Amendment Of The Banking Act, Of The Stock Exchange Act 1989, The E-Money Law 2010, The Finality Act, Of Financial Conglomerates Act, Of The Financial Market Authority Act, Of Kapitalmarktg...

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

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145. Federal Law, with which the Banking Law, the 1989 Stock Exchange Act, the E-Money Act 2010, the Finality Act, the Financial Conglomerate Act, the Financial Market Supervisory Authority Act, the Capital Market Act, the Ratingagenturenvolltract Act, the Insurance Supervision Act, the Securities Supervision Act 2007 and the Payment Services Act are amended

The National Council has decided:

table of contents

Article 1

Implementation of European Union directives

Article 2

Amendment of the Banking Act 1989

Article 3

Amendment of the Stock Exchange Act

Article 4

Amendment of the E-Money Act 2010

Article 5

Amendment of the Finality Act

Article 6

Amendment of the Financial Conglomerate Act

Article 7

Amendment of the Financial Market Supervisory Authority Act

Article 8

Amendment of the Capital Market Act

Article 9

Amendment of the "Ratingagenturenvolltraction Act"

Article 10

Amendment of the Insurance Supervision Act

Article 11

Amendment of the Securities and Markets Act 2007

Article 12

Amendment of the Payment Services Act

Article 1

This federal law serves to implement the

1.

Directive 2010 /76/EU amending Directives 2006 /48/EC, 2006 /49/EC as regards capital requirements for the trading book and re-securitisations, and the supervisory review of remuneration policies (OJ L 378, 27.9.2010, p. No. OJ L 329/of 14.12.2010, p. 3), and

2.

Directive 2010 /78/EU amending Directives 98 /26/EC, 2002 /87/EC, 2003 /6/EC, 2003 /41/EC, 2003 /71/EC, 2004 /39/EC, 2004 /109/EC, 2005 /60/EC, 2006 /48/EC, 2006 /49/EC and 2009 /65/EC in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) and Market Surveillance Authority) (OJ C 327, 28. No. OJ L 331, 15.12.2010, p.120).

Article 2

Amendment of the Banking Act

The Banking Act-BWG, BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I No 77/2011, is amended as follows:

1. In the table of contents, after the entry " § 7. Delete " the following entry is inserted:

" § 8. Concession Notifications "

2. In the table of contents, the " § 39b. Principles of remuneration policies and practices " the following entry is inserted:

" § 39c. Remuneration Committee "

3. In the table of contents, the " § 77. and § 77a. International cooperation and data processing " the following entry is inserted:

" § 77b. Colleges of supervisors and cooperation agreements "

4. § 2 Z 31 lit. a and lit. b sublit. aa are:

" (a)

a company based in a Member State which is doing business within the meaning of Section 1 (1) (7) (7) (7). b to f, Z 7a or Z 11 and is subject to the provisions of Directive 2004 /39/EC;

b)

a company established in a third country which:

aa)

Transactions within the meaning of Section 1 (1) (1) Z 7 lit. b to f, Z 7a or Z 11, "

5. The following Z 61a is inserted in § 2:

" 61a.

Re-securitisation: securitisation, where the risk associated with an underlying pool of exposures is divided into tranches and at least one of the underlying exposures is a securitisation position; "

6. The following Z 65a is inserted in § 2:

" 65a.

Re-securitization position: a risk position in a re-securitization; "

7. § 3 (3) Z 6 reads:

" 6.

recognised investment firms in accordance with § 2 Z 31 lit. b, local firms which do business within the meaning of Article 3 (1) lit. p of Directive 2006 /49/EC and undertakings established in a third country pursuant to Article 15 (1) (3), (4) and (6) of the Austrian Stock Exchange Act (BörseG), each with respect to the transactions referred to in Article 1 (1) (1) (7) (b) to (f) and (Z) 7a which, in the context of their membership of a stock exchange, operate them on a commercial basis in so far as they are exclusively limited to the commercial conduct of the transactions covered by the authorisation as a member of the stock exchange; "

8. The following paragraph 9 is added to § 3:

" (9) With regard to compliance with § 39 para. 2b Z 11, § § 40 to 41 and Regulation (EC) 1781/2006 § 70 para. 1 Z 3 shall apply in such a way that on-site examinations are to be carried out by the FMA. Section 70 (1a) and (1b) and Section 79 (4) do not apply in this respect. "

9. In accordance with § 7, the following § 8 and heading is inserted:

" Concession Notifications

§ 8. The FMA has to say:

1.

of the European Commission and the European Banking Authority-EBA (Regulation (EU) No 1093/2010)

a)

the concession conditions and

b)

any withdrawal from the concession pursuant to § 6, stating the reasons for

2.

any concession granted pursuant to § 4 and

3.

the European Commission, the EBA and the European Banking Committee (EBC) to authorise branches which are granted to credit institutions established in a third country. "

10. In § 10 (8), after the word order "the European Commission" the phrase "and the EBA" inserted.

11. § 15 (2) and (3) are:

' (2) In spite of the measures set out in paragraph 1 by the Member State of origin, the credit institution referred to in paragraph 1 shall continue to be subject to the provisions referred to in paragraph 1, the FMA shall, with the simultaneous agreement of the competent authorities of the The Member State of origin, the European Commission and the EBA

1.

to prohibit the responsible directors of the branch office of the credit institution, in whole or in part, and/or

2.

to prohibit the inclusion of new business activities in Austria in the event of further infringements.

(3) If there is an urgent risk of fulfilling the obligations of the credit institution in accordance with paragraph 1 against its creditors, in particular for the security of the assets entrusted to it, the FMA may, in order to avert such risk, temporarily The measures referred to in paragraph 2 (2) (1) and (2) shall be arranged by communication with the competent authorities of the Member State of origin, the European Commission and the EBA, which shall not enter into force at the latest 18 months after the date of the effective date of the effective date. '

Article 20b (3) reads as follows:

" (3) As long as the European Commission has not adopted any regulatory technical standards in accordance with Article 19 (9) of Directive 2006 /48/EC, the FMA has, in accordance with Article 19a (4) of Directive 2006 /48/EC, as amended by the Directive 2007 /44/EC, by means of a Regulation, taking into account European practices in this field, a list of information to be provided to the FMA. This information shall be appropriate and necessary for the prudential assessment of the performance of the criteria referred to in paragraph 1 (1) (1) (1) to (5). The extent of the information to be provided shall be proportionate and adapted to the nature of the acquirer concerned and the nature of the proposed acquisition. The scope and nature of the shareholding as well as the size and business areas of the interested acquirer and the credit institution in which the acquisition is intended shall be taken into account. In the regulation, the FMA also has to regulate the nature and form of the transmission of the information in order to enable a rapid and precise identification of the application content. "

Section 22 (1) reads as follows:

Credit institutions and credit institution groups shall at all times have eligible own funds at least equal to the sum of the amounts according to Z 1 to 6:

1.

8 vH of the assessment base for credit risk determined in accordance with paragraph 2 above;

2.

the minimum requirement for own resources for all types of risk in the trading book pursuant to section 22o (2);

3.

the minimum requirement of own resources for the risk of goods, the risk of settlement and the risk of foreign currency, including the risk from gold positions, in each case outside the trading book;

4.

the minimum requirement of own resources for operational risk in accordance with § 22i;

5.

Additional own resources requirements according to § 29 (4) and § 70 (4a). The calculation of the net position within a foreign currency shall be permitted by taking up positions in and outside the trading book;

6.

Additional capital requirements for major risks beyond the limits of the major investment limits in accordance with Article 27 (16a).

Without prejudice to compliance with the minimum requirements for own resources and the additional own resources requirements, credit institutions shall keep the initial capital required for concession contracts or the required initial doping as a minimum capital. "

14. § 22d (6) reads:

" (6) A credit institution as an originator or sponsor who, in respect of a securitisation, has calculated the weighted exposure amounts as referred to in paragraphs 1 to 4, or has sold instruments from its trading book to a securitisation special company, so that it for the specific risks of these instruments no more equity should be held, no extra-contractual assistance may be granted to mitigate the potential or actual losses of investors. "

Section 22p (2) reads as follows:

" (2) The minimum daily requirement of own resources in accordance with paragraph 1 shall be the sum of the values calculated in accordance with Z 1 and 2. Institutions using an internal model for the calculation of the minimum resource requirement for the specific position risk shall also have to calculate a minimum own resource requirement, which shall be the sum of the values calculated in accordance with Z 3 and 4 corresponds to:

1.

Either the risk amount of the previous day or the arithmetic average of the daily risk amounts of the last 60 business days, whichever is the higher; the arithmetic mean of the daily risk amounts of the last 60 business days shall be: by a factor to be determined by the FMA for each credit institution with at least three; in the determination of the factor, the FMA has the results of the return comparisons of the internal model chosen by the credit institution in accordance with paragraph 1 as well as the degree of fulfilment of the requirements pursuant to § 21e (1) (1) to (7) be considered;

2.

either the last available risk amount under stress conditions or the arithmetic average of the risk amounts under stress conditions of the last 60 business days, whichever is the higher; the arithmetic mean of the risk amounts; under stress conditions of the last 60 business days shall be multiplied by a factor to be determined by the FMA for each credit institution with at least three; in the determination of the factor, the FMA has the results of the reversals of the the internal model chosen by the credit institution in accordance with paragraph 1 and the degree of to take account of the fulfilment of the conditions laid down in Article 21e (1) (1) to (7)

3.

the minimum own resource requirement calculated in accordance with Annex I to Directive 2006 /49/EC on the position risks of securitisation positions and nth-asset-to-default credit derivatives in the trading book, with the exception of those position risks which have been set out in accordance with include the criteria of § 22p (5) (8) in the calculation of the minimum requirement for own resources;

4.

either the latest value or the arithmetic mean of the additional default and migration risk, calculated over a 12-week period, whichever is the higher, and, where applicable, either the latest value or the an arithmetic average of all price risks to be taken into account in accordance with the criteria of section 22p (5) Z 8, whichever is the higher. "

16. § 22p (5) Z 7 reads:

" 7.

the criteria for the approval of the model for the calculation of the minimum resource requirement for the specific position risk and the additional risk of outbreaks and migration; "

17. In § 22p (5) the following Z 8 is added:

" 8.

the criteria for the approval of an internal approach to the calculation of an additional minimum own-resource requirement for the specific position risk of the correlation trading portfolio. "

18. § 23 (13) (4c) and (4d) are:

" 4c.

in the case of credit institutions applying the internal credit rating based approach in accordance with § 22b, the overhang of the expected loss amounts in accordance with Section 22b (6) of the value adjustments and provisions as well as the expected loss amounts, which according to § 22b (10) Z 4 for participations;

4d.

a receivable amount of exposure to securitisation positions which is set at a weight of 1 250 vH and the exposure amount of securitisation positions in the trading book, which would be set at a weight of 1 250 VH, if these securitisations are would not be part of the trading book of the same credit institution; "

19. The following Z 4e is inserted in Section 23 (13):

" 4e.

in the calculation of own resources, the criteria for a proper risk assessment shall be applied to all assets placed at the market price, and additional value adjustment requirements resulting from the valuation of the market value shall be applied by the Core capital (par. 14 Z 1); "

20. § 23 (14) Z 8 reads:

" 8.

the sum of the amounts referred to in paragraph 13 (3) to (4d) shall be deducted half from the sum of the core capital in accordance with Z 1 and half the sum of the amounts in accordance with Z 2 to 7; provided that half of the sum of the amounts referred to in paragraphs 13 (3) and (3) to (4d) is the sum of In accordance with Z 2 to 7, this excess amount shall be deducted from the core capital in accordance with Z 1; the amount determined in accordance with paragraph 13 Z 4d shall not be deducted, provided that this amount is included in the calculation of the weighted exposure amounts for the The purpose of Section 22 (1) pursuant to Section 22a (6), Section 22b (3) (3) (2) or § 22p (Section 22p) was included.

