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...

Read the untranslated law here: http://www.ris.bka.gv.at/Dokumente/BgblAuth/BGBLA_2015_I_159/BGBLA_2015_I_159.html

159. Federal law be changed with the rehabilitation and settlement Act, the Banking Act, the financial market Authority Act, the deposit guarantee and investor compensation act, the National Bank Act 1984 and the insurance supervision law 2016

The National Council has decided:

Table of contents



Article 1





Implementation note







Article 2





Modification of the rehabilitation and settlement Act







Article 3





Amendment of the Banking Act







Article 4





Amendment of the financial market Authority Act







Article 5





Amendment of the deposit guarantee and investor compensation act







Article 6





Amendment to the National Bank Act 1984







Article 7





Amendment of the insurance supervision Act 2016





Article 1

Implementation note

This federal law is the be



1. the Regulation (EU) No. 806/2014 establishing uniform rules and a single procedure for the processing of credit institutions and certain investment firms within the context of a uniform settlement mechanism and a single settlement fund and amending the Regulation (EU) 1093/2010, OJ No. L 225 of the 30.07.2014, p. 1, 2 of the implementing Regulation (EU) 2015/81 of the Council of 19 December 2014 establishing uniform procedures for the application of the Regulation (EU) No. 806/2014 of the European Parliament and of the Council in terms of upfront taxes contributions to the single settlement fund, OJ No. L 15 of the 22.01.2015, p. 8, 3. the delegated Regulation (EU) 2015/63 of the Commission from 21 October 2014 to complement the 2014/59/EU directive in terms of upfront taxes contributions to settlement financing mechanisms, OJ No. L 11 of the 17.01.2015, p. 44 and 4 of the Convention on the transfer of contributions on the single settlement fund and about sharing these posts, 5 and the partial transposition of the directive 2014/17/EU on residential real estate credit agreements for consumers and for amending the Directive 2008/48/EC and 2013/36/EC and the Regulation (EU) no 1093/2010, OJ No. L 60 of the 28.02.2014 page 34, last corrected by OJ No. L 246 of the 23.09.2015 p. 11, with regard to the prudential rules for credit institutions.

Article 2

Modification of the rehabilitation and settlement Act

The rehabilitation and settlement Act - BaSAG, Federal Law Gazette I no. 98/2014, as last amended by Federal Law Gazette I no. 117/2015, is amended as follows:

1. in the table of contents is the entry for section 3a:

'section 3a. Cooperation in the uniform settlement mechanism"2. The entry to § 67a in the table of contents is as follows:

"§ 67a. Control measures"3. The entry to § 97a in the table of contents is as follows:

'article 97a. Recognition of prevention - and crisis management measures of other Member States' 4. In the table of contents is the entry to section 113a:

"§ 113a. Rights of access and information gathering powers and on spot checks"5. In the table of contents is the entry for section 116a:

'article 116a. Simplified procedure if it becomes aware of the affected population"6. In the table of contents is the entry for section 119a:

"section 119a. Restriction of the legal force of decisions the resolution authority"7. In the table of contents of part 5 is as follows:

"Settlement funding mechanism and uniform resolution Fund" 8. The entry for section 123a in the table of contents is as follows:

"section 123a. National contribution to the uniform resolution Fund"9. In the table of contents, the entry to section 123 is b:

"§ 123 b. exercise of powers under the Convention ' 10. In the table of contents, the entry to section 123 is c:

"§ 123c." Bridge financing"11. In the table of contents entry to article 123d is as follows:

"§ 123d. Post management and administration"12. The entry to § 126 in the table of contents is as follows:

"§ 126. contributions to the settlement funding mechanism" 13. The entry for section 158a in the table of contents is as follows:

'article 158a. Recommendations of the Committee"14. In the table of contents, the entry to section 158 is b:

"§ 158 b. enforcement of fines and periodic penalty payments of Committee" 15. In the table of contents, the entry to section 159 reads:

"§ 159. use of collected fines" 16. The following paragraph 3 is added to article 1:

"(3) for those institutions and groups member companies, in accordance with article 2 of Regulation (EU) No. 806/2014 establishing uniform rules and a single procedure for the processing of credit institutions and certain investment firms within the context of a uniform settlement mechanism and a single settlement fund and amending the Regulation (EU) 1093/2010, OJ" No. L 225 of the 30.07.2014, p. 1, in the scope of application of this regulation fall, to apply the provisions of this Act only to the extent, as not to apply the provisions of this regulation are."

17. pursuant to article 2 subpara 1 shall be inserted following Z 1a and 1B:



"1a. uniform settlement mechanism: the No. 806 / 2014 created uniform settlement mechanism, the uniform rules and a single procedure foresees no. 806/2014 by Regulation (EU) for the settlement of companies in accordance with article 2 of Regulation (EU) and backed by a single settlement fund;"

1B. uniform settlement fund: The Fund, which no. 806/2014 built in accordance with article 67 par. 1 of the Regulation (EU) is, and in the transitional period in accordance with the rules laid down in the Convention on the transfer of funds collected at national level in accordance with article 8 of the implementing Regulation (EU) No. 2015/81, OJ "No. L 15 of the 22.01.2015, S. 1, be filled;"

18. According to § 2 No. 3 is inserted following Z 3a:



"3a. certain investment firms: CRR investment firms which do not fall within the scope of Regulation (EU) No. 806/2014;"

19. pursuant to article 2, Z 18 following Z 18a is inserted:



"18a. Committee: the Committee for uniform handling in accordance with article 42 of Regulation (EU) No. 806/2014;"

20. in section 2 Z 109 the point is at the end with a semicolon replaced and following Z 110 to 115 added:



"110. conventions: the Convention on the transfer of contributions on the single settlement fund and about the sharing of these contributions, on the basis of the contributions collected at the national level; transferred to the uniform resolution Fund"

111. transitional period: the period of which with application of the Convention in accordance with article 12 para 2 of the Convention starts and ends at the time, where the uniform resolution Fund has achieved in article 69 of Regulation (EU) No. 806 / 2014 set target level, but no more than eight years after the date of application of this Convention;

112th annual national contribution: the annual contribution referred to in article 3 No. 3 of the implementing Regulation (EU) No 2015/81, which during the contribution period in accordance with article 3 is to transfer no. 4 of the implementing Regulation (EU) No. 2015/81 by the management authority of institutions and companies that fall No. 806/2014, to collect in the scope of the Regulation (EU) and the single settlement fund.

113. national special contributions: extraordinary subsequently withheld contributions, which in accordance with article 71 are to transfer paragraph 1 of the Regulation (EU) No. 806/2014 of companies that fall No. 806/2014, to collect in the scope of the Regulation (EU) and the single settlement fund.

114. financial resources: funding in accordance with article 3 para 1 No. 34 of Regulation (EU) No. 806/2014;

"115. National Chamber: Chamber of a party that is set up on the basis of article 4 of the Convention."

21 paragraph 3 section 1:

"(1), the FMA is the resolution authority for the purposes of this federal law and the national management authority (article 3 para 1 No. 3 of the Regulation (EU) No. 806/2014) and national management authority concerned (art. 3 para. 1 No. 4 of the Regulation (EU) No. 806/2014) for the purposes of Regulation (EU) No. 806/2014." As far as the FMA are granted by this federal law or the Regulation (EU) No. 806 / 2014 handling administrative tasks, powers and duties, it has to perceive them in compliance with the conditions referred to in paragraph 3 and 4 and is referred to as "Resolution authority"."

