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Hybrid Regulation - Hybv

Original Language Title: Hybridverordnung – HybV

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336. Regulation of the Financial Market Supervisory Authority (FMA) on the recognition of hybrid capital (hybrid regulation-HybV)

On the basis of § 23 (17) of the Banking Act-BWG, BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I No 72/2010, shall be arranged:

Moderate repayment incentives

§ 1. (1) Increment agreements in connection with a right of termination of the issuer constitute a moderate repayment incentive in accordance with Section 23 (4a) Z 4 of the BWG if:

1.

the agreed increase in the minimum dividend is not higher than

a)

100 basis points minus the swap Spread according to Z 3, or

b)

50 vH of the difference in yield between the hybrid instrument and the original reference instrument, minus the swap spread according to Z 3, at the time of the price,

2.

only an increase agreement is provided for in the instrument's emission conditions, and

3.

the swap shall be fixed at the time of the price, and the difference in the yield between the original reference instrument and the reference instrument shall be expressed in the case of an increase in interest at that time.

(2) Clauses on a Principal Stock Settlement in connection with a termination right of the issuer constitute a moderate repayment incentive pursuant to Section 23 (4a) Z 4 of the BWG if the exchange ratio is at the time of the early repayment of the Capital no more than 150 vH of the exchange ratio at the time of issue.

entry into force

§ 2. This Regulation shall enter into force on 31 December 2010.

Ettl Pribil