72. Federal law that modifies the Banking Act, the securities supervision Act 2007 and the operational employees and self-employed persons Pension Act
The National Council has decided:
Table of contents article 1 implementation of directives of the European Union article 2 amendment to the Banking Act article 3 amendment of the securities supervision Act 2007 article 1
This federal law helps the implementation of the directive 2009/111/EC of the European Parliament and of the Council of 16 September 2009 amending directives 2006/48/EC, 2006/49/EC and 2007/64/EC as regards banks central institutions affiliated to, certain own funds items, large exposures, supervisory arrangements, and crisis management (OJ No. L 302 of 17.11.2009, p. 97) and directive 2009/83/EC of the Commission of 27 July 2009 amending certain annexes to Directive 2006/48/EC of the European Parliament and of the Council with technical provisions concerning risk management (OJ No. L 196 of July 28, 2009, p. 14) and directive 2009/27/EC of the Commission of 7 April 2009 amending certain annexes to Directive 2006/49/EC of the European Parliament and of the Council as regards technical requirements for risk management (OJ No. L 94 of 08.04.2009, p. 97).
Amendment of the Banking Act
The Bankwesengesetz - BWG, BGBl. No. 532/1993, amended by Federal Law Gazette I no. 152/2009, is amended as follows:
1 in the third section of the outline is replaces the label "§ 15 to 18" the term "article 15 to article 17".
2. in the third section of the outline the following entry is inserted after the entry "article 15 to article 17 supervisory in the frame of establishment and freedom to provide services":
"section 18. Important branches"
3. XIV. section of the outline will be after the entry "77. § and § 77a. International cooperation and data processing"attached to the following entries:
"§ 77 of supervisors."
section 77c. Cross-border decision-making"
4. in the XXIV. section of the outline is the name "§ 103.-section 103 m" is replaced by the designation "§ 103. to article 103n.".
5. in section 2, 9 c is inserted after Z of 9B following Z: "9 c.
"consolidating supervisor: for the supervision of EEA parent credit institution (Z 11 b) and of credit institutions, by EEA parent financial holding companies (Z 25 b) controlled, on a consolidated basis authority;"
6 § 2 Z 23 lit. h is: "h) in article 27, paragraph 6, subpara 1 lit." "f, g and k and Z 4, par. 17 Nos. 2 and 3 and paragraph 22;"
7 paragraph 2 Z 57c: "57c.
Securitisation risk: the risk that arises from securitisation transactions in which the credit institution acts as investor, originator or sponsor; This includes also reputational risks as they arise in complex structures and products;"
8 the following paragraph 8 is added to section 3:
"(8) for credit institutions that are entitled to the operation of the investment business, the real estate fund business or the corporate pension fund business, article 70, paragraph 1 Z 3 finds such application that must be made before on-site inspections by the FMA;" the first on-site inspection includes the respective custodian banks in regard to compliance with the provisions of the InvFG 1993, ImmoInvFG or BMSVG. Section 70 para 1a and 1b and section 79 (4) do not apply for these credit institutions. § 79 paragraph 4a is one to three and the last sentence shall apply only provided applicable."
9. in section 11 paragraph The reference "paragraphs 33 to 41" the reference "paragraphs 34 to 41" replaced 6 Z 1.
10. after article 17, 18 the following section and heading shall be inserted:
"Major branch offices
Section 18 (1) can the FMA as competent authority of the host Member State in the consolidating supervisor or, if there is no consolidating supervisor, to the competent authority of the Member State of origin request, that is considered a branch of a credit institution in a Member State (article 9) as significant. The FMA has the reasons to demonstrate why it considers this branch as significant in the application. The FMA has to take into account in particular for their assessment of the significance of the branch: 1 whether the market share concerned branch in domestic measured % exceeding the deposits 2, a suspension or cessation of activities of the credit institution probably would affect 2. how the market liquidity and the payment, clearing and settlement systems in domestic and 3 the size and importance of the Branch Office compared to the number of customers within the Austrian banking and financial system.
(2) the FMA has to decide whether to classify is a branch as a significant branch of the consolidating supervisor, if there is such, and the other competent authorities concerned within two months of receipt of the application together.
(3) no joint decision is reached within the period referred to in paragraph 2, the FMA as competent authority of the host Member State has a further subsequent period of two months to make a decision on the classification of the branch office as a significant branch, taking into account that the consolidating supervisor, if there is such, and by the competent authority of the Member State of origin within the period expressed views and reservations. The FMA has its fully reasoned decision in writing to submit to the competent authorities concerned.
(4) as consolidating supervisor or the competent authority of the Member State of origin, paragraph 2 applies accordingly for the FMA. A decision taken by the competent authority of the host Member State within the meaning of paragraph 3 shall prevail and is accordingly by the FMA to apply.
