Authorisation to issue statutory instruments

(1) The Federal Ministry of Finance is authorised, by statutory instrument not requiring the consent of the Bundesrat, to assign to a legal person under private law the tasks and powers of a statutory compensation scheme (delegation), where that legal person is willing to assume the tasks of the compensation scheme and offers sufficient guarantee for the satisfaction of entitled persons' claims. A legal person offers sufficient guarantee where 1. the persons who, under law or the articles, exercise management and representation of the legal person are reliable and suitable, and 2. it has the equipment and organisation necessary for the performance of its tasks, in particular for raising contributions, managing the funds and paying out compensation, and holds its own funds for that purpose in the equivalent of at least one million euro. By the statutory instrument under the first sentence, the Federal Ministry of Finance may reserve approval of the articles and of amendments to the articles of the legal person, and may issue detailed provisions on the dissolution and winding-up of the compensation scheme.
(2) The Federal Ministry of Finance is authorised, by statutory instrument not requiring the consent of the Bundesrat, to establish statutory compensation schemes at Kreditanstalt für Wiederaufbau and to issue detailed provisions on the administration of statutory compensation schemes and on appropriate remuneration for that administration, where statutory compensation schemes under section 22(2), no. 1 are not available, in particular where such a compensation scheme is dissolved or wound up.