Translation: BaFin This translation is furnished for information purposes only. The orginal German text is binding in all respects.

Preamble
After consultation with the compensation scheme for institutions pursuant to section 6 (1) sentence 2 no. 3 of the German Deposit Guarantee and Investor Compensation Act (Einlagensicherungs- und Anlegerentschädigungsgesetz – EAEG) at the KfW Banking Group, the Federal Ministry of Finance decrees, on the basis of section 8 (3) sentences 1 and 2 of the Deposit Guarantee and Investor Compensation Act of 16 July 1998 (Federal Law Gazette I, p. 1842), the following:

Section 1
Annual contribution

(1) Institutions that have been assigned to the compensation scheme at the KfW Banking Group ('compensation scheme') pursuant to section 6 (1) sentence 2 no. 3 of the Deposit Guarantee and Investor Compensation Act shall pay annual contributions to the compensation scheme by no later than 30 September of each year. The amount of an institution's annual contribution is determined pursuant to sections 2 to 2d, but shall not exceed 10 per cent of the net profit for the year plus the cost of any profits transferred under profit-pooling, profit-transfer or partial profit-transfer agreements. The establishment and release of provisions by institutions for contribution obligations under the Deposit Guarantee and Investor Compensation Act shall be excluded from calculations of the net profit for the year specified in sentence 2. The institutions shall notify the compensation scheme of the individual amounts of provisions established and released for contribution obligations by submitting their approved annual accounts.

(1a) The annual contribution for each institution assigned to the compensation scheme shall amount to no less than €1,050. Institutions that are entitled to acquire ownership or possession of customers' funds or securities when providing their services shall pay an annual contribution of no less than €2,100. Section 2a (2) and section 2b shall apply mutatis mutandis.

(2) Contributions shall be paid by all institutions that belong to the compensation scheme on 1 January before the annual contribution becomes due. The annual contribution shall be reduced by 75 per cent for institutions that leave the compensation scheme between 1 January and 31 March of the year in which the contribution becomes due; it shall be reduced by 50 per cent for institutions that leave the compensation scheme between 1 April and 30 June of the year in which the contribution becomes due.

Section 2
Calculation of the annual contribution

(1) The annual contribution shall be calculated based on the relevant income as defined in subsection (2), multiplied by the relevant contribution rate for the institution as specified in sections 2a and 2b.
(2) Relevant income shall be defined as all gross commission income plus gross income from financial transactions. Hedging costs arising from financial transactions may be factored into calculations of relevant income. After hedging costs have been factored in, the following may be disregarded in calculations of relevant income:

1. gross commission income that has been reimbursed to customers and is simultaneously reported as gross commission expense,
2. gross commission income that has been passed on to other institutions within the meaning of section 1 (1) of the Deposit Guarantee and Investor Compensation Act or to other deposit-taking credit institutions or securities trading firms within the meaning of section 1 (3d) of the German Banking Act (Kreditwesengesetz – of the Banking Act) in other member states of the European Economic Area (EEA) for the execution of parts of securities transactions and that is simultaneously reported as gross commission expense,
3. gross income from financial transactions, provided that it exceeds the net income from the offsetting of matching transactions as part of name-to-follow transactions (Aufgabegeschäfte),
4. gross commission income that is not derived from securities transactions within the meaning of section 1 (3) of the Deposit Guarantee and Investor Compensation Act,
5. gross commission income reported as brokerage for pool settlement,
6. 90 per cent of gross and commission income and gross income from financial transactions which, in each case, is derived from transactions with customers not entitled to compensation pursuant to section 3 (2) of the Deposit Guarantee and Investor Compensation Act unless this income is also derived from transactions with end customers entitled to compensation, and
7. 90 per cent of gross commission income and gross income from financial transactions which, in each case, is derived from transactions with other institutions that the latter have executed in their own name.

Only one deduction criterion may be applied in each case to income to which several deduction criteria of sentence 3 apply. The deduction criteria specified in sentences 2 and 3 may only be applied if the institution submits a corresponding application to the compensation scheme by no later than 1 July of the relevant accounting year and provides documentary evidence certified by an auditor or an auditing firm of the information needed to have these criteria recognised and of the amount of the remaining income. The mere submission of annual accounts or an audit report shall not be a substitute for the aforementioned application even if this documentation provides documentary evidence that valid deduction criteria apply. If such evidence is not received by 1 July of the relevant accounting year, subsection (5) sentences 2, 3 and 6 shall apply mutatis mutandis subject to the proviso that a surcharge shall only be payable to the extent that it does not cause a higher contribution to be paid than if the deduction criteria had not been recognised. If the application is filed after 1 July or if the necessary evidence is not submitted by 24:00 hours on 15 August, the application shall be rejected. The time limits specified in sentences 5, 7 and 8 are mandatory.