22. According to article 3, paragraph 1, the following paragraph 1a is inserted:

"(1a), the FMA is the competent national authority pursuant to article 2 of Regulation (EU) No. 2 No. 1024/2013 (art. 3 para. 1 No. 1 of the Regulation (EU) No. 806/2014) and the competent authority within the meaning of article 4 No. 2 lit." "i of to Regulation (EU) no 1093/2010 (art. 3 para. 1 No. 2 Regulation (EU) No. 806/2014) for the purposes of Regulation (EU) No. 806/2014, if not the ECB is responsible."

23 paragraph 3 section 2:

"(2) the Federal Ministry of finance is the Ministry responsible for Austria in accordance with article 3 paragraph 5 of 2014/59/CE directive and for the purposes of Regulation (EU) No. 806/2014."

24. under article 3, paragraph 4, the following paragraph 4a is inserted:

(4a) as far as the FMA shall adopt internal rules, to the specifications of paragraph 3 to 4 to comply with, has to publish them.

25 § 3 par. 5 sentence 1 and 2 is:


"The resolution authority, the FMA and the Austrian National Bank work no. 806/2014 for the effective fulfilment of their respective tasks in accordance with this Federal Act or regulation (EU). Section 79 BWG is with the provision to apply, that the tasks of the Austrian National Bank regulated there for bank supervisory duties apply for the purposes of this Federal Act or regulation (EU) No. 806/2014 for the area of the rehabilitation and management of enterprises in accordance with § 1 para 1; "are exempt from paragraphs 54 to 79, 81-83, 85 to 92, 95 to 98, 114 to 131 and 152 to 159 of this Federal Act and articles 20 to 22, 24 to 27 and 67 to 79 of Regulation (EU) No. 806 / 2014."

26 § 3 par. 6 1 sentence reads:

"The resolution authority has decisions to inform the Federal Minister of finance about her or the Committee."

27 paragraph 3 paragraph 9:

"(9) by way of derogation from article 3, paragraph 1 official liability Act - AHG, BGBl. 20/1949 can no. of organs and staff of the FMA, including the staff of the management authority, and of the organs and staff of the Oesterreichische Nationalbank, the tasks under this Federal Act, according to Regulation (EU) No. 806/2014 or was due to a delegated Act issued due to the 2014/59/CE directive or the Regulation (EU) No. 806/2014 ", perceive, only Radebe set are desires, if they have committed the infringement intentionally."

28 paragraph 11 is § 3.

29 § 3 par. 12 sentence 1 reads:

"The FMA is no. 806/2014 and the delegated acts adopted on the basis of this regulation and the 2014/59/CE directive, the European convergence of supervisory tools and supervisory procedures to take into account in the enforcement of the provisions of this Federal Act, including the enactment and enforcement of national regulations on this basis and on the enforcement of the provisions of the Regulation (EU)."

30 13 the following paragraph shall beadded § 3:

"(13) the Federal Minister for finance has paragraph 1 for the purposes of article 43 lit. (c) Regulation (EU) No. 806/2014 a member as well as his Deputy on the proposal of the resolution authority to appoint, to represent the resolution authority to the Committee have."

31 according to § 3, the following section 3a and heading shall be inserted:

"Cooperation in the uniform settlement mechanism

section 3a. (1) the resolution authority has her respective tasks entrusted to this federal law, only as far as perceive powers and duties whose exercise under the provisions of Regulation (EU) No. 806 / 2014 not the Committee is reserved.

(2) the management authority is required for purposes of this Federal Act in accordance with the Regulation (EU) No. 806/2014 to cooperate with the Committee, the European Commission and the European Central Bank (ECB). In particular, the resolution authority has the Committee to provide no. 806 / 2014 information of the European Commission and the ECB for the performance of their duties under the Regulation (EU).

(3) the resolution authority has to take the necessary measures for the implementation of decisions of the Committee.

(4) the resolution authority has to note No. 806 / 2014 issued guidelines and general instructions of the Committee in carrying out their tasks under the Regulation (EU). The resolution authority has to implement recommendations of the Committee or to establish if she failed to implement recommendations of the Committee.

(5) the resolution authority supports the Committee in accordance with the provisions of the Regulation (EU) No. 806/2014 and can cases assistance in accordance with article 21, paragraph 1, 2 and 4 FMABG in claim.

(6) to the compliance of a decision addressed to the management authority of the European Commission in accordance with article 19 paragraph 3 or paragraph 5 which 806/2014 may Regulation (EU) No. 806/2014 all information obtain the resolution authority by a beneficiary in accordance with article 19 of Regulation (EU) as well as arrange measures referred to in paragraph 7, by a decision, to ensure compliance with the conditions laid down in the European Commission's decision and conditions.

(7) for the purposes of subsection 6, the management authority may



1. the beneficiary that lead over redemption by the European Commission in accordance with article 19 require para 5 of the Regulation (EU) No. 806 / 2014 fixed amounts with interest with notice and the collected amounts to the Committee;

2. the beneficiary under threat of a coercive penalty apply, the decision of the European Commission in accordance with article 19 (3) of Regulation (EU) No. 806/2014 within a reasonable period of time to comply.

3. paragraph 3 of the Regulation (EU) No. 806/2014 as trustee or other independent person hire a lawyer, an auditor, an audit firm or an other professionally suitable experts to monitor the obligations imposed by the European Commission in the framework of article 19. These people act in this case as organs of the resolution authority."

32. in article 13, paragraph 2, the phrase is "at the request of the Institute or of the EU parent company".

33. § 16 the following paragraph 4 is added:

"(4) the Group restructuring plan has information for each of the scenarios in accordance with section 9, paragraph 2 to contain, whether within the group, at the level of the individual companies covered by the plan, obstacles to the implementation of remedial measures exist and whether practical or legal way there's significant obstacles, preclude a prompt transfer of own funds, the redemption of liabilities or the restitution of assets within the group."

34. in article 44, paragraph 1 Z 2 will the word "performing" by the word "conduct" replaced.

35. in article 44, paragraph 1 Z 3 is the word "undertaking" by the word "make", which "sets Word" by the word "establishes"set"and the word" replaced by the word "place".

36. in article 44, paragraph 3, the phrase is omitted ' or business pursuant to section 1 para 1 No. 2 to 4 ".

37. in article 46, paragraph 5 the phrase replaced "is effective with the force of law of order arrangement" by the phrase "is effective with the delivery of the order arrangement at the Institute".

38. in article 47 paragraph 6, the phrase "at the end of the five day period after paragraph 3" is replaced by the phrase "until the end of the five day period referred to in paragraph 3".

39. in article 58, paragraph 1 Z 1 is the phrase "on-site-inspections" is replaced by the phrase "On spot checks".

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

"(3) the procedures referred to in §§ 116 and 116a doesn't come to the application."

41. section 60 is labeled (1) and the following paragraph 2 is added:

"(2) the procedure in accordance with the § § 116 and 116a doesn't come to the application."

42. According to article 67, the following article 67a and heading shall be inserted:

"Control measures

§ 67a. (1) the resolution authority may order individual measures even without control transfer in accordance with section 67 in a run-off legal entity, if



1. this to achieve management objectives is required in accordance with section 48 or 2. provisions of this Federal Act or regulation (EU) No. 806/2014 are injured.

