（金融保险）德国银行法
仅使保理业的监管更规范、更明晰、更主动，而且也使其金融监管体系更为完善。但由于银
行法中对其他金融机构的很多约束性条款对保理业并无要求，而且从事保理的企业多为金融
机构的分支或者下属机构，在保理业纳入监管前已经在间接的接受银行体系的监管，所以实
际上德国保理业发展的法律监管环境基本没有大的改变。
二、相关法律规定
（一）主要法律依据。德国银行法2009年修订本。
该修订本是目前保理业最主要的法律监管依据。该法将保理业务界定为：在标准协议基础上
持续购买应收账款的一类金融服务，对应收账款出让方可以有追索权，也可以无追索权。（详
见银行法第1条第9款。）其中涉及保理业务的规定主要包括：准入申请、经营活动监管、免
责条例等。
1.准入申请。从2008年12月25日起，若在德国开展保理业务或其它任何一项银行法第1条规
定的银行业务，必须按照银行法规定，向德国联邦金融监管局（BaFin）递交营业许可申请。
申请时需提交以下资料：从事这类业务所必需的财力证明（该条不适用于保理业）；申请者
的可信度评估材料；经营者专业水准证明；一份包括商业计划、组织结构和内部管理的可行
性计划书；如果有主要参股者控股拟设立的企业，还要提交股东相关资料；对是否有利益相
关方持有公司权益的说明等。在收到申请者递交全套材料起半年内，金融监管局必须做出批
准或拒绝许可的反馈。该局有权对符合各项规定的申请发放许可，并在联邦公告上进行发布；
但也可能对一些特定的银行业务或金融服务采取限制措施，不予发放。（详见银行法第32条
第1款和第33条）。
此前已经运营的保理机构需按照规定时间提交相关材料备案，包括管理董事的姓名、商业注
册的最新信息、以往年度的年报以及是否有利益相关方持有公司权益等。(详见银行法第32
条及64J条)
如果申请许可发放后一年内未被使用，则该许可自动失效。在取得许可后半年内没有开展相
关业务，或者开展业务时经常性违反银行法或者与之相关的条例规定等情况下，金融监管局
有权取消其经营许可（详见银行法第35条）。
2．经营活动监管。在获得经营许可后，保理业从业者还要在此后的经营活动中接受德国联
邦金融服务监管局（BaFin）和德国央行（Bundesbank）的持续监管。保理企业需要在新的
财政年度开始后三个月内，向金融监管局和德国央行递交上年财务报告。年度财务报告中要
有审计证明，或者是对没有审计证明的解释说明，待年度审计报告完成后，仍需要提交至金
融监管局和央行（详见银行法第26条）。保理企业在指定好审计方后需报告金融监管局和央
行，金融监管局在一个月内做出反馈，在必要情况下，有权要求企业更换审计方（详见银行
法第28条）。反洗钱法也适用于保理业。金融监管局对保理业发生的监管成本由保理企业共
同承担，每个企业按照其营业规模不同缴纳各自承担的费用。（详见银行法2009年修订本第51
条）
3.违规行为约束。依据银行法第6条规定，如果出现金融机构的不当行为危及客户财产安全
等情况时，金融监管局有权并有义务加以阻止。如果未经许可就开始经营包括保理在内的金
融服务业务，或者是经营主体从事银行法禁止的业务，金融监管局有权要求经营者立即停止
业务并进行合理清算（详见银行法第37条），经营者将被处以一年期以下监禁或者罚款（详
见银行法第54条）。
4.免责条款。尽管新的法律规定将保理业列入金融监管，但是也给保理业提供了其他金融业
不具备的一些宽松条件。最主要的是没有最低资本金要求。另外，德国银行法案中对银行等
金融机构作出了涉及清偿能力和流动性以及定期披露资金及风险管控状况等相关要求，但对
保理企业无此类要求，仅要求要有一位可靠的资深经理。（详见银行法2009年修订本第10条
至第22条及第26a条）
5.对跨境保理业务的规定。如果是德国以外的欧盟国家的金融机构在德国境内设立分支机构
并提供跨国保理业务，不需要向德国联邦金融监管局申请营业许可。但如果是欧盟区以外的
机构，或者是虽然在欧盟国家，但其母公司非金融机构，在德国从事保理业务时则需要办理
营业许可申请（详见银行法2009年修订本第33a、33b条及第53条）。
（ 二 ） 联 邦 金 融 服 务 监 管 局 法
（ GesetzueberdieBundesanstaltfuerFianzdienstleistungsaufsicht）及税费征收条例
（ VerordnuungueberdieErhebungvonGebuehrenundderUmlegungvonKostennachdemFianzdie
nstleistungsaufsichtsgesetz）。按照联邦金融服务监管局税费条例规定，金融机构包括保
理企业每年需向联邦金融服务监管局缴纳数额不等（按营业额大小计算）的税收。另外，取
得营业许可证也要缴纳相应的费用。
（三）德国税收法2009年修订本。根据该法规定，保理企业作为德国金融监管局监管下的金
融机构，有权同其他一些信用机构一样，获得银行已经取得的同等交易税收优惠待遇，即保
理企业需缴纳的保理业务所得交易税降至25%。该条款的实施是促进德国保理业发展的一项
重要转变。
（四）保理业立法基础依据。德国《民法典》。保理的核心内涵为应收账款债权转让，德国
涉及债权转让的法律依据主要是德国《民法典》。该法第398条规定，债权人可以与第三方订
立合同将债权转让与第三方。该合同是一种准物权合同，即原债权人不但负有转让债务的义
务，而且在转让合同成立时还发生债权现实转移的效力。按此规定，保理商与出口商转让应
收账款要求有合意，合意必须以转让债权为意思表示，这种让与不一定是书面形式，只要双
方合意，保理协议成立就发生债权的转让效力，其有效性也不以债务人是否被通知或是否同
意为要件。
三、德国保理业发展现状
（一）德国保理业发展简况。德国现代保理业务从1959年开始，是欧洲最早开展保理业务的
国家之一。19世纪70年代后，由于银行开始介入保理业以及一批保理公司陆续成立，德国保
理业取得实质性发展。19世纪80年代以后，保理的融资功能开始受到重视和发展，保理在德
国逐渐成为集融资、服务、信用保险于一体的金融服务工具。2011年，德国保理业营业额仅
次于美国、意大利和法国，位居第四，占全球份额约9％。
1.德国保理业特征及主要类别。德国保理业务以无追索权融资为特征。保理业务进入德国后，
无追索权保理发展较快，有追索权的保理在其成文法和判例中都被认为是一种债权抵押借贷，
被称为应收账款融资（AccountsReceivableFinancing），在德国保理业务中所占比重不到5％。
根据客户不同需求，保理业务细分为很多种类，目前德国保理市场上主要以批量保理
（InhouseFactoring，BulkFactoring,)[i]、综合保理（FullServiceFactoring）[ii]和到
期保理（MaturityFactoring）[iii]三种方式为主。据德国保理业协会统计，近几年来，批
量保理业务占据主流，约占保理业总营业额的70%-80%；综合保理约占15%-20%；到期保理约
占4%。另外，从业务范围看，目前德国保理业务仍以国内为主，2011年其国际保理业务营业
额占总营业额比重约24%。
2.经营主体情况。德国从事保理业的主体主要是银行的下设机构、分支机构以及其他独立的
金融机构，银行下设机构或分支机构占从业企业70％以上。多数保理企业都是德国保理业协
会的会员单位，截至2011年底，保理业协会有26家会员企业，占德国保理业市场份额约85％。
德国保理业市场集中度相对较高，包括德国保理银行（DeutscheFactoringBank）、通用金融
(GECapital)、欧洲保理公司(Eurofactor)、ABC金融公司（ABCFinance）等在内的排名前十
位的保理公司占市场份额约90％。
3.相关行业分布。目前德国已有来自30多个不同行业的各类企业使用保理业务。据德国保理
业协会统计，主要行业有贸易，食品和营养品业，金属及五金器具制造业，机械制造业，电
子及电气设备制造业，服务业，化工业，金属制品加工业，造纸业，出版印刷业，其他制造
业及健康卫生服务业等。近两年，值得关注的新增行业有化学制品，橡胶和塑料制品业，木
材加工和其他加工贸易领域的保理业务有所减少。
（二）德国保理业市场现状。过去十年中，德国保理业总营业额以年均20％的速度持续增长。
仅2009年受金融危机影响营业额出现下滑，但2010年迅速反弹，同比增长37%。2011年，总
营业额继续增长％，达亿欧元；保理客户数增长20％以上，总数达14600家。得
益于2011年德国出口的强劲增长，2011年德国国际保理业务也显著增长：出口保理额
亿欧元，增长％；进口保理额亿欧元，增长％。同时，保理率（保理营业额占
GDP比重）同比增长％至％，实现连续第三年增长。这表明保理业在德国国民经济
中地位日趋重要。
值得一提的是，本次金融危机给德国保理业发展带来的不只是负面影响。尽管受全球金融危
机冲击，但是保理业需求却在近几年迅速增长。2009年一年中，保理业协会会员企业的客户
数从2008年的5450家激增至2009年的8840家，同比增长62％。主要原因是：在不稳定的经济
环境下，越来越多中型企业由于银行收紧信贷，转而寻找其他融资途径，保理作为一种非常
灵活的融资工具，既可以缓解资金压力，又可以规避呆坏账风险，优势尤为突出。可以预计，
未来德国保理业仍将保持良好增长态势。
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[i]保理商向供应商提供关于融资等服务并承担100％的债务风险，但是保理商不提供债务管
理服务。
[ii]又称 OldLineFactoring,是无追索权的保理，保理商承担100%的债务风险，并提供整套
债务管理服务，包括销货帐、托收、追讨债务等。
[iii]这种保理方式下，保理商通常也没有追索权，要承担100％的债务风险，并提供债务管
理服务，但是保理业客户不需要保理商提前支付。待应收账款到期，保理人再以一定价格承
购该应收账款。
德国银行法
BankingAct(Kreditwesengesetz,KWG)
Longtitle:GesetzüberdasKreditwesen
IntheamendedtextoftheAnnouncementofSeptember9,1998(FederalLawGazetteI,page2776),a
slastamendedbyArticle3oftheActamendinginsolvencyandbankinglawprovisions(Gesetzz
urÄnderunginsolvenzrechtlicherundkreditwesenrechtlicherVorschriften*)ofDecember
8,1999(,page2384).
*ThisActservestoimplementDirective98ECoftheEuropeanParliamentandCouncilofMay19,
1998onsettlementfinalityinpaymentandsecuritiessettlementsystems(OfficialJournal
)
TranslationprovidedbytheDeutsche Bundesbankandreproducedwithkindpermission.
TableofContents
Part IGeneralProvisions
Division
,financialservicesinstitutions,financialholdingpaniesandfin
ancialenterprises
Section 1Definitions
Section 2Exceptions
Section 2aLegalform
Section 2bHoldersofqualifiedparticipatinginterests
Section 3Prohibitedbusiness
Section 4DecisionbytheFederalBankingSupervisoryOffice
Division
Section 5Organisation
Section 6Functions
Section 7CooperationwiththeDeutscheBundesbank
Section 8Cooperationwithotherbodies
Section 8aResponsibilityforsupervisiononaconsolidatedbasis
Section 9Secrecy
Part IIProvisionsforInstitutions
Division
Section 10Provisionwithownfunds
Section 10aOwnfundsofgroupsofinstitutionsandfinancialholdinggroups
Section 11Liquidity
Section 12Limitationofqualifiedparticipatinginterests
Section 12aEstablishmentofcorporateties
Division
Section 13Largeexposuresofnon-tradingbookinstitutions
Section 13aLargeexposuresoftradingbookinstitutions
Section 13bLargeexposuresofgroupsofinstitutionsandfinancialholdinggroups
Section 14LoansofthreemillionDeutscheMarkormore
Section 15Loanstomanagers,etc.