(3) Calculations of the annual contribution shall be based on the approved annual accounts together with the audit report for the last financial year ended prior to 1 March of the relevant accounting year. If the annual accounts used cover a shortened financial year, the figures therein shall be extrapolated so that they represent a full financial year. If the shortened financial year was preceded by another shortened financial year and the two shortened financial years together add up to a full year, the calculation of the annual contributions shall be based on the addition of the figures stated in the annual accounts for the shortened financial years. Institutions newly assigned to the compensation scheme in the relevant accounting year that did not have to prepare annual accounts for the last financial year ended prior to 1 March or for this financial year prepared annual accounts that did not contain any business activities that would require the institutions concerned to be assigned to the Compensation Scheme of Securities Trading Firms, shall base their calculations of the annual contribution on the relevant line items of the budget income statement for the first financial year to be submitted prior to commencement of business pursuant to section 32 (1) sentence 2 no. 5 and sentence 3 of the Banking Act in conjunction with section 14 (7) no. 1 of the German Reports Regulation (Anzeigenverordnung – AnzV).

(4) The factual and arithmetical accuracy of the information required to calculate the annual contribution must be certified to the compensation scheme by an auditor or an auditing firm. This shall not apply to budget income statements within the meaning of subsection (3) sentence 4. Submission of approved annual accounts that have been certified by an auditor or an auditing firm, together with the pertinent audit report, shall be deemed sufficient, provided that this documentation explicitly mentions the information required in each case. The compensation scheme shall be entitled to demand that the institution concerned provide further evidence in order to verify the availability of the assessment basis; in particular it may demand that the institution submit detailed overviews of individual types of income, the accuracy of which must be confirmed by an affidavit provided by the institution's management or certified by an auditor or an auditing firm.

(5) The institution shall submit to the compensation scheme by no later than 1 July of the relevant accounting year the information required for calculation of the annual contribution and certified as specified in subsection (4). If the required and certified information has not been received by 1 July, the institution shall submit this information by 24:00 hours on 15 August of the relevant accounting year. If the information is submitted by 24:00 hours on 15 August of the relevant accounting year, the compensation scheme shall assess the amount of the annual contribution based on this information plus a surcharge of 10 per cent. If the information is not submitted by 24:00 hours on 15 August, the compensation scheme shall estimate the income required for calculation of the annual contribution by taking into account the scale, scope and structure of the business of the institution or of a group of comparable institutions based on suitable documentation; a multiple of 1.35 times the annual contribution shall be assessed on this basis as a payment on account. If the required information has still not been submitted by 31 December of the following accounting year, the amount of the payment on account shall be deemed to be the annual contribution; if the information is submitted by this date, the compensation scheme shall assess the annual contribution based on the information eventually submitted plus a surcharge of 25 per cent; the payment on account specified in sentence 4 shall be offset against the retrospectively assessed annual contribution. The time limits specified in sentences 2 and 5 are mandatory.

(6) Any surcharge payable for late submission of documentation as specified in subsection (5) shall only be payable once in respect of an annual contribution. The highest surcharge payable shall be decisive.

