Change The Disclosure Regulation

Original Language Title: Änderung der Offenlegungsverordnung

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462. Regulation of the Financial Market Supervisory Authority (FMA) amending the Disclosure Regulation

On the basis of Section 26 (7) of the Banking Act-BWG, BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I No 145/2011, shall be arranged:

The Disclosure Ordinance-OffV, BGBl. II No 375/2006, as last amended by the BGBl Regulation. II No 337/2010, shall be amended as follows:

(1) The following sentence shall be added to § 10:

"In addition, the minimum requirement of own resources for the special interest rate change risk in securitisation positions must be disclosed separately."

2. § 11 reads:

" § 11. Credit institutions which calculate their minimum capital requirement for market risks by means of an internal market risk limitation model in accordance with Section 22p of the Federal Elections Act (BWG) shall disclose the following information:

1.

For each sub-portfolio:

a)

The characteristics of the models used;

b)

a description of the crisis tests applied to the sub-portfolio;

c)

a description of the methods used for backtesting and validation of the accuracy and consistency of the internal models and modelling techniques; and

d)

for the determination of the minimum resource requirement for default and migration risks of trading book positions as well as an additional minimum own-resource requirement for the specific position risk of the correlation trading portfolio separately the methods used and the risks identified on the basis of an internal model, including a description of the credit institution's approach to the determination of liquidity horizons, and the methods used to provide of the required reliability standard determination of the minimum requirement for own resources and the procedures for validating the model;

2.

the scope of the model used by the FMA;

3.

a description of the extent and methodology of the fulfilment of the requirements in accordance with § § 198 to 202 of the SolvaV;

4.

the final value, as well as the highest, lowest, and mean values throughout the reporting period:

a)

the daily values of the potential risk amounts (values at risk);

b)

the values of the potential risk amounts under stress conditions;

c)

the minimum requirement of own resources for default and migration risks of trading book positions, and

d)

the additional minimum own-resource requirement for the specific position risk of the correlation trading portfolio.

5.

The level of the minimum resource requirement for the default and migration risks of trading book positions, as well as the additional minimum own-resource requirement for the specific position risk of the correlation trading portfolio, including the weighted average liquidity horizon for each covered sub-portfolio and

6.

a comparison of the daily values of the potential risk amounts at the end of the following business day with the one-day changes in the portfolio value as well as an analysis of any significant exceptions pursuant to Section 228 (2) SolvaV during the following day Reporting period. "

3. § 15 reads:

" § 15. Credit institutions which calculate the weighted exposure amounts for securitised exposures in accordance with § § 22c to 22f of the Federal Elections Act (BWG) have to disclose the following information-if necessary according to the trade and non-trading book-to:

1.

An explanation of the objectives of the credit institution with regard to its securitisation activities;

2.

the nature of the other risks, including the liquidity risk of securitised exposures;

3.

the types of risks arising from the rank of the underlying securitisation positions and from the exposures underlying those positions, which are taken over and held in the course of re-securitisation;

4.

the functions of the credit institution in the securitisation process;

5.

information on the extent of the exposures of the credit institution in any function;

6.

a description of the procedures used to monitor changes in the credit and market risk of securitisation exposures and also to monitor the behaviour of the underlying exposures to the securitisation position; , as well as a description of the points in which those procedures differ in re-securitiation positions;

7.

a description of the rules adopted by the credit institution in respect of hedging and non-guarantee protection in order to reduce the risks of withheld securitisation and resecuritising positions, including: the nature of the risk position disaggregated by all major counterparties;

8.

the approaches to the calculation of the weighted exposure amounts that the credit institution applies to its securitisation activities, including the types of securitisation positions to which the individual approaches are applied;

9.

the types of purpose vehicles which the credit institution uses as a sponsor for the securitisation of claims by third parties, including whether and in what form and to what extent the credit institution has exposures to these special purpose companies; and shall be separate for balance-sheet and balance-sheet exposures, as well as a list of undertakings managed or advised by the credit institution, either in the securitisation positions securitised by the credit institution, or in invest the special purpose companies supported by the credit institution;

10.

a summary of the credit institution's accounting guidelines for securitisations, including

a)

an indication of whether the transactions are treated as sales or financing;

b)

the identification of profits from sales;

c)

the methods, key assumptions, parameters and changes in comparison with the previous period for the assessment of securitisation positions;

d)

the treatment of synthetic securitisations where these are not covered by other accounting guidelines;

e)

an indication of how exposures to be securised are assessed and whether they are recorded in the commercial or non-trading book of the credit institution;

f)

the methodology for the approach of liabilities in the balance sheet to agreements which could oblige the credit institution to provide financial support for securitised exposures;

11.

the names of the recognised credit rating agencies used in securitisation and the types of exposures for which each agency is used;

12.

where appropriate, a description of the internal design approach, including the structure of the internal design process and the relation between internal design and external credit ratings, the use of the internal design for purposes other than the Calculation of equity according to this approach, the control mechanisms for the internal design process including a discussion of independence, accountability and review of the internal design process; the types of Requirements for which the internal assessment process is applied, and By type of exposure, the stress factors used to determine the level of credit improvement in question;

13.

an explanation of any significant change that has occurred in one of the quantitative data referred to in Z 14 to 17 since the last reporting period;

14.

