Amendment Of The Banking Act, Of The Building Societies Act, Of The Stock Exchange Act 1989, The E-Money Law 2010, Of The Financial Conglomerates Act, Of The Financial Market Authority Act, Of Finanzmar...

Original Language Title: Änderung des Bankwesengesetzes, des Bausparkassengesetzes, des Börsegesetzes 1989, des E-Geldgesetzes 2010, des Finanzkonglomerategesetzes, des Finanzmarktaufsichtsbehördengesetzes, des Finanzmar...

Read the untranslated law here: http://www.ris.bka.gv.at/Dokumente/BgblAuth/BGBLA_2013_I_184/BGBLA_2013_I_184.html

184. Federal law, with the the Banking Act, the building society Act, the Stock Exchange Act 1989, the E-money law 2010, the financial conglomerates Act, the financial market Authority Act, the financial market stability Act, the financial collateral law, the real estate investment Fund Act, the investment fund law 2011, the capital market law, the National Bank Act 1984, the Savings Bank Act, the stability levy Act, the securities supervision Act 2007, the payment Services Act, the pension fund law, operational staff and self-employment provisions Act and the insurance supervision law be changed

The National Council has decided:

Table of contents



Article 1 transposition of directives of the European Union article 2 amendment of the Banking Act article 3 amendment of the building societies Act article 4 amendment to the Stock Exchange Act 1989 article 5 change of E-money law 2010 article 6 amendment of the financial conglomerates Act article 7 amendment of the financial market Authority Act article 8 amendment of the financial market stability Act article 9 amendment to the financial collateral arrangements Act article 10 change of the real estate investment Fund Act article 11 amendment of the Investment Fund Act 2011 article 12 amendment of the capital market Act article 13 amending the National Bank Act 1984 article 14 amendment to the Bank Act article 15 change Stability tax law article 16 amendment of the securities supervision Act 2007 article 17 amendment of the payment Services Act article 18 amendment of the Pension Fund Act article 19 change of the operational staff and self-employed persons Pension Act article 20 amendment of the insurance supervision Act article 1



This federal law serves the implementation of Directive 2013/36/EC about the access to the activity of credit institutions and the supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC, OJ No. L 176 of the 27.6.2013 p. 338, and adjustment of regulatory law to Regulation (EU) No. 575/2013 on supervision requirements for credit institutions and investment firms and for amending the Regulation (EU) No. 648/2012, OJ No. L 176 of the 27.6.2013 S. 1, as well as the implementation of the directive 2011/89/EC amending directives 98/78/EC, 2002/87/EC, 2006/48/EC, and 2009/138/EC with regard to the supplementary supervision of financial firms in a financial conglomerate, OJ No. L 326 of the 8.12.2011 p. 113.

Article 2

Amendment of the Banking Act

The Bankwesengesetz - BWG, BGBl. No. 532/1993, amended by Federal Law Gazette I no. 160/2013, is amended as follows:

1. in the table of contents, the following entry is inserted after the entry "§ 1 credit and financial institutions":

'section 1a. Application of the Regulation (EU) No. 575/2013 "2. In the table of contents, entries § 21a be replaced by § 21 h by the following entries:


'article 21a. "Supplementary requirements procedure section 21 b. other regulation appropriations of the FMA" 3. The v and VI section of the table of contents and headings are:


' V. section: macro-prudential supervision article 22 inventory and system risk § 22a. ' Measures to limit the systemic risk § 23 capital conservation buffer Section 23a. Countercyclical capital buffer section 23 b. global Systemrelevante Institute § 23 c. Systemically important institutions section 23d. System risk buffer § 24 distribution limitation section 24a. Capital preservation plan VI. section: 1. regulatory provisions subsection: liquidity § 25 liquidity 2. subsection: company law § 26-related mandatory convertible bond Article 26a. Instruments without voting rights section 26 b. recovery of own resources section 27. Special rules for credit cooperatives section 27a. Liquidity collaborations 3. subsection: institutions § 28 transactions section 28a. Special rules for bodies by a credit institution article 28 b. Obligations of the institutions for loans § 29 Nomination Committee 4. subsection: group viewing § 30 credit institution Group section 30a. Credit institutions-composite section 30 2B. exemption from the application of capital requirements on an individual basis § 30 c. Exemption from the application of liquidity requirements on an individual basis section 30 d. Supervision of mixed financial holding companies 4. XIV. section in the table of contents is together with the heading:


"XIV. section: supervisory § 69. powers of the FMA § 69a." Allocation of costs § 69 b. disclosure obligations of the FMA § 70. rights of access and information gathering powers section 70a. Parent mixed company § 71. on spot checks § 72. cooperation § 73. viewing section 73a. Electronic delivery § 74. messages section 74a. Reporting platform section 74 b. valuation of assets and off-balance sheet items § 75. credit registers § 76. State Commissioner § 77. collaboration and data processing section 77a. International agreements article 77 b. colleges of supervisors and cooperation agreements § 77 c. Cross-border decision-making process"5. In the table of contents is eliminated the XXIII. section including headline.

6. in the table of contents is the entry "§ 102. and section 102a. Conversion and confiscation of participation capital".

7. in the table of contents is the entry "§ 103.-section 103 p. Transitional provisions"is replaced by the following entry:

"§ 103. to article 103q. Transitional provisions"8. Pursuant to section 1, the following paragraph 1a and heading shall be inserted:

"Application of the Regulation (EU) No. 575/2013"

section 1a. (1) for the purposes of this federal law:



1 CRR credit institutions: credit institutions referred to in article 4 paragraph 1 No. 1 of the Regulation (EU) No. 575/2013;

2. CRR investment firms: investment firms referred to in article 4 paragraph 1 paragraph 2 of the Regulation (EU) No. 575/2013;

3. CRR - financial institutions: financial institutions in accordance with article 4 paragraph 1 number 26 of the Regulation (EU) No. 575/2013.

(2) the requirements of the Regulation (EU) are to apply no. 575/2013 and the acts adopted on the basis of which, as if these banks were CRR credit institutions on credit institutions which are not CRR credit institutions, without prejudice to article 3. To credit institutions which are not CRR credit institutions, the requirements of Regulation (EU) No. 575/2013 applied, these are by other credit institutions and within the own group of credit institutions as CRR credit institutions to handle."

9 paragraph 2 No. 1:



"(1. Geschäftsleiter: a) those natural persons, which are provided by law or the articles of Association to the conduct of business, in particular for determining the strategy, objectives and overall policy, as well as to the institution-economic representation of the credit or financial institution to the outside;"

(b) in the case of credit unions those natural persons entrusted by the Board of Directors, the Supervisory Board or the General Assembly with the conduct of business, in particular the definition of the strategy, goals and overall policy, as well as as Managing Director designated; are the representation of the credit cooperative - without prejudice to a power of Attorney (§ 48 UGB) or power of Attorney (§ 54 UGB)-only the management authority; the entrustment as General Manager is to be entered in the register of companies;

(c) in the case of branches of foreign credit and financial institutions those natural persons are designated for the conduct of business and to represent the branch outwards; These are for the compliance with the provisions referred to in § 9 section 7 through branch offices in accordance with § 9 VStG responsible;"

10. in section 2, following Z 1a and 1B are inserted:



"1a. pipe organ: the organ or the bodies of a credit institution in his or her management and supervisory function, which are ordered by national law of a Member State, to the strategy, set objectives and general policy of the Institute and to control the decisions of the Executive Board to monitor." The governing body are also the persons who effectively conduct the business of the Institute; the legislation of a Member State provide that the Board includes several different organs with specific functions, the requirements stipulated by the Directive 2013/36/EC on the management body shall apply only for those members of the management body, where the legislation of the respective Member State assigning the appropriate powers;

"1B. higher management: those natural individuals who are in an Institute leadership responsibilities or carry out preliminary activities and management across are responsible and accountable for day-to-day business;"

11 § 2 No. 2, 3, 5a up to 7, 9 to 12, 15, 16, accounts for 23 to 25 b, 30-32, 34, 36, 37, 48, 53, 56-57e, 60 to 70 and 76.

12 § 2 Z 22, 26 to 28 and 41 to 45 are:



"22 non-bank: anyone who is neither credit institutions nor a CRR - credit institution registered in a Member State or third country, including its branches;"

26 internal approach: approach or model, in articles 143 paragraph 1, 221, 225, 312 paragraph 2, 283, 363 and 259 paragraph 3 of Regulation (EU) No. 575/2013 is regulated and its application by a credit institution requires a permit.

27.

Risk of excessive debt: risk, arising from an actual or potential indebtedness of a credit institution for its stability and that requires unforeseen corrections of his business plan, including the sale of assets from an emergency out what cause losses or valuation adjustments of the remaining assets.

28 model risk: potential losses from the consequences of decisions, based on the results of internal approaches and which arise from errors in the development, implementation and application of such approaches;

41. systemic risk: risk of disruption in the financial system as a whole or of parts of the financial system, which may entail serious negative consequences in the financial system and the real economy

42. significant subsidiaries: company that measured the banking group has a total assets of 5vH and classified on the basis of criteria; size, business structure, clientele, business type, local business, subordinate institutions and its important meaning for the Austrian financial sector, taking into account financial market stability by the FMA as significant the classification of a Bank as an important subsidiary for the purposes of article 13 of the Regulation (EU) No. 575/2013 is the FMA by ruling to determine. If a credit institution as important credit institution is classified, has to submit a copy of the notification of the competent authority of the EU parent credit institution or of the parent credit institution of the EU parent financial holding company, FMA;

43. capital buffer requirement for Systemrelevante Institute: the capital buffer requirement applicable to institutions for the calculation of the individual or consolidated capital buffer by Systemrelevanten determined in accordance with section 23 c paragraph 5;

44. capital buffer requirement for global Systemrelevante Institute: the capital buffer requirement applicable to institutions for the calculation of the consolidated capital buffers by global Systemrelevanten determined pursuant to § 23 paragraph 6 b;

44a. capital buffer requirement for the countercyclical capital buffer: capital buffer requirement determined in accordance with Article 23a, paragraph 1;

44. capital buffer requirement for the system risk buffers: capital buffer requirement, which is determined according to 23d para 1;

"45th combined capital buffer requirement: institutions or global Systemrelevante sum of capital buffer requirement for compliance with capital conservation buffer and, where appropriate, the capital buffer requirement for compliance with the countercyclical capital buffer, the system risk buffer and the capital buffer requirement for Systemrelevante institutions, taking into account article 23 b para 7 to 9 and section 23 c 8;"

13. in article 3, paragraph 1, the phrase "The provisions of this Federal Act shall not apply" in the introductory phrase is replaced by the phrase "The provisions of this Federal Act and the Regulation (EU) No. 575/2013 on does not apply".

14 § 3 para 1 No. 2 is:



"2. central counterparties (CCP) in accordance with article 2 subpara 1 of Regulation (EU) No. 648/2012, as far as they no 648 / 2012 permitted activities operate them in accordance with articles 14 and 15 of Regulation (EU);"

15 § 3 par. 1 Z 4 is:



"4. authorities, if they forgive loans or loans with promotional due to federal or landesgesetzlicher authorization or settle loans and loans for local and regional authorities;"

16 § 3 para 1 No. 6 is:



"6 companies, development agencies are taking no money from the audience and the sponsored funding operation of capital financing business, or the guarantee business or the award of credits and loans (lending) (handle for local and regional authorities and a) (where local authorities or other public bodies to at least 20% are involved in, b) (involved in addition to the public bodies only credit institutions and insurance companies are and c) people are ordered on their supervisors according to the involvement of public authorities" ", which are nominated by the public authorities;"

17 § 3 para 1 No. 7 is:



"7. the Austrian Kontrollbank Aktiengesellschaft in relation to legal transactions in the context of promoting exports, according to the export promotion Act 1981 and the export financing support Act 1981 with regard to the Regulation (EU) No. 575/2013 and § 39 para. 3 and 4;"

18 § 3 par. 1 Z 9 and 10 are:



"9. the operation of the currency exchange business (§ 1 para 1 Z 22) with respect to sections 31 to 34, articles 36, 37 and 39a, §§ 42 to 65, as far as not participating in the preparation of the consolidated financial statements of the parent credit institution is required, article 1, para. 3, article 5, paragraph 1 Z 5, 12 and 13, §§ 27a and 28 b, § 30, §§ 39 para 3 and 4 and part 2 to 8 and part 1 title II of Regulation (EU) No. 575/2013" , as far as it would be to a parent credit institution, sections 66 to 68, article 73, paragraph 1 Z 1, paragraphs 74 to 76, § 78 para 1 to 7, XIX-th section;

"10 credit institutions in accordance with § 5 Z 3 KStG 1988 regarding the articles 39a and 74 and article 99 to 101, Article 394 and 415, part 3 title III and section 8 of the Regulation (EU) No. 575/2013;"

19. in article 3, paragraph 1, following Z 11 is added:



"11 companies that are development agencies, take no money from the audience and by local authorities or bodies of the European Union operate exclusively capital financing business, the guarantee business or the granting of loans and advances (loans) to the allocation and management of funding and provided she not already covered by article 3, paragraph 1 No. 6 is, according to the lit. a and b: a) these companies are exclusively public authorities, credit institutions or insurance undertakings involved;

"(b) on such companies the following provisions of this Federal Act apply: § 5 par. 1 Z 1 to 4a and Z 6 to 14, sections 38 to 39 b, §§ 40-42, section 65, 69 section 73a and §§ 98-99e."

20. in section 3, paragraph 2, the introductory phrase is "the provisions of § 25 paragraph 3 to 14 and section 74 subsection 3 Z 3 do not apply to" by the introductory phrase "the provisions of part 6 of the Regulation (EU) No. 575/2013, §§ 25, 27a, 39 paragraph 3 and 4, and article 74 para 6 No. 3 lit." (a) in conjunction with article 74, paragraph 1 shall not apply"replaced.

21 section 3 para 2 No. 7 is eliminated.

22. According to article 3, paragraph 2, the following paragraph 2a is inserted:

"(2a) the provisions of article 99 to 101, Article 394 and 415 and part 6 and 7 of the Regulation (EU) No. 575/2013, §§ 25, 27a, 39 paragraph 3 and 4, and article 74 para 6 No. 3 lit." (a) in conjunction with article 74, paragraph 1 does not apply to credit institutions, which engage factoring business primarily on the basis of its statutes,."

23 paragraph 3 para 3:

"(3) taking provisions of this Federal Act and the Regulation (EU) No. 575/2013 for the following companies as far as no application, as they transactions referred to in article 1, paragraph 1, causing the them include peculiar stores:"



1. companies of to the insurance with the exception of § 31 para 2, § 38 para 4, § 41 para 1 to 4, 6 and 7 and section 75;

2. pension funds under the Pension Fund Act;

3. companies that are recognized as non-profit building associations;

4. social security institutions;

5. companies that operate the mortgage loan industry;

6 recognised third country investment firms referred to in article 4 paragraph 1 number 25 of Regulation (EU) No. 575/2013, local companies in accordance with article 4 paragraph 1 number 4 of the Regulation (EU) No. 575/2013 and companies established in a third country in accordance with article 15, paragraph 1 Nos. 3, 4 and 6 Stock Exchange Act 1989, each in terms of business pursuant to section 1 para 1 No. 7 lit. b-f, and Z 7a, which commercially operate within the framework of its membership of a stock exchange, insofar as they are limited in Germany only on the commercial effect of the transactions covered by the approval as a member of the Exchange;

"7 AIFM in accordance with article 2 paragraph 1 letter a to c of 2011 CE/directive 61 /, insofar as they do not exceed the scope of their authorisation under this directive;"

24 paragraph 3 paragraph 4a:

"(4a) applies to credit institutions that are entitled to the operation of the real estate fund business pursuant to section 1 para 1 No. 13a, that"



1. articles 22 to 24a, 39a 57 paragraph 5, as well as parts 3, 5 and 8 of the Regulation (EU) No. 575/2013 not applicable;

"2. the own resources regardless of the own funds requirement at any time in accordance with § 9 par. 5 among the No. 1 WAG 2007 may fall to be determined amount."

25 paragraph 3 section 5:


"(5) if there is the exclusive business of a securitisation special society in the issue of bonds, borrowing, in the degree of hedging transactions as well as in the statements on this business activity-related help businesses to claims pursuant to article 5 point 1 of Regulation (EU) to acquire no. 575/2013 of an originator or to assume the associated risks, those claims represents those activities no banking;" but the securitisation special society with regard to claims pursuant to article has 5 number 1 of the Regulation (EU) No. 575/2013, whose originator is a credit institution, section 38 in the same manner to comply as the acting as the originator credit institution and the credit institution, the management of receivables is transferred."

25A. § 3 par. 6 is as follows:

"(6) credit institutions which mitarbeiterbeteiligung issue only debt securities due to its statutes for the account of other credit institutions, with emitting institution carries only the Gestionsrisiko, § 1a para 2 and §§ 23 to 24a are not applicable."

26 paragraph 3 section 7:

"(7) applies to credit institutions, which are entitled to the operation of the occupational pension fund business, that"



to apply a) § 5 par. 1 Z 5 with the proviso is that instead of initial capital of EUR 5 million be 1.5 million euros;

b) § 69 paragraph 2 with the proviso is applied that in calculating the cost number the fourth BMSVG in the quarterly financial statement according to § 39 for the final vorangegangene quarter with heranzuziehen is a calendar year reported own funds requirement pursuant to article 20 BMSVG;

c) § 1 para. 3, §§ 22 to 24a, § 39a, article 57 par. 5, article 74 para 1 in conjunction with § 6 No. 3 lit. a and article 84 to 86 and 3, 5 and 8 of the Regulation (EU) no 575/2013 not to apply are part and part 4 of the Regulation (EU) no 575/2013 not on the assets of the collective investment undertaking to apply is;

(d) independent of the capital adequacy requirements in accordance with letter. a and section 20 BMSVG capital of BV checkout at any time in accordance with § 9 par. 5 among the No. 1 WAG 2007 amount to be determined decline may, where determining the operating expenses Appendix 1 to § 40 BMSVG, form B, position B. 2. to be used is;

(e) § 5 par. 1 Z 9a, section 28a para 5 to be applied to Z 5, § 29 and § 42 paragraph 6 with the proviso are, that when determining the total assets of the collective investment undertaking do not expect associated asset's."

26A. 10 the following paragraph is added to article 3:

"(10) for credit institutions which are not CRR credit institutions, are with respect to the receipt of money from notarial trusts in accordance with section 109a of the notary's right, RGBl. No. 75/1871, the implementation of this related current account business, as well as the investment of these funds part 3, 4, 6 and 7 of the Regulation (EU) No. 575/2013, as well as the articles 22 to 24a does not apply."

27. According to § 4 para 3 Z 5 is inserted following Z 5a:



"5a. If there are no qualified shareholdings pursuant to sub-para. 5, the identity and the interest amount of the twenty largest shareholders or members and providing the group structure, if these owners belong to a group;"

28 § 4 ABS. 5 Z 1 to 3 are:



"1. a subsidiary of a credit institution authorised in another Member State in accordance with article 4 para 1 No. 1 of the Regulation (EU) No. 575/2013, an asset management company in accordance with article 2 para 1 lit." (b) of Directive 2009/65/EC (the "UCITS management company"), an investment firm, an E money institution, a payment institution or an insurance undertaking the application has made pursuant to paragraph 3

2. a subsidiary of a subsidiary of a credit institution authorised in another Member State in accordance with article 4 para 1 No. 1 of the Regulation (EU) No. 575/2013, of UCITS management company, an investment firm, an E money institution, a payment institution or an insurance undertaking the application; made pursuant to paragraph 3

"3. a credit institution which para 1 No. 1 of the Regulation (EU) No. 575/2013, UCITS management company, an investment firm, an electronic money institution, a payment institution or an insurance undertaking is controlled by the same natural or legal person such as a credit institution authorised in another Member State in accordance with article 4, the request under paragraph 3 has provided."

29 § 5 par. 1 Z 7 is:



"7. the directors have overall economic conditions and no facts exist which doubts as to their personal for the operation of the business in accordance with § 1 para 1 result required reliability, honesty and impartiality; When checking the reliability, the FMA also by the EBA in accordance with article 69 has to access paragraph 1 of Directive 2013/36/EC a database; evidence of such facts, then the licence may only be issued, if confirmed the unfounded of doubt;"

30. in article 5, paragraph 1, 9a is inserted following Z:



"9a. the directors enough time for the performance of their duties in the credit institution spend; It has a business manager in the case of the exercise of multiple activities in executive function, or as a member of a supervisory board to take into account the circumstances in each case and the nature, the scope and complexity of the business of the credit institution; Managing Director may only work in executive function by credit institutes of any legal form, whose balance sheet total exceeds one billion euro or which have issued transferable securities that are admitted to trading on a regulated market in accordance with § 1 para 2 of the Exchange Act of 1989, as well as carry out two additional activities as a member of a supervisory board; for the calculation, multiple activities in executive function, and as a member of a supervisory board are the number of activities) within the same group consisting of the EU parent institution, its subsidiaries and own subsidiaries or other companies belonging to the same group of credit institutions, as far as all mentioned above in the supervision on a consolidated basis are included or FKG are subject to supplementary supervision in accordance with article 6, paragraph 1;

b) in the case of members of the same institutional assurance system in accordance with article 113 paragraph 7 of the Regulation (EU) No. 575/2013 or c) companies where the credit institution is a qualified participation in accordance with article 4 para 1 No. 36 of the Regulation (EU) No. 575/2013 keeps as only an activity. Activities in executive function, or as a member of a supervisory board for organizations that aim is not primarily commercial, are not include in the calculation. The FMA may authorise an exceeding of the limit to an activity as a member of a Supervisory Board on request. The FMA has to regularly inform the EBA on such permits;"

31 paragraph 4 is omitted § 5.

32. § 6 par. 2 No. 2 is:



"2. the credit institution the prudential requirements under part 3, 4 and 6 of the Regulation (EU) No. 575/2013 or pursuant to section 70 para 4 b or 4 d does not fulfil or does not meet his obligations to his creditors;"

33. paragraph 8:

„§ 8. The FMA has the European banking authority - EBA (Regulation (EU) no 1093/2010 establishing a European supervisory authority (European), amending Decision No 716/2009/EC and repealing Decision 2009/78/E of the Commission, OJ) No. L 331 of the 15.12.2010 p. 12) to inform:



1. the licensing requirements pursuant to section 5;

2. any of a licence pursuant to § 4 and 3. every concession withdrawal according to § 6, stating the reasons.

The FMA of the European Commission has branches granted to credit institutions established in a third country, to communicate immediately with the EBA and the European Banking Committee (EBC)."

34. paragraph 9 paragraph 1:

(1) I of Directive 2013/36/EC allowed listed activities in annex in accordance with the para 2 to 8 CRR credit Institute approved by a Member State, which has its headquarters in the Member State concerned, in Austria through a branch or by way of the free movement of services are provided, as far as its authorisation entitles it to.

35. the following sentence is added to § 9 par. 2:

"A credit institution with headquarters in another Member State in Austria has several branch offices in accordance with article 4 paragraph 1 point (17) of Regulation (EU) No. 575/2013 built, so they are considered a single branch."

36. in article 9, para. 3, no. 1 is replaced by the phrase "in accordance with §§ 74 and 74a" the phrase "in accordance with section 74".

37. in article 9, paragraph 6, the phrase "Annex I of to Directive 2006/48/EC" is replaced by the phrase "Annex I of Directive 2013/36/EC".

38. in section 9, paragraph 7 reads:


"(7) credit institutions referred to in paragraph 1, which carry out activities in Austria over a branch, have the § § 25, 27a, 31 to 41, 44 para 3 to 6, 60 to 63, 65 paragraph 3a, 66 to 68, 74-75, 93 paragraph 8 and 8a, 94 and 95 par. 3 and 4, as well as according to their business purpose the articles 36, 38 to 59, 61 to 66 and 69 to 71 WAG 2007" ", the sections 4 and 26 to 48 ZaDiG and the other federal laws referred to in section 69 and EU regulations, and the regulations adopted on the basis of the aforementioned provisions and notices to comply."

39. in article 9, according to paragraph 7 of the following paragraph 7a is inserted:

"(7a) the FMA may require that every credit institution referred to in paragraph 1 with a branch office in Austria, pursuant to article 4 paragraph 1 point (17) of Regulation (EU) No. 575/2013 on a regular basis report concerning its activities in Austria." These reports may be requested only for statistical purposes or for information and oversight purposes. The FMA may require in particular that information by credit institutions in order to assess whether the branch is a major branch in accordance with section 18."

40. in article 9, paragraph 8, the phrase "and EU regulations" is inserted after the phrase "federal laws referred to".

41. § 10 par. 4 Z 1 is:



"1. the amount and composition of own funds and the sum of the capital requirements in accordance with article 92 of Regulation (EU) No. 575/2013, as well as the equity ratio of the credit institution;"

42. in article 10, par. 4 Z 2 the point is at the end with a semicolon replaced and following Z 3 to 8 added:



"3. all information on the leadership, management and ownership of the credit institution concerning the stability of the financial system, supervision and the examination of the approval conditions;

4. all information that are likely to facilitate the monitoring of credit institutions, in particular as regards liquidity, solvency, deposit guarantee, large exposures, accounting, internal audit and other factors of systemic risk could affect that of the credit institutions,

5. immediately all information and intelligence to the monitoring of liquidity in accordance with part 6 of the Regulation (EU) No. 575/2013 and title VII, Chapter 3 of Directive 2013/36/EC as regards the activities exercised by the Bank over the branch, provided such information for the security of the assets entrusted to the credit institution, the protection of depositors or investors in the host Member State, or for the stability of the financial system of the host Member State are appropriate, as well as 6 immediately all essential information to encountered or probably liquidity difficulties and details of planning and implementing a rehabilitation plan, to inform 7 after preliminary on-site inspections carried out by the FMA itself of branches, where Austria is the host Member State, gained information and insights that are relevant for the assessment of the credit institution or the assessment of the stability of the financial system in the Member State of origin and 8 without delay by a withdrawal of the concession of Austrian credit institutions operating in that Member State."

43. the following conclusion is added the section 10, paragraph 4:



"The FMA must notify the competent authorities of the host Member State also to, how that paragraphs 1 to 3 of Directive 2013/36/EC information and findings were taken into account by the competent authorities of the host Member State in accordance with article 50 and what measures based on the provided information is already taken. Upon request are also specific comments to submit. The FMA rejects the measures taken by the competent authorities of the host Member State in accordance with article 50 of Directive 2013/36/EC, it can no 1093/2010 EBA engaged in the matter of Regulation (EU) pursuant to article 19."

44. in article 10, paragraph 5, the reference "2 to 6 par. 4 Z" replaces the reference "par. 4 No. 2".

45. in article 10, paragraph 6, the phrase "Annex I of to Directive 2006/48/EC" is replaced by the phrase "Annex I of Directive 2013/36/EC".

46. in article 11, paragraph 1, first sentence, is the phrase "Number 2 to 14 of annex I to Directive 2006/48/EC" by the phrase "Number 2 to 14 of annex I to the Directive 2013/36/EC" and the phrase "financial institution in accordance with article 4 paragraph 5 of Directive 2006/48/EC" is replaced by the word "CRR - financial institution".

47. in article 11, paragraph 1 Z 1 is the phrase "credit institution in accordance with article 4 point 1 of Directive 2006/48/EC" is replaced by the phrase "CRR - credit institution".

48. § 11 para 1 sub-para. 5 is:



"5. the subsidiary is no. 575/2013, the control of large exposures and limit the investments in the oversight imposed on the parent company, on a consolidated basis according to the rules of Directive 2013/36/EC and the Regulation (EU) No. 575/2013 incorporated, and in particular regarding the determination of the minimum capital requirement in accordance with article 92 of Regulation (EU)."

49. in section 11 subsection 2 Z 1 is the phrase "credit institutions in accordance with article 4 point 1 of Directive 2006/48/EC" is replaced by the phrase "CRR credit institutions".

50. in article 11, paragraph 4, the phrase "Paragraphs 2 to 14 of annex I to Directive 2006/48/EC" is replaced by the phrase "Number 2 to 14 of annex I to the Directive 2013/36/EC".

51. in article 11, par. 5, Z 1 replaced the phrase "74, 75" by the phrase "74-75".

52. in section 11 paragraph 6 trailer is after the phrase "after the business activity carried out" the phrase "the provisions of the Regulation (EU) No. 575/2013," added.

53. in article 13, paragraph 1, the phrase "Number 2 to 14 of annex I to Directive 2006/48/EC" by the phrase "Number 2 to 14 of annex I to the Directive 2013/36/EC", and the phrase is "financial institution within the meaning of article 4 paragraph 5 of Directive 2006/48/EC" is replaced by the word "CRR - financial institution".

54. in article 13 para 2 Z 3 is the phrase "credit institution within the meaning of article 4 point 1 of Directive 2006/48/EC" is replaced by the word "CRR - credit institution".

55. § 13 para 2 Z 5 is:



"5. the grandson is company no. 575/2013 in the oversight imposed on the parent credit institution on a consolidated basis, according to the rules of Directive 2013/36/EC and the Regulation (EU) involved, and in particular in terms of solvency, the control of large exposures and limit the investments."

56. section 13 para 4 No. 1 replaces the phrase '74, 75"by the phrase"sections 74 to 75".

57. in article 13 para 4 trailer and paragraph 5 trailer is after the phrase "referred to federal law" respectively, the phrase "and regulations" inserted.

58. paragraph 15 paragraph 1:

"(1) a credit institution violated its activities in Austria by a branch under article 4 paragraph 1 point (17) of Regulation (EU) No. 575 / 2013 or by way of the free movement of services provisions of the Regulation (EU) provides, no. 575/2013, of sections 25, 27, 31 to 41, 44 paragraph 3 to 6, 60-63, 65 paragraph 3a, 66 to 68, 74-75" , 93 paragraph 8 and 8a, 94 and 95 par. 3 and federal laws referred to in section 69 4 or the other and ordinances or regulations adopted on the basis of the aforementioned provisions and notices, or there is a significant risk of such injury, so the FMA, without prejudice to the application of sections 96 to 98 and 99 No. 7, has immediately to inform the competent authorities of the Member State of origin and to solicit ", to immediately appropriate measures, so that the affected Bank ends the illegal state or measures to counter the risk of a violation of law."

59. in article 15, after paragraph 1, the following paragraph 1a is inserted:

"(1a) the FMA of considers that the competent authority of the home Member State has not complied with its obligations pursuant to paragraph 1 or will fail to is, so she can be the EBA in accordance with article 19 of Regulation (EU) No. 1093 / 2010 addressing the matter."

60. paragraph 15 paragraph 3:

"(3) in the case of an urgent threat to the fulfilment of obligations of the credit institution referred to in paragraph 1 to its creditors, in particular for the security of entrusted assets, protecting the common interests of the depositors or investors, systemic risk, inventory or system hazard or to guarantee of the stability of the Austrian financial system, 2 of Directive 2001/24/EC on the reorganisation and winding-up of credit institutions can the FMA, or remedial measures unless the competent authorities of the home Member State have not taken measures in accordance with article , OJ L 125 of the 05.05.2001 have put no. S. 15, to avert this danger temporary measures pursuant to par. 2 Order Nos. 1 and 2 by notification under simultaneous information of the competent authorities of the Member State of origin, the European Commission and the EBA, which occur no later than 18 months after the start of effective override. The precautionary measures



1 may contain no discriminatory or restrictive treatment due to the approval of the credit institution in another Member State;

2.

must be in proportion according to the first sentence of paragraph 3 aim pursued;

3. must not lead to a preference of the creditors of the credit institution in Austria to the creditors in other Member States;

4. lose their effectiveness once the competent authorities or courts remedial measures of the Member State of origin in accordance with article 2 of Directive 2001/24/EC to take.

The FMA has safeguards to stop, if in their opinion have become null and void, unless they lose their effectiveness in accordance with no. 4 anyway? "61. § 15 para 5 is:"

"(5) the competent authorities of the Member State of origin can the necessary for the supervisory audit of Branch Office inspections according to article 52 of Directive 2013/36/EC and article 37 after prior notification of the FMA itself or by their authorized representative para 2 of Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, OJ No L 309 of 25.11.2005 p. 15, as last amended by Directive 2010/78/EC, OJ No. L 331 of the 15.12.2010 make S. 120, in the Branch Office. The FMA can such tests, as well as those being required, referred to in paragraph 1 even after a the in article 70, paragraph 1 Z 1-3 procedure make. Submitted the competent authority in the home Member State of the FMA is an examination in accordance with article 52 of Directive 2013/36/EC and article 37 paragraph 2 of Directive 2005/60/EC obtained information and knowledge, this takes into account the FMA in determining its supervisory examination programme (§ 69 para. 2) and takes into account also the goal of ensuring the stability of the financial system in the Member State of origin."

62. paragraph 15 be added following paragraph 6 to 8:

"(6) the FMA is authorised after prior notification of the competent authorities of the Member State of origin in Austria through branch offices in accordance with article 4 paragraph 1 point (17) of Regulation (EU) No. 575 / 2013 carried out activities of credit institutions to validate if this is appropriate for Austrian financial stability." After the test, the FMA is the obtained information and knowledge, which are essential for the assessment of the credit institution or the assessment of the stability of the Austrian financial system, to provide the competent authorities of the Member State of origin.

(7) the FMA has all available information about the leadership, management and ownership of the credit institution concerning the stability of the financial system, supervision and inspecting the admission requirements as well as all information that are suitable for the supervision of credit institutions, in particular as regards liquidity, solvency, deposit guarantee, large exposures, accounting, internal audit, and on other factors, which by credit institutions of systemic risk could affect the competent authorities of the Member State of origin , to make it easier to transmit.

(8) the FMA can ask for the competent authorities of the Member State of origin, as the information provided by you and findings were taken into account and which measures based on the provided information is already taken, whereby she may require supplementary explanations. The FMA comes even after obtaining additional explanations to the end that the competent authorities of the Member State of origin have taken no sufficient measures so she can take even appropriate measures after notification of the competent authorities of the Member State of origin and the EBA, to prevent further irregularities and to protect the interests of depositors or investors, as well as to ensure the stability of the Austrian financial system."

63. paragraph 16 paragraph 1:

"(1) violated an Austrian credit institution which performs its activities in a Member State through a branch or by way of the free movement of services, the national legislation of the host Member State, so, after agreement by the competent authorities of the host Member State, the FMA is to put appropriate measures to establish the compliance status in the host Member State pursuant to § 70 para 4. The competent authority of the host Member State is to inform in writing without delay of the measures taken."

64. paragraph 17 section 1:

"(1) a financial institution that performs its activities in Austria through a branch or by way of the free movement of services, provisions of the Regulation (EU) injured No. 575/2013, paragraphs 34 to 41, 44 paragraph 3 to 6, 60 to 63, 74 and 75 and 94 or of other federal laws referred to in section 69 and regulations or regulations adopted on the basis of the aforementioned regulations and notices ", or there is a significant risk of such injury, to the FMA is without prejudice to the application of §§ 96 and 99 the competent authorities of the home Member State forthwith in knowledge to install and the competent authorities of the home Member State to to urge to immediately appropriate measures, so that the affected Bank ends the illegal state or a violation of law contrary to cast the risk."

65. in article 17, after paragraph 1, the following paragraph 1a is inserted:

"(1a) the FMA of considers that the competent authority of the home Member State has not complied with its obligations pursuant to paragraph 1 or will fail to is, in accordance with article 19 of Regulation (EU) may no. 1093 / 2010 EBA with the matter concerned."

66. paragraph 17 section 4:

"(4) the competent authorities of the Member State of origin can after prior notification of the FMA itself or through their agents that make para 2 of Directive 2005/60/EC for the monitoring of the branch office in accordance with articles 41 and 52 of Directive 2013/36/EC as well as article 37 required inspections at the Branch Office. The FMA can such tests even after one which make Z 1-3 procedure in article 70, paragraph 1."

67. § 17 the following paragraph 5 is added:

"(5) the FMA is authorised after prior notification of the competent authorities of the Member State of origin in Austria through branch offices in accordance with article 4 paragraph 1 point (17) of Regulation (EU) No. 575/2013 of financial institutions carried out activities to validate if this is appropriate for the stability of the financial system in Austria." After testing the FMA the obtained information and insights that are essential for the assessment of the financial institution or the assessment of the stability of the Austrian financial system to provide the competent authorities of the Member State of origin."

68. in article 18, paragraph 1, the phrase is from the word "Branch" "in accordance with article 4 paragraph 1 point (17) of Regulation (EU) No. 575/2013" inserted.

69. in article 18, paragraph 1 the comma, no. 1 at the end is replaced by a semi-colon and no. 2 is:



"2. how a suspension or cessation of activities of the credit institution may affect the systemic liquidity and payment, clearing and settlement systems in Austria"

70. in article 18, paragraph 5, the reference is "article 129 paragraph 1, lit. c of Directive 2006/48/EC"the reference"article 112 paragraph 1 lit. c of Directive 2013/36/EC"and the reference"article 132 § 1 lit. c and d of Directive 2006/48/EC"with the reference"article 117 paragraph 1 lit. c and d of Directive 2013/36/EC"are replaced.