Section 2a
Level of the contribution rate

(1) The contribution rate shall amount to

1. 2.46 per cent for credit institutions that are not deposit-taking credit institutions within the meaning of section 1 (3d) sentence 1 of the Banking Act and that have been granted authorisation to conduct banking business within the meaning of section 1 (1) sentence 2 no. 4 or 10 of the Banking Act; if the institution is entitled to acquire ownership or possession of customers' funds or securities when conducting banking business or providing financial services, the contribution rate shall amount to 7.7 per cent;
2. 3.85 per cent for credit institutions that are not covered by no. 1, are not deposit-taking credit institutions within the meaning of section 1 (3d) sentence 1 of the Banking Act, have been granted authorisation to provide financial services within the meaning of section 1 (1a) sentence 2 nos. 1, 1a, 1b, 1c, 2 or 3 of the Banking Act and are entitled to acquire ownership or possession of customers' funds or securities when providing financial services; if, in addition, the institution has been granted authorisation to provide financial services within the meaning of section 1 (1a) sentence 2 no. 4 or sentence 3 of the Banking Act, the contribution rate shall amount to 7.7 per cent;
3. 1.23 per cent for credit institutions that are not covered by no. 1, are not deposit-taking credit institutions within the meaning of section 1 (3d) sentence 1 of the Banking Act, have been granted authorisation to provide financial services within the meaning of section 1 (1a) sentence 2 nos. 1, 1a, 1b, 1c, 2 or 3 of the Banking Act and are not entitled to acquire ownership or possession of customers' funds or securities when providing financial services;
4. 2.46 per cent for credit institutions that are not covered by no. 1, are not deposit-taking credit institutions within the meaning of section 1 (3d) sentence 1 of the Banking Act, have been granted authorisation to provide financial services within the meaning of section 1 (1a) sentence 2 no. 4 or sentence 3 of the Banking Act and are not entitled to acquire ownership or possession of customers' funds or securities when providing financial services;
5. 3.85 per cent for financial services institutions that have been granted authorisation within the meaning of section 1 (1a) sentence 2 nos. 1, 1a, 1b, 1c, 2 or 3 of the Banking Act and are entitled to acquire ownership or possession of customers' funds or securities when providing financial services; if, in addition, the institution has been granted authorisation to provide financial services within the meaning of section 1 (1a) sentence 2 no. 4 or sentence 3 of the Banking Act, the contribution rate shall amount to 7.7 per cent;
6. 1.23 per cent for financial services institutions that have been granted authorisation within the meaning of section 1 (1a) sentence 2 nos. 1, 1a, 1b, 1c, 2 or 3 of the Banking Act and are not entitled to acquire ownership or possession of customers' funds or securities when providing financial services;
7. 2.46 per cent for financial services institutions that have been granted authorisation within the meaning of section 1 (1a) sentence 2 no. 4 or sentence 3 of the Banking Act and are not entitled to acquire ownership or possession of customers' funds or securities when providing financial services;
8. 1.23 per cent for asset management companies within the meaning of section 1 (1) no. 4 of the Deposit Guarantee and Investor Compensation Act that are not entitled to acquire ownership or possession of customers' funds or securities when providing services; if the asset management company is entitled to acquire ownership or possession of customers' funds or securities when providing services, the contribution rate shall amount to 3.85 per cent.

(2) An institution's classification pursuant to subsection (1) nos. 1 to 8 shall be determined by the authorisation that it possesses in the last financial year ended prior to 1 March of the relevant accounting year. If the institution provides financial services within the meaning of section 1 (1a) sentence 2 nos. 1, 1a, 1b, 1c, 2, 3 or 4 or sentence 3 of the Banking Act or conducts banking business pursuant to section 1 (1) sentence 2 no. 4 or 10 of the Banking Act, it shall be assumed that the institution is entitled to acquire ownership or possession of customers' funds or securities when performing these activities. This shall not apply if the authorisation granted excludes such entitlement or the institution provides documentary evidence certified by an auditor or an auditing firm that no such entitlement exists with respect to customers. Section 2 (4) sentence 3 and (5) sentences 1 to 3 and 6 shall apply mutatis mutandis. If either the authorisation or the entitlement is amended during this financial year, the circumstances requiring a higher annual contribution shall be decisive.

Section 2b
Assignment to categories with higher or lower contribution rates

Upon request the compensation scheme may, in the following cases, assign an institution to a category with higher or lower contribution rates than those specified in section 2a (1):

1. An institution may be assigned to a category with lower contribution rates if it proves that the relevant income earned from business that would require higher contribution rates was insignificant; this income shall generally be deemed to be insignificant unless it exceeds 10 per cent of the institution's relevant income.
2. If an institution's authorisation or its entitlement to acquire ownership or possession of customers' funds or securities when providing financial services or conducting banking business pursuant to section 1 (1) sentence 2 no. 4 or 10 of the Banking Act is amended, assessments of its contributions may be based on the circumstances requiring a lower contribution rate if the institution proves that these circumstances prevailed for most of the time in the most recent financial year.