Section 67, paragraph 3, shall apply.

(2) the management authority may by notification in particular



1 individual stores carry on, individual transactions prohibit 2 or 3 completely or partially prohibit the continuation of the business and in this case allow individual transactions.

(3) violation in accordance with ABS. 1 Z 2 by a settlement of owned legal entity, has the resolution authority



1 this under threat of a coercive penalty to apply, to establish the lawful conditions within that period of time that is reasonable in regard to the circumstances of the case and repeat 2nd in the repeat - or where to understand the first sentence of forced and the order under threat of a coercive penalty higher."

43. in article 80, paragraph 1, final part is omitted the phrase "of Regulation (EU) No. 575/2013,".

44. in article 80, paragraph 5 the phrase is "no circumstance pursuant to par. 3 Z 1 to 4" by the phrase "no circumstance referred to in paragraph 3 Nos. 1 to 3 and 5" replaced.

45. According to article 88, paragraph 3, the following paragraph 3a is inserted:

"(3a) If a guarantor has held harmless a creditor in connection with the application of the instrument of creditor participation, claims resulting from the application of a revaluation mechanism, pass on the guarantor. The resolution authority has to take into account this right of recourse of the guarantor in the context of the application of a revaluation mechanism unless the guarantor of resolution authority makes believable, that creditors were held harmless."

46. the section 91 the following paragraph 5 is added:

"(5) paragraphs 1 to 4 also apply to other financial contracts, if they were completed under the framework contract, contains a netting agreement. This Z particularly applies that in section 20 para 4 1 operations to up to 4 IO."

47. in section 93, para. 5, the word "Union parent institution" is replaced by the word "EU parent institution".

48. in article 95, paragraph 2, the phrase is "referred to in paragraph 2 instruments only in part" by the phrase "instruments referred to in paragraph 1 partially or entirely" replaced.


49. the section 95 the following paragraph 3 is added:

"(3) the rights of creditors of into account enabled liabilities against joint debtors, guarantors and other third parties who are liable for debt of the outstanding legal entity, are not affected by the application of instruments of creditor participation or the participation of holders of relevant instruments instrument. The for wrapping entities, however, is through the use of these instruments to co‑debtors, guarantors, other third parties or other redress justified in the same way free liabilities as against the creditors into account enabled."

50. According to article 97, the following section 97a along with heading is inserted:

"Recognition of prevention - and crisis management measures of other Member States

§ 97a. (1) transmitting a resolution authority in another Member State in application of crisis management measures in accordance with article 2 para 1 No. 102 of 2014/59/CE directive shares or other ownership title or assets, rights or liabilities and the delegation in domestic concerns located assets or rights subject to Austrian law or liabilities, such transfer acts as a transmission by the resolution authority, even in domestic.

(2) the same applies to no. 66 of 2014/59/EU directive through a resolution authority in another Member State the exercise of Herabschreibungs - and conversion powers within the meaning of article 2 para 1, unless the affected debt or equity instruments are subject to Austrian law or to creditors based in Germany are.

(3) the resolution authority supports the resolution authority in another Member State in the transmission, the case of down and the conversion in accordance with paragraphs 1 and 2."

51. paragraph 105 paragraph 1:

(1) that has resolution authority in agreement with the FMA to verify that institutions comply with the minimum amount of own funds and capable of taking into account liabilities in accordance with article 100, paragraph 1, article 101, paragraph 1, and article 102, paragraph 1 and, where appropriate, the request in accordance with article 104, paragraph 1.

52. § 111 paragraph 1 No. 2 is:



"2. transfer one secured obligation, unless, the profit from the safety is also transferred;"

53. in article 112, paragraph 1 chapeau, the word "Settlement financing mechanisms" is replaced by the word "Financial mechanisms".

54. in article 113, paragraph 1, the reference to "section 83" by the reference to "article 58 paragraph 3" will be replaced Z 2.

55. before section 114, the following article 113a including heading shall be inserted:

'Rights of access and information gathering powers and on spot checks

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



1. institutions and companies in accordance with § 1 para 1 Z 2-4, their organs, as well as the inspection bodies responsible for them information about all business matters overtake;

2. in the books, documents and data carriers of institutes and companies in accordance with § 1 para 1 inspect Z 2-4;

3. Z 2-4 require the submission of interim financial statements, of ways in certain form and structure and audit reports institutes and companies in accordance with § 1 para 1 and 4 on spot audits at institutions and companies in accordance with § 1 para 1 Z 2-4 even to perform or conduct referred to in paragraph 2 can be.

The scope of the rights of information, template - and one show the resolution authority according to Z 1 to 4 and the commitment to the provision of documents in the domestic BWG determined according to article 60, paragraph 3.

"(2) the FMA and the resolution authority may for the purposes of this Federal Act or regulation (EU) No. 806 / expert suitable 2014 in their respective spheres of competence or, unless on spot checks in a jurisdiction of the Austrian National Bank in accordance with § 3 para 5, the Austrian National Bank entrust with carrying out on spot checks."

56. the section 116 14 the following paragraph is added:

(14) that call for a rapid assessment in accordance with article 58, paragraph 1 Z 13 has not notification form to be issued; the disclosure obligations regulated in paragraph 5 to 7 shall apply."

57. According to section 116, the following article 116a and heading shall be inserted:

"Simplified procedure if it becomes aware of the affected population

sec. 116a. (1) by way of derogation from § 116 the resolution authority may order processing measures pursuant to § 50 by ruling according to AVG, if any natural or legal persons concerned their rights are known.

(2) article 116 paragraph 5 to 7 is to apply subject to the proviso that the notice referred to in paragraph 1 at the point of the measure edict occurs. The authorities referred to in article 116 paragraph 5 is at the same time with the delivery of copies of the decision to tell at what point the management measures are effective.

(3) paragraphs 1 and 2 are not to apply to processing instruments in accordance with article 74, paragraph 2."

58. According to paragraph 119, the following section 119a and heading shall be inserted:

"Restriction of the legal force of decisions the resolution authority

section 119a. "As soon as the Committee pursuant to article 29 paragraph 2 of the Regulation (EU) No. 806/2014 a directly to a settlement as an institution in accordance with article 3 para. 1 No. 14 of the Regulation (EU) No. 806 / 2014-oriented decision adopts, adopted decisions of the resolution authority overrides are entering the same thing."

59. § 121 paragraph 1 Nos. 5 and 6 are:



"5. deposit-guarantee schemes pursuant to § 7 paragraph 1 Z 1 ESAEG;"

"6th investor compensation schemes in accordance with § 44 Z 9 ESAEG;"

60. the heading of the 5th part is:

"Settlement funding mechanism and uniform resolution Fund"

61. paragraph 123 paragraph 1:

(1) who is handling financing mechanism set up by the resolution authority, to ensure the effective implementation of processing tools and powers for certain investment firms and EU branches. The reliance on the settlement funding mechanism is in accordance with the management objectives referred to in §§ 48 and 53 and principles and for the in article 124, paragraph 1 in particular securities firms and EU branches through the resolution authority to trigger listed measures. The settlement funding mechanism has to have a proper budget."

62. in article 123, paragraph 2, the phrase "of the resolution financing mechanism" is inserted after the phrase "for the purpose of adequate funding".

