(1) The effects of insolvency proceedings on the rights and duties of participants in an organised market under section 2 (11) of the Securities Trading Act (Wertpapierhandelsgesetz) are subject to the law of the state which applies to this market.
(2) The effects of insolvency proceedings on pension transactions within the meaning of section 340b of the Commercial Code as well as on novation contracts and set-off agreements are subject to the law of the state which applies to these contracts.
(3) Subsection (1) applies accordingly to participants in a system within the meaning of section 1 (16) of the Banking Act.