71. in article 18, paragraph 6, of the reference "Article 131a of the directive 2006/48/EC" is replaced by the reference "Article 116 of Directive 2013/36/EC".

72. in article 20, paragraph 4 first sentence is inserted after the phrase "contrary to a prohibition pursuant to section 20a para 2" a comma and then the phrase "during the assessment period pursuant to section 20a para 1".

73. § 20 the following paragraph 7 is added:

"(7) in determining the voting rights with regard to § 4 para 3 Z 5 and article 5, paragraph 1 Z 3 and in determining the voting rights in terms of §§ 20-20 (b) and article 21, paragraph 1 Z 2, § 91 is 1a paragraph to paragraph 2a in conjunction with sections 92 and 92a para 2 and 3 Austrian Stock Exchange Act 1989 apply, where in case of §§ 20-20 (b) and article 21, paragraph 1 Z 2 of this Federal Act voting rights or capital shares" , the investment firms or credit institutions as a result of a takeover of the issuance of financial instruments or placement of financial instruments with fixed transfer obligation referred to in paragraph 1 subpara 2 lit. "f WAG 2007, not to take into account, these rights be assuming, not exercised or otherwise used to intervene in the management of the issuer and will be sold within one year from the date of purchase."

74. section 20a para 2 last sentence reads:

"The FMA may in accordance with the requirements laid down in section 22 c Z 3 lit. c FMABG make publicly known the decision together with reasons or without a request of the acquirer a."

75. in section 20a para 4 No. 2, the phrase "2006/48/EC, 85/611/EEC, 2002/83/EC, 92/49/EEC, 2004/39/EC or 2005/68/EC" by the phrase "2013/36/EC, 2009/65/EC, 2009/138/EC or 2004/39/EC" is replaced.


76. in section 20a para 5 Nos. 1, 2 and 3 is replaced by the word "UCITS management company" of the phrase "Management company in accordance with Article 1a, point 2 of Directive 85/611/EEC".

77. section 20B paragraph 1 Nos. 1 and 2 are:



"1. the reliability of the proposed acquirer according to § 5 para 1 Nos. 6, 7 and 9;"

"2. the reliability, professional competence and experience according to § 5 para 1 No. 6 to 9 of every person who will direct the business of the credit institution as a result of the proposed acquisition;"

78. in section 20B paragraph 3 is the reference "article 19 paragraph 9 of Directive 2006/48/EC" the reference "article 22 para 9 of Directive 2013/36/EC" and the reference "article 19a, paragraph 4 of Directive 2006/48/EC as amended by Directive 2007/44/EC' by the reference" article 23 paragraph 4 of Directive 2013/36/EC "replaced.

79 § 21 para 1 Nos. 1 and 2 are:



"1. for any merger or Association of credit institutions or in a Member State or third country approved CRR credit institutions, where at least one of the participating credit institutions or CRR credit institutions is a credit institution referred to in article 1, paragraph 1;

2. for each reaching, exceeding or falling below the limits of 10 vH (qualified participation), 20 vH, vH 33 and 50 per cent of the voting rights or of the capital of a credit institution or CRR credit institution established in a third country;

80. § 21a and 21b along with headings are:

"Additional requirements for procedures

§ 21a. (1) that has the FMA under consideration of article 20 of the Regulation (EU) No. 575/2013 and in accordance with article 20 paragraph 8 of Regulation (EU) No. 575/2013 by the EBA to adopted implementing standards through regulation on the basis of Regulation (EU) No. 575 more detailed provisions in accordance with Nos. 1 and 2 on the implementation of approval processes for internal approaches and other procedures, / carried out 2013 , in the interests of legal certainty or to further determine of use internal approaches, in particular the authorisation procedure, the ongoing monitoring, the withdrawal and revocation of approvals to adopt:



1. when internal approaches to the requirements for admission, ongoing monitoring and the abolition of the authorisation;

2. to the Regulation (EU) No. 575 / 2013 provided application and notification procedures.

The FMA has issued a regulation in accordance with the first sentence article 101 paragraph 4 of the policy note 2013/36/EC as well as European practices and possible by the European Commission of adopted technical regulatory and implementing standards in accordance with articles 10 and 15 of Regulation (EU) No. 1093/2010 into account. The procedural provisions must be appropriate for the supervisory process and necessary. The potential to be furnished information has measured the respective procedure and adapted to be.

(2) the FMA is in the approval process for internal approaches in accordance with article 143 para 1, 222, 225, 312 (2, 277, 363) and 259 (3) of Regulation (EU) No. 1093/2010 an advisory statement of the Austrian National Bank on the existence of the respective requirements within the meaning of Regulation (EU) No. 575/2013 to catch up.

(3) the FMA has to monitor the application of the internal approaches within the meaning of Regulation (EU) No. 575/2013 running, but at least every three years and to apply this sound elaborate and current techniques and practices. The FMA has to take into account in particular changes in the business activities of the credit institution and the application of internal approaches on new products during this test.

(4) in the case of non-compliance with the requirements on the use of internal methods, whose Auswirkungen are substantial, the credit institution of the FMA has to present a plan indicating the specific requirements within the meaning of Regulation (EU) No. 1093/2010 within a reasonable specific period back to meet. The FMA has to demand a rectification of the plan, if the specified there periods inappropriate or the measures are not suitable to restore the rightful State. Is the credit institution unable to restore the rightful State, within reasonable time, the FMA has to revoke the approval of an internal approach, if this is appropriate and effective, to restore the rightful State. Case of essential defects the FMA can pursuant to section 70 para 4a prescribe higher multipliers or equity capital surcharges the Bank revoked the permit of an internal approach, or limit on those applications, where a legitimate condition exists or can be recovered within a reasonable period of time.

(5) are at an Institute that used an internal approach to market risk, so numerous that the internal approach more accurately or not is enough, has the FMA No. 575 / 2013 identified transgressions under article 366 of the Regulation (EU) effective and appropriate measures to ensure that the Institute makes a rapid improvement of the internal approach or the permit revoked.

Other regulation appropriations of the FMA

section 21 b. (1) the FMA is authorised, the by article 6 para. 4, art. 18 para 3, 5 and 6, article 26, article 27 paragraph 1 lit. a, article 77, article 78, article 89 para. 3, art. 124 par. 2, article 125 par. 3, article 129 paragraph 1 lit. c, article 164 para. 5, art. 178 par. 1 lit. (b) and paragraph 2 lit. d, article 282 para. 6, art. 311 para. 3, art. 311 par. 3, Article 327, para. 2, art. 329 paragraph 1, article 336 paragraph 4 lit. a, art. 380, art. 395 para 1, art. 473, section 481 para. 2, art. 495 paragraph 1 of the Regulation (EU) No. 575 / 2013 granted powers or powers no. 575/2013 of adopted technical implementing standards granted to her in the article 99 and 101, 394, 415, 430 of Regulation (EU), to exercise regulation.

(2) the FMA shall by regulation the percentages and factors under article 465 para. 2, art. 467 para. 3, art. 468 2 UA 1, art. 468 para. 3, art. 478 para. 3, art. 479 para. 4, art. 480 para. 3, art. 481 paragraph 5 and article set 486 paragraph 6 of Regulation (EU) No. 575/2013, and to be taken into account in the national economic interest in a functioning banking sector and on the stability of the financial market. Before issuing such a regulation, the FMA has to obtain the approval of the Federal Minister of finance.

(3) the FMA has taken into account no., stand in the relation with the provisions mentioned in paragraphs 1 and 2 of Regulation (EU) No. 575/2013 when issuing a regulation of technical regulatory and implementing standards in accordance with articles 10 and 15 of Regulation (EU) 1093/2010."

81. the section accounts for § 21 c to 21 h and headings.

82. the v and VI section, subsection 1 and 2 together with the headings are:

"V. section: macro-prudential supervision"

Inventory and system risk

Section 22 (1) is stock risk the danger of insolvency-related collapse of the credit institution in the event of failure to publish of corrective action. Portfolio risk is to assume if



1. the available hard core capital pursuant to article 50 of Regulation (EU) No. 575/2013 the requirement for the hard core capital to less than 90% met;

2 No. 575/2013 the requirement for the capital to less than 90% meet the available own funds in accordance with article 92 of Regulation (EU);

3. cash and cash equivalents, which are available to the credit institution in accordance with § 25 para 1 available, cover the same band callable payment obligations to less than 90% and is expected by a shortage for a period of at least one reporting period;

4. liquidity coverage meets the requirement for a period of at least one reporting period pursuant to article 412 para 1 of the Regulation (EU) No. 575/2013 no longer or the imminent occurrence of a failure to comply with is;

5. facts exist which justify the assumption that a shortfall in accordance with Z will occur 1 to 3, if no corrective measures are taken. This is especially the case when according to the income situation of the credit institution with a loss is expected and this could cause the facts according to Z to enter 1 to 3.

When assessing the conditions of a danger to stock, possible additional minimum capital requirements or additional liquidity requirements in accordance with article 70 are to take into account paragraph 4a Nos. 1 and 11.

(2) a system risk is when is it to be that stock exposure of a credit institution in the specific market situation in a significant way negative effect on other companies in the financial industry (article 4 paragraph 1 number 27 of the Regulation (EU) No. 575/2013), has the financial stability or the general confidence of the depositors or other market participants in the functioning of the financial system. These are in particular the following criteria into account:



1. nature and extent of the liabilities of the credit institution to other credit institutions and other financial companies (art. 4 para. 1 No. 27 of the Regulation (EU) No. 575/2013;)

2. the extent of deposits accepted by a credit institution;

3. the nature, the scope and the composition of the risks of a credit institution and the boundary conditions on the markets on which corresponding positions; traded

4. the networking with other financial market participants;

5.

the situation on the financial markets, in particular the consequences expected by market participants, a collapse of the credit institution to other companies of the financial sector in the financial market, the confidence of depositors and market participants in the functioning of the financial market and the real economy;

6. the substitutability of the services offered by a credit institution and technical systems;

7. the complexity of the transactions concluded by the Bank with other market participants;

8. the nature, the scope and the complexity of its transactions across borders by the credit institution and the substitutability of cross-border services and technical systems.

(3) the FMA has to overtake an advisory statement from the Austrian National Bank in assessing the population and system risk (paragraphs 1 and 2), to document the assessment made in writing and the EBA under Supplement of relevant documents to inform the Federal Minister of finance, the financial market stability Panel and CRR institutions immediately.

Measures to limit the systemic risk

section 22a. (1) the financial market stability Panel makes changes in the intensity of systemic risk (article 2 Z 41), that a crisis situation with significant negative effects on the national financial system and the real economy in Germany can lead to, and decides the financial market stability Panel is a recommendation for national measures in accordance with article 458 paragraph 4 lit. c of Regulation (EU) No. 575/2013, the financial market stability Panel of the FMA recommends that you take appropriate action.

(2) the FMA is competent authority for the purposes of article 130 paragraph of 2 and 136 para 1 of Directive 2013/36/EU.

(3) on the basis of the recommendation referred to in paragraph 1, the FMA of an advisory statement of Austrian may overtake National Bank on the existence of systemic risk and with the consent of the Federal Minister of Finance adopted a regulation with effect for all or part of the supervised institutions and companies by following rules of Regulation (EU) No. 575 / 2013 for a period of up to two years can differ , in order to reduce the observed changes in the intensity of the systemic risk:



1. the capital adequacy requirements referred to in article 92 of the Regulation (EU) No. 575/2013;

2. the requirements for large exposures in accordance with art. 392, 395-403 of Regulation (EU) No. 575/2013;

3. the disclosure referred to in article 431-455 of Regulation (EU) No. 575/2013;

4. the capital conservation buffer in accordance with article 23;

5. the liquidity requirements pursuant to part 6 of the Regulation (EU) No. 575/2013;

6. the risk weights in the standardised approach for credit risk and the internal ratings based approach to credit for residential real estate and commercial real estate;

7. of risk weights for claims, consisting of institutes and companies with each other within the financial sector.

The FMA does not comply with the recommendation referred to in paragraph 1 has to justify this to the financial market stability Panel under appendix of relevant documents.

(4) the adoption of a regulation of the FMA pursuant to paragraph 2 requires the following:



1. providing the necessary evidence in accordance with article 458 para 2 lit. a to f of Regulation (EU) No. 575/2013 for the threat to the financial stability at the national level, including the measures referred to in paragraph 2 to the Council of the European Union, the European Parliament, the European Commission, the European systemic risk (Board ESRB) and the European banking authority (EBA) Committee and;

2. the completion of the necessary consultations with the European Commission, the Council of the European Union, the European Parliament, the ESRB and the EBA, according to article 458 of Regulation (EU) No. 575/2013.

(5) the FMA checks the measures pursuant to paragraph 2 before the expiry of the period prescribed in accordance with article 458 para 9 of the Regulation (EU) No. 575/2013혼다 if the conditions for the application of the national measures referred to in paragraph 2 still available, can the FMA in accordance with of article 458 para. 4 of Regulation (EU), if necessary, revise the regulation referred to in paragraph 2 No. 575 / procedure provided in 2013 and the national measures extend by one year. The FMA before extending these measures to obtain a recommendation of financial market stability Panel. The FMA deviates from this recommendation, it has to justify this to the financial market stability Panel under appendix of relevant documents.

(6) means the Council of the European Union a decision within the article 458 para. 4 of Regulation (EU) has no. 575 / 2013 stipulated deadline, which wholly or partly contradict the measures prescribed pursuant to paragraph 2, to repeal the FMA of the regulation referred to in paragraph 2 or to adapt accordingly and inform the financial market stability Panel forthwith.

(7) the FMA has an advisory statement from the Austrian National Bank on the existence of the necessary documents and requirements to obtain in the procedures referred to in paragraph 3 to 5.

(8) the FMA may according to article 458 of Regulation (EU) No. 575 / measures adopted by other Member States, 2013 according to article 458 para 5 to 7 of the Regulation (EU) No. 575/2013 with effect for branches of institutions, financial institutions and companies domiciled abroad in accordance with articles 9 and 11 according to article 458 of Regulation (EU) No. 575/2013, taking into account the criteria set out in article 458 para. 4 of Regulation (EU) No. 575/2013 fully or partially acknowledge. The FMA has to obtain an advisory statement from the Austrian National Bank prior to the recognition of such measures and to obtain a recommendation of financial market stability Panel. The FMA deviates from this recommendation, it has to justify this to the financial market stability Panel under appendix of relevant documents.

(9) irrespective of the procedures referred to in paragraphs 1 to 7, the FMA may para 2 lit after providing the necessary evidence in accordance with article 458. a to f of Regulation (EU) No. 575/2013 and taking a lead time of 6 months by decree for a period of up to two years:



1 the large credit limit in accordance with Article 395 of Regulation (EU) No. 575/2013 by up to 15 percentage points lower and the risk weights for residential real estate and commercial real estate in the standardised approach to credit risk, as well as in the internal ratings-based approach by up to 25 percentage points increase 2. when these measures are appropriate to reduce the systemic risk. The FMA has to obtain an advisory statement from the Austrian National Bank and the approval of the Federal Minister of Finance before adopting a regulation pursuant to Nos. 1 and 2.

Capital conservation buffer

Section 23 (1) credit institutions have in addition to the hard core capital to comply with the minimum capital requirement in accordance with article 92 of Regulation (EU) No. 575 / 2013 and to comply with an additional capital requirement in accordance with § 70 para 4a No. 1 is to hold an existing hard core capital capital conservation buffer. The capital conservation buffer (§ 2 Z 41) has to be 2.5 vH of the total amount of the claim, the resulting pursuant to article 92 (3) of Regulation (EU) No. 575/2013.

(2) the FMA is paragraph 2 of Directive 2013/36/EU competent authority for the purposes of article 129.

Countercyclical capital buffer

Section 23a. (1) credit institutions have in addition to the hard core capital to comply with the minimum capital requirement in accordance with article 92 of Regulation (EU) No. 575/2013, to comply with an additional capital requirement in accordance with § 70 para 4a No. 1 and to comply with the capital conservation buffer pursuant to § 23 para 1 is to hold an existing hard core capital countercyclical capital buffer. The countercyclical capital buffer has article 92 No. 575 / 2013 calculated total exposure amount in accordance with paragraph 3 of the Regulation (EU), multiplied by the weighted averages of the capital buffer requirements for the countercyclical capital buffer to match. The financial market stability Panel can indicate the FMA on pro-cyclical acting risks in accordance with article 136 of Directive 2013/36/EC and recommend to prescribe a counter-cyclical capital buffer in accordance with paragraph 3. The FMA does not fulfil this recommendation, it has to justify this to the financial market stability Panel under appendix of relevant documents.

(2) the FMA is competent authority for the purposes of article 130 paragraph of 2 and 136 para 1 of Directive 2013/36/EU.

(3) for the purposes of paragraph 1, the FMA may obtain an advisory statement from the Austrian National Bank and set, taking into account relevant recommendations and guidelines of the European banking authority (EBA), the European Committee for systemic risk Board (ESRB), and with the consent of the Federal Minister of finance by regulation:



1 the detailed design of the bases for the calculation of the capital buffer requirement of the countercyclical capital buffer referred to in paragraph 1 in accordance with article 140 of the Directive 2013/36/EC;

2. every three months the amount of the capital buffer requirement for the countercyclical capital buffer for institutions based in the country in accordance with article 136 of Directive 2013/36/EC;

3.

whether capital buffer requirements for the countercyclical capital buffer, by others in accordance with article 136 designated paragraph 4 of Directive 2013/36/EC or who have set competent authorities of third countries at a height of about 2.5% in accordance with article 137 of the 2013/36/CE directive for the calculation of the countercyclical capital buffer for credit institutions authorised in Austria to be recognised;

4. the amount of the capital buffer requirement for the countercyclical capital buffer for third countries in cases and in accordance with articles 138 and 139 of the 2013/36/CE directive.

(4) the FMA has the capital buffer requirement set for the respective quarter for the countercyclical capital buffer (para 3 No. 2) to inform the ESRB, specifying at least the following information, as well as to make known by publishing on the Internet:



1. the capital buffer requirement for the countercyclical capital buffer;

2. the relevant ratio between the volume of granted loans in Austria and the gross domestic product and its deviation from the long-term trend;

3. in accordance with article 136 para 2 of Directive 2013/36/the calculated buffer reference value;

4. the rationale for the set amount of capital buffer requirement for the countercyclical capital buffer;

5. in the case of an increase in the capital buffer requirement for the countercyclical capital buffer have the time to apply the credit institutions at the higher capital buffer requirement for the countercyclical capital buffer to calculate its countercyclical capital buffer;

6. the exceptional circumstances that justify a shorter period for the application, if the timing referred to in Z 5 less than twelve months after the date of the notification referred to in this paragraph;

7. in the event of a reduction of the capital buffer requirement for the countercyclical capital buffer any increase of the capital buffer requirement for the countercyclical capital buffer the period based on the data available at the time of the notification referred to in this paragraph can be expected; the reasons for the adoption of this period shall be indicated;

8. in case of a deviation from a recommendation of the financial market stability Panel referred to in paragraph 1 the reasons for the deviation from this recommendation.

The FMA is taking all the steps that paragraph 4 of Directive 2013/36/EC are appropriate to designated authorities to coordinate the timing of the announcement referred to in this paragraph with others pursuant to article 136.

(5) If a capital buffer requirement for the countercyclical capital buffer is recognized by regulation in accordance with § 3 Z 3, so the FMA has known at least the following information through the publication in the Internet to make:



1. the capital buffer requirement for the countercyclical capital buffer;

2. the Member State or the third country where this capital buffer requirement;

3. in the case of an increase in the capital buffer requirement for the countercyclical capital buffer, the time to apply the credit institutions at the higher capital buffer requirement for the countercyclical capital buffer to calculate their counter-cyclical capital buffers have;

4. the exceptional circumstances that justify a shorter period for the application, if the timing referred to in no. 3 less than twelve months after the date of the notification referred to in this paragraph.

Global Systemrelevante Institute

section 23 (1) which has FMA. an EU parent institution, an EU parent financial holding company, a mixed EU parent financial holding company, or a bank with headquarters in Germany, which is not a subsidiary of a mother Institute of EU, an EU parent financial holding company or a mixed EU parent financial holding company, qualifies as a global Systemrelevantes Institute (G-SRI), if it is, that a faulty one inventory risk or the failure of the institution to systemic risk (article 2 Z 41) leads with global impact. The financial market stability Panel can the FMA Institute indicate that the failure of these institutions to the systemic risks (§ 2 Z 41) may cause with global implications, and recommended to impose a capital buffer for global Systemrelevante Institute. The FMA does not fulfil this recommendation, it has to justify this to the financial market stability Panel under appendix of relevant documents.

(2) the FMA is paragraph 1 of Directive 2013/36/EU competent authority for the purposes of article 131.

(3) the classification and update the classification of an institution or a holding company as a global Systemrelevantes Institute (para. 1) and the amount of the capital buffer requirement (paragraph 5) is equal to gewichtenden, based on indicators criteria by the FMA, taking into account size, substitutability of financial services or of a group of credit institutions, complexity of the credit institution Group's financial infrastructure and cross-border activities of the credit institution group between Member States and between Member States and third countries to determine integration of the credit institution group with the financial system, by decision. The underlying methodology has to ensure the transparent allocation of global Systemrelevanten institutions in individual subcategories, taking into account relevant European and international developments. In particular, recommendations and guidelines of the European banking authority (EBA) and of the European Committee for systemic risk (Board ESRB) are taken into account.

(4) the FMA has an advisory statement from the Austrian National Bank on the existence of the necessary documents and requirements to obtain in the procedures referred to in paragraphs 1, 3 and 5.

(5) global Systemrelevante Institute have, in addition to the hard core capital that para 4a No. 1, to comply with the capital conservation buffer according to section 23 and to adhere to the countercyclical capital buffer in accordance with § 23a serves no. 575/2013, to comply with an additional capital requirement in accordance with § 70 permanently to keep an existing hard core capital capital buffer at consolidated level to comply with the minimum capital requirement in accordance with article 92 of Regulation (EU). In determining the capital buffer in accordance with paragraph 2, the subcategory, a global is mapped to Systemrelevantes Institute, is to take into account, where a subsequent change of the subcategory is possible. The decision about the change of the subcategory Institute will be mapped to a global Systemrelevantes and their reasoning has to inform the FMA of the European banking authority (EBA).

(6) for the purposes of paragraph 5, the FMA is the detailed design of the underlying methodology by decree with the consent of the Federal Minister for finance, quantified and qualified criteria for the respective sub-categories, the number of subcategories and the capital buffer requirements associated with the respective sub-categories to observe the institutions of global Systemrelevanten are set. In particular, recommendations and guidelines of the European banking authority (EBA) and of the European Committee for systemic risk (Board ESRB) are taken into account.

(7) a group of credit institutions on a consolidated level is subject to:



1. a buffer requirement for global Systemrelevante Institute and for Systemrelevante Institute, she has to meet the higher capital buffer requirement;

2. a buffer requirement for global Systemrelevante Institute Systemrelevante Institute and for a system risk buffer (article 23d), it has to satisfy the highest capital buffer requirement.

(8) an Institute part of the credit institution group of a global Systemrelevanten is Institute or a Systemrelevanten Institute.



1 and paragraph 7 to the application, this Institute has to hold a combined capital buffer requirement, applicable to this Institute sum of capital conservation buffer, Antizyklischem capital buffers and the higher capital buffer requirement from the capital buffer for Systemrelevante corresponding to institutions and the system risk buffers at individual institution level;

2. and paragraph 8 to the application, this Institute has to hold a combined capital buffer requirement, representing the governing this Institute sum of capital conservation buffer, Antizyklischem capital buffer, capital buffer for Systemrelevante Institute and the system risk buffers at individual institution level.

(9) the FMA has a list of credit institutions and groups of credit institutions by the FMA as a global Systemrelevante Institute or Systemrelevante are classified as institutions, the European Commission, the European banking authority, the European systemic risk Board and the financial market stability Panel to deliver. The FMA has to update this list annually and to submit the updated list of the European Commission, the European banking authority, the European systemic risk Board and the financial market stability Panel.

System-relevant institutions


section 23c. (1) the FMA has an EU parent institution, an EU parent financial holding company, to classify a mixed EU parent financial holding company or a bank with headquarters in Germany as Systemrelevantes Institute (SRI), if assumed, that a malfunction or failure of the institution to systemic risk (article 2 Z 41) leads. The financial market stability Panel can the FMA Institute indicate their malfunction or failure to systemic risk (article 2 Z 41) leads and recommend, to impose a capital buffer for systemically important institutions. The FMA does not fulfil this recommendation, it has to justify this to the financial market stability Panel under appendix of relevant documents.

(2) the FMA is paragraph 1 of Directive 2013/36/EU competent authority for the purposes of article 131.

(3) the classification of an institution or a financial holding company as Systemrelevantes Institute (para. 1) and the amount of the capital buffer requirement (paragraph 5) is size, significance for the European and Austrian financial sector to determine significant cross-border activities and integration of the credit institution group with the financial system, taking into account relevant European and international developments by decision by the FMA, taking into account one or more of the criteria. These are in particular recommendations and guidelines of the European banking authority (EBA), the European systemic risk (Board ESRB) Committee to consider.

(4) the FMA has an advisory statement from the Austrian National Bank on the existence of the necessary documents and requirements to obtain in the procedures referred to in paragraph 3 to 5.

(5) the FMA by decree with the consent of the Federal Minister of finance Systemrelevanten institutions in taking account of the systemic risk that goes from institutions prescribe long-term adherence to an existing hard core capital capital buffer between 0vH and 2vH on consolidated, sub-consolidated or individual Institute level of this Systemrelevanten, in addition to the hard core capital, that to comply with the minimum capital requirement in accordance with article 92 of Regulation (EU) No. 575 / 2013 , to comply with an additional capital requirement in accordance with § 70 para 4a No. 1, to the observance of the capital conservation buffer (§ 23) and adherence to the countercyclical capital buffer (§ 23a) is used. Buffer requirements for Systemrelevante must not cause undue negative impact on the financial market of the European Union or the financial markets of other Member States institutions.

(6) the FMA has at least once a year to review the buffer requirements for Systemrelevante institutions and, where appropriate, to adjust the regulation referred to in paragraph 5.

(7) the FMA Institute of the European Commission, the EBA, a month prior to the publication (§ 69 b Z 8) a set for the first time or subsequently adapted buffer request for Systemrelevante to share with the ESRB and other macro-prudential oversight authorities in Member States affected by a buffer requirement laid down in paragraph 3, the following:



1. the assumptions that have led to that a buffer requirement laid down in paragraph 5 as an effective and adequate measure for addressing systemic risk (article 2 Z 41) considered;

2. an assessment of the possible positive and negative effects through the buffer requirement laid down in paragraph 5 to the internal market;

3. the capital buffer requirement for Systemrelevante institutions that set the FMA intends.

(8) a Systemrelevantes Institute is a subsidiary of a global Systemrelevanten Institute or a Systemrelevanten Institute, is an EU parent institution, the applicable to individual or consolidated sub level capital buffer requirement 1vH or for the global Systemrelevante Institute or the Systemrelevante Institute at consolidated level to apply capital buffer requirement limits, depending on which capital buffer requirement is higher.

(9) a credit institution at the individual Institute level or on a partially consolidated basis of a capital buffer requirement for Systemrelevante is subject to institutions and a system risk buffer, so it has to meet the higher capital buffer requirement.

System risk buffer

Section 23d. (1) the FMA can determine that an EU parent institution, an EU parent financial holding company, a mixed EU parent financial holding company or a bank with headquarters in Germany in addition to the hard core capital, which is no. 575/2013, to comply with an additional capital requirement in accordance with § 70 para 4a No. 1, to comply with the capital conservation buffer according to section 23 and to adhere to the countercyclical capital buffer in accordance with § 23a serves to comply with the minimum capital requirement in accordance with article 92 of Regulation (EU) , to hold a consisting of hard core capital system risk buffer of at least 1vH has. The FMA can set a system risk buffer to long-term, non-cyclical systemic risks (§ 2 Z 41), not by the Regulation (EU) No. 575/2013 covered are to reduce or mitigate. Also must set the FMA only a system risk buffer, if under this paragraph not sufficiently sure other measures according to this Federal Act or regulation (EU) No. 575/2013, except no. 575/2013, reduced the risks according to articles 458 and 459 of Regulation (EU) or can be averted. The financial market stability Panel can the FMA Institute and holding companies indicate their malfunction or failure to systemic risk (article 2 Z 41) leads and recommend to prescribe a system risk buffer. The FMA does not fulfil this recommendation of the financial market stability Panel, she has to justify this to the financial market stability Panel under appendix of relevant documents.

(2) the FMA is competent authority for the purposes of article 130 paragraph 1 of Directive 2013/36/EU.

(3) for the purposes of paragraph 1, the FMA may obtain an advisory statement from the Austrian National Bank and set with the consent of the Federal Minister of finance by regulation:



1. the capital buffer requirement for the system risk buffer in accordance with article 133 of Directive 2013/36/EC; the requirements may be for all or only for certain types of credit institutions;

2. the credit institutions which have to retain a system risk buffer;

3. in accordance with article 133 of the 2013/36/CE directive is the geographical location of the claims, to retain a system risk buffer;

4. whether capital buffer requirements for the system risk buffers, which apply, to apply in accordance with article 134 of Directive 2013/36/EEC also of credit institutions authorised in Austria whose claims are, in other Member States where approved institutions in the Member State are situated, which has set the capital buffer requirement for the system risk buffer.

(4) has the FMA set a capital buffer requirement for a system risk buffer Z 1 by Regulation pursuant to paragraph 2, so she has known this, specifying at least the following information through publication in the Internet to make:



1. the amount of the capital buffer requirement of system risk buffer;

2. the credit institutions to hold the system risk buffer having;

3. justification for the duty to hold a system risk buffer;

4. the time at which credit institutions to maintain the established system risk buffer have;

5. the names of the States, if the claims in the calculation of the system risk buffer located in those States be taken into account.

If the disclosure of the information in accordance with no. 3 could endanger the stability of the financial system in one or more Member States, a disclosure of the information in accordance with no. 3 has to be avoided.

(5) a credit institution does not completely fulfil the requirement of paragraph 1 the distribution restrictions pursuant to § 24 are to apply. Increases the hard core capital of a credit institution in terms of the relevant systemic risk (article 2 Z 41) still not to a satisfactory degree, the FMA can take additional measures in accordance with § 70 para 4a to 4 d.

(6) a system risk buffer (article 23d) without prejudice to section 23 is paragraph 9 c



1 all demands in the domestic to apply, claims abroad, the system risk buffer is not by way of derogation from paragraph 7 in addition to the capital buffer requirements for Systemrelevante Institute (§ 23 c) or for global Systemrelevante Institute (article 23 b) to comply with;

2. at individual institution level to comply with, which also refers to receivables in other Member States or in a third country, this Institute has to hold a combined buffer requirement, which is at least the sum of applicable to this Institute Institute of capital conservation buffer, Antizyklischem capital buffers and the request from the system risk buffer or the buffer for Systemrelevante depending on which the latter buffer requirements is higher.

Distribution restrictions

24. (1) credit institutions which meet the combined capital buffer requirement (section 2 Z 45), have to refrain from related distributions pursuant to paragraph 4, if by such distributions their hard core capital as far as would be reduced, that the combined capital buffer requirement is no longer complied with hard core capital.


(2) credit institutions which do not meet the combined capital buffer requirement, have to compute the maximum distributable amount and notify the FMA. In these cases, credit institutions have to refrain from measures following the notification of the maximum non-distributable amount up to:



1 distributions associated with hard core capital pursuant to paragraph 4;

2. has a commitments to pay a variable remuneration or voluntary retirement benefits or to pay a variable fee, if the obligation has been introduced during a period in which the credit institution does not meet the combined capital buffer requirement;

3 to make payments in connection with the additional core capital instruments.

The FMA has to set the detailed design of the bases for the calculation of the maximum non-distributable amount in accordance with article 141 para 4 of Directive 2013/36/EC through regulation. As long as a credit institution does not meet the combined capital buffer requirement, it may make measures pursuant to par. 2 Z 1 to 3 only up to the amount of the maximum non-distributable.

(3) credit institutions which do not meet the capital buffer requirement and intend to make a dividend of distribution-ready profits or a measure referred to in paragraph 2 No. 1 to 3, have to show this, stating the following information of the FMA:



1. own funds which are held by the credit institution, broken down according to a) hard core capital, b) additional core capital, c) supplementary capital.

2. amount of interim profits and gains at the end of the year.

3. the maximum distributable amount referred to in paragraph 2;

4. amount of distributable profits and their intended distribution on a) dividends or other profit distributions, b) repurchase or other repurchase of shares or any other in article 26 paragraph 1 lit. of Regulation (EU) No. 575 / 2013-run equity instruments by the credit institution;

c) payments relating to instruments of the additional core capital, d) paying a variable remuneration or voluntary retirement benefits, either due to the introduction of a new payment obligation or an obligation which was introduced during a period in which the credit institution the combined capital buffer request has not complied.

The banks need to take precautions to ensure that the amount of distributable profits and the maximum distributable amount can be calculated exactly and that on request at any time the accuracy of the calculation across can be shown of the FMA.

(4) with hard core capital distributions are:



1. dividends or other profit distributions in cash.

2. the issue of partial or fully paid bonus shares or other in article 26 paragraph 1 lit. of Regulation (EU) No. 575 / 2013 listed equity instruments;

3. the redemption or repurchase of its own shares or other in article 26 paragraph 1 lit. of Regulation (EU) No. 575 / 2013-run equity instruments by the credit institution;

4. the repayment of in connection with article 26 paragraph 1 lit. of Regulation (EU) No. 575 / 2013-run equity amounts paid;

5. the distribution of in article 26 paragraph 1 lit. b to e of Regulation (EU) No. 575 / 2013-run positions.

(5) that restrictions in accordance with para 1 to 3 are to apply only to disbursements which lead to a reduction of the hard core capital or the profits, and unless the suspension of a payment or an omitted payment represents a failure event or one according to the for the credit institution is applicable insolvency laws prerequisite for initiation of a proceeding.

Capital preservation plan

§ 24a. (1) credit institutions which do not meet the combined capital buffer requirement, have the FMA within five working days after the credit Institute has determined that it no longer fulfils the capital buffer requirement to submit a capital recovery plan referred to in paragraph 2. The FMA may extend the period to ten working days at the request of a credit institution, taking into account the size and complexity of the businesses operated by a credit institution.

(2) the capital maintenance plan includes:



1. a statement of revenue and expenditure estimate and a forecast balance sheet;

2. measures to increase the capital ratios of the credit institution;

3. a plan and schedule for the increase of own resources, to fulfil the combined capital buffer requirement;

4. other information that considers the FMA for the assessment prescribed in paragraph 3 as necessary.

(3) the FMA has to evaluate the capital preservation plan and to approve, if it considers that through the implementation of the capital preservation plan likely enough capital will be received or recorded, so that the credit institution can meet the combined capital buffer requirement within one by the FMA as a reasonable period of time deemed.

(4) the FMA approved the capital preservation plan in accordance with paragraph 3, it shall



1 the credit institution to call on, the own resources within a certain period of time on a height to increase or 2. certain its powers pursuant to section 70 to exert para 4a to arrange more stringent than the distribution restrictions listed in section 24.

The FMA can also cumulatively apply measures for Nos. 1 and 2.

VI. section: regulatory standards

1 subsection: liquidity

Section 25 (1) Notwithstanding the obligations pursuant to article 39, paragraph 3, and in accordance with a regulation of the FMA pursuant to § 39 para 4 Z 7 have cash of first and second degree according to keep para 2 to 11 credit institutions as a minimum requirement. Insofar as this federal law regulates anything else, the maturity of reason to are specified times. In determining the maturity expected retention period can be used for those categories of receivables and liabilities, where there are different actual material terms, if rules recognized the calculation according to the statistics.

(2) for the calculation of liquid assets first-degree following euro obligations is governed by:



1 as far as serve deposits of credit institutions, as well as deposits with the competent Central Institute with notice periods or periods less than 30 days, the latter to the fulfillment of paragraph 5;

2. deposits by natural and legal persons which are not credit institutions, with periods of notice or terms under six months;

3. deposits, time deposits and taken money from banks with notice periods or periods less than six months, as far as them face non claims against credit institutions with periods of notice or terms under six months; are such that the first degree in the relevant Central Institute represent cash and cash equivalents; commitments are equal time deposits from repurchase agreements with banks to appointments in six months, as well as obligations arising from the issuance of money market certificates, which are due within six months; Sales commitments are just the claims from repurchase agreements and claims resulting from money market certificates, which are due within six months; Money market certificates are issued bonds which may be traded only between those credit institutions committed to sell these certificates; only to credit institutions of credit institutions

4. obligations arising from repurchase agreements with natural and legal persons which are not credit institutions, with periods of notice or terms under six months;

5. obligations under the assumption of spun and the exhibition its own Exchange.

