107. Federal Law, which enacted an E-money law in 2010 and the Banking Act, the Payment Services Act, the Insurance Supervision Act, the Financial Market Supervisory Authority Act, the Commercial Code in 1994, the Consumer Protection Act, the Motor vehicle civil liability insurance law and the Federal Finance Act are amended

The National Council has decided:

table of contents

Article 1

Article 2 Federal law on the issue of e-money and the taking up, exercise and supervision of the activities of electronic money institutions (E-Money Act 2010)

Article 3

Amendment of the Banking Act

Article 4

Amendment of the Payment Services Act

Article 5

Amendment of the Insurance Supervision Act

Article 6

Amendment of the Financial Market Supervisory Authority Act

Article 7

Amendment of the Commercial Code

Article 8

Amendment of the Consumer Protection Act

Article 9

Amendment of the Motor Insurance Act

Article 10

Amendment of the Federal Finance Act

Article 1

This federal law is designed to implement Directive 2009 /110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the activities of electronic money institutions, amending the Directives 2005 /60/EC and 2006 /48/EC as well as repealing Directive 2000 /46/EC (OJ L 281, 23.11.2005, p. No. OJ L 267, 10.10.2009, p.7).

Article 2

Federal law on the issue of e-money and the taking up, exercise and supervision of the activities of electronic money institutions (E-Money Act 2010)

table of contents

1. Main item
Scope and definitions
§ 1.	E-money and e-money issuers
§ 2.	Exceptions
2. Main piece E-money institutions
Section 1 Concession
§ 3.	Requirement and scope of the concession
§ 4.	Concession application and concession
§ 5.	Concession and erasure of the concession
§ 6.	Company Book and E-Money-Institute Register
§ 7.	Amendment of the concessionary bases
§ 8.	Qualified participations in electronic money institutions
Section 2 Freedom of establishment and freedom to provide services
§ 9.	E-money institutions from Member States in Austria
§ 10.	Austrian electronic money institutions in Member States
Section 3 Other requirements and regulatory requirements for upright operation
§ 11.	Own resources
§ 12.	Securing customer funds
§ 13.	Organizational and due diligence requirements
§ 14.	Accounting and auditing
Section 4 Distribution via third parties, outsourcing, agents and liability for attributable persons
§ 15.	Distribution of e-money via third parties, outsourcing and agents
§ 16.	Liability for attributable persons
3. Main piece Issue and return of e-money
§ 17.	Output at face value
§ 18.	Reapability
§ 19.	Return conditions, charges
§ 20.	Ban on interest rate
4. Main piece Insolvency provisions, supervision and international cooperation
Section 1
§ 21.	Business supervision and insolvency provisions
Section 2 Supervision
§ 22.	Competent authorities
§ 23.	Data protection
§ 24.	Professional secrecy
§ 25.	Investigations and examinations
§ 26.	Supervisory measures and publications
§ 27.	Reporting requirements of auditors
§ 28.	Procedural and criminal provisions
Section 3 International cooperation
§ 32.	Contact point and exchange of information
§ 33.	Cooperation in monitoring, on-the-spot checks and investigations
§ 34.	Powers as a host Member State
§ 35.	Security measures
5. Main piece Transitional and final provisions
§ 36.	Transitional provision
§ 37.	References and Regulations
§ 38.	Linguistic equality
§ 39.	Override
§ 40.	Enforcement
§ 41.	entry into force

1. Main item
Scope and definitions

E-money and e-money issuers

§ 1. (1) E-money shall mean any electronically-including magnetically-stored monetary value in the form of a claim against the e-money issuer, which is issued against payment of a sum of money, in order to make payment transactions within the meaning of § 3 Z 5 Payment Services Act-ZaDiG, BGBl. I n ° 66/2009, and which is also adopted by other natural or legal persons other than the e-money issuer.

(2) Only e-money issuers are eligible for the issuance of e-money. E-money issuers are:

1.		Credit institutions within the meaning of Section 1 of the Banking Act-BWG, BGBl. 532/1993 and credit institutions pursuant to Article 9 of the BWG, which are entitled to issue e-money in accordance with the law of their Member State of origin, including its branches and branches of foreign credit institutions within the meaning of § 2 Z 13 of the BWG, provided that these branches are located within the European Economic Area ;
2.		E-money-institutions within the meaning of § 3 (2) and E-Geld-Institute according to § 9, which are based on the law of their home Member State (§ 2 Z 6 lit. (a BWG) are entitled to issue e-money, including branches of E-money institutions established within the European Economic Area and located outside the European Economic Area, provided that the European Union has been concluded or has been granted a concession pursuant to section 4 (6) of this Agreement;
3.		the postal service, in the context of money transport;
4.		the European Central Bank, the Oesterreichische Nationalbank, and other central banks of the European Economic Area, provided that they do not act in their capacity as monetary authorities or as authorities;
5.		the federal government, the Länder and the municipalities, if they act as authorities;
6.		the Oesterreichische Kontrollbank AG.

(3) The terms of the ZaDiG shall apply to the content of the terms used in this Federal Act, unless expressly stated otherwise in this Federal Act.

Exceptions

§ 2. (1) This federal law shall be applied to the European Central Bank and the central banks of other Member States of the European Economic Area if they act in their capacity as monetary authority or otherwise as a public authority, and to the Oesterreichische Bundesgesetz (Oesterreichische Bundesgesetz) National Bank, if in its capacity as monetary authority or within the framework of it by this federal law, the BWG, the National Bank Act 1984-NBG, BGBl. No. 50/1984, the Foreign Exchange Act 2004, BGBl. I n ° 123/2003, the Finality Act, BGBl. I n ° 123/1999, the Scheidemünzengesetz 1988, BGBl. No 597/1988, the Sanctions Act, BGBl. No 36/2010, the ZaDiG or the Financial Market Supervisory Authority Act-FMABG, BGBl. I n ° 97/2001 are not to be applied.

(2) The second main item shall not apply to:

1.		credit institutions within the meaning of Section 1 of the BWG and credit institutions pursuant to Section 9 of the Federal Elections Act, which are entitled to issue e-money in accordance with the law of their Member State of origin; including its branches and branches of foreign credit institutions within the meaning of § 2 Z 13 of the BWG, provided that these branches are located within the European Economic Area ;
2.		the Swiss Post in respect of its money transport, insofar as it is not the § § 40 to 41 BWG; § 29 (3) and (4) (3) of this Federal Act are to be applied to Swiss Post in respect of its money traffic;
3.		the European Central Bank, the Oesterreichische Nationalbank, and other central banks of the European Union, provided that they do not act as a monetary authority or otherwise as an authority within the meaning of para. 1 or if the Oesterreichische Nationalbank does not act in the the scope of the tasks assigned to it by the federal laws referred to in paragraph 1;
4.		the federal government, the Länder and the municipalities, if they act as authorities;
5.		the Oesterreichische Kontrollbank AG.

(3) No e-money in the sense of this federal law is:

1.		A monetary value stored on instruments for the purchase of goods or services only in the premises of the issuer, or in the context of a business agreement with the issuer, either only for the purpose of purchase within the a limited network of service providers or only for the purpose of acquiring a limited choice of goods or services (Article 2 (3) (11) of the ZaDiG);
2.		a monetary value used for payment transactions executed via a telecommunications, digital or IT device when the goods or services are delivered to a telecommunications, digital or IT equipment and by means of such use, provided that the operator of the telecommunications, digital or IT system or network does not act exclusively as an intermediary between the payment service user and the supplier of the Goods and services (§ 2 para. 3 Z 12 ZaDiG).

2. Main piece

E-money institutions

Section 1

Concession

Requirement and scope of the concession

§ 3. (1) The commercial issuance of e-money in accordance with § 1 para. 1 in Germany requires, except in the case of § 2 para. 2, the concession as an electronic money institution by the FMA.

(2) An electronic money institution is a legal entity with its head office and head office in Germany, which is entitled to issue e-money pursuant to § 1 paragraph 1 in compliance with the provisions of this Federal Law on the basis of this Federal Act.

(3) Weiters may carry out the following activities, insofar as their authorisation entitles them to:

1.		The provision of the payment services referred to in § 1 paragraph 2 ZaDiG, whereby § 5 (3) and (4) of the ZaDiG (prohibition of deposit business) is to be applied, provided that the amounts received are not related to the issue of e-money;
2.		the granting of credit in connection with payment services in accordance with § 1 (2) Z 3, 4 or 6 of the ZaDiG under the conditions set out in § 5 paragraph 5 of the ZaDiG, where
a)			the loans may not be granted from the sums of money received for the expenditure of e-money and held in accordance with Section 12; and
b)			the provisions of the ABGB, the Consumer Protection Act-KSchG, BGBl. No 140/1979 concerning consumer credit and the consumer credit act-VKrG, BGBl. I No 28/2010;
3.		the provision of operational services and related ancillary services related to the issuing of e-money or the provision of payment services referred to in Z 1;
4.		the operation of payment systems within the meaning of § 3 Z 6 ZaDiG without prejudice to § 4 ZaDiG;
5.		other business activities which do not exist in the issue of e-money, provided that the non-legislative provisions of Union law or provisions in other federal laws are contrary to the law.

(4) E-money institutions shall not accept deposits or other repayable funds from the public pursuant to § 1 (1) (1) of the Federal Elections Act (BWG), either on the basis of the issuance of bearer or order bonds.

(5) Funds that e-money institutions receive from their customers for the purpose of issuing e-money shall immediately be exchanged for e-money. Such funds shall not be deemed to be deposits or other repayable funds from the public pursuant to Article 1 (1) (1) of the BWG and for such funds shall not be subject to interest or other benefits related to the period in which a E-money holder holds the e-money.

(6) A loan granted in accordance with Section 3 (2) does not apply as a credit transaction within the meaning of Section 1 (1) (3) of the BWG.

Concession application and concession

§ 4. (1) The procedure in accordance with § 6 ZaDiG shall apply for the application for a concession as an E-money-institute, with regard to

1.		specify the information on the business model (§ 6 para. 1 Z 1 ZaDiG), how to issue e-money, and whether payment services should also be provided under the specific name and description of the same;
2.		the proof of the initial capital for the amount of the same Article 11 (1) is relevant;
3.		Measures for the protection of customer funds (§ 6 para. 1 Z 4 ZaDiG)
a)			with regard to the issue of e-money, measures to protect the amounts of money from the e-money holders in accordance with § 12 and
b)			in respect of the provision of payment services in accordance with § 1 paragraph 2 of the ZaDiG measures for the protection of the monetary amounts of the payment service users in accordance with § 17 of the ZaDiG
		are to be described;
4.		the Executive Director (Section 6 (1) Z 9 of the ZaDiG), with regard to their professional competence, to demonstrate that they have appropriate knowledge and skills for the issueof e-money and, if payment services are to be provided, that the Managing directors also have adequate knowledge and skills.

(2) An E-money-Institut, which has its head office outside the European Economic Area and is entitled to issue e-money in accordance with § 1 para. 1 (foreign e-money institute) in its host country, and a request for a concession for the operation of a domestic branch office shall, in addition to the information referred to in paragraph 1 (1) (1), (3) and (4) of this Federal Law and § 6 (1) Z 2, 5, 6, 7, 8, 11, 12 of the ZaDiG, provide the following information and information:

1.		The last three annual accounts of the company;
2.		the operations carried out by the foreign undertaking in accordance with Article 1 (1) and the locations in which those operations are carried out;
3.		the initial dose of the initial dose available to the heads of business in the territory of the country in euros, without any burden;
4.		the decision-making powers of the branch of the branch and the bodies of the principal place of establishment, whose consent must be obtained in relation to certain decisions in relation to the internal market;
5.		a written declaration by the supervisory authority of the head office of the company, according to which there are no objections to the opening of a branch of the company in Austria.

