Amendment Of The Securities Supervision Act 2007 And The 1994 Gewerbeordnung

Original Language Title: Änderung des Wertpapieraufsichtsgesetzes 2007 und der Gewerbeordnung 1994

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99. Federal law be changed with the the securities supervision Act 2007 and the Gewerbeordnung 1994

The National Council has decided:

Article 1

Amendment of the securities supervision Act 2007

The securities supervision Act 2007 - WAG 2007, Federal Law Gazette I no. 60/2007, amended by the Federal Act Federal Law Gazette I no. 77/2011, is amended as follows:

1 § 2 para 1 No. 15 is: "15 value securities broker: individuals with business permission according to § 94 Z 77 Gewerbeordnung 1994 - GewO 1994, BGBl. No. 194/1994, in conjunction with section 136 b GewO 1994, the although independently, one or more services pursuant to section 3 para 2 Nos. 1 and 3 only with regard to financial instruments in accordance with § 1 No. 6 lit." a and c in the name and on behalf of an investment firm or an investment service providers provide, need no licence referred to in paragraphs 3 or 4. As value securities broker also individuals with business permission according to § 94 May 1994 Z 75 GewO 1994 in connection with § 136a GewO. Value paper brokers may provide such services only for investment firms and investment service providers, allowing no more than three agency relationships. The respective investment company or the relevant investment service providers liable anyway, for the fault of the value paper intermediary, which he uses in the provision of investment services, in accordance with § 1313a ABGB, independent, whether the value securities broker reveals the respective business Lord or not. In compliance with the provisions of this federal law and the other for investment services laws and regulations, but not the provisions of the GewO 1994, the behavior of the securities intermediary of of value of is attributable to only the respective securities firm or the respective investment services providers themselves."

2. in § 4 para 3 Z 2 is the word "and" at the end, replaced by a point; No. 3 is omitted.

3. section 4 be added following paragraph 5 to 8:

"(5) investment firms or investment services providers may attract only value paper intermediary, which have commercial permission according to § 94 Z 77 GewO 1994 in conjunction with § 136 b GewO 1994 or according to § 94 Z 75 GewO 1994 in conjunction with § 136a GewO 1994 have."

(6) investment firms or investment services providers have to monitor the activities of value securities intermediaries that operate on them. You have to make sure that a value securities broker customer, if he contacts or before completing transactions with customers, tells in what capacity he is and he represents which investment firm and which investment service providers.

(7) investment firms or investment services providers may attract only value securities brokers who are registered in a public register.

(8) the public register is to do with the FMA. The register is continuously to update. Investment firms or investment services providers have immediately enlist the the securities brokers of of value of and are responsible for the proper review."

4. § 28 ABS. 5 first sentence reads:

"Tied agents working in Austria have to have a commercial permission according to § 136a GewO 1994."

5. § 28 the following paragraph 9 is added:

"(9) commercial financial advisers who are working as tied agents, are not entitled to be active at the same time as the securities intermediaries of value of."

6 § 94 para 2 first sentence reads:

"Who provides investment services pursuant to section 3 para 2 without permission, or who attracts registered value securities broker or tied agents to their provision not in accordance with § 4 paragraph 7 or § 28 para 4 in a public register, has no claim on all fees associated with these transactions, as in particular commissions."

7 11 the following paragraph is added to section in 95:

"(11) who was responsible (§ 9 VStG) an investment firm or an investment service providers against article 2 par. 1 Z 15 or § 4 paragraph 5 to 8, commits an administrative offence and is to punish up to 50 000 euro fine."

8. the section 108 11 the following paragraph is added:

"(11) section 2 paragraph 1 Z 15, § 4 para 3 Z 3 and paragraph 5 to 8, § 28 paragraph 5, first sentence, and paragraph 9, article 94, paragraph 2, first sentence, and article 95 paragraph 11 into force on September 1, 2012." "Who before 31 August 2012 the activity referred to in section 2 paragraph 1 Z 15 in the version of Federal Law Gazette I no. 60/2007 allows his bulk at least a year has exercised this activity due to the previous legal situation must continue to exert until two years after the entry into force of this federal law."

Article 2

Change of the Gewerbeordnung 1994

The Gewerbeordnung BGBl No. 194/1994, amended by Federal Law Gazette I no. 111/2010, is amended as follows:

1. in article 2, paragraph 1 Z 14, the word "Financial services assistants" is replaced by the word "Value securities intermediary".