21. § 24 para. 3a Final part reads:

"A number of subordinated institutions fulfil the requirements of Z 1 or 2 and, taken together, are not of secondary importance for the purposes of banking supervision, the provisions of paragraphs 1 and 2 shall apply."

22. § 26 (9) reads:

" (9) The FMA shall use the information collected in accordance with paragraph 7 (1) (1) on remuneration policy to identify trends in this area and to forward it to the EBA. Likewise, the information on the number of employees of a credit institution which is in the income level of at least EUR 1 million and of its activities and the essential elements of the salary, the amount of the salary, the To collect bonus payments, long-term premiums and pension contributions and to submit them to EBA. "

23. According to Article 27 (16), the following paragraph 16a is inserted:

" (16a) Credit institutions may exceed the appropriate ceiling set in accordance with paragraphs 15 and 16 if the following conditions are met:

1.

The excess shall be obtained exclusively from the trading book;

2.

the additional requirement for own resources pursuant to section 22 (1) Z 6 is fulfilled;

3.

if the excess lasts for a maximum of 10 days, the risks of the trading book to the customer or group of connected customers shall not exceed 500 vH of the institution's eligible own funds;

4.

all exceedances which last for more than ten days shall not exceed 600 vH of the eligible own funds of the Institute; and

5.

the credit institution shall show the FMA on a quarterly basis any cases in which, in accordance with this paragraph, the appropriate upper limit laid down in accordance with paragraphs 15 and 16 has been exceeded in the last three months. For this purpose, the amount of the excess and the name of the customer concerned shall be indicated. "

24. § 27 (23) second sentence is deleted.

Section 30 (9a) reads as follows:

" (9a) A credit institution whose parent undertaking is a credit institution within the meaning of Article 4 (1) of Directive 2006 /48/EC or a financial holding company established outside the Community shall not be subject to supervision on a consolidated basis; in accordance with Section 24 (1) or (4),

1.

the FMA has to examine whether that credit institution is subject to supervision on a consolidated basis by the competent authority of the third country and that such supervision complies with the principles of Section 24 of the BWG;

2.

if no equivalent supervision takes place, the FMA shall apply the provisions of Section 24 of the Federal Elections Act to the credit institution. In such a case, the FMA, after consulting the competent authorities of a third country and the EBA, shall carry out such a review at the request of the parent undertaking, a company authorised in the Community or on its own initiative;

3.

, if the application of this supervisory technique is appropriate and the competent authority of the third country agrees, the FMA may require a financial holding company with its registered office in the The European Community is set up and the provisions on consolidated supervision are applied to the consolidated accounts of this holding. The application of this supervisory technique shall be notified by the FMA to the competent authorities of the third country, the European Commission, the EBA and the competent authorities of the other Member States;

4.

shall take into account the general orientations of the European Banking Committee (EBC) in accordance with Article 143 (2) of Directive 2006 /48/EC, and shall consult the EBA before it decides. "

26. According to § 39b, the following § 39c and heading is inserted:

" Remuneration Committee

§ 39c. (1) In credit institutions of any legal form whose balance sheet total exceeds EUR 1 billion, or which have issued transferable securities admitted to trading on a regulated market pursuant to Article 1 (2) of the 1989 Stock Exchange Act, the The Supervisory Board or the Supervisory Board of the credit institution responsible for the law or the statutes shall establish a remuneration committee.

(2) The tasks of the Compensation Committee include the monitoring of remuneration policies, remuneration practices and remuneration-related incentive structures, in each case in connection with the management, supervision and limitation of risks pursuant to § 39 (2b) Z 1 to 10, the own resources and liquidity, taking into account also the long-term interests of shareholders, investors and employees of the credit institution.

(3) The composition of the Remuneration Committee shall enable an independent and integral assessment of these issues. The Remuneration Committee is composed of at least three members of the Supervisory Board, with at least one person having expertise and practical experience in the field of remuneration policies (remuneration expert). In the case of credit institutions whose balance sheet total is less than five billion euros, the function of the remuneration expert can be exercised by an expert who is not members of the Supervisory Board. The chairman of the remuneration committee or remuneration expert must not be the person who, for the last three years, has been a business manager or a senior employee (§ 80 of the German Stock Corporation Act) of the credit institution concerned or, for other reasons, is not independent and has not been appointed as a member of the Board of Management. is uncommon.

(4) The Remuneration Committee shall hold at least one meeting in the year. "

27. § 40 (4) Final part reads:

" The FMA shall have the competent authorities of the other Member States, the European Commission and the extent to which it is relevant for the purposes of Directive 2005 /60/EC and in accordance with the relevant provisions of the Regulation. (EU) No 1093/2010, Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010, the EBA, the European Insurance and Occupational Pensions Authority (EIOPA) (Regulation (EU) No 1094/2010) and the European Securities and Markets Authority-ESMA (Regulation (EU) No 1095/2010) on inform cases where the application of the measures required by Z 1 is not allowed under the legislation of a third country and that a solution could be sought within the framework of a concerted approach. "

Section 40 (8) reads as follows:

" (8) The credit and financial institutions may rely on third parties for the performance of the obligations laid down in § 40 (1), (2) and (2a) (2) and (2) (2) and (2), provided they are not provided with information which makes it doubtful that the above obligations have been fulfilled in the same way. However, the final responsibility for the performance of these duties shall remain with the credit or financial institutions which have recourse to third parties. For the purposes of this paragraph, third parties shall be deemed to be third parties, provided that they do not have sole authority to carry out the exchange business (Article 1 (1) (Z) 22),

1.

the credit and financial institutions referred to in Article 3 (1) (1) and (2) of Directive 2005 /60/EC and the payment institutions referred to in Article 3 (4) of the ZaDiG,

2.

the credit and financial institutions referred to in Article 3 (1) and (2) of Directive 2005 /60/EC and the payment institutions in a third country referred to in § 3 Z 4 ZaDiG; and

3.

which is referred to in Article 2 (1) Z 3 lit. (a) and (b) of Directive 2005 /60/EC,

Subject to the condition that they are subject to a legally recognised compulsory registration with regard to their profession and must apply due diligence obligations to customers and obligations for the retention of documents which are in accordance with § § 40ff and/or are, or are in accordance with, Directive 2005 /60/EC and are subject to supervision in accordance with section 2 of Chapter V of this Directive as regards compliance with the requirements of this Directive, or are established in a third country, require the requirements to be met by those laid down in this Directive. The FMA shall inform the competent authorities of the other Member States, the European Commission and the extent to which it is relevant for the purposes of Directive 2005 /60/EC and in accordance with the relevant provisions of the Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010, the EBA, EIOPA and ESMA on cases where, in their view, a third country fulfils the conditions set out above. If the European Commission makes a decision pursuant to Article 40 (4) of Directive 2005 /60/EC, the Federal Government, in agreement with the Main Committee of the National Council, has adopted by Regulation the credit and financial institutions, in order to comply with the provisions of the To prohibit the obligations referred to in paragraphs 1, 2 and 2a (1) and (2) (2) and (2) to third parties from the third country concerned. Credit and financial institutions shall have the effect of causing the third parties to comply with the obligations laid down in paragraphs 1, 2 and 2a, Z 1 and 2, respectively, referred to in Article 8 (1) (1). a to c of Directive 2005 /60/EC shall immediately make the necessary information available. In addition, credit and financial institutions shall require that the relevant copies of the data relating to the identification and verification of the identity of the customer and other relevant documents relating to the identity of the customer or of the customer shall be made available to credit and financial institutions. economic owners from the third party shall be forwarded to them without delay upon their request. This paragraph shall not apply to "outsourcing" or representation relationships in which, on the basis of a contract, the "outsourcing" service provider or representative as part of the obligation to fulfil the obligations set out in paragraphs 1, 2 and 2a of the first and second lines of the first and second cases credit or financial institution. "

29. § 40a (7) reads:

" (7) The FMA shall inform the competent authorities in the other Member States, the European Commission and the extent to which it is relevant for the purposes of Directive 2005 /60/EC and in accordance with the relevant provisions of this Directive. of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010, the EBA, EIOPA and ESMA on cases where, in their opinion, a third country fulfils the conditions laid down in paragraphs 1, 2 or 4. "

30. § 41 (3b) Final section reads as follows:

" The FMA shall have the competent authorities of the other Member States, the European Commission and the extent to which it is relevant for the purposes of Directive 2005 /60/EC and in accordance with the relevant provisions of the Regulation. (EU) No 1093/2010, Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010 to inform EBA, EIOPA and ESMA of cases where, in their view, a third country complies with the conditions laid down in the Z 2 or 3. If the European Commission takes a decision pursuant to Article 40 (4) of Directive 2005 /60/EC, the Federal Government, in agreement with the Main Committee of the National Council, has provided for information to be forwarded between the credit and the Financial institutions and institutions and persons from the third country concerned. '

31. The following paragraph 9 is added to § 41:

" (9) For the purposes of Directive 2005 /60/EC, the FMA shall cooperate with EBA, EIOPA and ESMA in accordance with Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010, and shall draw up such a proposal for a provide all the information necessary for the performance of its tasks under Directive 2005 /60/EC and the regulations referred to in this paragraph. "

Section 69 (5) reads as follows:

" (5) The FMA has, in the enforcement of the provisions of this Federal Law, including the authorisation and enforcement of the regulations adopted on this basis, the European convergence of supervisory instruments and supervisory procedures To be taken into account. To this end, the FMA has to participate in the activities of the EBA and shall apply the guidelines, recommendations, standards and other measures adopted by the EBA. The FMA may derogate from these guidelines and recommendations, provided there are justifiable reasons for this. In this case, the FMA shall inform the EBA of its reasons for non-application or derogation from the guidelines and recommendations in question. "

