Source: https://www.global-regulation.com/translation/germany/384856/investor-compensation-act.html
Timestamp: 2018-10-22 09:39:53
Document Index: 304844583

Matched Legal Cases: ['art. 6', 'art. 2', '§ 5', '§ 7', '§ 8', '§ 10', '§ 11', '§ 12', '§ 14', '§ 15', '§ 16', '§ 18', '§ 1', '§ 1', '§ 1', '§ 1', '§ 20', '§ 1', '§ 20', '§ 3', '§ 4', '§ 1', '§ 1', '§ 1', '§ 28', '§ 5', '§ 4', '§ 5', '§ 6', '§ 7', '§ 7', '§ 6', '§ 6', '§ 8', '§ 5', '§ 5', '§ 5', '§ 340', '§ 340', '§ 9', '§ 32', '§ 7', '§ 46', '§ 5', '§ 9', '§ 7', '§ 89', '§ 12', '§ 53', '§ 1', '§ 14', '§ 15', '§ 16', '§ 9', '§ 17', '§ 5', '§ 5', '§ 8', '§ 8', '§ 7', '§ 1']

Machine Translation of "Investor Compensation Act" (Germany)
Original Language Title: Anlegerentschädigungsgesetz
Read the untranslated law here: http://www.gesetze-im-internet.de/eaeg/BJNR184210998.html
Investor Compensation Act (AnlEntG) AnlEntG Ausfertigung date: 16.07.1998 full quotation: "investor compensation act of 16 July 1998 (BGBl. I S. 1842), by article 2 of the Act of May 28, 2015 (BGBl. I S. 2015) has been changed" stand: last amended by art. 6 G v. 15.7.2014 I 934 Note: change article 2 G v. 28.5.2015 I 2015 (No. 21) textually evidenced by, edited documentary has not conclusively about the stand number you see in the menu see remarks footnote (+++ text detection from) : 1.8.1998 +++) (+++ official notes of the standard authority on EC law: implementation of EGRL 19/94 (CELEX Nr: 394L 0019) EGRL 9/97 (CELEX Nr: 397L 0009) EGRL 14/2009 (CELEX Nr: 309L 0014) see G v. June I 1528 +++) heading: eingef the letter abbreviation. by article 1 No. 1 G v. June I 1528 heading & letter abbreviation: IdF d. art. 2 No. 1 G v. 28.5.2015 I 786 mWv 3.7.2015 which became article 1 G v. 16.7.1998 G I in 1842 by the German Bundestag, with the consent of the Federal Council decided. It occurs as per article 7 sentence 2 of this G mWv 1.8.1998 in force.
Table of contents section 1 definitions section 2 safety obligations of institutions article 3 compensation claim section 4 scope of the compensation claim of § 5 compensation procedures article 6 § 7 compensation scheme Beliehene compensation scheme; Authority to issue regulations § 8 means of establishing compensation article 9 examination of institutions § 10 examination of the compensation institution § 11 exclusion from Entschädigungseinrichtung § 12 branches of companies domiciled in another State of the European economic area article 13 § 14 confidentiality non-application of the insurance supervision law § 15 fine provisions § 16 coercive measures article 17 of time scope of § 18 application provisions and transitional provisions § 1 (1) institutions within the meaning of this law are definitions 1 financial services Institute, which is a permission to the provision of financial services within the meaning of § 1, clause 1 a sentence 2 number 1 to 4 letter a until it is granted to c of the Banking Act, 2. credit institutions, which is a permit for the operation of banking business within the meaning of § 1 paragraph 1 sentence 2 number 4 or number 10 of Banking Act or the provision of financial services within the meaning of § 1, clause 1 a sentence 2 number is 1 to 4 letters a to c of Banking Act is issued and a permit to operate the deposit and lending gives those according to section 1, paragraph 1, sentence 2 Nos. 1 and 2 of the Banking Act , and, 3. external capital management companies where a permit is issued according to § 20 para 1 in conjunction with section 21 or section 22 of the investment code and reducing the amount of in article 20 paragraph 2 number 1, 2 and 3 and paragraph 3 number 2 to 5 of the investment code mentioned service or ancillary services are authorized.
(2) securities transactions within the meaning of this law are 1 banking or financial services within the meaning of § 1 paragraph 1 sentence 2 number 4, 5, or number 10 or paragraph 1a sentence 2 number 1 to 4 of the Banking Act and 2. Services and ancillary services to § 20 paragraph 2 number 1, 2 and 3 and paragraph 3 number 2 to 5 of the investment code.
