Modification Of The Rehabilitation And Settlement Act, The Banking Act, Of The Financial Market Authority Act, The Deposit Guarantee And Investor Compensation Act, The National Banking Laws.

Original Language Title: Änderung des Sanierungs- und Abwicklungsgesetzes, des Bankwesengesetzes, des Finanzmarktaufsichtsbehördengesetzes, des Einlagensicherungs- und Anlegerentschädigungsgesetzes, des Nationalbankgesetze...

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159. Federal Law, with which the Sanation and Settlement Act, the Banking Authority Act, the Financial Market Supervisory Authority Act, the Deposit Guarantee and Investor Compensation Act, the National Bank Act 1984 and the Insurance Supervision Act 2016 be modified

The National Council has decided:

table of contents

Article 1

Implementation Notice

Article 2

Amendment of the Sanation and Settlement Act

Article 3

Amendment of the Banking Act

Article 4

Amendment of the Financial Market Supervisory Authority Act

Article 5

Amendment of the Deposit Guarantee and Investor Compensation Act

Article 6

Amendment of the National Bank Act 1984

Article 7

Amendment of the Insurance Supervision Act 2016

Article 1

Implementation Notice

This federal law shall serve the purpose of:

1.

Regulation (EU) No 806/2014 laying down uniform rules and a single procedure for the settlement of credit institutions and certain investment firms within the framework of a single resolution mechanism and a single settlement mechanism Single resolution fund and amending Regulation (EU) No 1093/2010, OJ L 327, 30.4.2010, p. No. OJ L 225, 30.07.2014, p. 1,

2.

of the Council Implementing Regulation (EU) 2015/81 of 19 December 2014 laying down uniform procedures for the application of Regulation (EU) No 806/2014 of the European Parliament and of the Council with a view to making advance contributions to the Single resolution fund, OJ L 327, No. OJ L 15, 22.01.2015, p.8,

3.

of the Commission's Delegated Regulation (EU) 2015/63 of 21 December 2008. October 2014 to supplement Directive 2014 /59/EU with a view to advance contributions to resolution financing mechanisms, OJ L 327, 28.12.2014, p. No. OJ L 11, 17.01.2015, p. 44,

4.

and to the Convention on the Transfer of Contributions to the Single Resolution Fund and on the sharing of such contributions,

5.

and the partial implementation of Directive 2014 /17/EU on residential property credit agreements for consumers and amending Directives 2008 /48/EC and 2013 /36/EU and Regulation (EU) No 1093/2010, OJ L 136, 31.5.2008, p. No. OJ L 60, 28.02.2014 p. 34, as last amended by OJ L 344, 28.12.2014 No. OJ L 246, 23.09.2015 p. 11, as regards prudential rules applicable to credit institutions.

Article 2

Amendment of the Sanation and Settlement Act

The Sanation and Settlement Act-BaSAG, BGBl. I n ° 98/2014, as last amended by the Federal Act BGBl. I No 117/2015, shall be amended as follows:

1. In the table of contents, the entry to § 3a is:

" § 3a. Cooperation in the Single Resolution Mechanism "

2. In the table of contents the entry to § 67a is:

" § 67a. Control measures "

3. The entry in the table of contents is § 97a:

" § 97a. Recognition of crisis prevention and crisis management actions of other Member States "

4. In the table of contents the entry is to § 113a:

" § 113a. Information and information access rights and on-the-spot checks "

5. In the table of contents the entry is to § 116a:

" § 116a. Simplified procedure with regard to the knowledge of the persons concerned "

6. In the table of contents the entry is to § 119a:

" § 119a. Limitation of the legal force of the resolution of the resolution authority "

7. In the table of contents, the 5. Part:

"Settlement Financing Mechanism and Single Resolution Fund"

8. In the table of contents the entry is to § 123a:

" § 123a. National contribution to the Single Resolution Fund "

9. In the table of contents the entry is to § 123b:

" § 123b. Exercise of the powers conferred by the Convention "

10. In the table of contents the entry is to § 123c:

" § 123c. Bridge financing "

11. In the table of contents the entry is to § 123d:

" § 123d. Contribution gebarung and -verwaltung "

12. In the table of contents the entry is to § 126:

" § 126. Contributions to the resolution financing mechanism "

13. In the table of contents the entry is to § 158a:

" § 158a. Recommendations of the Committee "

14. In the table of contents the entry is to § 158b:

" § 158b. Enforcement of fines and periodic penalty payments of the Committee "

15. In the table of contents the entry is to § 159:

§ 159. Use of collected financial penalties "

16. The following paragraph 3 is added to § 1:

" (3) In the case of those institutions and group members undertakings which, in accordance with Article 2 of Regulation (EU) No 806/2014, lay down uniform rules and a uniform procedure for the settlement of credit institutions and certain Investment firms within the framework of a single resolution mechanism and a single resolution fund and amending Regulation (EU) 1093/2010, OJ L 124, 20.4.2010, p. No. 1., the provisions of this Act shall apply only in so far as the provisions of this Regulation are not to be applied. '

17. According to § 2 Z 1, the following Z 1a and 1b shall be inserted:

" 1a.

Single resolution mechanism: the single resolution mechanism established by Regulation (EU) No 806/2014, the single rules and a single procedure for the settlement of undertakings pursuant to Article 2 of the Regulation (EU) No 806/2014 and is supported by a single resolution fund;

1b.

Single resolution fund: the Fund established pursuant to Article 67 (1) of Regulation (EU) No 806/2014 and, during the transitional period, in accordance with the rules laid down in the Convention relating to the transfer of funds collected at national level pursuant to Article 8 of the Implementing Regulation (EU) No 2015/81, OJ L 203, 1.8.81, p No. 1 OJ L 15 of 22.01.2015, p. 1.

18. According to § 2 Z 3, the following Z 3a is inserted:

" 3a.

Certain investment firms: CRR investment firms which do not fall within the scope of Regulation (EU) No 806/2014; "

19. In accordance with § 2 Z 18, the following Z 18a shall be inserted:

" 18a.

Committee: The Single Resolution Committee according to Art. 42 of Regulation (EU) No 806/2014; "

20. In § 2 Z 109, the point at the end shall be replaced by a stroke, and the following Z 110 to 115 shall be added:

" 110.

Convention: The Convention on the Transfer of Contributions to the Single Resolution Fund and on the sharing of these contributions, on the basis of which the contributions made at national level to the Single Resolution Fund Resolution funds shall be transferred;

111.

Transitional period: the period beginning with the application of the Convention in accordance with Article 12 (2) of the Convention and ending at the date on which the Single Resolution Fund laid down the rules laid down in Article 69 of Regulation (EU) No 806/2014 , but not more than eight years after the date of application of this Convention;

112.

Annual national contribution: the annual contribution referred to in Article 3 (3) of the Implementing Regulation (EU) No 2015/81, which during the contribution period referred to in Article 3 (4) of the Implementing Regulation (EU) No 2015/81 by the Resolution Authority of the institutions and to apply to undertakings falling within the scope of Regulation (EU) No 806/2014 and to be transferred to the Single Resolution Fund;

113.

national special contributions: the extraordinary retrospection of contributions which, pursuant to Article 71 (1) of Regulation (EU) No 806/2014 of undertakings falling within the scope of Regulation (EU) No 806/2014, are to be collected and applied to: The Single Resolution Fund shall be transferred;

114.