(3) In the case of a concession, Section 7 (1) and (2) of the ZaDiG shall be applied with the proviso that, in respect of

1.		the organisation requirements (§ 7 para. 1 Z 3 ZaDiG) to the nature of the issue of e-money and the activities otherwise intended in accordance with section 3 (3), in particular payment services, is to be put off;
2.		the initial capital (Section 7 (1) Z 7 of the ZaDiG) shall have an unlimited amount of EUR 350 000 (Article 11 (1)) available to the directors of the business, without being subject to domestic liability;
3.		Measures for the protection of customer funds (§ 7 para. 1 Z 8 ZaDiG)
a)			with regard to the issue of e-money, the measures to protect the amounts of money from the e-money holders in accordance with § 12 and
b)			in respect of the provision of payment services in accordance with § 1 paragraph 2 of the ZaDiG, the measures for the protection of the monetary amounts of the payment service users in accordance with § 17 of the ZaDiG
		must be satisfactory;
4.		the Executive Director shall not have any grounds for exclusion (Section 7 (1) (12) of the ZaDiG) as directors of a payment institution or an E-money-institute in another Member State;
5.		the professional competence of the managers (§ 7 para. 1 Z 11 ZaDiG) at least one of the experience required for the operation of the E-money-institute and to a sufficient degree of theoretical and practical knowledge in the transactions requested in accordance with § 1 (1) and 3 (3) (1) (1), and no other main profession (§ 7 sec. 1 Z 15 ZaDiG) must be allowed to exercise outside the banking system, payment service or e-money system;
6.		the statutes may not contain provisions (§ 7 paragraph 1 Z 16 of the ZaDiG), which are the security of the amounts of money entrusted to the E-Money Institute and the proper conduct of the transactions pursuant to § 1 para. 2 (issue of e-money) and, where applicable, § § § § 2 (German). 3 (3) Z 1 (payment services) do not guarantee;
7.		consultation of the competent authority in another Member State with a view to the management of the competent authority responsible for the supervision of electronic money institutions and, where appropriate, payment services in the Member State concerned, is in contact.

(4) The concession shall be given in writing in the event of any other invalidity; it may be provided with appropriate conditions and conditions, the issue of e-money either alone or together with one or more payment services. § 1 (2) of the ZaDiG (ZaDiG) and take out parts of individual payment services from the scope of the concession. At the same time as the concession department, the FMA has to register in the E-Money-Institute Register pursuant to § 6 (2).

(5) If an electronic money institution is to act at the same time as other business activities within the meaning of Article 3 (3) (5) (5), the FMA may require that a separate entity with its own legal personality for the e-money business and, where appropriate, for the the payment services business must be established if:

1.		the non-E-money and non-payment services of the E-money-Institute could affect or affect the financial soundness of the e-money institution, or
2.		The non-E-money and non-payment services of the E-Money-Institute the possibility of the FMA to verify whether the E-Money Institute could satisfy, impair or impair all the requirements of this federal law.

(6) In the case of the concession to the holding of a branch of a foreign E-money-institute within the meaning of para. 2 in Austria, the FMA has to submit a copy of the decision of the supervisory authority of the main branch and the to inform the European Commission without delay. § § 3, 5 to 8 and 11 to 16 of this main piece shall apply to these branches. These branches are only entitled to the provision of payment services in so far as they are related to the issueof e-money.

Concession and erasure of the concession

§ 5. (1) With regard to the withdrawal of the concession, § 8 ZaDiG shall apply, where:

1.		§ 8 para. 2 Z 3 ZaDiG with the proviso that the concession is also to be withdrawn if a continuation of the issue of e-money or the payment services by an electronic financial institution endangers the stability of the payment system ,
2.		§ 8 sec. 2 Z 4 ZaDiG with the proviso that the concession is to be withdrawn if the E-Money Institute is the one in § 5 para. 5 ZaDiG or in § 3 paragraph 3 Z 2 lit. a this federal law exceeds restrictions on the granting of loans or, contrary to § 3 para. 4, accepts deposits or, contrary to § 17 E-money, spends over the nominal value of the received amount of money.

(2) With regard to the extinguishing of the concession, § 9 of the ZaDiG is to be applied, the reference to section 4 (4) instead of the reference to § 7 paragraph 3 of the ZaDiG.

(3) Without prejudice to paragraph 1, the concession of domestic branch offices of foreign electronic money institutions (§ 4 para. 2) shall be withdrawn if the concession has been withdrawn from the principal place of business. In addition, the competent authority of the foreign E-money-institute must be sent to the competent authority of the foreign E-money-institute and to inform the European Commission immediately.

Company Book and E-Money-Institute Register

§ 6. (1) E-money institutions may only be entered in the company's register if the relevant legally binding documents are in original or certified copy (copy). The competent court must also grant decisions on such company records to the FMA.

(2) The FMA shall establish a public register of approved E-money institutions, their agents and branches, to which all e-money institutions based in Austria are to be registered and which can be accessed on the Internet site of the FMA and regularly updated. Registration shall be effected immediately after the entry of the legal force of the concession modesty. In addition to the company, the concession scope and the seat of the E-Money-Institute, the company's book number, as far as it has been communicated to the FMA, must also be stated. If the E-Money Institute provides its services through agents or branches, it shall also be indicated with the name or company name, the seat and the company's book number, provided that such a FMA has been communicated to the FMA. The FMA may also present in this database a list of electronic money institutions from Member States for the issuance of e-money and, where appropriate, for the provision of payment services by means of the freedom to provide services or through a If these activities have been notified within the territory of Germany pursuant to Article 3 (1) of Directive 2009 /110/EC in conjunction with Article 25 of Directive 2007 /64/EC, the branch office shall be entitled to:

(3) The E-Money Institute shall immediately notify the FMA in writing of its company book number and any modification thereof.

(4) On an individual request, the FMA has to provide, within a reasonable period of time, information on the scope of the concession of electronic money institutions in accordance with § 1 (2) (2) Z 2.

Amendment of the concessionary bases

§ 7. (1) The E-Money Institute shall notify the FMA in writing without delay of any change in the concession of the concession, and, in the event of a decision, not to wait for the effectiveness of the decision-making subject to be taken into account,-and Although:

1.		Any amendment to the statutes and the resolution;
2.		any change in the conditions laid down in Section 7 (1) (9), (10), (13) and (15) of the ZaDiG for existing managers;
3.		any change in the person of the directors as well as compliance with § 7 (1) Z 9 to 15 of the ZaDiG in conjunction with Section 4 (3) (4) and (5) of this Federal Law;
4.		the intended opening and the transfer, closure or temporary cessation of the business of the principal place of business;
5.		circumstances which allow the ordinary manager to recognise that the fulfilment of the obligations is at risk;
6.		the entry of insolvency or over-indebtedness;
7.		any intended extension of the business object;
8.		any reduction in the capital paid in accordance with Article 11 (1);
9.		any significant change intended to secure the customer funds received for the execution of payment services;
10.		the person or persons responsible for the internal audit, as well as changes in the person's person;
11.		the reduction of the amount of eligible own funds under the amounts referred to in Article 11 (1);
12.		any intended change in the outsourcing of operational tasks pursuant to § 15;
13.		any proposed change in the distribution and exchange of e-money and any intended change in the identity of an agent for the provision of payment services, including a change in the company's book number or address or the seat of the Agents pursuant to § 15 (2);
14.		Non-compliance with standards, which are required for more than one month, which are prescribed in accordance with § 11 as well as regulations or regulations issued on the basis of this federal law.

(2) The E-Money Institute has in advance the FMA any substantial change in the measures taken to secure the customer's funds, which have been accepted for issued e-money, such as, in particular, the change of the method of security (§ 17 para. 1 or 2 ZaDiG), the change of the credit institution, in which the amounts are deposited or which guarantees the amounts (§ 17 para. 1 ZaDiG) or the insurance (§ 17 para. 1 Z 2 ZaDiG).

Qualified participations in electronic money institutions

§ 8. (1) Any person who intends to acquire or give up, directly or indirectly, a qualifying holding within the meaning of § 2 Z 3 BWG in an electronic money institution or to increase or reduce such a qualifying holding directly or indirectly; with the result that its share of voting rights or capital would reach, exceed or fall below 20 vH, 30 vH or 50 vH, or that the E-money institution would be its subsidiary or would no longer be its subsidiary, the intention of the FMA before the acquisition, task, increase or reduction shall be Indication of the extent of the planned participation together with the information pursuant to § 20b (3) BWG. The obligation to notify shall also apply to persons acting jointly, who together acquire or would acquire a qualifying holding. The display can be made individually by all, several or each of the persons acting in common. In doing so, the FMA has to apply the procedure in accordance with § § 20a and 20b of the Federal Elections Act (BWG) and, to this end, has to supplement the regulation to be adopted pursuant to Section 20b, Section 3 of the Federal Elections Act, with regard to e-money institutions.

(2) In the event that the influence exercised by the qualified participating owners or such interested acquirers could have an impact on the prudent and sound management of the E-money-Institute, the FMA has the intention to: To prohibit participation or to take measures pursuant to § 20 (4) or (5) of the Federal Elections Act (BWG) in the event of an already existing participation or in the event of a breach of the obligation to the previous advertisement, and § 20 (4) (1) and (2) and, if applicable, § 20 6 BWG Application.

(3) If a qualifying holding is acquired in spite of an underclaim by the FMA in accordance with paragraph 2, the FMA shall, without prejudice to further measures pursuant to Article 20 (4) and (5) of the Federal Elections Act, immediately apply the order of the voting rights pursuant to Article 20 (5) Z 3 of the Federal Elections Act (BWG) request and it shall apply to § 20 (4) and (6) of the BWG.

(4) In the event of a change in the form of law, merger or division, the procedure shall be applied in accordance with Section 21 (1a) to (3) of the Federal Elections Act (BWG) and § § 3 to 5 of this Federal Act.

Section 2

Freedom of establishment and freedom to provide services

E-money institutions from Member States in Austria

§ 9. (1) The issue of E-money pursuant to Article 2 (2) of Directive 2009 /110/EC and payment services as referred to in Article 4 (3) of Directive 2007 /64/EC may be issued by an electronic money institution within the meaning of Article 1 (1) (b) of Directive 2009 /110/EC, which shall: be admitted to another Member State (§ 2 Z 5 BWG) under the conditions laid down in Directive 2009 /110/EC in Austria by a branch office or carried out or provided by way of the freedom to provide services, to the extent that its authorisation to do so is authorized. Ancillary services pursuant to Section 3 (3) (3) (2) to (4) may only be provided in connection with the issue of e-money or the provision of payment services. Secondary activities within the meaning of Section 3 (3) (5) are not covered by the provisions of the freedom to provide services and freedom of establishment in accordance with this federal law. The procedure shall apply in accordance with § 12 (2), (4), (5) and (6) and § 14 (1) to (4) of the ZaDiG application.

(2) E-money institutions having their head office in another Member State (§ 3 Z 3 ZaDiG) who carry out activities in Austria via a branch shall have the provisions of the 3. The main section of this federal law, as well as § § 36, 40 to 41 BWG and insofar as they also provide payment services, the provisions of the 3. The main body of the ZaDiG and the regulations and regulations adopted pursuant to these provisions. E-money-institutions carrying out activities in Austria within the framework of the freedom to provide services shall comply with Articles 40 to 41 of the Federal Elections Act and the regulations and regulations adopted pursuant to these provisions. The obligations laid down in Article 40 (2) and (2a) Z 1 of the Federal Elections Act shall, in so far as they are aimed at customers, be complied with by the customers of such e-money institutions which perform activities in Austria within the scope of the freedom of service or establishment.

Austrian electronic money institutions in Member States

§ 10. Any e-money institution pursuant to Section 3 (2), which would like to establish a branch in the territory of another Member State or to provide e-money services or payment services within the framework of the freedom to provide services, has previously provided the FMA in writing. The procedure shall apply in accordance with § § 13 and 14 (5) and (6) ZaDiG.

Section 3

Other requirements and regulatory requirements for upright operation

Own resources

§ 11. (1) The own funds, which comprise the components within the meaning of Article 23 (1) (1) (1) and (2) of the Federal Elections Act (BWG), taking into account Article 23 (13) of the Federal Elections Act, may at no time be less than EUR 350 000

(2) The own funds of the E-Money-Institute pursuant to Section 23 (1) (1) (1) and (2) of the Federal Elections Act, taking into account Article 23 (13) of the BWG, shall not be subject to the respective higher of the cases referred to in paragraphs 1 and 3 or, in the case of the first sentence of paragraph 4 above, not to the respective higher of the the higher of the amounts referred to in paragraphs 1 and 4.

(3) E-money institutions shall at all times have sufficient own resources to be held. Apart from the provisions relating to the initial capital in accordance with Article 4 (3) Z 2 in conjunction with paragraph 1 of this provision, electronic money institutions shall at any time have at least own resources at a level which shall be calculated by the following methods:

1.		For the provision of payment services (§ 3 paragraph 3 Z 1), which are not related to the issue of e-money, own funds are to be used according to one of the three methods mentioned in § 16 para. 1 in conjunction with paragraph 2 ZaDiG (method A, B or C) calculating. The determination of the appropriate method shall be carried out in accordance with the procedure laid down in Article 16 (3) and (4) of the ZaDiG.
2.		For the issue of e-money, own resources have to be at least 2 vH of the average E-money circulation (Method D). The average circulation of the E-money is the average total amount of financial liabilities arising from e-money at the end of each calendar day over the previous six calendar months; this amount shall be the first The calendar day of each calendar month shall be calculated and shall be valid for this calendar month.
The own resources according to Z 1 and 2 must be cumulative.