Section 16(Rescinded)
Section 17Liability
Section 18Informationrequiredofborrowers
Section 19Theconceptsof"exposure"insections13to14,andof"borrower"
Section 20Exceptionstotherequirementsofsections13to14
Section 21Theconceptof"exposure"insections15to18
Section 22Authoritytoissueregulationsonexposures
Division 3.(Repealed)
Division ,andinformationrequirementsofinstitutions
Section 23Advertising
Section 23aGuaranteescheme
Division
,theirmanagers,financialholdingpaniesandmixed-acti
vityholdingpanies
Section 24Reports
Section
24aEstablishmentofabranchandprovisionofcross-borderservicesinotherstatesoftheEu
ropeanEconomicArea
Section 24bParticipationinpaymentandsecuritiestransferandsettlementsystems
Section 25Monthlyreturnsandotherparticulars
Section 25aParticularorganisationaldutiesofinstitutions
Division
Section 26Submissionofannualaccounts,managementreportandauditor'sreports
Division
Section 27(Rescinded)
Section 28Appointmentoftheauditorinspecialcases
Section 29Specialdutiesoftheauditor
Section 30(Rescinded)
Division
Section 31Exemptions
Part IIIProvisionsontheSupervisionsofInstitutions
Division
Section 32Grantingthelicence
Section 33Refusingthelicence
Section
33aDeferringorqualifyingthelicenceinthecaseofenterprisesdomiciledoutsidetheEuro
peanCommunities
Section
33bConsultationoftheappropriateauthoritiesofanotherstateoftheEuropeanEconomicAr
ea
Section 34Substitutionandcontinuationintheeventofdeath
Section 35Expiryandrevocationofthelicence
Section 36Dismissalofmanagers
Section 37Actiontostopunlawfulbusiness
Section
38Consequencesoftherevocationandexpiryofthelicence;measuresintheeventofliquidat
ion
Division
Section 39Theterms"bank"and"banker"
Section 40Theterm"savingsbank"
Section 41Exceptions
Section 42DecisionbytheFederalBankingSupervisoryOffice
Section 43Registrationprovisions
Division
Section
44Informationfromandauditsofinstitutions,ancillarybankingservicesenterprises,fi
nancialholdingpaniesandenterprisesincludedinsupervisiononaconsolidatedbasis
Section 44aCross-borderinformationandaudits
Section
44bInformationfromandauditsoftheholdersofqualifiedparticipatinginterests
Section 44cProsecutionofunauthorisedbankingbusinessandfinancialservices
Division
Section 45Measuresincasesofinadequateownfundsorinadequateliquidity
Section 45aMeasuresrelatingtofinancialholdingpanies
Section 46Measuresincasesofdanger
Section
46aMeasuresincasesofadangerofinsolvency;appointmentofpersonsauthorisedtoreprese
nttheinstitution
Section 46bInsolvencypetition
Section 46cCalculationofprescribedperiods
Section 47Moratorium,suspensionofbankingandstockmarketbusiness
Section 48Resumptionofbankingandstockmarketbusiness
Division ,sanctions,costsandcharges
Section 49Immediateenforceability
Section 50Sanctions
Section 51Costsandcharges
Part IVSpecialProvisions
Section 52Specialsupervision
Section 53Branchesofenterprisesdomiciledabroad
Section 53aRepresentativeofficesofinstitutionsdomiciledabroad
Section 53bEnterprisesdomiciledinanotherstateoftheEuropeanEconomicArea
Section 53cEnterprisesdomiciledinanon-EEAstate
Section 53dReportstotheCommissionoftheEuropeanCommunities
Part VProvisionsonPenaltiesandFines
Section 54Prohibitedbusiness,operatingwithoutalicence
Section 55Violationofthedutytoreportinsolvencyoroverindebtedness
Section 55aUnauthoriseduseofdataonloansofthreemillionDeutscheMarkormore
Section
55bUnauthorisedpublicdisclosureofdataonloansofthreemillionDeutscheMarkormore
Section 56Provisionsgoverningfines
Section 57(Repealed)
Section 58(Repealed)
Section 59Finesimposedonenterprises
Section 60Appropriateadministrativeauthority
Section 60aNotificationsincasesofcriminalprosecution
Part VITransitionalandFinalProvisions
Section 61Licenceforexistingcreditinstitutions
Section 62Transitionalprovisions
Section 63(Legislationrescindedandamended)
Section
63aSpecialprovisionsrelatingtotheterritoryspecifiedinArticle3oftheUnificationTr
eaty
Section 64SuccessorenterprisestoDeutscheBundespost
Section 64aLimitsoninvestmentsbyexistingcreditinstitutions
Section 64bCapitalofexistingcreditinstitutions
Section 64cTransitionalarrangementforasset-sidebalances
Section 64dTransitionalarrangementforlargeexposures
Section 64eTransitionalprovisionsfortheSixthActAmendingtheBankingAct
Entry into force
PartIGeneralProvisions
,financialservicesinstitutions,financialholdingpani
esandfinancialenterprises
(1)Creditinstitutionsareenterpriseswhichconductbankingbusinessmerciallyoronasca
nlesstheclaimtorepaymentissecuritisedintheformofbearerororderdebtcertificates,i
rrespectiveofwhetherornotinterestispaid(depositbusiness),
(lendingbusiness),
(discountbusiness),
'sownnameforthe
accountofothers(principalbrokingservices),
(safecustodyb
usiness),
(GesetzüberKapital
anlagegesellschaften)(investmentfundbusiness),
ty,
(guaranteebusiness
),
(girobusiness),
'sownriskforplacingin
themarketortheassumptionofequivalentguarantees(underwritingbusiness),
,unlessthecardissuerisalsotheserv
iceproviderandhencetherecipientofthepaymentmadeusingthecard(prepaidcardbusiness),
and
(networkmoneybusi
ness).
(1a)Financialservicesinstitutionsareenterpriseswhichprovidefinancialservicestoo
thersmerciallyoronascalewhichrequiresamerciallyorganisedbusinessundertaking,and
rdocumentation(investmentbroking),
(c
ontractbroking),
riminatorybasis(portfoliomanagement),
-accountbasisforothers(own-acc
ounttrading),
icArea(non-EEAdepositbroking),
(moneytransmissionservices),and
(foreigncurrencydealing).
(1b)ForthepurposeofthisAct,"institutions"arecreditinstitutionsandfinancialservi
cesinstitutions.
(2)ForthepurposesofthisAct,managers(Geschäftsleiter)arethosenaturalpersonswhoar
eappointedbylaw,articlesofassociationorpartnershipagreementtomanagethebusinesso
tionalcasestheFederalBankingSupervisoryOfficemayalsorevocablydesignateasmanager
anotherpersonentrustedwiththemanagementofaninstitution'sbusinessandauthorisedto
representitifthatpersonistrustworthyandhasthenecessaryprofessionalqualification
s;section33(2),apersonwhomth
eproprietorhasentrustedwiththemanagementoftheinstitution'sbusinessandauthorised
torepresentitmayberevocablydesignatedasmanagerinexceptionalcasesontheconditions
institution,thedesignationshallberevokedupontheapplicationoftheinstitutionorthe
manager.
(3)Financialenterprisesareenterpriseswhicharenotinstitutionsandwhosemainactivit
iesprise
,
,
,
'cheques,
,
(investmentadvice),
,theirindustrialstrategyandassociat
edissues;advisingthemandofferingthemservicesintheeventofcorporatemergersandacqu
isitions,or
(money-brokingbusiness).
TheFederalMinistryofFinance,afterhavingconsultedtheDeutscheBundesbank,maydesign
atebyregulationotherenterprisesasfinancialenterprises,wherebythelistintheappend
ixtoCouncilDirective89EECofDecember15,1989onthecoordinationoflaws,regulationsan
dadministrativeprovisionsrelatingtothetaking-upandpursuitofthebusinessofcrediti
nstitutionsandamendingDirective77EEC(OfficialJournaloftheEuropeanCommunitiesNo.
L386,page1)(SecondBankingCoordinationDirective)isextended.
(3a)Financialholdingpaniesarefinancialenterpriseswhosesubsidiariesareexclusivel
yorprimarilyinstitutionsorfinancialenterprises,withatleastonesubsidiarybeingade
posit-takingcreditinstitutionorasecuritiestradingfirm.
(3b)Mixed-activityholdingpaniesareenterpriseswhichareneitherfinancialholdingpan
iesnorinstitutions,withatleastonesubsidiarybeingadeposit-takingcreditinstitutio
norasecuritiestradingfirm.
(3c)Ancillarybankingservicesenterprisesareenterpriseswhichareneitherinstitution
snorfinancialenterprisesandwhosemainactivityprisesadministeringrealestate,opera
tingputercentresorperformingotheractivitieswhichareancillaryactivitiesrelativet
othemainactivityofoneormoreinstitutions.
(3d)Deposit-takingcreditinstitutionsarecreditinstitutionswhichreceivedepositsor
sareinstitutionswhicharenotdeposit-takingcreditinstitutionsandwhichconductbanki
ngbusinesswithinthemeaningofsubsection(1)sentence2numbers4or10orwhichprovidefin
ancialserviceswithinthemeaningofsubsection(1a)sentence2numbers1to4unlessthebank
ingbusinessorfinancialservicesareconfinedtoforeignexchange,unitsofaccountorderi
vativeswithinthemeaningofsubsection(11)
recreditinstitutionswhicharenotdeposit-takingcreditinstitutionsandwhichconductb
ankingbusinesswithinthemeaningofsubsection(1)sentence2numbers4or10orprovidefina
ncialserviceswithinthemeaningofsubsection(1a)sentence2numbers1to4.
(3e)StockexchangesorfinancialfuturesexchangeswithinthemeaningofthisActarestockm
arketsorfinancialfuturesmarketswhichareregulatedandsupervisedbypubliclyapproved
agencies,areheldregularlyandareaccessibletothegeneralpubliceitherdirectlyorindi
rectly,includingtheirsystemsforsafeguardingsettlementofthetradesinthesemarkets(
clearinghouses)thatareregulatedandsupervisedbypubliclyapprovedagencies.
(4)Thehomestateisthestateinwhichtheheadofficeofaninstitutionisregistered.
(5)Thehoststateisthestateinwhichaninstitutionmaintainsabranchorprovidescross-bo
rderservicesoutsideitshomestate.
(5a)TheEuropeanEconomicArea(EEA)withinthemeaningofthisActdesignatesthestatesoft
heEuropeanCommunitiesandthecontractingstatestotheAgreementontheEuropeanEconomic
-EEAstateswithinthemeaningofthisActareallotherstates.
(5b)ZoneAprisesallstatesoftheEuropeanEconomicArea,thefullmemberstatesoftheOrgan
isationforEconomicCooperationandDevelopment,unlesstheyhaverescheduledtheirexter
naldebtwithinthepastfiveyearsorfacedparablebalanceofpaymentsdifficulties,andthe
stateswhichhaveconcludedspeciallendingarrangementswiththeInternationalMonetaryF
undundertheFund'.
(6)Parententerprisesareenterpriseswhicharedeemedtobeparententerprisesforthepurp
osesofsection290oftheGermanCommercialCode(Handelsgesetzbuch)orwhichcanexercisea
dominantinfluence,irrespectiveoftheirlegalformanddomicile.
(7)Subsidiariesareenterpriseswhicharedeemedtobesubsidiariesforthepurposesofsect
ion290oftheCommercialCodeoronwhichadominantinfluencecanbeexercised,irrespective
entpany.
(8)Controlisdeemedtoexistifanenterpriseisconsideredtobeaparententerpriserelativ
etoanotherenterprise,orifasimilarrelationshipobtainsbetweenanaturalpersonoraleg
alpersonandanenterprise.
(9)Aqualifiedparticipatinginterestisdeemedtoexistifatleasttenpercentofthecapita
lof,orthevotingrightsin,anenterpriseishelddirectlyorindirectlythroughoneormores
ubsidiariesorasimilarrelationshiporthroughcollaborationwithotherpersonsorenterp
rises,orifasignificantinfluencecanbeexercisedonthemanagementoftheenterpriseinwh
,section
22(1)and(3)oftheSecuritiesTradingAct(Wertpapierhandelsgesetz)
inginterestswhichareheldindirectlyaretobeattributedinfulltothepersonsandenterpr
isesholdingtheindirectparticipatinginterest.
(10)Acloseassociationisdeemedtoexistifaninstitutionandanothernaturalpersonorano
therenterprisearelinked
grights,or
,throughasimilarrelationshiporasaffiliatedente
rprises.