Financial resources available: financial resources within the meaning of Article 3 (1) (34) of Regulation (EU) No 806/2014;

115.

national chamber: a chamber of a Contracting Party which is established pursuant to Article 4 of the Convention. "

21. § 3 (1) reads:

" (1) The FMA is the resolution authority for the purposes of this federal law and the national resolution authority (Art. Article 3 (1) (3) of Regulation (EU) No 806/2014) and the national resolution authority concerned (Art. Article 3 (1) (4) of Regulation (EU) No 806/2014) for the purposes of Regulation (EU) No 806/2014. To the extent that the FMA is granted administrative tasks, powers and obligations under this federal law or by Regulation (EU) No 806/2014, the FMA shall, in compliance with the conditions set out in paragraphs 3 and 4, be responsible for and will be responsible for the performance of the FMA as the "resolution authority". "

22. According to Article 3 (1), the following paragraph 1a is inserted:

" (1a) The FMA shall be the competent national authority in accordance with Article 2 (2) of Regulation (EU) No 1024/2013 (Art. Article 3 (1) (1) of Regulation (EU) No 806/2014) and the competent authority within the meaning of Article 4 (2) (lit). i of Regulation (EU) No 1093/2010 (Art. 1 No. 2 Regulation (EU) No 806/2014) for the purposes of Regulation (EU) No 806/2014, unless the ECB is competent. "

Section 3 (2) reads as follows:

"(2) The Federal Ministry of Finance is the competent Ministry for Austria pursuant to Art. 3 (5) of Directive 2014 /59/EU and for the purposes of Regulation (EU) No. 806/2014."

24. According to Article 3 (4), the following paragraph 4a is inserted:

"(4a) Insofar as the FMA has issued internal rules in order to comply with the requirements of paragraphs 3 to 4, it shall publish them."

25. § 3 (5) sentence 1 and 2 reads:

" The FMA, the resolution authority and the Oesterreichische Nationalbank are working closely together to fulfil their respective tasks in accordance with the provisions of this Federal Law or Regulation (EU) No. 806/2014. § 79 BWG is to be applied with the proviso that the tasks of the Oesterreichische Nationalbank for the purposes of this Federal Act or of Regulation (EU) No 806/2014 for the area of refurbishment are regulated in the area of banking supervision. Handling of companies according to § 1 (1) apply; except in § § 54 to 79, 81 to 83, 85 to 92, 95 to 98, 114 to 131 and 152 to 159 of this federal law and Articles 20 to 22, 24 to 27 and 67 to 79 of the Regulation (EU) No. 806/2014. "

26. § 3 para. 6 1. The record is:

"The resolution authority shall inform the Federal Minister of Finance of any decisions taken by it or the Committee."

27. § 3 (9) reads:

" (9) By way of derogation from Section 3 (1) of the Impeachment Act-AHG, BGBl. No 20/1949 may be used by FMA bodies and staff, including the staff of the Resolution Authority, and by institutions and officials of the Oesterreichische Nationalbank, the tasks under this Federal Act, in accordance with Regulation (EU) No. 806/2014, or as a result of a delegated act adopted pursuant to Directive 2014 /59/EU or Regulation (EU) No 806/2014, only a refund will be sought if the person has deliberately committed the infringement. "

28. § 3 (11).

Article 3 (12) sentence 1 reads as follows:

" The FMA has in the enforcement of the provisions of this Federal Law, including the release and enforcement of the national regulations adopted on these bases and in the enforcement of the provisions of Regulation (EU) No. 806/2014 and the delegated acts adopted on the basis of this Regulation and of Directive 2014 /59/EU, taking into account the European convergence of supervisory instruments and oversight procedures. "

30. The following paragraph 13 is added to § 3:

" (13) The Federal Minister of Finance has for the purposes of Art. 43 (1) (1) lit. (c) of Regulation (EU) No 806/2014, to appoint a Member and his deputy on a proposal from the resolution authority to represent the resolution authority in the Committee. "

31. In accordance with § 3, the following § 3a together with the heading is inserted:

" Cooperation in the Single Resolution Mechanism

§ 3a. (1) The resolution authority shall only exercise the duties, powers and obligations conferred on it by this Federal Act only to the extent that the exercise of the powers and obligations is not reserved to the Committee by virtue of the provisions of Regulation (EU) No 806/2014. is.

(2) The resolution authority is obliged to cooperate with the Committee, the European Commission and the European Central Bank (ECB) for the purposes of this Federal Act pursuant to Regulation (EU) No 806/2014. In particular, the resolution authority shall make available to the Committee, the European Commission and the ECB all the information necessary for the performance of its tasks under Regulation (EU) No 806/2014.

The resolution authority shall take the necessary measures to implement the decisions of the Committee.

(4) In carrying out its tasks, the resolution authority shall comply with the guidelines and general instructions of the Committee established pursuant to Regulation (EU) No 806/2014. The resolution authority shall implement or establish recommendations from the Committee if it does not implement recommendations of the Committee.

(5) The Resolution Authority shall support the Committee in accordance with the provisions of Regulation (EU) No 806/2014 and may take advantage of FMABG in accordance with Section 21 (1), (2) and (4) of the FMABG.

(6) In order to comply with a decision of the European Commission addressed to the resolution authority pursuant to Article 19 (3) or (5) of Regulation (EU) No 806/2014, the resolution authority may be a beneficiary within the meaning of Article 19 of the Regulation. (EU) No 806/2014 seek to obtain all the necessary information and to order the measures referred to in paragraph 7 in order to ensure compliance with the conditions and obligations laid down in the decision of the European Commission.

(7) For the purposes of paragraph 6, the resolution authority may:

1.

to make the repayment of the amounts fixed by the European Commission pursuant to Article 19 (5) of Regulation (EU) No 806/2014 together with interest and to transfer the amounts recovered to the Committee to the beneficiary;

2.

apply to the beneficiary, subject to a penalty, to comply with the decision of the European Commission within a reasonable period of time pursuant to Article 19 (3) of Regulation (EU) No 806/2014;

3.

an attorney, an auditor, an accounting firm or any other expert expert in the supervision of the obligations imposed by the European Commission under Article 19 (3) of the Regulation (EU) No 806/2014 as trustee or other independent person. These persons shall act as bodies of the resolution authority. "

32. In Section 13 (2), the word order is deleted "at the request of the Institute or of the EU parent undertaking" .

33. The following paragraph 4 is added to § 16:

" (4) For each of the scenarios referred to in Article 9 (2), the group recovery plan shall contain information on whether obstacles to the implementation of remediation measures within the group, including at the level of the individual companies covered by the plan, are included in the group plan. and whether there are significant obstacles of a practical or legal nature which prevent the transfer of own resources, the repayment of liabilities or the repayment of assets within the group. "

34. In § 44 (1) (2), the word "performs" by the word "Perform" replaced.

35. In § 44 (1) (3), the word "undertakes" by the word "perform" , the word "set" by the word "Set" and the word "set up" by the word "set up" replaced.

36. In § 44 (3), the word order is deleted "or undertakings according to § 1 (1) (1) Z 2 to 4" .

37. In § 46 (5), the phrase "shall be effective with the legal force of the order order" through the phrase "shall take effect with the delivery of the order order to the Institute" replaced.

38. In Section 47 (6), the phrase "after the end of the five-day period referred to in paragraph 3" through the phrase "up to the end of the five-day period referred to in paragraph 3" replaced.

39. In § 58 (1) (1) (1), the phrase "Pre-site Checks" through the phrase "On-the-spot checks" replaced.

40. The following paragraph 3 is added to § 59:

"(3) The procedure in accordance with § § 116 and 116a shall not apply."

41. § 60 shall be replaced by the name "(1)" and the following paragraph 2 is added:

"(2) The procedure in accordance with § § 116 and 116a shall not apply."

42. In accordance with § 67, the following § 67a with title is inserted:

" Control measures

§ 67a. (1) The resolution authority may also order individual measures in respect of a legal entity in liquidation, even without the assumption of a control, in accordance with § 67.