(3) liabilities from securities transactions within the meaning of this law are the obligations of an institution for the repayment of money owed to investors from securities transactions or belonging and which are held for their account relating to securities transactions. These include claims by investors on publication of instruments, owned by them and which are kept in custody or kept for their account relating to securities transactions.
(4) a compensated within the meaning of this act occurs if the Federal Agency for financial services supervision (Bundesanstalt) finds that an institution for reasons directly related to its financial situation, is not able to meet liabilities from securities transactions and there is no prospect of a future fulfillment.
§ Committed 2 safety obligations of institutions that are institutions to secure their liabilities from securities transactions in accordance with this law by belonging to a compensation scheme.
§ 3 right to reparation (1) the creditors of an institution has in the compensated against the compensation scheme have a claim to compensation in accordance with § 4 (2) no claim 1 CRR credit institutions within the meaning of § 1 paragraph 3d is set 1 of the Banking Act including branch offices of companies headquartered abroad, a permit in accordance with section 1, paragraph 1, sentence 2 Nos. 1 and 2 of the Banking Act granted That investment firms within the meaning of article 4 paragraph 1 number 1 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, amending Directives 85/611/EEC and 93/6/EEC of the Council and Directive 2000/12/EC of the European Parliament and of the Council and repealing Directive 93/22/EEC of the Council (OJ L 145 of 30.4.2004, p. 1) and financial institutions within the meaning of article 4 paragraph 1 number 26 of the Regulation (EU) No. 575 / 2013 of the European Parliament and of the Council of 26 June 2013 on supervision requirements for credit institutions and investment firms and for amending the Regulation (EU) No. 646 / 2012 (OJ L 176 of the 27.6.2013, p. 1) based in the country or abroad, so far as they in their own name and on its own account Act, 2 private and public insurance companies domiciled in Switzerland or abroad, 3. management company within the meaning of § 1 paragraph 14 of the investment law based in the country or abroad including that of them managed domestic, EU and foreign investment asset pools within the meaning of § 1, clause 1 of the investment code , 4. the Federal Government, a country, a legally dependent Fund of the Federation or a land, a municipal authority, another State or a regional government or a local authority of another State, 5. Managing Director, personally liable partners or members of supervisory bodies of the Institute, persons who hold at least 5 percent of the capital of the Institute, within the meaning of § 28 of the German banking law and creditors who have a corresponding position or function in a company , with the Institute a group within the meaning of section 18 of the companies Act, without having it on the legal form arrives, forms, 6 unless spouses, cohabitants and relatives of first and second degree of the persons referred to in paragraph 5, that the funds or financial instruments from the own assets of the spouse, life partner or relatives come, 7 companies, with the Institute a group within the meaning of section 18 of the companies act , without that it depends on the legal form, form 8 creditors that have caused issues at the Institute or used which have caused the financial difficulties or contributed significantly to the deterioration of the financial situation of the Institute, These are in particular creditors who have received on the basis of individually negotiated agreements high interest rates or financial benefits, 9 companies, which according to the rules of the third of book of the commercial code, to prepare a management report have or are exempt from this obligation only due to its inclusion in consolidated financial statements, and similar companies based abroad and 10 creditors, whose claims against the Institute in connection with transactions are , on the basis of which persons in a criminal case of money laundering within the meaning of article 1 of Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (OJ L 309, 25.11.2005, p. 15) have been finally convicted.
Has traded the creditors of the institution on behalf of a third party and the fiduciary relationship clearly as such is marked, set 1 on the third party is so for determining the authorization of the claim after turn off.
(3) the claim of the Indemnitees against the compensation scheme barred five years after notification of the Indemnitees over the compensated according to § 5 paragraph 4 sentence 1 (4) disputes concerning the reason and the amount of the claim for compensation is the civil way.
§ 4 scope of the claim for compensation (1) the compensation claim of the creditor of the Institute depends on the height and the scale of it compared to existing liabilities from securities transactions, taking into account any set-off and right of retention of the Institute. A compensation claim does not exist as far as deposits or funds not on the currency of a Member State of the EU or euro denominated.
(2) the compensation is limited to 90 per cent of liabilities from securities transactions and the equivalent of 20 000 euros amount.
