Subject to the prior art. Examination of the compatibility with German law as well as existing intergovernmental agreements with the respective third country shall recognize the resolution authority, except in the cases referred to in § 170, of the third country settlement procedure, to the extent that such procedures provide for arrangements necessary for the achievement of one or more settlement objectives. In this case, the recognition of the third-country settlement procedure does not affect the settlement procedure under German law. Unofficial table of contents

Section 170 Right to refuse the recognition or enforcement of third-country settlement procedures

Following consultation with the resolution authorities concerned of the other Member States of the European resolution collegium in accordance with Section 159, the resolution authority may refuse to recognise or enforce the third-country settlement procedure if it is of the opinion that:

1.

the third-country settlement procedure in question would have a negative impact on national financial stability or that the procedure would have a negative impact on financial stability in another Member State,

2.

independent resolution measures in accordance with section 171 relating to a domestic EU branch are required to achieve one or more of the settlement objectives,

3.

Creditors, in particular depositors who are established or disbursable in a Member State, do not enjoy equal treatment with third country creditors and investors with similar legal interests in the context of the third-country settlement procedure would be

4.

the recognition or enforcement of the third-country settlement procedure would have a significant budgetary impact, or

5.

the effects of such recognition or enforcement would be contrary to national law or to interpretation within the meaning of that law, contrary to concluded bilateral agreements.

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Section 171 Unwinding of domestic EU branches

(1) Where a domestic branch of the Union is either not subject to a third-country settlement procedure or if the domestic branch of the Union is subject to a third-country settlement procedure and, at the same time, one of the circumstances referred to in Article 170 is available; the resolution authority may, with respect to this Union branch, take a settlement measure if it considers that the resolution measure is required in the public interest and, at the same time, if at least one of the following Requirements are met:

1.

the domestic branch of the Union no longer fulfils or, in the opinion of the resolution authority, is likely to no longer fulfil the conditions laid down by German law for its authorisation and the pursuit of its business activities and There is no prospect that a private sector measure, the supervisory authority or the third country in which the parent undertaking has its registered office, has the effect of re-fulfilling the conditions within a reasonable time-frame ,

2.

the third country institute is not in a position, in the opinion of the resolution authority, likely to be unable or unwilling to fulfil its financial obligations towards creditors domicated or domicated in the territory of the country or the (a) to comply with obligations entered into or imposed by the Union branch in the case of maturity, and the resolution authority assumes that no third-country settlement or third country settlement is -insolvency proceedings have been initiated or are initiated within a reasonable time frame;

3.

the third-country authority has initiated a third-country settlement procedure with regard to the third country institution or has informed the resolution authority of its intention to initiate such a third-country settlement procedure.

(2) In so doing, the Resolution Authority shall take into account a settlement measure relating to a domestic Union branch, it shall take account of the settlement objectives and shall have this resolution measure in accordance with the principles laid down in Article 68 , as well as the requirements relating to the settlement instruments, to the extent that these principles or requirements are relevant to the resolution measure in question.

Part 6
Fines

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Section 172 Penal rules

(1) Contrary to the law, those who intentionally or negligently act

1.

an enforceable arrangement in accordance with § 12 (3) sentence 1,

2.

Contrary to § 12 (4) sentence 1, an updated recovery plan shall not be transmitted, not correct, in full or in a timely manner,

3.

an enforceable arrangement in accordance with § 12 (4) sentence 2,

4.

Contrary to § 32 (1), an advertisement is not, not correct, not fully or not reimbursed in good time,

5.

a fully-retractable arrangement according to

a)

Section 42 (1), second sentence, or sentence 3, or

b)

Section 42 (3), first sentence, point 1,

also in connection with Section 47 (1),

6.

Contrary to Article 45 (1), first sentence, in conjunction with a regulation pursuant to Article 45 (2), a communication does not make, not correct, not complete or not in good time,

7.

an enforceable arrangement in accordance with § 45 (1) sentence 2, or

8.

Contrary to § 138 (1), a said authority is not informed, not correct or not in good time.

(2) The administrative offence may be

1.

in the cases referred to in paragraph 1 (1), (2), (3), (4), (5) (a) and (8), with a fine of up to EUR 5 million,

2.

in the cases referred to in paragraph 1 (5) (b), with a fine of up to EUR 1 million; and

3.

in the cases referred to in paragraph 1 (6) and (7), with a fine of up to two hundred thousand euro

can be punished. § 30 (2) sentence 3 of the Code of Administrative Offences shall apply. (3) The fine shall exceed the economic advantage that the offender has pulled from the administrative offence. If the maximum level referred to in the first sentence of paragraph 2 is not sufficient for this purpose, it may be exceeded for legal persons or associations of persons up to an amount in the following amount:

1.

10 per cent of the annual net turnover within the meaning of paragraph 4 of the undertaking in the financial year preceding the administrative offence; or

2.