33. The following paragraph 6 is added to § 69:

" (6) The FMA has to develop procedures so that credit institutions and groups of credit institutions cannot circumvent the additional capital requirements according to § 22 (1) Z 6 for a risk period of more than ten days by the risks involved. are transferred temporarily to another company within or outside the credit institution group or transactions are made in order to dissolve the risk within a ten-day period and to take a new risk. The FMA shall communicate these procedures to the European Commission, the Council and the EBA. "

34. § 73 (1) Z 9 reads:

" 9.

any non-compliance with standards laid down by this Federal Act in accordance with § § 22 to 25 and 29 and on the basis of which regulations or regulations issued pursuant to Articles 22 to 25 and 29 of this Act are not required; "

Section 73 (3) reads as follows:

" (3) The parent credit institution shall immediately notify the FMA in writing of the FMA name, legal form, seat and host state of a parent financial holding company or parent mixed financial holding company, as well as any amendments. The FMA has to send a list of these financial holding companies to the European Commission, the EBA and the competent authorities of the other Member States. "

36. § 74 (2) reads:

" (2) The credit institutions shall, in principle, transmit to the FMA the reporting on compliance with the regulatory standards in accordance with § § 22 to 22q, 23 to 25, 27 and 29. These reports shall include information on the monitoring of compliance with these standards and the information required for their derivation. Higher-level credit institutions shall make these notifications for the credit institution group. "

37. § 74 (7) reads:

" (7) The FMA shall fix the reporting date, the structure and content of the notifications and the reporting intervals referred to in paragraphs 1 to 5 by the Regulation. The FMA may stipulate that individual positions of para. 1, 2 and 5 must be transmitted in a longer interval. In doing so, the FMA has to pay attention to a meaningful expulsion required for the ongoing supervision of credit institutions and credit institutions. In the event of the adoption of this Regulation, it shall take account of the economic interest in a functioning banking system and shall take account of the nature, scale and complexity of the business carried out by a credit institution. The FMA may, in so far as it is thereby not affected in the performance of its tasks under this or other federal laws, provide for the transmission of the notifications pursuant to paragraphs 1 to 5 exclusively to the following: Oesterreichische Nationalbank. Regulations of the FMA pursuant to this paragraph shall be subject to the approval of the Federal Minister of Finance. "

38. § 77 (2) reads:

" (2) FMA may, at any time, obtain information on the activities of Austrian credit institutions abroad and the situation of foreign credit institutions whose activities may affect the Austrian banking system, if this is done in the economic interest in a functional banking system or in the interest of creditor protection is required. Where essential information is not transmitted by a competent authority in a Member State, or a request for cooperation, in particular for the exchange of essential information, dismissed or no such request within of a reasonable period of time, the FMA may consult the EBA. "

39. § 77 (5) reads:

" (5) The granting of information and the transmission of documents, including the forwarding of data as referred to in paragraph 4, shall be admissible within the framework of mutual assistance and to:

1.

Members of the European System of Financial Supervisors (ESFS);

2.

the competent authorities of third countries with which the Council of the European Union has concluded an agreement in application of Article 39 of Directive 2006 /48/EC;

3.

competent authorities of other third countries, in so far as cooperation is also necessary in the interests of the Austrian banking supervisory authorities and in accordance with international practice;

4.

Central banks of the European System of Central Banks and other bodies in the Member States with similar functions in their capacity as monetary authorities, if such information is provided for the exercise of their respective legal requirements. Tasks, including the conduct of monetary policy and the associated provision of liquidity, the monitoring of payment transactions, 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.

the European Systemic Risk Board, if this information is relevant to the exercise of its statutory tasks under Regulation (EU) No 1092/2010.

The exchange of information and the transmission of information in accordance with Z 1 to 3 shall be permitted in each case, insofar as this is for the performance of the tasks of the competent authorities pursuant to Art. 44 (2), Art. 129 and Articles 139 to 142 of Directive 2006 /48/EC or Article 11 (1). Directive 2002/87/EC is required. The exchange of information and the transmission of information according to Z 4 and 5 shall be admissible only if this is necessary in crisis situations within the meaning of Article 130 of Directive 2006 /48/EC and in accordance with Z 5 also only insofar as the information for the purposes of of Art. 130 of the Directive referred to above. The exchange of information with the competent authorities in accordance with Z 2 and 3 must, within the meaning of Article 46 of Directive 2006 /48/EC, on the condition of a professional secrecy equivalent to that of Article 44 (1) of Directive 2006 /48/EC, of the fulfilment of Supervisory tasks of the competent authorities shall be used. The exchange of information with the authorities and institutions of the ESFS may only be carried out subject to Articles 44 and 45 of Directive 2006 /48/EC and Article 35 of Regulation (EU) No 1093/2010, and to the performance of the tasks of the ESFS authorities and institutions pursuant to Articles 31 to 34 of Regulation (EU) No 1093/2010 and of Article 3 of Regulation (EU) No 1092/2010, and to the performance of supervisory tasks pursuant to Section 77b (5). Under the above-mentioned conditions, spontaneous transmission of information is also permitted. FMA may forward information pursuant to paragraph 4 (4) (19) only if it has been expressly authorised by the competent authority which transmitted the information in question. "

40. § 77 (7) reads:

" (7) If the competent authorities

1.

the Member State or

2.

the third country referred to in paragraph 5 (2) or (3),

where the parent undertaking has its head office and does not itself carry out supervision on a consolidated basis, official information may also be provided where information is forwarded to the authorities responsible for supervising supervision on a consolidated basis; of the consolidated base itself. However, the disclosure of such information shall be permitted only if it is used exclusively for the purposes of consolidated supervision, and a professional secrecy equivalent within the meaning of Article 44 (1) of Directive 2006 /48/EC. "

41. § 77 (8) reads:

" (8) In the event of a crisis situation, including a situation within the meaning of Article 18 of Regulation (EU) No 1093/2010 or adverse developments in financial markets, which include the market liquidity and the stability of the financial system in one of the following: Member States in which undertakings of a group have been authorised or which have established significant branches (§ 18), the FMA as a consolidating supervisor shall immediately have the bodies referred to in paragraph 5 (1) (1), (4) to (6) warn and give them all the essential information necessary for carrying out their tasks "

Section 77a (1) reads as follows:

" (1) The Federal Minister of Finance may, on a joint proposal by the FMA and the Oesterreichische Nationalbank, with the competent authorities of other Member States and with competent authorities of third countries, in accordance with Article 77 (5) (2) and (3), provided that the Exchange of information with these competent authorities within the meaning of Article 46 of Directive 2006 /48/EC, subject to the condition of Article 44 (1) of Directive 2006 /48/EC of equivalent professional secrecy, the performance of supervisory tasks of that competent authorities, agreements on the procedure for cooperation with the FMA and the Oesterreichische Nationalbank in the performance of their tasks of supervision and supervision of credit institutions in accordance with § § 69 to 71, provided that the Federal Minister of Finance is responsible for the conclusion of agreements pursuant to Art. 66 (1). 2 B-VG is authorized. "

43. § 77a (2) deleted.

44. In Section 77a (3), the word order shall be "pursuant to paragraph 1 Z 2" through the phrase "in accordance with paragraph 1" replaced.

45. The title of § 77b reads: "Colleges of supervisors and cooperation agreements"

Section 77b (1) reads as follows:

" (1) As a consolidating supervisor (§ 2 Z 9c), the FMA has to establish colleges of supervisors for the performance of the tasks pursuant to Articles 129 and 130 (1) of Directive 2006 /48/EC under its chairmanship. The FMA shall ensure appropriate coordination and cooperation with the competent authorities of third countries, where appropriate. The arrangements for the establishment and functioning of the colleges of supervisors shall be determined after consultation with the competent authorities concerned. FMA may conclude cooperation agreements with competent authorities of other Member States and with competent authorities within the meaning of Article 46 of Directive 2006 /48/EC, in the context of supervisory colleges. In particular, these cooperation agreements may include the transfer of additional tasks to the consolidating supervisor within the meaning of Article 131 of Directive 2006 /48/EC and in accordance with Article 28 of Regulation (EU) No 1093/2010; and Procedures for cooperation, in particular in accordance with Article 21g and Section 77c, and the cooperation of the FMA with the competent authorities of the Member States with regard to the procedure laid down in Articles 42, 44 (2), 131a and 139 to 142 of Directive 2006 /48/EC or of the type in question. Article 11 (1) of Directive 2002/87/EC, and the Exchange of information with competent authorities within the meaning of Article 46 of Directive 2006 /48/EC shall be governed by the conditions laid down in that Directive. The EBA shall be informed of the existence and content of such cooperation agreements, provided that such colleges of supervisors concern them. "

47. In Section 77b (3) Z 4, the point at the end shall be replaced by a stroke, and the following Z 5 shall be added:

" 5.

the EBA. "

48. § 77b (4) and (5) are:

" (4) The FMA has to cooperate with the competent authorities and EBA within colleges of supervisors. Within the colleges of supervisors, the framework for the following tasks shall be determined in conjunction with the other competent authorities:

1.

exchange of information with each other and with the EBA in accordance with Article 21 of Regulation (EU) No 1093/2010;

2.

agreement, where appropriate, on the voluntary transfer of tasks and responsibilities;

3.

Establishment of supervisory audit programmes on the basis of a risk assessment of the credit institution group in accordance with Article 124 of Directive 2006 /48/EC;

4.

avoiding unnecessary duplication of prudential supervision requirements, in particular with regard to requests for information pursuant to Article 130 (2) and Article 132 (2) of Directive 2006 /48/EC, in order to increase the efficiency of supervision;

5.

the consistent application of the prudential rules laid down in Directive 2006 /48/EC to all credit institutions ' undertakings, without prejudice to the electoral rights and discretionary powers opened up by this Directive and Directive 2006 /49/EC;

6.

Application of Article 129 (1) (lit). c of Directive 2006 /48/EC, taking into account international standards in the field of cooperation between competent authorities and preparation for crisis situations.