The institution must file an application as specified in sentence 1 by no later than 1 July of the relevant accounting year and submit documentary evidence certified pursuant to section 2 (4) that the relevant conditions have been met. If such evidence is not received by 1 July, section 2 (5) sentences 2, 3 and 6 shall apply mutatis mutandis subject to the proviso that a surcharge shall only be payable to the extent that it does not cause a higher contribution to be paid than if the application had been disregarded. The compensation scheme may require further evidence to verify whether the conditions specified in sentence 1 have been met. The compensation scheme shall decide whether to grant the application when the annual contribution is assessed. The time limit specified in sentence 2 is mandatory.

Section 2c
Increases in the annual contribution

(1) The annual contribution shall be increased by a surcharge of 20 per cent if, in the last relevant financial year, the institution had at least 10,000 creditors that were in principle entitled to compensation within the meaning of section 3 (1) and (2) of the Deposit Guarantee and Investor Compensation Act and with which, or for which, it conducted securities transactions within the meaning of section 1 (3) of the Deposit Guarantee and Investor Compensation Act in the relevant financial year ('customer structure surcharge'). The customer structure surcharge shall amount to 15 per cent of the annual contribution payable by institutions that have fewer than 10,000 but at least 5,000 such creditors. Institutions that have fewer than 5,000 but at least 1,000 such creditors shall pay a customer structure surcharge of 10 per cent of their annual contribution. Section 2 (4) and (5) shall apply mutatis mutandis to the disclosure and proof of the number of creditors subject to the proviso that if the number of creditors is estimated, the customer structure surcharge shall amount to at least 10 per cent and no delay surcharge shall be payable if only proof of the number of creditors is not submitted.

(2) The annual contribution payable by an institution that has been newly assigned to the compensation scheme in the relevant accounting year shall not be increased by the customer structure surcharge if the institution declares by no later than 1 July of the relevant accounting year that it had no creditors that were in principle entitled to compensation within the meaning of section 3 (1) and (2) of the Deposit Guarantee and Investor Compensation Act at the time it was assigned to the compensation scheme. Section 2 (5) sentences 1, 2 and 6 shall apply mutatis mutandis to the declaration specified in sentence 1. If this declaration has not been submitted by 15 August of the relevant accounting year, a customer structure surcharge of 5 per cent shall be payable. The time limits specified in sentences 1 and 3 are mandatory.

Section 2d
Reduction of the annual contribution

(1) Subject to subsection (3), the annual contribution shall be reduced by a discount of 15 per cent if a fidelity insurance policy exists ('insurance discount'). This insurance policy must satisfy the following conditions:

1. he insurance policy must compensate the institution for financial losses that are caused by intentional torts committed by representatives and that oblige the latter to pay compensation in accordance with the legal provisions. 'Representatives' shall be defined as all persons employed by the institution at the time the losses are caused and include management board members, executive directors, supervisory board members, administrative council members and advisory board members (members of the governing bodies). Members of the governing bodies who either directly or indirectly own more than 20 per cent of the institution's share capital may be excluded as representatives. Representatives who join the institution during the term of the insurance policy must be included in the insurance policy when they start working for the institution. Representatives who leave the institution's employment must continue to be covered by the insurance policy for a period of twelve months after they cease to work for the institution.
2. The sum insured must amount to no less than €1 million.
3. The insurance company must have conducted a comprehensive assessment of the risk assumed and have based its premium calculation on this assessment, and must notify the compensation scheme without undue delay of any premium increase, premium reduction or change in the excess payable as well as the reasons for such adjustments. The institution concerned must have given its consent for the compensation scheme to be notified of these facts.
4. An excess of at least 10 per cent but no more than 20 per cent must have been agreed.
5. The insurance policy must cover all losses that are caused during the term of the policy and are either inflicted on the institution itself by representatives or are incurred by the institution as a result of representatives having directly inflicted on third parties a loss for which the institution is liable. The insurance policy must also cover losses that are caused during the term of the policy but are only discovered and reported to the insurer after the policy has expired. The insurer may have reserved the right to have losses reported to it within a period of three years after the policy has expired.

The following losses may be exempted from the cover provided by the insurance policy:

1. osses caused by general partners or by shareholders who either directly or indirectly own more than 20 per cent of the institution's share capital,
2. losses caused by representatives who had committed intentional torts within the meaning of sentence 2 no. 1 at the time the insurance policy commenced or the representatives concerned were included in the insurance policy, and the institution had been aware of such torts,
3. osses that were incurred prior to the occurrence of the insured event in order to avert the latter or mitigate its impact or that are only indirectly caused,
4. losses incurred by the cost of personal injury claims,
5. losses that can be insured under the main terms and conditions of fire or burglary insurance, and
6. losses that are at least partly caused by war, military conflict, civil unrest, terrorism, actions by governmental authorities, force majeure, nuclear energy or by environmental influences within the meaning of the German Environmental Liability Act (Umwelthaftungsgesetz – UmweltHG) and the Federal Water Act (Wasserhaushaltsgesetz – WHG).

