Home » Fields of Law » Civil » Ordinance on the Allocation of the Costs Incurred by the Federal Securities Supervisory Office during the Years of 1994 to 1997 (Verordnung über die Umlegung der Kosten des Bundesaufsichtsamtes für den Wertpapierhandel der Jahre 1994 bis 1997 )

Ordinance on the Allocation of the Costs Incurred by the Federal Securities Supervisory Office during the Years of 1994 to 1997 (Verordnung über die Umlegung der Kosten des Bundesaufsichtsamtes für den Wertpapierhandel der Jahre 1994 bis 1997 )

As promulgated on 21 November 1997 (Federal Law Gazette Part I p. 2746).


Table of Contents

Section 1 Scope
Section 2 Costs
Section 3 Amount of the cost allocated
Section 4 Amount of reimbursement
Section 5 Period during which the obligation to pay reimbursement exists
Section 6 Payments on account
Section 7 Way of reimbursement
Section 8 Parties obliged to pay reimbursement pursuant to Section 11 paragraph (1) sentence 1 sub-paragraphs 1. and 2. of the Securities Trading Act
Section 9 Parties obliged to pay reimbursement pursuant to Section 11 paragraph (1) sentence 1 sub-paragraph 3. of the Securities Trading Act
Section 10 Effective date


Pursuant to Section 11 paragraph (3) of the Securities Trading Act of 26 July 1994 (Federal Law Gazette Part I p. 1749) in connection with Section 1 of the Ordinance on the Delegation of Powers to Issue Ordinances to the Federal Securities Supervisory Office of 16 March 1995 (Federal Law Gazette Part I p. 390) and taking account of Article 2 sub-paragraph 27. of the law of 22 October 1997 (Federal Law Gazette Part I p. 2518), the Federal Securities Supervisory Office issues the following Ordinance:

Section 1 Scope

The costs incurred by the Federal Securities Supervisory Office (Federal Supervisory Office) in the period from 1 August 1994 until 31 December 1997 shall be allocated in accordance with Sections 2 to 9 to the parties obliged to pay reimbursement pursuant to Section 11 paragraph (1) sentence 1 of the Securities Trading Act as amended on 26 July 1994.

Section 2 Costs

The costs consist of the actual budget expenditure of the financial year plus a thirty per cent pension-related supplement of the salaries of established civil servants employed in the Federal Supervisory Office. These costs form the basis of the allocation insofar as they are not covered by fees, special reimbursements or other income. Such income does not include administrative fines and coercive penalty payments.

Section 3 Amount of the cost allocated

The amount of the costs allocated shall consist of the percentage of the costs which a group of parties obliged to pay reimbursement as set forth in Section 11 paragraph (1) sentence 1 of the Securities Trading Act is required to pay. Amounts of reimbursement (Section 4 sentence 1) that could not be collected and deficits from the allocation of the previous year shall be added to the respective amount of the cost allocated, amounts reimbursed later and surpluses from the allocation of the previous year shall be deducted.

Section 4 Amount of reimbursement

The Federal Supervisory Office shall fix for each party obliged to pay reimbursement the proportion it is required to pay of the amount of the costs allocated (amount of reimbursement); it shall amount to at least DM 30. The party obliged to pay reimbursement is required to make the payment within the period of time notified by the Federal Supervisory Office.

Section 5 Period during which the obligation to pay reimbursement exists

(1) The obligation to pay reimbursement exists for the year in which the party obliged to pay reimbursement in accordance with Section 11 paragraph (1) sentence 1 sub-paragraph 1. of the Securities Trading Act was allowed to conduct securities business in Germany, the party obliged to pay reimbursement in accordance with Section 11 paragraph (1) sentence 1 sub-paragraph 2. of the Securities Trading Act was admitted to participate in trading on the exchange, or securities of the party obliged to pay reimbursement in accordance with Section 11 paragraph (1) sentence 1 sub-paragraph 3. of the Securities Trading Act were admitted to trading on a German exchange or were included in the free market (Freiverkehr) with the consent of that party (year of reimbursement).

(2) The first year of reimbursement shall be the year 1994. The obligation to pay reimbursement shall apply for that year if the preconditions under paragraph (1) above existed during the period from 1 August 1994 until 31 December 1994.

(3) The obligation to pay reimbursement shall also apply if the preconditions under paragraph (1) above did not exist throughout the year, in case of paragraph (2) above did not exist during the whole period of time.

Section 6 Payments on account

On the amounts to be reimbursed for the current year payments on account must be made in the amount of 50 per cent of the amounts reimbursed in the previous year.

Section 7 Way of reimbursement

Amounts of reimbursement and payments on account not paid within the specified time shall be recovered by the Federal Supervisory Office under the Law on the Enforcement of Administrative Decisions. Law enforcement authority is the principal customs office which is responsible for the registered office or branch of the judgment debtor.

Section 8 Parties obliged to pay reimbursement pursuant to Section 11 paragraph (1) sentence 1 sub-paragraphs 1. and 2. of the Securities Trading Act

(1) The amount of reimbursement shall be allocated to the parties obliged to pay reimbursement pursuant to Section 11 paragraph (1) sentence 1 sub-paragraphs 1. and 2. of the Securities Trading Act according to the relation of the volume of the transactions in securities and derivatives effected by an individual party obliged to pay reimbursement to the total volume of the transactions in securities and derivatives effected by all parties obliged to pay reimbursement within a group.

(2) The parties obliged to pay reimbursement may provide evidence of the volume of their transactions in securities and derivatives

1. concluded in the period from 1 August 1994 until 31 December 1994 as well as in 1995 and 1996 until 31 December 1997,

2. concluded in 1997 until 31 March 1998.

Details of the way evidence is provided in accordance with sentence 1 shall be determined by the Federal Supervisory Office. If such evidence is not provided within the specified period, the Federal Supervisory Office shall fix the amounts of reimbursement for the period pursuant to sentence 1 sub-paragraph 1. and for the period pursuant to sentence 1 sub-paragraph 2. in accordance with the transactions reported under Section 9 of the Securities Trading Act in 1996 and 1997 respectively.

(3) Relevant for the volume of the transactions within the meaning of paragraphs 1 and 2 shall be the number of transactions concluded in the year of reimbursement. Transactions which have been cancelled shall not be taken into account.

Section 9 Parties obliged to pay reimbursement pursuant to Section 11 paragraph (1) sentence 1 sub-paragraph 3. of the Securities Trading Act

(1) The amount of reimbursement shall be allocated to the parties obliged to pay reimbursement pursuant to Section 11 paragraph (1) sentence 1 sub-paragraph 3. of the Securities Trading Act according to the relation of the stock exchange turnover pursuant to Section 11 paragraph (1) sentence 3 of the Securities Trading Act of a party obliged to pay reimbursement to the total stock exchange turnover of all parties obliged to pay reimbursement within this group.

(2) Relevant shall be the stock exchange turnover during the year of reimbursement.

Section 10 Effective date

This Ordinance will take effect on the day following its announcement.


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