(3) by euro obligations under paragraph 2 are excluded:



1. obligations from the refinancing through loans, as long as these deadlines-compliant;

2. obligations from the refinancing of loans by export promotion law, as long as these deadlines-compliant;

3. obligations of the Austrian National Bank and of the European Central Bank;

4. obligations arising from savings deposits;

5. deposits;

6. obligations of securities for which special coverage values are ordered.

(4) cash and cash equivalents are first degree:



1. cash in hand;

2. currencies in freely convertible currency;

3. minted or worth precious metal;

4. balances with the Austrian National Bank;

4A. as far as these balances to meet the reserve requirement as part of deposits at the European Central Bank and other national central banks of the Member States participating in the third stage of economic and Monetary Union,

6 overnight euro deposits in the competent Central Institute, as well as euro balances with the competent Central Institute with notice periods or periods less than 30 days.

7 you by a credit institution directly or in reserve held the way of a parent credit institution, a credit institution Group (article 30).


(5) cash and cash equivalents are first-degree calendar average to keep. The average amount results from the arithmetic mean of the day stands of the obligations under Nos. 1 to the last day of the last month, as well as on the 7th, 15 and 23 of the previous month, according to Z 2 on the last of the previous month, as well as on 7, 15 and 23 of the current month or of the last previous business day. Following percentages shall apply:



1. 50 per cent of deposits with central institutions, as far as these deposits to meet the liquidity requirement first-degree of another credit institution are necessary; the FMA can this percentage by regulation in the after to maintain creditor protection necessary change;

2 10 per cent of the other obligations referred to in paragraph 2; the FMA may by regulation this percentage within the range from 0 to 20 vH in the after to maintain creditor protection and to maintain the solvency necessary change;

3. with the enactment of regulations made pursuant to Nos. 1 and 2, caution is the national economic interest in a functioning banking sector and sector-specific circumstances to take.

(6) for the calculation of liquid assets second-degree following euro obligations is governed by:



1. obligations referred to in paragraph 2;

2. time deposits and recorded assets of banks with periods of notice or terms from six months to under 36 months, as far as them not receivables from banks with periods of notice or terms from six months to under 36 months are; ABS 2 Z 3 shall apply mutatis mutandis;

3. deposits by natural and legal persons which are not credit institutions, with periods of notice or terms from six months to under 36 months;

4. own euro issues with notice periods or times to under 36 months;

5. obligations under repurchase agreements with natural and legal persons which are not credit institutions, with dates from six months 36 months up to.

(7) by the euro obligations referred to in paragraph 6 are excluded:



1. obligations arising from securities for which special coverage values are ordered;

2. obligations of the refinancing through loans, as long as these deadlines-compliant;

3. obligations from the refinancing of loans under the export development Act;

4. obligations of the Austrian National Bank and of the European Central Bank;

5. obligations of savings deposits;

6 deposits.

(8) cash and cash equivalents are second degree following euro - assets:



1. cheque;

2. maturing bonds;

3. overdue interest, dividend and coupons coupons;

4. fixed income securities of issuers located in Austria or another Member State, which on a regulated market (§ 1 para 2 BörseG) approved change are allowed, as well as to refinancing by the Austrian National Bank

5. deposits and time deposits with credit institutions with notice periods or periods less than six months, as far as them face no obligations on credit institutions with maturities less than six months, and if they do not count first degree as cash and cash equivalents; Credit institutions connected for a central institution, which does not permit according to § 27a to the solution of the connection at the Central Institute are to apply time deposits with periods of notice or terms from 30 days to under six months as cash and cash equivalents only second-degree, if taken at the relevant Central Institute; ABS 2 Z 3 shall apply mutatis mutandis;

6. from the banks of the European system of central banks issued bonds;

7. the amount by which the average liquidity first degree that in accordance with paragraph 5 required exceeds;

8 by the Federal Minister of Finance issued federal Treasury bill under the authorization of the respective federal financial law, first degree are not cash and cash equivalents according to para 2, the duration of which is six to 36 months;

9 co-ownership in accordance with investment Fund Act 2011 in the amount of the return price, if a) made the capital investment fund of cash and cash equivalents in accordance with paragraph 4 and Z 1 to 8 and derivatives (§ 73 InvFG 2011) used exclusively to hedge the Fund's assets;

(b) at the request of the unit holder this against return of the unit certificate, the coupons coupons and of the certificate of renewal his share from the capital investment fund within 30 days to pay is;

(c) the lit. a corresponding composition of the capital investment fund and the rollback of the unit certificate in accordance with letter. (b) in the "Amtsblatt zur Wiener Zeitung" and was advertised the FMA and Oesterreichische Nationalbank) and (d) a publication in accordance with letter. e was not done;

(e) the intended giving off one who lit the. a and b requirements is was at least six months before the FMA and Oesterreichische Nationalbank indicated by the capital investment company and published in the "Amtsblatt zur Wiener Zeitung".

(9) in cash and cash equivalents of second-degree referred to in paragraph 8 are not included:



1. Securities originating from own emissions;

2. securities that serve as cover or substitute cover;

3. assets which are given to third parties - except the Austrian National Bank and the European Central Bank – to secure;

4. assets which are given to the Austrian National Bank and the European Central Bank to safeguard, if there is not a mandatory return claim;

5. Securities given retire; accounted for pursuant to § 50 para 1 and 2 from the pledgor

6 securities which were taken in accordance with article 50, paragraph 1 and 2 in pension;

7 deposits, which are used for the refinancing of loans, insofar as these are excluded with the refinanced Bank of the obligations referred to in paragraph 2.

(10) cash and cash equivalents are second cousin to hold to the last day of the month at least to the extent of 25 vH of the obligations under paragraph 8 to the 15th of the same calendar month or of the last preceding business day. The FMA can change this percentage within a range of 10 vH up 30 vH by regulation, if necessary after the monetary and credit conditions for maintaining the willingness to pay. For obligations referred to in paragraph 2, the percentage referred to in paragraph 5 to the Z 2 decreases set for cash first degree.

(11) the FMA can complement the cash and cash equivalents of first and second degree in way of a regulation with other values of same liquid referred to in paragraph 4 and 8. This caution is the national economic interest in a functioning banking sector.

(12) by way of derogation from article 1, paragraph 1 the term 'Credit institution' includes in paragraph 2, 6 and 8 Z 5 first half-sentence, all credit institutions with headquarters in Germany and in a Member State or third country approved CRR credit institutions, including their branches.

2. subsection: company law

Conditional obligation convertible bond

Credit institutions in the form of a joint-stock company may issue § 26 (1) bonds, which provide for the conversion into hard core capital instruments for an in advance certain Auslöseereignis in their contractual terms and their conversion ratio at issue determines or is determinable (conditional mandatory convertible bond). In addition, the provisions of § are on this conditional mandatory convertible bond to apply section 159 and 174 AktG.

(2) credit institutions in the form of a cooperative may issue bonds, which provide for the conversion into hard core capital instruments for an in advance certain Auslöseereignis in their contractual terms and their conversion ratio at issue determines or is determinable (conditional mandatory convertible bond). The cooperative has for this purpose by the subscribers at the same time to obtain a perpetual and irrevocable Declaration of accession for the Wandlungsfall.

Instruments without voting rights

Article 26a. (1) credit institutions may issued instruments of capital shares without voting rights.

(2) fixed in advance many times the dividend of a share with voting rights or of the profit share of a cooperative share with voting rights is accounted for instruments referred to in paragraph 1 for a distribution of the profits. A to be transferred after preferred amount is allowed in any case.

(3) capital instruments referred to in paragraph 1 may only analog application be reduced share capital reduction regulations or confiscated in accordance with the provisions of § 26 b.

(4) is a measure the existing ratio between the property rights of the holders of instruments referred to in paragraph 1 and the hard core capital (article 25 of Regulation (EU) No. 575/2013)-related property rights changed, so this is adequate to compensate for the compensation of company's assets is excluded.


(5) beneficiaries from non-voting instruments can participate in the general meeting and desire information according to § 118 German Stock Corporation Act. Opportunity to give of the managers of the credit institution in a meeting on the financial statements to report will, to seek information is once a year even when savings banks, land mortgage banks and the mortgage bond Division of Austrian country mortgage banks the legitimate instruments referred to in paragraph 1. For the convening of such meeting, the provisions of the companies act on the convening of the general meeting are to apply.

(6) 10 vH of the instruments referred to in paragraph 1 may not exceed the amount of the instruments referred to in paragraph 1 in the own credit institution, in a dependent company and a dominant society. The §§ 65-66a AktG on the acquisition, disposal, confiscation, the acceptance of its own shares, the purchase of Treasury shares through third parties and the financing of the acquisition of shares of the company are to be applied.

(7) instruments referred to in paragraph 1 may be issued only up to one-third of the share capital. Moreover, the sum of the capital instruments referred to in paragraph 1 and from preferred shares in accordance with section 12a of the German Stock Corporation Act shall not exceed half of the share capital.

Recovery of own resources

Article 26 b (1) capital in accordance with Article 26a can due the credit institution no. 575/2013 can be taken in accordance with the following paragraphs after the occurrence of an approval of the FMA pursuant to article 77 of Regulation (EU). The collection has to include the entire capital or tranches distinguished individual already in the emission. A partial recovery of capital from individual issues or a partial confiscation of capital from individual tranches is allowed if the equal treatment of the beneficiaries from this missions of capital of or instalments is guaranteed. A collection of individual tranches of capital that I no. 136/2008, was drawn on the basis of the provisions of the financial market stability Act (FinStaG), Federal Law Gazette, requires the prior consent of the owner of the respective instruments. The approval of the Federal Government is done by the Federal Minister of finance in agreement with the Federal Chancellor.

(2) the decision on the confiscation is competent organs with the majorities that are required for the discounting of capital referred to in paragraph 1 to the credit institution by for the discounting of capital referred to in paragraph 1. The articles of association may authorize the Board of Directors for a maximum of five years to the recovery of capital referred to in paragraph 1.

(3) it is a corporation with publicly traded shares and capital in accordance with Article 26a the credit institution, has an offer on conversion into shares six months before publication of the recovery to go ahead the confiscation. The announcement of the offer must contain an indication of the intended recovery. If this exchange offer any extra can not later be determined as the difference between the average market price of the shares at the average exchange rate of the instruments referred to in paragraph 1 on the twenty trading days preceding the decision version of the exchange offer.

(4) the credit institution has cash find the capital referred to in paragraph 1 during the recovery. A reasonable cash compensation is the settlement of legitimate, taking into account paragraph 5 of capital referred to in paragraph 1 is allowed to grant. In this case is article 2 par. 3 UmwG with respect to the reports to be created, the tests and the remedies of compensation entitled apply accordingly, with the recovery plan instead of the conversion plan.

(5) the recovery of own resources is at times of a tense financial and winding-up situation or if there is undue dilution of the other issued capital of other instruments, not allowed.

(6) with the notice of the decision referred to in paragraph 2 applies the capital referred to in paragraph 1 as a. Thus exclusively the right to cash compensation in accordance with paragraph 4 may refer to the authorized capital referred to in paragraph 1, taking into account paragraph 5. In promoting the legitimate must be informed of capital referred to in paragraph 1 on their rights under the settlement. Capital in accordance with ABS. 1 issued documents are withheld by the credit institution.

(7) if the amount of severance pay for the capital referred to in paragraph 1 be well not an account or the authorized capital in accordance with paragraph 1 do not have the compensation amount, disposition is to entrust to a trustee, which can be ordered in the decision on the confiscation. The further processing is the trustee. He can use the support of the credit Institute here.

(8) the capital referred to in paragraph 1 is to the detriment of the profit resulting from the annual balance sheet or a free reserve. Capital referred to in paragraph 1 may be considered a also if instead raise capital of equal or better quality.

Special rules for credit unions

§ 27 credit unions can set in the cooperative agreement, that the liability of its members limited to the share (§ 86a GenG). The necessary amendment to the cooperative contract may be decided only if an auditor to bestellender under the legislation concerning the revision of the cooperative in a written opinion is confirmed, ensure compliance with the regulatory provisions under part 2 to 8 of the Regulation (EU) remains no. 575/2013. In addition, § 33a GenG, with the proviso that the immediate understanding of known creditors according to § 33a paragraph 1 last sentence GenG can be avoided, if the auditor expresses in his opinion, that the limitation of liability on the ownership interest with the interests of the creditors of the cooperative is compatible applies to limitation of liability on the share. The liability of the auditor for the contents of its opinion is GenRevG according to § 10 1997 in connection with section 62a.

Liquidity collaborations

section 27a. Credit institutions, which are connected to a central institution, have to participate in a system of joint liquidity compensation to secure financial market stability. This they have a liquidity reserve to the extent of 10 vH of savings deposits and 20 vH of in other euro deposits with their central institution or at another contractually or statutorily established credit institution established in a Member State, to hold up to a maximum 14 vH of total euro deposits. The credit institution must be entitled to the receipt of deposits and suitable due to its business structure to meet the requirements arising out of warranty of a liquidity network. In particular, it has to have a sufficient credit and cash and cash equivalents as well as refinancing opportunities have permanently available to stand to quickly give liquidity support in case of need. The modalities of the concrete performance relationship between the Central Institute or the other credit institution keeps the liquidity reserve and other credit institutions participating in the liquidity network are in accordance with § 39 para 1 contractually or statutorily to fix on. The contractual or statutory regulations shall contain in particular:



1. the conditions for the supply of connected credit institutions with liquidity in case of need;

2. the further design of the obligation of the Central Institute or other credit institution, in which liquid assets be kept in case of need;

3. the decision-making process, in particular the decision needs the appropriate decisions;

4. a notice period, which shall be at least one year.

The extent of the liquidity reserve is respectively at the end of the months of March, June, September and December, according to the State of deposits to determine and adjust for the following quarter. Drop the deposits to more than 20 vH below the level of the last relevant calculation basis, the credit institution may require an adjustment to the last day of the next month. This liquidity reserve is one of the cash and cash equivalents first degree. Other deposits are overnight funds of payments (deposits), all termination date and time deposits and deposits against issue of."

83. before the heading "Transactions", 3rd subsection following heading shall be inserted:

"Under article 3: organs"

84. in article 28a shall be inserted following paragraph 2a to 2 c:

"(2a) the Director have the definition and monitoring of the internal principles of proper management to provide, which guarantee the necessary care in the management of the Institute, and provide in particular the segregation of duties in the Organization and the prevention of conflicts of interest. The business leaders have regularly to assess the effectiveness of these principles and to take appropriate steps to address deficiencies.

(2B) the directors have effectively to monitor the effect of the higher management of the credit institution.


(2c) of the Supervisory Board or that otherwise by law or statute of competent supervisory body has with management the strategic objectives, to discuss the strategy of risk and the internal principles of proper management and to monitor their implementation by the Executive Board. "

85. § 28 para 3 No. 2 is:



"2. the Chairman of the Supervisory Board has overall economic conditions and there are no facts which resulting doubts about his personal reliability, honesty and impartiality for the exercise of its function as the Chairman of the Supervisory Board; validation of the reliability, the FMA also by the EBA in accordance with article 69 has paragraph 1 of Directive 2013/36/EC to access a database;"

86. Article 28a paragraph 5 reads:

"(5) without prejudice to other provisions of bundesgesetzlicher and the requirements according to para 3 have permanently to meet members of the Supervisory Board or otherwise by law or the statutes relevant supervisory organ in a credit institution the following requirements:"



1. There is nothing exclusion in accordance with § 13 para 1 to 3 5 and 6 GewO 1994 before and on the assets, none of the members of the Supervisory Council or an another legal entity as a natural person, decisive influence may refer to one of the members of the Supervisory Board on its business or is allowed, a bankruptcy was opened, unless as part of the bankruptcy process to complete of a rehabilitation plan occurred in , meets the; the same applies if a so similar offence abroad was carried out;

2. the members of the Supervisory Board have overall economic conditions and there are no facts which resulting doubts about their personal reliability, honesty and impartiality for the pursuit of activities as a member of the Supervisory Board; validation of the reliability, the FMA also by the EBA in accordance with article 69 has paragraph 1 of Directive 2013/36/EC to access a database;"

3. the members of the Supervisory Board at any time have sufficient knowledge, skills and experience, to be together in a position, to understand that they can monitor the decisions of the Executive Board and control the operations of the respective credit institution including risks associated.

4. against the members of the Supervisory Board, who are not Austrian citizens, no exclusion reasons as a member of the Supervisory Board within the meaning of the Nos. 1 and 2 are in the State whose nationality they have; This is by the banking supervisory authority of the home country to confirm; can however such confirmation not obtained are the Member of the Supervisory Board has to make this believable, to certify the absence of the above exclusion reasons and to make a statement, whether the above exclusion reasons exist;

5. the members of the Supervisory Board spend plenty of time for the performance of their activities in the credit institution; in particular, has a member of the Supervisory Board in the exercise of other activities in executive function, or as a member of a supervisory board to take into account the circumstances in each case and the nature, the scope and complexity of the business of the credit institution; as far as they were not sent as a representative of the Republic of Austria to the Supervisory Board, members of the Supervisory Board of credit institutes of any legal form, whose balance sheet total exceeds one billion euro or which have issued transferable securities which are in 1989 admitted to trading on a regulated market in accordance with § 1 para 2 of the Exchange Act, can carry out only an activity in executive function in connection with two activities as a member of a supervisory board or four activities as a member of a supervisory board; for the calculation, multiple activities in executive function, and as a member of a supervisory board are the number of activities) within the same group consisting of the EU parent institution, its subsidiaries and own subsidiaries or other companies belonging to the same group of credit institutions, as far as all mentioned above in the supervision on a consolidated basis are included or FKG are subject to supplementary supervision in accordance with article 6, paragraph 1;

(b) in the case of members of the same institutional assurance system referred to in article 113, paragraph 7 lit. (b) of Regulation (EU) No. 575/2013 or c) companies where the credit institution is a qualified participation in accordance with article 4 paragraph 1 point 36 of the Regulation (EU) No. 575/2013 keeps as only an activity. Activities in executive function, or as a member of a supervisory board for organizations that aim is not primarily commercial, are not include in the calculation. The FMA may approve upon request exceeding this limit to an activity as a member of a supervisory board. The FMA has the EBA on such permits to inform regularly."

87 the following paragraph 6 is added to § the 28a:

"(6) the credit institution has adequate human and financial resources to have to facilitate the training of managers and members of the Supervisory Board or otherwise by law or the statutes relevant supervisory organ in her Office and to ensure their continuous training."

88. According to section 28a, the following paragraph is inserted 28 b together with heading:

"Special obligations of the institutions for loans

section 28 b. (1) each under article 392 of the Regulation (EU) No. 575 / 2013 determined large credit, which amounts to at least EUR 500 000, needs without prejudice to the effectiveness of the legal transaction of the explicit prior consent of the Supervisory Board, or otherwise by law or the statutes relevant supervisory organ of the credit institution. Storage decisions is this not permitted. Is the Supervisory Board or of the credit institution supervisory body competent otherwise by law or the articles of Association to report on all large exposures at least once a year.

(2) in the case of large exposures in accordance with article 392 of the Regulation (EU) No. 575/2013 or claims betragenden at least 750 000 euro within the meaning of article 389 of Regulation (EU) No. 575/2013 have to let the economic circumstances of the debtor and adhesive disclose the managers of the credit institution before granting such loan to a customer or a group of connected clients and for the duration of the granting of economic development of committed and liable as well as the impairment and enforceability of collateral sufficient to inform as well as to request the current submission of financial statements. When not in annual accounts, the directors of the credit institution otherwise sufficiently about the obligation and adhering have to inform. The first and second sentence shall not apply for



"1 claims for federal countries, communities, authorities based abroad, central banks, central Governments, public authorities (art. 4 para. 1 number 8 of the Regulation (EU) No. 575/2013), international organisations or multilateral development banks, 2. balances with banks, 3. trust and scrolling credits, as far as the banks is only the Gestionsrisiko, and claims to the EEA - mother credit institutions, whose subsidiaries and subsidiaries included in the supervision on a consolidated basis are 4."

89. paragraph 29 together with the heading:

"Nomination Committee

section 29. Credit institutes any legal form, whose balance sheet total exceeds one billion euro or which have issued transferable securities which are in 1989 admitted to trading on a regulated market in accordance with § 1 para 2 of the Exchange Act, a nomination Committee is set up by the Supervisory Board, or otherwise by law or the statutes relevant supervisory body of the credit institution. At credit unions, not full-time Committee may establish the Nomination Committee. The Nomination Committee has:



1. candidates for filling vacancies in the Executive Board to determine and the Supervisory Council to submit corresponding proposals;

2. If, for each legal form of the credit Institute by law provided in the preparation of proposals to the annual general meeting for the filling of vacant posts to support the Supervisory Board, the Supervisory Board

3. in the course of its duties pursuant to Nos. 1 and 2 to create the balance and diversity of knowledge, skills and experience of all members of the institution concerned taken into account, a job description, candidate profile and specify the time associated with the task.

4. in the course of its duties pursuant to Nos. 1 and 2 to set a target rate for the under-represented sex in the Executive Board and the Supervisory Board, as well as a strategy to develop in order to achieve this goal. the target rate, the strategy and the implementation progress are lit according to article 435 par. 2. c of the Regulation (EU) to publish No. 575/2013;

5. in the course of its duties pursuant to Nos. 1 and 2 to ensure that the decision making of the Executive Board or of the Supervisory Board; not dominated by a single person or a small group of people in a way contrary to the interests of the credit institution


6 regularly, in any case, however, if events show the need for assessing new, make an assessment of the structure, size, composition and performance of the Executive Board and the Supervisory Board and, if necessary, submit change proposals to the Supervisory Board;

7 regularly, but at least annually, making an assessment of the knowledge, skills and experience of the Managing Director as well as the individual members of the Supervisory Board, as well as the respective body in its entirety and communicated this to the Supervisory Board;

8. the course of the management with regard to the selection of higher management to review and to assist the Board in the preparation of recommendations to the Executive Board.

In carrying out its tasks the Nomination Committee can draw on all the resources, which he considers appropriate and is for this to equip the credit institution with adequate financial resources."

90. section 29a and heading is eliminated.

91. the heading of the VI. subsection is replaced by the following heading:

"Under section 4: group analysis"

92. prior to section 30, the following heading shall be inserted:

"Bank Group"

93. § 30 paragraph 1 introductory part is:

"A group of credit institutions is when a parent credit institution, a parent financial holding company or a mixed financial holding company headquartered in Germany with one or more credit institutions, CRR credit institutions authorised in a Member State or third country, financial institutions, CRR - financial institutions, investment firms, CRR investment companies or providers of ancillary services (subordinate institutions) with seat in the domestic or foreign"

94. § 30 par. 1 final part is:



"Even companies that are recognized as non-profit building associations, and companies that are excluded from the application of the directives on credit institutions pursuant to article 2 paragraph 3 of Directive 2013/36/EC all the time are considered financial institutions within the meaning of this provision. Central banks of the Member States are not considered financial institutions."

95. paragraph 30 subsection 2:

"(2) in addition to paragraph 1 a credit institution group exists when a parent financial holding company, parent mixed financial holding company, EU parent financial holding company, or mixed EU parent financial holding company has its seat in another Member State and"



1. This company at least a credit institution with headquarters in Germany is subordinate (par. 1 Z 1 to 7), 2nd of the group but belongs to no CRR - credit institution registered in a Member State, which has its headquarters in the country of domicile of the holding company, as a central institution, and 3. a higher balance sheet total as any other group members CRR - credit institution authorised in a Member State has the credit institution headquartered in Switzerland; in same high assets decides who first received approval.

Classification as a group of credit institutions in terms of the relative importance of the activities of a credit institution in the country is inadequate, the FMA of the 1st and 2nd subparagraph refrain from the application and in accordance with § 77 b para 4 transfer the roles and responsibilities to another authority no. 2. The FMA is opportunity to comment the EU parent company, of the EU parent financial holding company, the joint EU parent financial holding company, or the institution with the largest balance sheet total prior to the adoption of the relevant decision. "The FMA informed the European Commission and the EBA by one in accordance with article 111 paragraph 5 of Directive 2013/36/EU decision."



96. § 30 para 3 third sentence reads:



"This section 244 subsection 4 and 5 is to apply UGB with the proviso that consolidation obligation Z 2-6 without the existence of a participation in the cases of paragraph 1."

97. § 30 par. 4 No. 2 is:



"2. the parent financial holding company or mixed financial holding company headquartered in Switzerland is issued at the same time Institute a CRR credit institution."

98. paragraph 30 subsection 7a:

(7a) that in § 5 para 1 are requirements set Z 6 to 9 and article 28a paragraph 5 Z 1 to 4 to be applied in accordance with the differences in terms of business model and organization accordingly on the business leaders and members of the Supervisory Board of financial holding companies and mixed financial holding companies.

99. § 30 paragraph 8 first and second sentence read:

"The parent credit institution has the transmission of information and disclosure by the subordinate institutes, to make sure a parent financial holding company or a mixed financial holding company. The parent holding company of its obligation in accordance with paragraph 7 fails to comply, so the parent credit institution has to inform the FMA."

100th in § 30 paragraph 8a is to the phrase "under this Federal Act" the phrase "or the Regulation (EU) No. 575/2013" inserted.

101. in section 30, paragraph 9, the phrase "financial holding companies, credit institutions, investment firms, financial institutions or mixed companies" by the phrase "financial holding companies, financial holding companies, credit institutions, CRR credit institutions, investment firms, CRR investment firms, CRR financial institutions or financial institutions" is replaced.

102. § 30 paragraph 9a and 10 are:

"(9a) is a credit institution, the parent undertaking of which is an institution, a financial holding company or a mixed financial holding company domiciled outside the European Union, any supervision on a consolidated basis in accordance with article 16 of the Regulation (EU) No. 575/2013, so"



1. has the FMA to examine whether this institution of supervision on a consolidated basis by the competent authority of the third country shall be subject to these supervisory meets the principles of article 18 of the Regulation (EU) No. 575/2013;

2. has the FMA, if there is no equivalent supervision, to apply the provisions of article 18 of the Regulation (EU) No. 575/2013 on the credit institution. In this case, the FMA is after consultation with the competent authorities of a third country and the EBA to carry out this review at the request of the parent undertaking authorised in the community or on its own initiative;

3. may require the FMA, if application of this regulatory technique is appropriate and agrees with the competent authority of the third country, to achieve the objectives of the supervision on a consolidated basis, that a financial holding company or a mixed financial holding company based in the European Union is founded and applied the provisions relating to supervision on a consolidated basis on the consolidated accounts of this holding company. The application of this regulatory technique is the competent authorities of the third country, the European Commission, the FMA to communicate the EBA and the competent authorities of other relevant Member States;

4. takes into account the FMA pursuant to article 127 para 2 of Directive 2013/36/EU present general orientations of the European Banking Committee (EBC) and consulted for this purpose the EBA, before deciding.

(10) documents and information referred to in paragraph 7 and 9 comprise in particular the following areas of consolidation and the bankbetrieblich necessary collection, calculation and evaluation of risks, both consolidated and the individual institutions:



1 assets and liabilities as well as items in the income statement, 2. off-balance sheet transactions (annex I of to Regulation (EU) No. 575/2013), 3. derivatives (annex II of to Regulation (EU) No. 575/2013), 4. own resources (part 2 of the Regulation (EU) No. 575/2013), 5 large exposures (part 4 of the Regulation (EU) No. 575/2013), 6 qualifying holdings (part 2 title IV of Regulation (EU) No. 575/2013) ", 7th annual accounts together with the annex and report, 8 credit registers and similar institutions abroad, 9 foreign exchange positions, 10 positions, which are incorporated into the consolidation of price, liquidity, interest rate or paper risk, 11 corporate management (section 39), 12 credit institution its own procedures for assessing capital adequacy (article 39a), 13 disclosure (part 8 of the Regulation (EU) No. 575/2013), 14 liquidity (part 6 of the Regulation (EU) No. 575/2013) and 15 leverage (part 7 of the Regulation (EU) No. 575/2013)."

103. paragraph 30a together with the heading:

"Credit institutions composite

section 30a. (1) credit institutions with headquarters in Germany, which are constantly associated with a credit institution with headquarters in Germany as a central organization, can form a Federation of credit institutions together with the central body, if



1. the Central Organisation is a credit institution referred to in article 1, paragraph 1 and 2 meet the requirements of article 9 paragraph 1 of the Regulation (EU) No. 575/2013.

The banks bond through a contract between the Central Organization and the associated financial institutions. To its validity in all participating companies, such a contract requires the consent of the main or General Assembly with the majority required for an amendment of the statutes. The companies have also to adapt their articles of Association.

(2) a Federation of credit institutions is no group of credit institutions in accordance with article 30, paragraph 1.


(3) the formation of a group of credit institutions requires the approval of the FMA; the central organization called the Central Organization and the associated credit institutions is eligible to apply. Documents are the request to join, which set out in particular the control, control and risk management processes, the long-term feasibility of regulatory requirements through the Federation and other significant items.

(4) the FMA has to approve the formation of the banks association when the conditions referred to in paragraph 1. The approval decision may contain appropriate terms and conditions. The approval decision is three months from the date to which were all documents required for assessing the FMA and information, to adopt. The decision shall be notified to the Central Organization. With delivery to the Central Organization of the decision is considered to be delivered to all members of the financial institutions group. The Central Organization has the decision to bring all associated banks. The FMA may prescribe a date until which the intended education of a group of credit institutions must be completed.

(5) changes in the composition of the members of credit institutions network are to display the FMA, enclosing the documents referred to in paragraph 3 of the central organization before performing in writing. If the conditions referred to in paragraph 1 or if the banks Federation no longer capable of is to comply with the prudential requirements referred to in paragraph 7, the FMA with notice to determine that and at what point a credit Institute network no longer exists. The composition of the banks Association and its modification is to publish on the Internet page of the central body. With regard to the non-recurrence of the conditions referred to in paragraph 1 or, if the banks Federation is no longer able to meet the regulatory requirements in accordance with paragraph 7, this is the FMA by the Central Organization in writing.

(6) on the associated credit institutions the provisions of §§ 4 para 3 see Nos. 3 and 4, 5 para 1 Z 5, 10, 16, 23 to 24a, 25, 39 paragraph 2, 39a, 69 paragraph 3 and section 70 para 4a to 4 d and the parts 2 to 4, and parts 5 to 8 of the Regulation (EU) No. 575 / 2013 have application. For the purposes of article 405 paragraph 2 of Regulation (EU) no 575/2013 apply the Central Organization as EEA parent bank and the associated credit institutions as subordinate institutions. Associated credit institutions are exempt from those display and reporting requirements (sections 73 to 75), which serve exclusively the monitoring of these provisions.

(7) the credit institutions Federation has to comply with the provisions of article 39a and the parts 2 to 4, and parts 5 to 8 of the Regulation (EU) No. 575/2013 on the basis of the consolidated financial situation. The Central Organization has, to prepare a consolidated financial statements (§ 59, § 59a). The Central Organization for credit institutions Federation display applicable to parent credit institutions and groups of credit institutions and reporting requirements (sections 73 to 75) has to comply with. For purposes of sections 38, 39, 42, 69 para. 3 and 93a, § 2 para 3 EKEG and for the use of data (§ 4 Z 8 DSG 2000) the credit institutions-composite is considered a credit Institute.

(8) for the purposes of full consolidation, the Central Organization parent institution and any associated credit institution as a central institution is to treat. This are interests in associated institutes which are not held by the central organization or associated institution, as minorities or minority interests referred to in article 259, paragraph 1 to treat (UGB), unless the associated credit institutions directly or indirectly have the majority of the voting shares of the Central Organization. Measures referred to in article 1 have to financial market stability Act shall be disregarded in calculating the majority of the voting shares.

(9) the credit institutions-composite is considered a credit institutions for purposes of calculating the costs of financial market supervision, the central organization is subject to a charge. The Central Organization has to share the costs of banking supervision after the scale of assessment section 69a paragraph 2 on the associated credit and charge.

(10) the central organization is responsible for the compliance with the provisions of this Federal Act and the Regulation (EU) No. 575/2013 that apply to credit institutions Federation, and has to monitor in particular the solvency and liquidity of the banks Association on the basis of consolidated accounts, as well as the associated credit institutions in the context of this commitment. The Central Organization has to ensure that the Managing Director of associated banks meet the requirements pursuant to § 4 para 3 No. 6 and the requirements pursuant to § 5 para 1 are Z 6 to 13, and that the credit institutions Federation of banking and banking operations risk and remuneration policies and practices has administrative, accounting and control procedures for the acquisition, evaluation, control, and monitoring. The necessary instruction rights under article 9 paragraph 1 lit. c of the Regulation (EU) are no. 575/2013 of the central body by Treaty and statute to justify. Associated credit institutions do not apply 65 para because this instruction rights relative to the central body as a subsidiary for purposes of § 51 para 2, 5 last sentence and 66 AktG. The Central Organisation does not apply because this instruction rights as the parent company of associated banks for purposes of section 66a of the German Stock Corporation Act. However, the right of instruction of the central body can article 70, paragraph 1 or article 84, paragraph 1 German Stock Corporation Act will not oppose.

(11) the credit institutions Federation is entitled to exert its activities in the Member States through a branch or by way of free services through the central organization or individual associated banks, as far as the activities of the concessions of the central body or the associated institutions concerned are covered. The ads in accordance with section 10 para 2, 5 and 6 are the Central Organization, which also indicate has, the activities are exercised by which banks of the banks Association. section 16 is to apply to the financial institutions group.

(12) the provisions of article 400 para. 2 of the Regulation (EU) No. 575/2013 and § 5 par. 1 Z 9a, 23 b, 23 c, 28a, 29, 30 paragraph 7, 8 are, first sentence, and paragraph of 10, 70 para 1, 4a to 4 d and 77 c to apply to a credit institutions together with the proviso that governed by the Central Organisation as the parent Institute and the banks Association as a group of credit institutions. section 77c is on a credit institutions together with the provision to apply, that the central organization deemed parent Institute and the banks Association as a credit institution group, an institution within the meaning of § 30 par. 1 and 2 with headquarters abroad is subordinated the central organization or an associated Institute.

The authorisation referred to in paragraph 3 as granted applies (13) for credit institutions and credit institution associations, which I made use no. 184/2013 of section 30a as amended by BGBl.,."

104. According to section 30a, following sections 30 append to b until 30 d including headings:

"Exemption from the application of capital requirements on an individual basis

Article 30 b. (1) the exemption of group affiliated credit institutions and investment firms pursuant to article 7 of the Regulation (EU) No. 575/2013 on Institute-specific level requires the approval of the FMA.

(2) appropriate documentation are the application of a credit institution, an investment firm or a parent parent company for an exemption referred to in paragraph 1 to attach, which prove the existence of the conditions for an exemption under article 7 of the Regulation (EU) No. 575/2013.

(3) the FMA has an advisory statement from the Austrian National Bank on the existence of the conditions in accordance with article 7 of the Regulation (EU) No. 575/2013 to obtain in the proceedings referred to in paragraph 1.

(4) the permit for the exemption referred to in paragraph 1 shall be granted, if the fulfilment of the requirements laid down in article 7 of the Regulation (EU) No. 575/2013 sufficient evidence.

(5) credit institutions, investment firms referred to in paragraph 1 or parent company have the FMA and Oesterreichische Nationalbank in writing without delay the Elimination of one or more requirements in accordance with article 7 of the Regulation (EU) to present no. 575/2013 and the non-compliance with requirements set out in decisions and conditions to ensure these requirements to display and a plan, indicating that the aforementioned requirements are respected again within a reasonable period of time. The FMA has to withdraw the authorization referred to in paragraph 1, when one which no longer No. 575 / 2013 requirements in article 7 of the Regulation (EU).

Exemption from the application of liquidity requirements on an individual basis


section 30c. (1) the exemption of group affiliated credit institutions and investment firms and credit institutions and investment firms, the Institute-based backup systems (article 113 paragraph 7 of the Regulation (EU) No. 575/2013) are, in accordance with article 8 of the Regulation (EU) No. 575/2013 and the monitoring as a subgroup of liquidity requires the approval of the FMA.

(2) appropriate documentation are the application of a credit institution, an investment firm or a parent parent company for an exemption referred to in paragraph 1 to settle, proving the existence of the conditions for an exemption pursuant to article 8 of the Regulation (EU) No. 575/2013.

(3) the FMA has an advisory statement from the Austrian National Bank on the existence of the conditions in accordance with article 8 of the Regulation (EU) No. 575/2013 to obtain in the proceedings referred to in paragraph 1.

(4) the permit for the exemption referred to in paragraph 1 shall be granted, if the fulfilment of the requirements laid down in article 8 of the Regulation (EU) No. 575/2013 sufficient evidence.