(4) An electronic money institution shall provide payment services which are not in connection with the issue of e-money or with the activities referred to in § 3 (3) (2) to (5) and the amount of the e-money course is not known in advance, the FMA shall after To allow the Oesterreichische Nationalbank to consult this e-money institution, by way of derogation from paragraph 3, point 2, on request, to calculate its own resources on the basis of a representative share, typically for the issuance of e-money. shall be used, provided that this representative share is based on historical data The FMA's conviction can be appreciated with sufficient certainty. If an E-money institution cannot look back on a sufficiently long business, its own resources shall be calculated by way of derogation from paragraph 3 (2), on the basis of the expected E-money circulation resulting from its business plan. However, the FMA may at any time request an adjustment of this business plan to the actual developments.

(5) The FMA may, on the basis of an evaluation of the risk management, the loss databases and the internal control mechanisms of the E-money-Institute

1.		require the E-money institution that its own funds must comply with an amount that is up to 20 vH higher than the amount that would result from the relevant method referred to in paragraph 3; or
2.		the E-Money Institute shall allow its own resources to be equivalent to an amount of up to 20 vH less than the amount which would result from the relevant method referred to in paragraph 3.

(6) Where credit is granted in connection with the provision of payment services, the own funds of the E-money-Institute shall at any time, in the opinion of the FMA, be proportionate to the total amount of the loans granted. The FMA may, taking into account the calculation methods referred to in paragraphs 3 and 4 and taking into account the volume and volume of the credit business in relation to the total business by means of a regulation, determine the ratio of own funds to: (1) and (2) on the total amount of loans granted.

(7) In the case of electronic money institutions, the own funds referred to in paragraph 1 and (2) may not be counted for such activities. Likewise, own funds which, according to other federal laws, are held by electronic money institutions in accordance with other federal laws may not be counted as own funds for the activity as an electronic money institution.

Securing customer funds

§ 12. (1) E-money institutions shall have the amounts of money,

1.		that they have accepted for the issue of e-money, or
2.		in the context of the provision of payment services (Article 3 (3) (1)), which are not linked to the issue of e-money, for the execution of payment transactions,
in accordance with Section 17 (1), (2) and (4) of the ZaDiG. Section 17 (3) of the ZaDiG regarding proof of adequate security measures shall also be applied. After hearing the E-Money-Institut, the FMA can also use a certain security method (variant A according to § 17 paragraph 1 Z 1 ZaDiG or variant B according to § 17 paragraph 1 Z 2 of the ZaDiG) with reference to the actual situation of the E-money-institute to write.

(2) Where monetary amounts are used for the purpose of issuing e-money (par. 1) are accepted by payment using a payment instrument, these amounts are credited as soon as they are credited to a payment account (§ 3 Z 13 ZaDiG) of an e-money institution or, if necessary, an electronic money institute in accordance with the § § § § § § § § § § § § § § § § § § § § § § § § § § § § § 42 and 43 ZaDiG have been made available in a different form for the execution time, but at the latest five business days (§ 3 Z 24 ZaDiG) after the issueof the e-money, in accordance with this provision.

Organizational and due diligence requirements

§ 13. (1) § § 18, 19 para. 1 to 3, § § 20 and 21 ZaDiG as well as § § 36, 40 to 41, § 42 para. 1, 2, 3, 4 Z 1, 3 and para. 5, 6 and 7 BWG and § 78 para. 8 and 9 BWG are to be applied to electronic money institutions, whereby with regard to § 19 (1) and (2) of the ZaDiG, both to the the payment service and the payment service business and the e-money business and e-money risks are to be taken into consideration; § 42 (3) of the Federal Elections Act is to be applied with the proviso that the requirement of at least two Managers shall only apply if the E-money institution actually has at least the minimum size and organisation of the E-money- two business leaders. § 40 para. 2 and 2a Z 1 BWG shall also be applied to the customers of electronic money institutions.

(2) E-money institutions as well as the persons working for them are obliged to secrecy about secrets, which they exclusively relate to the issuance of e-money (§ 1 para. 1) or payment services (§ 1 para. 2 ZaDiG), which they in the Have received orders from their customers, except

1.		This duty of confidentiality is subject to a legal obligation to provide information;
2.		the customer shall agree in writing to the disclosure of the secret;
3.		The disclosure of the secret is necessary to clarify legal matters arising from the relationship between the E-Money Institute and its client.

Accounting and auditing

§ 14. (1) E-money institutions which are financial institutions within the meaning of Article 4 (5) of Directive 2006 /48/EC shall apply the provisions of Sections 43, 45 to 59a, 64 and 65 (2) of the BWG. All other electronic money institutions have only the provisions of the third book of the Corporate Code (UGB), dRGBl. 219, as well as those provisions which apply to their legal form. All e-money institutions shall disclose, in the Annex, own resources, own resources requirements and compliance with own resources requirements. With regard to publication, Section 65 (1) of the Federal Elections Act (BWG) shall apply with the proviso that the reference to Section 14 (3) of this Federal Act shall be replaced by Section 63 (5) of the Federal Elections Act in place of the reference.

(2) In the sense of Section 3 (3) (3) (4) or (5), E-Geld-Institute also provides a significant amount of activities, and in the notes to the annual or consolidated financial statements, special segment information on e-money services within the meaning of Section 1 (1), including To disclose ancillary activities within the meaning of Section 3 (3) (3) (3) and, where appropriate, payment services within the meaning of Article 3 (3) (3) (1) and (2), which shall also include the mandatory particulars of the Annex. Segment information must provide a true picture of the assets, financial position and performance of the "E-money-services, and related ancillary services" segment, and, where appropriate, "payment services, and related ancillary services" in a provide a reasonable level of detail and include a transfer invoice to the relevant information of the entire company or group. The information for this segment is to be drawn up on the basis of the collection, assessment and outline provisions of § § 43 and 45 to 59a BWG or, as far as relevant, of the international accounting standards according to § 245a UGB.

(3) The annual financial statements and, if necessary, the management report or the consolidated financial statements and the group management report of electronic money institutions as well as compliance with § 3 (3) and (4) and § 4 (1) of this Federal Act in conjunction with § 6 paragraph 1 Z 6 ZaDiG and § 4 (3) of this Federal Act in conjunction with Section 7 (1) Z 3 of the ZaDiG as well as § § 7, 11, 12, 15, 16 para. 2 and 20 of this Federal Act, § § 18, 19, 21 and 22 ZaDiG and § § 40 to 41 BWG as well as the obligations of the E-Money-Institute pursuant to Regulation (EC) No 1781/2006 on the transmission of information to the payer in the event of transfers of funds shall be examined by a statutory auditor. The audit shall also include the factual accuracy of the evaluation, including the acceptance of the depreciation, impairment and provisions of value. The result of this examination shall be presented in an annex to the audit report on the annual accounts. The audited financial statements together with the appendix and the management report as well as the consolidated financial statements together with the appendix and the group management report, the audit report of the auditor and the annex to the audit report are the FMA and the Oesterreichische Nationalbank under the terms of section 44 (1) of the Federal Elections Act (BWG). This audit report, together with the installation, is to be submitted to the directors of the E-Money-Institute and to the supervisory bodies of the E-Money-Institute, which are in accordance with the law or the statutes, in such a timely manner that the pre-registration period is met by the FMA and the Oesterreichische National can be. The FMA may fix the type of transmission, form and structure of the annex to the audit report by regulation. FMA may, after hearing the Oesterreichische Nationalbank, prescribe by means of a regulation that an electronic transmission has to comply with certain requirements and minimum technical requirements. FMA is authorized to prescribe, by means of a regulation, that electronic transmission must be made exclusively to the Oesterreichische Nationalbank if, for reasons of economic viability, it is appropriate to do so by electronic means at any time. Availability of the data for the FMA is ensured and supervisory interests are not impaired.

(4) The auditor's information, submission and registration rights (§ 272 UGB) extend to all documents and data carriers even if they are conducted or held by a third party or if they are conducted abroad or if they are held abroad or are not available for use in the third party. shall be kept. Where documents to be examined, in particular accounting, are held or held abroad, the E-Money Institute shall, without prejudice to the above rights of the auditor, provide for the availability of the documents in progress at all times. The financial year and at least three preceding financial years in Germany shall be ensured. The E-Geld-Institut has to provide the auditor with the audit plans and audit reports of the internal audit.

(5) statutory auditor of electronic money institutions may be certified accountants or accounting firms, as well as the audit bodies of statutory audit institutions.

(6) Persons who are subject to exclusive grounds pursuant to Section 62 of the Federal Elections Act or in accordance with § § 271 and 271a of the German Commercial Code (UGB) or in accordance with other federal laws may not be appointed to the statutory auditors. The exclusion grounds in § 62 Z 1a BWG shall apply with the proviso that, instead of the reference to § 63 (4) to (6a) of the Federal Elections Act (BWG), a reference to § 14 (3) first sentence occurs and the exclusion reason in § 62 Z 17 is to be applied with the proviso that: in place of the reference to Section 63 (3) of the Federal Elections Act, a reference to § 27 occurs. The provisions of Section 62a of the Federal Elections Act in conjunction with Section 275 of the German Commercial Code (UGB) on the auditor's responsibility shall also be applied to electronic money institutions.

(7) The appointment of auditors must be made before the beginning of the financial year to be audited and must be reported to the FMA in writing without delay; if an accounting firm is appointed to the auditor, the following shall be indicated on the ad also those according to § 88 (7) of the German Economic Scatter Trade Act-WTBG, BGBl. I N ° 58/1999, of natural persons for which the examination is to be carried out. Any change of these persons shall be reported to the FMA without delay. The FMA may object to the appointment of a statutory auditor or to a certain natural person repudiated pursuant to section 88 (7) WTBG in accordance with Section 270 (3) of the UGB if the substantiated suspicion of the presence of an auditor of a person or person is subject to a If the order has been notifiable, the objection must be made within one month. The court must decide on the objection in the light of the grounds for exclusion; pending a final court decision, the auditor or the natural person reputable in accordance with Section 88 (7) of the WTBG must not be allowed to take legal action against the law. Examination actions may still be carried out by the E-Money Institute for information subject to the secrecy pursuant to section 13 (2).

(8) The auditor shall certify within two weeks of his appointment to the FMA that there are no grounds for exclusivation. At its request, it shall provide all the other certificates and evidence required for the assessment. If such a request is not complied with, the FMA may proceed in accordance with paragraph 7.

(9) Branch offices of foreign e-money institutions also have to submit the annual financial statements of the foreign e-money institution within six months of the end of the financial year of the FMA and the Oesterreichische Nationalbank. Branch offices of foreign e-money institutions also have the annual and consolidated accounts of the foreign e-money-institute in the "Official Journal of the Wiener Zeitung" or in a generally available publication sheet. . The annual report and the consolidated annual report of the foreign E-money-Institute shall be available for inspection at the branch office of the branch office for all persons. The Federal Minister of Finance is authorized, after hearing the FMA, to conclude agreements with countries outside the European Economic Area on the basis of reciprocity, the branches of foreign electronic money institutions from the obligation to disclose an annual financial statements relating to their own activities.

Section 4

Distribution via third parties, outsourcing, agents and liability for attributable persons

Distribution of e-money via third parties, outsourcing and agents

§ 15. (1) The distribution and exchange of e-money by natural or legal persons acting on behalf of the E-Money-Institute shall be permitted subject to § 21 ZaDiG. If an electronic money institution intends to distribute e-money in another Member State by using the services of such person, the procedure shall apply in accordance with § 13 of the ZaDiG.

(2) An issue of e-money via agents (§ 3 Z 20 ZaDiG) or persons in accordance with paragraph 1 is inadmissible. The provision of payment services by agents is permitted in compliance with § 22 ZaDiG.

(3) The outsourcing of operational tasks is permissible in compliance with § 21 ZaDiG.

Liability for attributable persons

§ 16. (1) E-money institutions shall be liable to the conduct of their employees, agents, branches or persons to which activities are to be outsourced in accordance with Section 15 (1) or (3), as for their own.

(2) An E-money-institute entrusted to third parties with operational tasks shall take reasonable precautions to ensure that the requirements of this Federal Law are fulfilled. In any event, the outsourcing of operational tasks to service providers must not take place in such a way that the quality of the internal control or the possibility of the FMA to verify that the company meets all the requirements is significantly affected. . When concluding, carrying out or terminating an agreement on the outsourcing of essential operational tasks, e-money services or payment services to a service provider, the necessary professionalism and diligence must be carried out. In particular, a clear division of the rights and obligations between the electronic money institution and the service provider shall be made in the form of a written agreement.