1.

this is necessary in order to achieve the settlement objectives in accordance with § 48, or

2.

Provisions of this Federal Act or of Regulation (EU) No 806/2014 are violated.

Section 67 (3) shall apply.

(2) The resolution authority may, in particular,

1.

carry out individual transactions,

2.

prohibit individual transactions, or

3.

prohibit the continuation of the business in whole or in part, and in this case allow individual transactions.

(3) If there is a breach in accordance with paragraph 1 Z 2 by a legal entity in progress, the resolution authority shall:

1.

to apply, under threat of a penalty, the lawful condition within that period, which is appropriate with regard to the circumstances of the case, and

2.

In the event of repetition or continuation, the first imposed penalty shall be carried out and the order shall be repeated under threat of a higher penalty. "

43. In § 80 (1) final part, the word order is deleted "Regulation (EU) No 575/2013," .

44. In Section 80 (5), the word order shall be "no circumstance according to paragraph 3 Z 1 to 4" through the phrase "no circumstance pursuant to subsection 3 Z 1 to 3 and 5" replaced.

45. In accordance with section 88 (3), the following paragraph 3a is inserted:

" (3a) In so far as a creditor has kept a creditor harmless in connection with the application of the instrument of creditor participation, claims arising from the use of a recovery mechanism shall pass on to the collateral provider. The resolution authority shall take account of this right of recourse of the guarantor in the context of the application of a recovery mechanism, provided that the guarantor of the resolution authority makes it credible that the creditor has been held harmless. "

(46) The following paragraph 5 is added to § 91:

" (5) (1) to (4) shall also apply to other financial contracts if they have been concluded under a framework contract which contains an agreement for the conclusion of an agreement. This applies in particular to the shops listed in § 20 Abs. 4 Z 1 to 4 IO. "

47. In § 93 (5) the word "Unionsmutterinstitut" by the word "EU parent institute" replaced.

48. In Section 95 (2), the phrase "instruments referred to in paragraph 2 only partially" through the phrase 'instruments referred to in paragraph 1 in part or in part' replaced.

49. The following paragraph 3 is added to § 95:

" (3) The rights of creditors of eligible liabilities against co-debtors, guarantors and other third parties liable for liabilities of the legal entity to be unwound shall be determined by the application of the instrument of creditor participation. or the instrument of the participation of holders of relevant capital instruments. However, the legal entity to be unwound shall be exempted in the same way as against the creditors by the application of these instruments to co-debtors, guarantors, other third parties or other persons entitled to recourse. Liabilities. "

50. In accordance with § 97, the following § 97a with headline is inserted:

" Recognition of crisis prevention and crisis management actions of other Member States

§ 97a. 1. A resolution authority in another Member State shall be transferred in application of a crisis management measure pursuant to Article 2 (1) (102) of Directive 2014 /59/EU, or any other title of title or property, rights or liabilities and concerns the transfer of assets or rights under Austrian law which are situated in the country, such a transfer acts as a transfer by the resolution authority itself, even in the domestic territory.

(2) The same applies to the exercise of rewriting and conversion powers within the meaning of Article 2 (1) (66) of Directive 2014 /59/EU by a resolution authority in another Member State, provided that the liabilities concerned, or Capital instruments are subject to Austrian law or exist in respect of creditors with registered offices in Germany.

The resolution authority shall assist the resolution authority in another Member State in the case of transmission, depreciation and conversion in accordance with paragraphs 1 and 2. "

51. § 105 (1) reads:

" (1) The resolution authority shall, in agreement with the FMA, verify that institutions have the minimum amount of own funds and liabilities eligible for consideration in accordance with § 100 (1), § 101 (1) and § 102 (1) and, where applicable, the requirement in accordance with § 104 (1). "

Section 111 (1) Z 2 reads as follows:

" 2.

transfer of a secured liability, unless the profit from the security is also transferred; "

53. In Section 112 (1), the word 'introduction' shall be the word "Settlement Financing Mechanisms" by the word "Financing Mechanisms" replaced.

54. In § 113 paragraph 1 Z 2 the reference to "§ 83" by reference to "§ 58 (3)" replaced.

55. Before § 114, the following § 113a with title is inserted:

" Information and information access rights as well as on-the-spot checks

§ 113a. (1) The resolution authority may at any time within its jurisdiction

1.

information on all business matters by institutions and by undertakings in accordance with Article 1 (1) (1) (2) to (4), their institutions and the examination bodies responsible for them;

2.

in the books, records and data carriers of institutions and of companies according to § 1 (1) (1) (2) to (4).

3.

In accordance with § 1 (1) (1) (2) to (4), institutions and companies prescribe the submission of interim financial statements, certificates of specific form and structure, and of audit reports, and

4.

Carry out on-the-spot checks at institutes and companies according to § 1 (1) (1) (2) to (4) themselves or have them carried out in accordance with paragraph 2.

The scope of the settlement authority's information, submission and registration rights in accordance with Z 1 to 4 and the obligation to keep records in Germany shall be determined in accordance with Section 60 (3) of the Federal Elections Act.

(2) The FMA and the resolution authority may, for the purposes of this Federal Act or Regulation (EU) No 806/2014 within their respective spheres of competence, appropriate experts or, where on-site examinations are carried out, within a sphere of competence of the Oesterreichische Nationalbank pursuant to Section 3 (5), the Oesterreichische Nationalbank (Oesterreichische Nationalbank) is responsible for carrying out on-the-spot checks. "

56. The following paragraph 14 is added to § 116:

"(14) The request for a speedy assessment pursuant to Section 58 (1) (13) shall not be issued in the form of a decision; the disclosure requirements set out in paragraphs 5 to 7 shall apply."

57. According to § 116, the following § 116a and heading is inserted:

" Simplified procedure with knowledge of the persons concerned

§ 116a. (1) By way of derogation from § 116, the resolution authority may order settlement measures in accordance with § 50 by notification in accordance with AVG, if all natural and legal persons concerned in their rights are known.

(2) § 116 (5) to (7) shall apply with the proviso that the communication referred to in paragraph 1 shall take the place of the action service. The authorities referred to in Article 116 (5) shall, at the same time, communicate with the transmission of the copies of the decision the date from which the resolution measures shall take effect.

(3) The provisions of paragraphs 1 and 2 shall not apply to resolution instruments pursuant to Section 74 (2). "

58. In accordance with § 119, the following § 119a with title is inserted:

" Limitation of the legal force of the authorities of the resolution authority

§ 119a. As soon as the committee, pursuant to Article 29 (2) of Regulation (EU) No 806/2014, takes a decision directly addressed to an institution in progress pursuant to Article 3 (1) (1) (14) of Regulation (EU) No 806/2014, the same case shall be replaced by the following: shall not apply to the resolution authority. "

59. § 121 (1) (5) and (6) are:

" 5.

Deposit guarantee schemes in accordance with Article 7 (1) (1) (1) of the ESAEG;

6.

Investor-compensation schemes according to § 44 Z 9 ESAEG; "

60. The title of the 5. Part is:

"Settlement Financing Mechanism and Single Resolution Fund"

61. § 123 (1) reads:

" (1) The resolution financing mechanism shall be established by the resolution authority in order to ensure the effective application of the resolution instruments and powers to certain investment firms and EU branches. The use of the resolution financing mechanism shall be determined in accordance with the resolution objectives and principles set out in § § 48 and 53 and for the measures listed in § 124 (1) in the case of certain investment firms and EU branches to trigger the resolution authority. The resolution financing mechanism shall have adequate financial resources. "

62. In § 123 (2), after the word order "for the purpose of adequate financial resources" the phrase "the resolution financing mechanism" inserted.

