Authorisation to issue statutory instruments to revoke delegation and reverse establishment

(1) The Federal Ministry of Finance may, by statutory instrument not requiring the consent of the Bundesrat,
1. revoke the delegation of a compensation scheme under section 23(1), first sentence, or
2. reverse the establishment of a compensation scheme at Kreditanstalt für Wiederaufbau under section 23(2).
(2) In the instrument under subsection (1), the Federal Ministry of Finance determines which statutory compensation scheme (successor compensation scheme) succeeds, in accordance with the requirements of subsections (3) to (7), the statutory compensation scheme whose delegation is revoked or whose establishment is reversed (former compensation scheme). The compensation schemes concerned must be heard before the instrument under subsection (1) is issued.
(3) On the day the instrument under subsection (1) enters into force, the successor compensation scheme succeeds, by way of legal succession, to the rights and obligations of the former compensation scheme in respect of the former compensation scheme's available financial means and the financial means available under section 26(1) to cover administrative and other costs. Excepted from this legal succession are the available financial means to be transferred under subsection (4) to an institutional protection scheme under section 2(1), no. 2. On the entry into force of the instrument under subsection (1), the successor compensation scheme succeeds to all the former compensation scheme's sovereign rights and obligations under this Act. All administrative proceedings, objection proceedings and administrative-court proceedings of the former compensation scheme pending at the time the instrument under subsection (1) enters into force are continued by the successor compensation scheme in its own right and in its own name.
(4) Where a CRR credit institution that, before the entry into force of the instrument under subsection (1), belonged to the former compensation scheme, joins, with effect from the entry into force of the instrument under subsection (1), an institutional protection scheme under section 2(1), no. 2, the former compensation scheme is obliged to transfer to the institutional protection scheme, without delay, a share of its available financial means as at the entry into force of the instrument under subsection (1). The share to be transferred corresponds to the share of the CRR credit institution's covered deposits under section 8(1) in the total deposits of all CRR credit institutions allocated to the former compensation scheme. For determining the share to be transferred, the value of the covered deposits of all CRR credit institutions allocated to the former compensation scheme at the time of the last contribution calculation before the transfer to the institutional protection scheme is decisive.
(5) Membership of an institutional protection scheme under section 2(1), no. 2 must take effect at the time the instrument under subsection (1) enters into force. This must be demonstrated to BaFin by the receiving institutional protection scheme before the transfer of financial means under subsection (4). The corresponding evidence, such as resolutions, declarations of accession, or other legal acts required under the articles, must be submitted to BaFin without delay.
(6) The successor and the former compensation scheme regulate the details of the legal succession by contract, which requires BaFin's consent.
(7) BaFin may issue the orders necessary to implement subsections (1) to (6).