2. in section 87 ABS. 1 is in the Z 4a of the paragraph by the word "or" replaced and following Z 4B and 4 c are inserted: "4B. within the meaning of § 136a 5 or § 136 b of paragraph 3 the last agency relationship or the agency relationship has been removed in the sense of § 136a, subsection 10 or 4 c."
"dropped an asset liability insurance within the meaning of § 136a, subsection 12 or a proof within the meaning of § 376 is done Z 2 not on time or" 3. Following Z 77 is added to § 94: "77. value securities broker" 4. § 136a para 3 to 4 are replaced by the following paragraph 3 to 12:

"(3) commercial property consultants are to the activities of section 2 para 1 No. 15 WAG 2007 as the securities intermediary of value of (§ 94 Z 77) entitled." Activities as bound intermediary referred to in § 1 WAG 2007 Z 20 may not be exercised in this case.

(4) upon the registration of the commercial asset management industry (§ 94 Z 75) is, unless the activity of value securities intermediary is carried out in addition to the documents referred to in section 339 subsection 3 proof of the existence of an agency relationship to connect. The applicant must start with the pursuit of the business of the education in values paper only from the date of registration in the commercial register.

(5) the trader shall inform with the ending of the last representation relationship the industry authority. After the announcement of the removal of the last representation relationship the authority shall immediately a withdrawal procedures pertaining to the activities as to initiate value securities broker and, if an agency relationship is not immediately proven to remove privileges as value securities broker at the latest within two months. § 361, para. 2, first sentence, is not applicable in this case. No suspensive effect comes to appeals against revocation notices. The withdrawal procedure is to be noted in the register.

(6) commercial advisors are looking for the activity as value securities broker from this activity in the commercial register registration regularly, within each of three years, to undergo a training course. The proof of the completion of the course is to provide at least five years for inspection at any time by the authority at the site of the industry. A merely one-time violation of the obligation to undergo a training course could cause that the trader the reliability in accordance with § 87 par. 1 Z 3 GewO 1994 no longer has. Training mentioned purposes shall be considered to be at least forty hours of relevant courses in an independent training institution. The professional organisation of the Austrian Federal Economic Chamber has to develop a curriculum for the training content which requires a confirmation of the Federal Ministry of economy, family and youth. Is the financial market authority (FMA) by the Federal Ministry of Economics to give opportunity to family and youth before granting the confirmation within a reasonable period of time.

(7) than value securities intermediary may commercial assets consultants for no more than three companies no. 15 in § 2 para 1 WAG 2007 activities referred to provide. The commercial asset consultants as the securities intermediary of value of has to clearly disclose the contract partner (value paper customers) each business established the respective business Mr and pointing to the entry in the register at the FMA. No clear disclosure of the contractual business Lord, is carried out by the securities intermediary of value of shall be liable all in accordance with § 4 para 8 WAG 2007 registered business men jointly and severally.

(8) commercial property consultants are to the activities of section 1 No. 20 WAG 2007 as tied agents shall be entitled. Activities as value securities broker pursuant to § 2 para 1 WAG 2007 Z 15 may not be exercised in this case.

(9) when the registration of the commercial asset management industry (§ 94 Z 75) is, unless the activities of the tied agent is carried out in addition to the documents referred to in section 339 subsection 3 proof of the existence of the agency relationship to connect. With the exercise of the activities of the tied agent, the applicant may only start from the date of registration in the commercial register.


(10) the trader shall inform with the ending of the last representation relationship the industry authority. After the announcement of the abolition of the agency relationship the authority has immediately as a tied agent to initiate a withdrawal procedures pertaining to the activities and, if an agency relationship does not immediately detected, to withdraw the permission as tied agents at the latest within two months. § 361, para. 2, first sentence, is not applicable in this case. No suspensive effect comes to appeals against revocation notices. The withdrawal procedure is to be noted in the register.

(11) commercial advisors must receive and transmit orders relating to investments pursuant to section 1 para 1 No. 3 WAG capital market law, CMM, BGBl. No. 625/1991, § 44, Federal Law Gazette I no. 60/2007, amended, meet.

(12) the trader authorised to exercise the trade of financial advisers have to complete an asset liability insurance with an insured amount by at least 1.111.675 euro for each damage case and 1.667.513 euros for all cases of damage a year for their work. This does not apply to activities for the liability protection within the meaning of paragraph 4 or paragraph 9 or section 137 c is. The mentioned minimum insurance amount increase or decrease from 15.1.2013 and then regularly every five years percentage to reflect the changes in the European index of consumer prices, with it to round up to the next higher full euro amount published by Eurostat. The provisions of § 117 paragraph 8 to 10 shall apply mutatis mutandis."