(3) in calculating the amount of the claim for compensation, the amount of the funds and the market value of financial instruments in the event of the compensation claim is to be based. The compensation also includes claims on interest in part of the ceiling referred to in paragraph 2. They are from the contingency of the compensation until repayment of liabilities, at the latest until the opening of the insolvency proceedings. The compensation claim is reduced in so far as the loss incurred by the compensated the creditor is offset by services of third parties.
(4) the upper limit refers to under paragraph 2 the total claim of the creditor against the institution, regardless of the number of accounts, the currency and the location at which the accounts or financial instruments held. The compensation may be paid in euro.
(5) in the case of joint accounts, the respective share of the individual account holder is decisive for the upper limit referred to in paragraph 2. Absence of special provisions, so the funds or financial instruments allocated to the account holders to equal shares.
(6) has traded the creditor on behalf of a third party, is to turn off for the upper limit specified in paragraph 2 to the third party.
§ 5 compensation procedure (1) the Federal Agency has the compensated immediately to notice, within 21 days, after she became aware of it, that is an institution unable to meet liabilities from securities transactions. She also determine the compensated if measures number 4 to 6 of the Banking Act have been arranged according to article 46, paragraph 1, sentence 2, and they last longer than six weeks.
(2) opposition and against the determination of the claim for annulment have no suspensive effect.
(3) the Federal Agency published the statement of claim in the Federal Gazette. They shall immediately inform the compensation scheme of the determination of the claim.
(4) the compensation scheme has about the contingency of the compensation and the period referred to in paragraph 5 sentence 1 to promptly inform the creditors of the institution; She take appropriate measures to compensate the creditor within the time limit referred to in paragraph 6. The Institute has the compensation scheme immediately, to provide the required documents no later than within one week, for the compensation of creditors.
(5) the compensation claim is to apply in writing within one year after notification of the compensated in establishing compensation. After this period, the compensation is excluded, unless the default is represented not by the party entitled to compensation.
(6) the compensation scheme has the pending claims to check immediately. The compensation scheme has no later than three months after it has determined the eligibility and the amount of claims to meet claims. This period with the consent of the Federal Agency for up to three months may be extended in special cases.
(7) as far as the compensation scheme meets the compensation claim of a legitimate, whose claims against the Institute to go over.
(8) is the claim of the creditor in connection with transactions on the basis of which persons in a criminal case of money laundering in the meaning of article 1 of Directive 2005/60/EC is being investigated, so the compensation scheme may suspend the performance of the compensation, until the criminal case is finished.
§ 6 compensation scheme (1) with the Kreditanstalt für Wiederaufbau is built a compensation scheme as not equal rights Fund of the Federal Government which are associated with the institutions referred to in article 1(1). The compensation scheme may acting in legal relations, sue or be sued.
(2) the compensation scheme has the task to collect the contributions of institutions associated with it, to invest the assets in accordance with article 8, paragraph 1, and to compensate the creditors of an associated Institute of unfulfilled liabilities from securities transactions in the compensated.
(3) the Kreditanstalt für Wiederaufbau manages the compensation scheme. They are subject to supervision by the Federal Agency in that regard. § 7 paragraph 3 sentence 2 to 4 shall apply mutatis mutandis. For the Administration, it receives reasonable compensation from the Fund.
(4) the Federal Agency decides on the appeal against administrative acts of the compensation scheme.
(5) the compensation scheme has to check their systems in terms of their functionality on a regular basis. She has the Federal agency about the results of the tests to teach.
(6) if the Federal agency learns about circumstances of an Institute which is expected to lead to the admission of a claim, it has to inform the compensation institution thereof.
§ 7 beliehene compensation scheme; Authority to issue regulations (1) authorises the Federal Ministry of finance, to assign tasks and powers of the compensation institution of a legal entity of private law by decree if it is ready to assume the duties of the compensation scheme, and sufficient guarantee provides for the fulfillment of the requirements of the Indemnitees (beliehene compensation scheme). A legal entity provides sufficient guarantee, if 1 the people who exercise the management and representation of the legal person according to law or the articles of Association, are reliable and suitable, 2. keeps the legal entity to carry out the tasks of establishing compensation equipment and organization, in particular as regards the contribution collection, the management of funds and the payment of compensation, possesses and for it's own funds the equivalent of at least EUR 1 million.
The Ordinance pursuant to sentence 1 the Federal Ministry of finance may reserve the approval of the articles of Association of the legal person and the approval of amendments to the statutes.