(5) the FMA as consolidating supervisor or the competent authority of the Member State of origin with the competent authorities of a host Member State where a significant branch is built, the tasks referred to in article 129, paragraph 1 lit. c of Directive 2006/48/EC to work and the information referred to in article 132, paragraph 1 lit. c and d of the directive to submit 2006/48/EC.
(6) providing an Austrian credit institution its activities in a Member State by a significant branch and this Bank is not part of a group of credit institutions, for which a supervisory College was established by the consolidating supervisor in another Member State in accordance with article 131a of the directive 2006/48/EC, has for this credit institution a private supervisory College to set up the FMA as competent authority of the Member State of origin, to facilitate the cooperation of the competent authorities concerned with regard to the cooperation referred to in paragraph 5 and the transmission of information. The FMA has to hold the Presidency and after consultation of the competent authorities concerned in writing to establish the modalities for the establishment and functioning of this College and submit these. The FMA has to decide about the participation of the competent authorities in a meeting or activity of the concerned College. In this decision, the FMA is the relevance of to be planned or coordinated supervisory activities of the authorities concerned, to take into account in particular the potential impact on the stability of the financial system in the Member States concerned within the meaning of § 69 paragraph 4 and the obligations referred to in paragraph 5 and § 77 para 8. § 77 para 2 third sentence shall apply."
11 section 21b paragraph 3 shall be added following Z 5: "5. for the purposes of determining the exposure amounts in accordance with section 22 c paragraph 1 with respect to the ratings of structured finance instruments an explanation of how the development of assets folded into pools their ratings influence, to publish on the Internet and constantly to update."
12 21 (b) the following paragraph 4a is added section:
"(4a) is a credit rating agency approved already as rating agency within the meaning of Regulation (EC) No 1060/2009, shall apply in the authorization process referred to in paragraph 1 Z 1-5 met the conditions referred to in paragraph 1."
13. in paragraph, the phrase (centrally competent supervisory authority) 21 g para 1 is replaced by the word order (consolidating supervisor).
14. in paragraph 21, g para. 5 is replaced by the phrase "the consolidating supervisor" the phrase "the central competent authority".
15 paragraph 22b para 9 Z 3: "3. claims of the exposure classes at the Federal, countries, communities and public authorities, when a weight of 0% is associated with the requirements of the Covenant in the context of the credit risk standard approach according to § 22a, and demands of the exposure classes in the Member States and their regional Governments, local authorities and public bodies, when a weight of 0% is associated with exposures to them within the framework of the credit risk standard approach according to § 22a and this not on the basis of specific public arrangements with" varying risks associated;"
16 paragraph 22 (b) of paragraph 10, second sentence:
"The determination of the tax base has to comply with annex VII, part 1 to 3, article 87 paras 11 and 12 and article 154 of Directive 2006/48/EC and to cover the following aspects:"
17. in article 22d par. 1 and 2 "A credit institution as the originator has" inserted after the word sequences the phrase "subject to paragraph 10".
18. the article 22d be attached following paragraph 10 and 11:
"1. If claims are to be represented, to apply the same procedures to take account of the credit risk pursuant to § 39 para 2 as at claims that want; keep yourself have (10) credit institutions, which act as originator or sponsor, for this purpose are the procedures for approval and, if necessary, change, to use extension and refinancing of loans;
2. same analysis standards on investments or acquisitions of securitisation emissions apply, those obtained by third parties, whether these investments or acquisitions in its trading book or outside their trading book should be kept.
The requirements of Nos. 1 and 2 are not met, may proceed the credit institution as the originator in accordance with article 22d par. 1 and 2 and has to take into account the securitised exposures in determining the weighted exposure amount or expected loss amounts.
(11) credit institutions, which act as originator or sponsor, the investors have the height to disclose her pursuant to article 22f para 3 on securitization retained material net share (net economic interest). The credit institutions have to ensure that investors have access to 1 to all major relevant data on creditworthiness and development of the underlying claims, as well as about the cash flows and collateral information that is necessary, perform a securitisation position and 2 comprehensive and in-depth stress tests in the cash flows and loading backup values that stand behind the underlying claims.
The essential relevant data in accordance with no. 1 are from the credit institution at the time of the securitization or, if the type of securitization so requires, to determine at a later date."
19. the article 22f be added following paragraph 3 to 9:
"(3) a credit institution as originator, sponsor or original lender, is it shall be only be exposed to a credit risk of a securitisation position in its trading book or outside his trading book, if the originator, the sponsor or the original lender against the credit institution has explicitly stated that he will continuously hold a material net economic interest (net economic interest) by at least 5%. Considered holding a substantive proportion of the net: 1. hold a stake of at least 5 per cent of the nominal value of each transferred or sold to investors securitisation tranche or 2nd in securitisations of revolving exposures holding an Originatorenanteils of at least 5 vH of the nominal value of receivables or 3. certificated holding a share of claims selected at random, which is equivalent to at least 5 vH of the nominal value of the securitised exposures , if these claims otherwise been securitised, provided that the number of potentially securitised exposures at the origination of at least 100 or 4. the holding of the first loss tranche and, if necessary, other securitisation tranches that have the same or a higher risk profile and are not past due as the securitisation tranches to investors sold or transferred, so that the proportion of the total held at least 5 per cent of the nominal value of the securitised receivables corresponds to.
