Change Of The Capital Market Law, The Stock Exchange Act 1989, The Real Estate Investment Fund Act, Of The Investment Fund Law 2011 And The Securities Supervision Act 2007

Original Language Title: Änderung des Kapitalmarktgesetzes, des Börsegesetzes 1989, des Immobilien-Investmentfondsgesetzes, des Investmentfondsgesetzes 2011 und des Wertpapieraufsichtsgesetzes 2007

Read the untranslated law here: https://www.global-regulation.com/law/austria/2997333/nderung-des-kapitalmarktgesetzes%252c-des-brsegesetzes-1989%252c-des-immobilien-investmentfondsgesetzes%252c-des-investmentfondsgesetzes-2011-und-des-wertpa.html

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83. Federal law be changed with the capital market law, the Stock Exchange Act 1989, the real estate investment Fund Act, the Investment Fund Act 2011 and the securities supervision Act 2007

The National Council has decided:

Article 1

Change of the capital market law

The capital market law – KMG, BGBl. No. 625/1991, amended by Federal Law Gazette I no. 145/2011, is amended as follows:

1 § 1 par. 1 Z 5a is:



"5a. qualified investor: a Professional client pursuant to section 58 or 59 § WAG 2007 or is a suitable counterparty pursuant to § 60 WAG 2007, unless they requested; not a treatment as non-professional customers" the investment firms and credit institutions inform their classification without prejudice to the relevant rules on data protection at the request of the issuer; § 103 WAG Z 3 and Z 4 apply 2007sind;"

2. the point pursuant to section 1 para 1 Z 17 is replaced by a semi-colon and following Nos. 18 and 19 appended:



"18 key information: basic and adequately structured information, which are to provide investors with available to allow them to understand the nature and risks of the issuer, the guarantor and the securities which are offered to them or to be admitted to trading on a regulated market, and without prejudice to section 7 para 2 to Z 2 decide they should go after what value paper offerings." (Under consideration of the respective offer and the respective securities the key information includes the following aspects: a) a brief description of the risks and key characteristics that apply to the issuers and a possible guarantor, including assets, liabilities and the financial position;

(b) a brief description of the risks associated with investing in the relevant securities and the essential characteristics of this system including the rights attached to the securities;

(c) the General conditions of the offering including an estimate of cost provided by the issuer or provider charged the investors;

(d) details of the admission to trading;

(e) reasons for the offer and use of proceeds;

"19 companies with low market capitalization: a company listed on a regulated market, whose average market capitalization on the basis of the quotes to the end of the year for the previous three years was less than EUR 100 million."

3. 1 para 2 and 3 are §.

4. in article 3, paragraph 1, no. 3 is replaced the number "50" by the number "75".

5. § 3 para 1 No. 6 is:



"6 to the existing shareholders dividends in the form of shares of same genus as the shares for which such dividends, provided that a document was published, which contains information about the number and type of shares and where the reasons and details of the offer; set out"

6 § 3 para 1 sub-para. 8 is:



"8 securities which are offered or allotted on the occasion of a takeover through an exchange offer or which are offered on the occasion of a merger or Division or allocated or to be allocated if a document has been published, the particulars of which are equivalent to those of the prospectus according to the competent authority; Here, the requirements of the legislation of the Union are to be observed;"

7. in article 3, paragraph 1 Z 9 is replaced the number "50 000" by the number of '100 000'.

8. in article 3, paragraph 1, Z 10 is inserted after the word "Total consideration" the phrase "in the Union".