(5) The FMA shall inform the EBA of the activities of the colleges of supervisors in which it presides, both in normal and in crisis situations, and the EBA shall provide all the information necessary for the purposes of the convergence of supervisory activities. shall be transmitted, subject to Section 77 (5), of particular concern. "

49. The following paragraph 6 is added to § 77b:

" (6) If the consolidating supervisor from another Member State does not sufficiently fulfil the tasks referred to in paragraph 4, or do not operate the other competent authorities with the FMA as the consolidating supervisor, the together, which is necessary for the performance of these tasks, the FMA may refer the matter to the EBA. "

Section 77c (4) reads as follows:

" (4) In the case of disagreements of the competent authorities within the period referred to in paragraph 2, the FMA may

1.

as a consolidating supervisor, consult the EBA. At the request of one of the other competent authorities within the same period, the FMA as a consolidating supervisor shall consult the EBA. If it has been consulted, the FMA shall, in the cases referred to in paragraphs 2, 5 and 6, take account of its opinion in its decision and give reasons for any substantial deviation therefrom in the decision;

2.

apply to the consolidating supervisor in another Member State to consult the EBA;

3.

the matter is referred to EBA in accordance with Article 19 of Regulation (EU) No 1093/2010; if a joint decision by the supervisory authorities is reached, the EBA shall no longer be able to deal with this matter. "

51. The following paragraph 9 is added to § 77c:

" (9) If no joint decision is reached within the period referred to in paragraph 2, and one of the other competent authorities shall refer the matter to the EBA in accordance with Article 19 of Regulation (EU) No 1093/2010, the FMA shall act as a consolidating authority. Supervisory authority shall defer its decision until the decision of the EBA has been taken in accordance with Article 19 (3) of that Regulation. In this case, the FMA shall take its decision in accordance with the decision of the EBA or at the end of one month in accordance with the provisions of paragraphs 5 or 6. "

Section 105 (5) reads as follows:

" (5) Where reference is made in this Federal Act to Directive 2006 /48/EC or Directive 2006 /49/EC, unless otherwise provided, the following text shall be applied in each case:

1.

Directive 2006 /48/EC on the taking up and pursuit of the business of credit institutions (OJ L 177, 30.4.2006, p No. 1), as amended by Directive 2010 /78/EU amending Directives 98 /26/EC, 2002 /87/EC, 2003 /6/EC, 2003 /41/EC, 2003 /71/EC, 2004 /39/EC, 2004 /39/EC, 2004 /109/EC, 2005 /60/EC, 2006 /48/EC, 2006 /49/EC and 2009 /65/EC as regards on the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Supervisory Authority) and the European Supervisory Authority (European Supervisory Authority) Supervisory authority (European Securities and Markets Authority) (OJ C 327, 28.4.2002, p. No. 1 OJ L 331, 15.12.2010, p.

2.

Directive 2006 /49/EC on the capital adequacy of investment firms and credit institutions (OJ L 196, 27.7.2006, p. No. 201), as amended by Directive 2010 /78/EU amending Directives 98 /26/EC, 2002 /87/EC, 2003 /6/EC, 2003 /41/EC, 2003 /71/EC, 2004 /39/EC, 2004 /109/EC, 2005 /60/EC, 2006 /48/EC, 2006 /49/EC and 2009 /65/EC with regard to the Powers of the European Supervisory Authority (European Banking Authority), of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and of the European Supervisory Authority (European Securities and Markets Authority) (OJ C 327, 28.4.2002, p. No. OJ L 331, 15.12.2010, p.

53. § 105 (7) reads:

" (7) Where reference is made in this Federal Act to Directive 2005 /60/EC, unless otherwise arranged, Directive 2005 /60/EC on the prevention of the use of the financial system for the purpose of money laundering and the Terrorist financing (OJ L 327, No. 15), as amended by Directive 2010 /78/EU amending Directives 98 /26/EC, 2002 /87/EC, 2003 /6/EC, 2003 /41/EC, 2003 /71/EC, 2004 /39/EC, 2004 /39/EC, 2004 /109/EC, 2005 /60/EC, 2006 /48/EC, 2006 /49/EC and 2009 /65/EC, in view of on the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Supervisory Authority) and the European Supervisory Authority (European Supervisory Authority) Supervisory authority (European Securities and Markets Authority) (OJ C 327, 28.4.2002, p. No. OJ L 331, 15.12.2010, p.

54. The following paragraph 74 is added to § 107:

" (74) The table of contents with regard to § § 8, 39c and 77b, § 2 Z 31, 61a and 65a, § 3 paragraph 3 Z 6, § 8 with the title, § 10 para. 8, § 15 para. 2 and 3, § 20 para. 3, § 22 para. 1, § 22d para. 6, § 22p para. 2, 5 Z 7 and 8, § 23 para. 13 Z 4c to 4e, § 23 Paragraph 14 Z 8, § 24 para. 3a, § 26 para. 9, § 27 para. 16a and 23, § 30 para. 9a, § 39c with the title, § 40 para. 4 and 8, § 40a para. 7, § 41 para. 3b and 9, § 69 para. 5 and 6, § 73 subsection 1 Z 9 and 3, § 74 para. 2 and 7, § 77 para. 2, 5, 7 and 8, § 77a para. 1 to 3, § 77b (1), (3) (4) and (5) and (4) to (6) together with the title, § 77c (4) and (9), § 105 (5) and (7) and Z 13 of the annex to § 39b, as amended by the Federal Law BGBl. I No 145/2011 will enter into force on 31 December 2011. "

55. Z 13 of the Appendix to § 39b reads:

" 13.

The above principles shall be applied by credit institutions at the level of the group, the parent undertaking, the subsidiaries and branches also in offshore financial centres; in the case of subsidiaries established in a Member State, the the rules of the Member State concerned. "

Article 3

Amendment of the 1989 Stock Exchange Act

The Stock Exchange Act 1989-BörseG 1989, BGBl. N ° 555/1989, as last amended by the Federal Law BGBl. I n ° 58/2010 and the BGBl demonstration. I No 20/2011, shall be amended as follows:

1. The following sentence shall be added to section 2 (3):

"Any withdrawal of the concession shall be notified to the European Securities and Markets Authority (ESMA) (Regulation (EU) No 1095/2010)."

2. § 14 (1) Z 4 reads as follows:

" 4.

the applicant or any of his business managers has not been legally punished in accordance with § § 48, 48b and 48c unless the violation of § 48 or § 48c is minor or the penalty is satisfied or the penalty is "

The second sentence of Article 14 (2) reads as follows:

"In the event of the existence of the legal requirements, except for member advertisers who rely on the membership requirements in accordance with § 15 (1) Z 3, 4 or 6 and who have their registered office in a third country-counterparty forcing."

4. § 15 para. 1 Z 1 reads:

" 1.

Credit institutions pursuant to Section 1 (1) of the Banking Act-BWG, BGBl. 532/1993, which are entitled to carry out one of the transactions referred to in Article 1 (1) (1) (7) and (Z) (7a) of the BWG; "

5. § 15 para. 1 Z 2 lit. c is:

" (c)

if the notification has been made by the competent authority of the credit institution's home Member State in accordance with Article 9 (2) or (6) of the BWG or the investment firm in accordance with Section 12 of the WAG 2007; in the case of local firms, a confirmation from the competent authority of the the home Member State or any other proof of compliance with the requirements laid down in Article 6 of Directive 2006 /49/EC; "

6. § 15 para. 1 Z 4 reads:

" 4.

Companies based in a third country (§ 2 Z 8 BWG), which are there to exercise at least one of the shops according to § 1 paragraph 1 Z 7 lit. b to f and Z 7a are entitled to BWG; "

7. § 15 (1) Z 5 reads:

" 5.

recognised clearing houses in accordance with § 2 Z 33 BWG, with the proviso that institutions are also covered, which transactions are carried out in one or more financial instruments within the meaning of § 1 Z 6 WAG 2007 and into these transactions themselves as contractual partners , provided that they each have a registered office or authorisation in an EEA Member State and participate exclusively in the settlement process; "

8. § 15 (4) reads:

Recognised investment firms and other undertakings established in a third country not represented in the Basel Committee on Banking Supervision may only be members of a stock exchange as long as at least one in the futures market authorized clearing participant (§ 2 Z 48 BWG) and at least one authorised credit institution in the cash market, the registered office or its registered office in a Member State or a third country, which is located in the Basel Committee on Banking Supervision is represented, and is a member of the domestic stock exchange, A stock exchange undertaking shall enter into the transactions carried out by the recognised investment firm or by the undertaking on the domestic stock exchange, and shall be guaranteed to be satisfied by the stock exchange undertaking. "

9. The following paragraph 6 is added to § 48q:

" (6) The FMA has to submit annually to ESMA a summary of information on all administrative measures taken pursuant to § 48 (1) Z 2, § 48c as well as § 48q (3) and (4) of this paragraph and of sanctions imposed by the FMA. Where the FMA has notified the public of an administrative measure or a sanction referred to in paragraph 4, it shall inform ESMA thereof at the same time. "

10. In § 48r, the following paragraph 1 is inserted after the first paragraph of paragraph 1:

" (1a) The FMA shall cooperate with ESMA for the purposes of Directive 2003 /6/EC in accordance with Regulation (EU) No 1095/2010. The FMA shall also provide ESMA with all the necessary information for the performance of its tasks, in accordance with Article 35 of Regulation (EU) No 1095/2010. "

The third subparagraph of Article 48r (2) reads as follows:

" The FMA is entitled to obtain information from the competent authorities of the other Member States in order to carry out its tasks in accordance with paragraph 1 of this article. The FMA may, if its request for information is not acted upon within a reasonable period of time, or which has been rejected, the ESMA shall deal with such rejection or non-compliance within a reasonable period of time. "

12. § 48r (4) last sentence reads:

" The FMA may, where a competent authority of another Member State requests its request to initiate an investigation or grant, that its servants accompany the officials of the competent authority of the other Member State may not, within a reasonable period of time, be given or rejected, ESMA shall deal with such rejection or non-compliance within a reasonable period of time. "

13. In accordance with § 75a, the heading "Cooperation in the European Economic Area" by the heading "Annual Document" replaced

14. In Section 76 (2), after the phrase "the European Commission" the phrase " , the ESMA " inserted.

15. In § 81a (2), after the word order "pursuant to Art. 27 (2)" the phrase "to 2c" inserted.

16. In Section 83 (2), after the word order "pursuant to Art. 27 (2)" the phrase "to 2c" inserted.

17. In § 84, para. 2, after the word order "pursuant to Art. 27 (2)" the phrase "to 2c" inserted.

18. In Article 85 (7), the following sentence shall be inserted after the first sentence:

"The FMA shall then inform ESMA of the exemption granted."

19. In § 85 (10), after the word order "pursuant to Art. 27 (2)" the phrase "to 2c" , in Z 1 after the word "are" the phrase "and measures to establish general equivalence criteria for accounting standards that are relevant to issuers from more than one country" and in Z 2 after the word "guaranteed" the phrase "and to adopt measures for the evaluation of standards relevant to issuers from more than one country" inserted.

Article 86 (2) reads as follows:

" (2) The FMA has adopted the comitology provisions adopted by the European Commission in accordance with Article 27 (2) to (2c) of Directive 2004 /109/EC in accordance with the procedure under which an issuer, a holder of a share, or a holder of shares, to the stock exchange undertaking and the FMA to the stock exchange undertaking and the FMA to other financial instruments or to a person within the meaning of Section 92, in order to enable it to be deposited by means of electronic means. "

21. In § 86 (5), after the word order "pursuant to Art. 27 (2)" the phrase "to 2c" inserted.

22. The following sentences are added to § 86 (8):

" The FMA is authorized to notify ESMA of cases in which a request for cooperation has been rejected or has not resulted in any reaction within a reasonable period of time. In accordance with Regulation (EU) No 1095/2010, the FMA has to cooperate with ESMA for the purposes of § § 81a to 94. In accordance with Article 35 of Regulation (EU) No 1095/2010, the FMA has to provide ESMA with all the necessary information for the performance of its tasks under sections 81a to 94 and of the above Regulation. The obligation of official secrecy shall not prevent the FMA from exchanging confidential information or passing on information to ESMA or the European Systemic Risk Board established by Regulation (EU) No 1092/2010. "

23. In § 86 (9), in the first sentence, after the word "home Member State" the phrase "and the ESMA" and in the third sentence after the word "Commission" the phrase "and the ESMA" inserted.