The material net economic interest is to calculate the origination and continuously maintained. This proportion may be subject to credit risk mitigation techniques or short positions or other safeguards. The material net economic interest is to determine by the nominal value of the off-balance sheet items. For the purposes of this paragraph and paragraph means 6 Z 1 continuously, that held positions, interests or claims not be hedged or sold.
(4) an EEA parent credit institution or an EEA parent financial holding company headquartered domestically to the obligations referred to in paragraph 3 on the basis of the consolidated financial situation do, if the following requirements are met: 1. the EEA parent credit institution, the EEA parent financial holding company, or one of its subsidiaries represented as originator or sponsor claims by at least two others in the supervision on the basis of the consolidated financial situation included institutions, 2. the institutions, which have established the securitised exposures , the requirements laid down in section 22d para 10, 3. the necessary information to meet the requirements 22d, para 11 are in accordance with the originator or sponsor and the EEA parent credit institution or sent the EEA parent financial holding company in a timely manner.
Subordinate credit institutions in accordance with article 30, paragraph 1 or 2, whose EEA parent credit institution or whose EEA parent financial holding company comply with the requirements laid down in paragraph 3 on the basis of the consolidated financial position, not need to meet the commitments referred to in paragraph 3.
(5) section 3 is not applicable when: securitised assets or contingent assets compared with following facilities consisting of or backed by a comprehensive, unconditional and irrevocable liability of these are 1: a) central Governments and central banks, b) States and municipalities and regional Governments, local authorities and public bodies of the Member States, c) Institute, which in the standardised approach to credit risk according to § 22a % is assigned a risk weight of not more than 50 , d) multilateral development banks;
2. operations, which on a clear, transparent and publicly accessible index based, where the underlying reference units that are identical, which make up a heavily traded index of units, or other tradable securities representing are not securitisation positions;
3. syndicated loans, purchased receivables or credit default swaps, provided that they are not used to bundle a securitisation falling under paragraph 3 or to hedge.
(6) credit institutions, which act as investors have before investing and then continuously with respect to each individual securitisation position to have comprehensive and thorough knowledge on the characteristics according to Z 1 to 7. To have credit institutions according to the positions held in the trading book and outside their trading book, as well as according to the risk profile of their investments in securitised positions its own rules and procedures to set to analyze these securitisation positions and capture. The features are: 1. According to article 22d para 11 was releases the originators or sponsors to the material net economic interest (net economic interest), which they consider continuously on the securitisation;
2. risk characteristics of the individual securitisation position;
3. risk characteristics of the exposures underlying the securitization position;
4. reputation and loss experience in earlier securitisations of the originators or sponsors in the relevant exposure classes underlying the securitization position;
5. declarations and disclosures of the originators or sponsors or their agent or consultant of due care, that they exercise in terms of the securitised exposures and, where appropriate, their loading backup quality;
6. where appropriate, methods and concepts, which evaluates the collateralization of the securitised exposures, as well as regulations, the originator or sponsor to ensure of the independence of the valuer, provided
7. all structural features of securitisation that can have significant influence on the development of the securitisation exposure of the credit institution.
(7) credit institutions acting as investors, have regularly appropriate stress testing themselves in relation to their securitisation positions. While they can rely on the financial models developed by a recognized credit rating agency, provided that they can prove on request, that before the investment the structuring of models and that validated these underlying relevant assumptions with due diligence and have understood the methods, assumptions and results.
(8) credit institutions acting as investors, have to have the information about the development of the exposures underlying their securitisation positions, to monitor continuously and promptly in their trading book positions held outside their trading book and the risk profile of their investments in securitised positions of formal procedures. If applicable, have to include this information in particular: 1 the nature of the claim, 2. the percentage of loans more than 30, 60 and 90 days past due are, 3. delinquencies, 4. the rate of the early repayments, 5 under foreclosure related loans, 6 the type of security and availability, 7 the frequency distribution of credit scores and other credit ratings for the underlying these claims , 8. the sectoral and geographical diversification, 9 the frequency distribution of loan to value ratios with band widths that facilitate adequate sensitivity analysis.
The credit institutions not only in terms of the underlying securitisation tranches of the information (such as name of the issuer and credit) referred to in this paragraph have the underlying claims are themselves securitisation positions, to have, but also information regarding the characteristics and the evolution of the pools underlying securitisation tranches.