9 § 3 par. 1 Z 12 is:



"12 securities, that current or former officers or employees by their employer or by an associated company are offered or allocated or to be shared, unless the company has his headquarters or his Office in the Union, and provided a document, that contains information about the number and type of securities, and are set out the reasons for and the details of the offer This also applies to a company outside the Union, whose securities are admitted to trading on a regulated market or the market of a third country. In the latter case, the exemption applies as long as sufficient information including the mentioned document at least in a language customary in the international financial world and the Commission for the market of the third country has issued a decision on equivalence. the FMA can make an application for issue of a relevant decision on equivalence to the Commission; in the application the reasons for the equivalence are to include; These are to assume if the legal and supervisory framework of third country fulfils at least the following conditions: a) the markets are subject to authorisation and ongoing effective supervision and enforcement;

(b) the markets have clear and transparent rules for the admission of securities to trading, so that these securities can be traded fairly, properly and efficiently and are freely tradable;

(c) the issuers of securities are subject to a permanent obligation which they have to meet at regular intervals so that a high level of investor protection is ensured; (und d) market transparency and integrity are guaranteed by; preventing in the form of insider dealing and market manipulation market abuse "

10. in article 3, paragraph 1 Z 14 replaced the number "100" by the number "150".

11 paragraph 3 para 3:

"No other prospectus is publish, if a valid prospectus within the meaning of § 6a and the issuer or the person responsible for the drawing up of the prospectus using it agreed to in a written agreement (3) in any subsequent resale of securities and any final placement of securities through financial intermediaries. Any subsequent resale of securities or investments, except that were previously Z 9 to 11 or 14 of the prospectus referred to in paragraph 1, is to be regarded as a separate offer, where based on the definition given in accordance with § 1 para 1 subpara 1 to decide is whether that resale is a public offer. Placement of investments through financial intermediaries is to publish when the final ranking is not performing according to par. 1 Z 9 to 11 or 14 terms and a public offering. a prospectus"

12 § 6 para 1 first sentence reads:

"Every important new fact or any major incorrectness or inaccuracy in the information contained in the prospectus, which might affect the assessment of the securities or investments, and that between the approval of the prospectus and the definitive conclusion of the public offer or, if later, the opening of trading on a regulated market occur or be identified, must be given in an addendum (amending or supplemental information) of the prospectus."

13 paragraph 6 subsection 2:

"(2) the prospectus relates to a public offering of securities or investments, have investors who are already committed to an acquisition or a drawing of the securities or investments, before the supplement is published, the right to withdraw their pledges within two working days following publication of the supplement, provided that the new circumstance or the inaccuracy or imprecision in accordance with paragraph 1 before the final closing of the public offering and the delivery of the securities or investments has occurred. This period may be extended by the issuer or by the provider. The deadline for the right of withdrawal is to specify in the addendum. § 5 shall apply mutatis mutandis. "It's investors, however, to consumers within the meaning of article 1, paragraph 1 Z 2 KSchG, so is the offer of investments in § 5 ABS. 4 deadline to apply."

14. in Article 6a, paragraph 1, the word "Publication" is replaced by the word "Approval".

15 § 6a para 4 and 5 are:

"(4) a previously deposited and approved registration document within the meaning of § 7 para 3 is valid a maximum of twelve months.

(5) the registration document has been updated in accordance with article 6 or Article 7a, paragraph 4, is to be regarded together with the securities note and the summary as a valid prospectus."

16 paragraph 7 subsection 2:


"(2) the prospectus shall contain information on the issuer and the securities that are to be publicly offered or admitted to trading on a regulated market. He also must include a summary that contains all the key information in the language in concise form and in popularized language in which the prospectus was originally created. Form and content of the summary of the prospectus must provide useful information about the essential aspects of the relevant securities, to assist investors in assessing the question of whether they should invest in these securities, in conjunction with the prospectus. The summary has to be created to facilitate the comparability of the summaries of similar securities, and all key information to the relevant securities to contain, to assist investors in assessing the question of whether they should invest in these securities, according to a uniform format. The summary must also contain warnings, that



(1) it as an introduction to the prospectus should be understood and 2. investors should support every decision to the system in the relevant securities on the examination of the entire prospectus and occurring as plaintiff investor in the national legislation of the EEA Contracting States to bear the costs of translating the prospectus before the process could have 3 in the event that a Court of claims on the basis of the information contained in a prospectus be invoked before, and 4 persons , who have tabled the summary including any translation thereof, and applied for their message, liable can be made, but just in case, that the summary is misleading, inaccurate or inconsistent, when read together with the other parts of the prospectus.