24. In § 87 (5), after the word order "pursuant to Art. 27 (2)" the phrase "to 2c" inserted.

25. In § 94, after the word order "pursuant to Art. 27 (2)" the phrase "to 2c" inserted, in the Z 3 the word sequence is deleted "and the standard form to be used for this purpose throughout the Community" and the Z 4 is eliminated.

26. The following paragraph (31) is added to § 102:

" (31) § 2 para. 3, § 14 para. 2, § 15 para. 1 Z 1, 2 lit. c, 4 and 5 and para. 4, § 48q para. 6, § 48r para. 1a, 2 and 4, the title before § 75a, § 76 para. 2, § 81a paragraph 2, § 83 para. 2, § 84 para. 2, § 85 para. 7 and 10, § 86 para. 2, 5, 8 and 9, § 87 para. 5 and § 94 in the version of the Federal Law, BGBl. I No 145/2011, enter into force on 31 December 2011. "

Article 4

Amendment of the E-Money Act 2010

The E-Money Act 2010, BGBl. I No 107/2010, shall be amended as follows:

(1) The following paragraph 4 is added to § 2:

" (4) § 25 (2) Z 4 shall apply in respect of compliance with Section 19 (3) Z 6 of the ZaDiG, Sections 40 to 41 of the Federal Elections Act and Regulation (EC) 1781/2006, including the procedures and data processing systems in connection with these provisions in the In accordance with Section 19 (3) Z 4 of the ZaDiG, the FMA must carry out on-the-spot checks. By way of derogation from section 22 (3) and section 25 (3) of this Federal Act, § § 70 (1a) and (1b) and 79 (4) of the Federal Law of Law (BWG) are not applicable in this respect.

2. § 41 receives the sales designation "(1)" and the following paragraph 2 is added:

" (2) § 2 para. 4 in the version of the Federal Law BGBl. I n ° 145/2011 will enter into force on 31 December 2011. "

Article 5

Amendment of the Finality Act

The Finality Act, BGBl. I n ° 123/1999, as last amended by the Federal Law BGBl. I n ° 91/2010, shall be amended as follows:

1. In § 2 para. 2:

" (2) The Oesterreichische Nationalbank (Oesterreichische Nationalbank) has, at the request of the participants, an agreement, subject to domestic law, for the execution of payment and transfer orders in accordance with § 10 according to common rules and unified guidelines, which the requirements of Z 1 and 2 shall be accepted by communication as a system where the rules are appropriate. Once the agreement has been recognised as a system, it shall be deemed to be the same as Article 2 lit. a third indent of Directive 98 /26/EC, and the system operator in its capacity as the competent body of the system as referred to in Article 10 (1) of Directive 98 /26/EC, European Securities and Markets Authority-ESMA (Regulation (EU) No 1095/2010) to report. "

2. § 19 reads:

" § 19. The Oesterreichische Nationalbank informs ESMA that it is acting as a domestic authority in accordance with Article 6 (2) of Directive 98 /26/EC of insolvency proceedings in the other EEA Member States on assets of participants in a system "

§ 20 reads:

" § 20. The Oesterreichische Nationalbank shall immediately forward to the European Systemic Risk Board the notifications to the European Systemic Risk Board, pursuant to Article 75 (1) Z 3 IO, to the other authorities pursuant to Art. 6 (2) of Directive 98 /26/EC and ESMA. According to Regulation (EU) No 1095/2010, the Oesterreichische Nationalbank has to cooperate with ESMA for the purposes of this Act. According to Article 35 of Regulation (EU) No 1095/2010, the Oesterreichische Nationalbank shall make available to ESMA all the information necessary for the performance of its tasks. "

(4) The following paragraph 4 is added to § 23:

" (4) § 2 para. 2, § 19, § 20 and § 24 in the version of the Federal Law BGBl. I No 145/2011 will enter into force on 31 December 2011. "

5. § 24 reads:

" § 24. With the enforcement of this federal law, the Federal Minister of Justice is responsible for the other provisions of § § 15, 16, 17 and 18 of the Federal Minister of Justice. "

Article 6

Amendment of the Financial Conglomerate Act

The Financial Conglomerates Act-FKG, BGBl. I n ° 70/2004, as last amended by the Federal Law BGBl. I n ° 58/2010, is amended as follows:

1. In Section 4 (3), the word order shall be "the European Commission" through the phrase "the Joint Committee of European Supervisory Authorities" replaced.

2. In Section 5 (6), the phrase " It shall consult with the other competent authorities and, where appropriate, take into account relevant guidelines drawn up by the Financial Conglomerates Committee in accordance with Article 21 (5) of Directive 2002/87/EC. To that end, it shall consult the Committee before it decides. " through the phrase " It has to consult with the other competent authorities. If the FMA does not agree with the decision taken by another relevant competent authority pursuant to Article 18 (1) of Directive 2002/87/EC, Article 19 of Regulation (EU) No 1093/2010 (OJ L 136, 31.5.2002, p. 12), Regulation (EU) No 1094/2010 (OJ L 331, 15.12.2010, p. 48) or Regulation (EU) No 1095/2010 (OJ L 331, 15.12.2010, p. 1). OJ L 331, 15.12.2010, p. replaced.

3. The following Z 4 is added to Section 11 (2):

" 4.

Arrangements to ensure that, where necessary, appropriate recovery and settlement procedures and plans are made, and that such procedures and plans are developed. These arrangements shall be regularly reviewed and adapted. "

4. In § 12 (4) is the phrase "Central banks, the European System of Central Banks and the European Central Bank" through the phrase " Central banks, the European System of Central Banks, the European Central Bank, the European Insurance and Occupational Pensions Authority, the European Banking Authority, the European Banking Authority, the European Banking Authority, the European Banking Authority, the European Banking Authority, the European Value paper and market surveillance authority, the Joint Committee of European Supervisory Authorities and the European Systemic Risk Board " replaced.

5. The following paragraph 8 is added to § 12:

" (8) The FMA shall, in accordance with the procedure laid down in Article 35 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010, provide the Joint Committee of European Supervisory Authorities with all of the information needed to perform its tasks. "

6. The following paragraph 6 is added to § 18:

" (6) § 4 para. 3, § 5 para. 6, § 11 paragraph 2 Z 4, § 12 para. 4 and para. 8 in the version of the Federal Law BGBl. I No 145/2011 will enter into force on 31 December 2011. "

Article 7

Amendment of the Financial Market Supervisory Authority Act

The Financial Market Supervisory Authority Act-FMABG, BGBl. I n ° 97/2001, as last amended by the Federal Law BGBl. I No 77/2011, is amended as follows:

1. In § 2 (1), after the word order " Financial conglomerate law, BGBl. I No 70/2004, " the phrase " in the Ratingagenturenvolltract Act-RAVG, BGBl. I No 68/2010, " inserted.

2. In § 2 para. 2 the word order shall be " and in the financial conglomerate law, BGBl. I No 70/2004 " through the phrase " in the financial conglomerate law, BGBl. I n ° 70/2004, and in the Ratingagenturenvolltraction Act-RAVG, BGBl. I No 68/2010, " replaced.

3. In § 18 (1) the last sentence is:

" The direct costs of banking supervision notified by the Oesterreichische Nationalbank in accordance with Section 79 (4b) BWG and the insurance supervision pursuant to § 129l VAG are in the profit and loss account of the FMA under the other operating conditions of the bank. To the extent that they do not exceed EUR 8 million in the area of banking supervision and EUR 500 000 in the area of insurance supervision. "

4. In § 19 (1), the following sentence is added:

"The direct costs of insurance supervision notified by the Oesterreichische Nationalbank pursuant to § 129l VAG shall be assigned to the accounting unit 2, insofar as they do not exceed EUR 500 000."

5. § 19 (5) reads:

" (5) The FMA shall, on the basis of each annual financial statements, immediately calculate the costs for the preceding financial year of the individual taxable persons in accordance with the last sentence of paragraph 4. The amount calculated shall be offset by the advance payments received for the previous financial year. The amount of the difference shall be required for payment, provided that there is no credit in favour of the person liable to pay; the balance shall be paid. For the next following FMA financial year, the costs liable to be paid in advance of 105 vH of the amount calculated in accordance with the first sentence are to be made; as far as the National Bank of Oesterreichische Nationalbank in accordance with § 79 (4b) of the BWG have reached an amount of EUR 8 million in the direct costs of the banking supervision, which have been reported separately in the annual accounts of the FMA, or the direct costs of insurance supervision notified in accordance with Section 129l VAG and shown separately in the annual accounts of the FMA have reached the amount of EUR 500 000, by way of derogation from the first part of the sentence of this instalment in the prepayment with 100 vH. On the basis of these prescriptions, the taxable persons shall have the required amount in four equal parts at the latest by no later than 15. Jänner, April, July and October of the year in question. "

6. In accordance with section 19 (5a), the following paragraph 5b is inserted:

" (5b) The FMA has to pay the Oesterreichische Nationalbank for the direct costs of the opinions according to § 129l para. 1 VAG of the refund amounts. The refund amounts shall be calculated on the basis of the direct costs notified for the previous financial year in accordance with section 129l (3) VAG and amount to a maximum of 500 000 euros. The refund shall be made no later than the end of March of the next financial year. "

7. In § § 22b, 22c and 22d, after the word order "§ 47 PKG" in each case the word and string " , Section 5 (1) of the RAVG " is deleted.