(9) credit institutions, which act as investors have thorough knowledge about all structural features of a securitisation transaction to dispose, which can significantly influence the development of their credit risks associated with the transaction as particularly 1 contractual waterfall structures and associated trigger rates (trigger), 2. creditworthiness and liquidity improvements, 3. market value triggers, 4th. the business-specific definition of failure"
20 paragraph 22 l para 3:
"(3) the capital relief resulting from the recognition of insurance and other risk transfer mechanisms shall not exceed 20 vH of the total own funds requirements for operational risk recognition these techniques reducing risk."
21 § 23 para 1 No. 2 is: "2. open reserves including the liability reserve referred to in paragraph 6; an interim profit or an annual profit determined before the final decision is only attributable to the open reserves, if a) he was determined after deduction of all foreseeable taxes, duties and profits in accordance with the provisions of section XII, b) of the bank auditors of the correctness of the investigation after lit. examined a and c) the credit institution of the FMA the accuracy of determination after lit. a demonstrated;
is a credit institution of the originator of a securitisation, net gains from capitalised future income of the securitised exposures that cause a credit enhancement may be; not used to"
22. in article 23, paragraph 1, 3 following Z 3a is inserted after Z: '3a.
hybrid capital pursuant to paragraph 4a;"
23. in article 23 shall be inserted after paragraph 4 following paragraph 4a and 4B:
"(4a) hybrid capital includes and contractually regulated, those paid-up capital components, 1 compared with deposits, other liabilities and other subordinated liabilities subordinated being;
2. the amounts of capital that participate undistributed interest and dividends up to the full amount of the loss and not hinder the recapitalisation of the credit institution;
3. the indefinitely or at least 30 years are made available the credit institution and can be terminated on the part of the creditor before the expiration of this time limit at the sole discretion of the Bank hybrid capital may include one or more termination options, with the contract at the earliest five years may be after the date of issue;
4. the open-ended instruments only a moderate repayment incentives provide which no earlier than ten years after the issue of the instrument is effective; the conditions for fixed-term instruments may provide no incentive of repayment before the maturity date; the credit institution can make an early repayment on fixed-term or indefinite period instruments, unless this is unreasonable for essential, not foreseeable at the time of the emission changes in tax treatment, which leads to an additional payment to the creditor, or if the legal eligibility of hybrid capital changes not foreseeable at the time of the emission type; the suspension of principal payments from the occurrence of a threat to the adequate financial and equity situation see above; the danger of a fall below of the minimum capital requirements (§ 22 para 1), has the bank payments to account for;
5. exclude the performance of interest and dividend payments from the occurrence of a threat to the adequate financial and equity situation; the danger of a fall below of the minimum capital requirements (§ 22 para 1), the credit institution has be omitted for these payments;
6. which can be designed that at any time must cast to Z 5 from the occurrence of a risk of reasonable financial and equity situation under the conditions of § 23 paragraph 17 within a relationship laid down in advance in paid-up capital (paragraph 3) at least equal.
(4B) the termination or early redemption of hybrid capital requires the approval of the FMA. Requires the granting of residency: 1. the fulfilment of the conditions referred to in paragraph 4a Nos. 3 and 4, 2. compliance with the requirements of paragraph 17 Nos. 2 and 3, and 3 one also by appropriate termination or early repayment of hybrid capital financial and equity situation, with the FMA can require a proven procurement of core capital in at least the same amount and quality the replacement shall be documented; the condition of replacement is omitted, if the FMA is proved that the credit institution and the Bank Group has even after termination or early repayment of hybrid capital adequate financial and equity situation."
24 § 23 paragraph 14 No. 1 is: "1 own funds referred to in paragraph 1 No. 1 to 3 unlimited count and Z 3a less the amounts referred to in paragraph 13 result in additional hybrid capital pursuant to paragraph 1 Nos. 1 and 2 core capital;"
25. According to § 23 paragraph 14 No. 3 following Z 3a is inserted: '3a.
Hybrid capital can comprise up to 50 per cent of the core capital, where within this limit a) permanent instruments which are convertible Z according to paragraph 4a 6, in sum up to 100 per cent;
b) open-ended instruments, not changeable according to paragraph 4a No. 6 that up to 70 per cent in total;
(c) open-ended instruments with a modest payment incentive and temporary instruments, in total up to 30 per cent;
of hybrid capital make do."
26 17 the following paragraph is added to the article 23:
"(17) the FMA can use regulation to ensure financial market stability through adequate financial and equity situation of credit institutions in hybrid debt in accordance with article 63a of Directive 2006/48/EC and taking into account European practice closer determine: 1. scope of the documentation requirements in the context of a replacement;"
3. early redemption and setting of criteria for reimbursement to be classified as moderate, incentives;
4. failure or replacement of interest and dividend payments;
5. conversion according to paragraph 4a Z 6."