Section 123 (3) reads as follows:

"(3) The resolution authority may, on the account of the settlement financing mechanism, conclude credit agreements and agree on other forms of support pursuant to § 128."

64. § 123 (6) reads:

" (6) The resolution authority has to apporate all contributions to the resolution financing mechanism via the Austrian Federal Finance Agency (ÖBFA). For this purpose, the resolution authority shall set up an account with the OeNB. According to Article 2 (1) Z 10 of the Federal Law on the Administration and Coordination of Finance and Other Federal Debt, the Federal Finance Act (BGBl) has been issued by the ÖBFA (Federal Minister for Finance). I n ° 763/1992, to carry out the assessment of all contributions to the resolution financing mechanism. '

65. In § 123 (8) the word order shall be "the institutes and branches" through the phrase "Specific investment firms and EU branches" replaced.

66. According to § 123, the following § § 123a to 123d together with the headings are inserted:

" National Contribution to the Single Resolution Fund

§ 123a. (1) National institutions, of which contributions are to be made in accordance with Article 70 of Regulation (EU) No 806/2014, shall make the regular contributions and extraordinarily cancelled contributions by means of financial resources. The sum of the regular contributions in a contribution year is equivalent to the contribution of the annual national contribution to the Single Resolution Fund by the Committee.

(2) The resolution authority shall have the regular contributions and extraordinary posterior contributions to the Single Resolution Fund of institutions, of which regular contributions shall be made in accordance with Article 70 of Regulation (EU) No 806/2014; and extraordinary retrospective contributions, to be collected. For this purpose, it has to inform these institutions of the respective regular contribution, extraordinary post-paid contribution and the necessary payment terms. The institutions have to transfer the prescribed contributions in a timely manner to an account indicated by the resolution authority. Pre-prescriptions shall be enforceable with maturity, even if they are subject to the principle or the amount of the prescriptions. Corrections to regular and extraordinary retrospections are to be made with the next contribution rate.

(3) The resolution authority shall, within the meaning of Article 1 (1) of the Convention, have the annual national regular contribution and the national extraordinary retrospected contributions as from the applicability of the Convention and insofar as they do not in the In accordance with Article 3 (4) of the Convention on National Resolution Measures (Section 124 (1)), the whole of the National Chamber of the Single Resolution Fund assigned by the Committee to the Republic of Austria was to be transferred. With the exception of the contributions used in accordance with Article 3 (4) of the Convention on National Resolution Measures, the resolution authority does not have national regular contributions and extraordinary retrospectiated contributions for to use their own measures.

(4) The resolution authority shall, in accordance with paragraph 3, transfer the annual national regular contributions and extraordinary contributions made subsequently, in accordance with the time limits laid down in Article 3 of the Convention. In doing so, the resolution authority has the following in accordance with § § 126 and 127 BaSAG in the version of the BGBl. I n ° 98/2014 for the year 2015, in accordance with the time limits laid down in Article 3 (2) of the Convention, to be transferred to the Single Resolution Fund.

(5) Where the contributions have been made in the form of irrevocable payment obligations under Article 70 (3) of Regulation (EU) No 806/2014, these payment obligations, including their collateral, shall be based on the Single Resolution fund to be transferred.

(6) If, pursuant to Article 7 (1) of the Convention, financial resources have been temporarily transferred to the Chamber assigned to the Republic of Austria, the resolution authority shall, before the end of the transitional period, transfer national extraordinary retrospection. Contributions made to the Single Resolution Fund. The amount of the extraordinary retrospected contributions to be transferred shall be governed by the second sentence of Article 7 (1) of the Convention.

(7) If financial resources temporarily transferred to the chamber assigned to the Republic of Austria are recovered in accordance with the provisions of Article 7 (5) of the Convention, the resolution authority shall transfer the financial resources referred to in Article 7 (5) 3 of the Convention, in accordance with the conditions laid down by the Committee in application of Article 7 (5) of the Convention, to the Single Resolution Fund.

(8) The resolution authority shall, on an annual basis and at the request of the Federal Minister for Finance, provide information on the regular contributions and extraordinary contributions received and in the transitional period on the status of the Allocation of funds to the Chamber assigned to the Republic of Austria.

(9) The FMA may, at the request of the resolution authority and by regulation pursuant to § 74 paragraph 6 BWG, of institutions with registered offices in Germany, of which contributions must be made pursuant to Art. 70 of Regulation (EU) No. 806/2014, which are to be used for the measurement of the regular Contributions and extraordinary post-paid contributions require a meaningful statement of the basis of calculation, in accordance with the Delegate Regulation (EU) 2015/63.

Exercise of the powers conferred by the Convention

§ 123b. (1) The resolution authority shall immediately inform the Federal Minister of Finance about

1.

the receipt of an application for the temporary transfer of funds from the chamber assigned to the Republic of Austria to another chamber;

2.

a decision of the Committee on a request pursuant to Z 1 and

3.

any other circumstance which is relevant to the exercise of the powers referred to in paragraphs 1 and 2;

and to submit a reasoned proposal on how to proceed.

(2) The resolution authority may, with the agreement of the Federal Minister of Finance, on the whole procedure:

1.

apply to the Committee for a temporary transfer of funds from other national chambers to the chamber assigned to the Republic of Austria in accordance with Article 7 (1) of the Convention;

2.

raise objections to the temporary transfer of funds from the chamber assigned to the Republic of Austria to another national chamber pursuant to Article 7 (4) of the Convention;

3.

request the retransmission of financial resources transferred from the chamber assigned to the Republic of Austria to another national chamber, in accordance with Article 7 (5) of the Convention;

4.

to submit an application to the Committee in accordance with Article 10 (2) of the Convention in order to allow the Committee to verify whether another Party to the Convention has made its obligation to transfer contributions to the single the resolution fund; and

5.

to the Committee, the request referred to in Article 5 (1) (lit). a of the Convention, the criteria according to Art. 107 (5) lit. b of Directive 2014 /59/EU to take into account.

(3) A request shall be made on the basis of Article 7 (1) (1) (lit). a by another Contracting Party, and financial resources have been transferred to the Chamber assigned to the Republic of Austria from the Chamber assigned to that Contracting Party, the Federal Minister of Finance shall have the following: To ensure that the financial resources are repaid in order to comply with the obligations arising from Article 7 (5) of the Convention.

Bridge financing

§ 123c. (1) In order to ensure the financing of resolution measures in the case of institutions responsible for contributing to contributions pursuant to § 123a or group members of companies which fall within the scope of Regulation (EU) No 806/2014, the Federal Minister of Finance is authorized to grant temporary, repayable loans (bridge financing) in the transitional period pursuant to § 2 Z 110 to the Committee in accordance with § 2 Z 18a, in the event of the following conditions:

1.

the exploitation by the Committee of all other funding opportunities provided for in Regulation (EU) No 806/2014 or in the Convention pursuant to § 2 Z 109 and available to the Committee in the event of a request;

2.

the existence of a contractual agreement on the financing of the bridge, which has been concluded by the Federal Minister of Finance with the Committee on the basis of Articles 73 and 74 of Regulation (EU) No 806/2014; and

3.

the granting of the loan on conditions laid down in the contractual agreement and, in particular, to ensure the timely, value-assured repayment of the bridge financing.

(2) The authorization to finance the bridge referred to in paragraph 1 during the transitional period to the Committee by the Federal Minister of Finance is limited to EUR 1 600 000 000 with the total outstanding amount outstanding.

