Supervision of deposit guarantee schemes

(1) Deposit guarantee schemes are subject to BaFin's supervision.
(2) BaFin must counteract abuses that could impair the proper conduct of compensation or endanger the financial means available for carrying out compensation. BaFin may issue orders suitable and necessary to remedy or prevent such abuses. Where persons who, under law or the articles, exercise management and representation of the deposit guarantee scheme intentionally or recklessly breach the provisions of this Act, the ordinances issued to implement this Act, or orders of the supervisory authority, and continue that conduct despite a warning from BaFin, BaFin may demand their removal and prohibit them from carrying out their activity.
(3) BaFin has, as against deposit guarantee schemes, the rights to information and examination under section 44(1), (4) and (7) of the Banking Act.
(4) Where BaFin becomes aware of circumstances at a CRR credit institution that are likely to give rise to a compensation event, it must notify the deposit guarantee scheme to which the CRR credit institution is allocated.