| Ordinance on the Allocation of the Costs of the Federal Securities Supervisory Office (Umlage-Verordnung-Wertpapierhandel) |
Long title: Verordnung über die Umlegung der Kosten des Bundesaufsichtsamtes für den Wertpapierhandel
As promulgated on 22 February 1999 (Federal Law Gazette Part I p. 179).
Table of Contents
Section 1 Scope
Section 2 Costs
Section 3 Amount of the costs allocated
Section 4 Period for which reimbursement must be
paid
Section 5 Amount of reimbursement
Section 6 Special features for calculating the
amount of reimbursement
Section 7 Time for payment
Section 8 Way of reimbursement
Section 9 Transitional provision for parties
obliged to pay reimbursement pursuant to section 11 para. (1) sentence 1
no. 3 of the Securities Trading Act
Section 10 Effective Date
In accordance with section 11 para. (3) of the Securities Trading Act (Wertpapierhandelsgesetz) as announced on 9 September 1998 (Federal Law Gazette Part I p. 2708) in connection with section 1 of the Ordinance on the Delegation of Powers to Issue Ordinances to the Federal Securities Supervisory Office of 3 March 1998 (Federal Law Gazette Part I p. 406), the Federal Securities Supervisory Office issues the following Ordinance:
This Ordinance regulates the allocation of the costs of the Federal Securities Supervisory Office (Federal Supervisory Office) to the parties obliged to pay reimbursement pursuant to section 11 para. (1) sentence 1 of the Securities Trading Act.
The costs of the Federal Supervisory Office 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 for the allocation in so far as they are not covered by fees, special reimbursements or other income. Such income does not include administrative fines or coercive penalty payments.
The amount of the costs allocated is equal to the percentage of the costs which a group of parties obliged to pay reimbursement as set forth in section 11 para. (1) sentence 1 of the Securities Trading Act is required to pay. Deficits from the allocation of the previous year are to be added to the respective amount of the costs allocated, surpluses from the allocation of the previous year are to be deducted.
Reimbursement must be paid for the year (year of reimbursement) in which
1. the party obliged to pay reimbursement pursuant to section 11 para. (1) sentence 1 no. 1 of the Securities Trading Act was authorised to render investment services within the meaning of section 2 para. (3) no. 1, 2 or 5 of the Securities Trading Act in Germany,
2. the party obliged to pay reimbursement pursuant to section 11 para. (1) sentence 1 no. 2 of the Securities Trading Act was admitted to participate in trading on a German exchange,
3. the party obliged to pay reimbursement pursuant to section 11 para. (1) sentence 1 no. 3 of the Securities Trading Act was authorised to render investment services within the meaning of section 2 para. (3) no. 3, 4 or 6 of the Securities Trading Act in Germany, or
4. securities of the party obliged to pay reimbursement pursuant to section 11 para. (1) sentence 1 no. 4 of the Securities Trading Act were admitted to trading on a German exchange or were included in free market trading (Freiverkehr) with the consent of that party.
The obligation to pay reimbursement also applies in cases where the preconditions of sentence 1 above did not exist during the whole of the year.
The Federal Supervisory Office will fix for each party obliged to pay reimbursement the proportion of the amount of the costs allocated (amount of reimbursement) which it must pay. The minimum amount to be paid is DM 50.
(1) Relevant for the calculation of the amount of reimbursement of the parties obliged to pay reimbursement pursuant to section 11 para. (1) sentence 1 nos. 1 and 2 of the Securities Trading Act is the number of transactions concluded in the year of reimbursement; transactions that were cancelled are not taken into account.
(2) Relevant for the calculation of the amount of reimbursement of the parties obliged to pay reimbursement pursuant to section 11 para. (1) sentence 1 no. 3 of the Securities Trading Act is the result from ordinary business operations or the evidence supplied in respect of the gross proceeds obtained from investment services or own account transactions in the business year which ends in the year preceding the year of reimbursement. Evidence of the gross proceeds must be supplied to the Federal Supervisory Office in writing not later than 31 March of the year following the year of reimbursement and its correctness must be certified by the auditor of the annual accounts. If no such evidence is supplied within the prescribed period of time the result from ordinary business operations will be relevant. If the first business year as party obliged to pay reimbursement starts in the year of reimbursement, the Federal Supervisory Office levies an amount of reimbursement which is equal to the minimum amount according to the second sentence of section 5 above. If the business year is not identical with the calendar year, the Federal Supervisory Office levies an amount of reimbursement which is equal to the minimum amount according to the second sentence of section 5 above also for the year of reimbursement in which the second business year as party obliged to pay reimbursement starts.
(3) Relevant for the calculation of the amount of reimbursement of the parties obliged to pay reimbursement pursuant to section 11 para. (1) sentence 1 no. 4 of the Securities Trading Act is the stock exchange turnover in the year of reimbursement.
The party obliged to pay reimbursement must make the respective payment within the period of time which was notified to it by the Federal Supervisory Office.
Amounts of reimbursement not paid within the specified time are 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 judgement debtor.
Not obliged to pay reimbursement in connection with the allocation of the costs incurred in the financial year 1998 are financial services institutions which waived their licence pursuant to section 64e para. (2) sentence 2 of the Banking Act in the course of the year 1998 or whose licence pursuant to section 64e para. (2) sentence 2 of the Banking Act was revoked by the Federal Banking Supervisory Office (Bundesaufsichtsamt für das Kreditwesen) in the course of the year 1998.
This Ordinance will take effect on the day following its announcement.
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The above translation was published by the Federal Securities Supervisory Office. Reproduced with kind permission. This HTML edition by Lawrence Schäfer and © 2000 Gerhard Dannemann. The contents of this page may be downloaded and printed out in single copies for individual use only. Making multiple copies without permission is prohibited.