(11)FinancialinstrumentswithinthemeaningofthisActaresecurities,moneymarketinstr
uments,,
irrespectiveofwhethertheyareevidencedbycertificates:
,certificatesrepresentingshares,debtsecurities,participationcertificate
s,warrants,and
et;securitiesalsoprisesharecertificatesissuedbyaninvestmentpanyoraforeigncollec
ndwhicharecustomarilytradedinthemoneymarket.
Derivativesareoutrightforwardtransactionsoroptioncontractswhosepricedependsdire
ctlyorindirectlyon
,
,
,
,or
.
(12)Forthepurposesofdeterminingthetradingbookriskpositionsandcalculatingtherele
vantcapitalcharges,thefollowingshallbedeemedtobepartofthetradingbookwithintheme
aningofthisAct:
,marketableassetsandequitieswhichtheinstitutionholdsaspro
prietarypositionswithaviewtoresellingthemorwhicharetakenonbytheinstitutionwitht
heintentionofprofitingintheshorttermfromexistingorexpecteddifferencesbetweenbuy
ingandsellingpricesorvariationsinpricesorinterestrates,
onswhichservethepurposeofhedgingmarketriskarisingfromthetradingbook,andanyassoc
iatedrefinancingtransactions,
-to-followdeals,and
,missions,interest,dividendsandmarginpaymentsthataredire
ctlyassociatedwiththetradingbookpositions.
Thetradingbookshallfurtherbedeemedtoincludesecuritiesrepurchaseagreements,loant
includeforeignexchange,unitsofaccountandderivativeswithinthemeaningofsubsection
(11)'stransactionsthatdono
ternal,verifiablecriteriaofwhichtheFederalBankingSupervisoryOfficeandtheDeutsch
eBundesbankmustbenotified;anychangestothesecriteriamustbereportedimmediatelytot
heFederalBankingSupervisoryOfficeandtheDeutscheBundesbank,
reclassificationandtransferofpositionstothetradingbookorthebankingbookshallbeve
rifiablydocumentedandsubstantiatedintheinstitution'
internalclassificationcriteriashallbecheckedandconfirmedbytheexternalauditorsas
partoftheirauditoftheannualaccounts.
(1)Subjecttotheprovisionsofsubsections(2)and(3),thefollowingaredeemednottobecre
ditinstitutions:
;
(KreditanstaltfürWiederaufbau-KfW);
(BundesanstaltfürArbeit);
;
,insofarastheyconductthisbusinessbygrantingloa
nsagainstpledges;
(Gese
tzüberUnternehmensbeteiligungsgesellschaften)asriskcapitalinvestmentpanies;
eirsubsidiariesorwithaffiliatedenterprises;
,onwhichexclusi
velyderivativesaretraded,forothermembersofthatexchangeandwhoseliabilitiesarecov
eredbyasystemthatguaranteesthesettlementoftradesonthatexchange.
(2)TheReconstructionLoanCorporationissubjecttosection14andtoactiontakenbyvirtue
ofsection47(1)2andsection48;thesocialsecurityfunds,theFederalLabourOffice,insur
anceenterprisesandriskcapitalinvestmentpaniesaresubjecttosection14.
(3)Enterprisesofthetypesspecifiedinsubsection(1)4to6aresubjecttotheprovisionsof
thisActinsofarastheyconductbankingbusinesswhichisnotpartoftheircharacteristicbu
siness.
(4)TheFederalBankingSupervisoryOfficemayruleinparticularcasesthataninstitutioni
snotsubjecttotheprovisionsofsections10to18,24,24a,25to38,45,46to46cand51(1)ofth
isAct,takenasawhole,aslongastheenterprisedoesnotrequiresupervision,giventhenatu
(Bundes
anzeiger).
(5)TheFederalBankingSupervisoryOfficemayruleinparticularcases,inconsultationwit
htheDeutscheBundesbank,thatanenterprisewhichsolelyconductsprepaidcardbusinessis
notsubjecttotheprovisionsofsections10to18,24,32to38,45,46to46cand51(1)ofthisAct
orofsection112(2)oftheCompositionCode(Vergleichsordnung),takenasawhole,ifthepre
paredcardshavealimiteduseanddisseminationwhichsuggeststhattheyareunlikelytopose
eralMinistryofFinancemay,througharegulationtobeissuedinconsultationwiththeDeuts
cheBundesbank,specifydetailedprovisionsforqualifyingforexemptionundersentence1.
TheFederalMinistryofFinancemaydelegatethisauthoritybyregulationtotheFederalBank
ingSupervisoryOfficeprovidedthattheregulationisissuedinconsultationwiththeDeuts
cheBundesbank.
(6)Thefollowingaredeemednottobefinancialservicesinstitutions:
;
;
,ofoneofitsspecialfunds,ofaL
andGovernmentorofanotherstateoftheEuropeanEconomicAreaanditscentralbanks;
;
eirsubsidiariesorforaffiliatedenterprises;
mployeeparticipationsinthemselvesortheiraffiliatedenterprises;
dnumber6;
(1a)sentenc
e2numbers1to4thatconsistsolelyofinvestmentbrokingandcontractbrokingbetweencusto
mersand
(a)aninstitution,
(b)anenterpriseoperatinginaccordancewithsection53b(1)sentence1or(7),
(c)anenterprisethatistreatedasanEEAenterpriseorthatisgrantedexemptionfromthepro
visionsbymeansofaregulationpursuanttosection53c,or
(d)aforeigncollectiveinvestmentpany,aslongasthesefinancialservicesareconfinedto
sharecertificatesofinvestmentpaniesortoforeigninvestmentfundcertificateswhosedi
stributionispermittedundertheForeignInvestmentFundAct(Auslandinvestment-Gesetz)
andtheenterprisesarenotauthorisedtoacquireownershiporpossessionoffunds,certific
atesorsharesofcustomersinprovidingsuchfinancialservices;
,onwhichexclusi
velyderivativesaretraded,forothermembersofthatexchangeandwhoseliabilitiesarecov
eredbyasystemthatguaranteesthesettlementoftradesonthatexchange;
frameworkoftheirprofessionalactivitiesandwhobelongtoaprofessionalchamberhavingt
helegalformofapubliccorporationwhoseprofessionalrulesdonotexcludetheperformance
offinancialservices;
,withpr
oducersormercialusersofthemoditiesandwhichperformfinancialservicesonlyforthesep
ersonsandonlytotheextentnecessaryfortheirmainbusiness;
irmainbusinessisforeigncurrencydealing.
TheprovisionsofthisActshallapplytoinstitutionsandenterpriseswithinthemeaningofs
entence1numbers3and4insofarastheyprovidefinancialserviceswhichdonotformpartofth
eircharacteristicbusiness.
(7)Theprovisionsofsection2a(2),sections10to18and24(1)10,sections24aand33(1)sent
ence1number1,section35(2)5andsections45and46to46cshallnotapplytofinancialservic
esinstitutionswhichprovidenofinancialservicesapartfromnon-EEAdepositbroking,mon
eytransmissionservicesanddealinginforeignnotesandcoins.(8)Theprovisionsofsectio
n2a(2),sections10,11and12(1),sections13,13a,14to18and24(1)10andsections45and46t
o46cshallnotapplytoinvestmentbrokersandcontractbrokerswhointhecourseofproviding
financialservicesarenotauthorisedtoobtainownershiporpossessionoffundsorsecuriti
esofcustomersandwhodonottradeinfinancialinstrumentsfortheirownaccount.
(9)Theprovisionsofsection24aontheestablishmentofabranchandoncross-borderservice
sshallnotapplytoinvestmentbrokersandcontractbrokerswho,insteadoftheinitialcapit
al,candemonstratethattheyhavetakenoutsuitableinsurancepursuanttosection33(1)sen
tence2.
(10)Anenterpriseshallbedeemednottobeafinancialservicesinstitutionifitconductsth
einvestmentbrokingorcontractbrokingsolelyfortheaccountandundertheliabilityofade
posit-takingcreditinstitutionorsecuritiestradingfirmdomiciledinGermany,orofanen
terpriseoperatinginaccordancewithsection53b(1)sentence1or(7),orifitconductssuch
businessunderthejointandseveralliabilityofsuchinstitutionsorenterprises,without
providinganyotherfinancialservicesandifthisisreportedtotheFederalBankingSupervi
dedasformingpartofthoseoftheinstitutionsorenterprisesforwhoseaccountandunderwho
stitutionsorenterprises,thenewcircumstancesshallbereportedimmediatelytotheFeder
rtspursuanttosentences1and3totheDeutscheBundesbankandtheFederalSupervisoryOffic
eforSecuritiesTrading(BundesaufsichtsamtfürdenWertpapierhandel).
(11)AninstitutionisnotrequiredtoapplytheprovisionsofthisActconcerningtradingboo
kbusinessif
'stradingbookactivitiesasaruledoesnotexceedfivepercen
toftheaggregatetotalofitsonandoff-balance-sheetbusiness,
uivalentofECU15million,and
fitsonandoff-balance-sheetbusinessandtheaggregatetotalofthetradingbookpositions
thetradingbookbusiness,derivativesshallbevaluedaccordingtothenominalvalueorthem
arketpriceoftherespectiveunderlyinginstruments,andtheotherfinancialinstrumentsa
ttheirnominalvalueormarketprice;shortandlongpositionsshallbeaggregatedirrespect
yOfficeandtheDeutscheBundesbankimmediatelyifitmakesuseoftheoptionprovidedforins
entence1,ifithasexceededoneofthelimitslaiddowninsentence1number3,orifitappliest
heprovisionsconcerningtradingbookbusinesseventhoughitmeetstheexemptioncondition
slaiddowninsentence1.
(1)Creditinstitutionsrequiringalicenceinaccordancewithsection32(1)maynotbeopera
tedintheformofasoleproprietorship.
(2)Inthecaseofsecuritiestradingfirmsintheformofasoleproprietorshiporpartnership,t
heriskassetsoftheproprietororgeneralpartnersshallbeincludedintheassessmentofthe
institution'ssolvencypursuanttosection10(1);however,thepersonalassetsofthepropr
ietororpartnersshallbeexcludedforthepurposeofcalculatingtheinstitution'sownfund
,theproprietorshal
ltakeappropriateprecautionstoprotecthiscustomersintheeventthattheinstitutioncea
sestradingowingtohisdeath,hisincapacitytocontinuethebusinessorotherreasons.
(1)Anyonewhointendstoacquireaqualifiedparticipatinginterestinaninstitutionshall
reporttheamountoftheintendedparticipatinginterestimmediatelytotheFederalBanking
portpursuanttosentence1heshallstatethefactsgermanetoassessinghistrustworthiness,w
hichfactsshallbespecifiedinmoredetailbyregulationinaccordancewithsection24(4)se
ntence1,andnametheindividualsandenterprisesfromwhomorfromwhichheintendstoacquir
,therec
ordsspecifiedinsection32(1)sentence3number6(d)and(e)
aserisalegalpersonorpartnership,thereportpursuanttosentence1mustcontainthefacts
germanetoassessingthetrustworthinessofitslegalrepresentativesorgeneralpartners.
Aslongasthequalifiedparticipatinginterestisheld,everynewlyappointedlegalreprese
ntativeornewgeneralpartnershallbereportedimmediatelytotheFederalBankingSupervis
oryOfficeandtheDeutscheBundesbank,togetherwiththefactsgermanetoassessinghistrus
tworthiness.
Theholderofaqualifiedparticipatinginterestshall,moreover,notifytheFederalBankin
gSupervisoryOfficeandtheDeutscheBundesbankimmediatelyifheintendstoincreasetheam
ountofthequalifiedparticipatinginterestinsuchawaythatthethresholdsoftwentyperce
nt,thirty-threepercentorfiftypercentofthevotingrightsorcapitalarereachedorexcee
ded,
lforwardonecopyofeachreportpursuanttosentences1and6totheFederalSupervisoryOffic
eforSecuritiesTrading.