(5) credit institutions, investment firms referred to in paragraph 1 or parent parent companies have of FMA and Oesterreichische Nationalbank in writing without delay the Elimination of one or more requirements in accordance with article 8 of the Regulation (EU) to present no. 575/2013 and the non-compliance with requirements set out in decisions and conditions to ensure these requirements to display, as well as a plan, indicating that the aforementioned requirements are respected again within a reasonable period of time. The FMA has to withdraw the authorization referred to in paragraph 1, when one which no longer No. 575 / 2013 requirements in article 8 of the Regulation (EU).

Supervision of mixed financial holding companies

section 30 d. (1) to the extent a mixed financial holding company pursuant to § 2 Z 15 financial conglomerates Act - FKG, Federal Law Gazette I no. 70/2004, in particular as regards the risk-oriented supervision, equivalent provisions of this Federal Act or regulation (EU) No. 575/2013 and the FKG is subject to, the FMA as consolidating supervisor after consultation which others for the supervision of competent authorities decide that only the corresponding provision of the FKG to apply is at the level of the mixed financial holding company may.

(2) to the extent a mixed financial holding company, in particular as regards the risk-oriented supervision, equivalent provisions of this Federal Act or regulation (EU) No. 575/2013 and the VAG is subject to, can the FMA as consolidating supervisor decide in agreement with the authority responsible for the Group supervisor for the insurance industry that only the determination of the insurance supervision Act, Federal Law Gazette I no. 569/1978, or Federal Act or regulation (EU) no 575/2013 at the level of the mixed financial holding company shall apply , depending on which financial sector in accordance with § 2 Z 7 FKG with the higher average share is represented.

(3) the FMA as consolidating supervisor of the EBA and the European supervisory authority for the insurance and occupational pensions authority (EIOPA) (Regulation (EU) no 1094/2010 establishing a European supervisory authority (European insurance and occupational pensions authority), amending Decision No 716/2009/EC and repealing Decision 2009/79/EC, OJ) No. L 331 of the 15.12.2010 S. 48) to communicate any decisions in accordance with paragraphs 1 and 2.

(4) a subsidiary of an institution is a financial holding company in accordance with article 4 section not included 1 number 20 of the Regulation (EU) No. 575/2013 or a mixed financial holding company in the supervision on a consolidated basis, the FMA by the competent authorities of the Member State in which the subsidiary is established, can request any information which facilitate effective supervision."

105. in article 39, paragraph 2, third sentence is inserted after the second sentence:

"The organizational structure as well as the administrative, accounting and control procedures must be documented in writing and in a comprehensible manner."

106. § 39 para 2b is:

"(2B) have to take into account in particular the procedures referred to in paragraph 2: '



1. the credit risk and counterparty risk, 2. concentration risk, 3. market risk, 4. the risk of excessive indebtedness, 5. operational risk, 6 securitisation risk, 7 liquidity risk, 8 interest rate risk with respect to all transactions that are not already included under no. 3, 9 credit risk mitigation the residual risk of techniques, 10 the risks resulting from the macro-economic environment, 11 the risk of money laundering and terrorist financing ", 12. the risk that the business model of Institute resulting from taking into account the impact of diversification strategies, 13 using the internal approaches with institutions, results of stress tests, and 14 the systemic risk (§ 2 Z 41), which assumes an institution."

107. in § 39 para 2c the following sentence is added:

"When assessing credit risk is also the appropriateness of the approaches used by a credit institution for the acquisition of credit risks taking into account the nature, to assess the scope and the complexity of the transactions made by a credit institution."

108. According to § 39 para 2c the following paragraph 3 is added:

"(3) credit institutions have



1. to make sure at all times to fulfil their payment obligations

2. a company-specific, to set up financial corresponding to the Bank-economic experience sets and liquidity planning, to provide 3 by the persistent attitude of sufficient liquid funds to compensate for future imbalances of payments and payments in a sufficiently, to have 4 on arrangements to monitor and control of interest rate risk of all shops, 5 according to the maturity structure of assets and liabilities in particular the Zinsanpassungs - and cancellation to make will be taken into consideration for possible changes of in market conditions , and 6 documents to have help the financial situation of the credit institution at any time mathematically determine can with reasonable accuracy; These documents are provided with appropriate comments at the request of the FMA to submit."

109. paragraph 39 paragraph 4:

"(4) the FMA minimum standards for the purposes of proper collection, control, regulation establishing monitoring and limiting the risks referred to in paragraph 2 b. The regulation has with regard to:



1. credit risk and the counterparty risk article 79 2013/36/CE directive, 2. the concentration risk article 81 of Directive 2013/36/EC, 3. market risk article 83 of Directive 2013/36/EC, 4. the risk of excessive indebtedness article 87 of Directive 2013/36/EC, 5. operational risk article 85 of Directive 2013/36/EC, 6 the risk of securitisation article 82 of Directive 2013/36/EC) , 7 of the liquidity risk article 86 of Directive 2013/36/EC, taking into account the criteria of article 39 paragraph 3 8 interest rate risk as regards all shops, which are already included under no. 3 article 84 of Directive 2013/36/EU and 9 of the residual risk from credit risk mitigation techniques to comply with article 80 of Directive 2013/36/EU. With regard to those aspects of the regulation, which differ from the abovementioned provisions or specify additional requirements, the consent of the Federal Minister of finance is to catch up."

110. in paragraph 39 the following paragraph 5 is added:

"(5) credit institutes of any legal form, whose balance sheet total exceeds one billion euro or which have issued transferable securities that are admitted to trading on a regulated market in accordance with § 1 para 2 of the Exchange Act 1989 an independent of the operational risk management Department with direct access to the business leaders is to establish which competencies and resources ensure the fulfilment of the following tasks:"



1. recognition and measurement specification of risks referred to in paragraph 2 b, the 2nd notification of risks referred to in paragraph 2 (b) and of the risk position of the Managing Director, 3. participation in the strategy of risk of the credit institution and all major decisions on risk management, 4 complete overview of the characteristics of the existing risks and the risk situation of the credit institution.

An Executive who is specifically responsible for this function is at the top of the risk management Department. If nature, scope and complexity of the business of the institution's do not justify to designate a person solely for this purpose an other Executive of the Institute can perceive this function if there is no conflict of interest. Head of risk management department can be removed from his Office without the prior information of the Supervisory Board."

111. section 39c para 2 is as follows:


"(2) the duties of the remuneration Committee b Z 1 to 10 belongs to the preparation of decisions on the subject of compensation, including those which impact on risk and risk management of the credit institution and the Supervisory Board or the of the supervisors competent otherwise by law or the statutes to cover, as well as monitoring the remuneration policy, remuneration practices and compensation-related incentive structures, each relating to the control, monitoring and control of risks pursuant to § 39 para 2 ", the capital adequacy and liquidity, taking into account the long-term interests of shareholders, investors, and employees of the credit institution, as well as the national economic interest in a functioning banking sector and financial market stability."

112. section 39c paragraph 3 is as follows:

"(3) the composition of the remuneration Committee has to allow an independent and intellectually honest assessment of these issues. The remuneration Committee consists of at least three members of the Supervisory Board, and to have at least one person about technical knowledge and practical experience in the area of compensation policy (compensation expert). In the event that pursuant to § 110 labor Constitutional Act (ArbVG), BGBl. 22/1974, one or several employee representatives on the Supervisory Board of the credit institution to participate have no, so has at least a member of the circle of the employee representatives belonging to the remuneration Committee. The function of the compensation expert from an expert members of the Supervisory Board do not may be exercised for credit institutions whose balance sheet total amounts to less than five billion euros. "Chairman of the remuneration Committee or remuneration expert must not be, who in the last three years managing director or officer (article 80 AktG) of the relevant credit institution was or is for other reasons is not independent and unbiased."

113. According to § 39c, the following section 39B and heading shall be inserted:

"Risk Committee

section 39B. (1) in credit institutes of any legal form, whose balance sheet total exceeds one billion euro or which have issued transferable securities which are in 1989 admitted to trading on a regulated market in accordance with § 1 para 2 of the Exchange Act, a risk Committee is set up by the Supervisory Board, or otherwise by law or the statutes relevant supervisory body of the credit institution.

(2) one of the tasks of the risk Committee



1. the advice of the Executive Board with regard to the current and future risk appetite and risk strategy of the credit Institute, 2. the monitoring of the implementation of this strategy of risk relating to the control, monitoring and control of risks pursuant to § 39 para 2 b Z 1 to 14, the capital adequacy and liquidity, 3. verification whether the pricing of products and services offered by a credit institution taken the business model and the risk strategy of the Bank and, if necessary, submit of a plan with corrective measures 4. without prejudice to the functions of the remuneration Committee , whether the risk, capital, liquidity and the probability and the timing of realized gain the incentives offered by the internal payment system are taken into account.

(3) the composition of the risk Committee has to allow an independent and intellectually honest assessment of the risk strategy of the Bank. The risk Committee consists of at least three members of the Supervisory Board who have expertise and experience to the monitoring of the implementation of the risk strategy of the Bank. Chairman of the risk Committee who in the past three years not be managers or executives (article 80 AktG) of the relevant credit institution was or is for other reasons is not independent and unbiased. A representative of the risk management Department (§ 39 para 5) has to take part in the meetings of the risk Committee and about types of risk (section 39 paragraph 2 b) and report on the risk situation of the credit institution. While he has to point out risky developments that could affect both the credit institution or affect.

(4) the risk Committee has to hold at least a session in a year."

114. paragraph 40 paragraph 2:

"(2) the credit and financial institutions have to ask the customer, to announce whether he the business relationship (par. 1 Z 1) or the transaction (par. 1 Z 2) on your own or a third party invoice or on behalf of foreign will; operate" It has to comply with the request and immediately to announce any changes while upright business relationship by itself. The customer is pleased to announce that he the business relationship (par. 1 Z 1) or the transaction (par. 1 Z 2) on behalf or on behalf of foreign will operate, so he has to prove the identity of the settlor to the credit or financial institution and credit and financial institutions have to determine the identity of the settlor and to check. The identity of the trustee is to determine in accordance with paragraph 1 and only for physical presence of the trustee. An identification of the trustee by third parties is excluded. The identification and verification of the identity of the settlor has to be legal persons by conclusive documents referred to in paragraph 1 by submission of the original or a copy of the official photographic identification document (paragraph 1) of the settlor for natural persons. The trustee has also a written declaration to the credit or financial institution to submit that he personally or through reliable referees of the identity of the settlor is satisfied. Reliable referees in this sense are the courts and other State authorities, notaries, lawyers and third parties within the meaning of paragraph 8. With special Anderkonten by authorized property managers for owners of real estate of reason book extract must be submitted as a faithful donor identification by co-owners who are natural persons."

115 paragraph 4 Nos. 2 and 6 accounts for § 42.

116. in paragraph 42, paragraph 6 No. 3 is the point replaced with a semicolon at the end and following Z 4 added:



"4. whose balance sheet total does not exceed EUR 1 billion and the an EU parent credit institution or a parent credit institution in a Member State in accordance with article 30, paragraph 1 Z 1 to 6 are subordinate if in the EU parent credit institution or in a parent credit institution in a Member State a dedicated organization unit for internal audit, which is organized and equipped anytime considering paragraph 2 and the supervision and control of the FMA and Oesterreichische Nationalbank this are not affected."

117. in article 43, paragraph 1, the 2nd sentence reads:

"On the annual financial statements, the consolidated financial statements, the management reports and the group management report as well as their testing and disclosure are the provisions of the third book of the commercial code with the exception of articles 223, para 6, 224, 226 paragraph 5, 227, 231, 232 par. 5,237 Z 1,3,4 and 9, 242, 244 para 6, 246, 249 para. 1, 266 Nos. 1 and 3, apply 275 par. 2, 278, 279 and 280a."

118. the following paragraph 3 is added to § the 43:

"(3) by way of derogation from article 1, paragraph 1 the term 'Credit institution' includes all credit institutions with headquarters in Germany and in a Member State or third country in the paragraphs 51 to 54, § 59 and annex 2 to § 43 approved CRR credit institutions."

119. in article 57, paragraph 1, the reference is "article 201, paragraph 1 Z 4" with the reference "§ 201, para. 2 Z 4" and the term "HGB" respectively replaced by the term "UGB".

120. the following paragraph 5 is added to § the 57:

"(5) the credit institutions have to make a liability reserve. This is lit 1 vH of the assessment basis pursuant to article 92 para. 3. of Regulation (EU) No. 575/2013혼다 credit institutions, the their capital requirements for market risk in accordance with part 3 title IV of Regulation (EU) No. 575/2013 determine, have the tax base the 12,5-fache of the capital requirement for position risk (part 3 title IV, Chapter 2 of Regulation (EU) No. 575/2013) must be added. A resolution of the liability reserve allowed only in so far as this is necessary for the fulfillment of obligations pursuant to article 93 or to cover other in the financial statements of to load losses. The liability reserve is to replenish to the extent of the dissolved amount at the latest within the following five years. The allocation and the reversal of the liability reserve is separately in the profit and loss account."

121. in article 59, paragraph 3, the term "HGB" is replaced by the term "UGB".

122. in article 59, paragraph 7, the phrase is "bank-related services according to § 2 Z 27" by the phrase "provider of ancillary services in accordance with article 4 paragraph 1 number 18 of the Regulation (EU) No. 575/2013" replaced.

123. Article 59a is as follows:

"§ 59a. A parent credit institution which prepares a consolidated financial statements according to internationally accepted accounting principles in accordance with article 245a, paragraph 1 or 2 UGB has to meet the requirements of § 245a 1 and 3 UGB and record the information pursuant to § 64 para 1 Nos. 1 to 19 and para 2 to the consolidated financial statements."

124. in article 60, paragraph 1, the reference to section 59a para 1 is "replaced by a reference to"section 59a".

125. in article 60, paragraph 3, the term "HGB" is replaced by the term "UGB".


126. in article 61, paragraph 2, the term "HGB" is replaced by the term "UGB".

127. in paragraph 62, the reference to "section 63a (4) up to 6a" Z 1a is replaced by reference to "article 63a para 4 to 6".

128. paragraph 62 Z 6a:



"6a. a cause of exclusion in accordance with article 271a UGB exists where but on the auditing Board of the savings bank auditing Association only article 271a para 3 UGB is to apply, with the proviso that alone the signing of audit report represents a cause of exclusion;"

129. in paragraph 62, the semicolon at the end is replaced Z 17 by a point.

130. in section 62a, the term "HGB" is replaced by the term "UGB".

131. in article 63, paragraph 2 and 3a, the term "HGB" is replaced by the term "UGB".

132. paragraph 63 para 3:

"Facts (3) be determined by the bank auditors in its audit work, the"



1 according to article 273 par. 2 UGB constitute a reporting obligation or 2. one the feasibility of obligations of the approved institution for at risk or 3. significant aggravation of the risk situation or 4 significant injuries of this Federal Act, the Regulation (EU) No. 575/2013 or other relevant banking supervision law or regulations or decisions of the Federal Minister of finance or the FMA or 5 significant balance sheet items or off-balance sheet positions as not recoverable reveal , he has justified doubts about the authenticity of documents or the representation of the Executive Committee or a refusal or restriction of the confirmation notice, is so he has over these facts without prejudice to article 273 par. 2 immediately in writing to report the FMA and Oesterreichische Nationalbank (UGB) with explanations. The Bank Examiner finds any other defect, not worrying changes in the risk situation or the economic situation, or only minor violations of rules, and the shortcomings and violations of regulations are fixable in the short term, so the bank auditors of the FMA and Oesterreichische Nationalbank must report only when the deficiencies corrected the credit institution within a reasonable period of time, at the latest within three months, and this has demonstrated the bank auditors. To report is when the Director improperly grant information requested by the Bank Auditor within a reasonable period of time. Bank Examiner ordered a test Association have to submit reports, which immediately forward it has under this paragraph through the examination Association. In cases where an audit firm as auditors of the Bank is ordered, the reporting obligation applies also according to § 88 par. 7 WTBG designated individuals. Without prejudice to the obligations referred to in article 273 par. 2 UGB is a report under this paragraph at the same time with the delivery to the FMA and the OeNB on the Supervisory Board, or the supervisory body responsible otherwise by law or the articles of Association of the credit institution to deliver."

133. section 63 para 4 Nos. 2, 3, 6 and 9 are:



"2. compliance with §§ 21, 25, 27, 30 and 30 c, 73 para 1 and 75 of this Federal Act and part 1 to 8 of the Regulation (EU) No. 575/2013;"

3. compliance with the other provisions of this Federal Act, the Regulation (EU) No. 575/2013 and the other for credit institutions essential legislation;

6 banks, part of the 3 title I Chapter 3 of Regulation (EU) No. 575/2013 apply, a) the criteria for determining the qualified assets;

(b) the method of determining the market price, taking into account article 105 Regulation (EU) No. 575/2013;

(c) the approach to the evaluation of options, in particular the establishment of volatilities and other parameters for the determination of the Delta factor pursuant to article 377 of Regulation (EU) No. 575/2013;

(d) the identification of the other risks associated with options pursuant to part 3 title IV of Regulation (EU) No. 575/2013;

"9. for credit institutions, the the minimum capital requirement for operational risk in accordance with part 3 title III Chapter 3 of Regulation (EU) No. 575/2013 determine: the compliance with the conditions laid down in article 320 of the Regulation (EU) No. 575/2013;"

134. § 63 para 4 No. 7 is eliminated.

135. section 63 para 4 following Z 10-11 shall be added:



"10. the compliance with the requirements laid down in article 49 paragraph 3 lit. a sublit. v of Regulation (EU) No. 575/2013 institutional backup systems, the article 49 paragraph 3 of Regulation (EU) No. 575/2013 apply.

"11. the admissibility and accuracy of netting agreements, as well as the fulfilment of the conditions laid down in Article 296 (3) of Regulation (EU) No. 575/2013."

136. in paragraph 63, after paragraph 4, the following paragraph 4a is inserted:

"(4a) the verification by the bank auditors of a central institution shall also include:"



"1. the consolidated balance sheet in accordance with article 49 paragraph 3 lit. a sublit. (iv) Regulation (EU) No. 575/2013 institutional backup systems, the article 49 paragraph 3 of Regulation (EU) No. 575/2013 apply;

2. the report referred to in article 113 paragraph 7 lit. e of Regulation (EU) No. 575/2013;

where the examination result of the FMA at the same time is required to register with the report on the audit of the financial statements of the Central Institute."

137. in article 64, paragraph 1, the phrase "and 265" is inserted after the phrase 'the paragraphs 236 to 240'.

138. in article 64, paragraph 1 Z 15 the point is at the end with a semicolon replaced and following Z 16-19 added:



"16. a breakdown of the core capital and the additional own funds; This also applies to shares and other equity issued by a dominant society;

17. a list of the consolidation of own resources;

18 a collection grouped by branch States the following data and ratios on a consolidated basis for the year: a) name of establishment, its divisions and name of the Member State of establishment, b) net interest income and net operating income, c) number of employees on a full time basis, d) earnings before tax, e) control of the income, f) received public aid;

19. the assets, which represent divided by the total assets on the balance sheet date is calculated by dividing the profit after tax."

139. in § 64 paragraph 1 to 6 the term "HGB" is replaced by the term "UGB".

140. in article 65, paragraph 2, the term "HGB" is replaced by the term "UGB" Z 1 and paragraph 2a No. 1.

141. According to section 65, the following article 65a and heading is attached:

"Publications relating to corporate governance and remuneration

§ 65a. "Banks have on their Internet site to discuss in what way they the provisions of § 5 para 1 No. 6 to 9a, 28a paragraph 5 Z 1-5, 29, 39, 39c, 64 para 1 Nos. 18 and 19 and the appendix to § 39b comply."

142. the title to XIV section is as follows:

"XIV. section: oversight"

143. prior to section 69, the following heading shall be inserted:

"Jurisdiction of the FMA"

144. § 69 para 1 and 2 are:

"(1) without prejudice to the tasks assigned to it in other federal acts, the FMA is the compliance with the provisions of this Federal Act, of the Savings Bank Act, of the building societies Act, introduction regulation to the Mortgage Bank and the mortgage Act, mortgage banking law, of the Pfandbrief Act, of Bank bondholders Act, of the investment fund law 2011, of the custody Act, the BMSVG, of the real estate investment Fund Act, the financial conglomerates Act, Regulation (EU) No. 575/2013, as well as the relevant prudential technical standards within the meaning of articles 10 to 15 of Regulation (EU) no 1093/2010 and of articles 10 to 15 of the" Regulation (EU) No. 1095 / 2010 through



1. credit institutions in accordance with § 1 ABS. 1, 2. credit institutions in accordance with § 1 para 1, way of establishment or the freedom to provide services in other Member States worked be approved CRR credit institutions which have their seat in that Member State, in accordance with § 16 para 1, 3 in one Member State and be active in the ways of the establishment or of the freedom to provide services in Austria in accordance with § 15 , CRR - financial institutions established 4 in a Member State, that act in the way of establishment or the freedom to provide services in Austria, in accordance with article 17, and 5 representative offices of credit institutions established in a Member State or a third country in accordance with section 73, and, where appropriate, 6 financial holding companies referred to in article 4 paragraph 1 number 20 of the Regulation (EU) No. 575/2013 or 7 mixed financial holding companies according to § 2 Z 15 FKG to monitor and on the national economic interest in a functioning banking sector and at the Financial stability to be taken into account.

(2) the FMA to supervise:



1. taking into account the nature, scope and complexity of operated banking operations of credit institutions and groups of credit institutions the adequacy of capital and liquidity, which stands for the quantitative and qualitative coverage of all major banking and banking operations, as well as the appropriateness of the procedure referred to in article 39, paragraph 1 and 2 and article 39a, especially under consideration in § 39 para 2 b listed risks;

2.

the systemic risk (article 2 Z 41), which is emitted by a credit institution for the stability of the financial system in the light of systemic risk or, where appropriate, the recommendation of the European systemic risk (Board ESRB) Board;

3. taking into account the nature, scope and complexity-driven banking of the Bank and the credit institution groups you identified by means of stress tests. risks"

145. According to § 69 paragraph 3 inserted following paragraph 3a and 3B:

"(3a) the FMA determines within the framework of its supervisory activities according to § 69 para. 2 and 3, that credit institutions with similar risk profiles are exposed to similar risks or could be or pose a similar risk to the financial system, she can perform their supervisory activities in accordance with article 69, paragraph 2 and 3 in similar or same way for these banks. The FMA may take to such banks to 4 d and article 106 of Directive 2013/36/EC also similar or same measures referred to in article 70 paragraph 4a. The FMA has to inform the EBA when she make use of the powers referred to in this paragraph.

(3B) which has the FMA once a year to make a significance-comparison of the quality of approaches used by credit institutions and methods for determining the credit and market risk, and to examine the significant aspects. The FMA determines an underestimation of a credit institution's capital requirements, it has to restore legitimate State to take adequate measures."

146. paragraph 69 paragraph 5:

"(5) the FMA is in the enforcement of the provisions of this Federal Act and the Regulation (EU) No. 575/2013, including enactment and enforcement of adopted on this basis national and EU regulations to take into account the European convergence of supervisory tools and supervisory procedures. To this end, the FMA in the activities of the EBA has to participate, to cooperate with the ESRB, to apply the guidelines, recommendations and other measures adopted by the EBA and to comply with the by the ESRB in accordance with article 16 of the Regulation (EU) No. 1092 / 2010 outspoken warnings and recommendations. The FMA can deviate from these guidelines and recommendations, unless for legitimate reasons, in particular conflict with federal regulations, there are."

147. paragraph 6 deleted § 69.

148. before § 69a, following heading shall be inserted:

"Allocation of costs"

149. in section 69, paragraph 4, the expression "1 €000" is replaced by the expression "1 000 euro".

150th before § 69, b is inserted following heading:

"Disclosure obligations of the FMA"

151. paragraph 69b:

"§ 69 b. (1) the FMA has to publish the following general information on the Internet and continuously update:"



1. the wording of the laws in force in the area of bank supervision and regulations;

2. the minimum standards and circulars of the FMA in the area of bank supervision;

3. the exercise of the Regulation (EU) No. 575/2013 or voting rights opened in the Directive 2013/36/EC;

4. the general criteria and methods of the review and assessment of the risk management and risk coverage of a credit institution pursuant to § 39a; This information shall be communicated also to the EBA;

5. respecting (§ 38) banking secrecy and professional secrecy in accordance with Title VII, Chapter 1, section II of Directive 2013/36/EC and of article 54 and 58 of Directive 2004/39/EC aggregated statistical data on key aspects of the implementation of the regulatory framework, including the number and type of the pursuant to section 70 para 4 to 4 c imposed supervisory measures and imposed fines.

6. General criteria and methods for the verification of compliance with the requirements for securitisations according to article 405 through 409 of Regulation (EU) No. 575/2013;

7. while maintaining the secrecy a summary description of the results of the supervisory review and a description of the infringements of article 405 through 409 of Regulation (EU) No. 575/2013 imposed measures in the form of an annual report no later than 31 March of the following year; a continuous periodic updating has not to be carried out;

8. a list of the global Systemrelevanten Institute and other Systemrelevanten institutions based in Germany, taking into account the respective subcategories.

(2) is the approval for an exemption in accordance with article 6 paragraph 3 or article 8 No. 575/2013 granted para 1 of the Regulation (EU), is to publish the FMA in the Internet with the following general information and constantly to update:



1. the criteria according to which is, stated that a substantial practical or legal impediment to the immediate transfer of own funds or settlement of liabilities to be neither available nor is;

2. the number of the parent institutions, in whose favor the discretion pursuant to article 6 paragraph 3 or article 8 paragraph 1 of the Regulation (EU) No. 575/2013 is exercised, as well as the number of institutions that have subsidiaries in a third country;

3. the aggregated data: a) of the total amount of the consolidated own funds of the parent Institute, which are held in subsidiaries in a third country

(b) the percentage which an exemption was granted in subsidiaries in a third country held equity on the consolidated own funds of the parent Institute for).

(3) the FMA has in accordance with article 450 par. 1 lit. g collect h and i of the Regulation (EU) No. 575 / 2013 by credit institutions to be disclosed information about the remuneration policy and to use for the detection of trends in this area. The results of these observations must be communicated by the FMA to the EBA. In addition, the FMA is information about the number of employees of a credit institution whose Vergütung is at least one million euros per year, broken down by remuneration levels of a million euros, including their activities, to collect the concerned Division and the essential elements of the content, as well as bonus payments, long-term awards and pension contributions and to deliver to the EBA."

152. before article 70 following heading shall be inserted:

"Information and information gathering powers"

153. section 70 para 1 subpara 1 is:



"1 by credit institutions, credit institution associations, parent credit institutions for companies of the Group of credit institutions and of financial holding companies, request the submission of interim financial statements, of ways in certain form and structure and audit reports mixed financial holding companies and mixed holding companies, also by the credit institutions, credit institution associations, parent credit institutions for companies of the Group of credit institutions as well as by financial holding companies, financial holding companies and mixed holding companies and whose bodies request information about all business matters , in the books, documents and data carriers take insight; on the scope of the rights of information, template - and a show of FMA and the commitment to the availability of documents in the domestic section 60 paragraph 3 shall apply;"

154. section 70 para 1b is:

"(1B) have the FMA and the OeNB jointly set a testing program for the following calendar year. ' The testing program has carefully to take



1. verification system-relevant credit institutions, 2. an appropriate testing frequency of not system-relevant institutions, 3. resources for non-routine tests, 4. theme-based audit priorities, 5. the review of measures to clean up determined in the case of deficiencies; in particular, the results from the supervision in accordance with article 69, paragraph 2 and 3 are taken into account.

In the test program, the audit priorities, as well as of the beginning of the test set are each institutsbezogen. Audit program has also an enumeration of those credit institutions to contain, that should be subject to a reinforced supervision. Based on § 69 para 2 and 3 is to decide whether an increase in the number or frequency of on spot checks at banks, an additional or more frequent reporting by the credit institutions or an additional or more frequent review of operational or strategic plans, as well as the business plans of the credit institutions are necessary. The Austrian National Bank notes that one place inspection is required to ensure of the criteria pursuant to sub-para. 1 to 5, which is not set in the joint audit program, is entitled and obliged to ask the FMA to the granting of an additional authorization. This request must contain a substantive proposal for the audit engagement and has justified those reasons lead to an unscheduled test within the meaning of the Z 1 to 5. The FMA without delay, but no later than within one week to either the audit or to reject them, stating the reasons. Affect the right to the granting of audit engagements of the FMA pursuant to paragraph 1 Nos. 3 and 4."

155. According to article 70, paragraph 1 d is added to the following paragraph 1e:

"(1e) the FMA is an examination finds that by an Institute systemic risk (article 2 Z 41) goes out, it shall inform the European banking authority (EBA) immediately."


156. in article 70, paragraph 2, the phrase "or to ensure of the stability of the financial sector" is inserted after the phrase "of entrusted assets".

157. § 70 para 4 to 4c are:

"(4) a licence condition pursuant to § 5 paragraph 1 Z 1 to 14 after a licence no longer exists or a credit institution, a financial holding company, a mixed financial holding company or a mixed holding company violated provisions of this Federal Act, the Savings Bank Act, of the building societies Act, introducing regulation to the Mortgage Bank and the mortgage Act, mortgage banking law, the Pfandbrief Act, of Bank bondholders Act, of the investment fund law 2011, of the custody Act, of E-money law, the BMSVG , of the real estate investment Fund Act, the financial conglomerates Act, of Bank intervention and restructuring law, an Ordinance issued on the basis of this federal law or a notice, the provisions of Regulation (EU) No. 575/2013 or a decision adopted on the basis of this regulation or of the relevant prudential technical standards within the meaning of articles 10 to 15 of Regulation (EU) no 1093/2010 and of articles 10 to 15 of Regulation (EU) No 1095/2010 , the FMA has



1 the credit institution, a financial holding company, the mixed financial holding company or of mixed holding company under threat of a penalty of of coercive to apply, to establish the lawful conditions within that period of time that is reasonable in regard to the circumstances of the case;

2. in the repeat or where wholly or partially to prohibit conducting business the business managers, except that this would be inappropriate according to type and severity of the violation, and the restoration of the lawful condition can be expected again approach in accordance with no. 1; in this case is the first compulsory sentence to understand and the job under threat of a higher penalty of forced to repeat;

3. the concession of a credit institution to take back if other measures can ensure the functioning of the credit institution not under this Federal Act.

A credit institution violates the provisions of the acts mentioned in the first sentence, or is according to the FMA demonstrable reason to believe that a credit institution is expected to will breach within the next twelve months these requirements, the FMA can take measures in accordance with paragraph 4a Z 1 to 12.

(4a) without prejudice to the paragraph 4, first sentence, can the FMA, if this based on the results of its supervisory activities in the framework of articles 21a, para 3 and 69 para 2 and 3, in the case of paragraph 4 the last sentence or to enforce compliance with the provisions of Regulation (EU) no 575/2013 is required,.



1. credit institutions, taking into account all major banking and operational risks and the systemic risk posed by the Institute (§ 2 Z 41) require to hold in addition to ongoing capital to underpin not by § 39 para 2 b covered risk components and risks, no. 575/2013 going beyond the own funds requirement pursuant to article 92 of the Regulation (EU);

2. strengthening of the rules introduced to comply with § § 39 and 39a, procedure, prescribe the mechanisms and strategies;

3. credit institutions require the template of a plan for the demand of the lawful State and set a deadline for the implementation of this plan, as well as, where appropriate, improvements in terms of its scope and time frame;

4. credit institutions as capital requirements prescribe certain principles of provision or a special treatment of their assets;

5. divisions which limit network of credit institutions or activities or limit or the sale of businesses that are connected to the soundness of the credit institution with big risks, require;

6 credit institutions undertake to reduce the risks associated with their activities, products, and systems;

7 credit institutions commit to limit variable compensation on a percentage of net revenue when these otherwise agree is not to maintain a solid capital base;

8 credit institutions undertake to use to strengthen the equity gains;

9 capital and dividends of the Bank restrict or prohibit, if non-payment would represent not a failure event for the credit institution

10. additional reporting requirements or shorter reporting intervals, to capital and liquidity position, prescribe;

11. Special liquidity requirements prescribe, including limiting maturity mismatches between assets and liabilities; and require disclosure supplementary 12.

(4B) where appropriate, the FMA is to prescribe an additional own funds requirement pursuant to paragraph 4a No. 1 at least in the following cases:



1 the credit institution meets the requirements in accordance with §§ 39 and 39a, and in accordance with article 393 of the Regulation (EU) No. 575/2013

2. the risks and risk components are not covered no. 575 / 2013 set capital requirements through capital buffers or that in accordance with sections 23 to 23 c or in accordance with the Regulation (EU);

3. other measures can be under this federal law with regard to the circumstances of the case do not expect that through them a reasonable collection and limitation of risks or the legal State can be produced in a reasonable period of time; While the FMA is not required in the notices of payment due of additional own funds first para 4 to proceed according to no. 1;

4. the examination results according to § 69 para. 2 and 3, that the conditions for the application of each approach are not respected and the capital requirements are therefore likely insufficient;

5. it is likely that the risks despite fulfilling the applicable requirements be underestimated by this federal law and Regulation (EU) No. 575/2013;

6 according to the results of the stress tests in accordance with article 377 para 5 of the Regulation (EU) No. 575 / 2013 resulting capital requirements much higher than the capital requirements for the correlation trading portfolio pursuant to article 377 of Regulation (EU) No. 575/2013 go beyond.

(4c) at the notices of payment due of an additional own funds requirement according to paragraph 4a Z 1 and paragraph 4, (b) has in particular the FMA



1. the quantitative and qualitative aspects of plans and procedures of credit institutions according to article 39a;

2. the strategies and procedures according to § 39;

3. the results of supervisory activities according to § 69 para 2 and 3 and 4 the systemic risk assessment (section 2 Z 41), that emanates from an Institute to take into account. Para 4a Z 1 and paragraph 4 b may be used for compliance with the additional own funds requirement pursuant to section 70 no hard core capital, para 1 of the Regulation (EU) No. 575/2013 or the capital buffer in accordance with sections 23 to 23 c used to comply with the minimum capital requirement in accordance with article 92."

158 the following paragraph 4 d is added to the article 70:

"(4 d) which can FMA credit institutions and groups of credit institutions special liquidity requirements dictate if this is necessary, to inferior liquidity risks to which a credit institution or a bank group is or might be exposed. In assessing the need for special liquidity requirements, the FMA must in particular



1. the nature, the scope and the complexity of bank transactions operated by the Bank or the banking group;

2. the regulations, policies and practices in accordance with articles 25, 39 and 39a or one due to § 39 para 4 Z 7 BWG adopted Regulation;

3. the results of supervisory activities under section 69, paragraph 2 and 3;

4. systemic risk (article 2 Z 41), the Austria emitted by a credit institution or a group of credit institutions for the financial sector; "5. the requirements of part 6 of the Regulation (EU) No. 575/2013 to take into account."

159. paragraph 11 is section 70.

160. before section 70a following heading shall be inserted:

"Parent mixed company"



161. section 70a para 1 is as follows:



"(1) the parent undertaking of a credit institution is a mixed financial holding company, parent mixed financial holding company or a mixed holding company, the FMA without prejudice is entitled to request all information necessary for supervision over the mixed holding company as a parent company and its subsidiaries by the credit institution you on the basis of other provisions of this Federal Act or regulation (EU) No. 575 / 2013 due to powers at any time in the sense of an ongoing supervision of credit institutions. These companies have to provide the Bank all documents and to supply all information so that the credit institution can comply with its obligation to supply information to the FMA."

162. section 70a para 2 last sentence reads:

"Also the bank auditors, the competent testing and auditing associations, accountants or other by the mixed financial holding company, the mixed financial holding company or of the joint holding company may be charged with this test independent experts."

163. section 70a para 4 is as follows:


"(4) the mixed financial holding company, parent mixed financial holding company, the mixed holding company or one of its subsidiaries has its seat in another Member State, so the FMA has to request competent authorities of the other Member State to examine in accordance with paragraph 2."

164. section 70a para 5 first sentence reads:

"So, the parent undertaking of a credit institution is a mixed financial holding company, parent mixed financial holding company or a mixed holding company is the FMA, without prejudice to the her no. 575 / 2013 due to powers, entitled on the basis of other provisions of this Federal Act or regulation (EU), to supervise the transactions between the credit institution and the parent holding company and its subsidiaries."

165. prior to section 71, the following heading shall be inserted:

"On spot checks"

166. before § 72, following heading shall be inserted:

"Cooperation"

167. § 73 para 1 Nos. 2, 3, 8, 9, 12, 16 and 17 are:



"2. any modification of the requirements pursuant to § 5 paragraph 1 Z 6, 7, 10, 13 and by section 30 paragraph 7a for existing managers;"

3. any change in the person of the Director, as well as compliance with article 5, paragraph 1 No. 6 to 11 and 13 and by section 30 paragraph 7a and in the case of a custodian bank pursuant to § 41 InvFG 2011 compliance with § 41 para 2 InvFG 2011;

8. each appointment of an Aufsichtsratsmitgliedes under indication of the fulfilment of the conditions laid down in article 28a paragraph 5 and any changes in the requirements pursuant to article 28a, par. 3 and 5 for existing members of the Supervisory Board;

9. any more than a month continued below regulatory standards or not equivalent of requests that no. 575/2013, as well as the decisions adopted on this basis are prescribed by the Regulation (EU);

12. the ads exceeded in article 89 (3) of Regulation (EU) No. 575 / 2013 those limits;

16 intended use the standard method in accordance with article 276 of the Regulation (EU) No. 575/2013;

17. the intended emission of instruments, which are to be added to the capital."