The prospectus relates to the admission of non-equity securities with a denomination per unit of 100 000 euro to trading on a regulated market, no summary must be created."

17 paragraph 7 para 3:

"(3) the issuer, the provider or the person who applied for admission to trading on a regulated market, can create the prospectus as a single document or in several separate documents. A prospectus is composed of separate documents, are the required information into a registration document to divide a securities note and a summary. The registration document must contain the information on the issuer. The securities note has the information on the securities, which are publicly offered or admitted to trading on a regulated market, to contain."

18 paragraph 7 subsection 4:

"(4) for the following types of securities the prospectus can be at discretion of the issuer, the provider or the person who applied for admission to trading on a regulated market, a base prospectus, which includes securities to the issuer and the publicly offered or to trading on a regulated market to zuzulassenden all the necessary information:"



1. non-equity securities, including also warrants of any kind, which are issued under an offering programme;

2. non-equity, continuously or repeatedly issued by credit institutions, a) if applied the proceeds from the issuance of these securities in accordance with the national legislation in assets that provide a sufficient coverage of liabilities arising from the relevant securities up to the maturity date, and b) unless this proceeds in the event of the insolvency of the credit institution, without prejudice to the provisions of Directive 2001/24/EC are primarily intended for the repayment of the principal and accrued interest.

The details of the base prospectus are, if necessary, updated information to the issuer and the securities that should be publicly offered or admitted to trading on a regulated market to supplement in accordance with § 6. Be the final terms of the offer included in the base prospectus nor in a supplement, they are way to convey to investors and to deposit with the FMA or a facility do so by the FMA against reasonable compensation, and to inform the host Member State of the issuer of the competent authority as soon as will be submitted to a public offer and the delivery, deposit or notification is practicable , and, if possible, before the start of the offer or the admission to trading. The final terms contain only information concerning the securities note, and are not the addition of the base prospectus. The volume of emissions and the emission price are either to include in the final terms, or to explain Z 1 these within the meaning of paragraph 5."

19. in article 7, paragraph 6 and 7 will each after the phrase "Regulation (EC) No. 809/2004" the phrase "or in accordance with delegated acts in accordance with article 7 paragraph 1 of Directive 2003/71/EC" inserted.

20. According to § 7 paragraph 7, the following paragraph 7a is inserted:

"(7a) If securities are guaranteed by a Member State, is the issuer not requiring provider or the person who applied for admission to trading on a regulated market, in the preparation of a prospectus, to provide information about the guarantor."

21. in Article 7a, paragraph 1 the phrase does not apply ", in particular in accordance with § 75a BörseG,".

22 Section 7a para 4 is as follows:

"(4) in such a case the securities note shall contain the information that normally would be specified in the registration document, if it has come since the approval of the last updated registration document to major changes or new developments that could affect the assessment by the investor, provided this information in an addendum in accordance with § 6 do not contain. The securities note and the summary be approved separately."

23. in article 7, para 2 is replaced the number "50 000" by the number of '100 000'.

24. in section 8, paragraph 2, final part the phrase "a liability insurance with an insurance undertaking legitimate domestically for the operation of the insurance business" is replaced by the phrase "a liability insurance policy with one or more insurance undertakings authorised in Germany to operate of the insurance business".

25 in section 8a, para 8, no. 4, the word "Measures" is replaced by the phrase "delegated acts".

26 8 b of paragraph 3 the following sentence is added to section:

"The certificate of approval at the same time will be sent to the issuer or the person responsible for drawing up the prospectus as the competent authority of the host Member State."

27. in article 10 par. 3 Z 3 is the word "and" replaced by the word "or".