(1a)Withinthreemonthsofthereceiptofthefullreportpursuanttosubsection(1)sentence
1or6,theFederalBankingSupervisoryOfficemayprohibittheintendedacquisitionof,orin
creasein,thequalifiedparticipatinginterestiffactsareknownwhichwarranttheassumpt
ionthat
,ifitisalegalperson,alegalrepresentative,or,ifit
isapartnership,apartnerisnottrustworthyorforanyotherreasondoesnotmeetthedemands
requiredintheinterestofensuringasoundandprudentmanagementoftheinstitution,
,orincreasein,thequalifiedparticipatinginterestwouldintegrate
theinstitutionintoacorporateassociationwiththeholderofthequalifiedparticipating
interestwhichwouldhampereffectivesupervisionoftheinstitution,or
,orincreasein,thequalifiedparticipatinginterestwouldmakethein
stitutionasubsidiaryofaninstitutiondomiciledabroadthatisnoteffectivelysupervise
dinthestatewhereitisregisteredorhasitsheadofficeorwhoseappropriatesupervisorybo
dyisnotpreparedtocooperatesatisfactorilywiththeFederalBankingSupervisoryOffice.
Ifsuchacquisitionisnotprohibited,theFederalBankingSupervisoryOfficemaysetaperio
daftertheexpiryofwhichthepersonorpartnershipwhohassubmittedthereportpursuanttos
ubsection(1)sentence1or6shallinformthatOfficewhetherornottheintendedacquisition
,thepersonorpartnershipshallsubmitt
hereporttotheFederalBankingSupervisoryOfficeimmediately.
(2)TheFederalBankingSupervisoryOfficemayprohibittheholderofaqualifiedparticipat
inginterestandtheenterpriseshecontrolsfromexercisinghisvotingrightsandstipulate
thatthesharesmaybeusedonlywiththeOffice'sassentif
(1a)sentence1,
ubsection(1)tonotifytheFederalBankingSupervisoryOfficeandtheDeutscheBundesbankb
eforehandandhasnotsubsequentlymadesuchnotificationafteraperiodoftimesetbytheFed
eralBankingSupervisoryOffice,or
-force
ableprohibitionpursuanttosubsection(1a),t
heexerciseofvotingrightsmaybetransferredtoatrustee;inexercisingthevotingrights,
thetrusteeshalltakedueaccountoftheinterestsofasoundandprudentmanagementoftheins
,theFederalBankingSupervisor
yOfficemay,overandabovethemeasuresspecifiedinsentence1,chargeatrusteetosellthes
hareswheretheyconstituteaqualifiedparticipatinginterestiftheholderofthequalifie
dparticipatinginterestdoesnotfurnishproofofatrustworthybuyertotheFederalBanking
SupervisoryOfficewithinanappropriateperiodtobesetbythatOffice;theholdersofthesh
havingjurisdictionatthedomicileoftheinstitutionattherequestoftheinstitution,the
requisitesspecifiedinsentence1nolongerexist,theFederalBankingSupervisoryOffices
rminessuchexpensesandremunerationattherequestofthetrustee;nofurtherappealisperm
;theholderoftheq
ualifiedparticipatinginterestconcernedandtheinstitutionarejointlyandseverallyli
abletotheFederalGovernmentinrespectofitsoutlays.
(3)Beforetakingmeasuresinaccordancewithsubsection(1a)sentence1,theFederalBankin
gSupervisoryOfficeshallconsulttheappropriateauthoritiesoftheotherstateoftheEuro
peanEconomicAreaifthepurchaserofthequalifiedparticipatinginterestisadeposit-tak
ingcreditinstitutionorsecuritiestradingfirmlicensedintheotherstate,aparententer
priseofadeposit-takingcreditinstitutionorsecuritiestradingfirmlicensedintheothe
rstateorapersoncontrollingadeposit-takingcreditinstitutionorsecuritiestradingfi
rmlicensedintheotherstate,andif,asaresultoftheacquisition,theinstitutioninwhich
thepurchaserintendstoholdaparticipatinginterestwouldeunderthecontrolofthepurcha
otherstateofmeasurestakeninaccordancewithsubsection(2)sentence1inrelationtopurc
haserswithinthemeaningofsentence1;itistoconsultthembeforehandiftherearenoground
sforfearingthatsuchdelaywillnullifyorsignificantlyimpairtheefficacyofthemeasure
s.
(4)Anyonewhointendstorelinquishaqualifiedparticipatinginterestinaninstitutionor
toreducetheamountofhisqualifiedparticipatinginterestbelowthethresholdsoftwentyp
ercent,thirty-threepercentorfiftypercentofthevotingrightsorthecapital,ortochang
etheparticipatinginterestinsuchawaythattheinstitutionisnolongeracontrolledenter
prise,shallreportthistotheFederalBankingSupervisoryOfficeandtheDeutscheBundesba
chthepersonorpartnershipwhohassubmittedthereportpursuanttosentence1shallnotifyt
ryofthisperiod,thepersonorpartnershipwhohassubmittedthereportpursuanttosentence
1shallsubmitthenotificationtotheFederalBankingSupervisoryOfficeimmediately.
(5)TheFederalBankingSupervisoryOfficeshalltemporarilyprohibitorlimittheacquisit
ionofadirectorindirectparticipatinginterestinaninstitution,throughwhichtheinsti
tutionwouldbeeasubsidiaryofanenterprisedomiciledoutsidetheEuropeanCommunities,i
ftheCommissionorCounciloftheEuropeanCommunitieshaspassedacorrespondingdecisioni
naccordancewithArticle22(2)oftheSecondBankingCoordinationDirectiveorArticle7(5)
ofCouncilDirective93EECofMay10,1993oninvestmentservicesinthesecuritiesfield-Off
-(InvestmentServicesDirective).
Thetemporaryprohibitionorlimitationmaynotlastlongerthanthreemonthsfromthedateof
nttosentence2,theFederalBankingSupervisoryOfficeshalltakedueaccountofthisprolon
gationandprolongthetemporaryprohibitionorlimitationaccordingly.
Thefollowingareprohibited:
eenterprise(employeesavingsbanks-Werksparkassen),unlessotherbankingbusinessisco
nductedwhichexceedsthescaleofsuchdepositbusiness;
ggrantedtothemorobjectsbeingsuppliedtothemoncreditoutofthesesumsofmoney(savings
enterprisesforspecificpurposes-Zwecksparunternehmen);thisdoesnotapplytobuilding
andloanassociations;,byagreemen
torinlinewithnormalbusinesspractice,itisimpossibleorverydifficulttowithdrawthea
mountoftheloanorthedepositsincash.
Indoubtfulcases,theFederalBankingSupervisoryOfficedecideswhetheranenterpriseiss
rities.
(1)TheFederalBankingSupervisoryOffice(BundesaufsichtsamtfürdasKreditwesen)isest
ablishedasanindependentsuperiorFederalauthority(Bundesoberbehörde).Itisdomicile
dinBonn.
(2)ThePresidentoftheFederalBankingSupervisoryOfficeisnominatedbytheFederalGover
nmentandappointedbythePresidentoftheFederalRepublic;theFederalGovernmentshallco
nsulttheDeutscheBundesbankregardingsuchnomination.
(1)TheFederalBankingSupervisoryOfficeexercisessupervisionoverinstitutionsinacco
rdancewiththeprovisionsofthisAct.
(2)TheFederalBankingSupervisoryOfficeshallcounteractundesirabledevelopmentsinth
ebankingandfinancialservicessectorwhichmayendangerthesafetyoftheassetsentrusted
toinstitutions,impairtheproperconductofbankingbusinessorprovisionoffinancialser
vicesorinvolveseriousdisadvantagesforthenationaleconomy,exceptincasesforwhichth
eFederalSupervisoryOfficeforSecuritiesTradinghasresponsibilityundertheSecuritie
sTradingAct.
(3)TheFederalBankingSupervisoryOfficemay,aspartofitsbrief,issueinstructionstoth
einstitutionanditsmanagersthatareappropriateandnecessarytopreventorovereundesir
abledevelopmentsattheinstitutionwhichcouldendangerthesafetyoftheassetsentrusted
totheinstitutionorcouldimpairtheproperconductofitsbankingbusinessorprovisionoff
inancialservices.
(4)TheFederalBankingSupervisoryOfficeperformsthefunctionsassignedtoitunderthisA
ctandunderotherActsinthepublicinterestonly.
(1)TheFederalBankingSupervisoryOfficeandtheDeutscheBundesbankcooperateasprovide
atetoeachotheranyobservationsandfindingswhicharenecessaryfortheperformanceofthe
,theDeutscheBundesbankshallmakeavailabletotheFed
eralBankingSupervisoryOfficetheinformationitobtainsfromstatisticscollectedinacc
ordancewithsection18oftheBundesbankAct(GesetzüberdieDeutscheBundesbank).Beforeo
rderingthecollectionofsuchstatistics,theDeutscheBundesbankshallconsulttheFedera
lBankingSupervisoryOffice;section18sentence5oftheBundesbankActappliesasappropri
ate.
(2)Thecooperationandmunicationspursuanttosubsection(1)includethemunicationofper
edtoautomaticallyaccessoneanother'sdatabasemaintainedforthepurposeofperformingt
allsupdatafromtheDeutscheBundesbank'sdatabase,theDeutscheBundesbankshall,forthe
purposeofsafeguardingdataprotection,logthetime,thedetailswhichenablethedatareco
ggedaretobeusedsolelyforthepurposeofsafeguardingdataprotection,datasecurityorfo
plyasappropriatetodataretrievalsbytheDeutscheBundesbankfromthedatabaseoftheFede
ralBankingSupervisoryOffice.
(3)ThePresidentoftheFederalBankingSupervisoryOfficeor,ifheisunabletoattend,hisd
eputyisentitledtotakepartinthedeliberationsoftheCentralBankCounciloftheDeutsche
orighttovote,butmayproposemotions.
(1)TheFederalBankingSupervisoryOfficemayenlisttheservicesofotherpersonsandinsti
tutionstoassistitintheperformanceofitsfunctions.
(2)Iftaxevasionproceedingsareinstitutedagainstproprietorsormanagersofinstitutio
ns,section30oftheTaxCode(Abgabenordnung)doesnotprecludemunicationoftheproceedin
gsandtheunderlyingfactstotheFederalBankingSupervisoryOffice;thesameappliesifthe
proceedingsaredirectedagainstpersonswhomittedtheoffencewhileintheemploymentofan
institution.
(3)Whensupervisinginstitutionswhichconductbankingbusinessorprovidefinancialserv
icesinanotherstateoftheEuropeanEconomicAreaandwhensupervisinginstitutionsasprov
idedinCouncilDirective92EECofApril6,1992onthesupervisionofcreditinstitutionsona
consolidatedbasis-(,page52)-(Consolidatio
nDirective),theFederalBankingSupervisoryOfficeand-insofarasitisactingunderthisA
ct-theDeutscheBundesbankcooperatewiththeappropriateauthoritiesofthestateconcern
lowingpurposesonly:
'slicencetoconductbusiness,
sis,
tbytheFederalBankingSupervisoryOfficeofbreachesofadministrativeregulations,
bytheFederalBankingSupervisoryOffice,or
,insolvencycourts,publicpr
osecutors'officesorcourtshavingjurisdictionincriminalcasesoradministrativefinec
ases.
Ifaninstitution'slicencetoconductbankingbusinessorprovidefinancialservicesisrev
oked,theFederalBankingSupervisoryOfficeinformstheappropriateauthoritiesoftheoth
erstatesoftheEuropeanEconomicAreainwhichtheinstitutionhasestablishedbranchesorh
asbeenprovidingcross-borderservices.
(4)TheFederalBankingSupervisoryOfficenotifiestheappropriateauthoritiesofthehost
stateofthemeasuresitwilltaketoterminateinfringementsbyaninstitutionoflegalprovi
sionsissuedbythehoststateofwhichtheFederalBankingSupervisoryOfficehasbeeninform
onsolidatedbasis
(1)TheFederalBankingSupervisoryOfficemayabstainfromsupervisingagroupofinstituti
onsorafinancialholdinggroupwithinthemeaningofsection10a(2)to(5),andrevocablyexe
mpttheparententerprisefromtheprovisionsofthisActgoverningsupervisiononaconsolid
atedbasis,if,
,theparententerpriseisasubsidiaryofadeposit-ta
kingcreditinstitutionorasecuritiestradingfirmdomiciledinanotherstateoftheEurope
anEconomicAreaand,inthatotherstate,isincludedinsupervisiononaconsolidatedbasisi
naccordancewiththeConsolidationDirective,orif,
,thesegroupsaresupervisedonaconsolidatedbasi
sinaccordancewiththeConsolidationDirectivebytheappropriateauthoritiesofanothers
tateoftheEuropeanEconomicArea.