168. § 73 para 1 Z 17a eliminates up to 19.

169. paragraph 73 para 3:

"(3) the parent credit institution has the FMA name, legal form, to display seat and seat State of a parent financial holding company, parent mixed financial holding company or parent mixed holding company, as well as any changes in writing without delay. The FMA is the European Commission, to submit a list of these parent companies of the EBA and the competent authorities of the other Member States."

170. paragraph 73 paragraph 4:

"(4) credit institutions have to display the FMA without delay in writing:"



1. the principles and procedures for the inclusion of positions in the trading book in accordance with part 3, title I, Chapter 3 of the Regulation (EU) No. 575/2013 and the change of these principles and procedures;

2. the approach or approaches to the evaluation of options and to determine the sensitivities (Delta - and gamma - Vegafaktor) for the determination of the minimum capital requirement for commodities risk and foreign currency risk according to part 3, title IV of Regulation (EU) No. 575/2013; in particular also the procedure for determining the volatility and other parameters is to display."

171. paragraph 73 para 4a No. 3:



"3. the approach or approaches to the evaluation of options and to determine the sensitivities (Delta - and gamma - Vegafaktor) for the determination of the General and specific risk and other risks associated with options in accordance with part 3, title IV of Regulation (EU) No. 575/2013;" in particular also the procedure for determining the volatility and other parameters is to display."

172. paragraph 73a:

'Article 73a. The FMA may prescribe after consulting of the Austrian National Bank by regulation, that the ads, submissions, briefings, that finding a knowledge and presenting in accordance with § 9 par. 5, article 10 par. 2, 5 and 6, section 11, paragraph 3 last sentence, § 13 para 3, § 20 para 3, § 25, subsection 8 Z 9, section 28a (4), section 63, paragraph 1, section 70a para 5, § 73 para 1 Z 1 to 17 , Para 2, para 3, para 4, paragraph 4a, paragraph 5 and paragraph 7 and section 93a paragraph 8, according to § 2 para 2 of Ward Safety Ordinance, BGBl. No. 650/1993 amended regulation BGBl. II No. 219/2003 as well as in accordance with article 143 para. 4, art. 312 para 1 and 3, article 363 para. 3, art. 366 para. 5 and art. 396 para 1 of the Regulation (EU) No. 575/2013 , have to be carried out only in electronic form, as well as to meet minimum technical requirements, specific outlines and modalities. The FMA has to orient itself on the principles of efficiency and expediency, and to ensure that the full electronic availability of data for the FMA and the OeNB maintained and supervisory interests are not compromised. Furthermore the FMA in this regulation an optional participation in the electronic system of the delivery in accordance with the first sentence could allow Bank examiners for certificates and reports in accordance with § 63 para 1 c and article 63 para. 3. The FMA has appropriate arrangements for it to meet, that the notifying parties or, where appropriate, their entities can make during a reasonable period of time in the system about the accuracy and completeness of the data received by them or their entities."

173. paragraph 74:

"§ 74. (1) without prejudice to the reporting obligations in accordance with article 99, 100, 101, 394, 415, 430 of Regulation (EU) No. 575/2013 have to submit reports according to the regulation referred to in paragraph 6 banks and parent credit institutions immediately after the end of each calendar quarter. Parent credit institutions have fully consolidated foreign credit institutions to create the messages pursuant to this paragraph for that in the audited consolidated financial statements in accordance with section 59 and section 59a.

(2) the credit institutions have to transmit paragraph 6 about the business-related master data and master data for foreign banks in the audited consolidated financial statements in accordance with section 59 and 59a § fully consolidated the FMA immediately after the expiry of a calendar half-year messages according to the regulation in accordance with. Regardless of the credit institutions have to show each change of master data immediately. The message of the employees stand has to be made only to the end of the year no later than 31 January of the following year.

(3) the credit institutions have the FMA messages on the basis of paragraph 1 and 2 or the Regulation (EU) basically overall to send no. 575/2013. Parent credit institutions have to make these messages for the Group of credit institutions (article 30).

(4) the Austrian National Bank has about the messages in accordance with article 25 and article 89, to reimburse 92 and 394 of Regulation (EU) No. 575 / 2013 Advisory statements.

(5) the reports pursuant to paragraphs 1 and 2 are to repay in a standardised form by means of electronic transmission. The transmission has particular to correspond to the minimum requirements by the FMA after consulting of the Austrian National Bank.

(6) the FMA



1 has set with the consent of the Federal Minister for finance reporting deadlines, outlines and content of the messages and the reporting intervals in accordance with paragraphs 1 and 2 by Decree and to observe the following: a) the Europe-wide unified login content, intervals and dates of the technical regulatory standards (Regulation (EU) No. 575/2013) and their scope, b) the required descriptive designation within the framework of the ongoing supervision of credit institutions and groups of credit institutions , c) the national economic interest in a functioning banking system, and d) the nature, the scope and the complexity of the transactions made by a credit institution;

2. can it provide: a) a deviant from paragraph 1 interval for the message of individual positions;

(b) the transmission of the messages referred to in paragraphs 1 and 2 only at the Austrian National Bank, so far as she do not; degrades in the exercise of their functions to this or other federal laws

3. can it provide that credit institutions in the notifications referred to in paragraph 1 to expel also have: a) the identification of compliance with the liquidity requirements (§ 25) on the basis of maturity;

"(b)) information to the balance sheet, to items in the balance sheet, the profit and loss account and mandatory of the annex and c) information allowing an assessment and monitoring of compliance with the specific risk due diligence obligations pursuant to the § § 39 and 39a."

174. According to § 74, following sections 74a and 74B including headings shall be inserted:

"Reporting platform

section 74a. (1) credit institutions have to report in accordance with the regulation referred to in paragraph 2 to the FMA:



1. height, risk information and further classification attributes not securitised assets and share rights for each individual customer;

2. height, risk information and further classification characteristics of securitised assets, liabilities and equity on a single paper basis;

3. height, risk information and further classification characteristics with regard to off-balance sheet transactions in accordance with Annex I and II of to Regulation (EU) No. 575/2013.


(2) the FMA has registration deadlines, intervals, time, scope and form as well as the contents and the structure of the messages to be set and to watch; a meaningful expulsion in the context of ongoing supervision of credit institutions with the consent of the Federal Minister of finance by regulation for the notifications referred to in paragraph 1 Reports pursuant to paragraph 1 Nos. 1 and 3 to receivables and securities, off-balance sheet transactions and derivatives under 350 000 euros are to summarize according to be by the FMA, the remaining reports referred to in paragraph 1, the FMA may lay down the summary of individual items by categories specified by you.

(3) the notifications referred to in paragraph 1 are to repay in a standardised form by means of electronic transmission. The transmission has specific, known by the FMA after consulting of the Austrian National Bank to match ambient, minimum requirements.

(4) the FMA may provide for the submission of the reports referred to in paragraph 1 only to the Austrian National Bank have to be taken as far as it not degrades in the exercise of their functions to this or other federal laws.

Valuation of assets and off-balance sheet items

§ 74 b (1) credit institutions and groups of credit institutions assets and off-balance sheet items for reporting purposes and for the determination of the total amount of the claim have (article 92 (3) of Regulation (EU) No. 575/2013) to assess, if not 2 para to the application after the sections 55 to 58 and § 201 to 211 UGB.

(2) the FMA can iVm article 466 of Regulation (EU) No. 575 / 2013 credit institutions and groups of credit institutions, which make the valuation of assets and off-balance sheet items also according to the Regulation (EC) No. 1606/2002 applicable international accounting standards or are included in a consolidation in accordance with the Regulation (EC) No. 1606/2002 applicable international accounting standards with notice in accordance with article 24 para 2 , prescribe that for reporting purposes and for the determination of the total amount of the claim (article 92 (3) of Regulation (EU) No. 575/2013) as well as for the calculation of own resources international accounting standards within the meaning of Regulation (EC) No 1606/2002 shall apply, if this will ensure adequate data quality.

(3) credit institutions and groups of credit institutions, a valuation of assets and off-balance sheet items according to the Regulation (EC) No. make 1606/2002 applicable international accounting standards, have to apply section 64 para 1 Nos. 16 and 17."

175. the heading of section 75 is as follows:

"Credit registry"

176. Article 75 para 1 subpara 1 is:



"1. the height of the unweighted claims, including interbank claims, in the form of assets, außerbilanziellen transactions in accordance with Annex I of to Regulation (EU) No. 575/2013 from transactions in accordance with § 1 para 1 Nos. 3, 4, 6, 8 and 12, § 1 para 2 Z 1 and § 1 paragraph 2 No. 3, 4 and 6 ZaDiG and derivatives in accordance with annex II of to Regulation (EU) No. 575/2013" ", and whose titrated receivables existing exposure value to the debtor, the debtor to be securitized and other credit derivatives in accordance with Annex I of to Regulation (EU) No. 575/2013;"

177. in article 75, paragraph 1 Z 3 is the phrase "Annex 1 to article 22" by the phrase "Annex I of to Regulation (EU) No. 575/2013" replaced.

178. Article 75 para 1 sub-para. 5 is:



"5. the Group of connected clients (art. 4 para. 1 point 39 of the Regulation (EU) No. 575/2013), which belongs to the debtor;" the scope of the group is set for purposes of the credit register in accordance with regulations of the FMA pursuant to paragraph 6 and can be restricted in particular to customers are borrowers of the reporting institution; Furthermore can be differentiated according to the respective State of party member. "

179. the first sentence of § is 75 para 1a:

"Securitisation has any group of credit institutions (article 4 paragraph 1 number 61 of Regulation (EU) No. 575/2013) and credit derivatives (annex I of to Regulation (EU) No. 575/2013), whose benchmark is a securitisation quarterly to report on a consolidated basis."

180. in section 75, paragraph 2, the phrase "Annex 2 to section 22" by the phrase is "annex II of to Regulation (EU) No. 575/2013" replaced.

181. in article 75, paragraph 5 is the phrase "derivatives in accordance with Annex 2 to paragraph 22 and credit derivatives in accordance with Appendix 1 subpara 1 lit. k to section 22 "by the phrase" derivatives in accordance with annex II of to Regulation (EU) No. 575/2013 and credit derivatives in accordance with Annex I of to Regulation (EU) No. 575/2013 "replaced.

182. Article 75 para 7 Z 4 is:



'4. the given information are subject to the obligation of professional secrecy pursuant to article 53 of Directive 2013/36/EC.'

183. the heading of section 77 is as follows:

"Collaboration and data processing"

184. § 77 para 4 No. 15 is:



"15 reports pursuant to section 74 and 74a;"

185. in section 77 (4), the reference "Article 39 of Directive 2006/48/EC" is replaced by the reference "Article 48 of Directive 2013/36/EU" No. 19.

186 paragraph 77 paragraph 5:

"(5) the provision of information and the transmission of documents, including the transmission of data referred to in paragraph 4 and data that can determine the FMA pursuant to its powers, is allowed in the framework of mutual assistance, as well as on"



1. members of the European system of financial supervisors (ESFS) in accordance with article 2 paragraph 2 of Regulation (EU) no 1093/2010;

2. competent authorities of third countries with which the Council of the European Union in application of article 48 of Directive 2013/36/EU has concluded an agreement;

3. for the supervision of the financial market authorities from other third countries was entrusted, as far as the collaboration is required also in the Austrian banking supervisory or otherwise financial mark baptism visual interest and in accordance with international practices;

4. central banks of the European system of central banks and other institutions in the Member States with a similar function in their capacity as monetary authorities when this information for the exercise of their respective statutory tasks, including the conduct of monetary policy and the related provision of liquidity, the supervision of payment, clearing and securities settlement systems and the maintenance of the stability of the financial system are relevant;

5. finance ministries of the Member States;

6 authorities or bodies that are responsible with the responsibility to preserve the financial stability in the Member States by application of prudential rules for the macro-prudential supervision;

7 authorities or bodies in a Member State who are responsible or involved in the execution and insolvency proceedings of institutions for the implementation of redevelopment;

8 parliamentary committees of inquiry in accordance with article 53 paragraph 1 of the Federal Constitution Act (B-VG) on the basis of a decision on a request in accordance with article 53 paragraph 3 B-VG;

9. the Court of Auditors, if his investigation relates to the decisions and other activities of the FMA No. 575/2013 according to this Act or the Regulation (EU);

10. the Bank for International Settlements (bis), including the resident with her multilateral bodies, in particular the financial stability Board (FSB);

11 .den International Monetary Fund (IMF), as far as the fulfilment of his statutory mandate or special tasks borne by members is necessary to.;

12 deposit-guarantee schemes under Directive 94/19/EC or investor-compensation schemes in accordance with Directive 97/9/EC.

The provision and transmission of information in accordance with no. 1 to 3 each permitted, as far as this is for the fulfilment of the tasks of the authorities referred to in article 53 para 2, article 112, 113, 118, and article 124 to 126 of Directive 2013/36/EC or article 11 1 of Directive 2002/87/EC or for other legal tasks of the requesting authority or institution in the context of supervision of the financial market is required. The provision and transmission of information to Nos. 4 and 5 is only permissible if this is required in crisis situations in accordance with article 114 of Directive 2013/36/EC and Z 5 also only in so far as the information for the purposes of article 140 of the aforementioned directive are relevant. The exchange of information in accordance with Nos. 2 and 3 must serve one in accordance with article 55 of Directive 2013/36/EC under the condition with article 53 of Directive 2013/36/EU of equivalent professional secrecy of the performance of supervisory tasks of the requesting authorities and institutions. The exchange of information with authorities and institutions of the ESFS, which not under art. 2 par. 2 lit. f the Regulation (EU) no 1093/2010 fall, allowed only subject to articles 53 and 54 of Directive 2013/36/EC and article 35 of the Regulation (EU) No. 1093/2010 as well as to the fulfilment of the tasks of the authorities and institutions of the ESFS and the supervisory tasks according to § 77 (b) of paragraph 5 be made. The FMA may forward only information referred to in paragraph 4 No. 19, if this has been expressly permitted by the authority that has transmitted the information."

187. section 77 subsection 6 Z 2 to 8 are:



"2. a financial holding company, 3. a financial institution, 4. an investment firm, 5. a provider of ancillary services, 6 is a mixed holding company, 7 a wholly owned subsidiary of the company referred to in no. 1 to 6 or 8."

a mixed financial holding company,"188. In section 77, paragraph 7, of the reference is "article 44 paragraph 1 of Directive 2006/48/EC" the reference "article 54 paragraph 1 of Directive 2013/36/EC" replaced.

189. prior to § 77a, following heading shall be inserted:

'International agreement'

190. in § 77a paragraph 1, the phrase is "article 46 of Directive 2006/48/EC, under the condition of article 44 paragraph 1 of Directive 2006/48/EC" by the phrase "article 55 of Directive 2013/36/EC, under the condition of article 53 paragraph 1 of Directive 2013/36/EU" replaced.

191. in § 77a para 4, the reference "Article 39 of Directive 2006/48/EC" is replaced by the reference "Article 48 of Directive 2013/36/EC".

192. in paragraph 77b 1 is the reference "section 2 Z 9c" by the reference "article 4 para 1 number 4 of the Regulation (EU) No. 575/2013", the reference "Article of 129 and 130 paragraph 1 of Directive 2006/48/EC" with the reference "article 112, 113 and 114 1 of Directive 2013/36/EC", the reference "Article 46 of Directive 2006/48/EC" with the reference "Article 55 of Directive 2013/36/EC" , the reference "Article 131 of Directive 2006/48/EC" with the reference "Article 115 of Directive 2013/36/EC", the reference "Article of 42, 44 para 2, 131a and 139 to 142 of the directive 2006/48/EC" the reference "Article 50, 53 para 2, 116, 118 and 124 to 126 of Directive 2013/36/EC" and the reference "article 46 paragraph 1 of Directive 2006/48/EC" the reference "article 55 paragraph 1 of Directive 2013/36/EU" replaced.

193. in paragraph 77b para 2 introductory part is the reference "Article 42a para 2 of Directive 2006/48/EC" with the reference "article 51 para 2 of Directive 2013/36/EU" replaced.

194. in paragraph 77 b para 3 Z 4 is the reference "article 44 paragraph 1 of Directive 2006/48/EC" the reference "article 53 paragraph 1 of Directive 2013/36/EC or, where appropriate, article 54 and 58 of Directive 2004/39/EC" replaced.

195. paragraph 77b para 4 No. 3:



"3. laying down Supervisory examination programmes in accordance with article 98 of Directive 2013/36/EC on the basis of a risk assessment of the Group of credit institutions in accordance with article 97 Directive 2013/36/EC;"

196. in paragraph 77 b para 4 Z 4 is the reference "article 130 para. 2 and art. 132 para 2 of Directive 2006/48/EC" the reference "article 114 para. 2 and art. 117 para 2 of Directive 2013/36/EU" replaced.

197. paragraph 77b para 4 Z 5:



"No. 575/2013 on all firms in these acts the credit institution group without prejudice to the voting rights and discretion; opened 5. consistent application of the regulatory provisions of Directive 2013/36/EC and the Regulation (EU)"

198. in paragraph 77 b para 4 No. 6 "article 129 paragraph 1 lit. is the reference c of Directive 2006/48/EC"the reference"article 112 paragraph 1 lit. c of Directive 2013/36/EC"is replaced.

199. in § 1 is 77 c after the phrase "article 70 paragraph 4a" inserted the phrase "and 4 b".

200th according to § 77, c paragraph 1 the following paragraph 1a is inserted:

"(1a) the FMA has together with the other competent authorities that for the supervision of subordinate credit institutions established in other Member States are responsible, on the application of measures under the supervision of liquidity on the basis of the assessment referred to in section 69, paragraph 2 and 3, in particular with regard to the adequacy of the procedures pursuant to § 39 para 2 b Z 7 and paragraph 3 and the need for special liquidity requirements pursuant to section 70 para 4 d" , to decide.

201 section 77c para 2 is as follows:

"(2) the FMA as consolidating supervisor has to send a report with an assessment of the credit institution group based of its supervisory activities on the other competent authorities according to § 69 para 2 and 3 and together within a period of four months with these authorities to decide on the measures referred to in paragraph 1. Also those of the other competent authorities in accordance with article 72 and article 92 of the directive to take into account risk assessment conducted of subordinate institutions established in other Member States 2013/36/EC is in this joint decision. The FMA as consolidating supervisor has other competent authorities to submit a report containing an evaluation of the liquidity risk profile of the credit institution group based of its supervisory activities on further under section 69, paragraph 2 and 3 and together within a period of one month with these authorities to decide on the measures referred to in paragraph 1a."

202. According to § 77, c paragraph 2 the following paragraph 2a is inserted:

"(2a) common decisions referred to in paragraph 2 are set out in a document containing full reasons and to ensure the parent credit institution by the FMA as consolidating supervisory authority. In accordance with the joint decision is by the FMA as consolidating supervisory authority. a decision to adopt and to place the parent credit institution"

203. in paragraph 5 is 77 c after the phrase "measures in accordance with article 69, paragraph 2 and 3 and section 70 para 4a" insert the phrase ", 4B and 4 d".

204. in section 77c para 6 is the reference "article 129 para 3 fourth subparagraph of Directive 2006/48/EC" the reference "article 113 para 3 first subparagraph of Directive 2013/36/EC" replaced after the phrase "measures in accordance with article 69, paragraph 2 and 3 and section 70 para 4a" inserted the phrase ", 4B, or 4 d" and the reference "article 129 para 3 sixth subparagraph of Directive 2006/48/EC" the reference "article 113 para 3 third subparagraph of Directive 2013 /" 36/EU"replaced.

205. in section 77c paragraph 7 will be the reference "article 129 para 3 fourth subparagraph of Directive 2006/48/EC" the reference "article 113 paragraph 3 first subparagraph of Directive 2013/36/EC" replaced.

206. in section 77c paragraph 8 is the reference "article 136 para 2 of Directive 2006/48/EC" is replaced by the reference "Article 104 and 105 of Directive 2013/36/EC".

207. in paragraph 77, para 9 c is the phrase "within the period referred to in paragraph 2" by the phrase "within the periods referred to in paragraph 2" replaced.

208. in § 79 paragraph 2, the phrase "Reports pursuant to § 74" is replaced by the phrase "Messages according to the § § 74 and 74a".

209. in article 79, paragraph 3, the reference is replaced "articles 44 and 44a" the reference "paragraphs 44 to 44 b" Z 2.

210. the section 79 the following paragraph 6 is added:

"(6) the Oesterreichische Nationalbank has advisory statements about the legality and correctness of netting agreements to reimburse the FMA at their request. The Oesterreichische Nationalbank is entitled to obtain this required information and documents by the competent authorities abroad. Doubts about the validity of the netting agreement, for the FMA on the basis of the next statements as well as the information obtained or other circumstances shall inform the credit institution. The credit institution has to provide a copy of this communication the counterparties."

211. in article 81, paragraph 3, the reference is replaced "Article 4ff of Directive 2000/12/EC or articles 6ff of Directive 2006/48/EC" with the reference "Article 9ff of Directive 2013/36/EC".

212. § 93 par. 5 Z 1-2 are:



'1. deposits, which have made other credit or financial institutions or investment firms or CRR - credit institutions authorised in a Member State or third country in his own name and on its own account, 1a.
"Receivables from securities transactions of other credit or financial institutions or investment firms or in a Member State or third country approved CRR credit institutions, 2. own resources in accordance with part 2 of the Regulation (EU) No. 575/2013 without regard to their eligibility," 213. In section 93, para. 5, the term "HGB" is replaced by the term "UGB" Nos. 8 and 12.

214. paragraph 98 section 1:

"98. (1) who banking transactions in accordance with article 4 point 1 of Regulation (EU) No. 575/2013 without the required privilege operates para 1, commits an administrative offence, unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts and is the FMA with fines up to 5 million euros or up to two times of the benefits drawn from the breach" ", as far as this put can to punish."

215. in paragraph 98, after paragraph 1, the following paragraph 1a is inserted:

"(1a) who runs other than the banking operations mentioned in paragraph 1 without the required permission, commits, if action is not the offence of a criminal offence falling within the jurisdiction of the courts, an administrative offence and is to be punished up to 100 000 euro from the FMA with fine."

216. Article 98 para 2 Nos. 1, 2, 7, 8, and 11 are:



"1. the written notification according to § 10 para 5 about changes in the conditions of the information according to § 10 para 2 Nos. 2 through 4 and para 4 Z 2-6 to the FMA fails;

2. the display of the activities defaults according to paragraphs 1 to 15 of annex I to the Directive 2013/36/EC in accordance with § 10 paragraph 6 to the FMA;

7. the immediate written notification in article 73, paragraph 1, or in the Regulation (EU) fails No. 575 / 2013 referred situations to the FMA;

8.

in §§ 74, reviewed 74a and 75 provided notifications of the FMA or the Austrian National Bank, not within the specified periods or repeatedly not the laid down by regulation or statutory formalities according to or reviewed incorrectly or submit repeatedly incomplete;

11. She violated in § 73 para 4 and 4a or the reporting obligations laid down in accordance with a regulation of the FMA pursuant to § 21a or template - provided for in article 44 paragraph 1 to 6 and delivery obligations;"

217. Article 98, paragraph 2 Z 3, 4, 4B and 9 are eliminated.

218. paragraph 98 paragraph 5:

"(5) who was responsible (§ 9 VStG) a credit institution"



1. admits that the credit institution being reviewed or continuously does not have over liquid assets in accordance with article 412 of Regulation (EU) No. 575/2013;

2. arrives demands that go beyond no. 575 / 2013 set upper limits in Article 395 of the Regulation (EU);

3. contrary to the provisions of section 24 makes payments to holders of instruments, which are part of the own funds of the credit institution, or if such payments in accordance with no. 575/2013 to holders of equity instruments are not allowed articles 28 and 51 or 52 of the Regulation (EU);

4. the obligations of section 39 or a regulation adopted pursuant to article 39, paragraph 4 of the FMA violated;

5. a licence pursuant to § 4 para 1 through false information or deceptive acts has brought or otherwise surreptitiously, commits an administrative offence, unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts and is the FMA with fines up to 5 million euros or up to two times of the benefits from the infringement ", as far as this put can to punish."

219. the section 98 be attached following paragraph 5a and 6:

"(5a) who was responsible (§ 9 VStG) a credit institution"



1. the written notification of each purchase and each assignment pursuant to section 20 para 1 and 2 in accordance with § 20 para 3 of the FMA fails;

2. the written notification of the identity of the shareholders or other members, that have qualifying holdings, as well as the amount, as he in particular from the Austrian Stock Exchange Act results in 1989 received information pursuant to § 20 para 3 on the occasion of the annual general meeting of the shareholders or other members, or on the basis of sections 91 to 94 of the FMA fails;

3. the obligations of § § 40, 40a, 40B, 40 d or 41 para 1 to 4;

4. the reports on the compliance with the capital requirements incompletely or incorrectly performs no. 575/2013 to the FMA No. 575/2013 defaults para 1 of the Regulation (EU) according to article 99, under article 92 of the Regulation (EU);

5. She sent according to article 101 of Regulation (EU) No. 575 / 2013 specified data losses from real estate collateral not or incompletely or incorrectly to the FMA;

6 paragraph 1 of the Regulation (EU) No. 575/2013 defaults. the reporting of large exposures pursuant to Article 394, performs incomplete or incorrect;

7. the reports of the liquidity situation to the FMA fails No. 575/2013 pursuant to article 415 para. 1 and 2 of Regulation (EU), performs incomplete or incorrect;

8 according to article 430 para 1 of the Regulation (EU) No. 575 / 2013 set information about the shipping debt not or incompletely or incorrectly to the FMA submitted;

9. in the event that the credit institution of a securitisation position is exposed, that does not meet no. 575 / 2013 conditions set in article 405 of Regulation (EU);

10 according to article 431 para 1 to 3 or article 451 paragraph 1 which does not open Regulation (EU) No. 575 / 2013 prescribed information or incomplete or false information makes;

commits an administrative offence, unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts and is the FMA with fines up to EUR 150 000, in the case of a Verwaltsübertretung according to no. 3 with imprisonment up to six weeks or to punish with a fine up to 150 000 euro.

(6) in the case of violation of an obligation according to § 10 para 5 on the display changes the conditions of the information according to § 10 para 2 Nos. 2 through 4 and para 4 Z 2, § 10, section 6, article 20 paragraph 3, section 28a (4) with regard to the display of the re-election of same person as Chairman, § 73 para 1 subpara 1 on amendments to the statutes, section 73, paragraph 1 Nos. 4 and 7 , Section 73, paragraph 1 Z 8 with regard to the display of the reappointment of same person as a member of the Board, article 73, paragraph 1 Z 11 and 14 as well as § 73 para 2 has to refrain the FMA from the introduction and implementation of administrative criminal proceedings, if the not duly reported notification was made up before the FMA or the Austrian National Bank gained knowledge from this downfall. This also applies to proceedings according to section 99 d, paragraphs 1 and 2."

220. Article 99 par. 1 Z 3, 4 and 6a are:



"3. the written notification of each purchase and each assignment in accordance with article 20, paragraph 1 or 2 of the FMA fails;

4. an acquisition or a transfer carries out pursuant to § 20 para 1 or 2 during the assessment period according to article 20a, paragraph 1 or contrary to a prohibition pursuant to article 20a, paragraph 2;

"6a. as a responsible (§ 9 VStG) a parent financial holding company, a mixed financial holding company or a mixed holding company or a subsidiary of such companies granted the credit institution not all information in accordance with article 70, paragraph 1;"

221. § 99 para 1 sub-para. 5 is omitted.

222. According to § 99b shall be inserted following § § 99 c 99 g:

"§ 99c." (1) the FMA may the name of the person, of the credit institution, a financial holding company or the mixed financial holding company at a breach pursuant to §§ 98 para 1, para 2 Nos. 7 and 11, paragraph 5, paragraph 5a, or § 99 para 1 Z 3 or 4, or a failure to comply with the provisions of article 5, paragraph 1 No. 6 to 9a or § 28a paragraph 5 Z 1 to 5 under leadership of the committed infringement make known , unless such a disclosure does not seriously threaten the stability of financial markets or deals no disproportionate damage to the parties.

(2) valid articles 98 paragraph 1, paragraph imposed fines for violations in accordance with 2 Z 7 and 11, paragraph 5, paragraph 5a, or article 99 par. 1 Z are 3 or 4 and 99 d to make known the FMA together with the identity of the person sanctioned and the details of nature and character of the underlying violation promptly on the Internet.

(3) the notification referred to in paragraph 2 shall be effected on an anonymous basis if a roll-call announcement



1 would be a sanctioned person or 2. would endanger the stability of the financial markets in a Member State or several Member States of the European Union or 3 would endanger the implementation of ongoing criminal investigations or 4 would harm a disproportionate the parties, unless such a find can.

Reasons for anonymous publication in accordance with Z 1 to 4, is however to assume that these reasons are no longer exist in any time soon, so, the FMA may refrain from making an anonymous publication and announce the sanction after elimination of the reasons in accordance with Z 1 to 4 also referred to in paragraph 1.

(4) he may request a review of the legality of the publication referred to in paragraph 1, 2 or 3 in one administrative decision to be procedure by the FMA affected by a publication. The FMA has known in this case to make the initiation of such proceedings in the same way. Is the illegality of the publication is determined in the context of the review, the FMA has the publication to set or to revoke either at the request of the person concerned, or to remove from the website. In proceedings before the courts of public law on suspensive effect attributed to a complaint against an administrative decision, which was made known in accordance with paragraph 1, 2 or 3, so the FMA has known this in the same way to make. The publication is to set or to revoke either at the request of the person concerned, or to remove, if the notice is lifted from the website.

(5) a disclosure pursuant to paragraph 2 or 3 not on the basis of a decision in accordance with paragraph 4 is to revoke or to remove the website, it is to maintain for at least five years. While the publication of personal data so long is not however only so long to keep, one of the criteria referred to in para 3 Z 1 to 4 would be met.

§ 99 d. (1) the FMA can impose monetary penalties against legal persons, if people have been either alone or as part of an organ of the legal person and a leading position within the legal person as a result



1. the power of representation of the legal person, 2. the power to make decisions on behalf of the legal person, or 3 a control within the legal person have held against the in section 98 para 1, para 2 Nos. 7 and 11, paragraph 5, paragraph 5a, or § 99 para 1 Z 3 or 4 listed have obligations, unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts.


(2) legal persons can infringements in article 98 para 1, para 2 Nos. 7 and 11, paragraph 5, paragraph 5a, or § 99 para 1 Z 3 or 4 listed obligations be blamed also, if lack of supervision or control by a person referred to in paragraph 1 has made possible the Commission of those violations by someone working for the legal person , unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts.

(3) the financial penalty in accordance with paragraph 1 or 2 shall be up to 10% of the annual total net revenue referred to in paragraph 4 or up to twice of the benefits drawn from the violation, unless is put can be.

(4) the annual total net turnover in accordance with paragraph 3 is the total amount of all income minus the expenses therein; Z 1 to 7 of annex 2 to § 43-run with credit institutions the company is a subsidiary, is to turn off on the annual total net turnover which is designated in the preceding financial year in the consolidated accounts of the parent company at the top of the group. Total annual turnover is relevant for other legal entities. As far as the FMA can not determine the basis of the total sales or charge, she has to appreciate this. These are all circumstances into account, which are for the estimation of importance.

(5) the FMA can refrain VStG from the punishment of those responsible in accordance with § 9, if for the same violation an administrative penalty against the legal person is already imposed and no special circumstances exist that preclude a reticle of the punishment."

§ 99e. The FMA has in determining the type of sanction or measure due to infringements of the provisions of federal laws cited in section 70 para 4, on the basis of these federal laws adopted regulations or rulings against or violation of the provisions of Regulation (EU) No. 575/2013 as well as in determining the amount of a fine, as far as appropriate, to take into account in particular the following circumstances:



1. the severity and duration of the infringement;

2. the degree of responsibility of the natural or legal person responsible;

3. the financial strength of the natural or legal person responsible, as for example from the turnover of the legal person responsible or the annual income of the responsible natural person read it themselves;

4. the amount of the profits made by the natural or legal person responsible or prevented, insofar as they can be determined;

5. the losses, incurred third party infringement unless they put can be;

6. the willingness of the natural or legal person responsible for cooperation with the competent authority;

7 previous violations of the natural or legal person responsible, as well as 8 all potential system-relevant effects of the violation.

The provisions of the VStG remain unaffected by this paragraph.

§ 99f. The FMA has all sanctions violations pursuant to §§ 98 para 1, para 2 Nos. 7 and 11, paragraph 5, paragraph 5a, or article 99 par. 1 Z 3 or 4 and 99 d to the EBA to sign. Initiated a review of the legality of a sanction imposed by the FMA, this fact as well as the outcome of the appeal also to the EBA must be reported.

§ 99 g. (1) credit institutions have proper procedures to dispose, allowing their staff, while respecting the confidentiality of their identity, internal breaches of the provisions of listed in section 70 para 4 federal law, on the basis of these federal laws adopted regulations or rulings against against the provisions of the Regulation (EU) report No. 575/2013 or a decision adopted on the basis of this regulation to a suitable position. The procedures must comply with the requirements of paragraph 3 referred to in this paragraph Z 2-4.

(2) the FMA to have effective mechanisms, which encourage, violations or suspect of a breach of the provisions of federal laws cited in section 70 para 4, against on the basis of these federal laws adopted regulations or decisions, to show against the provisions of the Regulation (EU) No. 575/2013 or a decision adopted on the basis of this regulation.

(3) the mechanisms mentioned in paragraph 2 at least include



1. special procedure for receiving the reports of violations and their follow-up;

reasonable protection for employees of credit institutions, report the violations within their Institute 2., at least before retaliation, discrimination or other types of bullying;

3. the protection of personal data in accordance with the principles of Directive 95/46/EC for the person who displays the violations, as well as the natural person who is allegedly responsible for a violation;

4. clear rules, which ensure the confidentiality of the identity of the person who displays the violations, as far as not disclosing the identity in the context of a public prosecutor, compulsory judicial or administrative procedure has to be done."

223. According to § 101, 101a the following section shall be inserted:

"§ 101a. "The FMA in accordance with article 98, paragraph 1, article 98, paragraph 5, article 98 para 5a Z 4 to 10 and § 99 d imposed fines accruing to the Federal Government."

224. the heading of the XXIII. section is omitted.

225. the account for articles 102 and 102a.

226. section 103 Z 9 lit. b and c are eliminated.

227. in paragraph 103, the term "HGB" is replaced by the term "UGB" Z 16.

228. According to § 103 p 103q the following paragraph is added:

"article 103q. After proclamation of the Federal Act Federal Law Gazette I no. 184/2013 following transitional provisions shall apply:



1. announcement of Regulation (EU) no 575/2013 may applications for approval according to the facts of the permit pursuant to the Regulation (EU) No. 575/2013 made and approvals granted.

2. procedures for the use and modification of already approved internal approaches and to revoke the authorization of internal approaches in accordance with §§ 21a to 21 h in the version before the Federal Law Gazette I no. are 184/2013 not to repeat. Notices, which I adopted no. 184/2013, on the basis of §§ 21a to 21 h as amended by BGBl. considered decisions on the basis of the respective specific legal basis in Regulation (EU) No. 575 / 2013혼다 changes already approved internal models, the due to Regulation (EU) No. 575 / 2013 yield, are notified to the FMA. The FMA has to approve the changes in this case or to revoke the permit.

3. when approval processes according to art 19 para. 2, art. 49 par. 1 and 3, or 113 paragraph 6 and 7 of the Regulation (EU) No. 575/2013 can a credit institution, a credit Institute compound or a credit institution group with preliminary approval of the FMA exercise the rights granted by the permit for the duration of the authorisation procedure. The FMA has the preliminary approval by procedural order be granted if a reasoned, comprehensibly documented self-assessment on compliance with the respective approval was the application is enclosed according to Regulation (EU) No. 575/2013. In this self-assessment, the Central Organization has for credit institutions Federation to confirm compliance with the requirements of the respective permit offence under the Regulation (EU) No. 575/2013 for the Group of credit institutions the parent credit institutions. Prior to issuance of a preliminary approval, the FMA is to listen to the Austrian National Bank. A legal right to a final approval can be inferred from the preliminary approval by the FMA. The preliminary approval expires with the final decision on the application, but not later than twelve months after entry into force of the Regulation (EU) No. 575/2013. A withdrawal of the application has the termination of provisional acceptance of the result.