2 times the multiple-proceeds obtained by the infringement.

Article 17 (4) of the Code of Administrative Offences shall remain unaffected. (4) The annual net turnover within the meaning of the second sentence of the third sentence of paragraph 3 shall be the total amount of the total amount of the amount referred to in Article 34 (2), first sentence, point 1 (a) to (e) of the Credit institution-accounting regulation in the current version, including gross income consisting of interest income and similar income, proceeds from shares, other shares and non-fixed-income or fixed-income securities, as well as income from commissions and fees, as referred to in Article 316 of the Regulation (EU) No 575/2013, minus the turnover tax and other taxes directly levied on these revenues. If the company is a subsidiary, it shall be subject to the annual net turnover shown in the consolidated financial statements of the parent company at the top of the group in the previous financial year. Unofficial table of contents

Section 173 The competent administrative authority

The managing authority within the meaning of Section 36 (1) (1) of the Code of Administrative Offences is the supervisory authority in the cases of Section 172 (1) (1) to (4) and (8), and the resolution authority is also the subject of the administrative authority. Unofficial table of contents

Section 174 Announcement of measures

(1) The resolution authority shall be responsible for any action against an institution or group-related undertaking or against a business manager or head of business of an institution or group-affiliated undertaking and which has become legally binding. Any measure which it has imposed on the grounds of a breach of this law and the legal regulations adopted thereto, and any indisputable fine decision pursuant to paragraphs 2 to 4 of this Article, without delay on its Internet sites , including information on the nature and nature of the infringement (2) The resolution authority shall disclose a measure which has become final and an indisputable penalty decision on an anonymous basis, if a notice referred to in paragraph 1 is published.

1.

the personal right of natural persons is infringed or a disclosure of personal data would be disproportionate for other reasons,

2.

the stability of the financial markets of the Federal Republic of Germany, or of one or more Member States of the European Economic Area, or the progress of a criminal investigation, would be seriously jeopardised; or

3.

would cause disproportionate damage to the participating institutions, group members or natural persons.

By way of derogation from the first sentence, the resolution authority may, in the cases referred to in points 2 and 3 of the first sentence, disregard the notice referred to in paragraph 1 until the reasons for a notice have been omitted on an anonymous basis. (3) The measures and Fines decisions within the meaning of paragraph 1 shall remain at least for five years from the stock of the measure or invalidity of the fine decision on the Internet pages of the resolution authority. (4) The resolution authority shall: Informs the Supervisory Authority and the Federal Ministry of Finance of all of the final (5) The resolution authority and the supervisory authority shall inform the European Banking Authority of all measures which have become final and become unquestionable. Decisions on fines; paragraph 3 shall apply accordingly. The European Banking Authority shall be empowered to centrally manage the submitted measures and an indisputable penalty decision in a database and to exchange information for the purpose of exchanging information. supervisory authorities and resolution authorities of a Member State. Unofficial table of contents

Section 175 Participation of the resolution authority and communications in criminal matters

(1) The court, the law enforcement authority or the law enforcement authority has in criminal proceedings proceedings against holders or directors of institutions, group members of undertakings or members of the administrative or supervisory bodies of institutions or bodies. group-affiliated companies as well as against holders of significant holdings in institutions or group members of companies or their legal representatives or personally liable partners for breach of their professional duties or other Offences in connection with or in connection with the exercise of an industrial property or the operation of any other economic enterprise in the case of the filing of the public action of the resolution authority

1.

the indictup or an application to be sent to its place;

2.

the request for the adoption of a criminal order; and

3.

the final decision on the basis of the decision

; if an appeal has been filed against the decision, the decision shall be communicated with reference to the appeal lodged. In proceedings for negligently committed offences, the transfers determined in the first and second sentence of the first sentence shall be carried out only if, from the point of view of the transferring authority, decisions or other measures taken by the resolution authority immediately or without delay (2) If otherwise facts are known in a criminal case which indicate maladministration in the business operations of an institution or group of companies, and is aware of the facts from the point of view of the authority to be notified of Measures taken by the resolution authority in accordance with this law shall be required by the court, which shall: The law enforcement authority or the law enforcement authority shall also communicate these facts to the extent that it is not clear to the agency that it is notified that the interests of the person concerned outweigh the legitimate interests of the person concerned. (3) The resolution authority shall be granted access to the file on request, unless it can be seen from the point of access to the file that protection-worthy interests are of the person concerned. The second sentence of paragraph 2 shall apply accordingly.

Part 7
Transitional and final provisions

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Section 176 Fees and levy

(1) The resolution authority charges fees for all measures under this Act and the related activities, and requires the reimbursement of costs in accordance with § 3d of the Financial Market Stabilisation Fund Act. The collection of fees may be waited for the transitional year 2015. (2) The resolution authority shall lay down all other costs incurred by it in the exercise of this law, in accordance with § 3d (4) of the Financial Market Stabilisation Fund Act.