The terms and conditions governing the insurance policy may also stipulate that the compensation paid for losses caused by members of the governing bodies who either directly or indirectly hold no more than 20 per cent of the institution's share capital should be reduced in proportion to the share capital held. Any exemption from liability granted by the institution to the person who has caused the loss shall not apply to the excess specified in sentence 2 no. 4.

(2) The institution must apply for the insurance discount by no later than 1 July of the relevant accounting year and provide documentary evidence that the relevant conditions have been met by submitting a statement from the insurance company confirming the existence and content of the insurance policy. The application must contain information on the exemption of certain members of the governing body or partners or shareholders from the insurance cover specified in subsection (1) sentence 2 no. 1 sentence 3 and sentence 3 no. 1 and on the requirements specified in subsection (1) sentence 5. If the confirmation from the insurance company is not submitted by 1 July or if it is submitted but incomplete, section 2 (5) sentences 2, 3 and 6 shall apply mutatis mutandis subject to the proviso that a surcharge shall only be payable to the extent that it does not cause a higher contribution to be paid than if the application specified in sentence 1 had been disregarded. If the application is filed after 1 July or the confirmation is not submitted by 15 August, the application shall be rejected. The compensation scheme must be notified without undue delay of any cancellation, termination, expiration or rescission of the insurance policy for any other reason or of any changes in the insurance policy that affect the conditions specified in subsection (1) sentence 2 or the exemption specified in subsection (1) sentence 3 no. 1. If the insurance policy ceases to provide cover prior to the end of the following accounting year or if the insurance policy no longer meets the conditions specified in subsection (1) sentence 2, the compensation scheme shall reassess the annual contribution without the insurance discount. The time limit specified in sentence 1 is mandatory.

(3) The insurance discount shall only be granted if the institution has taken out fidelity insurance for the whole of the following accounting year. If members of the governing bodies have been excluded as representatives pursuant to subsection (1) sentence 2 no. 1 sentence 3 or losses have been exempted from insurance cover pursuant to subsection (1) sentence 3 no. 1, the insurance discount shall amount to 7.5 per cent. The insurance discount shall amount to no more than 10 per cent of the agreed sum insured.

Section 3
One-off payment

(1) Institutions assigned to the compensation scheme after 1 August 1998 shall make a one-off payment pursuant to section 4 in addition to the annual contribution specified in section 1.

(2) Calculations of the one-off payment shall be based on the most recently approved annual accounts or, if the institution has not yet prepared any such accounts, on its opening balance sheet. After having been requested to do so by the compensation scheme, the institution shall provide it with the pertinent balance sheet without undue delay and within two weeks at the latest. Once this period has elapsed, the required information may be provided or obtained by the compensation scheme in the form of a certification issued by an auditor or auditing firm.

Section 4
Assessment of the one-off payment

(1) The one-off payment shall amount to

1. 3.5 per cent of the liable capital of the institutions specified in section 2a (1) nos. 1 to 4 and 5 second half-sentence calculated in accordance with the provisions of section 10 (2) of the Banking Act, but in any event no less than €25,550;
2. 3.5 per cent of the liable capital of the institutions specified in section 2a (1) no. 5 first half-sentence calculated in accordance with the provisions of section 10 (2) of the Banking Act, but in any event no less than €4,375;
3. 0.35 per cent of the liable capital of the institutions specified in section 2a (1) nos. 7 and 8 calculated in accordance with the provisions of section 10 (2) of the Banking Act, but in any event no less than €2,555;
4. 0.35 per cent of the liable capital of the institutions specified in section 2a (1) no. 6 calculated in accordance with the provisions of section 10 (2) of the Banking Act, but in any event no less than €300.

(2) The one-off payment shall become due as soon as notification of the one-off payment is given.