63. paragraph 123 section 3:

"(3) the resolution authority can credit agreements on behalf of the settlement funding mechanism and agree other forms of assistance in accordance with section 128."

64. paragraph 123 paragraph 6:

"(6) the resolution authority has to invest all contributions to the settlement funding mechanism through the Austrian Federal Financing Agency (AFFA). To this end, the resolution authority has set up an account at the Austrian national library. "The AFFA has prompted the Federal Minister of finance in accordance with article 2, paragraph 1 Z 10 of the Federal Act on the management and coordination of financial and other federal debts - Federal Act of financing, BGBl. I carry no. 763/1992, the assessments of all contributions for the resolution financing mechanism."

65. in article 123, paragraph 8, the phrase is replaced "the institutes and branches" by the phrase "the certain investment firms and EU branches".

66. According to article 123, 123a following sections are inserted until 123d including headings:

"National contribution to the uniform settlement fund

section 123a. (1) Institute based in Germany, to raise are posts of which in accordance with article 70 of Regulation (EU) No. 806/2014, have the regular contributions and extraordinary subsequently withheld contributions by financial means to afford. The sum of regular contributions in a contribution year corresponds to the post notices of payment due of the annual national contribution to the uniform settlement fund by the Committee.

(2) the resolution authority has the regular contributions and extraordinary subsequently withheld contributions to the uniform settlement funds of institutions, of which in accordance with article 70 of Regulation (EU) No. 806 / 2014 regular contributions and extraordinary subsequently raised contributions to raise are, to raise. To do this, she has the respective regular contribution to impose extraordinary subsequently withheld post and the necessary payment terms these institutions by way of an. The institutions have the prescribed contributions in a timely manner to transfer to an account specified by the resolution authority. Provisions are enforceable with maturity, even if they are denied the reason or the height. Adjustments regular and extraordinary subsequently raised posts are to take the next post notices of payment due.


(3) the resolution authority has in accordance with article 1 paragraph 1 of the Convention, the annual national regular contribution and the national extraordinary subsequently withheld contributions from the applicability of the Convention and as far as them not in line with article 3 paragraph 4 of the Convention for national implementation measures (section 124 par. 1) were used to transfer overall national Chamber of the uniform resolution funds assigned to the Republic of Austria by the Committee. The resolution authority has with the exception of contributions, which were used as paragraph 4 of the Convention in accordance with article 3 national execution measures, not to use national regular contributions and extraordinary subsequently raised contributions for their own measures.

(4) the resolution authority has to transfer the annual national regular contributions and extraordinary subsequently withheld contributions referred to in paragraph 3 in accordance with the deadlines laid down in article 3 of the Convention. While the resolution authority has in accordance with the sections 126 and 127 BaSAG amended the BGBl I no. 98 / contributions for the year 2014 2015 in accordance with the article 3 para. 2 of the Convention laid down deadlines to transfer the single settlement fund.

(5) contributions in the form of irrevocable payment obligations in accordance with article 70 (3) of Regulation (EU) No. 806/2014 provided, these payment obligations including the associated collateral on the uniform resolution Fund are to be transferred.

(6) pursuant to article 7 paragraph 1 of the Convention temporarily funding transferred the Republic of Austria assigned Chamber on which the resolution authority before the expiry of the transitional period transfers national extraordinary subsequently fine contributions on the single settlement fund. The amount of transmitted extraordinary subsequently withheld contributions depends on article 7 para 1 sentence 2 of the Convention.

(7) are funds which were transferred assigned Chamber of the Republic of Austria, on a temporary basis on which is recovered in accordance with article 7 paragraph 5 of the Convention, the resolution authority transfers the financial resources referred to in article 7 paragraph 5 sentence 3 of the Convention in accordance with the conditions, the Committee in application of article 7 paragraph 5 UAbs. 2 the Convention has set to the native resolution Fund.

(8) the resolution authority has to provide information about the regular contributions withheld in and extraordinary subsequently withheld contributions and in the transitional period of the State of budget of the Chamber assigned to the Republic of Austria the Federal Minister of Finance annually and at whose request.

(9) the FMA can BWG at the request of the management authority and by Regulation pursuant to section 74 paragraph 6 of institutions headquartered domestically, to raise are posts of which in accordance with article 70 of Regulation (EU) No. 806/2014, required for the assessment of fees and extraordinary subsequently withheld contributions meaningful expulsion of the calculation basis, in accordance with the delegated Regulation (EU) 2015/63 , prescribe.

Exercise of powers under the Convention

section 123 b. (1) which has resolution authority to inform the Federal Minister of finance immediately about



1. the receipt of an application for the temporary transfer of financial resources from the Chamber assigned to the Republic of Austria on an other Chamber;

2. a decision of the Committee a request pursuant to Nos. 1 and 3. other circumstances that are for the exercise of the powers referred to in paragraphs 1 and 2 of importance;

and to make this a reasonable proposal to proceed.

(2) the management authority may with the approval of the Federal Minister of finance to the entire procedure:



1. when the Committee, paragraph 1 of the Convention apply for a temporary transfer of financial resources of other national Chambers on the Chamber assigned to the Republic of Austria pursuant to article 7;

2. paragraph 4 of the Convention objection against the temporary transfer of financial resources from the Chamber assigned to the Republic of Austria on a different national Chamber in accordance with article 7;

3 pursuant to article 7, paragraph 5 of the Convention apply for the retransfer of funds that were transferred to a different national Chamber of the Chamber assigned to the Republic of Austria;

4. on the Committee 10 para. 2 of the Convention make an application in accordance with article, to leave by the Committee to examine whether an other party of the Convention; fulfilled their commitment to the transfer of contributions on the single settlement fund and 5 to the Committee that application pursuant to article 5 paragraph 1, lit. a of the Convention, that criteria set out in article 107 paragraph 5 lit. (b) the directive to take account of 2014/59/EC, provide.

(3) If an application on the basis of article 7 para 1 lit. set a of the Convention by another party and were transferred financial resources on which the Republic of Austria assigned to Chamber the Chamber associated with that party, the Federal Minister of finance to ensure the repayment of financial resources, the resulting from article 7 paragraph 5 of the Convention obligations to fulfil.

Bridge financing

§ 123c. (1) to the financing of implementation measures insurance institutions pursuant to section 123a or group affiliated company commences institutions that fall within the scope of the Regulation (EU) No. 806/2014, to ensure the Federal Minister of finance is authorised to grant retroactive zuzahlende, non-gratuitous loan (bridge funding) if the following requirements are Z 110 the Committee referred to in section 2 temporary Z 18a in the transitional period in accordance with article 2:



1. the exhaustion of all other, in Regulation (EU) No. 806/2014 or the Convention referred to in § 2 Z 109 provided and where available the Committee available funding possibilities offered by the Committee;

2. the existence of a contractual agreement on the bridge financing, on the basis of articles 73 and 74 of Regulation (EU) No. 806/2014 of the Minister of finance was completed with the Committee, and 3. the assignment of the loan conditions, which are specified in the contractual arrangement and ensure in particular the timely, worth guaranteed repayment of bridge financing.

(2) the authorization to the bridge financing in accordance with para 1 in the transitional period to the Committee by the Federal Minister of finance is limited to the outstanding amount to EUR 1 600 000 000.