27 paragraph 24 paragraph 2:
"(2) the following items are to be added to consolidated open reserves as liabilities and reduce them, unless they are assets: 1. minority interests referred to in article 259, paragraph 1 UGB, minority interests justify;"
2. a summary of equity and participation in the sense of § 254, paragraph 3 UGB entstehender difference (Consolidation);
3. translation differences of foreign currencies, that occur in the scope of consolidation during the translation of existing at the beginning of the financial year equity of a subordinate institution;
"4. an emerging equity valuation difference within the meaning of section 264 paragraph 2 UGB."
28. in article 25, the following paragraph 2 referred to in paragraph 1 is inserted:
"(2) the FMA has the minimum level of the requirements referred to in paragraph 1 to set by regulation. These minimum requirements must annex V, correspond to numbers 14 to 22 of Directive 2006/48/EC.'
29 section 27 is as follows:
"Credit institutions and groups of credit institutions have appropriately the special banking risk of a large investment at any time section 27 (1) to limit. In addition, credit institutions applying § 22o, have especially taken into account the potential investment risk from underwriting securities.
(2) a large investment exists if the items for a customer or a group of connected clients calculated in accordance with Nos. 1 and 2 reach 10 vH of the own funds of the credit institution or of the consolidated own funds of the credit institution group and amount to at least EUR 500 000. In the determination of large exposures are to: 1. assets, off-balance sheet transactions in accordance with Appendix 1 to article 22 and derivatives in accordance with Annex 2 to section 22 with 100% weighting; after deduction of value corrections; Derivatives in accordance with Annex 2 to section 22 are a calculated § 22 paragraph 5 provided for methods without taking into account the weighting of the counterparty;
2. the total of the positions in the trading book with the following values, if the credit institution applies section 22o: a) the positive surplus in the long positions of the credit institution over its short positions in all financial instruments issued by the client in question, where the net position in each of these instruments to determine more specific approach is according to the by the FMA in the regulation in accordance with § 22o para 5;
underwriting for debt instruments or shares the risk of the Institute is its net exposure; This is calculated by the positions marked with an underwriting, drawn by third parties or by third parties on the basis of a formal agreement will be deducted; on this value you are by the FMA by regulation in accordance with § 22o section 5 apply more specific weighting factors; the banks have systems to monitor and control of their transfer risks to set up where Bill to wear is the kind of risks on the markets in question;
(c) the exposure amounts to cover the risk of processing in accordance with § 22o para 2 No. 9 and of counterparty default risk in accordance with § 22o para 2 No. 10, which are closer specific procedure to determine the the FMA regulation according to § 22o para 5.
(3) in the case of the determination of large exposures are not taken into account: 1 Außerbilanzmäßige transactions and derivatives in accordance with par. 2 No. 1, provided that this provisions has been made
2. assets, off-balance sheet transactions and derivatives in accordance with paragraph 2 are no. 1, unless they included no. 2 in paragraph 2;
3. in the case of foreign exchange transactions those credits allocated to the payment in the usual billing procedure for a period of two working days after performance;
4. in the case of securities those loans, issued within the framework of the normal billing process for a period of five working days after the payment or delivery of the securities whichever is the earlier date.
5. late payments in financing and other loans in customer business, which at the most until the following business day are a) in the case of the execution of payment transactions, including the execution of payment services, clearing and settlement in any currency and the correspondent banking, or;
(b) the provision of services for customers of financial instruments clearing, settlement and custody and 6 Intratageskredite in the case of performing the services in accordance with Z 5 lit. a to institutions providing these services."
(4) the investments at a group of connected clients (para 11) must be determined by adding the values of the individual clients of the group, calculated in accordance with paragraph 2 and 3.
(5) the eligible own funds pursuant to § 23 paragraph 1 10 and the deductions pursuant to § 23 paragraph 13 remain Z Z 4 c and 4 d for the purposes of the calculation of large exposures pursuant to paragraph 2 to 4 and the limitation referred to in para. 15 and 16 out of consideration.