5 following §§ 136 are attached to 136d b the § 136a:

"Value securities broker

section 136 b. (1) a trade licence for the industry of the securities intermediary of of value of is necessary for the exercise of in § 2 para 1 No. 15 WAG activities referred to 2007. Activities as bound intermediary referred to in § 1 WAG 2007 Z 20 may not be exercised.

(2) when the registration of the industry of the securities intermediary of of value of, the proof of the existence of an agency relationship is to connect in addition to the documents referred to in section 339 subsection 3. With the exercise of the trade, the applicant may only start from the date of registration in the commercial register.

(3) the trader shall inform with the ending of the last representation relationship the industry authority. After the announcement of the removal of the last relationship of representation, the authority shall immediately to initiate removal proceedings and, if an agency relationship does not immediately detected, to revoke the business licence at the latest within two months. § 361, para. 2, first sentence, is not applicable in this case. No suspensive effect comes to appeals against revocation notices. The withdrawal procedure is to be noted in the register.

§ 136c. Securities intermediary of value of must undergo regularly, from the entry in the commercial register within each of three years, a training course. The proof of the completion of the course is to provide at least five years for inspection at any time by the authority at the site of the industry. A merely one-time violation of the obligation to undergo a training course could cause that the trader the reliability gem. § 87 par. 1 Z 3 GewO 1994 no longer has. Training in the above sense is considered to be at least forty hours of relevant courses at an independent educational institution. The professional organisation of the Austrian Federal Economic Chamber has to develop a curriculum for the training content which requires a confirmation of the Federal Ministry of economy, family and youth. The FMA is by the Federal Minister of economy to give opportunity to family and youth before granting the confirmation in due time.

§ 136d. May value securities broker for not more than three companies in § 2 para 1 No. 15 WAG 2007 these activities provide. The securities intermediary of value of has to clearly disclose the contract partner (value paper customers) each business established the respective business Mr and pointing to the entry in the register at the FMA. "No clear disclosure of the contractual business Lord, is carried out by the securities intermediary of value of shall be liable all in accordance with § 4 para 8 WAG 2007 registered business men's solidarity."

6 paragraph 4 deleted § 138.

7. in article 337 para 2 first sentence is after the expression "19 para 5", the expression "subsection 6, c 136, 136a" inserted.

8. in section 365a, paragraph 1 Z 12 the point is replaced after the expression "done" by a comma and the word order "to enter is also a liability insurance pursuant to section 136a, subsection 12, as well as, where appropriate, either a the activity as a value securities broker or tied agent, the notice of revocation proceedings and at the commercial of real estate trustee liability insurance in accordance with § 117 paragraph 7," added.

9. in section 365 b paragraph 1 Z 9 is after the expression "takes place," the phrase: "to enter also has a liability insurance in accordance with § 117 paragraph 7, provides liability protection in accordance with § 136a, subsection 12, as well as, where appropriate, the activities as a tied agent, the notice of revocation proceedings, as well as in the sector of the real estate trustee" inserted.

10 § 376 Z 1 and no. 2 are: "1 who on the day before the entry into force of the Federal Act Federal Law Gazette I no. 99/2011 the activity of financial services assistants in accordance with article 2, paragraph 1 Z 14 Gewerbeordnung 1994 in conjunction with § 2 para 1 WAG Z 15 or a tied agent pursuant to § 2 para 1 Z 14 Gewerbeordnung 1994 iVm § 2 para 1 No. 15 WAG, each as amended by Federal Law Gazette I no. 60/2007" , at least one year has exercised this activity due to the previous legal situation must continue to exert until two years after the entry into force of this federal law.

"2. on the day before the entry into force of the Federal Act Federal Law Gazette I no. 99/2011 the activity of commercial wealth adviser who made, must no 99/2011 prove concluding a property damage liability in accordance with § 136a, subsection 12 GewO 1994 as amended by Federal Law Gazette I as soon as possible, but no later than the authority until April 1, 2013,."

11 47 the following paragraph is added to section the 382:

"(47) article 2, paragraph 1 Z 14, § 87 ABS. 1 Z 4b and 4c, § 94 Z 77, § 136a para 3 to 13, § 136b to 136d along with headline, article 337 paragraph 2, section 365a para 1 No. 12, § 365 b paragraph 1 Z 9 and § 376 Nos. 1 and 2 come into force with the day following the announcement, with September 1, 2012, at the earliest." § 138 para 4 is the day following the announcement at the earliest however with 1 September 2012, except force."

Fischer

Faymann