(2) in the case of the collateral referred to in paragraph 1, the legal entity of private law in the rights and obligations of the compensation institution occurs according to § 6. The provisions of article 6 paragraph 1 the mapping of the institutes as well as § 6 paragraph 4 to 6 shall apply accordingly.
(3) a beliehene compensation scheme is subject to the supervision of the Federal Agency. The Federal Agency has to counteract abuses which could affect the proper functioning of the compensation or jeopardize the assets accumulated on the implementation of the compensation. The Federal agency may make orders that are appropriate and necessary, to eliminate these abuses or to prevent. The rights of information and examination are entitled to liabilities of Nr.1B,c compensation fund of the Federal agency according to article 44, paragraph 1 of the Banking Act.
§ 8 means of establishing compensation (1) the funds for the implementation of the compensation provided by contributions of the institutes. The contributions of the Institute need to cover claims against the compensation scheme, administrative costs and other expenses resulting from the activities of the compensation scheme. The funds collected for the compensation are to the point of view of risk diversification so to apply, that a greatest possible safety and adequate liquidity of investments at reasonable profitability is guaranteed.
(2) the institutions are obliged to pay annual contributions to the compensation scheme at the end of an accounting year. The fiscal year covers the period from 1 October of the year to 30 September of the following year. In the Decree according to paragraph 9, sentence 1 is to set an upper limit for the collection of annual contributions. Institutions that are assigned to after August 1, 1998 a compensation scheme, have to make a one-time payment in addition to the annual fee. The compensation scheme may after approval by the Federal Agency down the obligation to contribute - or suspend if sufficient resources for the implementation of the compensation.
(3) the compensation scheme has to determine the requirements immediately after the briefing by the Federal agency about a compensated according to § 5, paragraph 3, sentence 2, and thereafter subject to paragraph 4, immediately to raise special contributions, if this is necessary for the implementation of the compensation procedure. The compensation scheme may cover the requirements for a compensated by special contributions that are to rise in instalments so far so that the obligation can be fulfilled according to § 5 paragraph 6, taking into account the duration, the size and the circumstances of the claim. In the case of the collection of instalments has the compensation scheme to inform the institutions concerned about how you intended.
(4) special contributions are advance payments to cover the funding requirements, which consists in a compensated. The needs arises from the total compensation in the compensated plus the administrative costs for the implementation of the claim and other costs net of establishing compensation funds for this compensation in the time available. The total compensation is to determine the documents that are to submit the Institute according to article 5, paragraph 4, sentence 2 of the compensation institution. Total compensation on the basis of the documents is not sufficient to determine the compensation scheme to estimate the amount in particular on the basis of their present data about the compensated and the average compensation, as well as the costs from the previous compensation cases at the associated institutes has. The compensation institution determines that the actual requirements for the total compensation exceeds the amount determined in accordance with set of 3 or 4, the compensation scheme is obliged to raise further special contributions immediately after this statement to cover the funding requirements. Special contributions are due with the announcement of the special contribution decisions.
(5) as far as the needs of the compensation institution in a timely manner may be covered by the survey of special contributions to fulfilling their duties according to § 5 paragraph 6, has the compensation scheme to take out a loan. The compensation scheme, can serve the credit probably not from the available assets she has for eradication to raise interest and expenses special payments. Special payments are due every six weeks before the due date of the credit services, but not before two weeks after the announcement of the special payment notices. Instead the post survey pursuant to paragraph 3 sentence 1 can borrow the compensation scheme, if you expect that this credit including interest and costs within the current and the next accounting year from the available assets can be attributed fully without needing a collection of special payments.
(6) the obligation for all companies which were associated with the compensation scheme at the beginning of the accounting year, from which a contribution or a payment is collected, to the performance of special contributions and special payments. This does not apply to institutions that are eliminated before the determination of the claim from the compensation scheme.
