Appointment of the administrator

(1) A natural person must be appointed as administrator of the refinancing register (administrator) at each undertaking maintaining a register. The office lapses on the ending of the maintenance of the register or the appointment of a receiver of the refinancing register who is a different person, under section 22l(4), first sentence, including in conjunction with section 22o(2), first sentence.
(2) The appointment is made by the Federal Institute on the proposal of the undertaking maintaining the register. The Federal Institute should appoint the proposed person as administrator where that person's independence, reliability, and expertise appear to be assured.
(3) The appointment may be made for a fixed term; the Federal Institute may remove the administrator at any time for good cause. Where the administrator is in an employment or mandate relationship with a party involved in a specific refinancing transaction, the administrator's office is suspended for that refinancing transaction.
(4) On the application of the undertaking maintaining the register, at least one deputy administrator must be appointed. The application is permitted at any time. Subsections (2) and (3) apply correspondingly to the appointment and removal of the deputy. Where the administrator is removed under subsection (3), first sentence, or the administrator's office is suspended, or the administrator is prevented from acting, the deputy takes the administrator's place.
(5) Where an administrator is not available for a period that is not insignificant, is prevented from performing their duties, or their office is suspended, without a deputy having taken their place, the Federal Institute appoints a suitable administrator without hearing the undertaking maintaining the register. Subsection (2), third sentence, applies correspondingly. The undertaking maintaining the register must notify the Federal Institute without delay where a circumstance under the first sentence has occurred.
(6) The administrator and their deputy are liable to the undertaking maintaining the register and to the transferees entitled to transfer for their activity only in the case of intent or gross negligence. The liability of the administrator or the deputy for gross negligence is limited to EUR 1 million. This limitation may not be excluded or restricted by contract. Where the liability of the administrator or the deputy is covered by insurance, a deductible of one-and-a-half times the annual remuneration set under section 22i(1) must be provided for. The undertaking maintaining the register may conclude the insurance contract in favour of the administrator and the deputy and pay the premiums.