Article 8

Amendment of the Capital Market Act

The Capital Market Act-KMG, BGBl. N ° 625/1991, as last amended by the Federal Law BGBl. I n ° 69/2008, shall be amended as follows:

Article 8a (6) reads as follows:

" (6) The FMA may transfer the approval of a prospectus to the competent authority of another EEA Contracting State, provided that the European Securities and Markets Authority (ESMA) (Regulation (EU) No 1095/2010) has been informed in advance thereof and the competent authority. Such a transfer shall be notified to the issuer, the offeror or the person applying for admission to trading on a regulated market within three working days from the date on which the FMA has made its decision. The FMA may accept the approval of a prospectus by the competent authority of the home Member State of another EEA Contracting State. The period referred to in paragraph 3 shall, in this case, expire from the date of the decision of the competent authority to be transferred. Any wrongdoing by the competent authority of another EEA Contracting State is not to be attributed to the Republic of Austria as a legal entity. Article 28 (4) of Regulation (EU) No 1095/2010 shall not apply to the transfer of the approval of the prospectus in accordance with this paragraph. '

Section 8a (7) reads as follows:

The prospectus provided with the approval shall be sent to the Reporting Office by the issuer, the offeror or the person applying for admission to trading on a regulated market, in good time to be sent to it at the latest on the day of the Publication is available. The FMA, for its part, has to make the prospectus accessible without delay after the approval of ESMA. This also applies to the low-cost of changes and supplements. "

(3) The following paragraph 9 is added to Article 8a:

" (9) The FMA shall inform ESMA at the same time of the approval of the prospectus and of any subsequent prospectus, such as the issuer, the offeror or the person applying for admission to trading on a regulated market. is informed. At the same time, the FMA also has to send ESMA a copy of the prospectus and all the prospectus retrospecs. "

4. In § 8b (1), first sentence, after the word "FMA" the phrase " and the (der) ESMA " inserted.

5. In § 8b (3), first sentence, after the word "host Member States" the phrase "and the ESMA" inserted.

6. § 8c reads:

" § 8c. (1) The FMA, as the competent authority of the host Member State, shall establish that irregularities have been committed by the issuer or by the financial intermediaries responsible for the placement of the public offer or that the issuer is responsible for the The competent authority of the home Member State and the ESMA shall deal with the obligations arising from the admission of securities to trading on a regulated market to the competent authority of the home Member State and the ESMA.

(2) In spite of the measures taken by the competent authority of the home Member State or because they prove to be inappropriate, the issuer or the financial intermediary responsible for placing the public offer shall be in breach of the rules adopted by the competent authority of the home Member State; , the FMA, acting as the competent authority of the host Member State, shall, after prior notification to the competent authority of the home Member State and ESMA, take all necessary measures to protect the protection of the environment the investor must take the necessary measures and inform the Commission and the ESMA as soon as possible. "

7. The following paragraph 9 is added to § 10:

" (9) The FMA, acting as the competent authority of the host Member State, has on its Internet site a list of the certificates of approval of prospectuses and any subsequent prospectus, including, where appropriate, of a prospectus, submitted in accordance with section 8b of this Article. electronic link (hyperlink) to these documents published on the website of the competent authority of the home Member State, the issuer or the regulated market. The published list shall always be kept up-to-date and each entry shall be available on the websites for at least twelve months. "

8. § 16b (2) reads:

" (2) (1) does not prevent the FMA and the competent authorities of other EEA States Parties from exchanging confidential information or providing confidential information to ESMA or the European Systemic Risk Board (ESRB). , subject to the provisions of Regulation (EU) No 1095/2010 or Regulation (EU) No 1092/2010 on financial supervision of the European Union at macro-level and establishing a European Systemic Risk Board (ESRB) Restrictions on company-related information and impact on Third countries. The information exchanged in this way between the FMA, the competent authorities of the other EEA States Parties and the ESMA or the ESRB shall be subject to the obligation of professional secrecy to which persons are bound, who shall be subject to the competent authorities, who receive this information, are or have been active. "

9. § 16c receives the sales designation "(1)" and the following paragraph 2 is added:

"(2) The FMA may address ESMA with cases in which a request for cooperation, in particular for information exchange, has been rejected or has not resulted in any reaction within a reasonable period of time."

10. The following paragraph 14 is added to section 19 (13):

" (14) § 8a (6), (7) and (9), § 8b (1) and (3), § 8c, § 10 (9), § 16b (2) and § 16c (1) and (2) in the version of the Federal Law, BGBl. I No 145/2011, enter into force on 31 December 2011. "

Article 9

Amendment of the "Ratingagenturenvolltraction Act"

The Ratingagenturenvolltract-RAVG, BGBl. I n ° 68/2010, is amended as follows:

1. In the heading to § 2 of the table of contents, after the word "competent" the phrase "and sectoral competent" inserted.

2. The heading to § 4 of the table of contents is:

" § 4. Support for European supervision of credit rating agencies "

3. In the table of contents, the " § 9. Enforcement " the following entry is inserted:

" § 10. Transitional provision "

4. In § 1 para. 1, after the word order " Credit Rating Agencies (OJ L 327, No. OJ L 302, 17.11.2009, p. 1) the phrase " as amended by Regulation (EU) No 513/2011 amending Regulation (EC) No 1060/2009 on credit rating agencies (OJ L 145, 31.5.2009, p. No. OJ L 145, 31.5.2011, p. 30) inserted.

5. § § 2 to 4 together with the headings are:

" Competent and sectoral competent authority

§ 2. The FMA is for the EEA Member State Austria both the competent authority and the relevant sectoral competent authority for the purposes of the EC Regulation. Without prejudice to the tasks assigned to it in other federal laws, it shall take the responsibility of a competent authority or sectoral competent authority in accordance with the EC Regulation, with responsibilities and powers. In the context of its supervisory activities as the competent or sectoral competent authority, it shall also take account, in particular, of the guidelines laid down in Article 21 of the EC Regulation.

Supervision

§ 3. (1) The FMA as a sectoral competent authority within the meaning of the EC Regulation has to monitor compliance with the obligation under Article 4 (1) UA 1 of the EC Regulation. It shall carry out this monitoring as a supervisory task in accordance with the supervisory laws applicable to the addressees of Article 4 (1) of the EC Regulation. In this connection, the supervisory powers and resources of the relevant supervisory laws are available to the Supervisory Board in the same manner and to the same extent, as well as in the enforcement of other obligations under the terms of Art. 4 (1) of the European legislative acts referred to in the EC Regulation.

(2) The FMA may cooperate with authorities and central banks from third countries carrying out a task which is the responsibility of a competent authority or a sectoral competent authority in accordance with Article 3 (1) (1) (1). p or lit. r of the EC Regulation. Such cooperation shall be admissible in so far as it is necessary for the performance of a task referred to in the first sentence, and the information forwarded within the framework of that cooperation shall be provided to those authorities and central banks in accordance with Article 32 of the EC Regulation shall be subject to equivalent professional secrecy and shall be in accordance with Chapter IV of Directive 95 /46/EC. FMA may make use of its powers exclusively for the purposes of cooperation under this paragraph, even if the cooperation is based on an investigative procedure in the third country on account of a conduct which does not Infringement of a rule in force in Austria.

Support for European supervision of credit rating agencies

§ 4. The FMA supports the European Securities and Markets Authority (ESMA) and its authorised representative in accordance with the provisions of the EC Regulation. The FMA may also take advantage of assistance in accordance with § 21 (1), (2) and (4) FMABG. "

6. § 5 reads:

" § 5. (1) Anyone who uses ratings contrary to Article 4 (1) UA 1 of the EC Regulation is subject to an administrative surrender and is punishable by the FMA with a fine of up to 30 000 euros.

(2) Anyone who violates the obligation to provide information in prospectuses pursuant to Art. 4 (1) UA 2 of the EC Regulation shall commit an administrative surrender and shall be punished by the FMA with a fine of up to € 30 000. "

7. § 6 (4) reads:

"(4) The FMA has to disclose sanctions in accordance with § 5 by the customer on the Internet, printing in the" Official Journal of the Wiener Zeitung " or in a newspaper with distribution throughout the territory of the Federal Republic of Germany, unless such disclosure would result in the stability of the financial markets, or inflicting disproportionate damage on the parties involved. The publication measures can also be taken cumulatively. "

8. Section 6 (5) is deleted.

9. In § 6 (6), first sentence, after the word order "in accordance with paragraph 4" the phrase "or 5" .

10. Section 7 (2) is deleted.

11. In accordance with § 9, the following § 10 together with the title is added:

" Transitional provision

§ 10. On procedures for the registration of credit rating agencies where the application for registration has been received by the competent authorities of the home Member State or the college concerned by 7 September 2010 and which are not in accordance with Art. 40a (1) of the EC Regulation to ESMA shall be found in the version of the Federal Law BGBl. I No 68/2010. '

Article 10

Amendment of the Insurance Supervision Act

The Insurance Supervision Act-VAG, BGBl. No 569/1978, as last amended by the Federal Law BGBl. I No 77/2011, is amended as follows:

1. § 61b (5) reads:

" (5) In the event that the share of the association in a public limited company into which it has contributed its insurance business is under 26 vH of the voting shares, the FMA shall be notified immediately. The FMA has

1.

to apply to the association within a reasonable period of time to establish the legal condition;

2.

to dissolve the club in the event of a repeat or continuation. After the dissolution by the FMA, the supreme body of the association shall carry out the settlement in accordance with § 57 and decide on a settlement plan. The settlement plan shall require the approval of the FMA. The authorisation shall be refused if the interests of the members are not sufficiently safeguarded.

Where a number of clubs have placed their insurance business into a public limited company, if the sum of their shares falls below 26 vH, they shall be required to act in accordance with this paragraph for all these clubs. "

2. In § 61b (6) the word order shall be "The dissolution in accordance with Section 5 and Section 61e (1) shall not be resolved" through the phrase " 5 shall not be applied " replaced.

(3) In § 61e (1), the word order shall be "This does not cause the dissolution of the association" through the phrase "is not to be applied to Section 61b (5)" replaced.

4. § 61e (1) (2) is:

" 2.

if and as long as the club

a)

in the case of the other company, at least 26 vH of the shares entitled to vote directly

b)

at least 26 vH of the voting shares in the public limited liability company, which in turn holds more than 50 vH of the voting shares in the other company and the decisive influence of the association at the other company by provisions or other legal basis shall be guaranteed; or

c)

shares directly with the other company or company with voting rights and, by means of statutes or by other legal basis, in the sense of the lit. a more comparable decisive influence of the association on the other company or one in the sense of the lit. b comparably significant influence of the association on the joint stock company and the other company is ensured.

The influence possibilities after lit. b and lit. c as well as any change in the influence possibilities shall be proven by the FMA. "

5. In accordance with Section 61e (2), the following paragraph 3 is added:

" (3) Any violation of the provisions of paragraph 1 Z 2 shall be notified immediately to the FMA. The FMA has

1.

to apply to the association within a reasonable period of time to establish the legal condition;

2.

to dissolve the club in the event of a repeat or continuation. After the dissolution by the FMA, the supreme body of the association shall carry out the settlement in accordance with § 57 and decide on a settlement plan. The settlement plan shall require the approval of the FMA. The authorisation shall be refused if the interests of the members are not sufficiently safeguarded. "

6. In accordance with Section 61e (3), the following paragraph 4 is added:

" (4) A number of insurance companies have been incorporated into a joint-stock company on the same date in accordance with § 61a and are these insurance companies

1.

in the case of paragraph 1 Z 2 lit. a at the other company,

2.

in the case of paragraph 1 Z 2 lit. b to the Aktiengesellschaft

participate, their shares shall be counted together. In the case of paragraph 1 Z 2 lit. c is the jointly exercisable influence of several clubs. "

Section 61f (3) Z 3 reads as follows:

" 3.