28 § 11 ABS. 1 final part reads:



"If there is a reason for exclusion in the securities the investor does not need to prove the existence of the negligence referred to in the Z 1 or 2. After no. 3, the liability only relation that investor has its contractual declaration accepted a Haftungspflichtiger or its purchasing of securities or investments he conveys. The summary including any translation is liability for then, if it is read - misleading, inaccurate or inconsistent with other parts of the prospectus. The same applies if it is read and provides key information to assist investors in assessing the question of whether they should invest in these securities, together with the other parts of the prospectus. The summary must contain a clear warning in this regard and with regard to the previous set. The persons referred to in Nos. 1 and 2, as well as a possible purchaser are in the prospectus clearly stating their name and their position - in the case of legal persons, their name and their seat - to name a few; the brochure has also the wording of the respective statements associated with the entities referred to in article 8 to contain, also at the any guarantor, that his knowledge the information contained in the brochure are correct and that no facts, concealed that can alter the statement of the prospectus. Who does a subject prospectus offer domestically without the consent of the issuer pursuant to section 3 para 3, is liable to investors who have accepted instead of the issuer after Z as part of his offer or his drawing invitation 1, unless the issuer did not know or had to know that the prospectus was put an offer in accordance with § 2 without his consent to reason and he's therefore unsuitable use of the hotline and the FMA without delay , after he has become aware of unauthorised use or had to have knowledge, has communicated. The Registrar has to proceed with her received notifications in accordance with article 12, paragraph 2."

29. in article 16, the point in the end replaced by the word "or" and following Z 10 is attached to Z 9:



"10. in the case of § 3 paragraph 3 securities offers, without the necessary consent of the issuer or the person responsible for the drawing up of the prospectus."

30 15 the following paragraph shall beadded § 19 paragraph 14:


"(15) article 1, paragraph 1 Z 5a, 17, 18 and 19, § 3 para 1 Nos. 3, 6, 8, 9, 10, 12 and 14, § 3, para. 3, article 6, paragraph 1 and 2, section 6a, paragraph 1, 4 and 5, article 7, par. 2, 3, 4, 6, 7 and 7a, Section 7a, paragraph 1 and 4, § 7 para 2, § 8 para 2, § 8a para 8 No. 4" , section 8 b para 3, § 10 para 3 Z 3 and § 11 para 1 as amended by Federal Law Gazette I no. 83/2012 July 1, 2012 into force. § 1 para 2 and 3 appear at the end of 30 June 2012 override."

Article 2

Amendment to the Stock Exchange Act 1989

The Stock Exchange Act 1989 - Austrian Stock Exchange Act, Federal Law Gazette No. 555/1989, as last amended by Federal Law Gazette I no. 35/2012, is amended as follows:

1. § 48 para 1 sub-para. 5 is:



"5. a duty of disclosure in accordance with § 6 or an obligation pursuant to article 8 not or not quite at the same time meets," 2. In section 48 para 1 No. 6 accounts for the expression "75a and".

3. § 48 para 1 No. 9 is:



"9. a notification or publication requirement in accordance with sections 91 to 94 not or not timely met," 4. § 48 para 1 final part reads:



"commits an administrative offence and is the No. 1 with a fine up to 100 000 euro, with respect to the Z 2 to 8 with a fine up to 60 000 euro and with respect to the Z 9 fined up to EUR 150 000 to punish, unless the fact constitutes not a criminal offence falling within the jurisdiction of the courts."

5. in section 48c, the phrase "or pursuant to § 48 d par. 12 adopted regulation of the FMA violates a" shall be deleted.

6 paragraph 12 deleted § 48 d.

7. in article 48q, after paragraph 4, the following paragraph 4a is inserted:

"(4a) which can affected by the publication of administrative decision be procedure by the FMA request a review of the legality of the publication referred to in paragraph 4 in one. 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. Suspensive effect is detected to a complaint against an administrative decision, which had made known pursuant to paragraph 4, to 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."