Contribution gebarung und -verwaltung

§ 123d. (1) Assets attributable to the settlement financing mechanism or to the Single Resolution Fund shall not be attributed to the assets of the FMA and shall not be offset against each other. Claims against the resolution authority, claims to be attributed to the settlement financing mechanism and claims attributable to the Single Resolution Fund cannot be offset against each other in a legally binding way.

(2) The resolution authority shall draw up an estimate and a balance sheet and profit and loss account for each financial year (calendar year) for the resolution financing mechanism and shall draw up a business report. The estimates shall be followed by a preview of the following year. The procedures for the preliminary estimate are the provisions for the financial plan of the FMA (§ 17 FMABG), for the balance sheet the provisions for the annual financial statements of the FMA (§ 18 FMABG) and for the annual report the provisions for the annual report of the FMA (FMABG). FMA (§ 16 para. 3 FMABG). The provisions of the second and third sections of the third book of the Corporate Legislative Code-UGB, dRGBl. S 219/1897, are not applicable to the FMA.

(3) The Management Board has to report regularly to the Supervisory Board of the FMA, at least once a year, on the doping of the resolution financing mechanism and the investment strategy. Furthermore, the FMA has to report regularly, at least annually, on the national contributions to the Single Resolution Fund and the total value of the assets allocated to the national chamber at the end of the reporting date.

(4) The contributions made in advance to the resolution financing mechanism and to the Single Resolution Fund shall be due one month after their advance to the contributing institution or to the contributory legal entities, provided that: the resolution authority shall not be modestly determined at any other time. The extraordinary retrospection of contributions to the resolution financing mechanism and to the Single Resolution Fund shall be due in advance to the institution responsible for the resolution or to the contributor to the contributory entity, provided that: The resolution authority shall not be determined at a later date. "

67. In § 124 (1), after the word order "the resolution instruments" in the introduction part, the word sequence "in the case of certain investment firms and EU branches" inserted.

§ 124 (1) (1) (1) to (3) read:

" 1.

the collateralisation of the assets or liabilities of the relevant investment firm, its subsidiaries, a bridge institution or a quarrying unit;

2.

the granting of loans to a specific investment firm in liquidate, its subsidiaries, a bridge institute or a mining unit;

3.

the acquisition of assets of a specific investment firm in liquidate; "

69. In Section 124 (1) Z 6, the phrase "to the institution in progress" through the phrase 'to the specific investment firm in progress' replaced.

Section 124 (3) reads as follows:

" (3) The funds from the resolution financing mechanism shall not be used directly to compensate for the losses of a designated investment firm or an EU branch or for a specific investment firm or EU branch office. recapitalize. Where the use of the funds from the resolution financing mechanism for the measures referred to in paragraph 1 indirectly results in parts of the losses of a specific investment firm or EU branch on the resolution financing mechanism , the principles governing the use of the resolution financing mechanism shall apply in accordance with § 87. "

71. § 125 (1) reads:

" (1) Certain investment firms and EU branches shall make contributions and extraordinary contributions. By 31 December 2024, the funds available under the resolution financing mechanism shall have 1 vH of all secured deposits, taking into account the contributions transferred to the Single Resolution Fund in accordance with Section 123a Austria approved institutions. "

72. In § 125 (3), the phrase "approved institutions" through the phrase "EU Branches and Authorised Investment Firms in Austria" replaced.

73. The title before § 126 reads:

"Contributions to the resolution financing mechanism"

74. § 126 (1) reads:

"(1) Where this is necessary in order to achieve the target equipment referred to in § 125, the resolution authority shall require investment firms and EU branches approved by the resolution authority to make contributions and to collect them."

Article 126 (2) reads as follows:

" (2) The resolution authority has the contributions of each individual investment firm and EU branches in proportion to the amount of their liabilities (excluding own funds) minus secured deposits in relation to the aggregate liabilities (excluding Own resources) minus secured deposits of all institutions approved in Austria. These contributions shall be adjusted in accordance with the risk profile of the investment firms and branches of the EU, based on the criteria laid down in paragraph 5. "

Article 126 (4) reads as follows:

" (4) The amounts, interest and other income received from investment firms or by EU branches or by the bridge institution, which are in liquidate, may be made up of investments, interest and other income derived from investments and any other revenue. Settlement financing mechanism shall be supplied. "

Section 127 (1) reads as follows:

" (1) In order to cover losses, costs and other expenses incurred in connection with the use of the resolution financing mechanism, the resolution authority of EU branches and in Austria shall not make available the available financial resources in order to cover losses, costs and other expenses incurred in connection with the use of the resolution financing mechanism. In order to cover the additional expenses, it is necessary to retrospection to authorised investment firms in the case of investment firms. The calculation of the amount of the extraordinary post-paid contributions to each of the individual investment firms and EU branches shall be calculated in accordance with the rules laid down in Article 126 (2). The extraordinary retrospected contributions shall not exceed three times the annual amount of the contributions defined in accordance with Section 126. "

Section 127 (3) reads as follows:

The resolution authority may postpone, in whole or in part, the obligation of a designated investment firm or an EU branch to pay extraordinary retrospectly entered contributions to the resolution financing mechanism where the resolution authority has In the event of such contributions, the liquidity or solvency of the investment firm or the EU branch would be threatened. Such a postponing shall be granted for a maximum period of six months, but may be extended at the request of the investment firm or branch of the EU. The contribution deferred in accordance with this paragraph shall be paid as soon as the liquidity or solvency of the investment firm or the EU branch is no longer threatened by the payment of the amount. "

79. § 128 reads:

" § 128. The resolution authority may, on the account of the settlement financing mechanism, take credit or use other forms of support by institutions, CRR financial institutions or other third parties, if they have been repealed in accordance with Section 126. regular contributions are not sufficient to cover the losses, costs or other expenses arising from the use of resolution financing mechanisms, and if the extraordinary retrospection provided for in § 127 is retrospected. shall not be immediately available or sufficient. "

80. § 129 (1), first half-sentence reads:

"The resolution authority may, on account of the resolution financing mechanism, borrow from other resolution financing mechanisms in the Union,"

81. § 129 (2) reads:

" (2) The resolution authority may grant loans from the resolution financing mechanism to other resolution financing mechanisms in the Union, provided that they meet the conditions of paragraph 1 (1) (1) to (3) and if, after the credit is granted, the Resolution financing mechanism continues to have sufficient financial resources. "

82. In § 130, the word group is referred to in paragraph 1. "an institute approved in Austria, that" through the word group "a certain investment firm which is" replaced.

83. In Section 130 (2), the word group shall be "the Institute" through the word group "The Specific Investment Firm" replaced.

§ 130 (5) (1) and (2) are:

" 1.

The share of the risk-weighted assets of the group held by certain investment firms established in the Member State of the settlement financing mechanism concerned;

2.

the share of the assets of the group held in the case of certain investment firms established in the Member State of the settlement financing mechanism concerned; "

85. In § 133 Z 8 lit. a becomes the word "Unionsmutterunternehmen" by the word "EU parent undertaking" replaced.

86. In § 133 Z 8 lit. b becomes the word "Unionsmutterunternehmen" by the word "EU parent undertaking" replaced.

87. According to § 158, the following § § 158a and 158b shall be inserted together with the headings:

" Recommendations of the Committee

§ 158a. The resolution authority has to examine recommendations of the committee pursuant to Art. 38 (8) of Regulation (EU) No. 806/2014 and, if the legal requirements are fulfilled, to examine administrative sanctions and other measures in accordance with § § 152 to 158 .

Enforcement of fines and periodic penalty payments of the Committee

§ 158b. (1) The fines and periodic penalty payments imposed by the Committee pursuant to Articles 38 and 39 of Regulation (EU) No 806/2014 shall, where a communication has been issued in accordance with paragraph 2, be imposed by the district administrative authorities in application of the Administrative Enforcement Act 1991-VVG, BGBl. No 53/1991.

