Protection of the designation "Pfandbrief"

Debt securities may be put into circulation under one of the designations named in section 1(1), second sentence, or under another designation containing the word "Pfandbrief", only by credit institutions that have been granted a licence to carry on the Pfandbrief business, except that credit institutions within the meaning of Article 4(1) no. 1 of Regulation (EU) No 575/2013 with their seat in another Member State of the European Union or another contracting state to the Agreement on the European Economic Area may also put them into circulation without a licence from BaFin to carry on the Pfandbrief business, where 1. the issuance of debt securities under one of the above designations is also permissibly carried on in the home state, 2. they are covered debt securities within the meaning of Article 3 no. 1 of Directive (EU) 2019/2162, 3. the requirements of Article 129 of Regulation (EU) No 575/2013 are satisfied, and 4. in the designation of the debt security in all prospectuses, reports and advertising materials, any original foreign-language designation of the Pfandbrief is stated, and it is indicated that the debt security is issued on the basis of the respective foreign law.