Post management and administration

Article 123d. (1) asset values that are attributable to the settlement funding mechanism or the uniform resolution Fund are not the property of FMA and will not be counted. Claims against the resolution authority, claims which are attributable to the settlement funding mechanism and claims that are attributable to the uniform resolution Fund, can be validly not netted.

(2) the resolution authority has the resolution financing mechanism an estimate and a balance sheet and profit and loss account for each financial year (calendar year), as well as to write a business report. A preview of the following year is the estimate to connect. On the procedure for the budget are the provisions for the financial plan of the FMA (article 17 FMABG), for the balance of the provisions for the financial statements of the FMA are (section 18 FMABG) and for the annual report the provisions for the FMA's annual report (§ 16 para 3 FMABG) to apply. The provisions of the second and third section of the third book of the company law book - UGB, dRGBl. S 219/1897, are not applied to the FMA.

(3) the management board the Supervisory Board of the FMA has regularly but at least once a year to report on the allocation of the settlement funding mechanism and the investment strategy. Also has the FMA regularly but at least annually, to submit reports on the national contributions to the single settlement fund and the total value of the assets allocated to the National Chamber at the balance sheet date.

(4) in advance collected contributions become due to the settlement funding mechanism and the single settlement fund one month after their notices of payment due to the contributory Institute or the insurance entities unless the resolution authority not in terms of decision determines a different time. Extraordinary subsequently collected contributions are due with the notices of payment due to the contributory Institute or the insurance entities, unless the resolution authority administrative decision determined not later. the resolution financing mechanism and the single settlement fund"

67. in article 124, paragraph 1, the phrase "in particular securities firms and EU branches" is inserted after the phrase "the settlement instruments" in the introductory part.

68. section 124 para 1 No. 1 to 3 are:



"1.

Collateralization of assets or liabilities of the run-off of certain investment firm, its subsidiaries, a bridge institution or a reduction unit;

2. granting of loans on a settlement owned certain securities firm, its subsidiaries, a bridge institution or a reduction unit;

3. acquisition of assets of a run-off certain investment firm;"

69. in article 124, paragraph 1 No. 6, the phrase "on the Institute in-processing" is replaced by the phrase "on the certain investment company in-processing".

70. paragraph 124 para 3:

"(3) the funds from the settlement funding mechanism are not directly to use, to recapitalize the losses to offset a certain securities firm or a EU branch or a certain securities firm or EU branch. Causes the use of funds from the settlement funding mechanism for the measures referred to in paragraph 1 indirectly that parts of the losses of a certain securities firm or EU branch on the settlement funding mechanism are passed, they shall apply the principles for the use of the resolution financing mechanism in accordance with § 87."

71. paragraph 125 paragraph 1:

"(1) certain investment firms and EU branches have to make contributions and extraordinary contributions. Until 31 December 2024. the resources available under the settlement funding mechanism, taking into account the contributions, which are transferred to the uniform resolution Fund pursuant to section 123a, exceed 1 vH of secured deposits of all institutions licensed in Austria have"

72. in article 125, paragraph 3, the phrase "approved institution" is replaced by the phrase "EU offices and certain investment firms authorised in Austria".

73. the heading before section 126 is as follows:

"Contributions to the settlement funding mechanism"

74. paragraph 126 section 1:

"(1) If this is necessary to achieve the target level referred to in § 125, has the resolution authority to prescribe contributions approved certain investment firms and EU branches and to raise them."

75. paragraph 126 section 2:

"(2) the resolution authority has to collect the contributions from each specific investment firms and EU branches in proportion to the amount of its liabilities (excluding capital) minus secured deposits in proportion to the aggregate liabilities (excluding capital) minus secured deposits of all institutions authorised in Austria. These contributions are to adapt according to the risk profile of the particular securities firms and EU branches, where the criteria set out in paragraph 5 are to be based."

76. paragraph 126 section 4:

"(4) by in handling certain securities firms or amounts received from EU branches or the bridge institution, interest and other income from investments and any other revenue is possible to the settlement funding mechanism."

77. paragraph 127 section 1:

"(1) the financial resources available insufficient to cover costs and other expenses in connection with the use of settlement funding mechanism loss, so the resolution authority of EU offices and certain investment firms authorised in Austria has to raise subsequently extraordinary contributions in order to cover the additional expenses. The calculation of the amount of extraordinary subsequently withheld contributions attributable to each specific investment firms and EU branches has to be carried out in accordance with the rules laid down in article 126 par. 2. The extraordinary subsequently withheld contributions must not exceed the triple annual amount of contributions pursuant to § 126."

78. paragraph 127 para 3:

"(3) the resolution authority may postpone partially or the obligation of a certain securities firm or EU branch to pay an associate subsequently raised contributions in the settlement funding mechanism, if the payment of these contributions would endanger the liquidity or solvency of certain securities firm or EU branch. Such a delay is to allow for a maximum of six months, but may be extended at the request of certain securities firm or EU branch. 'S contribution deferred in accordance with this paragraph is payable as soon as the liquidity or solvency of certain securities firm or EU branch is no longer endangered by the payment of the amount."

79 paragraph 128:

"§ 128. "The resolution authority can borrow on account of the settlement funding mechanism or take other forms of support from institutions, CRR financial institutions or other third parties in claims, if the regular contributions withheld pursuant to § 126 is not sufficient to the losses by using the settlement funding mechanisms-to cover costs or other expenses, and if in provided pursuant to § 127 extraordinary subsequently withheld contributions not immediately available or sufficient."

80. Article 129 paragraph 1 first half-sentence is:

"The resolution authority can borrow on account of the settlement funding mechanism for other settlement funding mechanisms in the Union"

81. paragraph 129 paragraph 2:

"(2) the resolution authority may grant loans from the settlement funding mechanism other settlement funding mechanisms in the Union, provided they meet the conditions of paragraph 1 No. 1 to 3 and after lending the settlement funding mechanism still has sufficient financial means."

82. in paragraph 130, the phrase is in paragraph 1 "an institution approved in Austria, the" by the phrase "a certain securities firm, the" replaced.

83. in article 130, paragraph 2, the phrase "the Institute" is replaced by the phrase "of certain investment firms".

84. § 130 para 5 Nos. 1 and 2 are:



"1. the percentage of the risk-weighted assets of the group, maintained for certain investment firms which are established in the Member State of the relevant settlement funding mechanism;

2. the proportion of the assets of the group, maintained for certain investment firms which are established in the Member State of the relevant resolution financing mechanism;"

85. in paragraph 133, no. 8 lit. a is replaced by the word "EU parent company" the word 'Union parent undertaking'.

86. in paragraph 133, no. 8 lit. b is replaced by the word "EU parent company" the word 'Union parent undertaking'.

87. According to section 158, following sections 158a and 158 b along with headings shall be inserted:

"Recommendations of the Committee

section 158a. The resolution authority has recommendations of the Committee in accordance with article 38 par. 8 of the Regulation (EU) to test no. 806/2014, and to impose the statutory conditions of administrative sanctions and other measures in accordance with paragraphs 152 to 158.

Enforcement of fines and periodic penalty payments of Committee

b (1) by the Committee referred to in articles 38 and 39 of Regulation (EU) No. 806 / 2014 by decision imposed fines and periodic penalty payments are section 158, unless a permit referred to in paragraph 2 was adopted by the district administrative authorities in application of the administrative enforcement Act 1991 - German insurance contract law, BGBl. No. 53 / 1991, to be enforced.