ApreconditionofsuchexemptionisanagreementoftheFederalBankingSupervisoryOfficewi
sistobeinformedoftheexistenceandcontentsofsuchagreements.
(2)Inadditiontothecasesregulatedbysection10a(3),theFederalBankingSupervisoryOff
icemayruleagroupofenterprisestobeafinancialholdinggroupandaninstitutionofthegro
uptobetheparententerprise,asprovidedinArticle4(2)to(4)oftheConsolidationDirecti
ve;inthatcase,theprovisionsofthisActgoverningsupervisiononaconsolidatedbasisapp
lyasappropriate.
(1)PersonsemployedbytheFederalBankingSupervisoryOfficeandpersons-missionedunder
section8(1),supervisorsappointedundersection46(1)sentence2number4,theliquidator
sappointedundersection37sentence2andsection38(2)sentences2and4andpersonsemploye
dbytheDeutscheBundesbank,insofarastheyareactingtoimplementthisAct,maynotdisclos
eorusewithoutauthorisationfactswhichhaveetotheirnoticeinthecourseoftheirdutiesa
ndwhichshouldbekeptsecretintheinterestsoftheinstitutionorathirdparty(especially
businessandtradesecrets),notevenaftertheyhaveleftsuchemploymentortheirdutieshav
,itisdeemednottobesuchdisclosureorusewithoutau
thorisationwithinthemeaningofsentence1iffactsarepassedon
'officesorcourtshavingjurisdictionincriminalcasesandadmini
strativefinecases,
,byvirtueofanactofparliamentorbyofficialorder,areentrustedwith
thesupervisionofinstitutions,collectiveinvestmentpanies,financialenterprises,in
suranceenterprises,thefinancialmarketsorthepaymentssystem,andtopersonsmissioned
bysuchagencies,
'sliquidationortheinitiationofinsolvencypro
ceedingsoveritsassets,
ialenterprisesandtoagencieswhichsupervisesuchpersons,
,or
,insofarastheseagenciesrequiretheinfor
e,thefactsmaybepassedononlyifthatagencyandthepersonsmissionedbyitaresubjecttose
einformedthatitmayuseinformationsolelyforthepurposeforwhichithasbeenpassedontoi
rmationfromappropriateauthoritiesinotherstatesmayforwardsuchinformationonlywith
theexpresspermissionoftheagenciespassingontheinformation.
(2)Sections93,97,105(1),section111(5),readinconjunctionwithsection105(1),andsec
tion116(1)oftheTaxCodedonotapplytothepersonsspecifiedinsubsection(1)insofarasth
nformationforinstitutingproceedingsfortaxevasionandtheassociatedtaxassessmentpr
oceedingsintheprosecutionofwhichthereisapressingpublicinterest,orifthepersonreq
uiredtoprovideinformationorthepersonsactingonhisbehalfhaveintentionallysupplied
ersonsspecifiedinsubsection(1)sentence1or2bytheappropriatesupervisoryagencyofan
otherstateorbypersonsmissionedbythatagency.
PartIIProvisionsforInstitutions
(1)Inordertomeettheirobligationstotheircreditors,andparticularlyinordertosafegu
ardtheassetsentrustedtothem,
ingSupervisoryOffice,actinginagreementwiththeDeutscheBundesbank,drawsupPrincipl
esbywhichitassessesinthenormalcasewhethertherequirementsofsentence1havebeensati
sfied;
ankingSupervisoryOfficeandtheDeutscheBundesbankatmonthlyintervalsthedatarequire
lsetupaproperorganisationandappropriateinternalmonitoringprocedurestoensurethat
thisActrequireapositiontobebackedbyliablecapitalortier3capital,therelevantamoun
toftheownfundsisnotavailableforthebackingofotherpositions;inparticular,thisamou
ntoftheownfundsmaynotbeincludedforthepurposeofdeterminingtheadequacyoftheownfun
dsaccordingtothePrinciplespursuanttosection10(1)sentence2andsection10a(1)senten
yactingfortheinstitution'saccount,byasubsidiaryoftheinstitutionorbyathirdpartya
ctingfortheaccountofasubsidiaryoftheinstitutionshallbedeemedforthepurposeofincl
usiontobeequivalenttoanacquisitionbytheinstitutionunlesstheinstitutioncanprovet
hattheownfundswereactuallytransferredtoit;thisruleappliesasappropriatetoreceipt
sofcollateralpledgedassecurity.
(1a)Indeterminingtheadequacyoftheownfundspursuanttosection10(1)andsection10a(1),a
counterparty-relatedweightingofzeropercentmaybeassignedtoloansconstitutingclaim
son,orcarryingtheexplicitguaranteeof,
,centralbank,regionalgovernmentorlocalauthorityinanothersta
teoftheEuropeanEconomicArea,or
-EEAstateifenterprisesdomiciledinthatnon
-EEAstateareexemptedinfullorinpartfromtheprovisionsofsection53byvirtueofaregula
tionpursuanttosection53c,aslongastheFederalBankingSupervisoryOfficehasnotannoun
cedadifferentapplicableweightingandtheloansaregivenazeroweightingbytheappropria
ifferentapplicableweightingmaycontinuetobegivenaweightingofzeropercentuntilthee
ndofthetermoftheloan.
(2)
orecapitalandadditionalcapitallessthepositionslistedinsubsection(6)sentence1.
(2a)Thefollowingshallberegardedascorecapitalafterdeductingthepositionslistedins
entence2:
(Einzelkaufleute),generalpartnerships(offeneHan
delsgesellschaften)andlimitedpartnerships(Kommanditgesellschaften):thepaid-upca
pitalandthereserves,lesswithdrawalsbytheproprietororthegeneralpartnersandloansg
rantedtothem,andlessanynetdebtintheproprietor'sunencumberedpersonalassets;
(Aktiengesellschaften),limitedpanieswithoneormo
regeneralpartners(KommanditgesellschaftenaufAktien)andprivatelimitedpanies(Gese
llschaftenmitbeschränkterHaftung):thepaid-upcapital,lessthecumulativepreferenti
alshares,andthereserves;inthecaseoflimitedpanieswithoneormoregeneralpartners:al
soassetscontributedbythegeneralpartnersbutnotpaidintothecapital,lesswithdrawals
bythegeneralpartnersandloansgrantedtothem;
(eingetrageneGenossenschaften):theam
ountspaiduponmembers'sharesandthereserves;amountspaiduponthesharesofmemberswhoa
reretiringattheendofthefinancialyearandtheirrightstotheoutpaymentofashareinthec
ooperativesociety'srevenuereserves,asshownseparatelyinthebalancesheetbyregister
edcooperativesocietiesinaccordancewithsection73(3)oftheActConcerningIndustriala
ndTradingCooperativeSocieties(GesetzbetreffenddieErwerbs-undWirtschaftsgenossen
schaften),shallbededucted;
anks:thereserves;
:thepaid-
upendowmentcapital(Dotationskapital)andthereserves;
:thepaid-upcapitalandther
eserves;
;
(4).
Thepositionstobedeductedinaccordancewithsentence1are
,
,
(3b),
,toshareholdersinaprivateorpubliclimitedpanyoralimitedp
anywithoneormoregeneralpartners,ortoshareholdersinapublicin-stitutionwhoownmore
thantwenty-fivepercentofthecapital(nominalcapital,totalamountofcapitalshares)of
theinstitution,orwhoholdmorethantwenty-fivepercentofthevotingrights,iftheyhaven
otbeengrantedonmarkettermsoriftheyarenotadequatelysecuredinlinewithbankingpract
ice,and
(4)whosecontributiontothecap
italamountstomorethantwenty-fivepercentofthecorecapital,excludingthecapitalcont
ributionsofsilentpartners,iftheyhavenotbeengrantedonmarkettermsoriftheyarenotad
(2)to(4)oftheCompaniesAct(Akt
iengesetz)appliesasappropriatetothecalculationofthepercentagespursuanttosentenc
e2numbers4and5.
(2b)Theadditionalcapitalconsistsofthefollowing,afterdeductingtheadjustmentitems
pursuanttosubsection(3b):
,
,
(Einkommensteuergesetz)uptotheamount
offorty-fivepercent,insofarasthesereserveswereformedbythetransferoftheprofitsfr
omthesaleofland,rightsequivalenttoland,andbuildings,
(5),
-termsubordinatedliabilitieswithinthemeaningofsubsection(5a),
anttosubsections(4a)and(4b)inthecaseofland,rightsequivalenttoland,andbuildingsu
ptotheamountofforty-fivepercentofthedifferencebetweenthebookvalueandtheloanvalu
e,
anttosubsections(4a)and(4c)inthecaseofbankingbookpositionsuptotheamountofthirty
-fivepercentofthedifferencebetweenthebookvalue,includingcontingencyreserves,and
(a)themarketpriceofsecuritieswhicharetradeableonastockexchange,
(b)thevaluetobeascertainedpursuanttosection11(2)oftheValuationAct(Bewertungsges
etz)ofunlistedsecuritiesevidencingsharesinincorporatedenterpriseswithabalancesh
eettotalofatleasttwentymillionDeutscheMarkandbelongingtotheassociationofcreditc
ooperativesorsavingsbanks,(c)thepublishedrepurchasepriceofsharesinaspecialfundw
ithinthemeaningoftheActonInvestmentCompanies,orofsharesinaspecialsecuritiesfund
issuedbyacollectiveinvestmentpanydomiciledinanotherstateoftheEuropeanEconomicAr
eainaccordancewiththeprovisionsofCouncilDirective85EECofDecember20,1985onthecoo
rdinationoflaws,regulationsandadministrativeprovisionsrelatingtoundertakingsfor
collectiveinvestmentintransferablesecurities(OfficialJournaloftheEuropeanCommun
,page3)(UCITSDirective),and
,theadditionalsumtobesetbyregulation
bytheFederalMinistryofFinance,afterhavingconsultedtheDeutscheBundesbank,totakea
,a
,theamoun
tofadditionalcapitalincludedinthecalculationconsistingoflonger-termsubordinated
liabilitiesandtheuncalledmitmentsofmembersmaynotexceedfiftypercentofthecorecapi
1number8totheFederalBankingSupervisoryOffice.
(2c)Tier3capitalis
,l
essallidentifiableexpensesanddisbursementsandlesstheprobablelossesfrombankingbo
okbusinessintheeventofaliquidationoftheenterprise,unlessthesearealreadyincluded
intheadjustmentitemsinaccordancewithsubsection(3b)(netprofit),and
-termsubordinatedliabilitieswithinthemeaningofsubsection(7).Thenetpro
fitandtheshort-termsubordinatedliabilitiesmayonlybeincludedastier3capitaluptoan
amountwhich,togetherwiththatpartoftheadditionalcapitalwhichisnotneededtobackthe
riskarisingfrombankingbookbusinessundertheprovisionsofthisAct(freeadditionalcap
ital),doesnotexceedtwohundredandfiftypercentofthecorecapitalnotneededtobackther
iskarisingfrombankingbookbusinessundertheprovisionsofthisAct(freecorecapital).I
nsofarastheinstitutiondoesnotexhaustthelimitoftwohundredandfiftypercentthroughs
hort-termsubordinatedliabilities,itcanreplacethelatterbypositionswhichcannotbei
ncludedasadditionalcapitalsolelybecauseofcappingpursuanttosubsection(2b)sentenc
ntofthefreecorecapital,unlesstheilliquidassetswithinthemeaningofsentence5,where
thesehavenotbeendeductedfromtheliablecapitalinaccordancewithsubsection(6)senten
ce1number1,andthelossesofitssubsidiariesaredeductedfromthetier3capital.
Illiquidassetsare
,
,participationr
ightsorsubordinatedliabilities,iftheyarenotevidencedbysecuritiesthataretradeabl
eonastockexchangeandiftheydonotformpartoftradingbookbusiness,
-marketabledebtsecuritieswitharemainingperiodtomaturityofmorethann
inetydays,and
,iftheydonothavetobebackedbyownfundsinaccordancewiththePrinci
plespursuanttosubsection(1)sentence2andsection10a(1)sentence2;marginpaymentsonf
orwardorfuturestransactionsconcludedonastockmarketorfinancialfuturesexchangeare
notdeemedtobeilliquidassets.