(6) for the application of paragraph 15, the values referred to in paragraph 2 with a weight of 100 are % to be provided insofar as they do not conform to Z separately to weight 1 to 4: 1 weight zero: a) investments federal, countries, municipalities, central banks, central Governments, regional authorities, public bodies, international organisations (§ 22a para 5 No. 1) or multilateral development banks (§ 22a para 4 No. 4) , which would be applied % according to § 22a unsecured with a weight of 0
b) investments, insofar as they are by an explicit liability of the Confederation, which fully backed countries, communities, central banks, central Governments, regional authorities, public bodies, international organisations or multilateral development banks (§ 22a para 4 No. 4), and unsecured positions at the relevant adhesive, which would; attached according to § 22a with a weight of 0%
(c) investments in Central States due to to meet the statutory liquidity requirements held State titles, whose currency is denominated and are funded in that currency, as long as these Central States by a recognised rating agency with "investment grade" rated;
(d) investments, including investments and other shares, in the EEA parent bank, its affiliates and subsidiaries or other companies belonging to the same group of credit institutions, as far as all mentioned above in the supervision on a consolidated basis are included or FKG are subject to supplementary supervision in accordance with article 6, paragraph 1;
e) assessments in a competent central bank interests in this and off-balance sheet transactions and derivatives, giving rise to a credit risk with the competent Central Institute;
(f) investments, as far as these are sufficiently secured by collateral in the form of cash deposits with the lending credit institution or with a credit institution which is the parent undertaking or subsidiary of the lending credit institution, are;
(g) investments, as far as these are sufficiently secured by certificates of deposit are, if they are issued and deposited at one of these credit institutions by the lending credit institution, its parent credit institution or a subsidiary credit institution;
h) investments in off-balance sheet transactions with a low credit risk according to Z 4 lit. (a) of Appendix 1 to section 22, unless it is agreed with the client in question that the issuing or claiming the promise only takes place if this is not exceeding the limits of paragraph 15 and 16;
(i) exposures to counterparties referred to in § 22a para 8 and 9, for this a weight % could be made at 0;
(j) investments in institutions that represent no equity, exist at most until the following business day and not be on a major trading currency;
(k) investments with credit institutions, if the credit granting financial institutions in its activities is exposed to non-competition and within the framework of law programmes or instruments of incorporation provides loans to promote certain sectors of the economy under State control whatsoever and with limited use of the loans, provided that the respective positions of these loans due, who passed over other credit institutions to beneficiaries;
l) covered bonds according to § 22a para 5 Z 5;
(m) legally prescribed guarantees which are applied, if a mortgage credit refinanzierter through the issuance of mortgage bonds before registration of the mortgage in the land register on the borrower is paid as long as the guarantee is not used in the calculation of risk-weighted assets to reduce risk; Guarantees include the recognized credit derivatives in accordance with section in this case 22 h, if not credit linked notes (CLN);
(n) investments, as far as these are completely secured by collateral in the form of cash, which note (CLN) has accepted the credit-granting institution in the context of the issuance of a credit linked related to the credit risk of a particular customer or a specific group of connected clients, are;
o) investments, as far as these pursuant to § 22 h recognized netting agreement are subject to, and through loans or deposits a counterparty to the or with the lending credit institution fully secured which are;
(p) loans and scrolling credits, unless the credit institution has only the Gestionsrisiko;
(q) with the approval of the FMA investments, as far as these Z 3-4a and 4 d from own own funds are deducted pursuant to § 23 paragraph 13.
2. weight 20 per cent: a) investments with or liability by regional authorities of the Member States, insofar as they would; % used according to § 22a with a weight of 20
b) investments by central banks as a result of the reserve requirements to be held at the central banks, denominated in the currency of the State in the Central Bank and which would be attached according to § 22a with a weight of 20 to 100%.
(c) with the approval of the FMA other guarantees given as to investments based on legal or administrative provisions, and which are of mutual guarantee schemes, which have the status of a credit institution, offered the clients connected to them.
3. weight 50 per cent: a) investments in off-balance sheet transactions in accordance with no. 3 lit. (a) first case and lit. (c) Annex 1 to article 22, provided that these do not in accordance with subpara 1 lit. weight h with 0% are;
b) investments in off-balance sheet transactions in accordance with no. 4 of annex 1 to article 22, provided that these do not in accordance with subpara 1 lit. weight h with 0% are.
(7) which sets credit risk-reducing techniques meet the section 22 g and § 22 h closer certain conditions and minimum requirements ahead. Claims according to sec. 22 h paragraph 4 and that the FMA regulation according to § 22 h para 7 regulated securities, which conform to the annex VIII, part 1, points 20 and 21 of Directive 2006/48/EC, may only be considered in connection with paragraph 10 Z 1 or 2.
(8) a credit institution applies the comprehensive method of accounting of financial collateral in accordance with section 22 g para 3 subpara 2 lit. (b) credit risk mitigation on so it may be subject to section 19 and 20, in the calculation of the value of these investments, apply the fully adjusted exposure value of the respective investments of the credit mitigation techniques, volatility adjustments, and any maturity mismatches, (E *) If this is done consistently for all large exposures.
(9) credit institutions using the internal ratings-based approach outlined in section 22 b 8, can place the applicable pursuant to para 6 weights for the calculation of the value of investments 1.
take account of the effects of financial collateral on their credit risk under the internal ratings-based approach under the following conditions: a) this method each for an entire asset class consistently applied and b) the credit institution conducts a separate estimate of the effects of financial collateral arrangements of the credit institution's credit risk for the expected loss, or apply the method in accordance with paragraph 13 Z 2 2.