3. Main piece

Issue and return of e-money

Output at face value

§ 17. The E-money issuer has to spend e-money always at the level of the nominal value of the received amount of money. To the extent that, in agreements, the payer is dismissed by the E-money-holders, these provisions are ineffective.

Reapability

§ 18. (1) The E-money issuer shall, on request, reimburse the E-money holder at any time the monetary value of the retained e-money at the nominal value, taking into account § 19. To the extent that, in agreements, the payer is dismissed by the E-money-holders, these provisions are ineffective.

(2) Obligations under other federal laws or in accordance with court, prosecutors or administrative authorities for the blocking of a payment instrument or freezing of funds remain unaffected by paragraph 1.

Return conditions, charges

§ 19. (1) The conditions for re-exchange, including any charges related thereto (par. 2), must be clearly and clearly identified in the contract between e-money issuers and e-money holders. The E-money issuer must inform the e-money holder of these conditions in good time before the customer is bound by a contract or a contract offer. To the extent that in agreements of which the consumer is deviated by consumers (§ 3 Z 11 ZaDiG), these provisions are ineffective.

(2) Charges for the return exchange may only be charged if the E-money holder

1.		requires an exchange before the end of the contract by the e-money issuer,
2.		in the case of a temporary contract, the contract shall be terminated before the end of the period, or
3.		requires the return exchange after more than one year after the contract has expired.
Such charges shall, moreover, only be permissible if they have been contractually agreed in accordance with paragraph 1 above and are proportionate and proportionate to the costs actually incurred by the e-money issuer.

(3) Before the expiry of the contract, the E-money holder may require either a part or the entire amount of the e-money.

(4) In the event of an expiry of the contract or up to one year after the contract expires, the E-money holder shall reimburse the total nominal value of the retained e-money. In the event that an electronic money institution also exercises other business activities in accordance with Article 3 (3) (5) (5) and in advance it is not known what amount of money is used for e-money, the total amount requested by the e-money holder shall be reimbursed.

(5) As far as the obligations of E-money holders are to be dismissed in agreements between 2 and 4, these provisions shall be ineffective.

Ban on interest rate

§ 20. The granting of interest or other benefits in connection with the period in which an e-money holder holds the e-money is inadmissible.

4. Main piece

Insolvency provisions, supervision and international cooperation

Section 1

Business supervision and insolvency provisions

§ 21. A reorganisation procedure cannot be opened on the assets of an E-money-institute. In the bankruptcist of an E-money-institute there is no application for a remediation plan. § § 49 to 58 of the ZaDiG are to be applied to the business supervision and bankruptcy proceedings of an E-money-institute. The Court of First Instance, by way of the FMA, if it has imposed supervision over a national branch of a foreign E-money institution, has the competent authorities of any other Member State in which such branches are located E-money transactions shall be notified without delay of its decision to order business supervision and the specific effects of business supervision. In order to avoid duplication of decisions, the competent authorities in the other Member States must be informed of the intended decision before taking the decision and, where possible, to proceed with the procedure.

Section 2

Supervision

Competent authorities

§ 22. (1) The FMA has complied with

1.		§ § 1, 3 to 16 of this Federal Act as well as Articles 40 to 41 of the Federal Elections Act and Articles 5 to 14 of Regulation (EC) No 1781/2006 concerning the transmission of information on the payer for transfers of funds by electronic money institutions pursuant to Section 3 (2) and their branches in accordance with § 10,
2.		§ § 40 to 41 BWG and Articles 5 to 14 of Regulation (EC) No 1781/2006 on the transmission of information on the payer for transfers of funds by electronic money institutions from Member States in Austria pursuant to § 9 within the framework of the service and freedom of establishment,
3.		§ § 1, 3 to 8 and 11 to 16 of this Federal Act as well as Sections 40 to 41 of the Federal Elections Act and Articles 5 to 14 of Regulation (EC) No 1781/2006 concerning the transmission of information on the payer for transfers of funds by branches of foreign electronic money institutions pursuant to Article 4 (6) and
4.		§ 20 of this Federal Act by all E-money issuers
, taking into account the economic interest in a functioning financial market and the financial stability of the financial markets. Furthermore, the FMA is responsible for the imposition of administrative penalties in the event of violations of § § 17 to 20 of this Federal Act.

(2) The allocation of the costs of supervision pursuant to this Federal Act within the Accounting Circle 1 according to § 19 paragraph 1 Z 1 FMABG shall be effected in accordance with § 60 para. 2 to 7 ZaDiG. All e-money institutions are subject to a charge in accordance with § 3 paragraph 2 and branch offices according to § 9. The costs of supervision under this federal law on credit institutions are costs within the framework of banking supervision.

(3) The FMA and the Oesterreichische Nationalbank shall cooperate closely in order to carry out their respective duties effectively in accordance with the provisions of this Federal Act. § 79 BWG shall apply with the proviso that the tasks of the Oesterreichische Nationalbank for the purposes of this Federal Law for the Area of E-Money-Institute Supervision shall apply to the Office of the Oesterreichische Nationalbank and shall be replaced by the provisions of Section 79 of the Federal Act on Banking Supervision. the reference to § 73 BWG a reference to § 7 of this Federal Act and to the site of the reference to § 44 BWG a reference to § 14 of this Federal Act. A reference to § 74 of the German Federal Elections Act (BWG) is replaced by a reference to § 20 ZaDiG.

(4) In the case of cooperation with other authorities, § 72 BWG shall apply.

(5) The FMA has to publish the following information on the Internet and to update it on an ongoing basis:

1.		The texts of the laws and regulations in force in the field of e-money institution oversight;
2.		the minimum standards and circulars of the FMA in the area of the e-money institute;
3.		the exercise of the electoral rights opened by Directive 2009 /110/EC.

(6) The tasks, rights and obligations of the Oesterreichische Nationalbank in the area of payment system supervision in accordance with § 44a NBG remain unaffected by the provisions of this Federal Act.

Data protection

§ 23. (1) The FMA and the Oesterreichische Nationalbank are authorized for the conventional and automated investigation and processing of data within the meaning of the DSG 2000, insofar as this is within their remit pursuant to this Federal Law; these are:

1.		the concession of electronic money institutions and the circumstances in which they are granted;
2.		Management, administrative and accounting organisation and internal control and revision of e-money institutions;
3.		Branches and the exercise of the freedom to provide services;
4.		Equity;
5.		Qualified participations in E-money-instituten;
6.		Annual accounts and accounts;
7.		Supervisory measures according to § § 25 and 26;
8.		Administrative penalties in accordance with § § 28 and 29;
9.		Investigations pursuant to § 22b FMABG;
10.		information obtained by competent authorities within the framework of the exchange of information in accordance with § § 32 to 35;
11.		Management of the E-money-institute register;
12.		the allocation of costs for e-money service supervision.

(2) The transmission of data as referred to in paragraph 1 by the FMA shall be admissible within the framework of mutual assistance and to competent authorities of Member States, insofar as this is necessary for the performance of tasks relating to the tasks of the FMA and the Oesterreichische Nationalbank in accordance with the provisions of this Federal Act, and in so far as these authorities are subject to the obligation of professional secrecy pursuant to Article 22 of Directive 2007 /64/EC.

(3) The transmission of data as referred to in paragraph 1 by the FMA is within the same framework, for the same purposes and with the same restrictions as the competent authorities of Member States referred to in paragraph 2, also to the authorities of third countries which have the The tasks of the FMA or the Oesterreichische Nationalbank shall be carried out in such a way as to allow the data transmitted to those authorities to be subject to a professional secrecy in accordance with Article 22 of Directive 2007 /64/EC Professional secrecy, and transmission in accordance with Chapter IV of Directive 95 /46/EC on the protection of individuals with regard to the processing of personal data and the free movement of persons, OJ C 327, No. OJ L 281 of 23.11.1995, p. 31.

Professional secrecy

§ 24. Experts commissioned by the FMA or the Oesterreichische Nationalbank are subject to the obligation of confidentiality in accordance with § 14 para. 2 FMABG.

Investigations and examinations

§ 25. (1) The FMA has to carry out all investigations and to take those measures which are necessary for the performance of the tasks assigned to it under this Federal Act pursuant to Section 22 (1).

(2) In the exercise of the powers referred to in paragraph 1, the FMA is authorized at any time, without prejudice to the powers conferred on it by other provisions of the federal law,

1.		in the books, documents and data media of the companies pursuant to § 22 para. 1, and to obtain copies of them; to the extent of the FMA's information, submission and inclusion rights and to the obligation to make available documents in the Inland is to be applied to § 14 (4);
2.		to request information from the undertakings pursuant to Article 22 (1) and its institutions, as well as to all agents and entities to which payment services or e-money services have been outsourced, and to pre-load and to charge persons in accordance with the administrative procedure laws Consult;
3.		carry out all necessary checks by auditors or other experts, subject to the grounds of exclusion referred to in Article 14 (6); the issue of information by the FMA to the auditor appointed by the auditor shall be admissible in so far as it is appropriate for the performance of the examination contract;
4.		to commission the Oesterreichische Nationalbank with the examination of electronic money institutions and their branches and representative offices outside of Austria; the competence of the Oesterreichische Nationalbank for the on-the-spot audit in the area of supervision over E-money-Institute shall cover the examination of all business fields and all types of risk; the Oesterreichische Nationalbank shall ensure that it has sufficient human and organisational resources to carry out the ; the FMA is entitled to carry out its own employees to take part in the Oesterreichische Nationalbank exams;
5.		for the examination of branches and representative offices in Member States, also the authorities of the host Member State to request the examination to be carried out if this simplifies or accelerates the procedure in relation to an examination in accordance with Z 4, or where: The Oesterreichische Nationalbank may also be obliged to take part in such an examination and may be required to participate in such an audit, in the interest of expediency, simplicity, convenience or cost savings. Members of the FMA participate in such a review;
6.		to obtain information from the auditor.

(3) In the case of an examination pursuant to subsection 2 (2) (3) to (5), the examination bodies must be provided with a written examination order and have to show unsolicly prior to the examination and to present the examination order. § 71 of the Federal Elections Act is also to be applied. With regard to the cooperation of the FMA with the Oesterreichische Nationalbank and the taking of exams by these, § § 70 (1a) to (1c) and (79) of the Federal Elections Act (BWG) shall apply.

Supervisory measures and publications

§ 26. (1) In order to avoid a risk to the financial interests of the customers of an E-money-institute pursuant to § 3 (2) in connection with its activities, the FMA may order temporary measures by means of a decision which is not later than 18 months after the date of the The onset of effectiveness is not effective. The FMA may, in particular,

1.		prohibit in whole or in part capital and profit-making, capital and profit distributions;
2.		appoint a competent supervisory body (government commissioner) who belongs to the profession of attorneys or auditors; the supervising person, who is responsible for all the rights in accordance with section 25 (2), has
a)			to prohibit all transactions that are likely to increase the risk of the above risk, or
b)			in the event that the E-Money Institute has been prohibited from continuing to do business in whole or in part, to allow individual transactions which do not increase the risk above;
3.		Directors of the E-money-Institute, with simultaneous understanding of the institution responsible for appointment of the directors, shall prohibit the management of the undertaking in whole or in part; within one month the competent institution shall have the appropriate instructions. The number of managers to be reordered; the order shall be subject to the legal validity of the consent of the FMA, which is to be refused if the newly appointed managers do not seem likely to cause a waste of the above risk. ,
4.		Prohibit the continuation of business operations in whole or in part.

(2) The FMA may, at the request of the supervising person appointed pursuant to paragraph 1 (1) (2) or (3), appoint a deputy if and for so long for important reasons, in particular because of temporary prevention of the Supervising person, is required. The appointment of the Deputy as well as the rights and obligations of the Deputy shall apply the provisions applicable to the supervisory staff. The supervisory authority (Government Commissioner) may, with the approval of the FMA, be able to meet professionally qualified persons in order to fulfil their duties, to the extent that this is necessary in accordance with the scope and difficulty of the tasks. The approval of the FMA has to name these persons in particular and must also be awarded to the E-Money Institute. These persons act on instructions and on behalf of the supervisory staff (government commissioner) or their deputy.

(3) The FMA has to obtain reports on appropriate government commissioners from the Austrian Bar Association and from the Chamber of Economic Scatterers. If a government commissioner pursuant to paragraph 1 Z 2 or a deputy is to be ordered pursuant to paragraph 2 and if no order is possible on the basis of these reports, the FMA has the attorney's chamber or the chamber responsible for the office of the E-money-institute. to notify the accountant to make it known to a professional lawyer or auditor as a government commissioner. In case of danger in default, the FMA

1.		a lawyer or
2.		an economic scatter
provisionally order as government commissioner. This order shall not apply to the appointment of a lawyer or chartered accountant after the first sentence.