(3)Ifaninstitutiondrawsupasetofinterimaccountsthatsatisfytherequirementsofthean
nualaccounts,thoseinterimaccountsshallbedeemedparabletotheannualaccountsforthep
urposeofcalculatingtheownfunds;interimprofitsshallbeassignedtothecorecapitalins
signsinterimprofitstoitscorecapitalmustdrawupasetofinterimaccountsforatleastfiv
,itmaynotrestarta
ssigninginterimprofitstoitscorecapitaluntilafterfiveyears,
itutionshallsubmittheinterimaccountsimmediatelytoboththeFederalBankingSuperviso
ontheinterimaccounts(interimauditreport)totheFederalBankingSupervisoryOfficeand
countscoveringaperiodoflessthantwelvemonthsanddrawnupinthewakeofamergerdoesnotc
onstituteasetofinterimaccountswithinthemeaningofthissubsection.
(3a)Reserveswithinthemeaningofsubsection(2a)sentence1priseonlytheamountsdesigna
tedassuchinthebalancesheetinthelastapprovedannualaccountsfortheendofafinancialy
ear,withtheexceptionofliability-sideitemsthatwillbeliabletotaxonlyaftertheyhave
abletotaxonlyafterafutureeventoccursmaybecountedonlyuptothelevelofforty-fiveper
oughsomeotherinflowofexternalresourcescanbeincludedfromthetimeoftheirinflow.
(3b)TheFederalBankingSupervisoryOfficemaydecidetoadjusttheliablecapitalbyanadju
stmentitem,particularlyinordertotakeaccountoflosseswhichhavenotyetaffectedtheba
'srequest,theFederalBankingSu
pervisoryOfficeshallrescinditsadjustmentinsofarasthereasonsforitnolongerapply.
(4)Assetscontributedbysilentpartnersshallbecountedaspartoftheliablecapitalif
eeventofaloss,
,intheeventoftheinitiationofinsolvencyproceedingsoverthein
stitution'sassetsoroftheinstitution'sliquidation,theywillnotberepaiduntilallcre
ditorshavebeensatisfied,
,
,or,underthetermsofthepartnershipagreement,cannot,f
allduewithinlessthantwoyears,
tionintherepaymentclaimcausedbylossesduringtheperiodtomaturityofthecapitalcontr
ibutioncanbeoffsetbyprofitswhicharisemorethanfouryearsaftertherepaymentclaimhas
matured,and
,whenestablishingthesilentpartnership,referredexplicitlyandinwr
,participation
inanylosscannotbechangedtothedetrimentoftheinstitution,thesubordinationofclaims
cannotbelimited,
nyprematurerepaymentshallbereturnedtotheinstitution,notwithstandinganyarrangeme
ntstothecontrary,unlessthecapitalhasbeenreplacedbytheinpaymentofotherliablecapi
talofatleastequivalentstatusortheFederalBankingSupervisoryOfficehasagreedtothep
rematurerepayment.
(4a)Unrealisedreservesmaybecountedaspartoftheliablecapitalonlyifthecorecapitalm
akesupatleastfourpointfourpercentoftheinstitution'sriskassets,weightedinac-cord
ancewiththePrinciplesoftheFederalBankingSupervisoryOfficepursuanttosubsection(1)s
entence2;unrealisedreservesmaybecountedaspartoftheliablecapitalonlyuptoonepoint
,tradingbo
nlyifallassetspursuanttosubsection(2b)sentence1number6or7areincorporatedintheca
theFederalBankingSupervisoryOfficeandtheDeutscheBundesbankimmediatelyafteritspl
etion,indicatingtherelevantvaluations.
(4b)Section12(1)and(2)oftheMortgageBankAct(Hypothekenbankgesetz)appliesasapprop
riatetothecalculationoftheloanvaluesofland,rightsequivalenttoland,andbuildings.
institutionshallappointamitteeofexpertsconsistingofatleastthreemembersforcalcul
(2)and(3)oftheActonInvestmentCompaniesappliesasappr
,thisnegativedifferenceshallbededucted
fromtheunrealisedreserves.
(4c)Themarketvalueofsecuritiesdefinedinsubsection(2b)sentence1number7(a)depends
nthepreviousthreebalancesheetdatesisbelowthatprice,
riceisavailableonabalancesheetdate,thelastpriceascertainedwithinthirtydaysbefor
forfixedassets,thedifferencebetweentherelevantmarketvalueandthehigherbookvalues
-ceduredescribedinsentences1,2and
4shallbeappliedasappropriatetothedeter-minationofthevalueofsecuritiesdefinedins
ubsection(2b)sentence1number7(b)pursuanttosection11(2)oftheValuationAct,andtoth
edeterminationoftherepurchasepriceofsharesinaspecialfund.
(5)Capitalpaidupagainsttheissueofparticipationrights(liabilitiesrepresentedbypa
rticipationrights)shallbecountedaspartoftheliablecapitalif
,andiftheinstitutionisentitledtodeferinterestpaymentsin
theeventofaloss,
,intheeventoftheinitiationofinsolvencyproceedingsoverthein
stitution'sassetsoroftheinstitution'sliquidation,itwillnotberepaiduntilallnon-s
ubordinatedcreditorshavebeensatisfied,
,
,or,underthetermsoftheagreement,cannot,fallduewithi
nlessthantwoyears,
ntainsnodebtorwarrantclausesaccordingtowhichthereductionintherepaymentclaimcaus
edbylossesduringtheperiodtomaturityofthecontributioncanbeoffsetbyprofitswhichar
isemorethanfouryearsaftertherepaymentclaimhasmatured,and
,whenconcludingtheagreement,referredexplicitlyandinwritingtothe
rminatetheliabilitywithoutnoticeintheeventthatachangeintaxationgivesrisetoaddit
,participati
oninanylosscannotbechangedtothedetrimentoftheinstitution,thesubordinationofclai
mscannotbelimited,andneithertheperiodtomaturitynortheperiodofnoticecanbeshorten
,anyprematurereacquisitionoftheparticipa
tionrightsorotherrepaymentshallbereturnedtotheinstitution,notwithstandinganyarr
angementstothecontrary,unlessthecapitalhasbeenreplacedbytheinpaymentofotherliab
lecapitalofatleastequivalentstatusortheFederalBankingSupervisoryOfficehasagreed
totheprematurerepayment;
itiesareissuedinrespectoftheparticipationrights,thelegalconsequencesspecifiedin
aypurchasesecuritisedparticipationrightsissuedbyitselfuptothreepercentofthetota
lnominalamountofanissue,formarket-smoothingpurposes,orifitistherebycarryingouti
eBundesbankshallbenotifiedimmediatelyofaninstitution'sintentiontotakeadvantageo
fthemarket-smoothingoptioninaccordancewithsentence6.
(5a)Capitalwhichhasbeenpaidupbyvirtueoftheincurrenceofsubordinatedliabilitiessh
allbecountedtowardstheliablecapitalaslonger-termsubordinatedliabilitiesif
titution'sassetsoroftheinstitution'sliquidation,itwillnotberepaiduntilallnon-su
bordinatedcreditorshavebeensatisfied,
,and
ctualcollateralfortheliabilitiesisprovidedbytheinstitutionorthirdparties.
Iftheclaimtorepaymentfalls,or,underthetermsoftheagreement,canfall,duewithinless
thantwoyears,
heinstitutionmayreservetherighttoterminatetheliabilitywithoutnoticeintheeventth
atachangeintaxationgivesrisetoadditionalpaymentstothepartyacquiringthesubordina
,thesubordinationofclaimscannotbelimited,andneithertheper
ence6,anyprematurereacquisitionoftheclaimorotherrepaymentshallbereturnedtothein
stitution,notwithstandinganyarrangementstothecontrary,unlessthecapitalhasbeenre
placedbytheinpaymentofotherliablecapitalofatleastequivalentstatusortheFederalBa
nkingSupervisoryOfficehasagreedtotheprematurerepayment;theinstitutionmayreserve
iesissuedbyitselfuptothreepercentofthetotalnominalamountofanissue,formarket-smo
othingpurposes,
deralBankingSupervisoryOfficeandtheDeutscheBundesbankshallbenotifiedimmediately
ofaninstitution'sintentiontotakeadvantageofthemarket-smoothingoptioninaccordanc
,theinstitutionshallreferexplicitlya
ndinwritingtothelegalconsequencesspecifiedinsentences4and5;ifsecuritiesareissue
dinrespectofthesubordinatedliabilities,theaforementionedlegalconsequencesshallb
theLawGoverningGeneralTermsandConditions(GesetzzurRegelungdesRechtsderAllgemein
enGe-schäftsbedingungen)concerningthebanonnettingdoesnotapplytoclaimsarisingfro
mtheinstitution'
iabilities,orforadvertisingforsubordinatedliabilities,whichcontainstheword"savi
ng",orwhichisotherwiseliabletodeceiveastothesubordinatedstatusintheeventofthein
itiationofinsolvencyproceedingsorliquidation;thisdoesnotapply,however,insofaras
ence1number3,aninstitutionmayprovidesubordinatedcollateralforsubordinatedliabil
itiesincurredbyasubsidiaryoftheinstitutionthatwasestablishedforthesolepurposeof
raisingcapital.
(6)Thefollowingshallbedeductedfromthesumofcoreandadditionalcapital:
,otherthaninvestmentpanies,andfinancialen
terprisesamountingtomorethantenpercentofthecapitaloftheseenterprises;atthereque
stoftheinstitution,theFederalBankingSupervisoryOfficemaypermitexceptionsifthein
stitutiontemporarilyholdsparticipatinginterestsinanotherinstitutionorafinancial
enterpriseinordertogivefinancialsupporttothatenterprise;
(5a)onins
titutions,otherthaninvestmentpanies,andfinancialenterprisesinwhichtheinstitutio
nholdsmorethantenpercentoftheseenterprises'capital;
;
;
tenpercentoftheinstitution'sliablecapitalbeforedeductionoftheamountspursuantton
umbers1to4andpursuanttothisnumber:
(a)participatinginterestsininstitutions,otherthaninvestmentpanies,andfinanciale
nterprisesamountingtonotmorethantenpercentoftheseenterprises'capital;
(b)claimsarisingfromsubordinatedliabilitiesoninstitutions,otherthaninvestmentpa
nies,andfinancialenterprisesinwhichtheinstitutionholdsnoparticipatinginterestor
inwhichtheparticipatinginterestamountstonotmorethantenpercentoftheseenterprises
'capital;
(c)claimsarisingfromparticipationrightsinrespectofenterprisespursuanttoletter(b
);
(d)assetscontributedbysilentpartnerstoenterprisespursuanttoletter(b).Participat
inginterestswhichaninstitutionoritsparententerpriseisrequiredtoincludeinthecons
olidationpursuanttosection10a,pursuanttosection13b(3)sentence1and-withrespectto
thestockofparticipatinginterestsexistingonJanuary1,1993(subjecttosection64a)-pu
rsuanttosection12(2)sentences1and2,
ovisionappliesasappropriatetotheparticipatinginterestswhichtheinstitutionoritsp
arententerprisevoluntarilyincludesintheconsolidationpursuanttosection10a,pursua
nttosection13b(3)sentence1and-withrespecttothestockofparti-cipatinginterestsexi
stingonJanuary1,1993(subjecttosection64a)-pursuanttosection12(2)sentences1and2,
orwhichitconsolidatesvoluntarilyinaccordancewiththeseprovisions.