Section 5
Special contributions, special payments and the maximum total charge payable

(1) At the institution's request and in cases covered by section 8 (6) sentence 2 of the Deposit Guarantee and Investor Compensation Act, the most recent annual contribution payable shall be replaced by a notional annual contribution, which shall be calculated based on the relevant line items of the budget income statement for the first financial year to be submitted prior to commencement of business pursuant to section 32 (1) sentence 2 no. 5 and sentence 3 of the Banking Act in conjunction with section 14 (7) no. 1 of the Reports Regulation, if the resultant contribution differs by at least 25 per cent from the one-off payment.

(2) The sum of an institution's special contributions and special payments as well as any one-off payment made in any one accounting year together with the most recently assessed annual contribution shall not in total exceed 45 per cent of the net profit for the year determined pursuant to section 1 (1) sentences 2 and 3 ('maximum total charge payable'). Calculations of the maximum total charge payable shall be based on the most recently approved annual accounts together with the audit report. Section 2 (3) sentence 4 shall apply mutatis mutandis. If the relevant documentation has not been submitted to the compensation scheme and the case concerned is not subject to the provisions of section 2 (3) sentence 4, the compensation scheme shall, before collecting a special contribution or a special payment, request that the institution submit the most recently approved annual accounts together with the audit report within a time limit of four weeks. If the institution fails to comply with the compensation scheme's request within this period, sentence 1 shall not apply.

(3) If the compensation scheme has raised a loan that does not fully cover its funding requirements, it shall be entitled to cover its remaining funding requirements by collecting special contributions if its obligations pursuant to section 5 (4) of the Deposit Guarantee and Investor Compensation Act can be promptly met in this way. This shall also apply if the compensation scheme has obtained a credit line that has not been fully utilised and the remaining funding requirements can be promptly covered by special contributions. The contributions specified in sentences 1 and 2 can be collected in instalments pursuant to section 5a.

Section 5a Collection of special contributions in instalments
(1) When deciding whether to collect special contributions in instalments pursuant to section 8 (3) sentence 2 of the Deposit Guarantee and Investor Compensation Act, the compensation scheme must consider the probable duration of the compensation procedure (especially in view of the number of investors and the complexity of the compensation procedure and any insolvency proceedings), the probable total amount and scope of the compensation within the meaning of section 8 (3a) sentences 3 and 4 of the Deposit Guarantee and Investor Compensation Act, the financial situation of the institutions obliged to pay contributions and the other funds likely to be available for the compensation event. Irrespective of the compensation scheme's entitlement to collect special contributions and special payments in any one accounting year, special contributions shall be collected in instalments at intervals of no less than one year. The obligation to pay special contributions applies to all institutions that belonged to the compensation scheme at the beginning of the accounting year in which an instalment is collected. The amount of the special contribution to be paid by an institution shall be determined separately for each instalment pursuant to section 8 (6) of the Deposit Guarantee and Investor Compensation Act.

(2) Before collecting the first instalment, the compensation scheme shall inform the institutions concerned about the procedure it intends to follow in order to collect the contributions. This information shall include the funding requirements determined by the compensation scheme, the probable value of the total instalments to be paid by the institutions and the dates on which the contributions are intended to be collected.

Section 5b
Exemption from the obligation for special contributions or special payments

Full or partial exemption from the obligation to pay special contributions or make special payments pursuant to section 8 (6) sentence 7 of the Deposit Guarantee and Investor Compensation Act shall only be granted at the request of the institution concerned. The institution must apply for such exemption within the statutory objection period allowed for appeals against notifications of the respective special contribution or special payment and submit a certification issued by an auditor or an auditing firm confirming that the totality of the payments to be made to the compensation scheme in the relevant accounting year would jeopardise the institution's ability to meet its obligations to its creditors and would satisfy the necessary conditions for measures to be taken pursuant to section 46 (1) sentence 1 of the Banking Act. The certification specified in sentence 2 may be submitted within a period of two months after the institution has received notification of the respective special contribution or special payment.

Section 6
Certification by auditors

In the case of financial services institutions whose total assets did not exceed €150 million in the most recent financial year, the certifications specified in section 2 (2) sentence 5 and (4), section 2a (2) sentence 3, section 2b sentence 2, section 2c (1) sentence 4 and section 3 (2) may be issued by certified public accountants or public accounting firms.

Section 7
Transitional provisions

(1) In 1999 and 2000, 90 per cent of gross income from financial transactions may be disregarded in calculations pursuant to section 2 (2) without any documentary evidence.

