Ending and transferring maintenance of the register

(1) Where all the transferees entitled to transfer entered in the refinancing register consent, and, where a transferee entitled to transfer is a Pfandbrief bank or an insurance undertaking, the trustee of the Pfandbrief bank or the insurance undertaking consents, maintenance of the refinancing register may be ended one month after notification to the Federal Institute. Where all the transferees entitled to transfer entered in the refinancing register consent, and, where a transferee entitled to transfer is a Pfandbrief bank or an insurance undertaking, the trustee of the Pfandbrief bank or the insurance undertaking consents, maintenance of the register may be transferred, under the Federal Institute's supervision, to a suitable credit institution, provided the items entered are items of the credit institution assuming maintenance of the register, or the conditions of section 22b on maintaining the refinancing register for third parties are met.
(1a) Where an undertaking maintaining a register is transferred, by way of universal succession, to another undertaking maintaining a register, a consent required under subsection (1) is deemed granted where the transferees entitled to transfer of the not yet unwound refinancing transaction entered in the refinancing register of the transferring undertaking maintaining the register have not objected to the transfer within six months of notification by the transferring undertaking. The notification of the intended transfer of maintenance of the register must identify the transferring undertaking maintaining the register, the receiving undertaking maintaining the register, the name of the administrator and any deputies appointed at the receiving undertaking maintaining the register, and the expected date on which the universal succession takes effect. Once the transfer of maintenance of the register has been completed, the administrator of the receiving undertaking maintaining the register must transmit a certified extract under section 22d(6) to the transferees entitled to transfer of the refinancing transactions taken over from the transferring undertaking. The first and second sentences apply correspondingly to the transfer, by way of universal succession, of a refinancing undertaking that is a credit institution without being an undertaking maintaining a register. Where, in the case of the fourth sentence, the receiving undertaking is an undertaking maintaining a register, the register maintained for the transferring refinancing undertaking must be transferred to the receiving undertaking within one month. The receiving undertaking maintaining the register must notify the Federal Institute of the completion of the transfer of maintenance of the register. The third sentence applies correspondingly in the cases of the fourth and fifth sentences, with the proviso that, in the case of the fifth sentence, transmission of a certified extract is to take place only once, after the transfer of maintenance of the register to the receiving undertaking maintaining the register has been completed.
(2) Maintenance of the register also ends where the undertaking maintaining the register is, in the Federal Institute's assessment, unsuitable to maintain the register. In this case the Federal Institute may order the transfer of maintenance of the register to a credit institution that, in its assessment, is suitable and willing to maintain the register. In the absence of a suitable credit institution willing to assume maintenance of the register, the Federal Institute orders the transfer of maintenance of the register to Kreditanstalt für Wiederaufbau. The provisions of section 22b on maintaining the refinancing register for third parties, and subsection (1a), third sentence, apply mutatis mutandis.
(3) Subsection (2) does not apply where insolvency proceedings are opened over the assets of an undertaking that maintains a refinancing register otherwise than solely for third parties.