(7) the amount of each special contribution and the respective payment is calculated according to the ratio of the last due full year contribution of each Institute to the total amount of the annual membership fees and one-time payments and, in the cases of the set of 3, the fictional year contributions of all contribution under paragraph 6 or subject to payment institutions. For institutions that had to pay yet no annual fee, the one-time payment takes the place of most recently due annual contribution set 4 referred to in paragraph 2. The decree set 1 may provide pursuant to paragraph 9, that the establishment of compensation in cases of the set of 2 at the request of an institution, and after submission of facie plan numbers calculated a fictional year contribution, which takes the place of the last due annual contribution, unless this is a significant departure for the one-off payment of the Institute. If due to the formation of special item according to § 340 g of the commercial code, a uniform and equitable distribution of the obligation on the institutions, taking into account the requirements pursuant to paragraph 9 set 1 second half-sentence no longer guaranteed is the decree can after paragraph 9 set 1 also stipulate that in the cases of sentence 1 for institutions, a special item after § 340 g of the commercial code form the compensation scheme , a fictional year contribution calculated, which takes the place of the last due annual contribution; When calculating this fictitious year contribution, also formed special items within the meaning of section 340 are considered section 340e paragraph 4 of the commercial code g of the commercial code only in the amount of half of its amount. The establishment of compensation is entitled to charge several feature articles and special payments in a fiscal year. Bonuses and special contributions collected during a fiscal year shall not exceed a total five times of recently due to an Institute annual contribution; institutions that had to pay yet no annual fee, special payments altogether and special contributions collected during a fiscal year may not exceed five times of the one-off payment or the fictitious year contribution. Has been an institution for a period of three consecutive years of billing feature articles or special payments, special taxes, contributions and special payments may not exceed immediately following years twice of last due for an Institute annual contribution in each fiscal year a total. The compensation scheme may exempt fully or partially an institution with the consent of the Federal agency from the obligation to provide a special contribution or a payment, if the whole he would be danger for the fulfillment of obligations of the institution to its creditors on the establishment of compensation to be paid payments.
(8) after a compensation procedure, which has to report the institutions compensation scheme using the special contributions and special payments. She has to reimburse the institutions paid special contributions and bonuses if they not set 1 and 2 have been used in the case of special contributions not to carry out the claim, or in the case of special payments to service a loan under paragraph 5 after the completion of the compensation procedure.
(9) details about the annual contributions, the one-time payments, the special contributions and the special payments by Decree without the consent of the Federal Council regulates the Federal Ministry of finance after consultation with the compensation scheme; with regard to the annual membership fees, of one-time payments as well as the special contributions and special payments, as well as the special payments, the kind and the scope of secured transactions, the volume of business and the number, size are to bring the business structure and the risk of associated with establishing compensation Institute, a compensated, to take into account. The decree can contain also provisions on the collection of interest on arrears for late paid contributions, borrowing and the investment of funds. The Federal Ministry of finance can confer the empowerment by regulation on the Federal Agency.
(10) from the post notices of the compensation scheme, the enforcement takes place according to the provisions of the administrative enforcement Act. The engrossment granted the compensation scheme. Opposition and legal challenge to post notices have no suspensive effect.
(11) for the fulfilment of obligations under article 3, paragraph 1, the compensation body only with the assets, which is set 2 available on the basis of the contributions after deduction of the costs referred to in paragraph 1 is liable. A beliehene compensation scheme has to keep these assets separate from its other assets and to manage.
§ 9 examination of institutions (1) which seeks compensation scheme for assessing the risk of the occurrence of a claim regularly and on occasion examinations of institutions associated with it make. It has to align the intensity and frequency of the tests on the probability of the emergence of a claim at an Institute and at the level of total compensation that is to be expected in this case. Opposition and legal challenge to the tests have no suspensive effect.
(2) the institutions are obliged to submit the compensation scheme, which they are associated, immediately submit the established annual financial statements with the corresponding audit report, as well as to provide all information and documents, which required the establishment of compensation to the performance of their duties under this Act. The persons employed in establishing compensation or working for them is to allow me to enter the land or premises of the Institute, as far as this is necessary for carrying out the tasks of establishing compensation under this Act during the usual working hours. The for issuing a report committed the information on such questions, may refuse the answers himself or one who would expose number 1 to 3 of the code of civil procedure referred to members of the danger of criminal prosecution or proceedings in Article 383 paragraph 1 according to the law of administrative offences. The debtor is to teach about his right to refuse the information.
(3) the compensation scheme may perform tests to assess the risk of the occurrence of a case of compensation in the case of a licence for a company that has submitted a permit application pursuant to § 32 paragraph 1 sentence 2 of the Banking Act at the Federal and at the licence would be placed in her.