If the share of the private foundation in the joint-stock company, in which the converted club has made its insurance business, falls below 26 vH of the voting shares, then Z 3a shall apply. If the private foundation is involved in a public limited company in which several clubs have contributed their insurance business, Z 3a shall apply only if their share in the joint-stock company together with the share of the clubs concerned is or, in so far as they have been converted into a private foundation, the private foundations in question shall be reduced to less than 26 vH. "

8. In Section 61f (3), the following Z 3a to 3d shall be inserted after Z 3:

" 3a.

If the share falls below 26 vH of the voting shares according to Z 3, this is to be reported immediately to the FMA. The FMA has

a)

to apply the private foundation to establish the legal status within a reasonable period of time;

b)

to dissolve the private foundation in the event of a repeat or continuation. After the dissolution by the FMA, the Board of Trustees must carry out the settlement in accordance with § 57, whereby the private foundation and the members of the members are replaced by the private foundation, and a settlement plan shall be made available to the members of the Foundation. decision. The settlement plan shall require the approval of the FMA. The authorisation shall be refused if the interests of the beneficiaries are not sufficiently protected.

3b.

If a restructuring is carried out in accordance with Section 61e,

a)

Z 3a, § 61e (1) (1) (1) and (61) (2) (2), final half-sentence;

b)

Section 61e (1), (2) and (2), with the proviso that in each case the private foundation, to the place of the interests of the members, the interests of the beneficiaries and, in the place of membership of the association, the interests of the members of the association, apply in each case to the association. the private foundation;

c)

§ 61e (3) and (61) (4) shall apply.

3c.

Z 3a shall not apply if more than half of the total assets of the private foundation are assessed in companies according to § 86f, as measured by the last audited balance sheet in each case. If the private foundation is involved in a subsidiary within the meaning of section 244 of the German Civil Code, the calculation of the total assets may additionally include all assets of the subsidiary company in proportion to the extent of the private foundation's participation in the private foundation. subsidiary companies; the share of the private foundation in the subsidiary is to be eliminated in this case. In accordance with § 61a, the joint-stock company, into which the converted association has contributed the insurance business in accordance with § 61a, has to belong to the company in accordance with § 86f to more than 50 vH of the voting shares. Only shares in the share capital and shares in the additional capital in accordance with Section 73c shall be included in the apportionment in companies pursuant to § 86f if these shares in the companies according to § 86f for the fulfilment of the own resources requirement on Group level can be credited. In the course of the audit of the annual financial statements, the auditor has to examine the compliance with this provision and report it. In the interests of the beneficiaries, the Board of Trustees has to ensure the permanent fulfilment of this provision and to immediately notify the FMA of the violation of this provision. The FMA has

a)

to apply the private foundation to establish the legal status within a reasonable period of time;

b)

to dissolve the private foundation in the event of a repeat or continuation. After the dissolution by the FMA, the Board of Trustees must carry out the settlement in accordance with § 57, whereby the private foundation and the members of the members are replaced by the private foundation, and a settlement plan shall be made available to the members of the Foundation. decision. The settlement plan shall require the approval of the FMA. The authorisation shall be refused if the interests of the beneficiaries are not sufficiently protected.

3d.

If the insurance companies of several insurance companies have been introduced in accordance with § 61a and these insurance contracts are assessed jointly with the private foundation in companies according to § 86f in accordance with Z 3c, Z 3a shall not be applied.

3e.

Subsequent amendments to the foundation's declaration, which are necessary through the application of the Z 3b or Z 3c, are to be decided by the foundation organs. The decision of the amendment shall require the approval of the FMA. The authorisation shall be refused if the amended declaration of the Foundation does not comply with the requirements of this Federal Law or if the amendment of the Foundation's declaration jeopardises the interests of the beneficiaries. The amendment to the Foundation's declaration must be notified by the Board of Trustees for registration in the Company Book. The notification shall be accompanied by the notarized change decision and the communication of the FMA with which the decision of the amendment has been approved. The court (§ 40 PSG) has to deliver the decision on the registration of the amendment of the foundation's declaration of foundation. "

9. In § 61f (3) Z 5, the following sentence is added:

"If the beneficiaries are guaranteed pursuant to Section 3 (3) (3c), the reserves may also be transferred to companies in accordance with § 86f in the amount of the shares in the share capital and amounts in the amount of the shares in the additional capital according to § 73c."

10. § 98b (8) Final part reads:

" The FMA shall have the competent authorities of the other Contracting States, the European Commission and to the extent that it is relevant for the purposes of Directive 2005 /60/EC and in accordance with the relevant provisions of the Regulation (EU) No 1093/2010 (OJ L 136, 31.4.2010 12), Regulation (EU) No 1094/2010 (OJ L 331, 15.12.2010, p. 48) and Regulation (EU) No 1095/2010 (OJ No L 331, 15.12.2010, p. 84), the European Banking Authority (EBA) (Regulation (EU) No 1093/2010), The European Insurance and Occupational Pensions Authority-EIOPA (Regulation (EU) No 1094/2010) and the European Securities and Markets Authority (ESMA) (Regulation (EU) No 1095/2010) on cases relating to in which the application of the measures required by Z 1 is not allowed under the legislation of a third country and a solution could be sought within the framework of a concerted approach. "

11. § 98c (5) reads:

" (5) The FMA shall inform the competent authorities in the other Contracting States, the European Commission and the extent to which it is relevant for the purposes of Directive 2005 /60/EC and in accordance with the relevant provisions of this Directive. of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010, the EBA, EIOPA and ESMA on cases in which a third country considers that it meets the conditions set out in paragraph 1. "

12. § 98e para. 2 Final part reads:

" The FMA shall inform the competent authorities of the other Contracting States, the European Commission and the extent to which it is relevant for the purposes of Directive 2005 /60/EC, and in accordance with the relevant provisions of the Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010, the EBA, EIOPA and ESMA on cases where, in their view, a third country fulfils the conditions set out above. "

13. § 98f (5) Final part reads:

" The FMA shall have the competent authorities of the other Contracting States, the European Commission, and to the extent that it is relevant for the purposes of Directive 2005 /60/EC and in accordance with the relevant provisions of the Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010 to inform EBA, EIOPA and ESMA of cases where, in their view, a third country complies with the conditions laid down in the Z 2 or 3. If the European Commission makes a decision pursuant to Article 40 (4) of Directive 2005 /60/EC, the Federal Government, in agreement with the Main Committee of the National Council, has issued an information transfer between to prohibit insurance undertakings and persons from the third country concerned. '

14. § 98f (7) reads:

" (7) In the case of other invalidity, data may be used to the detriment of the accused or by side-party involved, the data being provided by the authority (Money Laundering Act (Bundeskriminalamt-Gesetz, BGBl. I n ° 22/2002)) pursuant to paragraphs 1, 2 or 6, in respect of financial transactions only, with the exception of the financial charges of smuggling falling within the jurisdiction of the courts, the evasion of entry or exit duties and the Financial procedures pursuant to § 38a and § 39 of the FinStrG, are not used. Results from the authority (Money Laundering Office (Bundeskriminalamt-Gesetz, BGBl. 4 (2) of the Federal Criminal Police Office Act). I n ° 22/2002)) only a suspicion of a punishable offence pursuant to the first sentence, it shall have the indication in accordance with § 78 StPO or § 81 of the Financial Criminal Law, BGBl. No. 129/1958 (FinStrG). "

15. The following paragraph 10 is added to § 98f:

" (10) The FMA works with EBA, EIOPA and ESMA for the purposes of Directive 2005 /60/EC, in accordance with Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010. provide all the information necessary for the performance of their duties under Directive 2005 /60/EC and of the regulations referred to in this paragraph. "

16. In § 107b (1) (7), the word shall be used at the end of the sentence "and" .

17. In Section 107b (1), the following Z 8 shall be added after Z 7:

" 8.

§ 61b para. 5 first sentence, § 61e para. 3 first sentence, § 61f para. 3 Z 3a first sentence, § 61f para. 3 Z 3c sixth sentence "

18. The following paragraph 30 is added to § 119i (29):

" (30) § 98b Abs. 8 Schlussteep, § 98c Abs. 5, § 98e Abs. 2 Schlussteep, § 98f Abs. 5 Schlussteep and § 98f Abs. 10 in der Version des Bundesgesetz BGBl. I No 145/2011 will enter into force on 31 December 2011. "

19. In accordance with § 129k the following § 129l is inserted:

" § 129l. (1) Prior to the approval of internal or partial internal models in accordance with Directive 2009 /138/EC, OJ L 327, 22.12.2009, p. No. OJ L 335/1 of 17.12.2009 (Solvency II), the FMA has to obtain an opinion from the National Bank of Oesterreichische Nationalbank in so far as these models comprise the market risk module or parts of the market risk module. The Oesterreichische Nationalbank has to assess whether the market risk module or, if necessary, parts of the market risk module are in accordance with the applicable requirements.

(2) The Oesterreichische Nationalbank shall carry out the opinions expressed in accordance with paragraph 1 on its own responsibility and on its own behalf. FMA has been able to rely on the advice of the Oesterreichische Nationalbank and can rely on its accuracy and completeness, unless it has reasonable doubts as to its accuracy or completeness. The Oesterreichische Nationalbank shall immediately forward the comments of the insurance undertaking concerned to the FMA.

(3) The Oesterreichische Nationalbank has

1.

to draw up a statement of the direct costs arising from the statements made in accordance with paragraph 1 of the respective financial year, and to be drawn up by the auditor in accordance with § 37 of the National Bank Act, BGBl. No 50/1984 (NBG),

2.

provide the audited establishment of the FMA up to 30 April of the following financial year,

3.

to communicate the estimated direct costs of the statements made in accordance with paragraph 1 above for the following financial year of the FMA by 30 September each year; and

4.

To inform the Federal Minister of Finance and the FMA once a year on the number of staff employed in the annual average of the opinions expressed in accordance with paragraph 1 above; this information may also be made by way of publication. "

20. In § 131 Z 1 the reference "§ 61b para. 1 and 2, 3 first sentence, 4 first to third sentence, 5 and 6 first sentence" by the reference " § 61b para. 1 and 2, 3 first sentence, 4 first to third sentence, 6 first sentence " and the reference "§ 61e, section 61f (1), (3) (1) to (4), (6) and (7), (5), (1) to (5), (7) and (8)" by reference "Section 61e (1) (1) and (4), section 61f (1), (3) (1) to (3), (3b), (3d) and (3e), (4), (6) and (7), (4) (1) to (5), (6) and (7)" replaced.