(2) In the course of enforcement, the FMA has to examine its authenticity in accordance with Articles 38 and 39 of Regulation (EU) No 806/2014. If the decision is genuine, the FMA has the right to know this. This communication constitutes the enforcement order pursuant to Article 41 (3) of Regulation (EU) No 806/2014.

(3) The amount of EUR 30 000 shall be replaced by the amount of the amount provided for in Article 5 (3) of the VVG for the enforcement of a decision pursuant to paragraph 2. "

88. § 159 together with headline reads:

" Use of collected fines

§ 159. (1) The fines imposed by the FMA pursuant to this Federal Act shall be paid to the Federal Government.

(2) By way of derogation from paragraph 1, amounts of fines and periodic penalty payments imposed on the basis of a decision of the Committee pursuant to Articles 38 and 39 of Regulation (EU) No 806/2014 shall apply to the Single Resolution Fund. "

89. § 165 reads:

" § 165. (1) The legal transactions, writings and official acts required for the implementation of this Federal Act are governed by the federal law of the Federal Republic of Germany, the Federal Administrative Decorations and the Law of the Court of Law-GGG, BGBl. No 501/1984, regulated judicial and judicial administrative charges.

(2) The federal government, the resolution authority, the resolution financing mechanism and the committee, as well as a bridge institute, a mining unit, the FIMBAG and the mining equity company of the federal government (ABBAG) are, moreover, dependent on the payment of the Fees regulated in the GGG shall be exempted in proceedings before the ordinary courts, which shall be subject to the affairs of the enforcement of this Federal Law. "

The following paragraph 3 shall be added to Article 167:

"(3) § 123d para. 1 and 2 shall enter into force on 31 December 2015."

Article 3

Amendment of the Banking Act

The Banking Act-BWG, BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I No 117/2015, shall be amended as follows:

1. There is no entry in the table of contents " § 22. Stock and System Risk " .

2. In the table of contents, the VIII. Section inserted before § 34 of the following entry:

" § 33.

Special provisions for mortgage and real estate credit agreements "

3. In § 3 (4a) the word group shall be "§ § 22 to 24a" through the word group "§ § 22a to 24a" replaced.

4. In Section 3, Section 7, the word group shall be: "§ § 22 to 24a" through the word group "§ § 22a to 24a" replaced.

5. In Section 3 (10), the word group shall be "§ § 22 to 24a" through the word group "§ § 22a to 24a" replaced.

6. In Section 15 (3), the word group shall be "at systemic risk, stock or system risk, or to ensure the stability of the Austrian financial system" through the word group "in the case of systemic or pro-cyclically-acting risk or to ensure the stability of the Austrian financial system" replaced.

7. § 22 deleted.

8. § 30 para. 4 Z 1 reads:

" 1.

The credit institution having its registered office in the country shall at the same time be subordinate to another credit institution, another financial holding company or another mixed financial holding company, each having its registered office in the country concerned; "

9. § 33 with headline reads:

" Special provisions for mortgage and real estate credit agreements

§ 33. (1) Credit institutions shall ensure that the contracts with the offering and closing of mortgage and real estate credit agreements, which fall within the scope of application of the second subparagraph of Article 1 (2) of the Treaty on European Union, are to be applied in the field of the and 3. Section of the mortgage and real estate credit act-HIKrG, BGBl. I n ° 135/2015, staff members shall have adequate knowledge and skills in the following areas and shall regularly update them:

1.

adequate knowledge of the credit products within the meaning of Section 5 (1) of the HIKrG and of the ancingservices normally offered to them;

2.

adequate knowledge of the legislation relating to mortgage and real estate credit agreements, in particular the consumer protection provisions;

3.

adequate knowledge and understanding of the real estate acquisition process;

4.

adequate knowledge of the evaluation of collateral;

5.

adequate knowledge of the organisation and functioning of basic books;

6.

adequate knowledge of the market in those Member States in which the credit institution has credit products within the meaning of Article 3 (1) of Directive 2014 /17/EU on residential property credit agreements for consumers and amending Directives 2008 /48/EC and 2013 /36/EU and Regulation (EU) No 1093/2010, OJ L 124, 20.4.2010, p. No. OJ L 60, 28.02.2014 p. 34, as last amended by OJ L 344, 28.12.2014 No. OJ L 246, 23.09.2015, p. 11;

7.

adequate knowledge of ethical standards in business life;

8.

adequate knowledge of the procedure for assessing the creditworthiness of the consumer or, where appropriate, appropriate skills in the consideration of the creditworthiness of consumers;

9.

adequate financial and economic competence.

(2) The FMA has

1.

as regards the minimum requirements for knowledge and skills referred to in paragraph 1, differentiations between certain categories of staff and

2.

Type, extent and periodicity of the proof of such knowledge and skills

by regulation. In doing so, it has to comply with the requirements of Z 2 and 3 of Annex III to Directive 2014 /17/EU.

(3) In respect of the credit products referred to in paragraph 1, credit institutions shall, in the determination of remuneration policies and practices, ensure, in addition to the requirements laid down in Article 39b, that:

1.

the remuneration policy is aligned with the business strategy, the objectives, values and long-term interests of the credit institution for the staff responsible for the audit of creditworthiness, and measures to avoid conflicts of interest, in particular where provision should be made for remuneration not to be dependent on the number or proportion of applications approved, and

2.

For employees who provide consulting services in accordance with § 14 of the HIKrG, the structure of remuneration does not affect their ability to act in the best interests of consumers and, in particular, they are not linked to sales targets.

(4) In the case of credit products referred to in paragraph 1, the valuation of residential real estate shall be carried out in accordance with the generally accepted valuation principles. The credit institution shall carry out the assessment by internal or external experts, which shall have sufficient technical competence in the field of property estimation and assessment and sufficient independence from the credit institution. credit transfer process in order to ensure an impartial and objective evaluation. The credit institution shall document the documents for the evaluation on a durable medium and keep a record.

(5) The credit institution shall lay down and document principles for the award of credit products referred to in paragraph 1, including, in particular, the types of assets accepted as collateral.

Credit institutions shall establish and apply, in accordance with European practice, strategies and procedures relating to the payment arrests of consumers and foreclosures of credit products referred to in paragraph 1. The strategies and procedures shall include appropriate procedures in the following areas:

1.

Provision of information to the consumer and communication with the consumer,

2.

Solution processes taking into account the individual circumstances, interests and rights of the consumer and

3.

Documentation and adequate storage.

(7) The FMA shall be designated as the contact point for the purposes of Article 36 of Directive 2014 /17/EU. It shall be entitled to cooperate and to exchange information with contact points in other Member States in accordance with the provisions of Section 77 (5). "

Article 39a (3) reads as follows:

"(3) The parent credit institution shall comply with the obligation laid down in paragraph 1 exclusively on the basis of the consolidated financial position of the credit institution group."

11. In § 60 (2), the point at the end shall be replaced by a supplement and the following phrase shall be added:

" with the exception of central organizations according to § 30a. The bank auditor of a central organisation, in accordance with the second sentence of this paragraph, and the bank examiners of credit institutions associated with such a central organisation shall cooperate in the performance of their duties as bank auditors and shall be responsible for the To exchange information necessary for the performance of their duties as bank examiners. "

12. § 63 (4) (1) is:

" 1.

The respect of Articles 18, 19, 92, 395, 412 and 413 of Regulation (EU) No 575/2013; "

13. § 63 (4) Z 5 reads:

" 5.

the observance of § 10 (1), (2) and (4) of the BaSAG; "

14. In § 65 paragraph 2 Z 1 the reference "§ 237 (1) Z 1 and 239 UGB" by reference "§ 237 (1) (1) (1) and (1) 239 UGB" replaced.

