The last amendment of the PfandBG introduced
further transparency requirements in favour of Pfandbrief investors, to be applied from spring 2014 on.
In the end of 2014, legislation on transposing the BRRD into German law was published; this bill contained
further amendments of the Pfandbrief Act. The mayor issue is to provide the BaFin with the competence to
order higher minimum OC than the legal 2 % (cover add-on).