(10) the value of the following investments in the amount of up to 50 per cent of the market value of the property concerned may be reduced in order to reduce the credit risks: investments, as far as this is sufficiently secured by mortgages on residential property are 1; This applies in the same way for real estate leasing transactions, where the rented housing remains so long fully owned by the lessor, as the lessee has not exercised his option to purchase; they are known as residential real estate used by the owners or rented property;
2. investments, as far as these are completely secured by mortgages on offices or other commercial real estate (commercial real estate) are, if these investments in the Member State where the commercial real estate is situated, would set in the standardised approach to credit risk with a weight of 50%; This applies in the same way for real estate leasing transactions relating to commercial real estate, as long as the lessee has not exercised his option to purchase, and the concerned property is the property of the lessor; commercial real estate have to be structurally completed and leased and to provide adequate rental income.
On residential real estate 2 laid down requirements for the recognition and valuation of real estate collateral to apply after no. 1 you are 22 h para 7 Z in accordance with §.
(11) as a group of connected clients shall apply: 1. natural and legal persons and other legal entities, of which one in this respect can exert control by one of the facts of the section 244 subsection 2 exists Z 1 to 4 UGB. credit-granting institution is the parent company, so each company and each subsidiary Group considered its own group of connected clients, provided that no legal relationship exists between the respective subsidiary and subsidiary corporations. A legal relationship is given, in particular, if a) a subsidiary to more than 25 vH in a company is involved in, which is a company of other subsidiary or a direct subsidiary of the lending credit institution, or b) is a subsidiary to more than 25 vH in a company involved in, in which a company of other subsidiary or a direct subsidiary of the lending credit institution has a stake , or c) exists between a subsidiary and a company of other subsidiary or a direct subsidiary of the lending credit institution of one of the facts of the section 30, paragraph 1 Z 2 to 7, and the calculated by cost of participation exceed 5 per cent of open reported consolidated equity (open designated equity) at one of the two affected subsidiary corporations (subsidiaries that belong to any subsidiary Group of the parent credit institution);
2. two or more natural or legal persons or other entities between which no controlling pursuant to subpara 1 relationship, which but are regarded in terms of investment as a unit, because between them are dependencies that appear likely to allow that, if one of those people in financial difficulties, in particular funding or repayment difficulties, one or more of the remaining encounter funding or repayment difficulties;
3. registered partnerships and its general partner;
4. trustor and trustee, insofar as the latter on behalf of the former Act;
5. the debtor and its close relative in accordance with § 80 paragraph 3 AktG.
Claims within the meaning of § 22a 4 Nos. 13 and 15 to 16 are, as far as they are the result of underlying assets, to assess the entire structure or its underlying exposures, or both. For this purpose are to evaluate the economic substance and the structure-inherent risks of the business.
(12) of all those entities are group of connected clients to add, over a in paragraph 11 referred Z 1-3 facts a group member (para 11 Z 1 to 3) are connected. Applies to 1 or 3 indirectly affiliated entity Z in the same way all other with members of a group by one of the facts pursuant to paragraph 11. On large exposures to the Federal Government, the States and municipalities and central Governments, a weight % would be allocated pursuant to § 22a para 4 Z 1 and 2 in conjunction with § 22a para 7 of no more than 100, paragraph 11 shall not apply.
(13) a may investment without prejudice to paragraph 8, 9 Nos. 2, 11 and 12 are attributed to a third party, if and as far as 1 the third party expressly, unconditionally and immediately is liable for the assessment and following requirements are met: a) the same or a lower risk weight would assigned to in the standardised approach to credit risk according to § 22a of unsecured investment to the third party, as the unsecured assessment at the primary debtor;
(b) If is the guarantee in a currency other than the investment, the amount of the investment, which is covered by this warranty is determined according to the provisions on the treatment of currency mismatch when a unfunded, Z 5 in regulation of FMA closer determined g paragraph 9 on the basis of section 22,
(c) in the case of a difference between the runtime of the disposition and the runtime of security will proceed according to the provisions on the treatment of maturity mismatches, that no. 4 in the regulation of FMA closer are determined g paragraph 9 of section 22,
(d) a partial protection can be recognised at credit risk-reducing techniques in accordance with section 22 g para 3;
2. this investment by recognized collateral issued by this third party collateral is and the following requirements are met: a) the recognised securities are valued at the market price;
(b) the term of the security corresponding to at least the investment duration;
(c) the same or a lower risk weight would assigned as the unsecured assessment at the primary debtor the unsecured tax assessment to the third party in the standardised approach to credit risk according to § 22a.