15. In § 69 (3a), the following sentence is added:

"Furthermore, the FMA shall inform the EBA immediately if it finds that a credit institution is at risk of systemic risk in accordance with Article 23 of Regulation (EU) No 1093/2010."

16. In Section 69a (4), the amount shall be "1 000 euro" by the amount "2 000 euro" replaced.

17. In § 69a, paragraph 6, the word order shall be "0.8 vT of its cost count" through the phrase "1 vT of its cost number" replaced.

18. The following paragraph 8 is added to § 79:

" (8) A replacement claim based on federal law from actions of the Oesterreichische Nationalbank, its institutions or its servants, which are subject to the provisions of Regulation (EU) No 806/2014 laying down uniform rules and regulations. a single procedure for the settlement of credit institutions and certain investment firms in the framework of a single resolution mechanism and a single resolution fund, and amending Regulation (EU) No 1093/2010, OJ L 124, 20.4.2010, p. No. OJ L 225, 30.07.2014, p. 1., is excluded in the following cases:

1.

Acts based on the instructions of the Committee pursuant to Section 2 (18a) of the BaSAG;

2.

acts in the preparation or implementation of decisions of the Committee pursuant to § 2 (18a) of the BaSAG;

3.

Actions in the field of cooperation, exchange of information or other support of the Committee pursuant to § 2 (2) of the BaSAG. "

19. § 99 (1) (13) deleted.

20. § 103q Z 4 lit. a sublit. hh and ii are:

" hh)

assets representing exposures and other exposures to recognised exchanges;

ii)

fiduciary credits and ongoing loans, to the extent that the credit institution carries only the risk of Gestion; and "

21. The § 103q Z 4 lit. a is the following sublit. jj added:

" jj)

assets representing exposures to local authorities of Member States to which, in accordance with Part 3, Title II, Chapter 2 of Regulation (EU) No 575/2013, a risk weight of 20 vH would be assigned, as well as to others, Local authorities, or risk positions existing or secured by them, to which a risk weight of 20 vH would be assigned in accordance with Part 3, Title II, Chapter 2 of Regulation (EU) No 575/2013; "

22. § 103q Z 4 lit. b sublit aa is deleted.

(23) The following paragraphs 90 and 91 are added to § 107:

" (90) § 69a (4) and (6) in the version of the Federal Law BGBl. I n ° 159/2015 is 1. January 2016 in force and is to be applied for financial years beginning after 31 December 2015.

(91) The table of contents with regard to § 33 and § 33 in the version of the Federal Law BGBl. I No. 159/2015 will enter into force on 21 March 2016. "

24. In the annex to § 37a, the word order is omitted. " or countervalue in foreign currency " .

25. In the annex to § 37a, point (2) at the end of the following paragraph attached:

"If accounts are held in a currency other than the euro, the calculation of the sum to be reimbured shall be used to calculate the exchange rate of the day on which the security case occurred."

Article 4

Amendment of the Financial Market Supervisory Authority Act

The Financial Market Supervisory Authority Act-FMABG, BGBl. I n ° 97/2001, as last amended by the Federal Law BGBl. I No 117/2015, shall be amended as follows:

1. In Section 2 (1), the word sequence shall be deleted ", Bundesgesetz über SanierungsMeasures für die HYPO ALPE ADRIA BANK INTERNATIONAL AG-HaaSanG, BGBI. I No 51/2014 " .

(2) The following paragraph 7 is added to § 3:

" (7) A substitute claim based on federal law from acts of the FMA, its organs or its servants, as well as acts of the resolution authority or its servants, which are referred to in the framework of Regulation (EU) No 806/2014 To lay down uniform rules and a single procedure for the settlement of credit institutions and certain investment firms within the framework of a single resolution mechanism and a single resolution fund, as well as to the Amendment of Regulation (EU) No 1093/2010, OJ L 327, 30.4.2004 No. OJ L 225, 30.07.2014, p. 1., is excluded in the following cases:

1.

Acts based on the instructions of the Committee pursuant to Section 2 (18a) of the BaSAG;

2.

acts in the preparation or implementation of decisions of the Committee pursuant to § 2 (18a) of the BaSAG;

3.

Actions in the field of cooperation, exchange of information or other support of the Committee pursuant to § 2 (2) of the BaSAG. "

3. In § 13 (1) the 1. Record:

"In order to strengthen financial stability and reduce systemic and pro-cyclicality, a financial market stability body will be set up at the Federal Ministry of Finance."

4. In § 13 (2), the Z 3 and 4 are deleted.

5. § 13 (3) Z 3 reads:

" 3.

Expert opinions, recommendations and requests in connection with significant changes in the intensity of systemic risk (§ 2 Z 41 BWG) or of procyclically acting risks (Art. 136 of Directive 2013 /36/EU) and the assessment of possible significant effects on financial stability pursuant to § 48 para. 2 of the German BaSAG (BaSAG) or Article 14 (2) (lit). b of Regulation (EU) No 806/2014, "

6. § 13 (9) reads:

" (9) The representative of the FMA, including in its capacity as a resolution authority, shall regularly inform the Financial Market Stability Board of decisions and other decisions with relevance to financial stability, identification of systemic and pro-cyclically acting risks and indications of a significant impact on financial stability in accordance with Section 48 (2) (2) of the BaSAG or Article 14 (2) (lit). (b) Regulation (EU) No 806/2014 and, on request, provides the necessary factual information, data and documents. "

Section 13a (1) 2. sentence reads:

" Risk moments for financial stability are, among other things, the structure and the change of systemic risk (§ 2 Z 41 BWG), procyclically acting risks (Art. 136 of Directive 2013 /36/EU) or significant effects on financial stability in accordance with Section 48 (2) (2) of the BaSAG or Art. 14 para. 2 lit. b of Regulation (EU) No 806/2014. '

8. In Section 19 (1), the phrase "and in accordance with § 3 (5) of the BaSAG in conjunction with Section 79 (4b) of the BWG, insofar as they do not exceed one million euros" through the phrase "and in accordance with § 3 (5) BaSAG in conjunction with Section 79 (4b) of the BWG, insofar as they do not exceed two million euros" replaced.

9. In § 19 (4) the amount shall be "3.5 million euros" by the amount "4 million euros" replaced.

10. In Section 19 (5), the phrase " or the direct costs of the banking supervision notified by the Oesterreichische Nationalbank pursuant to Section 3 (5) of the BaSAG in conjunction with Section 79 (4b) of the Federal Elections Act and separately reported in the annual accounts of the FMA have reached the amount of one million euros have " through the phrase " or the direct costs of the banking supervision notified by the Oesterreichische Nationalbank pursuant to § 3 (5) BaSAG in conjunction with Section 79 (4b) of the Federal Elections Act and separately reported in the annual accounts of the FMA have reached the amount of two million euros have " replaced.

(11) The following paragraph 30 is added to § 28:

" (30) § 19 (1), (4) and (5) in the version of the Federal Law BGBl. I n ° 159/2015 is 1. Jänner 2016 in force and is to be applied to business years of the FMA, which will start after 31 December 2015. "

Article 5

Amendment of the Deposit Guarantee and Investor Compensation Act

The Deposit Guarantee and Investor Compensation Act-ESAEG, BGBl. I No 117/2015, shall be amended as follows:

1. In Section 4 (1), the word order shall be "by application of the BaSAG" through the phrase "by application of BaSAG or Regulation (EU) No. 806/2014" replaced.