(4) for the compensation scheme with the Kreditanstalt für Wiederaufbau tests are carried out after paragraphs 1 and 3 by the Deutsche Bundesbank. The Federal mandate, perform the tests of the Deutsche Bundesbank on proposal of the compensation scheme. A beliehene compensation scheme has to § 7 perform the tests according to paragraphs 1 and 3 by its own expert Auditors or the checks to undertake appropriate third parties. Appropriate third parties are Auditors, sworn auditors, auditing and book audit firms and other third parties who have the necessary knowledge and experience, provided that no circumstances exist which justify conflicts of interest in these individuals with regard to the Institute to be tested. The beliehene compensation scheme has to oblige the persons entrusted with the tasks pursuant to sentence 3, immediately notify the existence of appropriate circumstances her. The checks should not be carried by the statutory auditor or the auditor of the reporting obligations and rules of conduct of the Institute. The costs incurred for testing have to reimburse the audited entity of the compensation scheme. The compensation scheme has the German Central Bank or, in the cases of the set of 3, the appropriate third parties the personnel and administrative expenses to replace.
(5) the compensation scheme sets the details of the tests in test guidelines which require the approval of the Federal Agency.
(6) the staff of the compensation scheme, as well as the persons they used, can enter the premises of an institution within the usual operating and business hours, as far as the Federal Agency has ordered measures pursuant to § 46 of the Banking Act against this institution. All documents are them to submit, that they need to prepare a compensation procedure referred to in article 5, paragraph 1, sentence 1 and 2. If areas of the Institute on another company have been outsourced, sentences 1 and 2 to this company shall apply mutatis mutandis.
(7) the compensation scheme has to replace the expenses of establishing compensation for carrying out or preparing a compensation procedure within the meaning of § 5.
(8) the establishment of compensation during a test receives pursuant to paragraph 1 or in any other way by circumstances which justify the risk of entry of the claim with an institution, she immediately to inform the Federal Agency.
Article 10 examination of the compensation institution (1) which has a compensation setting at the end of the calendar year to set up an annual report and to hire an independent auditor or an independent public accounting firm with the examination of the completeness of the business report and the accuracy of the information. The compensation scheme has to show the Federal Agency the inspector ordered her immediately after ordering. The Federal agency may require the appointment of another auditor within one month after receipt of the notification, if this is necessary to achieve the purpose of the audit; Contradiction and application for annulment against the decision have no suspensive effect. The annual report must contain information on the activity and the financial conditions of the compensation scheme, in particular to the height and the investment of funds, for the use of funds for compensation cases, the amount of contributions and the cost management.
(2) the compensation scheme has to submit the established annual report each of the Federal Agency and the Deutsche Bundesbank until May 31. The examiner has to submit the report on the audit of the business report immediately after the examination of the Federal Agency and the German Bundesbank. The Federal Agency and the German Federal Bank are to teach sentence 4 also on request through the information referred to in paragraph 1. § 9 of the Banking Act shall apply accordingly.
(3) the performing of the tasks and powers of the Entschädigungseinrichtung transferred a Nr.1B,c according to § 7, the Federal Audit Office checks the beliehene establishment of compensation in regard to a proper budgetary and economic management. §§ 89, 90, 92 to 100 of the federal budget rules are to be applied accordingly. The General Accounting Office is to promptly inform if Supreme Federal authorities lay down general rules, or explain which relate to the compensation scheme. The General Accounting Office is before the adoption of this legislation to hear.
Section 11 exclusion from the compensation scheme (1) meets an Institute the contribution or participation obligations according to section 8 or section 9 not, not, not fully or not in time, so has to inform the compensation scheme of the Federal Agency and the German Bundesbank. The Institute does not meet his obligations within a month following a request by the Federal Agency the establishment of compensation can announce the exclusion from compensation set up the Institute with a period of twelve months. The Institute does not meet even the obligations continue to the compensation scheme with the consent of the Federal Agency can now exclude the Institute by the compensation scheme after expiry of this period. After dismissing the compensation body only for liabilities of the Institute which were founded before the expiration of date is liable.
(2) the permit for the operation of securities transactions in accordance with article 1(2) falls away, the compensation scheme only for liabilities of the Institute which were established prior to the removal shall be liable.
§ 12 branch offices of companies domiciled in another State of the European economic area (1) branch offices of a company within the meaning of § 53 b of the banking law have to the conditions applicable to domestic institutions entitled to inclusion in a compensation scheme, provided that the compensation exceeds the fuse in the home state of the company under this act according to height or circumference. Prerequisite is that permission to operate the businesses of securities trading companies in the sense of § 1 paragraph 3d of the Banking Act is granted to the company in his home State.