8. after paragraph 48, t is inserted 48u the following paragraph with heading:

"Short selling and credit default swaps

§ 48u. (1) the FMA is the authority responsible for Austria in accordance with article 32 of Regulation (EU) No. 236/2012 on short-selling and certain aspects of credit default swaps (OJ No. L 86 of 24.03.2012, p. 1), that a competent authority in accordance with the Regulation (EU) is without prejudice to the tasks assigned to it in other federal laws No. 236 / 2012 coming tasks and powers and compliance with the provisions of the Regulation (EU) No. 236 / 2012 to monitor. The FMA is in particular authorized to measures referred to in article 13 para of 3, 14 para of 2, 18 para 1, 19 paragraph of 2, 20 para of 2, 21 para of 1 or 23 par. 1 of the Regulation (EU) No. 236/2012 by regulation or decision to set.

(2) the FMA is entitled in the context of the monitoring of compliance with the provisions of the Regulation (EU) no 236/2012:



1 in article 48q para 1 No. 1 to 4 specific powers to exercise;

2. violation of the provisions of the Regulation (EU) No. 236/2012 to put anyone under threat of a coercive penalty, to establish the lawful conditions within that period, that is appropriate with regard to the circumstances of the case.

(3) a person who violates the provisions of Regulation (EU) No. 236/2012 or measures of the FMA pursuant to article 18 No. 236/2012 violates subsection 1, 19 paragraph of 2, 20 para of 2, 21 para of 1 or 23 par. 1 of the Regulation (EU), commits an administrative offence, unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts and is to be punished up to 150 000 euro from the FMA with a fine. The VStG is to apply. The attempt is punishable. A pecuniary benefit achieved is to explain by the FMA as forfeited. section 48q para 4 and 4a is in relation to an act or a sanction for non-compliance under this paragraph apply accordingly.

(4) the FMA submitted a summary report of all sanctions imposed pursuant to par. 3 and taken administrative measures ESMA annually. In the case of a public notice in accordance with paragraph 3 last sentence informs ESMA about. the FMA at the same time"

9 § 75 paragraph 1 Z 4 is:



"4. marketable securities, which on the occasion of a merger or Division are offered or allocated or to be shared, if a document was published the particulars of which are equivalent to those of the prospectus according to the FMA; Here, the requirements of the legislation of the Union are to be observed;"

10 § 75a including the header is omitted.

11 section 81a para 1 No. 7 lit. a is as follows:



"(a) (in the case of an issuer of debt securities with a denomination of less than EUR 1 000 or an issuer of shares, aa) for issuers domiciled the Member State, the seat resides in the EEA, bb) for issuers incorporated in a third country which pursuant to section 1 para 1 No. 12 lit. c CMM relevant home Member State;

the definition of "home Member State" applies to debt securities denominated in a currency other than euro, if the denomination value is less than EUR 1 000 at the date of the issue, if he didn't have nearly equivalent to EUR 1 000;"

12. in section 82 para 8, the expression "section 75a para 1," is omitted.

13. in article 84, paragraph 3, the number "50 000" by the number of '100 000' is replaced.

14. under section 84, paragraph 3, the following paragraph 3a is inserted:

(3a) that the possibility in paragraph 3 also applies to holders of debt securities whose denomination of EUR 50 000 or, in the case of debt securities denominated in currencies other than the euro - with a minimum denomination, which is equivalent to at least EUR 50 000 at the date of the issue, which were already admitted to trading on a regulated market within the Union before December 31, 2010 ", as long as such debt aushaften and provided that in the Member State chosen by the issuer all facilities and information are given, that require the holders of debt securities to exercise their rights."

15 paragraph 85 paragraph 6:

"(6) the choice of the issuer or the person who has applied for admission without the consent of the issuer either in a language accepted by the competent authorities of the Member State of origin and the host Member State or in a language customary in international financial circles sphere to announce are prescribed information to by way of derogation from paragraphs 1 to 4 If securities with a minimum denomination of EUR 100 000 or, in the case of debt securities" , which are - with a minimum denomination, representing at least EUR 100 000 at the date of the issue in other currencies than euro, are admitted to trading on a regulated market in one or more Member States. The derogation referred to in this paragraph also applies to aushaften debt securities with a denomination per unit of EUR 50 000 or - in the case of denominated in currencies other than the euro debt - with a minimum denomination that corresponds to at least EUR 50 000 at the date of the issue already, approved before 31 December 2010 to the trading on a regulated market in one or more Member States as long as such debt."