(7)Capitalwhichhasbeenpaidupbyvirtueoftheincurrenceofsubordinatedliabilitiessha
llbecountedtowardstier3capitalasshort-termsubordinatedliabilitiesif
,intheeventoftheinitiationofinsolvencyproceedingsoverthein
stitution'sassetsoroftheinstitution'sliquidation,itwillnotberepaiduntilallnon-s
ubordinatedcreditorshavebeensatisfied,
,
dexpresslynocontractualcollateralfortheliabilitiesisprovidedbytheinstitutionort
hirdparties,and
(a)neitherrepaymentsofprincipalnorpaymentsofinterestinrespectoftheliabilityneed
tobemadeifthiswouldimplythattheinstitution'sownfundswouldnolongermeetthestatuto
ryrequirements,and
(b)prematurerepaymentsofprincipalorpaymentsofinterestmadebytheinstitutionshallb
ereturnedtoit,,thesubor
dinationofclaimscannotbelimited,andneithertheperiodtomaturitynortheperiodofnoti
,anyprematurereacquisition
oftheclaimorotherrepaymentshallbereturnedtotheinstitution,notwithstandinganyarr
angementstothecontrary,unlessthecapitalhasbeenreplacedbytheinpaymentofotherownf
undsofatleastequivalentstatusortheFederalBankingSupervisoryOfficehasagreedtothe
prematurerepayment;
onoftheagreement,theinstitutionshallreferexplicitlyandinwritingtothelegalconseq
uencesspecifiedinsentences2and3;ifsecuritiesareissuedinrespectofthesubordinated
liabilities,theaforementionedlegalconsequencesshallbespecifiedinthesubscription
uedbyitselfuptothreepercentofthetotalnominalamountofanissue,formarket-smoothing
purposes,
ankingSupervisoryOfficeandtheDeutscheBundesbankshallbenotifiedimmediatelyofanin
stitution'sintentiontotakeadvantageofthemarket-smoothingoptioninaccordancewiths
heBundesbankimmediatelyifitsownfundsfallbelowonehundredandtwentypercentofthesum
totaloftheappropriateownfundspursuanttosubsection(1)sentence1onaccountofrepayme
ntsofprincipalorpaymentsofinterestinrespectoftheshort-termsubordinatedliabiliti
es.
(8)AninstitutionshallreportimmediatelytotheFederalBankingSupervisoryOfficeandth
eDeutscheBundesbankpursuanttosentence2thoseloanswhicharetobedeductedinaccordanc
ewithsubsection(2a)
edimmediatelyonceagaintotheFederalBankingSupervisoryOfficeandtheDeutscheBundesb
ankifthecollateralprovidedorthetermsoftheloansarechangedbyalegaltransaction,tog
stitutionstosubmittoitselfandtotheDeutscheBundesbankeveryfiveyearsasummaryrepor
toftheloanstobereportedinaccordancewithsentence1.
(9)Asecuritiestradingfirmmusthaveownfundsamountingatleasttoone-quarterofitscost
sshownintheprofitandlossaccountofthelastsetofannualaccountsundergeneraladminist
rativeexpenses,depreciationoftangibleandintangiblefixedassetsandvalueadjustment
,thecor
respondingestimatesfortheseitemscontainedinthebusinessplanforthecurrentyearshal
osentences1and2ifthisappearsappropriateinviewofanexpansionoftheinstitution'sbus
inessactivity.
(1)Agroupofinstitutionsorafinancialholdinggroup(group),takenasawhole,musthavead
te.
(2)Forthepurposesofthisprovision,agroupofinstitutionsconsistsoftheparententerpr
isedomiciledinGermanyandthesubordinatedenterprises(enterprisesbelongingtothegro
up).Forthepurposesofthisprovision,subordinatedenterprisesarethesubsidiariesofan
institutionwhichthemselvesareinstitutions,financialenterprisesorancillarybankin
,inthecaseofmutualcross-shar
eholdings,noinstitutionwithinthegroupmeetsthiscondition,theFederalBankingSuperv
isoryOfficeshalldeterminewhichistobedeemedthegroup'
llarybankingservicesenterprisesaresubordinatedtoaninstitution,agroupofinstituti
onsisdeemednottoexist.
(3)Forthepurposesofthisprovision,afinancialholdinggroupisdeemedtoexistifafinanc
ialholdingpanydomiciledinGermanyhassubordinatedenterpriseswithinthemeaningofsub
section(2)sentence2,ofwhichatleastonedeposit-takingcreditinstitutionorsecuritie
stradingfirmdomiciledinGermanyisasubsidiaryofthefinancialholdingpany,unlessthef
inancialholdingpanyforitspart
-takingcreditinstitution,asecuritiestradingfirmorafina
ncialholdingpanydomiciledinGermany,or
-takingcreditinstitutionorasecuritiestradingfirmdomici
inanotherstateoftheEuropeanEconomicArea,afinancialholdinggroupisdeemedtoexist,s
ubjecttosentence1numbers1and2,if
-takingcreditinstitutionorsecuritiestradingfirmdomiciledinGe
rmanyisasubsidiaryofthefinancialholdingpany,andifneitheradeposit-takingcreditin
stitutionnorasecuritiestradingfirmdomiciledinthefinancialholdingpany'scountryof
domicileisasubsidiaryofthefinancialholdingpany,and
-takingcreditinstitutionorthesecuritiestradingfirmdomiciledinGerman
yhasalargerbalancesheettotalthananyotherdeposit-takingcreditinstitutionthatisas
ubsidiaryofthefinancialholdingpanyandthananyothersecuritiestradingfirmthatisasu
bsidiaryofthefinancialholdingpanywhicharedomiciledinanotherstateoftheEuropeanEc
onomicArea;intheeventofidenticalbalancesheettotals,thedomicileatwhichthelicence
,thatdeposi
t-takingcreditinstitutionorsecuritiestradingfirmbelongingtothegroupanddomiciled
inGermanywhichitselfisnotsubordinatedtoanyotherinstitutionbelongingtothegroupan
-takingcredi
tinstitutionsorsecuritiestradingfirmsdomiciledinGermanysatisfytheserequirements,o
r-inthecaseofmutualcross-shareholdings-noinstitutiondomiciledinGermanysatisfies
theserequirements,theFederalBankingSupervisoryOfficeshalldeterminewhichistobede
emedthegroup'sparententerprise.
(4)Institutions,financialenterprisesorancillarybankingservicesenterprisesdomici
ledinGermanyorabroadarelikewisedeemedtobesubordinatedenterprisesifanenterpriseb
elongingtothegroupholdsdirectlyorindirectlyatleasttwentypercentofthecapitalshar
esinsuchanenterprise,ifitmanagestheinstitutionsorenterprisestogetherwithotheren
terprisesandifitisliablefortheobligationsofthoseinstitutionsorenterprisesuptoth
heldbyathirdpartyfortheaccountofanenterprisebelongingtothegroupshallbeaggregate
ppliesasappropriatetoindirectlyheldcapitalshareswhicharemediatedbymorethanoneen
(2)and(3)oftheCompan
iesActappliesasappropriate.
(5)Investmentpaniesaredeemednottobesubordinatedenterprises.
(6)Whetherornotenterprisesbelongingtoagroup,takenasawhole,haveadequateownfundss
hallbedeterminedonthebasisofaconsolidationoftheirownfunds,includingthesharesofo
therpartnersandtheotheritemsrelevantunderthePrinciplesinaccordancewithsubsectio
n(1)sentence2,readinconjunctionwithsection10(1)sentence2;inthecaseofenterprises
belongingtoagroup,theitemscorrespondingtothoserecognisedundersection10aredeemed
,theparententerpriseshallbineitsrelevantitemswi
theownfundstobeconsolidatedinaccordancewithsentence2:
,asshownbytheparententerpriseandtheotherenterprisesbelongingtoth
egroup(andaccountedforbytheenterprisesbelongingtothegroup),
(a)ofthecapitalshares,
(b)oftheassetscontributedbysilentpartnersinaccordancewithsection10(4)sentence1,
(c)oftheparticipationrightsinaccordancewithsection10(5)sentence1,
(d)ofthelonger-termsubordinatedliabilitiesinaccordancewithsection10(5a)sentence
1,and
(e)oftheshort-termsubordinatedliabilitiesinaccordancewithsection10(7)sentence1,
aswellas
gtothegroupinaccordancewithsection10(2b)sentence1numbers6and7,insofarastheyarea
,butsubjecttothepro
visionconcerningthecapitalisedconsolidationdifferenceinaccordancewithsentences6
and7,andtheassetscontributedbysilentpartnersshallbedeductedfromthecorecapital,t
helonger-termsubordinatedliabilitiesfromtheadditionalcapitalponentsasspecifiedi
nsection10(2b)sentence3,theliabilitiesrepresentedbyparticipationrightsandtheunr
ealisedreservesfromthesumtotaloftheadditionalcapitalponents,ineachcasebeforethe
cappingspecifiedinsection10(2b)sentences2and3,andtheshort-termsubordinatedliabi
litiesfromthetier3capitalasspecifiedinsection10(2c)sentence1,beforethecappingsp
ecifiedinsection10(2c)
yenterprisesnotbelongingtothegroup,suchbookvaluesandunrealisedreservesshallbede
ductedonaproratabasistotheextentofthesharewhichcorrespondstothearithmeticalcapi
capitalandthereservesofthesubordinatedenterprisetobeconsolidatedinaccordancewit
hsentence2,theparententerpriseshalldeductthedifferenceinequalpartsfromthegroup'
tedasaparticipatinginterestinanenterpriseoutsidethegroup,withanamountthatdecrea
-riskpositionsofdiffer
ententerprisesbelongingtoagroupcannotbenettedwithoneanother,unlesstheenterprise
sareincludedintheparententerprise'scentralriskmanagementsystem,theownfundsareap
propriatelydistributedacrossthegroupand,inthecaseofsubordinatedenterprisesdomic
iledinnon-EEAcountries,itisensuredthatthelocallegalandadministrativeregulations
eralMinistryofFinance,actinginconsultationwiththeDeutscheBundesbank,mayissuesup
plementaryprovisionsbyregulation,inparticularalsoinordertospecifyingreaterdetai
ltheapplicationofregulationsconcerningtradingbookbusinesswithinthegroup,therequ
irementsthattheparententerprise'scentralriskmanagementsystemmustsatisfyandtheap
propriatenessofthedistributionofownfundswithinthegroupandtoissuemoredetailedpro
ofFinancemaydelegatebyregulationthisauthoritytotheFederalBankingSupervisoryOffi
cesubjecttotheconditionthattheregulationmustbeissuedinagreementwiththeDeutscheB
eofsuchregulation.
(7)Inthecaseofsubordinatedenterpriseswhicharenotsubsidiaries,theparententerpris
eshallconsolidateitsownfundsandtheotherrelevantitemsunderthePrinciplesinaccorda
ncewithsubsection(1)sentence2,readinconjunctionwithsection10(1)sentence2,withth
eownfundsandtheotherrelevantitemsofthesubordinatedenterprisesonaproratabasisine
achcase,intheamountofthesharecorrespondingtoitscapitalshareinthesubordinatedent
,subsection(6)applies.
(8)
ofulfilitsobligationsinaccordancewithsentence1,itmay,however,exerciseaninfluenc
eoverenterprisesbelongingtothegrouponlyinsofarasthisdoesnotcontravenecurrentpan
(1)sentence4appliesasappropriate.
(9)Theenterprisesbelongingtothegroupshallsetupaproperorganisationandappropriate
internalmonitoringprocedurestoensurethatthedatarequiredforthecon-solidationinac
cordancewithsubsections(6)and(7)
isunabletoobtaintherequisitedatarelatingtoindividualenterprisesbelongingtothegr
oup,thebookvaluesspecifiedinsubsection(6)sentence3accountedforbytheenterprisebe
longingtothegroupshallbedeductedfromtheownfundsoftheparententerprise.
(10)Subsections(1)and(6)to(8)donotapplytoaparententerprisewhichitselfissubordin
atedtoaninstitutiondomiciledinGermanytowhichsubsections(1)and(6)to(8)apply.
Institutionsmustinvesttheirfundsinsuchawayastoensurethatadequateliquidityforpay
,actingina
greementwiththeDeutscheBundesbank,drawsupPrinciplesbywhichitas-sessesinthenorma
lcasewhetheraninstitution'sliquidityisadequate;thecentralassociationsoftheinsti
,andparticularlyof
apassbook,givenintheRegulationontheAccountingofInstitutions(VerordnungüberdieRe
chnungslegungderInstitute),whichtothisextentissubjecttotheapprovaloftheDeutsche
oryOfficeandtheDeutscheBundesbankthedataneededinaccordancewiththePrinciplesfora
ssessingliquidity.
(1)Adeposit-takingcreditinstitutionmaynotholdaqualifiedparticipatinginterestwho
seshareinthenominalcapital,intermsoftheamount,exceedsfifteenpercentofitsliablec
apitalinanenterprisewhichisneitheraninstitution,afinancialenterpriseoraninsuran
-takingcreditinstit
utionmaynotholdqualifiedparticipatinginterestswhoseaggregateshareinthenominalca
pital,intermsoftheamount,exceedssixtypercentofitsliablecapitalinenterprisesdesc
'sow
nbusinessoperationsbycreatinglastingtiesshallnotbeincludedintheputationofthelev
-takingcreditinstitutionmayexce
edthelimitslaiddowninsentence1or2withtheapprovaloftheFederalBankingSupervisoryO
-ta
kingcreditinstitutionbacksthatpartoftheparticipatingintereststhatexceedsthelimi
tbyliablecapital;ifboththelimitsareexceeded,thelargeramountshallbebackedbyliabl
ecapital.
