Statutory compensation schemes

(1) Statutory compensation schemes have the tasks and powers under this Act; in particular they must raise the contributions of the CRR credit institutions allocated to them, invest the funds in accordance with this Act, and, in a compensation event, compensate the creditors of a CRR credit institution allocated to them for deposits not repaid.
(2) Statutory compensation schemes are 1. legal persons under private law to which the tasks and powers of a statutory compensation scheme under this Act are assigned by statutory instrument under section 23(1) (delegated compensation schemes), and 2. compensation schemes established at Kreditanstalt für Wiederaufbau by statutory instrument under section 23(2).
(3) BaFin decides on objections against administrative acts of statutory compensation schemes.
(4) For the performance of its obligations under section 5, a statutory compensation scheme is liable only with the assets available to it from contributions, after deduction of costs. A delegated compensation scheme must hold and manage those assets separately from its other assets.