16. in article 87, paragraph 1 No. 3 lit. (b) is replaced the number "2" by the number "4".

17. in article 90, paragraph 1 Z 2 is substituted the number "50 000" by the number of '100 000'.

18 the following paragraph 4 is added to article the 90:

"(4) by way of derogation from paragraph 1 2 shall apply Z § 82 par. 4 and § 87 not for issuers which have issued only debt securities with a denomination per unit of EUR 50 000 or, in debt securities, which are - with a minimum denomination, which is equivalent to at least EUR 50 000, at the date of the issue in other currencies than euro, which were approved before December 31, 2010, to trading on a regulated market within the Union ", as long as such debt aushaften."

19 § 91 subsection 1 first sentence reads:

"Acquire or people sell shares of an issuer whose shares are admitted, to trading on a regulated market directly or indirectly they have immediately, but not later than after two trading days, to inform the FMA and the Exchange operating company and the issuer of the proportion they keep after this acquisition or the disposal, if as a result of this acquisition, or the sale of the share of the voting rights of 4 per cent of voting rights , 5 per cent, 10 vH, 15 vH, 20 per cent, 30 vH, 25 vH, 35 per cent, 40 vH, vH 45, 50 per cent, 75 vH and 90 vH reaches, exceeds or falls below. "This also applies to the share threshold, such issuer in consideration of § 27 ABS 1 Z 1 Takeover Act - Takeover Act, Federal Law Gazette I no. 127/1998 in its Statute has provided."

20 paragraph 91 paragraph 2a:

"(2a) voting rights, a credit institution, a group of the credit institution or an investment firm, in the exercise of the securities business (§ 1 para 2 Z 7 BWG) could exert, are for the purposes of this paragraph not counted, assuming"



1.

the proportion of voting rights held as a result of securities trading no higher than 5 vH and 2nd is the credit institution or credit institution group or the investment firm ensures that the voting rights of shares which could be exercised on the basis of the securities industry, not be exercised and not otherwise used to intervene in the management of the issuer."

21. the section 91 are attached following paragraph 5 and 6:

"(5) which is acquiring realization of additional facts or a disappearance in accordance with § 92 or disposal referred to in paragraph 1 equals keep.

(6) the issuer referred to in paragraph 1 may set additional a share threshold of 3 vH as the relevant threshold in the sense of paragraph 1 in its statutes. As a prerequisite of effectiveness to publish this Charter provision on the website of the issuer and to inform the FMA is."

22 paragraph 91a together with the heading:

"Financial instruments

§ 91a. (1) section 91 applies notification obligation in accordance with persons, which directly or indirectly pursuant to § 1 WAG financial instruments no. 6 2007 or hold other similar instruments, the



1. their owners give the right, by itself in a binding agreement associated with voting rights and already issued shares an issuer to purchase or 2. convey a claim on conclusion of an agreement proprietor, which is focused on the acquisition of associated with voting rights and already issued shares of an issuer or 3. regardless of whether they provide a cash settlement or actual delivery or allow , a) are wholly or partly aa) relating to shares of the issuer or bb) relating to a basket or index, if the shares of the issuer more than 20 vH of the total value of the basket or index b) and its holder aa) give the right to demand the settlement of the difference between the base price and the settlement price (reference price of the underlying on the valuation date) or proprietor convey a claim on conclusion of such an agreement or bb) otherwise by contractual arrangement enable changes of shares of the issuer to participate economically or 4. confer the right the holder on the basis of a binding agreement, currently or in the future to acquire, the essential purpose of which is to keep related shares of the issuer with voting interests in a legal entity. This only applies if these interests, taking into account existing shares in this entity, provide a dominant influence on this legal entity, and if the purchase of the share rights would trigger a notification according to § 91 taking account of section 92.