The following information, broken down by type of receivables:

a)

The sum of the outstanding amounts of receivables securitised by the credit institution and subject to the securitisation framework, broken down by traditional and synthetic securitisation and securitisation, where the credit institution is merely a Sponsor;

b)

the sum of the retained or acquired securitisation positions recorded in the balance sheet and the securitisation positions not shown in the balance sheet;

c)

the sum of the claims to be securised;

d)

in the case of securitised facilities with an early repayment clause, the sum of the exposures drawn, which shall be the proportion of the originator or originator, respectively the sum of the own resources requirements incurred by the credit institution from the originator's shares and the sum of the own resources requirements imposed on the credit institution by the investments of the investor in the amounts drawn up and not drawn lines;

e)

the sum of the positions weighted by 1 250 vH or deducted from own funds in accordance with Article 23 (13) (13) of the BWG;

f)

a summary of the securitisation activities in the period, including the amount of securitised exposures, and the reported profit or loss in the sale.

15.

the following information:

a)

for each approach to the calculation of the minimum resource requirement, the sum of the retained or acquired securitisation positions, together with the associated own resources requirements, broken down into securitisation and re-securitization requirements; and for a meaningful number of risk-weight or own-resources bands;

b)

the sum of the re-securitization requirements withheld or acquired, broken down by claim before and after hedging/insurance, and in accordance with the requirement for financial guarantee providers, broken down by category of creditworthiness or by name of guarantor;

16.

for the non-trading book and in respect of exposures securitised by the credit institution, the amount of securitised/overdue claims securitised and the losses recorded by the credit institution in the current period, both disaggregated by type of receivables;

17.

for the trading book, the sum of the outstanding receivables securitised by the credit institution and subject to a minimum resource requirement for market risk, broken down by traditional/synthetic securitisations; and Types of requests.

4. In accordance with § 15, the following § 15a and title shall be inserted:

" Remuneration Policies and Practices

§ 15a. Credit institutions shall disclose the following information for categories of staff whose activities have a significant impact on their risk profile:

1.

An overview of the decision-making process leading to the definition of remuneration policy and, where appropriate, information on the composition and mandate of the remuneration committee, the name of the external consultant whose services are defined in the definition of the remuneration policy. of the remuneration policy, and the role of the relevant actors;

2.

the link between remuneration and success;

3.

the main design features of the remuneration system, including information on the criteria for success measurement and risk orientation, the policy of provisions for the payment of remuneration and the criteria for earning the remuneration;

4.

the criteria for success on the basis of which shares, right-to-stock rights and variable remuneration components are decided;

5.

the main parameters and basic principles for models with variable remuneration components and other benefits in kind;

6.

Aggregated quantitative information on remuneration, broken down by business unit;

7.

Aggregate quantitative information on remuneration, broken down by senior management and staff, whose activities have a significant impact on the risk profile of the credit institution, which indicates that:

a)

The remuneration amounts for the financial year, divided into fixed and variable remuneration, as well as the number of beneficiaries;

b)

the amounts and forms of variable remuneration, divided into cash, shares and instruments linked to shares and other types;

c)

the amounts of the remuneration set back, divided into parts which have been served and parts not yet served;

d)

the amounts of the refunded remuneration paid during the financial year have been disbursed and reduced as a result of performance adjustments;

e)

new payments during the financial year for recruitment premiums, as well as the number of beneficiaries of these payments; and

f)

the amounts of payments granted during the financial year for severance payments, the number of beneficiaries and the maximum amount of these payments, which has been awarded to an individual.

(2) For credit institutions whose balance sheet total exceeds EUR 1 billion or which have issued transferable securities admitted to trading on a regulated market in accordance with Article 1 (2) of the 1989 Stock Exchange Act, the abovementioned provisions of paragraph 1 of this Article shall apply. to disclose quantitative information with regard to business managers.

(3) Without prejudice to the provisions of the Data Protection Act 2000, BGBl. I n ° 165/1999, as amended by the BGBl version. I n ° 135/2009, credit institutions shall comply with the requirements laid down in paragraphs 1 and 2 in such a way as to correspond to their size, their internal organisation and the nature, scope and complexity of their operations. "

5. In § 18, after the word "Insurance" the phrase "and other risk transfer mechanisms" inserted.

(6) The following paragraph 3 is added to § 20:

" (3) § 10, § 11, § 15, § 15a together with the title and § 18 in the version of the BGBl Regulation. II No 462/2011 shall enter into force on 31 December 2011. '

Ettl Pribil