Upon the implementation of the Act to Develop Mortgage Bond Law on March 26, 2009 an entire package of novations will be introduced into several acts governing the capital markets. Apart from the particularly comprehensive novations in the Mortgage Bond Act, the German Banking Act (Kreditwesengesetz, “KWG”), inter alia, will be amended and supplemented by new matters of facts within the context of regulations concerning the refinance register (“Refinance Register”).

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