(2) the proportion of the voting rights referred to in paragraph 1 is determined Nos. 1 and 2 on the basis of shares entitle to acquire financial instruments. The voting rights referred to in paragraph 1 is determined No. 3 when closing the last trading day of each month based on the number of shares of the issuer that would match the payout value during settlement in accordance with the payment profile of the financial instrument to the average market price of the respective month. Section 91 paragraph 2, 2a and 3 shall apply.

(3) several of the financial instruments referred to in paragraph 1 relate to shares of the same issuer, the voting rights of such shares are so together.

(4) as far as the right to acquire shares or financial instruments referred to in paragraph 1 not in securities is represented, the emergence or the Elimination of the right is regarded as acquisition or disposal under this provision. The person entitled is regarded as owner, purchaser or seller in these cases.

(5) debt securities, which entitle instead of or in addition to a repayment to the partial or total purchase of shares with voting rights are subject to the notification referred to in paragraph 1. The voting will be on the basis of the shares of that the holder through the exercise of conversion or subscription rights to acquire entitled is determined already issued shares of the issuer in relation to that at the time of the acquisition or disposal of.

(6) the notification obligation pursuant to § 91 is raised also by achieving or exceeding relevant reporting threshold as a result of the exercise of rights to acquire voting rights.

(7) in the calculation of the voting rights, all voting rights arising from § 91 to § 92 are together. “

23. in section 92a para 1 No. 4 the point at the end is replaced by a semi-colon and following Z 5 to 7 are attached:



"5. in the case of section 91a the number of shares to which the financial instruments apply, as well as specifying the date or the period at which or during which the shares are acquired or to be acquired and, in the case of § 91a para 1 No. 3 the maturity of the financial instrument;"

6. the number of shares which can be acquired through the exercise of conversion or subscription rights from debt securities, which entitle instead of or in addition to a repayment to the partial or total purchase of shares with voting rights;

7. in the case that investments be held after section 91 and section 91a, a precise breakdown of the respective shareholdings."

24. under section 94, the following section 94a and heading shall be inserted:

"The rest of the voting rights

section 94a. (1) If a person is contrary to a reporting obligation pursuant to sections 91 and 92, all voting rights of the issuer, which belong to this person or that are attributable to her pursuant to section 92, to the extent of the difference between the new proportion of voting rights and the last share of the voting rights, as reported by her to rest. The voting rights can be exercised again after six months of compliance with the reporting obligation.

(2) the person despite the breach of the obligation to report in accordance with paragraph 1, also on request of the issuer, within two trading days has made up the message in accordance with sections 91 and 92, does not enter the legal consequences referred to in paragraph 1, if the total share of the notifying parties of the issuer of 15 per cent and % not reached the number of unreported voting rights 3."

25. According to § 96, no. 21 is attached following Z 22:



"22. upon entry into force of the Bundesesetzes BGBl. I no. 83 / 2012, every person who has the proportions of voting rights in accordance with the sections 91 and 92, or financial instruments in accordance with § 91a para 1 holds and reached one in section 91 paragraph 2 called threshold or exceeds this period of two months the FMA, to report the Exchange operating company and the issuer." This does not apply, if already a message with identical threshold was paid before that date."

26. the section 102 be added following paragraph 33 to 35:

"(33) article 75 para. 1 No. 4, section 81a para 1 No. 7 lit. a, section 84, paragraph 3 and 3A, § 82 para 8, § 85 para 6, § 87 ABS. 1 No. 3 lit. I no. 83/2012 apply (b) and article 90, paragraph 1 Nos. 2 and 4 in the version of Federal Law Gazette 1 July 2012. 75a including heading occurs at the end of 30 June 2012 override.

(34) section 48 para 1, § 91 paragraph 1, 2a, 5, and 6, § 91a including heading, section 92a para 1 No. 5-7, section 94a and § 96 Z 22 together with the heading as amended by Federal Law Gazette I no. 83/2012 apply with 1 January 2013.