(4) All measures ordered by the FMA pursuant to paragraphs 1 and 2 shall rest for the duration of a business supervision procedure.

(5) The Government Commissioner is to be paid by the FMA (function fee), which is proportionate to the work involved in supervision and to the costs of the work. The Government Commissioner shall be entitled to invoice for the preceding quarter and after the end of his activity. The FMA has to pay the remuneration immediately after auditing the invoice.

(6) The decision to prohibit business managers from conducting an E-money-Institute in whole or in part pursuant to § 3 (2) (paragraph 3). 1 Z 3 and Section 8), as well as any cancellation of this measure, are to be sent by the FMA to the Company's Book Court for registration in the Company Book.

(7) If a concession requirement pursuant to § 4 (3) is no longer available after the concession has been granted, an E-money-institute pursuant to Section 3 (2) Provisions pursuant to § 22 (1) of this Federal Law, a law issued pursuant to this Federal Act, shall be subject to the following provisions: The FMA shall take the measures referred to in § 70 (4) (1) to (3) of the Federal Elections Act with respect to this e-money institute and, if necessary, withdraw the concession pursuant to Section 5 (1).

(8) The FMA may adopt measures taken pursuant to paragraphs 1, 3 and 7 and sanctions on the grounds of an infringement of this Federal Law or of the Federal Act of the Federal Republic of Germany on the basis of this Federal Law of the Federal Republic of Germany by the Internet, the print in the "Official Journal of the Viennese" Newspaper " or in a newspaper with distribution throughout the territory of the Federal Republic of Germany, or by means of a notice at a suitable location in the premises of the E-Money-Institute (§ 3 (2)). However, publications of measures referred to in paragraph 7 in conjunction with Section 70 (4) (1) of the BWG may only be made if this is necessary in the light of the nature and seriousness of the breach of information to the public and in view of possible disadvantages. of the person concerned. These publication measures may also be taken cumulatively.

(9) The FMA may inform the public that a named natural or legal person has been named by 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. (person) is not entitled to issue e-money (§ 1 para. 1) or to receive certain payment services (§ 1 para. 2 ZaDiG), provided that this person has given rise to this and requires information to the public and with regard to the potential disadvantages of the person concerned are proportionate. These publication measures may also be taken cumulatively. This person must be clearly identifiable in the publication; for this purpose, as far as the FMA is known, business address or residential address and company book number, Internet address, telephone number and fax number may also be specified.

(10) The person affected by the publication may request a review of the legality of the publication in accordance with paragraph 8 or 9 in a procedure to be carried out in a modest way with the FMA. The FMA has to make known the introduction of such a method in the same way. If, in the context of the review, the unlawfulness of the publication is determined, the FMA shall correct the publication correctly or, at the request of the person concerned, either withdraw it or remove it from the internet presence. If a complaint against a communication which has been made known in accordance with paragraph 8 is granted suspensive effect in proceedings before the courts of the courts, the FMA shall disclose this in the same way. The publication shall be correct or, at the request of the person concerned, either to be revoked or to be removed from the internet presence if the communication is cancelled.

(11) In the performance of their duties, the FMA gives rise to suspicions that a transaction is used for money laundering or terrorist financing, so that it has the money laundering deed (Section 4 (2) of the Federal Criminal Police Office Act, BGBl. I n ° 22/2002) should be immediately informed. Section 41 (6) of the BWG shall apply.

(12) The FMA may, after hearing the Oesterreichische Nationalbank, prescribe by regulation that the advertisements and transfers pursuant to § 6 para. 3, § 7, § 10 of this Federal Act in conjunction with Section 13 (1) and (6) of the ZaDiG, § 15 of this Federal Act in connection with Section 21 (3) and Section 22 (1) of the ZaDiG and Section 14 (7), shall be made exclusively in electronic form, as well as to conform to certain changes, technical minimum requirements and modalities of transmission. The FMA must be guided by the principles of efficiency and appropriateness and ensure that the electronic availability of the data for the FMA and the Oesterreichische Nationalbank is guaranteed and that the data are available at all times. Supervisory interests are not affected. In addition, the FMA may, in this Regulation, provide auditors for certificates, transfers, reports and reports pursuant to § 14 (8) and § 27 (1), (2) and (3), an optional participation in the electronic system of transmission according to the first Allow set. The FMA shall take appropriate measures to ensure that the notifiers or, where appropriate, their persons responsible for the movement of persons are in the system for a reasonable period of time in respect of the accuracy and completeness of the information provided by them or by their To ensure that persons responsible for the movement of persons are able to verify the data.

Reporting requirements of auditors

§ 27. (1) If a statutory auditor who examines the annual accounts of an E-money-institute within the meaning of § 3 (2) or carries out another statutory activity in the case of this institution, establishes facts which require a reporting obligation pursuant to § 273 (2) and (3) of the German Commercial Code (UGB) The FMA and the Oesterreichische Nationalbank shall also be required to submit the report to the FMA and the Oesterreichische Nationalbank immediately, at the latest at the same time as the report to be refunded pursuant to § 273 (3) of the

(2) The auditor shall, even if there is no reporting obligation pursuant to § 273 (2) and (3) of the UGB, immediately the FMA and the Oesterreichische Nationalbank, as well as the business managers and the supervisory body responsible under the law or statutes, without delay. in writing, if, in the course of its audit, it establishes facts which:

1.		see a significant breach of the regulations or orders of the FMA issued pursuant to Section 22 (1) or against the regulations or orders issued under this Federal Act; or
2.		to identify the fulfilment of the obligations of the E-money-Institute at risk; or
3.		are a major tightening of the risk situation; or
4.		significant balance sheet items or out-of-balance-sheet positions are identified as non-valued; or
5.		there are reasonable doubts as to the accuracy of the documents or the declaration of completeness of the business managers.
If the auditor finds other defects, non-worrying changes in the risk situation or the economic situation, or only minor breaches of rules, and are the deficiencies and breaches of rules in the short term, the auditor of the FMA and the Oesterreichische Nationalbank must report only if the E-Money Institute fails to remedy the deficiencies found within a reasonable period of time, but within three months at the latest. and this has been proven by the auditor. Reports shall also be reported if the directors do not properly grant any information requested by the auditor within a reasonable period of time. In cases where an accounting firm is appointed as a statutory auditor, the reporting obligation shall also be subject to the natural persons designated pursuant to section 88 (7) WTBG.

(3) The auditor is also obliged to report such facts, of which he becomes aware in the exercise of one of the aforementioned activities in a company which is an affiliated company (Section 228 (3) of the UGB) on the basis of the provisions of § 3 (2) shall be the E-Money Institute for which it carries out this activity.

(4) In the performance of his duties, the auditor shall also be obliged to communicate to the Chairman of the Supervisory Board outside of examination orders of the Supervisory Board, if reporting to the Executive Directors is due to the nature and The circumstances of the administrative offences established would not achieve the purpose of the elimination of the deficiencies and are serious.

(5) In good faith, the auditor shall provide a report as referred to in paragraphs 1 to 4 above, shall not be deemed to constitute a breach of any restriction on disclosure regulated by contract or by law, regulation or administrative action, and shall not be liable for him. according to itself.

Procedural and criminal provisions

§ 28. Any person who discloses or uses confidential facts in breach of § 13 (2) in order to obtain an asset advantage or to inflict a disadvantage on another person shall be liable to imprisonment for up to six months from the court of law or with a sentence of imprisonment Fines of up to 360 daily rates are punishable. The perpetrator is only to be prosected with the empowerment of the injured in his interest in the secrecy.

§ 29. (1) Anyone who issues e-money in accordance with § 1 (1) without the necessary authorization shall be subject to an administrative surrender and shall be punished by the FMA with a fine of up to EUR 50 000.

(2) Anyone who issues e-money against § 17 above the nominal value of the received amount of money is committing an administrative surrender and is punished by the FMA with a fine of up to 30 000 euros.

(3) Those who are responsible (§ 9 VStG) of an E-money-Institute pursuant to § 1 paragraph 2 Z 2 or a branch pursuant to § 9 paragraph 2 violate the obligations pursuant to § § 40, 40a, 40b, 40c, 40d, 41 (1) to 4 of the Federal Elections Act (BWG), an administrative surrender and is from the FMA punish with a custodial sentence of up to six weeks or with a fine of up to 75 000 euros.

(4) Those who are responsible (§ 9 VStG) of an E-money-institute pursuant to § 3 (2) or a branch according to § 10

1.		is in breach of a restriction pursuant to § 3 of this Federal Act or an obligation pursuant to Sections 18 or 19 (1) to (3) of the ZaDiG; or
2.		is in breach of an obligation pursuant to Section 11 of this Federal Law or against § 20 ZaDiG, or
3.		, contrary to Articles 5 to 14 of Regulation (EC) No 1781/2006 on the transmission of information on the payer to transfers of funds, the collection, storage, verification or forwarding of the required information shall not be required or transfers of funds , whether or not to carry out or accept retention obligations or notification obligations, or
4.		is contrary to an obligation pursuant to Section 42 (1), (2), (3), (4) or (3), (5), (6) or (7) of the Federal
is subject to an administrative surrender and is punishable by the FMA with a fine of up to EUR 50 000 with regard to Z 1 and with regard to Z 2, Z 3 or Z 4 with a fine of up to 30 000 euros.

(5) Anyone who, as the person responsible (§ 9 VStG) of an E-Money Institute according to § 3 paragraph 2 or a branch office in accordance with § 10, violates the security obligations of § 12 of this Federal Act or § 17 of the ZaDiG, is responsible for an administrative surrender and is from the FMA a fine of up to 50 000 euros.

(6) Anyone who acts as a statutory auditor of an E-money-institute in accordance with § 3 paragraph 2 or of a branch pursuant to § 10 of his reporting obligations pursuant to § 27 (1), 2 or 3 of his/her duties shall be subject to an administrative surrender and shall be fined up to EUR 50 000 by the FMA. punishing.

(7) Anyone who, as the person in charge (§ 9 VStG) of an E-Money Institute pursuant to § 3 paragraph 2 or a branch office pursuant to § 10, is not required to submit the annual financial statements in due time to the FMA in accordance with § 14 para. 3, is subject to an administrative surrender and is from the FMA with a fine of up to 10 000 euros.

(8) Those who are responsible (§ 9 VStG) of an E-money-institute pursuant to § 3 (2)

1.		the obligations under § § 15, 16 (2) are infringed or, contrary to § 17, e-money is issued under the nominal value of the received amount of money, or
2.		the obligations under § § 18, 19 or 20 are infringed or
3.		the immediate written notification of the facts referred to in § 6 (3) or § 7 to the FMA is not allowed, or
4.		the immediate written notification in accordance with Section 21 (3) of the ZaDiG (ZaDiG) to the FMA is not subject to the facts referred to in § 15 of this Federal Act,
, an administrative surrender and a fine of up to EUR 30 000 in the case of the FMA in the cases after Z 1 and with a fine of up to EUR 5 000 in cases after Z 2 to 4.

(9) Those who are responsible (§ 9 VStG) of a branch according to § 9 para. 2

1.		against § 17 E-money under the nominal value of the received amount of money, or
2.		breaches the obligations of § § 18 to 20,
, an administrative surrender and a fine of up to EUR 30 000 in cases after Z 1 and a fine of up to 5 000 euro in the cases after Z 2.

(10) Those who are responsible (§ 9 VStG) of an e-money issuer in accordance with § 1 paragraph 2 Z 1 or 3 to 6

1.		against § 17 E-money under the nominal value of the received amount of money, or
2.		the obligations of § § 18 to 20 of this federal law,
, an administrative surrender and a fine of up to EUR 30 000 in the case of the FMA in the cases after Z 1 and a fine of up to EUR 5 000 in the case of Z 2.

(11) Anyone who acquires e-money and does not comply with his disclosure obligation pursuant to Section 40 (2) of the Federal Elections Act to an electronic money institution pursuant to § 3 (2) or § 9 or to another e-money issuer in accordance with § 1 paragraph 2 Z 4 or 5 shall not be able to comply with the obligation to apply an administrative surrender and is punishable by the FMA with a fine of up to 30 000 euros.

(13) An administrative surrender pursuant to paragraphs 1 to 11 shall be implemented only if the act does not constitute the offence of a criminal offence which falls within the jurisdiction of the courts.

§ 30. (1) The FMA is responsible for the imposition of administrative penalties in accordance with § § 28 and 29 of the first instance.

