Revocation of recognition; legal consequences

(1) Where the conditions for recognition under section 43 no longer exist, recognition may be revoked by BaFin. An objection and an action for annulment against the revocation have no suspensive effect.
(2) The institutional protection scheme must inform the CRR credit institutions previously belonging to it of the revocation of recognition and inform them which statutory compensation scheme they are allocated to under section 24.
(3) After receipt of the revocation, the institutional protection scheme must transfer, within five working days, its available financial means up to the amount named in section 17(2), including claims against the CRR credit institutions arising from existing payment commitments under section 18(2), to the statutory compensation scheme to be named by BaFin.
(4) Where the CRR credit institutions concerned are allocated to different statutory compensation schemes, the available financial means are divided proportionately according to the amount of the covered deposits of the CRR credit institutions concerned. Temporarily covered deposits under section 8(2) are not taken into account in this.