Pledging as security for liabilities from exchange transactions

(1) By way of derogation from section 12, the custodian may, on the basis of an express authorisation given in text form, pledge the securities or shares of a collective holding, as security for its liabilities arising from transactions on an exchange subject to statutory supervision, to that exchange, its operator, or a legally capable body entrusted by it with the settlement of transactions under its supervision, whose business is limited to that activity, provided that liabilities of the depositor exist towards the custodian from a transaction of identical content between the depositor and the custodian. The value of the pledged securities or shares of a collective holding should not unreasonably exceed the amount of the depositor's liabilities towards the custodian from that transaction. The depositor's authorisation under the first sentence may be given in advance for an indefinite number of such pledges.
(2) The custodian must ensure, vis-à-vis the pledgee, that the pledged securities or shares of a collective holding may be applied to its liabilities named in paragraph 1 only to the extent that liabilities of the depositor towards the custodian exist under paragraph 1. The custodian is liable for a fault of the pledgee as for its own fault; this liability may not be limited by agreement.