(35) section 48c in the version of Federal Law Gazette I 83/2012 occurs no. on November 1, 2012, in force. I no. 83/2012 article 48q para 4a and 48u section including headline in the version of Federal Law Gazette with the day following the proclamation into effect. section 48 d para 12 occurs with expiry of the 31 October 2012 except force."

Article 3

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. 35/2012, is amended as follows:

1. According to article 35, paragraph 1, the following paragraph 1a is inserted:

"(1a) a Commissioner of the Government under section 70, paragraph 2 was Z at a custodian bank 2 BWG or a supervisor pursuant to § 84 BWG ordered and takes place a change of the custodian bank, shall be required according to § 34 paragraph 3 consent of the custodian bank to this change of the Fund regulations by the custodian to be ordered and is the change of the custodian bank, but not any further changes in the Fund regulations" ", with the date specified in the publication regardless of the suspension referred to in § 34 paragraph 3 in power."

The following paragraph 9 is added to § 2. 44:

"(9) § 35 para 1a in the version of Federal Law Gazette I no. 83/2012 July 1, 2012 into force."

Article 4

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. 35/2012, is amended as follows:

1. paragraph 53 subsection 4:


"(4) the management company may change the Fund regulations with the consent of its Supervisory Council and with the consent of the custodian bank; the change requires the approval of the FMA. This authorisation shall be granted if the amendment of the Fund rules does not contradict the legitimate interests of the unit holders. The change is to publish in accordance with article 136 par. 4. She three months after the publication of the date specified in the publication, but not before, into force. The publication can be avoided, if the amendment of the Fund rules shall be communicated to all unit holders in accordance with § 133; in this case considered sufficiently safeguarded the interests of the shareholders and the change with the day specified in the notice, not earlier than 30 days after notification to the shareholders enter into force."

2. paragraph 61 para 2:

"(2) the change of the custodian bank also needs the approval of the FMA and is, as far as no further changes of the Fund regulations have been applied for with the day specified in the publication. Changing this Ordinance shall on the protection of shareholders to take. "A Government Commissioner in accordance with section 70, paragraph 2 was Z at a custodian bank 2 BWG or a supervisor pursuant to § 84 ordered BWG and a change of the custodian bank, is required in accordance with section 53 subsection 4 approval of the custodian bank to amend fund rules only by the custodian to be ordered to grant."

The following paragraph 5 is added to § 3. 200:

"(5) I will take no. 83/2012 article 53, par. 4 and § 61 para 2 as amended by Federal Law Gazette 1 July 2012 effect."

Article 5

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. 35/2012, is amended as follows:

1. According to section 91, the following section 91a and heading shall be inserted:

"Form of communication with the FMA - electronic delivery

§ 91a. The FMA may prescribe by regulation, that the advertisements and other submissions in accordance with § 3 para 8 in conjunction with § 4 para. 3 Banking Act, section 6 in conjunction with § 21 para 2 in conjunction with § 4 para 3 as well as article 73, paragraph 1 Z 1 to 8 and 11 BWG, article 10 par. 2, article 11, paragraph 4, article 13, paragraph 1, 5, 7 and 9, article 14, paragraph 1 , § 25 para 4, § 26 para 2, § 33, § 73 para 2, section 74, paragraph 2, and article 91, paragraph 3 have to be Nos. 1, 2 and 4 of this Federal Act exclusively in electronic form and have to comply with certain structures, minimum technical requirements 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 are maintained and supervisory interests are not compromised. Furthermore, the FMA in this regulation can Auditors report, and according to article 93, paragraph 1 and 2 as well as for submissions pursuant to article 91 para 3 Z 8 of this Federal Act allow an optional participation in the electronic system of the delivery in accordance with the first sentence. 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."

2 the following paragraph 14 is added to in section 108:

"(14) § 91a and heading in the amended by Federal Law Gazette I 83/2012 is no. 1 July 2012 in force."

Fischer

Faymann