2. In Section 6 (7), the phrase "Single Resolution Committee" by the word "Committee (§ 2 Z 18a BaSAG)" replaced.

3. § 7 (1) Z 9 reads:

" 9.

CRR credit institution: a credit institution in accordance with Article 4 (1) (1) of Regulation (EU) No 575/2013 and a credit institution pursuant to Article 1 (1) of the BWG, which receives deposits in accordance with Article 7 (1) (3) (3) of the Treaty; "

4. § 30 (1) Z 1 reads:

" 1.

The resolution authority has not taken any resolution measures; "

5. In Section 30 (2), the word order shall be deleted "according to § 49 BaSAG" .

(6) The following paragraph 4 is added to § 30:

" (4) The security establishment of an institution-related security system recognised as a Deposit Guarantee and Investor Compensation Scheme shall indicate the intention of using available financial resources for FMA support measures. In addition, it has agreed with the Federal Minister for Science, Research and the Economy, in so far as there are legal requirements, with regard to these requirements. The Federal Minister for Science, Research and the Federal Ministry of Science, Research and Technology (Bundesminister für Wissenschaft, Forschung und Wirtschaft) has to make available all the necessary information for the assessment of the requirements of the law. The security establishment also has to inform the FMA and the Federal Minister of Finance of the introduction and the outcome of any necessary procedure for the approval of State aid to the European Commission. In so far as legal requirements are met, a payment of available financial resources for support measures shall be allowed only if no objection has been raised by the European Commission against the intended support measures; or a permit has been granted for the implementation of the intended support measures. In the implementation of support measures, the security establishment shall ensure compliance with any requirements under the European Commission's state aid authorisation. "

7. § 31 (5) reads:

" (5) The directors of the security establishment shall ensure the regularity of the annual accounts and accounts of the security establishment. The annual accounts of each security institution shall be examined by a statutory auditor in accordance with § § 268 to 276 UGB. This examination also has the attention of the 3. To include the main part of this Federal Act by the security establishment, the result of this examination being presented separately in an annex to the audit report on the annual accounts. This examination comprises the organisational structure and the administrative, accounting and control procedures (§ 2 para. 2), which are the security establishment with regard to the provisions of the 3. The main part of this federal law has been set up. The result of this check is to be combined with a negative assurance. The FMA has to lay down the form and structure of this Annex by Regulation. The annual accounts shall be drawn up in sufficient time to ensure that the period of advance of paragraph 6 is complied with. "

8. The following sentence shall be added to section 33 (2):

" The FMA may provide that the messages referred to in paragraph 1 are to be transmitted exclusively to the Oesterreichische Nationalbank, insofar as the FMA does not adversely affect the performance of its tasks under this or other federal laws. "

9. § 61 receives the sales designation "(1)" and the following paragraph 2 is added:

" (2) § 30 (4) in the version of the Federal Law BGBl. I n ° 159/2015 is 1. Jänner 2018 in force. Section 31 (5) in the version of the Federal Law BGBl. I No 159/2015 shall be applied for the first time on financial years beginning after 31 December 2015. On business years before the 1. January 2016 has begun, is § 31 paragraph 5 in the version before the Federal Law BGBl. I No 159/2015. "

Article 6

Amendment of the National Bank Act 1984

The National Bank Act 1984-NBG, BGBl. No. 50/1984, as last amended by the Federal Law BGBl. I No 68/2015, shall be amended as follows:

1. § 44c reads:

" § 44c. (1) The Oesterreichische Nationalbank contributes, without prejudice to § 44b, to the maintenance of financial market stability and to the reduction of systemic and pro-cyclically acting risk, in particular by:

1.

analysing financial market stability and reducing systemic risk in the financial market, and identifying risks that could affect financial stability,

2.

inform the financial market stability body of observations and findings of a fundamental nature or of particular importance and, if requested, gives the necessary explanations of factual information, makes available documents and reports created,

3.

the Financial Market Stability Board to submit recommendations to the FMA (Section 13a of the Financial Market Supervisory Authority Act (FMABG), BGBl. No 97/2001) and risk warnings,

4.

analyse the implementation measures of the FMA and inform the financial market stability body of its assessment,

5.

prepare a yearly report on the situation and development of financial stability and make it available to the financial market stability body in order to fulfil its reporting obligation pursuant to Article 13 (10) FMABG.

(2) The Oesterreichische Nationalbank may publish the following general information on the Internet and update regularly:

1.

Guidelines on which the Oesterreichische Nationalbank is oriented towards systemic and pro-cyclically-acting risks in the analysis and the preparation of expert opinions;

2.

criteria and parameters which are taken into account in the identification and measurement of systemic and pro-cyclicalrisks and their weighting;

3.

threshold values and indices, which serve as indicators for the exposure of risks as reference values;

4.

Risk species that are suitable for making quantitative and qualitative statements to be able to impart systemic and pro-cyclicals; and

5.

References to guidelines, guidelines and recommendations of the FMSG, the EBA, the ESRB, the EC, the ECB or the Committee (§ 2 Z 18a BaSAG), which have been taken into account in the publications relating to Z 1 to 4. "

Article 7

Amendment of the Insurance Supervision Act 2016

The Insurance Supervision Act 2016-VAG 2016, BGBl. I n ° 34/2015, as last amended by the Federal Act BGBl. I No 112/2015, shall be amended as follows:

1. § 24 (2) reads:

" (2) The obligation to notify in accordance with paragraph 1 shall apply in the same way to the task of the direct or indirect qualified participation or the underwriting of the limits referred to in paragraph 1 for participations in an insurance or insurance company or reinsurance undertakings or if the insurance undertaking or reinsurance undertaking is no longer a subsidiary. "

2. In Section 24 (3), the entry "§ 91 bis § 94 BörseG" by the entry "§ 91 bis § 93 BörseG" replaced.

3. In § 69 (5), the entry Section 248 (2) and (3) (3) (1), (7) to (9) " by the entry " § 248 (2) and (3) (3) (1), (7) and (9) replaced.

4. In § 116 (4), the word "Director" through the phrase "Directors to the" replaced.

5. In § 154 (1), after the word order "for the insurance branches of the insurance against damage and accidents" the phrase "and for reinsurance of these classes of insurance" inserted.

6. In § 159 (5) Z 1, the word "negative" through the phrase "Not positive" replaced.

7. In § 168 (1), after the word "from" the word "the" inserted.

8. In § 197 (2) the reference "Z 2" by reference " 1 Z 2 " replaced.

9. § 211 (2) Z 2 reads:

" 2.

the proportionate share of the minimum capital requirements of the related insurance and reinsurance undertakings. "

10. In the last sentence of Section 253 (1) (7), the word order shall be "a possible effective guarantee interest rate" through the phrase "a possible effective guarantee interest rate" replaced.

11. In § 269, after the entry "§ 115 (2) and (4)," the entry "§ 116 (3)," inserted.

12. In § 273 (1) Z 2, the word order shall be " 1. Section " through the phrase " 1. Section " replaced.

13. In § 275 (2) (1), the word order shall be "policyholders and beneficiaries" through the phrase "policyholders and beneficiaries" replaced.

14. In § 280 (2), after the word "Short-term" a dash and the word "realistic" inserted.

15. The previous § 340 is given the name "§ 340 (1)" and the following paragraph 2 is added:

" (2) § 24 (2) and (3), § 69 (5), § 116 (4), § 154 (1), § 159 (5) Z (1), § 168 (1), § 197 (2), § 211 (2) (2) (2), Section 253 (1) (7), (269), Section 273 (1) (2), Section 275 (2) (2) (2) (2) (2), and § 280 (2), as amended by the Federal Law BGBl (Federal Law). I n ° 159/2015 will be 1. Jänner 2016 in force. "

Fischer

Faymann