(2) In 1999, the relevant deadline for application of section 2 (1) sentence 1 no. 6 and sentence 3, subsections (2), (4) and (5) sentence 1 and of section 5 (2) sentence 3 shall be 10 September instead of 1 July 1999. By way of derogation from sentence 1, the certification issued by auditors or auditing firms as specified in section 2 (1) sentence 1 no. 6 and sentence 3 and in (2) and (4) in conjunction with section 6 must be submitted by no later than 31 December 1999; the annual contribution shall be assessed as a payment on account in these cases. If the certification is submitted by no later than 31 December 1999, the payment on account shall constitute the annual contribution.

(3) If the annual accounts or the data specified in section 2 (4) are not available by 10 September 1999, the payment on account shall be assessed and the annual contribution calculated without any further deadline being set pursuant to section 2 (5). If the annual accounts pursuant to section 2 (4) or the certification required pursuant to section 2 (4) in conjunction with section 6 are not available by 31 December 1999, the payment on account pursuant to section 2 (5) sentence 1 shall be deemed to be the annual contribution.

(4) Sections 1 and 2 as amended in the First Regulation Amending the Regulation on Contributions to the Compensation Scheme of Securities Trading Firms at the KfW Banking Group ('First Amending Regulation') shall be applied for the first time to the annual contribution for the year 2000. In 2000, the relevant deadline for application of section 2 (2) shall be the 45th calendar day after promulgation of the First Amending Regulation instead of 1 July. In cases where an objection has been raised to notification of the annual contribution for 1999 and such notification is not legally valid, sections 1 and 2 as amended in the First Amending Regulation shall be applied for the first time to the annual contribution for 1999. In these cases, the relevant deadline for application of subsections (2) and (3) shall be the 45th calendar day after promulgation of the First Amending Regulation instead of 10 September 1999 or 31 December 1999, respectively. Sentences 2 to 4 shall not be applied if they would cause the contribution to increase.

(5) For institutions that have been granted authorisation to provide financial services within the meaning of section 1 (1a) sentence 2 nos. 1a to 1c of the Banking Act or to provide investment advice pursuant to section 7 (2) no. 3 of the German Investment Act (Investmentgesetz – InvG) and, consequently, are required to pay an annual contribution for the first time in 2008 or for which this authorisation gives rise to profit-related changes to the calculation of their annual contribution for 2008, the deadlines governing the provision of contribution-related data pursuant to section 2 (4) and (5) and the provision of documentary evidence of amounts deducted pursuant to section 2 (1) sentence 1 no. 6 last half-sentence as well as the time-limited privileged status conferred on income pursuant to section 2 (2) shall be extended on a one-off basis from 1 July 2008 to 26 September 2008. With due regard to section 2 (2) sentence 1 no. 4, gross commission income from financial services within the meaning of section 1 (1a) sentence 2 nos. 1a to 1c of the Banking Act and from services pursuant to section 7 (2) no. 3 of the Investment Act shall not be deemed to have been derived from securities transactions provided that the relevant compensation entitlement arose prior to 1 November 2007.

(6) Institutions that are deemed pursuant to section 64i of the Banking Act to have been granted authorisation to provide financial services within the meaning of section 1 (1a) sentence 2 nos. 1a to 1c of the Banking Act and that have notified the Federal Financial Supervisory Authority (BaFin) that they wish to waive this authorisation shall no longer be required to pay contributions provided that they have not utilised this authorisation by the time that BaFin receives their waiver notification. This shall only apply if these institutions notified BaFin of their waiver by no later than 26 September 2008.

(7) Sections 1 to 2b, 2d and 5 to 6 in the version that is valid as from 26 August 2009 shall be applied for the first time to the accounting year ended on 30 September 2009. If this Regulation mentions 1 July as a deadline, this deadline shall be replaced by the deadline of 16 September for the accounting year ended on 30 September 2009. If this Regulation mentions 15 August as a deadline, this deadline shall be replaced by the deadline of 30 September for the accounting year ended on 30 September 2009.

(8) The customer structure surcharge pursuant to section 2c in the version that is valid as from 26 August 2009 shall be payable for the first time for the accounting year ended on 30 September 2010.

(9) Institutions that were assigned to the compensation scheme prior to 26 August 2009 shall continue to make a one-off payment as specified in sections 3 and 4 of this Regulation in the version that was valid until 25 August 2009.

Section 8
Entry into force

This Regulation shall enter into force on the day following its promulgation.