(2)Aninstitutionwhichisaparententerpriseofagroup(section10a(2)or(3))thatinclude
satleastonedeposit-takingcreditinstitutionshallensurethatthegroupdoesnotholdqua
lifiedparticipatinginterestsinanenterprisewithinthemeaningofsubsection(1)senten
ce1whoseshareinthenominalcapital,intermsoftheamount,exceedsfifteenpercentoftheg
roup'
alifiedparticipatinginterestsinenterpriseswithinthemeaningofsubsection(1)senten
ce1whoseshareinthenominalcapital,intermsoftheamount,exceedssixtypercentofthegro
up'(1)
oexceedthelimitslaiddowninsentence1or2withtheapprovaloftheFederalBankingSupervi
tutionbacksthatpartoftheparticipatingintereststhatexceedsthelimitbythegroup'sli
ablecapital;ifboththelimitsareexceeded,thelargeramountshallbebackedbythegroup's
liablecapital.
(1)Aninstitutionorafinancialholdingpany,whenacquiringaparticipatinginterestinan
enterprisedomiciledabroad,orwhenestablishingcorporatetieswithsuchanenterpriseby
virtueofwhichtheenterprisebeesasubordinatedenterprisewithinthemeaningofsection1
0a(2)to(5)orsection13b(2),shallensurethatitor,inthecaseofafinancialholdingpany,
theparententerpriseresponsiblefortheconsolidationreceivesthedatarequiredfordisc
hargingthevariousdutiesspecifiedinsections10a,13band25(2).Sentence1doesnotapply
tothedatarequiredfordischargingthedutiesspecifiedinsections10aand13bifdueaccoun
tistakenoftheriskarisingfromtheestablishmentoftheparticipatinginterestorfromthe
corporatetiesbythedeductionofthebookvalues,tobeeffectedpursuanttosection10a(9)s
entence3inawayparabletotheconsolida-tioninaccordancewithsection10a(6)or(7)andse
ction13b(3),andiftheFederalBankingSupervisoryOfficeisenabledtomonitorpliancewit
nt,modificationordiscontinuationofaparticipatinginterestorofcorporateties,asspe
cifiedinsentence1,totheFederalBankingSupervisoryOfficeandtheDeutscheBundesbanki
mmediately.
(2)TheFederalBankingSupervisoryOfficemayprohibitthecontinuationoftheparticipati
nginterestorofthecorporatetiesiftheparententerprisedoesnotreceivethedatarequire
dfordischargingthedutiesspecifiedinsections10a,13bor25(2).Theexceptionpursuantt
osubsection(1)sentence2appliesasappropriatetothepowersofprohibitionconferredbys
entence1.
-tradingbookinstitutions
(1)Aninstitutionwhichisexemptedfromtheprovisionsrelatingtotradingbookbusinesspu
rsuanttosection2(11)(non-tradingbookinstitution)shallnotifytheDeutscheBundesban
kimmediatelyifitsexposurestoasingleborrowerintheaggregateamounttoorexceedtenper
centofitsliablecapital(largeexposure).Theregulationpursuanttosection24(4)senten
ce1mayprovideforthepossibilityofregularsummaryreportsinsteadofanimmediatereport
,togetherwithits
ments,totheFederalBankingSupervisoryOffice;thelattermaywaiveitsrighttothehavece
rtainreportsforwardedtoit.
(2)Withoutprejudicetothevalidityofthetransactions,anon-tradingbookinstitutionor
-ganisedintheformofalegalpersonorpartnershipmayincuralargeexposureonlybyvirtueo
,t
thelargeexposurehasbeenincurredwithoutapriorunanimousdecisionbyallthemanagersan
difsuchdecisionhasnotbeenretrospectivelymadewithinonemonthaftertheexposurehasbe
enincurred,thenon-tradingbookinstitutionshallreportthisfacttotheFederalBankingS
xposureowingtoareductionintheliablecapital,thisexposuremaycontinue,withoutpreju
dicetothevalidityofthetransaction,onlybyvirtueofaunanimousdecisiontobetakenimme
nretrospectivelytakenwithinonemonthafterthepointintimeatwhichtheexposurebecamea
largeexposure,thenon-tradingbookinstitutionshallreportthisfacttotheFederalBanki
ngSupervisoryOfficeandtheDeutscheBundesbank.
(3)Withoutprejudicetothevalidityofthetransactions,anon-tradingbookinstitutionma
ynotincurexposurestoasingleborrower,withouttheapprovaloftheFederalBankingSuperv
isoryOffice,whichintheaggregateexceedtwenty-fivepercentoftheliablecapitalofthen
on-tradingbookinstitution(individuallargeexposurelimit).Irrespectiveofwhetherth
eFederalBankingSupervisoryOfficegrantsitsapproval,thenon-tradingbookinstitution
shallnotifytheFederalBankingSupervisoryOfficeandtheDeutscheBundesbankimmediatel
yiftheindividuallargeexposurelimitisexceededandshallbacktheamountbywhichthelarg
iliatedenterprisethatneitherbelongstoagroupwithinthemeaningofsection13b(2)noris
consolidatedbytheappropriateauthoritiesofanotherstateoftheEuropeanEconomicAreaa
sprovidedinCouncilDirective92EECofDecember21,1992onthemonitoringandcontroloflar
geexposuresofcreditinstitutions(
29,page1)(LargeExposuresDirective)maynotexceed,withouttheapprovaloftheFederalBa
nkingSupervisoryOffice,twentypercentofthenon-tradingbookinstitution'sliablecapi
-tradingbookinstitutionshallensurethata
lllargeexposuresintheaggregatedonotexceed,withouttheapprovaloftheFederalBanking
SupervisoryOffice,eighthundredpercentofitsliablecapital(overalllargeexposurelim
it).IrrespectiveofwhethertheFederalBankingSupervisoryOfficegrantsitsapproval,th
enon-tradingbookinstitutionshallnotifytheFederalBankingSupervisoryOfficeandtheD
eutscheBundesbankimmediatelyiftheoveralllargeexposurelimitisexceededandshallbac
ktheamountbywhichitslargeexposuresintheaggregateexceedtheoveralllargeexposureli
-tradingbookinstitutionwhichexceedsboththeindividuallarg
eexposurelimitwithrespecttooneormoreborrowersandtheoveralllargeexposurelimitsha
FederalBankingSupervisoryOfficemaygrantapprovalinaccordancewithsentences1,3and5
maytemporarilyexemptanon-tradingbookinstitutionfromtherequirementtobacktheexces
siveamountbyliablecapitalinaccordancewithsentence2,alsoreadinconjunctionwithsen
tence4,ifthelimitwasexceededduetothemergingofborrowersorparableoccurrencesandth
iscouldnothavebeenanticipatedbythenon-tradingbookinstitution.(4)Subsections(1)a
nd(2)alsoapplytogeneralcreditlinesmitted,providedthatthereportsrequiredundersub
section(1)aretobefiledonthedatesspecifiedbyaregulationinaccordancewithsection24
(4)sentence1.
(1)Aninstitutionwhichisnotexemptedfromtheprovisionsrelatingtotradingbookbusines
spursuanttosection2(11)(tradingbookinstitution)shallreportlargeexposuresasdefin
(1)sentence3appliesasappropriate.
Atradingbookinstitutionhasincurredalargeexposurefromoverallbusinessifthesumtota
lofallitsexposurestoasingleborrower(individualtotalpositionfromoverallbusiness)
amountstoorexceedstenpercentoftheinstitution'sownfunds;atradingbookinstitutionh
asincurredalargeexposurefrombankingbookbusinessifthesumtotalofitsexposurestoasi
ngleborrowerexcludingtheindividualtotalpositionfromtradingbookbusiness(individu
altotalpositionfrombankingbookbusiness)amountstoorexceedstenpercentoftheinstitu
tion'
xposurestoasingleborrowerthatareassignedtothetradingbook.
(2)Section13(2)concerningtheunanimousdecisionforlargeexposuresincurredbynon-tra
dingbookinstitutionsappliesasappropriatetotradingbookinstitutions.
(3)Withoutprejudicetothevalidityofthetransactions,atradingbookinstitutionshalle
nsurethattheindividualtotalpositionfrombankingbookbusinessdoesnotexceed,without
theapprovaloftheFederalBankingSupervisoryOffice,twenty-fivepercentofitsliableca
pital(individuallargeexposurelimitforbankingbookbusiness).Irrespectiveofwhether
theFederalBankingSupervisoryOfficegrantsitsapproval,thetradingbookinstitutionsh
allnotifytheFederalBankingSupervisoryOfficeandtheDeutscheBundesbankiftheindivid
uallargeexposurelimitforbankingbookbusinessisexceededandshallbacktheamountbywhi
sinessvis-à-visanaffiliatedenterprisewithinthemean-ingofsection13(3)sentence3ma
ynotexceed,withouttheapprovaloftheFederalBankingSupervisoryOffice,twentypercent
ofthetradingbookinstitution'
dingbookinstitutionshallensurethatalllargeexposuresfrombankingbookbusinessinthe
aggregatedonotexceed,withouttheapprovaloftheFederalBankingSupervisoryOffice,eig
hthundredpercentofitsliablecapital(aggregatelargeexposurelimitforbankingbookbus
iness).IrrespectiveofwhethertheFederalBankingSupervisoryOfficegrantsitsapproval,t
hetradingbookinstitutionshallnotifytheFederalBankingSupervisoryOfficeandtheDeut
scheBundesbankiftheaggregatelargeexposurelimitforbankingbookbusinessisexceededa
(3)senten
ordancewithsentences1,(3)sentence9appliesasapp
ropriate.
(4)Thetradingbookinstitutionshallensurethattheindividualtotalpositionfromoveral
lbusinessdoesnotexceed,withouttheapprovaloftheFederalBankingSupervisoryOffice,t
wenty-fivepercentofitsownfunds(individuallargeexposurelimitforoverallbusiness).
IrrespectiveofwhethertheFederalBankingSupervisoryOfficegrantsitsapproval,thetra
dingbookinstitutionshallnotifytheFederalBankingSupervisoryOfficeandtheDeutscheB
undesbankiftheindividuallargeexposurelimitforoverallbusinessisexceededandshallb
acktheamountbywhichthelimitisexceededbyownfundsaslaiddownintheregulationpursuan
-à-visana
ffiliatedenterprisewithinthemeaningofsection13(3)sentence3maynotexceedtwentyper
centofthetradingbookinstitution'
ingbookinstitutionshallensurethatalllargeexposuresfromoverallbusinessintheaggre
gatedonotexceed,withouttheapprovaloftheFederalBankingSupervisoryOffice,eighthun
dredpercentofitsownfunds(aggregatelargeexposurelimitforoverallbusiness).Irrespe
ctiveofwhethertheFederalBankingSupervisoryOfficegrantsitsapproval,thetradingboo
kinstitutionshallnotifytheFederalBankingSupervisoryOfficeandtheDeutscheBundesba
nkiftheaggregatelargeexposurelimitforoverallbusinessisexceededandshallbacktheam
ountbywhichthelimitisexceededbyownfundsaslaiddownintheregulationpursuanttosecti
(3)
isoryOfficemaygrantapprovalinaccordancewithsentences1,3and5atitsowndiscretion;a
pprovalaslaiddowninsentence1or3shallbedeemednottohavebeengrantediftheindividual
totalpositionfrombankingbookbusinessexceedstherelevantlimitaslaiddowninsubsecti
on(3)sentence1or3.
(5)Evenifthelimitlaiddowninsubsection(4)sentence1or3isexceededwiththeapprovalof
theFederalBankingSupervisoryOffice,theindividualtotalpositionfromtradingbookbus
inessofatradingbookinstitutionmaynotexceedfivehundredpercentofthatportionofthet
radingbookinstitution'sownfundsthatarenotrequiredforthepurposeofbackingrisksari
,thetradingbookinstitutionshal
lreportthisimmediatelytotheFederalBankingSupervisoryOfficeandtheDeutscheBundesb
ankandshallba