(2) In the case of administrative transgressions in accordance with § § 28 to 29, a limitation period of 18 months shall be applied instead of the limitation period of § 31 para. 2 VStG of six months.

(3) In the investigation into administrative prosecution proceedings pursuant to § 28 and in accordance with § 29 (1) to (11), the FMA shall apply all competencies pursuant to Section 25 (2).

(4) The FMA has E-money holders who have a complaint against a breach of an E-money-Institute against § 12 or an e-money issuer against the 3. To indicate the possibility of a complaint with the out-of-court FIN-NET Schlichtungsstelle (§ 3 Z 9 ZaDiG), indicate the location and address of the main piece.

§ 31. Who issues e-money in accordance with § 1 (1) without the necessary authorization or, contrary to the limitations of § 3 (3) (2) of this Federal Act, in connection with § 5 paragraph 5 of the ZaDiG loan, or accepts deposits contrary to § 3 para. 4 deposits or Contrary to § 17 E-money over the nominal value of the received amount of money or against § 20 interest is granted, has no claim on all remuneration, costs and fees associated with these transactions. The legal invalidity of the agreements concluded with these transactions does not result in the legal invalidity of the whole business. Conflicting agreements as well as guarantees and guarantees relating to these transactions shall be legally ineffective.

Section 3

International cooperation

Contact point and exchange of information

§ 32. (1) The FMA is the competent authority in accordance with Article 3 (1) of Directive 2009 /110/EC, in conjunction with Article 20 (1) of Directive 2007 /64/EC. At any time, the FMA may obtain information on the activities of Austrian e-money institutions abroad and the situation of foreign e-money institutions whose activities may affect the Austrian financial market, if this is done in the economic interest in a functioning financial market or in the interest of the protection of creditors is required.

(2) The FMA may be competent authorities of other Member States, the European Central Bank and the central banks of other Member States in their capacity as monetary and supervisory authorities and other competent authorities in other Member States. are responsible for the supervision of payment and settlement systems, the protection of natural persons with regard to the processing of personal data or the fight against money laundering and terrorist financing, if this is the case, Performance of tasks as defined in Directive 2009 /110/EC or in the way , and where the information provided to these authorities is subject to the obligation of professional secrecy pursuant to Article 22 of Directive 2007 /64/EC. FMA may make use of its powers for the purposes of cooperation and for the forwarding of data on the basis of this main piece, even if the conduct which is the subject of the investigation does not infringe any one in Austria. shall be in force. By its powers under Section 25 (2) (2) (1) and (2), the FMA may, for the purposes of cooperation, also make use of legal persons who, in their Member State of origin, are responsible for issuing e-money and, where appropriate, for the provision of Payment services are admitted as an electronic money institution within the meaning of Article 2 Z 1 of Directive 2009 /110/EC.

(3) If the FMA has reason to suspect that companies which are not subject to their supervision have infringed or have infringed the provisions of Directive 2009 /110/EC in the territory of another Member State, it shall: to inform the competent authority of the other Member State as precisely as possible. It shall, for its part, take appropriate measures if it has received such a notification from another competent authority and shall, as far as possible, on the basis of the outcome of those measures and, as far as possible, on the outcome of such measures, shall have the following: to inform any developments that have been made. This paragraph shall not affect the powers of the FMA as the competent authority which has transmitted the information.

Cooperation in monitoring, on-the-spot checks and investigations

§ 33. (1) The FMA may request the competent authority of another Member State to cooperate in the event of monitoring or on-the-spot verification or an investigation. Where the FMA receives a request for an on-the-spot verification or an investigation, it shall act within the limits of its powers by:

1.		carry out the inspections or investigations themselves or transfer the Oesterreichische Nationalbank or
2.		the applicant authority shall allow the verification or investigation to be carried out, or
3.		Auditors or experts in the official contract shall be allowed to carry out the inspection or investigation.

(2) The FMA has to provide other competent authorities with the information necessary for the performance of the tasks of the competent authorities designated pursuant to Article 3 (1) of Directive 2009 /110/EC, in conjunction with Article 20 (1) of Directive 2007 /64/EC , which result from this Federal Law, in particular in the event of infringements or alleged infringements of an agent, branch or business unit, to which activities are to be outsourced. At the request of the FMA, the FMA has to provide all relevant information and, on its own, to provide all relevant information. If the FMA exchanges information with other competent authorities, it may, upon transmission, reserve the right that such information may only be published with the express consent of the FMA. In such a case, they may only be exchanged for the purposes for which the consent was given.

(3) The Federal Minister of Finance, on a joint proposal by the FMA and the Oesterreichische Nationalbank, may conclude the following agreements with the competent authorities concerning the way in which cooperation with the FMA and the Oesterreichische Nationalbank is carried out in the performance of their tasks of supervision and supervision of the electronic money institutions, provided that the Federal Minister of Finance is authorized to conclude agreements pursuant to Art. 66 (2) B-VG:

1.		Agreements with the competent authorities of other Member States, which may, in particular, establish procedures for cooperation between the FMA and the competent authorities of the Member States with regard to the procedure referred to in Article 24 of Directive 2007 /64/EC, in conjunction with The information exchange referred to in Article 3 (1) of Directive 2009 /110/EC is regulated.
2.		Agreements with competent authorities of third countries, provided that the exchange of information with these competent authorities, subject to a condition of Article 22 of Directive 2007 /64/EC, in conjunction with Article 3 (1) of Directive 2009 /110/EC, equivalent Professional secrecy for the performance of supervisory tasks of these competent authorities.

Powers as a host Member State

§ 34. The FMA, acting as the competent authority of the host Member State, may, in the exercise of the powers conferred on it under this Federal Law, require the branches of the electronic money institutions, in accordance with § 9, to provide the information necessary to ensure compliance with the to check the standards applicable to these companies. These requirements may not be more stringent than the requirements imposed by the FMA on the concessionary institutions to monitor compliance with the same standards.

Security measures

§ 35. (1) The FMA, as the competent authority of the host Member State, has clear and demonstrable reasons to believe that an E-money institution operating in Austria within the framework of the freedom to provide services, or by means of a branch in accordance with § 9, shall be subject to the is in breach of the obligations arising from this Federal Act or Regulation (EC) No 924/2009 on cross-border payments in the Community or Regulation (EC) No 1781/2006 on the transmission of information on the payer to: transfers of funds, which the FMA is the competent authority of the Where the host Member State has no competence, it shall communicate its findings to the competent authority of the home Member State.

(2) The FMA, as the competent authority of the host Member State, shall establish that an E-money institution pursuant to § 9, which has a branch in Austria, shall have the Austrian laws, regulations or administrative provisions relating to the competence of the FMA as If the authority of the host Member State is infringed in accordance with Article 22 (1), the FMA shall require the relevant electronic money institution to establish the lawful state within a reasonable period of not more than three months. If the E-Money Institute 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 E-money-institute concerned restores the legal status. The FMA shall inform the competent authorities of the home Member State of the nature of these measures. If, despite the measures taken by the FMA, the E-Money Institute continues to infringe the Austrian laws, regulations or administrative provisions referred to in § § 28 (1), (2) or (3) or in 29 (8) or (10), the FMA may, after informing the competent authorities, authorities of the Member State of origin shall take appropriate measures to prevent or to penalise further infringements; where necessary, the competent directors of the branch of the E-money-Institute shall be able to take the necessary steps to ensure that the management is fully or fully partly prohibit and the E-Geld-Institut also new businesses in Austria .

(3) The FMA shall duly substantiate any measure pursuant to paragraph 1 or 2, which includes sanctions or restrictions on the activities of an E-money institution, and shall inform the E-money institution concerned by means of communication.

(4) In spite of the request by the competent authorities to establish the lawful condition, an E-money-institute pursuant to § 3 (2), which provides its activities in a Member State through a branch, will continue to comply with the national rules of the host Member State, the FMA shall, after agreement by the competent authorities of the host Member State, take appropriate measures in accordance with Article 26 (7) in order to establish the legal status in the host Member State. The competent authority of the host Member State shall be immediately informed of the measures taken.

(5) If the concession is withdrawn from an electronic money institution in accordance with section 3 (2), the FMA shall immediately inform the competent authorities of the Member States in which the E-money institution exercises its activities in writing.

5. Main piece

Transitional and final provisions

Transitional provision

§ 36. E-money institutions which, before 30 April 2011, carry out activities in accordance with the law of their Member State of origin for the implementation of Directive 2000 /46/EC in their home Member State or in accordance with the e-money law, BGBl. I n ° 45/2002 in Austria, these activities may be carried out in Austria in accordance with the e-money law, BGBl. No 45/2002, or with the provisions of Directive 2000 /46/EC on mutual recognition up to the maximum of 30. 4 October 2011, without having to apply for a concession pursuant to § 3; 3. However, the main part of this federal law is to be applied. The E-money institutions, which are a concession pursuant to § 1 E-Money Law, BGBl. By 31 May 2011 at the latest, the FMA shall provide all relevant information as to whether these e-money institutions comply with all the requirements of the 2010 e-money law. The FMA has until at least 30. By means of a decision to determine whether these E-money institutions meet the requirements and to include them in the E-money-institute register or to impose appropriate measures or to withdraw the concession and the issue of the issue of e-money. E-money institutions based in another Member State may carry out their activities in accordance with the rules laid down in the 30. In accordance with Directive 2009 /110/EC, they shall continue to apply in October 2011, provided that they are also entitled to do so in their Member State of origin.

References and Regulations

§ 37. (1) As far as other federal laws are referred to in this Federal Act, these are to be applied in their respectively applicable version, except it is expressly arranged otherwise.

(2) Where reference is made in this Federal Act to the following acts of the European Union, these acts, unless otherwise arranged, shall be applied in the following text:

1.		Directive 2007 /64/EC on payment services in the internal market, amending Directives 97 /7/EC, 2002 /65/EC, 2005 /60/EC and 2006 /48/EC and repealing Directive 97 /5/EC, OJ L 327, 30.12.2007, p. No. 1., as amended by Directive 2009 /111/EC amending Directives 2006 /48/EC, 2006 /49/EC and 2007 /64/EC as regards banks affiliated to central institutions, certain own funds items, large expound loans, Prudential rules and crisis management, OJ C 327, No. OJ L 302, 17.11.2009, p. 97;
2.		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 2009 /111/EC amending Directives 2006 /48/EC, 2006 /49/EC and 2007 /64/EC as regards banks affiliated to central institutions, certain own-funds items, large expours, Prudential rules and crisis management, OJ C 327, No. OJ L 302, 17.11.2009, p. 97;
3.		Regulation (EC) No 924/2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001, OJ L 145, 31.5.2009, p. No. OJ L 266, 9.10.2009, p. 11;
4.		Directive 2005/60 of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, OJ C 327, 28.11.2005 No. 15., as amended by Directive 2009 /110/EC on the taking up, pursuit and prudential supervision of the activities of electronic money institutions, amending Directives 2005 /60/EC and 2006 /48/EC and repealing the Directive 2000 /46/EC No. OJ L 267, 10.10.2009, p.7;
5.		Directive 95/46 on the protection of individuals with regard to the processing of personal data and on the free movement of such data, OJ L 327 No. 31., as amended by Regulation (EC) No 1882/2003 of 29 September 2003, OJ L 327, 28.11.2003, p. No. OJ L 284, 31.10.2003, p. 1;
6.		Directive 2009 /110/EC of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions, amending Directives 2005 /60/EC and 2006 /48/EC and repealing Directive 2000 /46/EC, OJ L 281, 23.11.2009, p. No. OJ L 267, 10.10.2009, p.7;
7.		Directive 2006 /49/EC on the capital adequacy of investment firms and credit institutions, OJ L 327, 30.4.2006, p. No. 201., as amended by Directive 2009 /111/EC amending Directives 2006 /48/EC, 2006 /49/EC and 2007 /64/EC as regards banks affiliated to central institutions, certain own funds items, large expound loans, Prudential rules and crisis management, OJ C 327, No. OJ L 302, 17.11.2009, p. 97;
8.		Regulation (EC) No 1781/2006 on the transmission of information to the payer on transfers of funds, OJ L 378, 27.12.2006. No. OJ L 345, 08.12.2006, p.1.

(3) Regulations on the basis of this Federal Act, as amended, may already be issued from the day following the presentation of the Federal Act to be carried out; however, they may not be issued prior to the application of the Act to be carried out. Legislative provisions enter into force.

Linguistic equality

§ 38. Insofar as personal names are only mentioned in male form in this federal law, they refer to women and men in the same way. The gender-specific form is to be used in the application to certain persons.