(2) the FMA in the course of execution a decision of the Committee in accordance with to examine articles 38 and 39 of Regulation (EU) No. 806/2014 on its authenticity. The decision is genuine, the FMA has to determine this decision. This decision makes the enforcement in accordance with article 41 (3) of Regulation (EU) No. 806/2014.

"(3) for the enforcement of a decision in accordance with paragraph 2 shall take the place of in § 5 ABS. 3 VVG of provided amount the sum of EUR 30 000."

88. paragraph 159 including heading:

"Use of collected fines

159. (1) fines imposed by the FMA in accordance with this federal law accruing to the Federal Government.

(2) by way of derogation from paragraph 1 amounts of fines and periodic penalty payments in accordance with articles 38 and 39 of Regulation (EU) No. 806/2014 imposed on the basis of a decision of the Committee, flow to the uniform resolution Fund."

89. paragraph 165:

"The legal transactions necessary for the implementation of this federal law, fonts and acts are section 165 (1) of the framework regulated charges, the Federal Administration fees, as well as in the court fees Act - GGG, BGBl. No. 501/1984, regulated judicial and judicial administrative fees free the.

(2) the Federal Government, the resolution authority, the settlement funding mechanism and the Committee as well as a bridge institution, a reduction unit, the FIMBAG and removal company participation of the Federal Government (ABBAG) are exempt from the payment of fees in the GGG in proceedings before the ordinary courts, have the issues of implementation of the Federal Act on the subject."

90 the following paragraph 3 is added to § the 167:

"contact para 1 and 2 (3) § 123d 31 December 2015 in force."

Article 3

Amendment of the Banking Act

The Bankwesengesetz - BWG, BGBl. No. 532/1993, amended by Federal Law Gazette I no. 117/2015, is amended as follows:


1. in the table of contents entry "§ 22 inventory and system risk" is omitted.

2. in the table of contents the following entry is inserted in the VIII section before article 34:


"article 33.
Special rules for mortgage and real estate credit agreements"3. In section 3, paragraph 4a is replaced the phrase "§§ 22 to 24a" by the phrase "sections 22a and 24a".

4. in section 3, paragraph 7, the phrase "§§ 22 to 24a" by the phrase "sections 22a and 24a" is replaced.

5. in article 3, paragraph 10, the phrase "§§ 22 to 24a" by the phrase "sections 22a and 24a" is replaced.

6. in article 15, paragraph 3, the phrase "systemic risk, inventory or system hazard or to guarantee of the stability of the Austrian financial system" is replaced by the phrase "risk of systemic or pro-cyclical-acting or to guarantee of the stability of the Austrian financial system".

7 § 22 is eliminated.

8 § 30 par. 4 Z 1 is:



"1 the credit institution with headquarters in Germany is subordinate; at the same time another credit institution, another financial holding company or of other mixed financial holding company, each with sitting at home"

9 paragraph 33 and heading:

'Special provisions for mortgage and real estate credit contracts

33. (1) credit institutions have to take care for that, that have concerned employees with the offering and completing mortgage and real estate credit contracts which I no 135/2015, fall within the scope of the 2nd and 3rd paragraph of the mortgage and real estate Credit Act - HIKrG, Federal Law Gazette, adequate knowledge and skills in the following areas and they regularly bring up the date:



1. adequate knowledge of the credit products in the sense of § 5 para 1 HIKrG and usually the fringe benefits offered to them;

2. adequate knowledge of legislation regarding mortgage and real estate credit agreements, in particular the provisions on consumer protection;

3. adequate knowledge and understanding of the process of acquisition of the real estate;

4. adequate knowledge in the assessment of collateral;

5. adequate knowledge of the Organization and functioning of land registers;

6 reasonable knowledge of the market in those Member States in which the credit institution loan products within the meaning of article 3 1 of Directive 2014/17/EU on residential real estate credit agreements for consumers and for amending the Directive 2008/48/EC and 2013/36/EC and the Regulation (EU) no 1093/2010, OJ No. L 60 of the 28.02.2014 page 34, last corrected by OJ No. L 246 of the 23.09.2015 offered by S. 11;

7. adequate knowledge of ethical standards in the business life;

8. adequate knowledge of the procedure to check the creditworthiness of the consumer or, where appropriate, adequate skills in assessing the creditworthiness of consumers;

9. adequate financial and economic expertise.

(2) the FMA



1. with regard to the minimum requirements for knowledge and skills in accordance with para 1 differentiation between certain categories of employees as well as 2nd nature, scope and periodicity of the proof of this knowledge and skills through regulation to set. She has the requirements of Nos. 2 and 3 of annex III to the directive to observe 2014/17/EU.

(3) in respect of the credit products referred to in paragraph 1 credit institutions in determining the remuneration policies and practices in addition to the requirements in accordance with § have to 39 b to ensure that



1 for the personnel responsible for the examination of creditworthiness remuneration policies to the business strategy, objectives, values and long-term interests of the credit institution and includes measures to prevent conflicts of interest, in particular to provide for that depends on the remuneration by the number or the percentage of approved applications and HIKrG provide 2 for employees, the consulting services pursuant to § 14, their ability not to affect the structure of the remuneration , in the best interest of consumers to act and they in particular not on sales targets is coupled.

(4) in the case of credit products referred to in paragraph 1 has the valuation of residential properties according to the generally accepted valuation principles to be made. The credit institution has to make the assessment by internal or external auditors, where they must have a sufficient expertise in the field of real estate appraisal and assessment and a sufficient independence of the credit approval process, to ensure an impartial and objective assessment. The credit institution shall document the documents for evaluation on a durable medium and keep a record.

(5) the credit institution has to establish principles for the award of credit products referred to in paragraph 1 and to this document, including the types of assets accepted as collateral to set.

(6) the credit institutions have according to the European practice regarding consumers and foreclosures by credit products referred to in paragraph 1 to set strategies and procedures arrears and apply. The policies and procedures must include appropriate procedures on the following topics:



1 provision of information for the consumer and communication with this 2-solving processes under consideration of the individual circumstances, interests and rights of the consumer as well as 3 documentation and adequate storage.

(7) the FMA is named for the purposes of article 36 of Directive 2014/17/EU contact point. She is entitled to cooperate and to exchange information with contact points in other Member States in accordance with the provisions of § 77 5."

10 § 39a para 3 is as follows:

"(3) the parent credit institution has to comply with the obligation referred to in paragraph 1 solely on the basis of the consolidated financial situation of the credit institution group."

11. in article 60, paragraph 2, at the end, the point is replaced by a comma and appended the following phrase:

"with the exception of central institutions in accordance with section 30a. The bank auditors of a central organization in accordance with the second sentence of this paragraph and the bank auditors of banks associated with a such central body have to work together in performing their duties as auditors of the Bank and to exchange the information necessary for the performance of their duties as auditors of the Bank among themselves."

12 § 63 para 4 No. 1 is:



"1. the observance of articles 18, 19, 92, 395, 412, and 413 of Regulation (EU) No. 575/2013;"

13 § 63 para 4 No. 5 is:



"5. the observance of § 10 para 1, 2 and 4 BaSAG;"

14. in section 65, subsection 2 Z 1 is the reference "article 237, paragraph 1 Z 1 and 239 UGB" the reference "article 237, paragraph 1 Nos. 1 and § 239 UGB" replaced.