(2) the assurance in the sense of paragraph 1 is limited height and size to the portion which exceeds the protection in the country of origin. Banking or financial services are not secured with foreign currency or units of account.
(3) does not meet a branch that is included under paragraph 1 in a compensation scheme, its obligations to the compensation scheme, shall notify the compensation scheme of the Federal Agency and the German Bundesbank. The Federal Agency calls on the branch to meet their obligations within a period to be determined by the Federal Agency. The branch does not fulfil this request, the Federal Agency shall inform the competent authorities of the home Member State, which set 2 called permission have granted in paragraph 1. The Federal Agency and the competent authorities of the home Member State, take all necessary measures, in cooperation with the compensation scheme to ensure that the branch fulfilled their obligations under this Act.
(4) if the competent authorities of the home Member State shall take no measures or the measures prove pursuant to paragraph 3 as inadequate, the compensation scheme with the consent of the competent authorities of the home Member State can exclude the branch with a period of twelve months from the compensation scheme. After dismissing the compensation body only for liabilities of the branch, which were established before the expiration of date is liable.
(5) the compensation scheme of paragraphs 1 to 4, with the compensation institution of the country of origin cooperates in coordination with the Federal Agency in cases.
Article 13 confidentiality persons employed in establishing compensation or are working for them, may alien secrets, in particular operation or business secrets, unauthorized disclose or exploit. You are under the obligation law of 2 March 1974 (BGBl. I p. 469, 547), by section 1 number 4 of the Act of 15 August 1974 (BGBl. I p. 1942) is has been modified by the Federal Agency on a conscientious fulfilment of their obligations to undertake. An unauthorized Revemu or salvage alien secrets not exists in particular if facts are passed to the Federal agency or the Deutsche Bundesbank.
§ 14 non-application of the insurance supervision law the provisions of the Insurance Act do not apply to compensation facilities within the meaning of articles 6 and 7.
§ 15 is fine provisions (1) any person who intentionally or recklessly not, incorrectly, incompletely or not timely submit the annual accounts with the corresponding audit report contrary to article 9, paragraph 2, sentence 1.
(2) any person who intentionally or negligently contrary to article 9, paragraph 2, sentence 1 not, incorrectly, incompletely or not timely provide you with an information or not, incorrectly, incompletely or not timely submit a document is being.
(3) the offence can be punished with a fine up to fifty thousand euro.
(4) managing authority within the meaning of article 36, paragraph 1, number 1 of the code of administrative offences is the Federal Institute.
Adherence to the orders affecting them within their statutory powers with coercion according to the provisions of the administrative enforcement Act enforce § 16 coercive means (1) that can compensation scheme.
(2) the amount of the penalty payment is for measures referred to in article 8, paragraph 1, 2 sentence 1, § 9, paragraph 2, sentence 1, paragraph 3 and 6 set 1 and 2 up to 50 000 euro, when measures pursuant to article 9, paragraph 1, sentence 1 up to 100 000 euro.
§ 17 temporal scope of application (1) a claim for compensation under this Act consists for a compensated due to non-fulfilment of liabilities from securities transactions only, if this compensated occurred after September 25, 1998.
(2) claims for compensation under this Act can be registered for the first time from November 1, 1998. If the information pursuant to § 5 paragraph 4 has been made before the registration period according to § 5 paragraph 5 starts after 1 November 1998.
Section 18 application provisions and transitional provisions (1) until December 31, 2010 can apply the compensation bodies and institutions section 5 further in the version applicable up to June 29, 2009.
(2) institutions that are eliminated before June 30, 2009 from a compensation scheme, can no longer be used for the processing of this compensation scheme compensation cases.
(3) compensation cases, which have been identified prior to June 30, 2009 and that the compensation procedure is not yet completed, is version applicable to § 8 section 3 to 10 in the as of June 30, 2009 with the following stipulations apply: 1 in place of the briefing by the Federal agency according to article 8, paragraph 3, sentence 1 of 30 June 2009 2 occurs.
The compensation scheme to cover the funding requirements already recorded a loan prior to June 30, 2009, the obligation for making special contributions according to § 8 para 3 sentence 1 is eliminated, as far as the needs are covered by the credit.
(4) investment companies, that no. 1 of the Investment Act have a permit for the provision of individual asset management pursuant to § 7 para 2, and apply for more than a year have made no use of this permission on June 29, 2009 to September 29, 2009, rather than the institutions within the meaning of § 1 para 1 No. 4.