Override

§ 39. The e-money law, BGBl. I n ° 45/2002, as amended by the Federal Law Gazette (BGBl). I n ° 141/2006, expires on 29 April 2011, but is in line with Articles 36 to 30 of E-money institutions which have started activities under the E-money law before 30 April 2011. Continue to apply in October 2011.

Enforcement

§ 40. With the enforcement of this federal law is

1.		as regards § § 6 (1), 16 (1), 21, 28 and 31 of the Federal Minister of Justice,
2.		with regard to § § 5, 17 to 19 of the Federal Minister of Finance in agreement with the Federal Minister for Justice,
3.		in respect of the other provisions of the Federal Minister for Finance.

entry into force

§ 41. This federal law will enter into force on 30 April 2011. § 36 shall, however, enter into force with the day following the customer's notice.

Article 3

Amendment of the Banking Act

The Banking Act-(BWG), BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I n ° 58/2010, is amended as follows:

1. § 1 (1) Z 20 is deleted.

2. In Section 1 (2), in Z 7 the point is replaced by a stroke point and the following Z 8 is added:

" 8.		The issue of e-money in accordance with § 1 (1) E-Money Act 2010, BGBl. I No 107/2010. '

3. § 1 (3) last sentence shall be deleted and the following sentences shall be added at the end:

" Credit institutions which have a concession pursuant to Section 1 (1) (1) and (3) or (1) (2) or (Z) 6 are entitled to issue e-money in accordance with Section 1 (1) (1) of the German Money Law (E-Money Act 2010). In addition, the commercial provision of payment services in accordance with Section 1 (2) of the ZaDiG and the issuing of e-money in accordance with § 1 (1) E-Money Act 2010 shall be required by credit institutions of a concession of the FMA, which shall be subject to the concession requirements of the Federal Elections Act (BWG) "

4. § 2 Z 58 deleted.

5. § 3 (1) Z 9 reads:

" 9.		the operation of the exchange business (§ 1 paragraph 1 Z 22) with regard to § 1 para. 3, § 5 paragraph 1 Z 5, 12 and 13, § § 22 to 23, § 24, insofar as it would be a parent credit institution, § § 25 to 29, § 30, as far as it is an overarching credit institution Credit institution would act, § § 31 to 34, § § 36, 37 and 39a, § § 42 to 65, insofar as the participation in the preparation of the consolidated financial statements of the parent credit institution is not required, § § 66 to 68, § 73 paragraph 1 Z 1, § § 74 to 76, § 78 Abs. 1 to 7 and the XIX. Section; "

6. § 3 (6) deleted.

7. In § 4 (5) Z 1, 2 and 3 shall be taken after the word "Investment Firm" A dash followed by the word group "an E-money-institute, a payment institute" inserted.

8. In § 5 (1) Z 13, after the word "Pensionskassen" the word group "or outside of payment institutions or e-money institutions or of investment firms or investment service undertakings" inserted.

9. In § 9 (1), the penultimate sentence and the last sentence are deleted.

10. In § 20b, paragraph 1, Z 4, the reference to the Directive "2000/46/EC" by reference to the Directive "2009/110/EC" replaced.

11. In § 23 (13) (3) (3), after the word order "or payment institutions (§ 3 Z 4 ZaDiG)" the phrase "or E-money institutions" inserted.

12. § 23 (13) Z 4 reads:

" 4.		directly and directly held shares in other credit or financial institutions or payment institutions or electronic money institutions up to 10 vH of the capital of these institutions, as well as subordinated claims, participation capital, supplementary capital or other forms of capital which are recognised in accordance with the relevant foreign legal order as own resources which the credit institution has in respect of credit institutions or financial institutions or payment institutions other than those referred to in Z 3, or E-money institutions shall, in the total amount of the total amount of these share rights, subordinated claims, participation capital, additional capital and other capital components exceeding 10 vH of the own funds of the credit institution calculated before deduction of the components listed under Z 3 and 4; "

13. § 30 (2a).

Section 30 (5) reads as follows:

" (5) The parent credit institution of a credit institution group is the credit institution with its registered office in Germany, which itself is not subordinate to any other group-affiliated credit institution with its head office in Germany. If a number of credit institutions fulfil this condition, that institution shall be considered as the parent credit institution which has the highest balance sheet total. "

5. § 40a (2) Z 1 reads:

" 1.		Customers in respect of electronic money (e-money within the meaning of § 1 (1) E-Money Act 2010), provided that the amount stored electronically on the data carrier-if the data carrier cannot be recharged-no more than 250 euros or at Payment transactions within Austria shall not exceed EUR 500 or, if the data carrier can be recharged, the total amount unpaid in a calendar year shall be no more than EUR 2 500, except where: Amount of EUR 1 000 or more in the same calendar year at the request of the E-money holder in accordance with § § 18 and 19 E-money law in 2010; "

16. In § 69 (1) the word order is deleted "the e-money law," .

17. § 73 (7).

18. In § 93 (2) Z 2, after the word "Banking" a dash followed by the word order "the provision of payment services or the issue of e-money" inserted.

19. § 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 No. 15., as amended by Directive 2009 /110/EC on the taking up, pursuit and prudential supervision of the activities of electronic money institutions, amending Directives 2005 /60/EC and 2006 /48/EC and repealing the Directive 2000 /46/EC No. OJ L 267, 10.10.2009, p. 7. '

The following paragraph 72 is added to Article 107:

" (72) § 1 (2) Z 8 and (3), § 4 (5) Z 1, 2 and 3, § 5 (1) Z 13, § 20b (1) Z 4, § 23 para. 13 Z 3 and 4, § 40a sec. 2 Z 1, § 69 sec. 1, § 93 sec. 2 Z 2, § 105 paragraph 7 in the version of the Federal Law BGBl. I n ° 107/2010 enter into force on 30 April 2011; § 3 paragraph 1 Z 9 in the version of the Federal Law BGBl. I n ° 107/2010 enters into force on 1 May 2011; § 30 (5) in the version of the Federal Law BGBl. I n ° 107/2010 shall enter into force with the day following the event; § 1 (1) Z 20, § 2 Z 58, § 3 (6) and section 9 (1) of the penultimate and final sentence shall expire on 29 April 2011; Section 30 (2a) and Section 73 (7) shall take effect on the expiry of the Day of the demonstration out of force. "

Article 4

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 n ° 58/2010, is amended as follows:

1. § 1 (3) Z 3 reads as follows:

" 3.		E-money institutions within the meaning of Section 3 (2) of the E-Money Act 2010, BGBl. I n ° 107/2010 and E-money institutions in accordance with Section 9 of the Law on Money 2010, which according to the law of their home Member State (§ 2 Z 6 lit. (a BWG) are entitled to issue e-money, including branches of E-money institutions established within the European Economic Area, the registered office of which is located outside the European Economic Area, provided that the European The European Union has concluded agreements or, in so far as it has been granted a concession pursuant to Article 4 (6) of the German Federal Money Law (E-Money Act 2010)

2. 2 (2) Z 2 reads:

2.		E-money institutions within the meaning of Section 3 (2) of the E-Money Act 2010 as well as E-Money institutions pursuant to § 9 of the German Money Act 2010, which according to the law of their home Member State (§ 2 Z 6 lit. (a BWG) are entitled to issue e-money, including branches established within the European Economic Area, of electronic money institutions located outside the European Economic Area, provided that the The European Union has concluded agreements or, in so far as it has been granted a concession pursuant to Section 4 (6) of the E-Money Act 2010; "

3. In Section 2 (2) (3), the following sentence shall be added at the end:

"insofar as these are not Articles 40 to 41 of the Federal Elections Act; § 67 (1) (3) and (11) of this Federal Act shall be applied to Swiss Post in respect of its money transport;"

4. In § 3 Z 9, after the word order " Art. 83 of Directive 2007 /64/EC " the phrase "and in accordance with Article 13 of Directive 2009 /110/EC" inserted.

5. In § 3 Z 14, the word order shall be "electronic money within the meaning of § 2 Z 58 BWG" through the phrase "E-money within the meaning of § 1 (1) E-Money Act 2010" replaced.

6. In § 3 is added at the end of the following final part:

"By the way, unless expressly stated otherwise in this Federal Act, the definitions of the BWG, the WAG 2007 and the Regulations (EC) No 1287/2006 and (EC) No 924/2009 apply."

7. In § 5 (1), second sentence, the word order is deleted "within the framework of the freedom of service and establishment in all Member States" .

8. In Section 5 (3), the phrase "§ 93 para. 2 BWG or as electronic money in the sense of § 2 Z 58 BWG" through the phrase " Section 1 (1) (1) of the Federal Elections Act (BWG) or as e-money within the meaning of Section 1 (1) of the German Money Act 2010 replaced.

9. In § 6 (1) (1) (1), after the word " the word group ", and whether, in connection with a payment service in accordance with Section 1 (2) (2) (4) or (Z) 6, the granting of credit is also intended" inserted.

10. In § 7 (1) Z 15, after the word "Payment Services" A dash and then the word "E-Money" inserted.

11. In Section 7 (2) (2) (2), after the phrase "as an investment firm" the phrase ", as an electronic financial institution within the meaning of Article 1 (1) (b) of Directive 2009 /110/EC" inserted.

12. In Section 10 (2), the sentence of the sentence shall be: "The FMA shall also have a list of payment institutions from Member States in this database" through the phrase "The FMA may further include in this database a list of payment institutions from Member States" replaced.

13. In Section 11 (1) Z 12, the "intended" the phrase "Change at the" inserted.

14. In Section 11 (1) Z 13, the phrase " "The provision of payment services by agents, stating the name or company, the seat and the company's book number and each" .

15. In Section 12 (1), the phrase "ancillary services pursuant to § 5 (2) to (5)" through the phrase "ancillary services pursuant to § 5 (2) (1) and (2) (3) to (5)" replaced.

16. The following sentence shall be added to section 12 (3):

"The obligations laid down in Article 40 (2) and (2a) (1) of the Federal Elections Act shall, in so far as they are addressed to payment service users, shall be complied with by the payment service users of such payment institutions who perform activities in Austria within the framework of the freedom of establishment."

17. The following sentences are added to Section 12 (6):

" Payment institutions which carry out activities in Austria within the framework of the freedom to provide services shall comply with Articles 40 to 41 of the Federal Elections Act and the regulations and regulations adopted pursuant to these provisions. The obligations laid down in Article 40 (2) and (2a) (1) of the Federal Elections Act (BWG) shall be complied with by the payment service users of such payment institutions who perform activities in Austria within the framework of the freedom to provide services. "

18. In § 15 para. 1 after the word group "§ 23 (1) (1) and (2)" the word group "having regard to paragraph 13" inserted.

19. In § 17 paragraph 1 Z 1 lit. b Final part will be the phrase "§ 3 (1) E-Money Law" by reference to " 4 " replaced.

20. In § 17, the following paragraph 4 is added:

" (4) Safe assets with a low risk within the meaning of Section 1 (1) (1) (lit). b sublit. bb are assets falling under one of the categories set out in Annex I, point 14, Table 1 of Directive 2006 /49/EC, for which the capital requirement for the specific risk is not higher than 1.6 vH, but with other qualified positions is excluded in accordance with point 15 of Annex I to Directive 2006 /49/EC. Furthermore, safe assets at low risk are also shares in an organism for collective investment in transferable securities (UCITS) within the meaning of Directive 2009 /65/EC, which invests exclusively in the assets referred to in the preceding sentence. Under exceptional circumstances, the FMA may determine, by means of a regulation, which of the assets referred to in the first and second sentences are not safe liquid assets with a low risk for the purposes of paragraph 1 (1) (1) (1). b sublit. bb. In doing so, it shall assess the security, the maturity date, the value or other risk factors of the assets referred to in the first and second sentences, and shall take account of these factors in their Regulation. "

21. § 19 (1) penultimate sentence reads:

" The appropriateness of these procedures and the procedures referred to in paragraph 3 as well as their application shall be examined at least once a year in the context of the internal revision in accordance with Section 42 (1), (2), (3), (4) (1), (3) and (5), (6) and (7) of the Federal Elections Act (BWG), in which section 42 The requirement of at least two directors shall apply only where the payment institution actually has at least two directors on account of its size and organisation. "

22. In § 19 (3), at the end of Z 5, the point is replaced by a stroke point and the following Z 6 is added:

" 6.		appropriate risk management with regard to the risk of money laundering and terrorist financing. "

23. In § 23 (1) the word "digits" by the word "People" replaced.

24. In § 25 (3), the reference "§ § 5 (5), 6 (1) Z 6, 7 (1) (1) Z 3" by the reference " § 5 (2), (3) and (5), § 6 (1) Z 6, § 7 (1) (1) (3) "the word" Audit report " by the word " Audit Report " and the word " Payment Service Institute " by the word " Payment Institution " replaced and before the phrase " this federal law " the phrase " and 23 para. 2 ".

