SRM Transposition Act of November 2, 2015

The Resolution Mechanism Act (Abwicklungsmechanismusgesetz) contains changes to §20 and §36a of the Pfandbrief Act (Pfandbriefgesetz).

§20 par. 2a of the Pfandbrief Act now regulates Pfandbrief creditors’ preferential right in the event of insolvency and the validity of the 10% threshold with regard to the specific requirements of business with guaranteed export finance loans.

In §36a of the Pfandbrief Act the provisions governing the cover pool administrator’s appointment in the event of the transfer of cover assets have been brought into line with Regulation (EU) 806 /2014 with the help of the Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz).

The changes to the Pfandbrief Act entered into effect on November 6, 2015, and have been incorporated in the latest vdp brochure on the Pfandbrief Act (as at November 2015).

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