15. in paragraph the following sentence be added 69 paragraph 3a:

"Furthermore has to inform the FMA, if it finds that a system in accordance with article 23 of Regulation (EU) No. 1093/2010 risk of a credit institution the EBA immediately."

16 in section 69, paragraph 4, the amount 'EUR 1 000' is replaced by the amount "EUR 2 000".

17 in § 69 paragraph 6 the phrase is substituted "1 vT of its cost number" "0.8 vT of its cost number" with the phrase.

18 the following paragraph 8 is added to article the 79:

"(8) a bundesgesetzlicher rule-based compensation from action taken by the Austrian National Bank, their bodies or their officials, in the framework of Regulation (EU) No. 806/2014 establishing uniform rules and a single procedure for the processing of credit institutions and certain investment firms within the context of a uniform settlement mechanism and a single settlement fund and amending the Regulation (EU) no 1093/2010, OJ" No. L 225 of 30.07.2014, S. 1, be active, is excluded in the following cases:



1. measures adopted on the basis of an instruction of the Committee pursuant to section 2 Z 18a BaSAG;

2. acts in preparation or implementation of decisions of the Committee in accordance with § 2 Z 18a BaSAG;

"3. actions in the field of cooperation, exchange of information or other assistance of the Committee referred to in § 2 Z 18a BaSAG."

19 § 99 para 1 No. 13 is eliminated.

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



"hh) assets, claims and other exposures to recognised exchanges represent;

(ii) loans and scrolling credits, unless the credit institution has only the Gestionsrisiko; and"21. The article 103q Z 4 lit. a will following sublit. JJ attached:



"jj) assets, the demands facing local and regional authorities of the Member States represent, after part 3 title II, Chapter 2 of Regulation (EU) No. 575/2013 a risk weight % would be assigned to 20, as well as other, existing to these authorities or secured by them risk positions, which after part 3 title II, Chapter 2 of Regulation (EU) No. 575/2013 a risk weight %; assigned to 20"

22 article 103q Z 4 lit. b sublit aa is eliminated.

23 be added following paragraph 90 and 91 the § 107:

"that after 31 December 2015 start para 4 and 6 in the version of Federal Law Gazette No. 159/2015 I occurs with 1 January 2016 in force and is to apply to financial years (90) § 69a.


I no. 159/2015 (91) the table of contents in terms of section 33 and section 33 as amended by Federal Law Gazette with 21 March 2016 into force."

24. in the annex to section 37a eliminates both the phrase "or equivalent in foreign currency".

25. in the appendix to § 37a (2) at the end of the following paragraph is added in point:

"If accounts in a currency other than euro, the average exchange rate of the day is used for the calculation of the sum to be reimbursed when the fuse has occurred."

Article 4

Amendment of the financial market Authority Act

The financial market Authority Act - FMABG, Federal Law Gazette I no. 97/2001, as last amended by Federal Law Gazette I no. 117/2015, is amended as follows:

1. in article 2, paragraph 1, the phrase is omitted ", federal law on rehabilitation measures for the HYPO ALPE ADRIA BANK INTERNATIONAL AG - HaaSanG, BGBI." I no. 51/2014 ".

2 the following paragraph 7 is added to in section 3:

"(7) a bundesgesetzlicher rule-based compensation from acts of the FMA, its institutions or their servants as well as actions of the resolution authority or its officials, within the framework of Regulation (EU) No. 806/2014 establishing uniform rules and a single procedure for the processing of credit institutions and certain investment firms within the context of a uniform settlement mechanism and a single settlement fund and amending the Regulation (EU) no 1093/2010" , OJ No. L 225 of 30.07.2014, S. 1, be active, is excluded in the following cases:



1. measures adopted on the basis of an instruction of the Committee pursuant to section 2 Z 18a BaSAG;

2. acts in preparation or implementation of decisions of the Committee in accordance with § 2 Z 18a BaSAG;

"3. actions in the field of cooperation, exchange of information or other assistance of the Committee referred to in § 2 Z 18a BaSAG."

3. in article 13, paragraph 1, of the 1 sentence reads:

"To strengthen the financial stability and reduce the risk of systemic and cyclical acting a financial market stability Panel is established at the Federal Ministry of finance."

4. in article 13, paragraph 2, the Nos. 3 and 4 are eliminated.

5. § 13 para 3 Z 3 is:



"3. expert statements, recommendations and requests related to significant changes in the intensity of systemic risk (article 2 Z 41 Banking Act) or pro-cyclical acting risks (art. 136 of Directive 2013/36/EC) and for assessing potential significant effects on financial stability pursuant to § 48 para 2 No. 2 BaSAG or article 14 par. 2 lit." "(b) of Regulation (EU) No. 806/2014," 6 § 13 para 9 is:

"(9) the representatives of the FMA, including in their capacity as resolution authority, informed the financial market stability Panel regularly about resolutions and other decisions of relevance to financial market stability, the identification of systemic and cyclical-acting risks and indications of significant impact on the financial stability pursuant to § 48 para 2 No. 2 BaSAG or article 14 para 2 lit." "(b) of Regulation (EU) No. 806/2014 and provides upon request the necessary published factual clarifications, data and documents available."

7 § 13a paragraph 1 2nd sentence reads:

"Danger for the stability of the financial market are among others the structure and the change of systemic risk (article 2 Z 41 BWG), pro-cyclical contributor risks (art. 136 of Directive 2013/36/EC) or significant impact on the financial stability pursuant to § 48 para 2 No. 2 BaSAG or art. 14 par. 2 lit." "(b) of Regulation (EU) No. 806/2014."

8. in article 19, paragraph 1, the phrase is "and in accordance with article 3 par. 5 BaSAG insofar as such a she b BWG, in conjunction with § 79 para 4 million euro do not exceed" by the phrase "and in accordance with article 3 par. 5 BaSAG in conjunction with § 79 para 4 b BWG, insofar as they do not exceed two million euros" replaced.

9. in section 19 subsection 4, the amount "EUR 3.5 million" is replaced by the amount "4 million".

10. in article 19, paragraph 5, the word order is "or the by the Austrian National Bank in accordance with § 3 par. 5 BaSAG communicated b BWG and reported separately in the financial statements of the FMA direct bank supervision costs the amount of one million euros have reached in connection with § 79 par. 4" by the phrase "or by the Austrian National Bank in accordance with § 3 par. 5 BaSAG in conjunction with § 79 para 4 communicated b BWG and reported separately in the financial statements of the FMA direct costs of banking supervision the" Amount of two million have reached"replaced.

11 § 28 is added the following paragraph 30:

"(30) article 19, paragraph 1, 4 and 5 in the version of Federal Law Gazette No. 159/2015 I occurs with 1 January 2016 in force and apply to fiscal years of the FMA, is after 31 December 2015 start."

Article 5

Amendment of the deposit guarantee and investor compensation act

The deposit guarantee and investor compensation act - ESAEG, Federal Law Gazette I no. 117/2015, is amended as follows:

1. in article 4, paragraph 1, the phrase "by application of BaSAG" by the phrase is "by application of BaSAG or regulation (EU) No. 806/2014" replaced.