25. In § 33 (4), the reference to "§ 2 Z 58 BWG" by reference to "§ 1 (1) E-Money Act 2010" replaced.

26. In § 37 (2), after the word "judicial" A dash and then the word "Public Prosecutor" inserted.

27. In § 64 (12), the term "OeNB" through the phrase "Oesterreichische Nationalbank" replaced.

28. In § 65 (2) (insertion part) the word order is deleted "a case of fact subject to the audited payment institution, of which:" .

29. In § 66, para. 1, after the word order "and is" the phrase "from the FMA" inserted.

30. In § 67 (1) the following Z 4 is inserted after Z 3:

" 4.		is in breach of an obligation pursuant to Section 42 (1), (2), (3), (4) (1), (3), (5), (6) or (7) B

31. In § 67 (1) final section, after the word order "or the Z 3" the phrase "or the Z 4" inserted.

32. In Section 74 (2), after the word group "§ 67 (8)" the word group "or 11" inserted.

33. In Section 74 (3), the word order shall be "pursuant to para. 1, 2 or 3" through the phrase "in accordance with para. 1 or 2" replaced.

34. In § 74 (4), the reference to "§ 64 (8)" by reference to "§ 64 (7)" replaced.

Article 76 (2) reads as follows:

" (2) If the following acts of the European Union are referred to in this Federal Act, these acts, unless otherwise arranged, shall be applied in the following text:

1.		Directive 2007 /64/EC on payment services in the internal market, amending Directives 97 /7/EC, 2002 /65/EC, 2005 /60/EC and 2006 /48/EC and repealing Directive 97 /5/EC, OJ L 327, 30.12.2007, p. No. 1., as amended by Directive 2009 /111/EC amending Directives 2006 /48/EC, 2006 /49/EC and 2007 /64/EC as regards banks affiliated to central institutions, certain own funds items, large expound loans, Prudential rules and crisis management, OJ C 327, No. OJ L 302, 17.11.2009, p. 97;
2.		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 2009 /111/EC amending Directives 2006 /48/EC, 2006 /49/EC and 2007 /64/EC as regards banks affiliated to central institutions, certain own-funds items, large expours, Prudential rules and crisis management, OJ C 327, No. OJ L 302, 17.11.2009, p. 97;
3.		Regulation (EC) No 924/2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001, OJ L 145, 31.5.2009, p. No. OJ L 266, 9.10.2009, p. 11;
4.		Directive 2005/60 on prevention of the use of the financial system for the purpose of money laundering and terrorist financing, OJ L 136, 31.5.2006, p. No. 15., as amended by Directive 2009 /110/EC on the taking up, pursuit and prudential supervision of the activities of electronic money institutions, amending Directives 2005 /60/EC and 2006 /48/EC and repealing the Directive 2000 /46/EC No. OJ L 267, 10.10.2009, p.7;
5.		Directive 95/46 on the protection of individuals with regard to the processing of personal data and on the free movement of such data, OJ L 327 No. 31., as amended by Regulation (EC) No 1882/2003 of 29 September 2003, OJ L 327, 28.11.2003, p. No. OJ L 284, 31.10.2003, p. 1;
6.		Directive 2009 /110/EC relating to the taking up, pursuit and prudential supervision of the business of electronic money institutions, amending Directives 2005 /60/EC and 2006 /48/EC and repealing Directive 2000 /46/EC, OJ L 281, 23.11.2009, p. No. OJ L 267, 10.10.2009, p.7;
7.		Seventh Directive 83 /349/EEC on the basis of Article 54 (3) (g) of the Treaty on consolidated accounts, OJ L 184, 17.7.1983, p. No. 1., as amended by Directive 2006 /99/EC of 20 November 2006, OJ L 327, 28.12.2006, p. No. OJ L 363, 20.12.2006, p.137;
8.		Directive 2006 /49/EC on the capital adequacy of investment firms and credit institutions, OJ L 327, 30.4.2006, p. No. OJ L 177, 30.6.2006, p. 201, as amended by Directive 2009 /111/EC amending Directives 2006 /48/EC, 2006 /49/EC and 2007 /64/EC as regards banks affiliated to central institutions, certain own funds items, large expound loans, Prudential rules and crisis management, OJ C 327, No. OJ L 302, 17.11.2009, p. 97;
9.		Regulation (EC) No 1781/2006 on the transmission of information to the payer on transfers of funds, OJ L 378, 27.12.2006. No. OJ L 345, 08.12.2006, p. 1.

36. § 79 is added to the following paragraph 6:

" (6) § 1 para. 3 Z 3, § 2 para. 2 Z 2 and 3, § 3 Z 9 and 14, § 5 para. 1 and 3, § 6 para. 1 Z 1, § 7 para. 1 Z 15 and para. 2 Z 2, § 10 para. 2, § 11 para. 1 Z 12 and 13, § 12 para. 1, 3 and 6, § 15 para. 1, § 17 paragraph 1 Z 1 lit. b (final part) and para. 4, § 19 para. 1 and paragraph 3 Z 6, § 23 para. 1, § 25 para. 3, § 33 para. 4, § 37 para. 2, § 64 para. 12, § 65 para. 2, § 66 para. 1, § 67 para. 1, § 74 para. 2, 3 and 4, § 76 para. 2 in the version of the Federal Law BGBl. I n ° 107/2010 will enter into force on 30 April 2011. '

Article 5

Amendment of the Insurance Supervision Act

The Insurance Supervision Act-VAG, BGBl. No 569/1978, as last amended by the Federal Law BGBl. I n ° 58/2010, is amended as follows:

1. In Section 4 (6) (1a), the word sequence shall be deleted. "not at least one member of the Management Board or of the Board of Directors or a Managing Director has his main residence domestiy or" .

(2) In Section 73b (4a) (1), the word order shall be "Financial institutions, investment firms and payment institutions" through the phrase "Financial institutions, investment firms, payment institutions and e-money institutions" replaced.

(3) In § 86i (9), after the word "Payment Institute" a dash followed by the word order "an E-money Institute" inserted.

4. § 98h para. 1 Z 6 last sentence reads:

"The insurance undertakings shall, by means of appropriate organisational arrangements, ensure that the tasks of the special representative can be fulfilled at any time on the spot."

5. § 118h shall be amended as follows:

(a) The word "Insurance companies" is given by the word "Insurance undertakings" replaced.

(b) The citation " § 1 of the Federal Law on the Extended Protection of Transport Victims, BGBl. No. 322/1977 " is through the citation " § 2 of the Federal Act on the Compensation of Traffic Victims (Verkehrsoppers Compensation Act-VOEG), BGBl. I No 37/2007 " replaced.

6. The following paragraphs 27 and 28 are added to § 119i:

" (27) § 4 para. 6 Z 1a, § 98h paragraph 1 Z 6 and § 118h in the version of the Federal Law BGBl. I No 107/2010 will be 1. Jänner 2011 in force.

(28) § 73b (4a) (1) and § 86i (9) in the version of the Federal Law BGBl. I n ° 107/2010 will enter into force on 30 April 2011. '

Article 6

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 n ° 68/2010, is amended as follows:

1. In Section 2 (1), the phrase " in the e-money law, BGBl. I No 45/2002, ' through the phrase " in the E-Money Act 2010, BGBl. I No 107/2010 " replaced.

2. In § 2 para. 2 the word order shall be " in the Federal Act of 2 June 1977 on the extended protection of traffic victims, BGBl. No. 322/1977 " through the phrase " in the Federal Act on the Compensation of Traffic victims (Verkehrsopfer-Compensation Act-VOEG), BGBl. I No 37/2007 " replaced.

(3) In § 22b (1), after the reference to "§ 67 para. 11 ZaDiG," a reference to "§ 28 (1) E-Money Act 2010, § 29 (10) E-Money Act 2010," inserted.

Section 22b (2) reads as follows:

"(2) The provisions of this Federal Law shall be without prejudice to provisions relating to professional secrecy which are other than those referred to in paragraph 1 above."

5. In § 22c (insertion part), after the reference to "§ 67 para. 11 ZaDiG," a reference to "§ 28 (1) E-Money Act 2010, § 29 (10) E-Money Act 2010," inserted.

(6) In § 22d (1), after the reference to "§ 66 para. 1 ZaDiG," a reference to "§ 28 (1) E-Money Act 2010," inserted.

Section 28 is added to the following paragraph 18:

" (18) § 2 para. 1 and 2, § 22b para. 1, § 22c and § 22d para. 1 in the version of the Federal Law BGBl. I n ° 107/2010 will enter into force on 30 April 2011. '

Article 7

Amendment of the Industrial Regulations 1994

The Industrial Order 1994-GewO 1994, BGBl. No. 194/1994, as last amended by the Federal Law BGBl. I No 66/2010, shall be amended as follows:

1. In § 2 para. 1 Z 14, after the word "Pensionskassen" a dash followed by the word order "Payment institutions or E-money institutions" inserted.

2. § 365n Z 6 reads:

" 6.		E-money of any electronically-including magnetically-stored monetary value in the form of a claim against the e-money issuer, which is issued against payment of a monetary amount, in order to make payment transactions within the meaning of § 3 Z 5 Payment Services Act-ZaDiG, BGBl. I n ° 66/2009, and which is also adopted by other natural or legal persons other than the e-money issuer (Section 1 (1) of the E-Money Act 2010, Federal Law Gazette (BGBl)). I No 107/2010). '

3. § 365r (2) Z 4 reads:

" 4.		electronic money (e-money within the meaning of section 1 (1) of the e-money law 2010), provided that the amount stored electronically on the data medium-if the data carrier cannot be recharged-no more than EUR 250 or in the case of payment transactions within Austria no more than EUR 500 or, if the data carrier can be recharged, the total amount unpaid in a calendar year shall be no more than EUR 2 500, except where an amount of 1 000 Euro or more in the same calendar year at the request of the E-money holder in accordance with § § 18 and 19 E-Money Act 2010 will be reimbursed; "

Section 382 is added to the following paragraph 45:

" (45) § 2 para. 1 Z 14, § 365n Z 6 and § 365r Abs. 2 Z 4 in the version of the Federal Law BGBl. I n ° 107/2010 will enter into force on 30 April 2011. '

Article 8

Amendment of the Consumer Protection Act

The Consumer Protection Act (KSchG), BGBl. No. 140/1979, as last amended by the Federal Law BGBl. I No 28/2010, is amended as follows:

1. § 28a (1) KSchG reads:

" (1) Those who in the course of business dealings with consumers in connection with door-to-door transactions, consumer credit relations, package travel agreements, timeshare relationships, distance selling, and the agreement of abusive Contractual clauses, the guarantee or guarantee in connection with the purchase or production of mobile physical objects, or in connection with information society services in electronic commerce or in connection with Investment services or payment services or the issueof E-money is in breach of a legal requirement or prohibition and thereby impairs the general interests of the consumer, can be sued for omission without prejudice to section 28 (1). "

2. § 41a the following paragraph 25 is added:

" (25) § 28a (1) in the version of the Federal Law BGBl. I n ° 107/2010 will enter into force on 30 April 2011. '

Article 9

Amendment of the Motor Vehicle Liability Insurance Act 1994

The motor vehicle civil liability insurance law 1994-KHVG 1994, BGBl. No. 651/1994, as last amended by the Federal Law BGBl. No 37/2007, is hereby amended as follows:

1. In Section 18 (4), the phrase ' pursuant to Article 5 of Commission Regulation (EEC) No 3932/92 of 21 December 1992 (Official Journal of the European Communities, No 3932/92). OJ L 398, page 7) " through the phrase "the Insurance Association of Insurance Companies" replaced.

2. In § 25 (1), first sentence, the word "Insurance companies" by the word "Insurance undertakings" replaced.

3. In § 32 (1), second sentence, the word "Insurance companies" by the word "Insurance undertakings" replaced.

4. The following paragraph 9 is added to § 37a:

" (9) § 18 (4), § 25 (1) and § 32 (1) in the version of the Federal Law BGBl. I No 107/2010 will be 1. Jänner 2011 in force. "

Article 10

Amendment of the Federal Finance Act

The Federal Finance Law BGBl. No. 763/1992, as last amended by the Federal Law BGBl. I No 67/2010, shall be amended as follows:

Section 4 (1) reads as follows:

" § 4. (1) Board decisions shall be made by a simple majority. If no decision is taken as a result of a tied vote, or if there is no unanimous decision in actions pursuant to paragraph 2, the Management Board shall inform the Supervisory Board and the Federal Minister of Finance. "

Fischer

Faymann