21. In § 131 the following Z 1a is inserted after Z 1:

" 1a.

as regards Section 61b (5), Section 61e (1) (2) and Section 61f (3) Z 3c of the Federal Minister of Finance, in agreement with the Federal Minister for Justice; "

Article 11

Amendment of the Securities and Markets Act 2007

The Securities and Markets Act 2007-WAG 2007, BGBl. I n ° 60/2007, as last amended by the Federal Law BGBl. I No 99/2011, shall be amended as follows:

1. In the table of contents, the " § 97. Contact point and exchange of information " the following entry is inserted:

" § 97a. Cooperation and exchange of information with ESMA "

2. In the table of contents, the " § 98. Cooperation in monitoring, on-the-spot checks and investigations " the following entry is inserted:

" § 98a. Binding mediation "

3. § 69 (6) Z 1 reads:

" 1.

once a year for each share on the basis of the arithmetic average value of the orders executed on the market for this share, to determine the respective share class and to publish this information on its home page as well as to the European Securities and Markets Authority (ESMA) (Regulation (EU) No 1095/2010); Articles 33 and 34 of Regulation (EC) No 1287/2006 shall apply; "

4. In § 91 (2) (3), after the word group "the Federal Minister for Finance" the word group " , the European Commission, the ESMA " inserted.

5. § 91 (5) reads:

" (5) The forwarding of data pursuant to paragraph 4 and the conclusion of cooperation agreements pursuant to Section 97 (7) shall be admissible within the framework of mutual assistance and to the competent authorities of Member States responsible for securities supervision, insofar as this is the case for the fulfilment of the obligations of the competent authorities. is required by tasks corresponding to the tasks of the FMA under this Federal Act, the 1989 Stock Exchange Act, Regulation (EC) No 1287/2006 or Commission Regulation (EC) No 2273/2003, or for other statutory tasks within the framework of the supervision of the financial market of the applicant for securities supervision the authority is required, and where there is a reasoned request, and where the forwarded data are subject to the obligation of professional secrecy by those authorities in accordance with Article 54 of Directive 2004 /39/EC. "

6. § 92 (12) reads:

" (12) On an individual request, the FMA has to provide, within a reasonable period of time, information on the scope of the concession of legal entities in accordance with § 91 (1) Z 1 and 2. The FMA registers all legal entities and has a database containing information on the current extent of the existing concessions of these entities, and has to allow a query of these data via the Internet. ESMA shall be notified of any authorisation and any withdrawal of the authorisation. The FMA shall also have in this database a list of investment firms from Member States entitled to provide investment services by way of freedom to provide services or through a branch, to the extent that: this activity has been notified within the territory of the country in accordance with Article 31 or 32 of Directive 2004 /39/EC. "

(7) The following paragraph 13 is added to § 92:

"(13) The FMA shall inform ESMA of the appeal and appeal procedures that are provided for in Austria."

8. The following paragraphs 5 and 6 are added to § 94:

" (5) The FMA shall transmit annually to ESMA a summary of information on all violations of the provisions adopted pursuant to this Federal Act or of administrative measures taken pursuant to section 48 (5) of the Austrian Stock Exchange Act (BörseG). Sanctions.

(6) If the FMA has notified an administrative measure or a sanction to the public, it shall inform ESMA thereof at the same time. "

9. The following sentence is added to section 97 (1):

"The Federal Ministry of Finance shall communicate to the European Commission, ESMA and the other Member States the authorities which may accept requests for the exchange of information or for cooperation pursuant to paragraph 2."

10. § 97 (4) reads:

" (4) If the FMA has reasonable grounds to suspect that undertakings which are not subject to their supervision have infringed or have infringed the provisions of Directive 2004 /39/EC in the territory of another Member State, it shall: to communicate as closely as possible to the competent authority of the other Member State and to ESMA. It shall, for its part, take appropriate measures if it has received such notification from another competent authority, and shall have, as far as possible, the Authority and the ESMA on the outcome of those measures and, as far as possible, to inform developments that have taken place in the meantime. The powers of the FMA as the competent authority which transmitted the information shall not be affected by this paragraph. "

(11) The following paragraphs 5 to 7 are added to § 97:

" (5) The FMA shall notify the European Commission and ESMA of all the general difficulties which their investment firms encounter in their establishment or in the provision of investment services or activities in a third country.

(6) The FMA, as well as ESMA, in accordance with Article 33 of Regulation (EU) No 1095/2010, may conclude cooperation agreements on the exchange of information with the competent authorities of third countries, provided that it is ensured that: shall be subject to professional secrecy at least in the scope prescribed by Article 54 of Directive 2004 /39/EC. Such an exchange of information shall serve the purpose of carrying out the tasks of these competent authorities.

(7) The FMA and ESMA may also conclude cooperation agreements on the exchange of information with the authorities, bodies and natural or legal persons of third countries, who are responsible for one or more of the following tasks:

1.

supervision of credit institutions, other financial institutions, insurance undertakings and the financial markets;

2.

Implementation of developments, insolvency proceedings and similar procedures in the case of investment firms,

3.

Implementation of the statutory audits of the accounting records of investment firms and other financial institutions, credit institutions and insurance undertakings in the performance of their supervisory powers or management of compensation schemes in the performance of their duties,

4.

supervision of the bodies involved in the settlement and insolvency proceedings or similar proceedings in relation to investment firms;

5.

Supervision of persons carrying out the statutory audits of accounting records of insurance undertakings, credit institutions, investment firms and other financial institutions.

The cooperation agreements referred to above may be concluded only if it is ensured that the information transmitted is subject to professional secrecy, at least in the extent prescribed in Article 54 of Directive 2004 /39/EC. Such an exchange of information shall be used to carry out the duties of these authorities, bodies, natural or legal persons. "

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

" Cooperation and exchange of information with ESMA

§ 97a. (1) The FMA shall cooperate with ESMA for the purposes of Directive 2004 /39/EC in accordance with Regulation (EU) No 1095/2010.

(2) The FMA shall provide ESMA with all the information required for the performance of its tasks under Directive 2004 /39/EC, in accordance with Article 35 of Regulation (EU) No 1095/2010. "

Section 98 (5) reads as follows:

" (5) The official secrecy, paragraphs 2 to 4 and section 91 (6) do not prevent the FMA from ESMA, the European Systemic Risk Board, the central banks, the European System of Central Banks and the European Central Bank in their The role of monetary authorities and, where appropriate, other public authorities entrusted with the supervision of payment and settlement systems shall be communicated with confidential information in order to carry out their duties; nor shall they be subject to the that these authorities or bodies shall provide the competent authorities with the information in order to carry out their tasks in accordance with Directive 2004 /39/EC. "

14. In accordance with § 98, the following § 98a and heading is inserted:

" Binding Mediation

§ 98a. The FMA may bring to the attention of ESMA cases in which a request

1.

it has been rejected or has not been carried out within a reasonable period of time, in order to monitor, check on the spot or to determine whether or not an investigation has been made pursuant to section

2.

in order to exchange information within the meaning of Section 98, or has not resulted in any reaction within a reasonable period of time. "

15. In § 99 (1) final section, after the word group "competent authority" the word group "and the ESMA" inserted.

16. § 101 (2) reads:

" (2) The FMA, as the competent authority of the host Member State, shall establish that a legal entity pursuant to Article 91 (1) (4) and (5), which has a branch in Austria, shall be entitled to the Austrian laws, regulations or administrative provisions relating to jurisdiction the FMA is not respected as an authority of the host Member State, the FMA shall require the relevant legal entity to establish the legal status within three months. If the legal entity does not comply with the request, the FMA shall, acting as the competent authority of the host Member State, take all appropriate measures to ensure that the legal entity concerned ends the irregular situation. The FMA shall inform the competent authorities of the home Member State, the European Commission and the ESMA of the nature of these measures. In addition, the FMA, as the competent authority of the host Member State, may bring the matter to the attention of ESMA. If, in spite of the measures taken by the FMA, the legal entity continues to infringe the above-mentioned Austrian laws, regulations or administrative provisions, the FMA may, after informing the competent authorities of the home Member State, take appropriate measures , in order to prevent or punish any further infringements; where necessary, it may, in whole or in part, prohibit the responsible directors of the branch of the Institute and also to initiate new proceedings for the legal entity Prohibit transactions in Austria. The FMA must immediately inform the European Commission and ESMA of these measures. In addition, the FMA may, as the competent authority of the host Member State, bring the matter to the attention of ESMA. "

17. § 101 (3) reads:

" (3) The FMA, as the competent authority of the host Member State of a regulated market or an MTF, has clear and demonstrable grounds for believingthat the regulated market in question or the MTF in question is in breach of the obligations of the FMA, The competent authority of the home Member State of the regulated market or of the MTF shall inform the competent authority of the home Member State of the regulated market or of the MTF and of Regulation (EC) No 1287/2006 which it is required to obtain from the Federal Act or the Stock Exchange Act and Regulation (EC) Where the regulated market or the MTF is acting in spite of the measures taken by the competent authority of the home Member State or because such measures prove to be insufficient in a manner which is in line with the interests of investors in Where Austria or the proper functioning of the markets is clearly endangered, the FMA, acting as the competent authority of the host Member State, shall, after informing the competent authority of the home Member State, take all appropriate measures to: in order to protect investors and the proper functioning of markets . This also includes the possibility to prohibit the regulated market or MTF from making its system accessible to remote members or participants in Austria. The European Commission and ESMA shall be immediately informed of these measures. In addition, the FMA may, as the competent authority of the host Member State, bring the matter to the attention of ESMA. "

18. § 108 (9) in the version BGBl. I n ° 72/2010 shall be given the name "(9a)" .

19. The following paragraph 12 is added to § 108:

" (12) The table of contents with regard to § § 97a and 98a, § 69 (6) Z 1, § 91 (2) Z 3, (5), § 92 (12) and (13), § 94 (5) to (6), § 97 (1), (4) and (5) to (7), § 97a, § 98 (5), § 98a, § 99 (1) and § 101 (2) and (3) of the German version of the Federal Law BGBl. I No 145/2011 will enter into force on 31 December 2011. "

Article 12

Amendment of the Payment Services Act

The Payment Services Act-ZaDiG, BGBl. I n ° 66/2009, as last amended by the Federal Law BGBl. I No 107/2010, shall be amended as follows:

(1) The following paragraph 4 is added to § 63:

" (4) Paragraph 2 Z 4 shall apply in respect of compliance with Section 19 (3) Z 6 of this Federal Act, Sections 40 to 41 of the Federal Elections Act and Regulation (EC) 1781/2006, including the procedures relating to these provisions and Data processing systems within the meaning of Section 19 (3) (4) of this Federal Act shall apply in such a way that on-site examinations are to be carried out by the FMA. By way of derogation from paragraph 3 and section 59 (3) of this Federal Act, § § 70 (1a) and (1b) and 79 (4) BWG are not applicable in this respect. "

(2) The following paragraph 7 is added to § 79:

" (7) § 63 (4) in the version of the Federal Law BGBl. I n ° 145/2011 will enter into force on 31 December 2011. "

Fischer

Faymann