4. (§ 1 a): up to the entry into force of a possible legislative proposal pursuant to article 507 of Regulation (EU) No. 575/2013, but no later than the following requirements until December 31, 2028 completely or partially from the application of Article 395 excluding para. 1 of the Regulation (EU) No. 575/2013: a) by equipped with a weight of zero: aa) covered bonds in accordance with article 129 paragraph 1 , 3 and 6 of Regulation (EU) No. 575/2013;

BB) assets which represent claims and other risks, including participations or other shares, compared with the EEA's parent company in accordance with article 4 paragraph 1 number 15 of the Regulation (EU) No. 575/2013, other subsidiaries in accordance with article 4 paragraph 1 are number 16 of the Regulation (EU) No. 575 / 2013 same and own subsidiaries, if all above included in the supervision on a consolidated basis, which the Institute in accordance with the Regulation (EU) No. 575 / 2013 or according to § 6 ABS. 1 FKG itself is subject to;

CC) assets, receivables and other risks represent including participations or other shares, compared with a central institution, which is connected to the credit institution by law or statute provisions in the framework of an organisation and who are tasked under these regulations to make the liquidity balance within this Association;

DD)

Assets, receivables, and other risks pose to banks, if the institution in its activity is exposed to non-competition, and in the context of legislative programmes or instruments of incorporation provides loans or guarantees to promote certain sectors of the economy under State control whatsoever and with limited use of the loans, provided that the respective positions of such credit institutions of the beneficiary submitted further loans or guarantees for these loans come; Warranties include in this case also referred to in part 3 title II, Chapter 4 of Regulation (EU) No. 575/2013 recognised credit derivatives, other than credit linked notes (CLN);

EE) assets, receivables and other risks represent, to institutions, provided that these positions represent no own resources in accordance with part 2 of the Regulation (EU) No. 575/2013 and are at most until the following business day.

FF) assets, the claims against central Governments on the basis of the fulfilment of the statutory liquidity requirements held State debt securities represent that denominated and funded in that currency on the currency of the State of the Central Bank, provided that these Central States by an external rating agency (ECAI) in accordance with article 4 para 1 No. 100 of Regulation (EU) No. 575/2013 with "investment grade" rated;

Gg) legally prescribed guarantees which are applied, if a mortgage credit refinanzierter through the issuance of mortgage bonds before registration of the mortgage in the land register on the borrower is paid as long as the guarantee is not used in the calculation of risk-weighted assets the risk to reduce; Warranties include in this case also referred to in part 3 title II, Chapter 4 of Regulation (EU) No. 575/2013 recognised credit derivatives, other than credit linked notes (CLN);

HH) assets, claims and other exposures to recognised exchanges represent; and ii) fiduciary loans and scrolling credits, unless the credit institution has only the Gestionsrisiko;

b) by % equipped with a weight of 20: aa) assets, claims to represent authorities of the Member States, which according to 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 compared 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

BB) assets, the receivables from central banks as a result of the reserve requirements to be held at the central banks represent the currency of the country concerned the Central Bank denominated and as far as them not in accordance with article 400 par. 1 lit. of Regulation (EU) No. 575/2013 from the application of Article 395 para 1 of the Regulation (EU) excluded no. 575/2013; and cc) guarantees, which are no credit guarantees and which are based on legal or administrative provisions, and offering customers connected to them by mutual guarantee schemes, which have the status of a credit institution; Warranties include in this case also referred to in part 3 title II, Chapter 4 of Regulation (EU) No. 575/2013 recognised credit derivatives, other than credit linked notes (CLN).

c) following exposures from the application of Article 395 para 1 of the Regulation (EU) No. 575/2013 partially exclude, by equipped with a weight of 50%: aa) as a medium/low-risk off-balance sheet transactions classified document letters of credit, where the cargo papers serve as security; and bb) undrawn credit facilities classified as medium/low-risk off-balance sheet transactions, which in annex I, no. 3 lit. b sublit. i of to Regulation (EU) No. are called 575/2013.

5. (to 1a): until the adoption of the pursuant to article 136 para 3 that has Regulation (EU) No. 575 / 2013 adopted implementing standards the FMA to raise, as the relative degrees of risk differ by several recognized rating agencies and to undertake regulation a mapping of the ratings awarded by recognised rating agencies to creditworthiness levels within the exposure classes referred to in article 112 or article 109 of Regulation (EU) No. 575/2013. Between the relative degrees of risk, associated with the ratings of recognised rating agencies expressed to differentiate, the FMA has to take into account the following factors: a. the long-term failure rate of all claims with same rating. newly recognized rating agencies or recognized rating agencies, which have only determined data of the outage over a short period, the FMA of the recognized rating agency has to request an estimate of the long-term failure rate of all claims with same rating;

b. the assessed by the recognized rating agency clientele;

c. the range of ratings awarded by the recognized rating agency;

(d) the importance of each credit ratings;

e. used by recognised rating agencies definition of failure;

f. significant deviations of from calculated risk factor of a recognised credit rating agency from a descriptive reference value.

Have the competent authorities of a Member State made an assignment comparable with this paragraph, so which can are covered (3) of Regulation (EU) No. 575/2013 by the FMA until the adoption of the implementing standards referred to in article 136.

6. (§ 2 Z 42): the procedure for the classification as a major subsidiary that I no. 184/2013 was settled on the basis of section 26a para 5 as amended by BGBl., is not to repeat. Notices, which I adopted no. 184/2013, on the basis of section 26a para 5 as amended by BGBl. considered decisions on the basis of the legal basis of the § 2 Z 42 in the version of Federal Law Gazette. I no. 184/2013. In a renewed agreement about that decision, the criteria of article 2 are to be used Z 42.

7. (§ 3 ABS. 1 Z 7): the Austrian Kontrollbank Aktiengesellschaft with regard to legal transactions in relation to promoting exports, according to the export promotion Act 1981 and the export financing support Act 1981 in addition is to the in article 3, paragraph 1 Z 7 listed exceptions until 31 December 2014, also by the application of the provisions of § 25 excluded.

8. (to article 3, paragraph 1 Z 9): the operation of the currency exchange business (§ 1 para 1 Z 22) is in addition to the in article 3, paragraph 1 Z 9 listed exceptions until 31 December 2014, also by the application of the provisions of § 25 excluded.

9. (to section 3 para 2): credit institutions pursuant to section 3 para 2 are also excluded from the application of the provisions of § 25 until 31 December 2014.

10. (§ 5 par. 1 Z 9a): § 5 para 1 third sentence Z 9a is on activities as a member of a supervisory board, which already held a Managing Director on 31 December 2013, does not apply. This does not apply for managers by credit institutions can be a system risk in accordance with article 22, paragraph 2 of which on the basis of an assessment of the FMA pursuant to article 22, para. 3.

11. (to sections 23 and 23a): from 1 January until 31 December 2016 a capital buffer requirement applies to by way of derogation from the requirements of § § 23 and 23a the capital conservation buffer of 0.625 vH, as well as a capital buffer requirement by not more than 0.625 vH for the countercyclical buffer, so that the combined capital buffer requirement in accordance with § 2 Z 45 more than 1.25 per cent of referred to in article 92 (3) of Regulation (EU) No. 575/2013 of calculated total amount of the claim is. By 1 January 2017 until 31 December 2017 a capital buffer requirement applies by way of derogation from the provisions of § § 23 and 23a the capital conservation buffer of 1.25 vH, as well as a capital buffer requirement of no more than 1.25 vH for the countercyclical buffer, so that the combined capital buffer requirement in accordance with § 2 Z 45 not more than 2.5 per cent of the referred to in article 92 (3) of Regulation (EU) No. 575/2013 of calculated total amount of the claim is. From 1 January until 31 December 2018 a capital buffer requirement applies by way of derogation from the requirements of § § 23 and 23a the capital conservation buffer of 1.875 vH, as well as a capital buffer requirement of maximum 1.875 vH for the countercyclical buffer, so that the combined capital buffer requirement in accordance with § 2 Z 45 more than 3.75 per cent of the referred to in article 92 (3) of Regulation (EU) No. 575/2013 of calculated total amount of the claim is.

12 (to article 23 b): global systemically important institutions have by way of derogation from article 23 b, following percentages of their capital buffer requirement for Systemrelevante Institute (§ 2 Z 43) to apply: a) by January 1, 2016-December 31, 2016 at least 25 vH, b) at least 50 per cent by 1 January 2017 until 31 December 2017, c) by January 1, 2018, until 31 December 2018 at least 75 vH, and d) from 1 January 2019 from 100 VH.

13. (to sections 24 and 24a): from 1 January 2016 until 31 December 2018 the capital buffer requirements established in accordance with the Z 11 are considered for the purposes of § § 24 and 24a calculation basis.

14 (to section 26 b): § 26b takes on participation capital (§ 23 paragraph 4 as amended by BGBl. I no. 184/2013), which was issued prior to December 31, 2011, during the period from 1 January 2014 to 31 December 2021 application.

15.

(To article 28a paragraph 5 Z 5): section 28a para 5 Z 5 third sentence is on activities as a member of a supervisory board, which already was a member of a Supervisory Board of a credit institution on 31 December 2013, does not apply. This shall not apply in the case of members of Supervisory Board of credit institutions, of which on the basis of an assessment of the FMA pursuant to § 22 para 3 a system risk in accordance with section 22 paragraph 2 can be.

16 (to sections 30a to 30 c): from the promulgation of the Federal Act Federal Law Gazette I applications for approval in accordance with sections 30a can no. 575/2013 no 184/2013 and Regulation (EU), 30B and 30 c and approvals granted; at that time, the procedures in accordance with sections 30a can be applied in this regard to 30 c.

17. (§ 64 paragraph 1 Z 18): data according to § 64 para. 1 No. 18 lit. a to c are to record only in financial statements issued after July 1, 2014. Data pursuant to § 64 paragraph 1 Z are 18 lit d to f to record only in financial statements issued after January 1, 2015. Global Systemrelevante Institute have data according to § 64 para. 1 No. 18 lit. d to f no later than June 30, 2014, on the European Commission to report.

18 (to section 74 b): a) is a credit institution or a bank group by the FMA by administrative decision in accordance with section no. 74 b of paragraph 2 to the application of international of accounting standards within the meaning of Regulation (EC) 1606/2002 for registration purposes and for the determination of the total amount of the claim (article 92 (3) of Regulation (EU) No. 575/2013) committed and coming article 466 of Regulation (EU) No. 575/2013 not be applied , the FMA has to give a lead time of 24 months. At the request of the credit institution or of the parent credit institution, this period may be shortened.

b) IFRS for reporting purposes to use procedure according to § 29a in the version before the Federal Law Gazette I no. are 184/2013 not to repeat. Decisions adopted on the basis of sections 29a as amended by BGBl. I no. 184/2013 are considered administrative decisions on the basis of section 74 para 2.

"19th (Z 8a and 8B of the annex to section 39 b): Z 8a and 8B of the annex to section I no. 184/2013 are 39 b in the version of Federal Law Gazette for the first time apply to payments that are granted for services rendered after December 31, 2013."

229. paragraph 105 paragraph 5:

"(5) as far as this federal law the Directive 2013/36/EC or regulation (EC) No. 575/2013 is referenced, is, unless otherwise arranged, to apply the following version:"



1. Directive 2013/36/EC on access to the activity of credit institutions and the supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC, OJ No. L 176 of the 27.6.2013 p. 338.

2. Regulation (EU) No. 575/2013 on supervision requirements for credit institutions and investment firms and for amending the Regulation (EU) No. 648/2012, OJ No. L 176 of the 27.6.2013, p. 1.'

230 10 the following paragraph is added to section the 105:

"(10) as far as this federal law No. 648/2012 refers to Regulation (EU), the Regulation (EU) is, unless otherwise arranged, no. 648/2012 on OTC derivatives, central counterparties and trade repositories, OJ No. L 201 of the 27.7.2012 p. 1, as amended by the Regulation (EU) No. 575/2013 on supervision requirements for credit institutions and investment firms and for amending the Regulation (EU) No. 648/2012, OJ No. L 176 of the 27.6.2013 S. 1, to apply."

231. the section 107 be attached following paras 80 and 81:

(80)



1. the table of contents in terms of v, VI and XIV section along with headings and sections 1a, 21a, 21B and 103 to 103q along with headings, as well as § 1a, § 2 No. 1, 1a, 1B, 44a 22, 26, 27, 28, 41, 42, 43, 44, 44b and 45, § 3 para 1, § 3 para 2, 3, 4a, 5 and 6, section 3, paragraph 7, section 3, para. 10, § 4 para 3 Z 5a , § 4 paragraph 5 Z 1 to 3, article 5, paragraph 1 Z 7, § 6 par. 2 Z 2, article 8, article 9, paragraph 1 and 2, § 9 para 3 Z 1, § 9 section 6, 7, 7a and 8, § 10 paragraph 4 to 6, article 11, para. 1, para. 2 Z 1, par. 4, par. 5 Nos. 1 and 6, § 13 para 1, para 2 Nos. 3 and 5 , 4 para and para 5, § 15 para 1, 1a, 3, 5, 6, 7 and 8, article 16, para 1, § 17 para 1, 1a, 4 and 5, article 18, paragraph 1, 5 and 6, section 20 para 4 and 7, section 20a para 2, par. 4 Z 2 and paragraph 5 Z 1-3, section 20B paragraph 1 Z 1 and 2 and paragraph 3, article 21, paragraph 1 Nos. 1 and 2 , §§ 21a and 21B including headings, the heading of the section, § § 22, 22a and 23d along with headings, sections 24 and 24a and headings, the heading of the VI. section, the title of the 1st subparagraph of VI section, § 25, the heading of subsection of VI 2 section, sections 26, 26a, 26B, 27 and 27a along with headings, the heading of the 3rd subsection of VI section, section 28a para 2a to 2c. , Para 3 Z 2, para 5 and para. 6, §§ 28 along with b and 29 headings, the heading of the 4th under section of VI section, the heading of section 30, § 30 par. 1-3, para. 4 Z 2, paragraph 7a-10, sections 30a, 30, 30 c, 30 d along with headings, § 39 para 2, 2 b 5, § 39 c par. 2 and 3, section 39B including heading, § 40 paragraph 2 , § 42 paragraph 6 Nos. 3 and 4, § 43 para. 1 and 3, § 57 para 1 and 5, § 59, para. 3 and 7, § 59a, article 60, paragraph 1 and 3, § 61 para 2, § 62 Z 1a, 6a and 17, section 62a, section 63, paragraph 2, 3 and 3a, § 63 para 4 Z 2, 3, 6 and 9 to 11, § 63 paragraph 4a, article 64, paragraph 1 and paragraph 2 to 6 , Section 65, subsection 2 Z 1 and paragraph 2a No. 1, § 65a with heading, the heading of the XIV. section, the heading of § 69, section 69, paragraph 1, 2, 3a, 3B and 5, the heading of § 69, § 69 para 4, § 69b together with heading, the heading of § 70, § 70 para 1 Z 1, paragraph 1B, 1e, 2 and 4 to 4 d, the heading of section 70a , section 70a para 1, 2, 4 and 5, the heading of § 71, the heading of § 72, article 73, paragraph 1 Z 2, 3, 8, 9, 12, 16 and 17, § 73 para 3, 4 and 4a No. 3, section 73a, article 74, § 74 b along with heading, the heading of article 75, article 75, paragraph 1 Nos. 1, 3 and 5, § 75 par. 1a, 2 and 5, § 75 section 7 Z 4 , the heading of § 77, § 77 para 4 Z 15, and 19, paragraph 5, paragraph 6 Nos. 2 to 8 and paragraph 7, the heading of § 77a, § 77a paragraph 1 and 4, § 77b of paragraph 1, 2 and 3 Z 4, para 4 Z 3 to 6, § 77c para 1, 1a, 2, 2a and 5 to 9, § 79 paragraph 2, paragraph 3 Nos. 2 and para. 6 , § 81 para 3, § 93 par. 5 Z 1, 1a, 2, 8 and 12, article 98 para 1a, para 2 Nos. 1, 2, 7, 8, and 11, paragraph 5a and 6, § 99 paragraph 1 Z 3, 4 and 6a, § 99c, section 99 d, paragraph 1, 2, 4 and 5, § 99e to § 99 g, § 101a, § 103 Z 16, § 103q, § 105 para 5 and 10, the No. 3 , 6a, 7 lit. c, 7 lit. d sublit. CC, lit 8a, 8B, 9a, 11. b, 12 lit. a, 12 lit. d of the annex to section 39b, the Z 6a, 7, 8, 8a, 8B and 12 of annex 2 to article I § 43, part 1 liabilities, the Nos. 4 and 5 of Appendix 2 to article I § 43, part 1 liabilities items under the balance sheet and section IX. Appendix 2 to article I I contact no. 184/2013 § 43, part 2 in the version of Federal Law Gazette with 1 January 2014 into force.

2. § 5 par. 1 Z 9a and section 28a para 5 Z 5 as amended by Federal Law Gazette I no. 184/2013 with 1 July 2014 into force.

3. § 3 para 2a, the heading of section 74, section 74a, paragraph 1, introductory phrase, Z 2 and 3 and section 74a para 2 to 4 as amended by Federal Law Gazette I no. 184/2013 with 31 December 2014 into force.

4. section 74a para 1 No. 1 as amended by Federal Law Gazette I no. 184/2013 effective with December 31, 2015.

I no. 184/2013 apply 5. sections 23 to 23 c with headings in the version of Federal Law Gazette with 1 January 2016.

6. the table of contents in terms of XXIII. section along with heading and of articles 102 and 102a, § 2 Z 2, 3, 5a up to 7, 9 to 12, 15, 16, 23 to 25b, 30-32, 34, 36, 37, 48, 53, 56-57e, 60 up to 70 and 76, § 5 para 4, § 21c to section 21 h along with headings, the headings of 1 to 6 subsection of v section , § 24b together with heading, the heading of the 7th to 9th subsection of v section, § 29a, including heading, § 30 par. 4 Z 3, § 42 paragraph 4 Nos. 2 and 6, § 63 para 4 Z 7, § 69 paragraph 6, § 70 para 11 § 73 para 1 Z 17a and 19, article 98, paragraph 2 No. 3, 4, 4B and 9, article 99, paragraph 1 Z 5, the heading of the XXIII. section , §§ 102 and 102a, 103 section no. 9 lit. b and c, appendices 1 and 2 to § 22 and the No. 7 of Appendix 2 to article I § 43, part 1 liabilities items under the balance sheet appear at the end of 31 December 2013 override.

7. the table of contents in terms of 1 under section of VI section including heading, § 3 para 2 No. 7, the title of the 1st subparagraph of VI section, § 25, together with the heading and section 74 para 6 No. 3 lit. I become no. 184/2013 (a) in the version of Federal Law Gazette at the end of 31 December 2014 override.

(81) I will take no. 184/2013 article 98, paragraph 1, article 98, paragraph 5, and article 99 d para 3 as amended by Federal Law Gazette 1 January 2014 effect."

232. appendices 1 and 2 to section 22 together with the respective headings are eliminated.

233. in no. 3 of the annex to section 39 b replaces the phrase "for its implementation" in the first sentence the phrase "for the monitoring of their implementation".

234. According to no. 6 of the annex to section 39, b following Z 6a is inserted:



"6a.

The remuneration policy distinguishes between criteria for determining the fixed and the variable remuneration component, taking into account national practices. This distinction should be made in particular by the following criteria: a) criteria for the determination of the fixed remuneration component: aa) relevant professional experience and bb) specifically carried out activities in the respective organizational structure, taking into account the responsibility involved;

"b) criteria for the determination of the variable remuneration component: aa) sustainable and risk-adapted services and bb) services which go beyond the predetermined performance goals."

235. No. 7 lit. c of the annex to section 39 is a b:



"(c) a guaranteed variable compensation is not in line with solid risk management or the principle of performance-related remuneration and must be part of future remuneration systems; for once a guaranteed remuneration in connection with the hiring of new employees may be granted, if it is limited to the first year of employment and has a solid and sufficient capital adequacy the Bank."

236. No. 7 lit. d sublit. CC the appendix to § 39b is:



"cc) the managers a variable remuneration component will only be granted, unless this is justified and appropriate."

237. According to Z 8 of the annex to section 39B are inserted following Z 8a and 8B:



'8a. credit institutions have to set a balance between fixed and variable component of total compensation. Here, the amount of the variable component of the remuneration must not exceed the amount of the fixed remuneration component.

8B. by way of derogation from Z 8a the variable remuneration component can be increased by a decision of shareholders or other members on up to 200 vH of the fixed remuneration component, if following conditions are fulfilled: a) the decision-making process a comprehensive recommendation of the credit Institute has to go ahead, which sets out the reasons for increased variable compensation and its scope including the number of affected employees, whose functions, as well as the expected impact in relation to the conservation a solid level of own funds of the credit institution.

(b) the credit institution has promptly about the recommendation to inform the FMA. This information must include in particular the proposed increase of the variable remuneration component and their justification. In addition is to clarify that emerges this increase any adverse effect on the compliance with the obligations of the concerned bank due to Regulation (EU) No. 575/2013 or this federal law, including mandatory capital requirements.

(c) the shareholders or other members are to put in advance about the planned decision-making informed by the credit institution in accordance with a reasonable period of time.

(d) an effective decision making requires the presence of at least half of the vote entitle capital and a majority of 66 VH. By way of derogation from effective at not reaching the required quorum of presence can decision % by a majority of votes from 75. Employees of a credit institution, which are affected directly by an increase in the variable remuneration component, are excluded by both the direct and the indirect exercise of voting rights.

(e) the credit institution has the FMA immediately of the decision to inform. This information shall contain in particular the increased maximum ratio between fixed and variable remuneration component. The FMA analysed the national compensation practices on the basis of this information and sent the result of this analysis each year to the EBA."

238. According to no. 9 of the annex to section 39, b following Z 9a is inserted:



"9a. a credit institution as part of overall compensation takes over payments, which would be making on the occasion of a premature termination of an employee due to contractual obligation by the affected employees to another company, so these payments in line with the long-term interests of the credit institution, including retention -, Zurückstellungs -, and performance and recovery arrangements, must stand."

239 Z 11 lit. b of the annex to section 39 is a b:



"b) instruments, meeting the criteria of article 52 or article 63 of Regulation (EU) no 575/2013 or other instruments which fully in instruments in accordance with article 52 of Regulation (EU) can be converted No. 575/2013 or depreciated in value sufficiently reflect the creditworthiness of the Bank and are suitable as variable remuneration instruments."

240 Z 12 lit. a of the annex to section 39 is a b:



"(a) the acquisition of the claim or the payout of variable remuneration including the deferred share shall only take, while total portable and after the performance of the credit institution, justified the respective business Department and person given the financial situation of the Institute. Without prejudice to the General principles of civil and labour law, the total variable remuneration is limited considerably when it comes to a deterioration or negative financial or earnings situation of the credit institution. This current fees as well as reduced payouts of recently earned amounts including those due to penalty - and recovery Convention are taken into account;

Malus - or repayment agreement can be completed up to the amount of the total amount of the variable remuneration component. The credit institutions have precise criteria for the application of the penalty - and reclamation rules set. These criteria have to take into account in particular situations, in which an exercise staff actions, which have led to substantial losses, participated or were responsible for this, as well as situations where employees have not complied with the relevant technical aptitude or personal reliability requirements."

241. in Z 12 lit. d of the annex to section 39b is to the phrase "Requirements of this federal law" the phrase "or the Regulation (EU) No. 575/2013" inserted.

242. in Appendix 2 to article I § 43, part 1 liabilities is the phrase "6. A Fund for general banking risks" by the phrase "6a. Fund for general banking risks"replaced.

243. Nos. 7, 8 and 12 of annex 2 to article I § 43, part 1 liabilities are:



"7 supplementary capital in accordance with part 2 title I Chapter 4 of Regulation (EU) No. 575/2013 8 additional core capital pursuant to part 2 title I Chapter 3 of Regulation (EU) No. 575/2013"



12.



"Liability reserve pursuant to § 57 para 5 BWG"



244. after Z 8, § 43, part 1 liabilities the following Z 8a and 8B are inserted in the Appendix 2 to article:



' 8a. mandatory convertible bond in accordance with § 26 BWG 8B. instruments without voting rights in accordance with Article 26a BWG "245. Nos. 4 and 5 of annex 2 to article I § 43, part 1 liabilities under the balance sheet item are:



"4. eligible own funds pursuant to part 2 of the Regulation (EU) No. 575/2013, including supplementary capital in accordance with part 2 title I Chapter 4 of Regulation (EU) No. 575/2013 5 capital requirements in accordance with article 92 of Regulation (EU) No. 575/2013 including: capital requirements in accordance with article 92 par. 1 lit." a to c of Regulation (EU) No. 575/2013 "246. No. 7 of Appendix 2 to article I § 43, part 1 liabilities under the balance sheet item is omitted.

247. in Appendix 2 to article I § 43, part 2 the following section IX is attached according to section VIII:

"IX. RETURN ON CAPITAL EMPLOYED"

Article 3

Amendment of the building societies Act

The building society Act – BSpG, Federal Law Gazette I no. 1993/532, as last amended by Federal Law Gazette I no. 35/2012, is amended as follows:

1. in article 2, paragraph 1 subpara 2 lit. b is the phrase "the eligible own funds (article 23 Banking Act)" is replaced by the phrase the eligible own funds (part 2 of the Regulation (EU) No. 575/2013).

2 1 the following paragraph is added to g in section 18:

"(1 g) § 2 para 1 subpara 2 lit. "b, Z 10-11 and Z of 15 of the annex to article III, § 12, part 1 liabilities and the Nos. 3 and 4 of the annex to article III, § 12, part 1 liabilities items under the balance sheet in the version of Federal Law Gazette I no. 184/2013 with 1 January 2014 into force."

3. in the annex to article III, section 12, part 1 liabilities are replaced Nos. 10 and 11 by following Z 10-11:



"10 supplementary capital in accordance with part 2 title II, Chapter 4 of Regulation (EU) No. 575/2013 10a."
"Additional core capital pursuant to part 2 title II, Chapter 3 of the Regulation (EU) No. 575/2013 10 b. mandatory convertible bond in accordance with § 26 BWG 11 instruments without voting rights according to Article 26a of the Austrian Banking Act" 4. Z 15 of the annex to article III, § 12, part 1 liabilities is:



"15 liability reserve pursuant to § 57 para 5 BWG" 5. Nos. 3 and 4 of the annex to article III, section 12, part 1 liabilities under the balance sheet item are:



"3. eligible own funds pursuant to part 2 of the Regulation (EU) No. 575/2013, including supplementary capital in accordance with part 2 title II, Chapter 4 of Regulation (EU) No. 575/2013 4."

Capital requirements in accordance with article 92 of Regulation (EU) No. 575/2013 including: capital requirements in accordance with article 92 par. 1 lit. a to c of Regulation (EU) No. 575/2013 ' article 4

Amendment to the Stock Exchange Act 1989

The Stock Exchange Act 1989 - 1989 BörseG, Federal Law Gazette I no. 555/1989, as last amended by Federal Law Gazette I no. 70/2013, is amended as follows:

1. paragraph 1 paragraph 5:

"(5) also apply the term provisions of the BWG, as far as this federal law nothing else is arranged, the WAG 2007 and Regulation (EU) No. 575/2013."

2. in article 8, paragraph 4, the reference is "§ 221 HGB" with the reference "section 221 UGB" replaced.

3. in article 15, paragraph 1 subpara 2 lit. a is the reference "article 3 number 1 lit. p of Directive 2006/49/EC"with the reference" article 4 para 1 point 4 of the Regulation (EU) No. 575/2013 "replaced.

4. in article 15, paragraph 1 subpara 2 lit. b is the reference "Directive 2006/49/EC" with the reference "Regulation (EU) No. 575/2013" replaced.

5. in article 15, paragraph 1 subpara 2 lit. c the reference "Article 6 of Directive 2006/49/EC" is replaced by the reference "Article 30 of Directive 2013/36/EC".

6. in article 15, paragraph 1 Z 3 "§ 2 No. 31 lit. is the reference (b) Banking Act"by the reference" article 4 para 1 number 25 of Regulation (EU) No. 575/2013 "replaced.

7. in article 15, paragraph 4, the reference is "§ 2 Z 48 BWG" with the reference "Article 300 No. 3 of the Regulation (EU) No. 575/2013" replaced.

8. in article 15, paragraph 5, the reference is "§ 2 Z 32 BWG" with the reference "article 4 para 1 number 72 of Regulation (EU) No. 575/2013" replaced.

9 paragraph 25 paragraph 9:

"(9), the data acquired by the authority in accordance with paragraph 5 or 6, may be used in any other action for annulment to the detriment of the accused person or first in only because of financial offences, with the exception of falling within the jurisdiction of the courts financial offences of smuggling or the evasion of input or output taxes and the financial misdeeds in accordance with § 38a and section 39 FinStrG, guided procedures are not used." Only a suspicion of an offence arises the Authority (para. 5) after the first sentence, so she StPO or article 81 of the financial criminal act (FinStrG), BGBl. 129/1958, display according to § 78 refrain."

10. in article 48 par. 3 b Z 2 is the reference "section 2 Z 32 BWG" the reference "article 4 paragraph 1 number 72 of Regulation (EU) No. 575/2013" replaced.

11 in section 48a para 1 Z 12 is the reference "article 4 Z 1 of Directive 2006/48/EC" respectively by the reference "article 4 para 1 No. 1 of the Regulation (EU) No. 575/2013" replaced.

12. in section 48 d para 4 is the reference "section 228 para 3 HGB" by reference "section 228 para 3 UGB" replaced.

13 section 48f para 1 No. 2 is:



"2."Credit institution"means any person referred to in article 4 paragraph 1 No. 1 of the Regulation (EU) No. 575/2013;"

14 paragraph 57 paragraph 2:

"(2) the free agents appointed by the Exchange Company in accordance with paragraph 1 need to operate banking business pursuant to section 1 para 1 Z 7 BWG with other credit institutions authorised to these transactions (article 1 para. 1 BWG), CRR credit institutions (§ 1a Banking Act) or with investment firms referred to in article 4 para 1 subpara 1 of Directive 2004/39/EC be entitled." In addition they may operate any banking business."

15. in article 66, paragraph 2, the reference is "§ 2 No. 35 lit. a and b BWG"with the reference" article 3 par. 2 Z 30 InvGF 2001 "replaced.

16. in article 68, paragraph 1 Z 9 is the reference "section 2 Z 32 BWG" the reference "article 4 paragraph 1 number 72 of Regulation (EU) No. 575/2013" replaced.

17 section 81a par. 1 Z 11 is:



"11"Management company"is a company in accordance with article 2, par. 1 lit." (b) of Directive 2009/65/EC.'

18 section 81a para 1 No. 13 is:



"13 'Credit institution' means a company in accordance with article 4 para 1 No. 1 of the Regulation (EU) No. 575/2013."

19 paragraph 83 paragraph 5:

"(5) which are obligations of the issuers of shares pursuant to para 1 to 3 also on the issuers of holders of participation certificates in accordance with § 23 paragraph 4 as amended by BGBl. I no. 184/2013, § 26a BWG and section 73 c para 1 VAG meet, as well as to apply to the issuers of securities over profit participation rights in accordance with § 174 AktG."

20. in Article 101a shall be added following paragraph 4 to 6:

"(4) as far as in this Federal Act on the 2013/36/CE directive is referenced, so the 2013/36/CE directive about the access to the activity of credit institutions and the supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC, OJ is, if nothing else is arranged, No. L 176 of the 27.6.2013 p. 338, to apply.

(5) as far as this federal law No. 575/2013 refers to Regulation (EU), as no. 575/2013 on supervision requirements for credit institutions and investment firms and for amending the Regulation (EU) is, unless otherwise arranged, the version of Regulation (EU) No. 648/2012, OJ No. L 176 of the 27.6.2013 S. 1, to apply.

(6 referenced in this federal law to Directive 2009/65/EC), so the directive 2009/65/EC of the European Parliament and of the Council on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ, unless otherwise arranged, No. L 302 of 17.11.2009, p. 32) as amended by the directive of 2011/61/EC (OJ (Nr. L 174 vondem 1. Juli 2011, S. 1) to apply. "

38 the following paragraph is added to § 21 102:

"(38) § 1, para 5, § 8 para 4, § 15 para 1 No. 2 lit. a to c, § 15 para 1 Nos. 3, article 15, par. 4 and 5, section 25, paragraph 9, article 48, para. 3 b Z 2, § 48a par. 1 Z 12, section 48 d para 4, § 48f para 1 No. 2, § 57 par. 2, article 66, paragraph 2, article 68, paragraph 1 Z 9, § 81a para 1 Nos. 11 and 13, § 83 para 5, § 101 a paragraph 4 to 6 and no. 6 to 7 of the annex to section 88 para 2 as amended by Federal Law Gazette I no. 184 /. 2013 with 1 January 2014 into force."

22. in the appendix to § 88 par. 2, interim scheme for credit institutions liabilities be replaced Nos. 6 and 7 by following Z 6-7:



"6 supplementary capital in accordance with part 2 title I Chapter 4 of Regulation (EU) No. 575/2013 6a."
"Additional core capital pursuant to part 2 title I Chapter 3 of Regulation (EU) No. 575/2013 6 b. mandatory convertible bond in accordance with § 26 BWG 7 instruments without voting rights according to Article 26a of the Austrian Banking Act" article 5

Change of the E-money law 2010

The E-money law 2010 - 2010 E-money Act, Federal Law Gazette I no. 107/2010, as last amended by Federal Law Gazette I no. 70/2013, is amended as follows:

1 in § 1 para 2 Z 1 is the phrase "credit institutions within the meaning of § 1 Bankwesengesetz - BWG, BGBl. No. 532/1993, as well as credit institutions pursuant to § 9 BWG" by the phrase "credit institutions and CRR credit institutions referred to in § 1 and § 1a Z 1 Bankwesengesetz - BWG, BGBl. No. 532/1993" replaced.

2. in article 1, par. 2 No. 2 "§ 2 No. 6 lit. is the reference a Banking Act"with the reference" article 4 para 1 No. 43 of Regulation (EU) No. 575/2013 "replaced.

3. in article 2, par. 2 Z 1 is the phrase "credit institutions within the meaning of § 1 BWG and credit institutions in accordance with § 9 BWG" is replaced by the phrase "credit institutions and CRR credit institutions in accordance with the § § 1 and 1a Banking Act".

4. in article 8, paragraph 1, the reference is "§ 2 Z 3 BWG" the reference "article 4 para 1 point 36 of the Regulation (EU) No. 575/2013" replaced.

5. in article 9, paragraph 1, the phrase is "in accordance with article 12, paragraph 2, 4, 5 and 6 and § 14 para 1 to 4 ZaDiG" by the phrase "in accordance with article 12, paragraph 2, 4, 5 to 7 and § 14 para 1 to 4 ZaDiG" replaced.

6 § 11 para 1 and 2 are:

"(1) the hard core capital pursuant to part 2 title II, Chapter 2 of Regulation (EU) No. 575/2013, at no time less than EUR 350 000 exceed."

"(2) the hard core capital (part 2, title II chapter 2 of Regulation (EU) No. 575/2013) of the electronic money institution may not see the higher decrease in the para 1 and 3 or, case referred to in paragraph 4 first set not on the higher of the amounts referred to in paragraphs 1 and 4, the."

7. in article 14, paragraph 1, the reference is "article 4 paragraph 5 of Directive 2006/48/EC" the reference "article 4 para 1 number 26 of the Regulation (EU) No. 575/2013" replaced.

8. in article 22, paragraph 2, the reference is "section 60 paragraph 2 to 7 ZaDiG" by reference "§ 60 para 2 to 8 ZaDiG" replaced.

9 § 37 para 2 subpara 2 and 7 are:



"2. Directive 2013/36/EC on access to the activity of credit institutions and the supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC, OJ No. L 176 of the 27.6.2013 p. 338;

7 Regulation (EU) No. 575/2013 on supervision requirements for credit institutions and investment firms and for amending the Regulation (EU) No. 648/2012, OJ "No. L 176 of the 27.6.2013 p. 1;"

10 the following paragraph 5 is added to § the 41:

"(5) article 1, paragraph 1 Z 1, § 1, para. 2 Z 2, § 2 para 2 Nos. 1, article 8, paragraph 1, article 9, paragraph 1, article 11, para. 1 and 2, § 14 para 1, § 22 para 2, § 37 para 2 subpara 2 and 7 as amended by Federal Law Gazette I no. 184/2013 with 1 January 2014 into force."

Article 6

Amendment of the financial conglomerates Act


The financial conglomerate law - FKG, Federal Law Gazette I no. 70/2004, amended by Federal Law Gazette I no. 35/2013, is amended as follows:

1 § 2 subpara 1 lit. a is as follows:



"(a) a credit institution under article 4 para 1 No. 1 of the Regulation (EU) No. 575/2013 on supervision requirements for credit institutions and investment firms and for amending the Regulation (EU) No. 648/2012, OJ" "No. L 176 of the 27.6.2013 S. 1, as well as" 2. In section 2, subpara 1 lit. b is the phrase "Article 1a, point 2 of Directive 85/611/EEC (OJ No. L 375 of 31 December 1985, page 3) as amended by Directive 2001/107/EC (OJ (Nr. L 41 vondem 21. Jänner 2002, S. 20) or a company established in a third country, in accordance with article 5 para 1 of the Directive 85/611/EEC "by the phrase"art. 2 par. 1 lit. (b) of Directive 2009/65/EC (OJ No. L 302 of November 17, 2009, p. 32) as amended by the directive of 2011/61/EC (OJ (Nr. L 174 vondem 1. Juli 2011, S. 1) or a company that is established in a third country and in accordance with Directive 2009/65/EC "replaced.