2. in article 6, paragraph 7, the phrase "Committee on the uniform handling" by the word is "Committee (§ 2 Z 18a BaSAG)" replaced.

3. § 7 par. 1 Z 9 is:



"9 CRR credit institution: a credit institution under article 4 para 1 No. 1 of the Regulation (EU) No. 575/2013, as well as a credit institution in accordance with § 1 para 1 Banking Act, which takes deposits pursuant to § 7 para 1 No. 3;"

4. § 30 par. 1 Z 1 is:



"1. the resolution authority has taken no measures of execution;"

5. in article 30, paragraph 2, the phrase is "in accordance with paragraph 49 BaSAG".

6 the following paragraph 4 is added to § in 30:

"(4) the protective device of an institutional system recognized as deposit guarantee and investor compensation scheme has to show the intent of the use of available financial resources to support of the FMA. In addition she has with the Federal Minister for science, research and industry, as far as legal aid requirements are given, to vote with respect to these requirements. For that purpose, the protective device has the Federal Minister for science, to provide all information necessary for the assessment of State aid requirements research and business. The protective device must inform the FMA and the Federal Minister of finance to the introduction and the result of a possibly required process on the authorisation of State aid at the European Commission also. As far as legal aid requirements are given available funding for support measures payment is allowed only when the European Commission raised no objection to the proposed support measures or issued a permit for the implementation of the support measures envisaged. The implementation of support measures the shall ensure protective devices complying with any requirements in the context of a State aid approval of the European Commission."

7 paragraph 31 paragraph 5:

"(5) the Managing Director of protective device have to ensure the legality of the annual accounts and annual reports of the safety device. The annual accounts of each safety device are to be examined by an auditor in accordance with the articles 268 to 276 UGB. This exam has to include also the respect of the 3 main piece of this Federal Act through the protective device, with the result of this test in an annex to the audit report on the financial statements be presented separately. This audit includes the organizational structure and the administrative, accounting and control procedures (§ 2 para 2), who set up the protective device with regard to the provisions mentioned in the 3 main pieces of this Federal Act. The result of this test is to connect with a negative assurance. The FMA has shape and classification this annex by regulation to set. The financial statements are in sufficient time to set up that is kept at the presentation specified of in paragraph 6."

8 the following sentence is added to § 33 para 2:

"The FMA can provide this, that the notifications referred to in paragraph 1 only to the Austrian are to submit National Bank, as far as the FMA thus is not affected in the exercise of their functions to this or other federal laws."

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

"(2) section 30 paragraph 4 as amended by Federal Law Gazette I no. 159/2015 effective with January 1, 2018. § 31 section 5 in the version of Federal Law Gazette I is no. 159/2015 to apply for the first time to fiscal years begin after December 31, 2015. Business year that started before January 1, 2016, § 31 para 5 as amended by Federal Law Gazette is I no 159/2015 shall apply."

Article 6

Amendment to the National Bank Act 1984

The National Bank Act 1984 - NBG, Federal Law Gazette No. 50/1984, as last amended by Federal Law Gazette I no. 68/2015, is amended as follows:

1. paragraph 44c:


"§ 44c." (1) the OeNB contributes 44B domestically without prejudice to § to maintain financial stability and reduce the risk of systemic and cyclical acting, by them in particular



1 for financial market stability and the reduction of systemic risk, significant facts in the financial market analyses and identifies threats that may affect the stability of the financial market, 2 financial market stability Panel observations and findings fundamental art or informs of particular importance and request the necessary published factual clarifications are, documents available 3. hires and opinion that creates financial market stability Panel providing recommendations the FMA (section 13a of the financial market Authority Act (FMABG) , Federal Law Gazette No. 97/2001) and proposes risk notes, 4. analyzes the implementation of the FMA and its assessment informs the financial market stability Panel, 5. annually prepares a report on the situation and the development of financial market stability and available provides financial market stability Panel to fulfil its reporting obligations in accordance with § 13 para 10 FMABG.

(2) the Austrian National Bank can publish the following general information on the Internet and regularly update:



1. specifications on which the Austrian National Bank in the analysis and the preparation of opinions on systemic and cyclical risks oriented;

2. criteria and parameters that are taken into account in identifying and measuring systemic and cyclical-acting risks and their weighting;

3. threshold values and indexes that serve as indicators of the degree of risk as reference values;

4. types of risk, which are suitable to make quantitative and qualitative statements, for the development of systemic and cyclical acting risk; ' and 5 references to standards, guidelines and recommendations of the FMSG, the EBA, the ESRB, the European Commission, the ECB or the Committee (§ 2 Z 18a BaSAG) that were included in the publications to the Z 1 to 4. '

Article 7

Amendment of the insurance supervision Act 2016

The insurance supervision law 2016 - VAG 2016, Federal Law Gazette I no. 34/2015, as last amended by the Federal Act Federal Law Gazette I no. 112/2015, is amended as follows:

1. paragraph 24 paragraph 2:

"(2) the notification obligation referred to in paragraph 1 shall apply in the same way for the approved task of directly or indirectly held qualifying holding or falling below the limits for investments in an insurance or reinsurance undertakings referred to in paragraph 1 or if the insurance or reinsurance undertaking is not a subsidiary."

2. in article 24, paragraph 3, the entry is replaced by the entry "§ 91 to § 93 BörseG" "§ 91 to § 94 BörseG".

3. in article 69, paragraph 5, the entry will be "§ 248 par. 2 and § 3 Z 1, para 7 to 9" by the entry "§ 248 par. 2 and 3 Z 1, para 7 and 9" replaced.

4. in article 116, paragraph 4, the word "Director ends" by the word order is "Directors the" replaced.

5. in article 154, paragraph 1, the phrase "and for the reinsurance of the insurance branches" is inserted after the phrase "for the property - casualty insurance branches".

6 in section 159, para. 5 Z 1 "not positive" replaced the word "negative" with the phrase.

7. in article 168, paragraph 1, "he" is inserted after the word "of" the word.

8. in article 197, paragraph 2, the reference "ABS 1 Z 2" replaces the reference of "No. 2".

9 § 211 para 2 subpara 2 is:



"2. the proportionate shares of the minimum capital requirements of the related insurance and reinsurance companies."

10. in the last sentence of § 253 para 1, no. 7 the phrase "an any effective guarantee interest rate" is replaced by the phrase "an any effective guarantee interest rate".

11. in paragraph 269, the entry "§ 116 section 3," will be after the entry "section 115 subsection 2 and 4", added.

12 in article 273, paragraph 1 Z 2, the phrase "section 1" is replaced by the phrase "article 1".

13. in article 275 par. 2, Z 1 replaced the phrase "Policyholders and beneficiaries" by the phrase 'policyholders and claimants'.

14. in § 280 para 2 is after the word "short-term" inserted a comma and the word "realistic".

15. the previous section 340 is labeled "section 340 para 1" and the following paragraph 2 is added:

"(2) section 24 para 2 and 3, § 69 para 5, § 116, section 4, article 154, paragraph 1, article 159 para 5 Z 1, article 168, paragraph 1, article 197, paragraph 2, article 211, paragraph 2 Z 2, article 253, paragraph 1 Z 7, § 269 article 273 par. 1 Z 2, article 275 par. 2 Nos. 1 and § 280 para 2 as amended by Federal Law Gazette I no. 159/2015 with 1 January 2016 into force."

Fischer

Faymann