Refinancing register; power to issue a statutory instrument

(1) Electronic maintenance of the refinancing register is permitted, provided it is ensured that adequate safeguards against data loss have been put in place. The Federal Ministry of Finance must, by statutory instrument not requiring the consent of the Bundesrat, determine the details of the form of the refinancing register and the manner of recording. The Federal Ministry of Finance may, by statutory instrument, transfer this power to the Federal Financial Supervisory Authority.
(2) The undertaking maintaining the register must enter in the refinancing register:
1. the claims or the security to whose transfer the undertakings within the meaning of section 1(24), first sentence, points 1 to 6, entered in the register as entitled to transfer (transferees entitled to transfer), have a claim,
2. the transferee entitled to transfer,
3. the date of entry,
4. where an item serves as security, the legal basis, the extent, the ranking of the security, and the date on which the contract containing the legal basis for the security was concluded. In the case of the first sentence, points 1 and 4, it suffices that third parties, in particular the administrator, the receiver, the Federal Institute, or an insolvency administrator, are able to determine unambiguously the particulars to be entered. Where the transferee entitled to transfer is a Pfandbrief bank or an insurance undertaking, that entity, and the trustee appointed under section 7(1) of the Pfandbrief Act or section 128 of the Insurance Supervision Act, must be informed of the entry by transmission of a certified extract under subsection (6).
(3) Insofar as particulars required under subsection (2) are missing, or entries are incorrect, or do not permit unambiguous determination of the particulars to be entered, the items concerned are not properly entered.
(4) Claims are also capable of being entered, and, once entered, capable of being sold to the transferee entitled to transfer, even where assignment has been excluded by oral or implied agreement with the debtor. Section 354a of the Commercial Code and statutory restrictions on disposition remain unaffected.
(5) Entries may be deleted only with the consent of the transferee entitled to transfer. Where a transferee entitled to transfer is a Pfandbrief bank or an insurance undertaking, entries may be deleted only with the consent of the Pfandbrief bank's trustee or the insurance undertaking's trustee, respectively. In every case the date of deletion must be entered. Erroneous entries may be deleted with the administrator's consent; subsection (2), third and fourth sentences, applies correspondingly. The correction, its date, and the administrator's consent must be entered in the refinancing register. A repeated entry without deletion of the earlier entry has no legal effect.
(6) The transferee entitled to transfer may at any time request from the administrator an extract of the entries in the refinancing register concerning it, on which the administrator has confirmed, in writing, its agreement with the refinancing register.
(7) Undertakings maintaining the register must notify the Federal Institute annually, as at the end of a calendar year, of:
1. the remuneration paid, respectively, to the administrator and the deputies in the calendar year just ended, together with any share of value-added tax and reimbursement of expenses,
2. for which third-party refinancing undertakings that are credit institutions, as yet unwound refinancing transactions are entered in the refinancing register,
3. in what form, and since what date, the refinancing register is maintained, and
4. whether the undertaking maintaining the register is generally willing to assume the maintenance of the register in the cases under section 22k(2) also for third parties.