3. in article 2 No. 2 is the phrase "article 6 of Directive 73/239/EEC (OJ No. L 228 of August 16, 1973, p. 3), article 4 of Directive 2002/83/EC (OJ No. L 345 of 5 November 2002, p. 1), or article 1(b) of Directive 98/78/EC (OJ No. L 330 of December 5, 1998, p. 1) "by the phrase" article 13 Z 1, 2 or 3 of Directive 2009/138/EC (OJ "" No. L 335 of December 17, 2009, p. 1) as amended by the directive of 2012/23/EC (OJ No. L 249, September 14, 2012, p. 1) "replaced."

4. in section 2 Z 3 is the phrase "article 1 para 2 of Directive 93/22/EEC (OJ" No. L 141 of 11 June 1993, p. 27) including in article 2 paragraph 4 of Directive 93/6/EEC (OJ (Nr. L 141 vondem 11. Juni 1993, S. 1) referred company. "by the phrase" article 4 para 1 subpara 1 of Directive 2004/39/EC (OJ " No. L 145 of 30 April 2004, p. 1) as amended by the directive 2010/78/EC (OJ (Nr. L 331 vondem 15. Dezember 2010, S. 120), including pursuant to article 4 number 25 of Regulation (EU) would need authorisation no. 575 / 2013 mentioned company, or a company that has its headquarters in a third country and that under Directive 2004/39/EC, when his seat was in a Contracting State. "replaced.

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



"3a."Alternative investment fund managers"a managers of alternative investment funds in accordance with article 4 is 1. "b, l and the policy 2011/61/EC or a company that is established in a third country and 2011/61/EU directive approval would require that, when his seat was in the Union."

6. in section 2 Z 4 is the phrase "article 1(c) of Directive 98/78/EC" by the phrase "article 13 Z 4, 5 or 6 of Directive 2009/138/EC or a special purpose entity in accordance with article 13 Z 26 of Directive 2009/138/EC" replaced.

7 paragraph 2 Z 5:



"5.



"Regulated entity" are credit institutions, insurance companies, reinsurance companies, investment firms and alternative investment fund managers."



8. in article 2, no. 7 lit. a is the phrase "or companies with banking-related ancillary services in accordance with article 1 number 5 and 23 of Directive 2000/12/EC, investment firms or financial institutions referred to in article 1 point 5 of Directive 2000/12/EC" by the phrase "or provider of ancillary services in accordance with article 4 para 1 number 18 of the Regulation (EU) No. 575/2013, investment firms referred to in article 4 paragraph 1 number 2 of the Regulation (EU) No. 575/2013, as well as asset management companies in accordance with article 2 para 1 lit." (b) of Directive 2009/65/EC"is replaced.

9. in section 2, no. 7 lit. b is the phrase "article 1(i) of Directive 98/78/EC" by the phrase "article 13 Z 1, 2, 4, or 5 or of article 212, paragraph 1 lit." Directive 2009/138/EC f"replaced.

10 according to § 2 No. 7 last sentence is the following sentence added:



"An alternative investment fund managers be attributed within the Group of the industry, they belong. They include not only an industry within the group, they are added to the financial sector with the lower percentage."



11. in section 2 Z 9 and Z 10 is the reference "section 244 HGB" by reference "§ 244 UGB" replaced.

12. in section 2 Z 11 is the reference "article 228, paragraph 1 and 2 HGB" the reference "article 228, paragraph 1 and 2 UGB" replaced.

13. in section 2 Z 12 is the phrase "connected" replaced by the phrase "connected, including any subgroups".

14. pursuant to section 2, Z 12 following Z 12a is inserted:



"12a. 'Control' a relationship between a parent undertaking and a subsidiary, in accordance with article 244 is UGB or just any relationship between a natural or legal person and an undertaking."

15 paragraph 2 Z 13:



"13.



"Close connection" is a situation in which two or more natural or legal persons by a control relationship or participation or a situation are linked, in which two or more natural or legal persons by a control relationship is permanently associated with the same person."



16 paragraph 2 Z 14:



"14.



"Financial conglomerate" is a group or subgroup, which is a regulated company at the top of the group or subgroup, or where at least one of the subsidiaries in the group or subgroup is a regulated company, and which satisfies the following conditions:





a)



in the event that a regulated company is at the top of the group or sub-group:





AA)



This company is a parent undertaking of a financial company, a company that holds a stake in a financial company, or a company associated with a company in the financial sector by a relationship in accordance with article 12 para 1 of Directive 83/349/EEC





BB)



at least one of the companies of the group or subgroup is a company of the insurance sector and at least one is a member of the banking and investment services sector and





CC)



the consolidated or aggregated activities of companies operating in the insurance industry the group or subgroup, and in banking and investment services sector make the group or subgroup are each regarded as considerably in accordance with § 3 par. 2 and 3; or





b)



in the event that no supervised company stands at the top of the group or sub-group:





AA)



the business activities of the group or sub-group in accordance with article 3, paragraph 1 focuses on the financial sector,





BB)



at least one of the companies of the group or subgroup is a company of the insurance sector and at least one is a member of the banking and investment services sector and





CC)



the consolidated or aggregated activities of companies operating in the insurance industry the group or subgroup, and in banking and investment services sector make the group or subgroup are each regarded as considerably in accordance with § 3 par. 2 and 3."



17. in paragraph, the phrase "Insurance companies or investment firms" by the phrase "Insurance companies, reinsurance companies, investment firms or alternative investment fund managers" will be replaced 2 Z 16.

18. in article 2, no. 17 lit. (a) is replaced the phrase "the relevant entities in the financial conglomerate supervised" by the phrase "the relevant companies of the financial conglomerate, in particular parent in an industry at the top supervised".

19. in article 2, no. 17 lit. b is the reference (OJ No. L 035 of 11 February 2003, p. 1) "with the reference" (OJ No. L 035 of 11 February 2003, p. 1) as amended by the directive of 2011/89/EC (OJ No. L 326 of the 8th December 2011, p. 113) "replaced."

20. in article 2, no. 17 lit. c is the phrase "this is namely" by the phrase "is up to adopt the article 21a par. 1 lit. (b) of Directive 2002/87/EC of listed technical regulation standards"replaced.

21 paragraph 2 No. 19:



"19 are all loss-risk engagements where the loss potential is large enough,"Risk concentration"to threaten the solvency or the general financial situation of the regulated entities in the financial conglomerate, regardless of whether the risk of failure by a counterparty risk/credit risk, investment risk, insurance risk, market risk, other risks or by a combination of these risks through interactions between such risks is."

22. in article 3, paragraph 1, the reference is "according to § 2 Z 14 sublit. BB".

23. in section 3, paragraph 2 the reference is "according to § 2 No. 14 lit. (c)".

24 paragraph 3 para 3:


"(3) it is even significant sectoral activities assumed if the balance sheet total of the financial sector represented in the group with the lower percentage exceeds EUR 6 billion. The group does not reach the threshold referred to in paragraph 2 but those referred to in the first sentence or the threshold referred to in paragraph 2, but the balance sheet total of the financial sector represented in the group with the lower percentage not exceeding EUR 6 billion, the FMA with the consent of the other relevant competent authorities may decide that the group as a financial conglomerate is or the articles 9 , 10 or 11 do not apply, if it considers that the inclusion of this group within the scope of this Federal Act or regulation (EU) No. 575/2013 or the application of such provisions is not required or would be misleading or inappropriate for the purposes of supplementary supervision. The FMA has to inform the other competent authorities decisions referred to in this paragraph and to make them public, if not extraordinary circumstances."

25 § 3 par. 4 Z 1 is:



"1.



a company in the cases referred to in § 6 paragraph 6 in calculating shares not to take into account, except that the company of a Contracting State to a third State is pulled away and this exit is demonstrably done to evade supervision;"



26. pursuant to § 3 para 4 No. 2 is appended following Z 3:



"3.



one or more investments in the financial sector represented in the group with the lower percentage to exclude, if these investments are overall decisive for classification as a financial conglomerate, of minor importance with regard to the objectives of supplementary supervision only."



27. in article 3, paragraph 5, the phrase "The earnings structure or inefficient balance sheet activities" by the phrase "The earnings structure, balance ineffective activities or total value of the assets under management" is replaced.

28. According to § 3 para 8 the following paragraph 9 is added:

"(9) the FMA has to re-examine the exemptions from the additional supervision each year, and to verify the quantitative indicators and risk-based evaluations applied to the financial groups."

29. in section 4, paragraph 2, the word is omitted "if necessary," and the phrase "so she shall inform the other competent authorities" by the phrase "so she shall inform the other competent authorities and the Joint Committee of European supervisory authorities in accordance with the Regulation (EU) no 1093/2010, of the Regulation (EU) no 1094/2010 and the Regulation (EU) No. 1095/2010" replaced.

30 paragraph 4 section 3:

"(3) the FMA as the authority responsible for the supplementary supervision the parent company at the head of a group or - in the absence of such - the regulated entity with the largest balance sheet total in the financial sector represented in the group with the higher proportion to announce that classified the group as a financial conglomerate. The FMA has to inform the competent authorities which have allowed regulated entity of the group, and the competent authorities of the Contracting State in which the mixed financial holding company has their headquarters, as well as the Joint Committee of European supervisory authorities as the authority responsible for the supplementary supervision."

31. in section 5, the phrase "domestic oversaw EEA companies" by the phrase "supervised companies headquartered in Germany" is in paragraph 1 each and in paragraphs 1 and 4 the phrase "domestic oversaw company" by the phrase "oversaw company headquartered in Germany" replaced.

32. in article 5, paragraph 4, the reference is "§ 2 No. 14 lit. b and c"with the reference"section 2 No. 14 lit. a sublit. BB or lit. b sublit. BB and lit. a sublit. CC, or lit. b sublit. CC"replaced.

33. According to section 5 paragraph 7 the following paragraph 8 is added:

"(8) the cooperation needed by this federal law and after the 3rd section of the 2nd chapter of Directive 2002/87/EC, the perception of the article as well as, where appropriate, the coordination and cooperation with the competent supervisory authorities of third countries in an appropriate manner and in compliance with the obligations to maintain secrecy and of Union law colleges be carried out by tasks referred 11 para 1 to 3 and in article 12 of Directive 2002/87/EC , which were used in accordance with article 116 of Directive 2013/36/EC or article 248 paragraph 2 2009/138/EC. The coordination arrangements referred to in article 11 paragraph 1 UAbs. 2 of Directive 2002/87/EC are to record separately in the written coordination agreements concluded in accordance with article 115 of Directive 2013/36/EC or article 248 of the directive 2009/138/EC. As Chairman one in accordance with article 116 of Directive 2013/36/EC or article 248 paragraph 2 2009/138/EC of the College has to decide which other competent authorities in a meeting or activity of the relevant College to participate the FMA in."

34. 6 para 2 of the comma is replaced in no. 2 § a point and eliminates No. 3.

35. in article 8, paragraph 3 is omitted. In paragraph 4, the reference is "referred to in paragraph 1 Z 4, para 2 Z 4 or § 3 Z 4" by reference "pursuant to par. 1 Z 4 or paragraph 2 Z 4" replaced and it receives the sales designation (3).

36. According to article 11, paragraph 4 the following paragraph 5 is added:

"(5) the supervised companies have at the level of the financial conglomerate annually either completely or by reference to equivalent information to publish a description of its legal structure, as well as governance and organizational structure."

37. pursuant to section 11, 11a the following paragraph with heading shall be inserted:

"Stress tests

section 11a. The FMA as adequate and regular stress tests for financial conglomerates making the agency responsible for the supplementary supervision. The FMA the results of EU-wide stress tests in accordance with article as the authority responsible for the supplementary supervision 9 b para 2 of Directive 2002/87/EC to be communicated to the Joint Committee of European supervisory authorities."

38. § 12 para 3 No. 1 is:



"1.



Companies in the group authorities; supervised the financial conglomerate regulated entities belonging to, not regulated subsidiaries and major branches, the holder of qualified investments on the level of the parent company standing at the top of the, as well as the for the disclosure of the legal structure and the governance and organizational structure of the group, including all"



39. paragraph 12 paragraph 8:

"(8) the FMA has for the purposes of supplementary supervision with the Joint Committee of European supervisory authorities and the Joint Committee of European supervisory authorities in accordance with to work in article 35 of Regulation (EU) no 1093/2010, of the Regulation (EU) no 1094/2010 and the Regulation (EU) No. 1095/2010 procedure all information necessary for the execution of their tasks available to make." "The FMA as the authority responsible for the supplementary supervision the Joint Committee of European supervisory authorities that in article 11, paragraph 4 and article 12 par. 3 No. 1 information to be communicated."

40. in article 14, paragraph 2, the sentence "In addition they have at the level of the financial conglomerate of the FMA details of their legal structure as well as its governance and organizational structure, including all regulated entities, not regulated subsidiaries and major branches, available to provide." is inserted after the first set.

41st the following paragraph 8 is added to paragraph 18:

"(8) § 2 No. 1 to 5, 7, 9 to 14, 16, 17 and 19 § 3 para 1 to 5 and 9, § 4 par. 2 and 3, article 5, paragraph 1, 4 and 8, § 6 par. 2 Z 2, § 8 para 4, § 11 para 5, § 11a, § 12 section 3 Nos. 1 and 8 and § 14 para 2 as amended by Federal Law Gazette I no. 184/2013 with 1 January 2014 into force." I no. 184/2013 become article 6 par. 2 Nos. 3 and § 8 para 3 as amended by the Federal law. at the end of 31 December 2013 override."

Article 7

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. 160/2013, is amended as follows:

1. paragraph 13 together with the heading:

"Financial market stability Panel

Section 13 (1) to strengthen financial stability, reduce system exposure and reduce the risk of systemic and cyclical acting establishes a financial market stability Panel at the Federal Ministry of finance. The members and their alternates shall be appointed by the Federal Government on the proposal of the Federal Minister of finance. The Federal Minister of Finance has to consider the nomination rights in accordance with paragraph 4.

(2) for the purposes of sections 13 to 13B and § 44 c National Bank Act – NBG, BGBl. No. 184/2013 applies as:



1. systemic risk: risk according to § 2 Z 41 BWG.

2. cyclical acting risk: risk within the meaning of article 136 of Directive 2013/36/EC;

3. inventory risk: risk according to section 22 para 1 Banking Act;

4. system risk: risk pursuant to § 22 para 2 BWG.


(3) include the tasks of the financial market stability Panel



1. the discussion of the issues relevant for financial stability, 2. the promotion of cooperation and exchange of opinion of the institutions represented in the Committee in normal and crisis times, 3 expert statements, recommendations and requests relating to inventory risk to institutions and a resulting system risks (§ 22 para 1 and 2 BWG), 4. providing risk advice and recommendations in accordance with section 13a, paragraph 1 and 2, as well as their publication in accordance with section 13a, paragraph 4 , 5. advice on dealing with the warnings and recommendations of the European Committee for systemic risks, 6 an annual reporting to the National Council.

(4) the financial market stability panel consists of



1 technically appropriate two within the meaning of paragraph 3 representatives of the Federal Ministry of finance from the fields of Economics and Finanzmarktaufsichtslegistik nominated of which a person as Chairman and a person as Deputy Chairman of the Committee; the representative must have the necessary for this task experiences with finanzmarktaufsichtslegistischen, macroeconomic and macro-prudential issues together;

2. a professionally appropriate to the meaning of paragraph 3 representatives of the FMA;

3. a professionally appropriate to the meaning of paragraph 3 representatives of the Austrian National Bank;

4. the Chairman of the fiscal Council and 5th member of the fiscal Council to nominate which of the Federal Minister for finance from among the members of the fiscal Council, delegated by the Federal Government is.

For each representative of the mentioned institutions have to appoint a Deputy technically appropriate to the meaning of paragraph 3. The representatives of the members of the fiscal Council are by the Federal Minister of finance from among the members of the fiscal Council, delegated by the Federal Government and for this in accordance with § 1 para 6 of the Federal Act on the establishment of the fiscal Council to nominate sent substitute members. The representatives and their deputies are bound in the exercise of its mandate to any instructions of the institutions sending them.

(5) the Chairman of the financial market stability Panel has to convene the financial market stability Committee at least four times in a calendar year. The financial market stability Panel members may require the short-term Committee convened for important reasons. To meetings the Chairman can consider also external experts in accordance with the agenda item or the order of the day as a consultant.

(6) decisions of the financial market stability Panel be made with a simple majority. Vote deciding chairmanship do end. Decisions on the reports to be submitted in accordance with paragraph 10 are unanimously.

(7) the financial market stability Panel has unanimously to rules of procedure according to its Constitution. Financial market stability Panel members be appointed for the duration of three years, the re-appointment is permissible.

(8) the financial market stability Panel members and any experts



1 are all about them only from their activities in the financial market stability Panel known facts, whose Geheimhaltung in order to maintain the public peace, order and security, external relations, in the economic interests of a corporation of under public law, to prepare a decision or in the overwhelming interest of the parties of an administrative process bidding is committed towards everyone to secrecy;

2. subject to the obligation to maintain banking secrecy as professional secrecy in accordance with article 38, paragraph 1 BWG. The birth of secrecy incumbent on the Federal Minister of finance; § 46 para 2, 3 and 4 of the official service regulations Act 1979, Federal Law Gazette apply no. 333/1979.

(9) the representatives of the FMA financial market stability Board regularly informed about resolutions and other decisions of relevance to the stability of the financial market, the identification of systemic and cyclical-acting risks and instructions on inventory or system risk and provides the necessary published factual clarifications, data and documents upon request.

(10) the financial market stability Panel has to report to an aggregated on the situation and development of financial market stability as well as on its activities during the past calendar year the Finance Committee of the National Council and the Federal Minister of Finance within four months after the end of each calendar year.

(11) the costs of the financial market stability Panel be worn by the Austrian National Bank, which has to provide the necessary staff and expenses. For the membership of the financial market stability Board no reimbursement of expenses is carried out."

2. According to section 13, following articles 13a and 13B together with headings are added:

"Risk guidelines and recommendations

§ 13a. (1) the financial market stability Panel notes risks in the financial sector, which can have a negative repercussion on the stability of the financial market, it has to address these risk notes. Risks for the stability of the financial market are among others building and the change of system risks, the inventory risk to institutions, a possible threat to system or pro-cyclical effect risks. Risk information are to establish in practical terms.

(2) the financial market stability Panel can indicate the FMA in recommendations on risks referred to in paragraph 1 and indicate measures, whose implementation suitable for, and are considered necessary, to avert threats to the stability of the financial market and to curb the emergence of risks referred to in paragraph 1.

(3) the FMA financial market stability Panel possible as soon as possible, to be communicated at the latest within three months, on how it intends to implement a recommendation in accordance with paragraph 2. The FMA has to inform the financial market stability Panel regularly of the status of implementation. If the FMA does not intend to implement the recommendation, she to justify this depth has.

(4) the financial market stability Panel may decide to publish recommendations on the FMA and risk information. Of the intended publication of a recommendation, it has to inform the FMA in advance and be given the opportunity to comment on the FMA. A publication is predictably, if these would seriously endanger the stability of the financial markets.

Messages

§ 13 b. (1) the FMA has the Austrian National Bank to carry out the tasks laid down in § 44c National Bank Act 1984 - NBG, Federal Law Gazette I 1984/50 relevant data of all companies of the financial sector (section 2 Z 7 financial conglomerates Act - FKG, Federal Law Gazette I no. 70/2004) to provide upon request. The Austrian National Bank has this data in the database in accordance with section 79 to set paragraph 4a BWG and can also process. As far as this is appropriate, this data on the part of the FMA can be recorded directly in the database.

(2) the data requested by the Austrian National Bank by the FMA are not available, so the FMA for the purposes of subsection 1 in consultation with the Austrian National Bank with the consent of the Federal Minister of finance can be adjusted a regulation adopted, closer in the following aspects:



1. the District of liable for the respective data;

2. registration deadlines, outlines, content of messages and reporting intervals, taking into account relevant recommendations and guidelines of the European banking authority (EBA) or the European systemic risk (Board ESRB) Committee.

(3) the notifications referred to in paragraph 2 are to repay in a standardised form by means of electronic transmission. The transmission has particular, to conform to the minimum requirements, the FMA after consulting of the Austrian National Bank."

3. in article 14 the following paragraph 4 is added:

"Is the federal equal treatment Act to apply Federal Law Gazette No. 100/1993, (4) for the employees of the company."

4. According to article 16, paragraph 2, the following paragraph 2a is inserted:

"(2a), the FMA is the Federal Minister of Finance on request without delay those data and information to provide for the creation of regulatory projects and for the fulfilment of §§ 17 and 18 of the Federal Budget Act 2013, Federal Law Gazette I no. 139/2009, are necessary."

5. in article 18, paragraph 1, the reference "German Commercial Code - HGB" is replaced by the reference "corporate code – UGB".

6. in article 18, paragraph 2, the reference is "§ 273 HGB" with the reference "section 273 UGB" replaced.

7 the following paragraph 5 is added to in section 22:

"(5) derogation from § 9 ABS. 2 VStG is the appointment of responsible officer for the compliance with the provisions of the laws referred to in article 2, which are threatened with administrative penalty only effective after written notification of the order together with a proof of the consent of the ordered is received by the FMA. This does not apply for the appointment of responsible officer upon request by the authority pursuant to section 9 para 2. VStG"

8 paragraph 22 b paragraph 1:


"(1) tracking in section 98, paragraph 1, 1a and 5 BWG, article 99, paragraph 1 Z 9 and para. 2 BWG, article 66, paragraph 1 ZaDiG, § 67 ABS 11 ZaDiG, article 29, paragraph 1, 3, 4 No. 3 and paragraph 11 E-money law 2010, article 60, paragraph 1 No. 1 AIFMG, § 94 paragraph 1 WAG 2007 and section 95 para 10 WAG 2007, § 48 para 1 Nos. 1 and para. 6 BörseG" , § Violations referred 47 PKG, § 108 paragraph 3 VAG and article 110 VAG, the FMA is entitled to obtain the necessary information by natural and legal persons, as well as by other bodies with legal personality and to process the necessary data; This right includes also the power, in books, to inspect documents and computer disks on the spot and to make extracts thereof."

9 22c paragraph 1 paragraph:

"(1) the FMA can measures or sanctions, that infringements of article 66, paragraph 1 ZaDiG, § 67 ABS 11 ZaDiG, article 29, paragraph 1, 3, 4 No. 3 and paragraph 11 E-money law 2010, article 60, paragraph 1 No. 1 AIFMG, § 94 paragraph 1 WAG 2007 and section 95 para 10 WAG 2007, § 48 para 1 Nos. 1 and para. 6 BörseG, article 47 PKG, § 108 paragraph 3 VAG and article 110 VAG were used" , only in accordance with the Z 1-3 biometrical or publicly announce.



1. in the case of an official act in an ongoing procedure, the FMA has to refrain from naming the names of the affected parties, unless these are already publicly known or there is an overriding interest of the public in the knowledge of these names.

2. in the case of the imposition of a sanction, the FMA can the names of persons or companies against which the sentence was imposed, the names of the companies, for the people are responsible, against which a sentence was imposed, as well as the imposed sanction biometrical or publish. All of the acts after a procedure with notice subject to FMA considered sanctions within the meaning of this provision.

3. the FMA has to refrain from issuing a report about official acts or a related publication, if a) providing the information or the publication of which would seriously endanger the stability of the financial markets, or b) the supply of the information or the publication concerned parties would lead to a disproportionate damage at one of the information or publication, or c) by granting the information proceedings or measures ", which in the public interest are, thwarted, makes it difficult, delayed or endangered be could."

10. in article 22d, paragraph 1 the reference is "article 98, paragraph 1 BWG" by the reference "article 98, paragraph 1 and 1a Banking Act" as well as the reference "article 28, paragraph 1 E-money law 2010" by the reference "article 29, paragraph 1 Bspg 2010" replaced.

10A. the following article 26 d is added after section 26c:

"section 26 d. By way of derogation by article 22, paragraph 5 orders of responsible officer pursuant to section 9 para 2 keep VStG occurred until 31 December 2013, their validity. Without prejudice to the legal effect of the order credit institutions in these cases have however until March 31, 2014 in writing the names and the evidence of the approval of the FMA ordered."

11 25 the following section is added to § the 28:

"(25) sections 13 to 13B and headings, section 14 para 4, § 16 para 2a, § 18 para 1 and 2, § 22 para 5, § 22 para 1, § b 22 c para 1, § 22d (1) and section 26 d, as amended by Federal Law Gazette I no. 184/2013 with 1 January 2014 into force."

Article 8

Amendment of the financial market stability Act

The financial market stability Act - FinStaG, Federal Law Gazette I no. 136/2008, as last amended by Federal Law Gazette I no. 78/2009, is amended as follows:

1 § 2 para 1 No. 3 is:



"3. the granting of loans and injection of funds (part 2 of the Regulation (EU) No. 575/2013) to banks and capital pursuant to § 73b VAG to insurance companies;"

2. According to section 9 10 the following paragraph is added:

"§ 10 section 2 para 1 No. 3 as amended by Federal Law Gazette I no. 184/2013 1 January 2014 into force."

Article 9

Amendment of the financial collateral law

The financial collateral law - FinSG, Federal Law Gazette I no. 117/2003, as last amended by Federal Law Gazette I no. 77/2011, is amended as follows:

1 § 2 para 1 No. 2 is:



"2. overall financial market institutions, central banks, the European Central Bank, the Bank for international settlements, these are multilateral development banks in accordance with article 117 of Regulation (EU) No. 575/2013 on supervision requirements for credit institutions and investment firms and for amending the Regulation (EU) No. 648/2012, OJ" "No. L 176 of the 27.6.2013 S. 1, the International Monetary Fund and the European Investment Bank;"

2. § 2 para 1 No. 3 lit. a is as follows:



"a) credit institutions referred to in article 4 paragraph 1 No. 1 of the Regulation (EU) No. 575/2013 including in article 2 (3) of Directive 2013/36/EC referred to institutions;"

3. in section 2 para 1 No. 3 lit. c is the reference "article 4 No. 5 of Directive 2006/48/EC" with the reference "article 4 para 1 number 26 of the Regulation (EU) No. 575/2013" replaced.

4. in article 3, paragraph 1 Z 15 is the phrase "A credit institution within the meaning of article 4 No. 1 of Directive 2006/48/EC, including those in article 2 of this directive institutes identified" by the phrase "a credit institution within the meaning of article 4 para 1 No. 1 of the Regulation (EU) No. 575/2013, including the one in article 2 paragraph 3 of Directive 2013/36/EU institutions designated" replaced.

5. § 12 the following paragraph 3 is added:

"(3) section 2 para 1 No. 2 and no. 3 lit. I no. 184/2013 a and c, § 3 para 1 Nos. 15 and § 14 para 2 as amended by Federal Law Gazette with 1 January 2014 into force."

6 paragraph 14 paragraph 2:

"(2) as far as referenced in this Federal Act on other directives or regulations, the references refer to the respectively applicable 1 January 2014 version of these directives or regulations."

Article 10

Change of the real estate investment Fund Act

The real estate investment funds act – ImmoInvFG, Federal Law Gazette I no. 80/2003, as last amended by Federal Law Gazette I no. 135/2013, is amended as follows:

1. in article 33, paragraph 1, the reference is "§ 2 Z 37 BWG" with the reference "article 4 para 1 number 92 of the Regulation (EU) No. 575/2013" replaced.

2. in article 35, paragraph 1, the term "EEA credit institution" by the term is "CRR credit institution in accordance with § 1a para 1 No. 1 BWG" replaced.

3. § 44 13 the following paragraph is added:

"(13) I will take no. 184/2013 § 33 (1) and § 35 para 1 as amended by Federal Law Gazette 1 January 2014 effect."

Article 11

Change of the investment fund law 2011

The investment funds act 2011 - 2011 InvFG, Federal Law Gazette I no. 77/2011, last amended by Federal Law Gazette I no. 135/2013, is amended as follows:

1. in article 3, paragraph 1, the phrase is "as well as the Regulation (EU) No. 583/2010 and (EU) No. 584/2010" by the phrase "as well as the Regulation (EU) No. 583/2010, of the Regulation (EU) No 584/2010 and Regulation (EU) No. 575/2013" replaced.

2. in section 6 paragraph 2 Z 5 is the reference "additional own funds (§ 23 para 1 Nos. 1 and 2 BWG)" by reference "additional hard core capital (part 2, title II chapter 2 of Regulation (EU) No. 575/2013)" and the reference "the §§ 22-22q, § 23 para 6, section 26, Article 26a, § 39a as well as § 103 No. 9 lit. b Banking Act"with the reference"the § § 57 para 5, 39a, and 103 Z 9 lit. b BWG and part 3, 5 and 8 of the Regulation (EU) No. 575/2013 "replaced.

3. in article 8, paragraph 2, the reference "section 9 para 2 WAG 2007" by reference "§ 9 par. 5 No. 1 WAG 2007" will be replaced.

4. paragraph 10 section 6:

"(6) management companies have the sections 2, 20 to 21, 25, 28 to 28B, 29 to 30, 35 to 39, 39B, 40-41, 43 to 68, 70, 74 to 76, 81 to 91 and 93 to 93c BWG and parts 2, 4 and 6 of the Regulation (EU) No. 575 / 2013 to comply."

5. in article 10 the following paragraph 7 is added:

"(7) management companies have the sections 2, 20-21, 28-28B, 29 to 30, 35 to 39, 39B, 40-41, 43 to 68, 70, 74 to 76, 81 to 91 and 93 to 93c BWG and parts 2, 4 and 6 of the Regulation (EU) No. 575 / 2013 to comply."

6. in article 74, paragraph 1, the reference is "article 4 No. 5 of Directive 2006/48/EC" the reference "article 4 para 1 number 26 of the Regulation (EU) No. 575/2013" replaced.

7. in article 145, paragraph 4, the phrase is "the Regulation (EU) No. 583/2010 or the Regulation (EU) No. 584/2010" by the phrase "of Regulation (EU) No. 583/2010, of the Regulation (EU) No. 584/2010 or the Regulation (EU) No. 575/2013" replaced.

8. in article 148, paragraph 5, the 1st sentence reads:


"A licence condition in accordance with § 6 subsection 1 pursuant to a licence no longer exists, or violates a management company pursuant to § 5 para 1 regulations in accordance with section 143, paragraph 1 of the Banking Act or an Ordinance issued on the basis of this Federal Act or of the BWG, this Federal Act or a notice or a provision of the Regulation (EU) No. 583 / 2010, of Regulation (EU) No. 584 / 2010 or the Regulation (EU) No. 575 / 2013 or a decisions adopted on the basis of these regulations" ", so, the FMA has measures in section 70 para 4 referred to Z 1 to 3 Banking Act in relation to this management company and to withdraw any concession pursuant to § 5 para 1 or approval in accordance with § 50."

9. in article 150, paragraph 1, the 4th sentence reads:

"The FMA can also any measure or sanction for a violation of this Federal Act, the Banking Act, introduce Regulation (EU) No. 575/2013 or regulations on the basis of this Federal Act or of the BWG mutual or EU regulations adopted by the directive 2009/65/EC, unless such a disclosure does not seriously threaten the stability of the financial markets, would be detrimental to the interests of investors or deals no disproportionate damage to the parties."

10. in paragraph 151, 3a is inserted following Z:



"3a. each appointment of an Aufsichtsratsmitgliedes under indication of fulfilment of the conditions under section 28a para 5 BWG and any changes in the requirements pursuant to article 28a, par. 3 and 5 BWG with existing members of the Board;"

11 paragraph 151 Z 11:



"11 any more than a month continued non-compliance with standards pursuant to § 25 Austrian Banking Act and of articles 89 to 91 and parts 2, 4 and 6 of the Regulation (EU) No. 575/2013 and regulations adopted on the basis of, or decisions;"

12. in paragraph 151, 11a is inserted following Z:



"11a. any more than a month continued non-compliance with standards in accordance with articles 89 to 91 and parts 2, 4 and 6 of the Regulation (EU) No. 575/2013 and regulations adopted on the basis of, or decisions;"

13 the following paragraph 7 is added to § the 190:

"(7) in the case of violation of an obligation under § 151, no. 1 with regard to amendments, Z 4, no. 7 and no. 9 has to see the FMA by the introduction and implementation of administrative penal proceedings, if the not duly reported notification was made up before the FMA has become aware of this violation."

14 § 191 and heading is as follows:

"Violations of the BWG

§ 191. "§§ 96, 97, 98 on paragraph 1, paragraph 1a, para. 2 Z 4a, 5, 8, 10 and 11 in terms of § 44 BWG, article 98 para 3 Z 10, 11a, 12, article 98 para 5a Z 1 to 3 and 6, and article 99, paragraph 1 are Z 3 to 10, 15 and 16, paragraph 2, as well as the sections 99a, 99B, 100 and 101 BWG to apply to management companies."

15 § 196 paragraph 2 No. 2 is:



"2. Directive 2013/36/EC on access to the activity of credit institutions and the supervision of credit institutions and investment firms and amending Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate, OJ No. L 176 of the 27.06.2013, p. 338;"

16. in section 196, paragraph 2, Z 16 is the point replaced with a semicolon at the end and following Z 17 added:



"17 Regulation (EU) No. 575/2013 on supervision requirements for credit institutions and investment firms and for amending the Regulation (EU) No. 648/2012, OJ" "No. L 176 of the 27.6.2013 s 1."

17 the following paragraph 9 is added to § the 200:

"(9) section 3 para 1, § 6 par. 2 Z 5, § 8 para 2, § 10, section 6, section 74, paragraph 1, § 145, para 4, § 148 paragraph 5, article 150, paragraph 1, § 151 Z 3a and 11, section 190, paragraph 7, article 191, including headline and article 196, par. 2 Nos. 2 and 17 in the version of Federal Law Gazette I no. 184/2013 with 1 January 2014 into force." I no. 184/2013 contact § 10 section 7 and section 151 Z 11a in the version of Federal Law Gazette 1 January 2015 in force. I no. 184/2013 become § 10 paragraph 6 and section 151 Z 11 as amended by Federal Law Gazette at the end of 31 December 2014 override."

Article 12

Change of the capital market law

The capital market law – KMG, BGBl. No. 625/1991, amended by Federal Law Gazette I no. 135/2013, is amended as follows:

1. in article 1, paragraph 1 Z 8 "article 4 No. 1 lit. is the reference a of Directive 2006/48/EC"with the reference" article 4 para 1 No. 1 of the Regulation (EU) No. 575/2013 "replaced.

2. in article 8 paragraph 2 No. 4 lit. b is the reference "§ 2 Z 6 Banking Act" by the reference "article 4 para 1 No. 43 of Regulation (EU) No. 575/2013" replaced.

3. in the final part of article 8, paragraph 2, the reference is "§ 273 HGB" with the reference "section 273 UGB" replaced.

4. in article 8, par. 4 and 5, the reference "article 271a HGB" is replaced by the reference "article 271a UGB".

5. in paragraph 14, no. 4 "§§ 268 to 276 HGB" replaced by the reference "paragraphs 268 to 276 UGB" is the reference.

6. in § 14 Z 6 is the reference "article 275 HGB" by the reference "§ 275 UGB" replaced.

7 article 19 18 the following paragraph is added:

"(18) article 1, paragraph 1 Z 8, § 8 para 2, § 8 para 4 and 5 and § 14 Nos. 4 and 6 as amended by Federal Law Gazette I no. 184/2013 with 1 January 2014 into force."

Article 13

Amendment to the National Bank Act 1984

The National Bank Act 1984 - NBG, BGBl 50/1984, as last amended by Federal Law Gazette I no. 64/2013, is amended as follows:

1. in section 38 the following paragraph 4 is added:

"Is the federal equal treatment Act to apply Federal Law Gazette No. 100/1993, (4) for the staff of the Bank."

2. According to § 44, b is inserted the following section 44 c together with the heading:

"Maintaining the stability of the financial market

§ 44c. The Austrian National Bank contributes 44B domestically without prejudice to § to maintain financial market stability, reduction of system risk 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 hazards that may affect the stability of the financial market, 2. informs the financial market stability Panel observations and findings fundamental nature or particular importance and on request are the necessary published factual clarifications, documentation available provides and opinion that creates 3. financial market stability Panel making recommendations to the FMA (section 13a of the financial market Authority Act (FMABG) (, BGBl. Nr. 97/2001) and risk information suggests, 4. analyzes the implementation of the FMA and their assessment informs the financial market stability Panel, 5 annually prepares a report on the situation and the development of financial market stability and to fulfil its reporting obligations in accordance with § 13 para 10 FMABG provides financial market stability Panel. "

The following paragraph 9 is added to § 3. 89:

"(9) I will take no. 184/2013 section 38 (4) and section 44 c in the version of Federal Law Gazette 1 January 2014 effect."

