Transfer of Operation of the Transparency Register; Authorisation to Issue Statutory Instruments

(1) The Federal Ministry of Finance is authorised, by statutory instrument not requiring the consent of the Bundesrat, to entrust a legal person governed by private law, by way of a delegation of sovereign powers, with the tasks of the register-keeping body and with the powers necessary for that purpose.
(2) A legal person governed by private law may only be so entrusted where it provides the assurance of the proper performance of the tasks transferred to it, in particular for the long-term and secure operation of the Transparency Register. It provides the necessary assurance where 1. the natural persons who, under statute, the articles of association or partnership agreement, exercise management and representation, are reliable and professionally qualified, 2. it has fundamental experience in making register-law information accessible, in particular commercial register data, company announcements, and capital-markets-law information, 3. it has the organisation and the technical and financial resources necessary to perform its tasks, and 4. it ensures compliance with the provisions on the protection of personal data.
(3) The duration of the delegation shall be limited in time. It should not be less than five years. Provision shall be made for the possibility of terminating the delegation before the expiry of that period where good cause exists. Where the conditions for the delegation did not exist, or subsequently ceased to exist, the delegation should be capable of being terminated at any time. It shall be ensured that, on termination of the delegation, all software programs and data necessary for the proper continued operation of the Transparency Register are made available without delay to the Federal Ministry of Finance or to a body designated by it, and that the rights to those software programs and to the internet address used for the Transparency Register are transferred.
(4) The delegated body is entitled to use the small Federal Seal. It is provided by the Federal Ministry of Finance. The small Federal Seal may be used exclusively for the certification of printouts from the Transparency Register and for confirmations under section 18(4).
(5) The delegated body is authorised to levy the fees under section 24. The revenue from those fees accrues to it. In the statutory instrument the Federal Ministry of Finance may transfer enforcement of the fee notices to the delegated body, and may make further provision for the arrangement of reimbursement under section 24(1), fifth sentence.
(6) The delegated body is subject to legal and technical supervision by the Federal Office of Administration. The Federal Office of Administration may, in exercising its supervisory function, inform itself at any time of the affairs of the delegated body, in particular by obtaining information and reports and by requiring the production of records of any kind, may object to unlawful measures, and may require corresponding remedy. The delegated body is obliged to comply with the instructions of the Federal Office of Administration. Where the delegated body fails to comply with instructions, or fails to comply with them in time, the Federal Office of Administration may itself carry out the necessary measures in place of, and at the expense of, the delegated body, or have them carried out by another party. The officers and other representatives of the Federal Office of Administration are authorised, during business and operating hours, to enter, inspect and examine the business premises, offices and operating premises of the delegated body, insofar as this is necessary for the performance of their tasks. Items or business records may be inspected and taken into custody to the extent necessary.
(7) Where no legal person governed by private law is entrusted, or where the delegation is terminated, the Federal Ministry of Finance may transfer operation of the Transparency Register to a Federal higher authority within its own portfolio, or, in agreement with the competent Federal Ministry, to a Federal higher authority within that Ministry's portfolio.