Germany - The central custody and administration of financial contracts pursuant to Section 43 of the German Bank Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz, "SAG")

On 5 November, the German act on the adaptation of national bank resolution legislation to the Single Resolution Mechanism (SRM) and the European guidelines for the contributions of individual banks to the national resolution funds (German Resolution Mechanism Act – Abwicklungsmechanismusgesetz, "AbwMechG") was published in the German Federal Law Gazette (Bundesgesetzblatt). The AbwMechG amends the SAG with effect from 6 November 2015, introducing a provision for the contractual recognition of