Article 14

Amendment to the Bank Act

The Savings Bank Act - SpG, Federal Law Gazette No. 64/1979, as last amended by Federal Law Gazette I no. 152/2009, is amended as follows:

1. in article 1, paragraph 1, the phrase "Merchants within the meaning of the German commercial code" is replaced by the phrase "Companies under legal form pursuant to section 2 of the companies code".

2. paragraph 1 paragraph 2:

"(2) communities, savings bank associations and other legal and natural persons are generally excluded from a share in the assets or win a savings bank. You can contact the gain or loss only on own resources-capable instruments, that the requirements of part 2 of the Regulation (EU) No. 575/2013 and participate in the assets only with instruments which meet the requirements on core capital pursuant to article 25 of Regulation (EU) No. 575/2013."

3. paragraph 17 para 3:

"(3) the decisions of the Governing Board for the contribution of the company or the banking part of operation in accordance with § 92 BWG in a Sparkassen Aktiengesellschaft, as well as the taking of eligible own funds instruments, the meet the requirements pursuant to part 2 title II, Chapter 4 of Regulation (EU) No. 575/2013, require the approval of the Board of the savings bank."

4. in article 19, paragraph 1 the term replaced "business law" "handelsgesetzlichen" with the term.



5. § 22 para 1 and 2 are:



"(1) the Bank has to create an annual financial statements (balance sheet, profit and loss account and annex) and the management report for each fiscal year. The after formation of the liability reserve (§ 57 para 5 BWG) is resulting profit plus a profit brought forward, less of a loss carried forward, after allocation of dividends for instruments that participate in the profit or loss in accordance with section 1, paragraph 2, to feed the security reserve, permissible under the provisions of einkommensteuerlichen reserves and reserves for special operational purposes of the Sparkasse (special reserve) or to present to new account. The initial capital of the Bank and the bound reserve pursuant to section 229 (UGB) are assimilated the security reserve.


(2) in addition to the reserves referred to in paragraph 1, also a reserve for purposes of the general public (dedication reserve) can be made. Those percent percent of the profit is permitted to a maximum the dedication reserve, to the existing eligible own funds top the capital adequacy requirements referred to in article 92 of the Regulation (EU) No. 575/2013; This amount must not exceed 30 vH of profit."

6. in article 27a, paragraph 6, the term "HGB" is replaced by the term "UGB".

7 11 the following paragraph is added to in section 42:

"(11) § 1 para 1 and 2, article 17, para. 3, article 19, paragraph 1, article 22, paragraph 1 and 2, § 27a para 6 and § 9 para 1 to 3 of the annex to section 24 amended by Federal Law Gazette I no. 184/2013 with 1 January 2014 into force."

8. in the appendix to article 24, the term "HGB" is replaced in § 9 para 1, 2 and 3 each by the term "UGB".

Article 15

Amend the stability levy Act

The stability levy Act - StabAbgG, Federal Law Gazette I no 111/2010, as last amended by Federal Law Gazette I no. 22/2012, is amended as follows:

1 § 2 para 2 first sentence reads:

"The average non-consolidated balance sheet sum calculated from the arithmetic average for the first three quarter of the fiscal year breakdown of the capital and group solvency submitted, within the framework of the reporting system (section 74 BWG) is determined, and the balance sheet total of the financial statements of the fiscal year."

2. § 2 para 2 No. 3 is:



"3. obligations to banks, as far as arising out of the performance of the liquidity requirement according to § 25 BWG. "A reduction is only in the extent permitted, as exposures to the Central Institute or another credit institution in accordance with § 27a of the Banking Act, which fulfil own liquidity obligation according to § 25 BWG serve and the Central Institute or other credit institution in accordance with § 27a of the Banking Act of levy in accordance with this federal law or a similar tax in a Member State (article 2 Z 5 BWG) subject to;"

3. According to § 2 para 2, no. 3 following Z 3a is inserted:



"3a. obligations to banks, as far as this emerged out of the performance of the liquidity requirement pursuant to part 6 of the Regulation (EU) No. 575/2013 are. "A reduction is only in the extent permitted, as exposures to the Central Institute or another credit institution in accordance with § 27a of the BWG, the performance of own liquidity position duty pursuant to part 6 of the Regulation (EU) No. 575 / 2013 serve and the central institution or other credit institution in accordance with § 27a of the Banking Act of levy in accordance with this federal law or a similar tax in a Member State (article 2 Z 5 BWG) subject to;"



4. § 4 para 2 first to third set are:



"Base is the business volume all the trading book according to article 102 of Regulation (EU) No. 575/2013 of associated derivatives in accordance with annex II of to Regulation (EU) 575/2013 plus all options in the trading book were selling." The volume of business is to calculate para. 2 of the Regulation (EU) No. 575/2013 at face value in accordance with article 94. Are not covered books in accordance with article 94 of Regulation (EU) No. 575/2013."

5. § 9 receives the sales designation (1) and the following paragraph 2 is added:

"(2) section 2, paragraph 2, first sentence, and Nos. 3 and § 4 para 2 as amended by Federal Law Gazette I no. 184/2013 with 1 January 2014 into force." § 2 para 2 Z 3a in the version of Federal Law Gazette I no. 184/2013 effective with January 1, 2015. § 2 para 2 Z 3 as amended by Federal Law Gazette I no. 184/2013 comes at the end of 31 December 2014 override."

Article 16

Amendment of the securities supervision Act 2007

The securities supervision Act 2007 - WAG 2007, Federal Law Gazette I no. 60/2007, amended by the Federal Act Federal Law Gazette I no. 135/2013, is amended as follows:

1. in the table of contents the following entry is inserted in the main piece of 1 1 section after the entry for section 4:

'Section 4a. Value paper Group of companies"2. In the table of contents the following entry is inserted in the main piece of 1 1 section after the entry for section 9:

"9a. procedures for the exemption of group member institutions ' 3. In § 1, 1a is inserted after Z 1 following Z:



"1a. CRR investment firm: investment firm referred to in article 4 paragraph 1 paragraph 2 of the Regulation (EU) No. 575/2013;"

4. paragraph 1 Z 16:



"16th Member State of origin for securities firms, which do not CRR investment firms (§ 1 Z 1 a) (are: a) if they are natural persons: the Member State in which they have their head office;"

"(b) if they are legal entities: the Member State where they have their statutory seat, or, if they have no registered office in accordance with the applicable national law, the Member State in which its seat is located;"

5. paragraph 1 No. 21:



"21st Branch Office: for investment firms which do not CRR investment companies (§ 1 Z 1a) are, a place of business which is legally imputed part of an investment firm and immediately provides investment services or investment activities or exercises, arising from the activities of the investment firm, and ancillary services in addition, but not only can be exercised;" all offices of an investment firm in the same Member State, its registered office or head office in another Member State are considered a single branch."

6 § 1 Z 22 to 25 are:



"22 qualifying holdings: for investment firms which do not CRR investment companies (§ 1 Z 1a) are the direct or indirect holding of at least 10vH of the capital or of the voting rights in a company or the possibility of carrying out a significant influence over its management;" in determining the voting rights section 91 is a Stock Exchange Act to apply 1989, whereby in the case of §§ 11-11 b this Federal Act voting rights or capital shares, the investment firms or credit institutions as a result of a takeover of the issuance of financial instruments or placement of financial instruments with fixed transfer obligation within the meaning of no. 2 lit para 1a para 2a in conjunction with sections 92 and 92a para 2 and 3. f keep, not to take into account are provided, these rights are not exercised or otherwise used to intervene in the management of the issuer and will be sold within one year from the date of purchase.

23 parent company: for firms that do not CRR investment companies (§ 1 Z 1 a) are parent undertaking in accordance with article 244, paragraph 1 and in accordance with the following 2 UGB provisions: a) the legal form and the seat are not taken into account;

(b) the provisions of § 244 paragraph 4 and 5 of the commercial code shall apply;

(c) the participation concept of article 4 para 1 point 35 of the Regulation (EU) No. 575/2013 is to apply.

24. subsidiary company: for firms that do not CRR investment firms (§ 1 Z 1 a) are subsidiaries pursuant to section 244, paragraph 1 and in accordance with the following 2 UGB provisions: a) the legal form and the seat are not taken into account;

(b) the provisions of § 244 paragraph 4 and 5 of the commercial code shall apply;

"(c) the participation concept of article 4 para 1 point 35 of the Regulation (EU) No. 575/2013 is to apply;"

25 close links: for securities firms, which do not CRR investment firms (§ 1 Z 1 a) are in a situation in which two or more natural or legal persons are linked by a) immediate holding of a stake, b) the existence of a relationship between parent and subsidiary; Here is any subsidiary of a subsidiary, as a subsidiary of the parent company, which is at the top of these companies;

in the case he lit. b can be established through control according to Z 26 the relationship; a situation in which two or more natural or legal persons are permanently connected with one and the same person by a control relationship, also considered the close link between such persons."

7. in article 3, paragraph 5, the term "Equity" is replaced by the term "Initial capital" Z 2.

8 § 3 para 5 No. 6 is:



"6. the requirements pursuant to § 5 para 1 No. 2 to 4a, 6, 7, 9 and 10 to 14 BWG exist."

9 § 3 par. 6, first sentence, is:

"The initial capital, an investment firm includes only in article 26 paragraph 1 lit. "a to e of Regulation (EU) No. 575 / 2013-led components and has to be at least:"

10. in article 4, paragraph 1, first sentence, the phrase is "revenues of the company EUR 730 000" by the phrase "sales revenues of the company from investment services 2 million euro" replaced.

11 § 4 para 2 No. 3 is:



"3. the obligation referred to in § 9 par. 5."

12 pursuant to section 4, the following section 4a and heading shall be inserted:

"Value paper Group of companies

Section 4a. (1) a value paper group exists, if no credit institution group and is a parent investment firm or CRR investment firm, a parent financial holding company or mixed financial holding company headquartered in Germany at one or more investment firms, CRR investment firms, credit institutions, CRR credit institutions, financial institutions, CRR financial institutions or providers of ancillary services (subordinate institutions) with seat in the domestic or foreign



1.

is mostly indirectly or directly involved in, 2. the majority of the voting has, 3. has the right to appoint the majority of the members of the administrative, management or supervisory body or dismissing, 4. has the right to exercise a dominant influence, exerts influence actually controlling 5, 6 on the basis of a contract with one or more shareholders of the company has the right to decide , such as the voting rights of the shareholders, as far as they are required with its own voting rights to achieve a majority of all votes cast, in order or dismissal of the majority of the members of the managerial or to exercise a supervisory body or 7 holds directly or indirectly at least 20 vH of the voting rights or of the capital of the subordinate Institute, and this investment is managed by a group-affiliated company together with one or more companies , which are not the value paper Group of companies.

Even companies that are recognized as non-profit building associations, and companies that constantly are excluded from the application of the directives applicable to investment firms referred to in article 2 of Directive 2013/36/EC are considered financial institutions within the meaning of this provision. Central banks of the Member States are not considered to be financial institutions.

(2) in addition to paragraph 1 a value paper group exists when a parent financial holding company, parent mixed financial holding company, EU parent financial holding company, mixed EU parent financial holding company, or mixed holding company has its seat in another Member State and



1. This company at least an investment firm headquartered in Germany is subordinate (par. 1 Z 1 to 7), 2nd of the group but belongs to no CRR investment firm approved in a Member State, which has its headquarters in the country of domicile of the holding company, as Central Institute, and the investment firm headquartered in Germany 3 has a higher balance sheet total as any other group members CRR investment firm approved in a Member State; in same high assets decides who first received approval.

Classification as a value paper Group of companies in terms of the relative importance of the activities of an investment firm in Germany is inappropriate, the FMA of the 1st and 2nd subparagraph refrain of the application and in accordance with § 77 para 4 b Z transferred the tasks and responsibilities to another authority 2 BWG. The FMA is the parent institution of the EU, the EU parent financial holding company, the joint EU parent financial holding company, the joint holding company or the institution with the largest balance sheet total prior to the adoption of the relevant decision opportunity to comment. "The FMA informed the European Commission and the EBA by one in accordance with article 111 paragraph 5 of Directive 2013/36/EU decision."

(3) a value paper Group of companies does not exist with regard to the following parent Institute:



1 the investment firm headquartered in Germany is subordinate; an other investment firm headquartered in Germany at the same time

2. the parent financial holding company, parent mixed financial holding company or mixed holding company headquartered in Switzerland is issued at the same time Institute a CRR investment firm.

(4) parent investment firm of a value paper group is those investment firm headquartered in Germany, who himself is subordinate to any other group affiliated investment firm headquartered in Germany. Several investment firms comply with this requirement, as the one considered by them parent investment firm, which has the highest balance sheet total.

(5) the parent investment firm is responsible for the compliance with the provisions of this Federal Act, that apply to the paper Group of value of. § 30 para are 3, 7 to 10 BWG to apply by analogy."

13 paragraph 6:

"6. (1) the following provisions of the BWG for credit institutions apply to investment firms and investment service providers: § 21 para 1 Nos. 1, 3 and 5 to 7 and para. 2 and 3, §§ 39, 40, 40a, 40B, 40 d and 41, § 73 para 1 No. 1 to 7 and 11, section 78 para. 8 and 9 and § 96."

(2) apply in addition to paragraph 1 on CRR investment firms the following provisions of the BWG: § 5 par. 1 Z 6 to 9a, section 28a para 5 Z 1 to 5, § 10 para 4, § 15, § 39a, § § 39 c, section 39B, 39 b, § 64 paragraph 1 Nos. 18 and 19, § 65a, § 69 para 2 to 3 b, section 69 b paragraph 3, section 70 para 4 to 4 d, section 73, paragraph 1 Z 8 "That section 98, para 5, § 98 para 5a Z 3 to 10, § 99c and 99 section d in terms of article 98, paragraph 5 and article 98 para 5a Z 3 to 10 BWG, 99c 99 g and Appendix to § 39 b."

14 § 9 is as follows:

"Paragraph 2 to 7 includes § 9 (1) for the purposes of term 'Investment firm' by way of derogation from § 3 are not investment firms, the CRR investment firms that still companies in accordance with article 4 paragraph 1 paragraph 2 lit. c of Regulation (EU) No. 575/2013, the investment services or investment activities in accordance with no. 2 or 4 of section A of annex I of to Directive 2004/39/EC to offer.

(2) investment firms and investment service providers must keep at all times sufficient capital.

(3) equity consists of the article 26 paragraph 1 lit. a to e of Regulation (EU) No. 575 / 2013-led components.

(4) investment firms and investment service providers have the initial capital required for licensing as minimum capital, or that pursuant to § 4 paragraph 2 Z to maintain 2 required professional indemnity insurance to keep.

(5) investment firms have equity in the amount of



1 25% of fixed overheads of the last adopted annual financial statements in accordance with paragraph 6 or 2. 8 per cent of the sum of the article 92 para 3 lit. a post headed to d and f of Regulation (EU), to keep paragraph 4 of Regulation (EU) if the own funds requirement calculated according to Z 1 or 2 is higher than the amount set forth in subsection 4 after application of article 92 No. 575/2013 No. 575/2013. In accordance with no. 1 as well as the own funds requirement calculated in accordance with no. 2 is higher than the amount set out in paragraph 4, the investment firm has to comply with the higher the capital requirements calculated in accordance with such as 1 or 2.

(6) operating expenses are considered fixed overheads (annex 2 to § 43 Austrian Banking Act, part 2, position III), which are independent of the degree of employment of the investment firm, and which do not directly; allocated to the individual cost objects (products) for securities firms, which conduct their business activities for less than a year, the fixed overhead costs provided for in the business plan are to be used.

(7) decreases the equity capital due to a payment of compensation in accordance with section 76 in the extent required pursuant to subsection 3 or 4, as the investment company has to meet the capital requirement provided for in accordance with paragraph 3 or 4 at the latest within the following three financial years."

15. According to article 9, the following section 9a and heading shall be inserted:

"Procedures for the exemption of group member institutions

section 9a. (1) the exemption of group member institutions of a value paper Group of companies (Section 4a) in accordance with article 14 of Regulation (EU) No. 575/2013 on Institute-specific basis requires the approval of the FMA.

(2) appropriate documentation are the application of a credit institution, an investment firm or a parent parent company for an exemption referred to in paragraph 1 to include, which prove the existence of the conditions for an exemption under article 14 of the Regulation (EU) No. 575/2013.

(3) the FMA has an advisory statement from the Austrian National Bank on the existence of the conditions in accordance with article 14 of the Regulation (EU) No. 575/2013 to obtain in the proceedings referred to in paragraph 1.

(4) the permit for the exemption referred to in paragraph 1 shall be granted, if the fulfilment of the requirements laid down in article 14 of Regulation (EU) No. 575/2013 sufficient evidence.

(5) members of the group have institutions referred to in para 1 or parent parent companies the FMA and Oesterreichische Nationalbank immediately in writing the omission of one or more requirements in accordance with article 14 of Regulation (EU) No. display 575/2013 and the non-compliance with requirements set out in decisions and conditions to ensure these requirements, to submit a plan of the indicating that the aforementioned requirements within a reasonable time complied again or to prove ", that the deviations from these requirements have no significant environmental impact."

16. in section 11a (4) Z 2 replaces the reference is "Directive 2006/48/EC" the reference "Directive 2013/36/EC".

17. in article 11, the reference "2002/87/EC, 2006/48/EC and 2006/49/EC" with the reference "2002/87/EC and 2013/36/EC" is replaced b paragraph 1 Z 4.

18. in article 12, paragraph 7, the reference is "article 20 para 2 and 3 and article 46 paragraph 1 of Directive 2006/49/EC" the reference "article 95 of Regulation (EU) No. 575/2013" replaced.

19. in article 31, paragraph 1, the reference "Directive 2006/48/EC" is replaced by the reference "Directive 2013/36/EC" Z 2.

20. in article 31, paragraph 2 the reference "Directive 2006/48/EC" is replaced by the reference "Directive 2013/36/EC".

21. in article 49, paragraph 3, the reference is "§ 2 No. 35 lit. a and b BWG"with the reference" article 3 par. 2 Z 30 InvFG 2011 "replaced.

22. in article 58, paragraph 2 No. 3 eliminates the reference "according to § 2 Z 5a BWG".


23. in article 58, paragraph 2 Z 4 is the reference "section 2 Z 9a BWG" the reference "article 4 para 1 number 24 of the Regulation (EU) No. 575/2013" replaced.

24 paragraph 91 section 1:

"(1), the FMA is complying with this Federal Act and, where applicable, of the Regulation (EU) No. 575/2013, by"



1. investment firms, 2. investment services providers, 3. credit institutions in accordance with § 1 para 1 Banking Act with regard to the 2nd and 3rd main piece of this Federal Act, 4. credit institutions and financial institutions from the Member States in accordance with the articles 9 ff Banking Act in terms of sections 36 and 38 to 59, 61 to 66 and 69 to 71, 5. investment firms from Member States in accordance with § 12 para 1, the activities in Austria about a branch exercise, in terms of articles 36 and 38 to 59 , 61 to 66 and 69 to 71 of this Federal Act and of sections 34 to 38, 40, 40a, 40B, 40 d, 41 and article 93 paragraph 8a BWG, 6 recognized investment undertakings established in a third country, local companies and working on an Austrian Stock Exchange members of a matchmaking (§ 15 para 5 BörseG), with regard to the 2nd and 3rd main piece and §§ 39 para 3, 40, 40a, 40B , 40 d and 41 BWG, 7 insurance companies within the framework of § 2 para 2 and 8 management companies pursuant to § 5 para 1 2011 in the context of § 2 para 3 InvFG.

to monitor and to take into account the national economic interest in a functioning capital market and on the interests of investors."

25 in section 91 paragraph 2 Z 3 is the reference "§ 2 Z 9 BWG" the reference "article 4 para 1 No. 40 of Regulation (EU) No. 575/2013" and the reference "Directive 2006/49/EC" is replaced by the reference "Directive 2013/36/EC".

26 § 93 par. 2 No. 1 is:



"1. a substantial violation of the Regulation (EC) No. 1287 / 2006 or, where applicable, against the Regulation (EU) No. 575/2013 or present against on the basis of the Regulation (EU) No. 575/2013 of adopted regulations or decisions or" 27. 12 the following paragraph is added to article 95:

"(12) in the case of breach of an obligation in accordance with § 11 para 4, § 13 paragraph 7 and section 6, paragraph 1 of the Federal Act in conjunction with article 73, paragraph 1 Z 1 Banking Act with regard to amendments to the statutes and article 73, paragraph 1 Z 4, Nos. 7 and Z 11 BWG has to see the FMA by the introduction and implementation of administrative penal proceedings, if the not duly reported notification was made up before the FMA has become aware of this violation."

28. in article 98, paragraph 4, the reference "Directive 2006/49/EC" is replaced by the reference "Directive 2013/36/EC" Z 1.

29 paragraph 4 deleted § 104.

30 18 the following paragraph is added to the section 108.

"(18) the contents of the sections 4a and 9a, section 1 Z 1a, 16, 21 and 25, § 3 para 5 Nos. 2 and 6 and subsection 6, § 4 par. 1 and 2 Z 3, Section 4a, section 6, § 9, § 9a § 11a paragraph 4 No. 2, § 11b paragraph 1 Z 4, § 12 section 7, article 31, paragraph 1 subpara 2 and para 2, § 49 para 3" , Section 58 subsection 2 Nos. 3 and 4, article 91, paragraph 1 and paragraph 2 Z 3, § 93 par. 2 Z 1, § 95 paragraph 12, section 98, para 4 No. 1 as amended by Federal Law Gazette I no. 184/2013 with 1 January 2014 into force. Article 104 para 4 is omitted at the end of 31 December 2013."

Article 17

Amendment of the payment services act

The payment Services Act - ZaDiG, Federal Law Gazette I no. 66/2009, last amended by Federal Law Gazette I no. 70/2013, is amended as follows:

1. in article 1, par. 3 Z 1 is the phrase "credit institutions within the meaning of § 1 Bankwesengesetz - BWG, BGBl. No. 532/1993, as well as credit institutions pursuant to § 9 BWG," by the phrase "credit institutions and CRR credit institutions referred to in § 1 and § 1a Z 1 Bankwesengesetz - BWG, BGBl. No. 532/1993," replaced.

2. in article 2, par. 2 Z 1 is the phrase "credit institutions within the meaning of § 1 BWG and credit institutions, in accordance with § 9 BWG," by the phrase "credit institutions and CRR credit institutions referred to in § 1 and § 1a Z 1 BWG," replaced.

3. in article 2, par. 2 Z 2 is the reference (§ 2 No. 6 lit. a BWG) "by the reference"(Art. 4 Nummer 43 der Verordnung (EU) No. 575/2013) "replaced."

4. in § 3 Z 27 is the reference "section 2 Z 2 BWG" by the reference "article 4 para 1 point 35 of the Regulation (EU) No. 575/2013" replaced.

5. the final part is in section 3:

"Incidentally, the term provisions of the BWG, apply this federal law not expressly otherwise unless otherwise provided, the WAG 2007 and Regulation (EC) no 1287/2006, Regulation (EC) no 924/2009 and Regulation (EU) No. 575/2013."

6. in article 7, paragraph 1 Z 5 is the reference "section 2 Z 28 BWG" with the reference "article 4 number 38 of the Regulation (EU) No. 575/2013" replaced.

7. in article 7, paragraph 1 Z 7 is the term group "the components pursuant to § 23 paragraph 1 Z 1 and 2 BWG comprises" "Hard core capital pursuant to part 2 title II, Chapter 2 of Regulation (EU) No. 575/2013 includes" replaced by the term group.

8 § 7 para 2 subpara 2 is:



"2. the competent authority of the home Member State, if a shareholder or a shareholder of a qualified holds equity interest at the payment institution, in the home Member State as the credit institution under article 4 para 1 No. 1 of the Regulation (EU) No. 575/2013, as asset management company in accordance with article 2 point 5 of Directive 2002/87/EC, as the securities firm, as an electronic money institution within the meaning of article 1 para. 1 b of the directive 2009/110/EC" , is approved as insurance companies or as a payment institution to consult; and"9. In article 11, paragraph 2, the reference is "§ 21 para 1a to 3 BWG" by reference "§ 21 para 1 to 3 BWG" replaced.

10. the introductory part of article 15, paragraph 1 reads:

"The hard core capital pursuant to part 2 title II, Chapter 2 of Regulation (EU) No. 575/2013, may be at any time of less than:"

11 paragraph 15 paragraph 2:

"(2) the hard core capital pursuant to part 2 title II, Chapter 2 of Regulation (EU) No. 575/2013 may not see the higher of the amounts referred to in paragraphs 1 and § 16 drop."

12 § 19 para 3 Z 5 is:



"5. as far as the concession includes the possibility of credit (§ 1 para 2 Z 3, 4 or 6), an adequate risk management system with regard to credit risk (article 107 of Regulation (EU) No. 575/2013);"

13. in article 25, paragraph 1, the phrase is "financial institutions within the meaning of article 4 paragraph 5 of Directive 2006/48/EC" by the phrase "financial institutions within the meaning of article 4 paragraph 1 number 26 of the Regulation (EU) No. 575/2013" replaced.

14 12 the following paragraph is added to section the 67:

"(12) in the case of violation of an obligation according to § 10 paragraph 3, article 11, paragraph 1 Z 1 with respect to amendments, no. 4, no. 7 and Z 10 and § 11 paragraph 2 with regard to article 20, para. 3 Banking Act has to refrain the FMA from the introduction and implementation of administrative criminal proceedings, if the not duly reported notification was made up before the FMA or the Austrian National Bank gained knowledge from this downfall."

15 § 76 para 2 subpara 2 is:



"2. Directive 2013/36/EC on access to the activity of credit institutions and the supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC, OJ "No. L 176 of the 27.6.2013 S. 338;"

16 § 76 para 2 Z 8 is:



"8 Regulation (EU) No. 575/2013 on supervision requirements for credit institutions and investment firms and for amending the Regulation (EU) No. 648/2012, OJ" "No. L 176 of the 27.6.2013 p. 1;"

17 11 the following paragraph is added to article the 79:

"(11) § 1 para. 3 Z 1, § 2 para 2 Nos. 1 and 2, article 3, article 7, paragraph 1 Nos. 5 and 7 and para. 2 Z 2, section 11, paragraph 2, article 15, paragraph 1 and 2, article 19, para. 3 Z 5, § 25 para 1, § 67 ABS 12 and section 76 para 2 subpara 2 and 8 in the version of Federal Law Gazette I no. 184/2013 with 1 January 2014 into force."

Article 18

Amendment of the Pension Fund Act

The pension fund law - PKG, BGBl. No. 281/1990, as last amended by Federal Law Gazette I no. 54/2013, is amended as follows:

1. the following paragraph 8 is added to in article 12:

"(8) in an ERF and a VRG with sub-VG pursuant to para 6 pension company commitments can be managed both with and without ways of change of in accordance with paragraph 7."

2. in Article 12a, paragraph 1 subpara 1 lit. the word "unlimited" accounts for b.

The following paragraph 7 is added to § 3. 12a:

"(7) unless the beneficiaries of a pension company commitment with minimum yield guarantee a change in the security VRG pursuant to par. 2 explains it in the pension company contract as well as in the collective agreement, in the operating agreement or the agreement in accordance with contract pattern according to the operating pension law as well as in the declaration pursuant to article 3 paragraph 2 requires PKVG or a similar state provision of any agreement on the exclusion of the minimum yield guarantee pursuant to § 2 para 1. A possible performance from the minimum income guarantee is a change with retrieval of the pension fund performance in determining Z 2 guarantee first month pension referred to in paragraph 1 to take into account. When a change referred to in paragraph 3 has to guarantee the minimum yield, new starting the calculation period pursuant to § 2 para 2 to 4. the Pension Fund"

4. paragraph 19B paragraph 2 No. 4:



"4. with regard to a transfer in a safety VRG (section 12a paragraph 2) a)

"die voraussichtliche Höhe der garantierten ersten Monatspension, b) the modalities of the valorisation of the guaranteed first month pension, c) the investment strategy and income opportunities and risks, d) the effects of a change from a pension company commitment with minimum income guarantee in the safety VRG, e) the amount of the remuneration for the investment of the assets of security VRG pursuant to section 16a para 4a and f) a particularly highlighted note on the fate of the beneficiaries in the security VRG for termination of the Pension Fund contract;"

5. in article 23, paragraph 1 Z 3a is the reference "Article 22a Banking Act" by reference "part 3, title II chapter 2 of Regulation (EU) No. 575/2013" replaced.

6 § 25 para 1 No. 5 lit. a is as follows:



"(a) on a regulated market in accordance with article 4 para 1 No. 575/2013 note number 92 of the Regulation (EU) or traded or" 7. In § 27 para 5 Z 2b is the phrase "election proposals in accordance with Z 2 b" is replaced by the phrase "Election proposals in accordance with Z 2a".

8 paragraph 33 section 8:

"(8) the FMA may by their measures taken after paragraph 4, 5 and 6, as well as sanctions for a violation of this Federal Act or on the basis of this Federal Act of mutual regulations by proclamation in the Internet, print in the"Amtsblatt zur Wiener Zeitung"or make known in a newspaper with circulation in the entire Federal territory. Publications of measures according to paragraph 6 may be made but only Z 1, if this is necessary and proportionate in terms of possible disadvantages of the person concerned to the type and severity of the violation to the public. This publication measures may be taken also cumulative."

9 be inserted following paragraph 8a and 8B according to § 33 paragraph 8:

"(8a) the FMA may by proclamation in the Internet, print in the"Amtsblatt zur Wiener Zeitung"or in a newspaper with circulation in the whole country, inform the public, that is a particular natural or legal person (person) for the operation of the pension fund business (§ 1 para 2) is not authorized unless this person has given rise and a public information is necessary and proportionate in terms of possible disadvantages of the person concerned." This publication measures may be taken also cumulatively. This person must be clearly identifiable in the publication; for this purpose may, if known of the FMA, also business address or home address and company registration number, Internet address, telephone number and fax number specified.

(8B) the publication concerned can a review of the legality of the publication referred to in paragraph 8 or 8a in an administrative decision to be procedure by the FMA request. The FMA has announced the initiation of such proceedings in the same way in this case to make. Is the illegality of the publication is determined in the context of the review, the FMA has the publication to set or to revoke either at the request of the person concerned, or to remove from the website. In proceedings before the courts of public law on suspensive effect attributed to a complaint against an administrative decision, which had made known pursuant to paragraph 7, so the FMA has known this in the same way to make. The publication is to set or to revoke either at the request of the person concerned, or to remove, if the notice is lifted from the website."

10 No. 1 the following sentence is added to § 49 para 2:

"Unless the beneficiaries of a pension company commitment with minimum yield guarantee a change in the security VRG according to lit. b explains, it is in the Pension Fund contract as well as in the collective agreement, in the operating agreement or the agreement in accordance with contract pattern according to the operating pension law as well as in the declaration pursuant to § 3 para 2 PKVG or a similar state provision of any agreement on the exclusion of the minimum yield guarantee pursuant to § 2 para 1."

11 38 the following paragraph is added to article the 51:

"(38) § 23 para 1 No. 3a, § 25 para 1 sub-para. 5 lit." "a, § 27 para 5 Z 2b and § 33 paragraph 8 to 8b in the version of Federal Law Gazette I no. 184/2013 with 1 January 2014 into force."

Article 19

Change of company employees and self-employed persons Pension Act

The operational staff and self-employed persons Pension Act - BMSVG, Federal Law Gazette I no. 100/2002, as last amended by Federal Law Gazette I no. 138/2013, is amended as follows:

1. § 20 para 1 is as follows:

"(1) a must have at any time no. 575/2013 in the amount of 0,25 vH of the total amount of the severance pay expectancies BV-Kasse eligible own funds pursuant to part 2 of the Regulation (EU)."

2. § 30 para 2 subpara 2 is:



"2. loans and credits that when applying the provisions of article 400, par. 1 lit. of Regulation (EU) No. 575/2013 of a zero weighting would be subject to,"3. In § 30 para 3 No. 8 lit. b is the reference "Article 22a Banking Act" by reference "part 3, title II chapter 2 of Regulation (EU) No. 575/2013" replaced.

4. in article 31, paragraph 1 Z 3a is the reference "Article 22a Banking Act" by reference "part 3, title II chapter 2 of Regulation (EU) No. 575/2013" replaced.

5 22 the following paragraph is added to the article 73:

"(22) § 20 para 1, § 30 para 2 subpara 2 and § 3 No. 8 lit." I no. 184/2013 (b) and article 31, paragraph 1 Z 3a in the version of Federal Law Gazette with 1 January 2014 into force."

Article 20

Amendment of the insurance supervision Act

The insurance supervision Act, Federal Law Gazette No. 569/1978, as last amended by Federal Law Gazette I no. 70/2013, is amended as follows:

1 in § 73B paragraph 4a No. 1, the phrase "holding companies" is replaced by the phrase "insurance holding companies, mixed financial holding companies".

2. § 86a para 1 No. 2 is:



"2. domestic insurance undertakings that are child company, an insurance holding company, a mixed financial holding company or a parent undertaking established in a third country, in accordance with the § 86 c para 2-5 and 86d-86 l, unless the parent insurance holding company, the parent mixed financial holding company or the parent insurance undertaking domiciled in a third State itself has no insurance companies domiciled in a Contracting State as parent company" ,“

3. In § 86a para 2 No. 6 is the phrase "in the sense of Directive 2002/87/EC (OJ No. L 35 of February 11, 2003, p. 1) "deleted."

4. in section 86a, para 2, no. 7, the phrase "financial holding company in the sense of Directive 2002/87/EC" is replaced by the phrase "mixed financial holding company".

5. According to § 86a para 2 Z 7 8 be added following Z:



"8 mixed financial holding company a mixed financial holding company pursuant to § 2 Z 15 FKG."

6. According to § 86a para 3 shall be added following paragraph 4 to 6:

"(4) as far as a mixed financial holding company, especially in with regard to risk-based supervision, equivalent provisions of this Federal Act and of the FKG is subject to, the FMA as competent authority may decide after consultation with the other supervisory authorities concerned, that only the corresponding provision of the FKG to apply is at the level of the mixed financial holding company.

(5) as far as a mixed financial holding company, in particular in regard to risk-based supervision, equivalent provisions this subject Federal Act and the Banking Act, the FMA as competent authority may decide in agreement with the consolidating supervisor for the banking and investment services sector that only the determination of the BWG or this Federal Act at the level of the mixed financial holding company to apply is depending on which financial sector in accordance with § 2 Z 7 FKG with the higher average proportion is represented.

(6) the FMA has to communicate any decisions in accordance with paragraph 4 and 5 of the EBA and the EIOPA."

7. in article 86f, paragraph 1, the phrase "insurance holding companies that have holdings in a broader sense to insurance companies (intermediary holding companies)" is replaced by the phrase "insurance holding company or mixed financial holding companies that have holdings in a broader sense to insurance companies (intermediate insurance holding companies or intermediary mixed financial holding companies)".

8 in section 86f, paragraph 2, the phrase is "insurance holding companies is, as well as the parent company to involve itself, if's is an insurance holding company or an insurance company" by the phrase "relates to insurance holding companies or intermediary mixed financial holding companies, as well as the parent company to involve itself, unless there is a to an insurance holding company, mixed financial holding company or an insurance company" replaced.

9. in section 86j para 2 is inserted after the phrase "holding companies" the phrase "or mixed financial holding companies".

10 paragraph 98 b paragraph 2:


"(2) the insurer has known who want to establish a business relationship with the insurance companies to ask to give, whether it occurs as a trustee; It has to comply with the request and immediately to announce any changes while upright business relationship by itself. He announces that he wants to act as trustee, so he has the insurance company to prove the identity of the settlor and the insurance company has to determine the identity of the settlor and to check. The identity of the trustee is to determine in accordance with paragraph 1 and only for physical presence of the trustee. An identification of the trustee by third parties is excluded. The identification and verification of the identity of the settlor has to be legal persons by conclusive documents referred to in paragraph 1 by submission of the original or a copy of the official photographic identification document (paragraph 1) of the settlor for natural persons. The trustee has also a written declaration to the insurer to submit that he personally or through reliable referees of the identity of the settlor is satisfied. Reliable referees in this sense are courts and other State authorities, notaries, lawyers and third parties within the meaning of § 98e."

11 35 the following paragraph is added to article the 119i:

"(35) Article 73b paragraph 4a No. 1, § 86a para 1 No. 2, para 2 Z 6, 7 and 8, paragraph 4 to 6, § 86f, § 86j 2 and § 98b para 2 as amended by Federal Law Gazette I no. 184/2013 with 1 January 2014 into force."

Fischer

Faymann