The simultaneous use of the Z method 2 and the comprehensive method of accounting of financial collateral in accordance with section 22 g para 3 No. 2 is allowed only if the comprehensive method as well as the simple method in accordance with § 22 g para 3 No. 1 for the purposes of the calculation of the own funds requirement for the credit risk (section 22 para 1 subpara 1) may be applied. For the purposes of paragraph 6 and the No. 1 of this paragraph the term "Liability" includes also pursuant to § 22 h recognised credit derivatives except the synthetic corporate bond credit linked note (CLN).
(14) any large investment determined in accordance with paragraph 2 is required without prejudice to the effectiveness of the legal transaction of the explicit prior consent of the Supervisory Board, or otherwise by law or the statutes relevant supervisory organ of the credit institution. Storage decisions is this not permitted. Is the Supervisory Board or of the credit institution supervisory body competent otherwise by law or the articles of Association to report on any major investments at least once a year.
(15) a single large investment at a customer or a group of connected clients must not exceed 25 vH of the own funds of the credit institution and the consolidated own funds of the credit institution group, after taking into account the effects of risk-reducing techniques according to the par. 6 to 10 and 13, and without prejudice to the effectiveness of the legal transaction. Customer is an institution or one or more institutions, is among a group of connected clients the exposure value must not exceed the higher value of either 25 vH of the own funds of the credit institution and the consolidated own funds of a group of credit institutions or EUR 150 million, provided that the sum of the exposure values compared to all connected clients that are no institution, does not exceed 25 vH of the own funds of the credit institution and the consolidated own funds of the credit institution group. Investments with a recognized clearing house and a carrier of a recognized stock exchange such as investments in institutions should be treated for the purposes of the second sentence.
(16) is in paragraph 15 the amount of 150 million euros higher than 25 vH of the own funds of the credit institution and the consolidated own funds of the credit institution group, the exposure value after taking into account the effects of risk-reducing techniques must not exceed according to the par. 6 to 10 and 13 a reasonable upper limit as regards the own funds of the credit institution and the consolidated own funds of the credit institution group. Credit institutions and groups of credit institutions have to set this upper limit in accordance with the principles and procedures to control and limit the risk of concentration according to § 39 para 2, which may exceed 100 per cent of the own funds of the credit institution and the consolidated own funds of the credit institution group at any time.
(17) that exceeds pursuant to par. 2 assessment identified 10 vH of the own funds of the credit institution or it is at least 750 000 euros, as the managers of the credit institution before granting a such disposition to a customer have or a group of connected clients disclose the financial situation of the debtor and adhering to and for the duration of the grant on the economic development of the debtor and adhesive and the impairment and enforceability of collateral sufficient to inform as well as the to require ongoing submission of financial statements. When not in annual accounts, the managers of the credit institution or sufficiently about the obligation and adhering have to inform. The first and second set Z 1 do not apply to 1 assessments in accordance with paragraph 6 lit. 4. asset to the EEA - mother credit institutions, whose subsidiaries and subsidiaries included in the supervision on a consolidated basis, a, 2. balances with banks, 3. trust and scrolling credits, as far as the banks is only the Gestionsrisiko are.
(18) credit institutions have the administrative set up accounting and control procedures, which are required for the acquisition of the large exposures and their changes, as well as for monitoring also in regard to compliance with the credit policy of the Bank. The usefulness of these techniques and their application is to check at least once a year by the internal audit department.
(19) a credit institution intends to use section 8 or 9, so it has the FMA with regard to the effectiveness of these procedures to show: 1. the rules and procedures for managing the risks arising from maturity mismatches between investments and collateral for large exposures of a credit institution or a financial institution Group result.
2. the rules and procedures to manage concentration risk, resulting from the application of credit risk mitigation techniques, especially from large indirect credit risks from the large exposures of a credit institution or a group of credit institutions;
3. the rules and procedures in the event that a crisis test indicates that a security is realisable value applied as in the context of paragraph 8 or 9 was;
4. the suitability of the estimates of the credit institution to reduce the exposure amounts in accordance with paragraph 9, if not already an approval in accordance with § 21a.
(20) a credit institution applies to paragraph 8 or 9, it has risks that are connected with the sale of collateral in crisis situations adequately taken into account. The FMA regulation establishing the criteria for the appropriateness of the stress tests, taking into account, if a credit institution uses the standardised approach for credit risk or the internal ratings-based approach. Should such a crisis test with a type of security prove realisable value as the laws referred to in paragraph 8 or 9, in the framework of monitoring the limits on large-scale investments eligible security immediately accordingly to minimize is so.
(21) credit institutions have to consider their demands to issuers of financial guarantees and guarantors of personal collateral and she claims pursuant to § 22a para 4 Z 13 and 15 to 16 weitestmöglich on any concentrations of underlying assets and to take any appropriate action. Findings from this review are written to display the FMA.
(22) in the case of Branch Office of foreign credit institutions, whose position based on § 22a would be unsecured with a weight of 20 vH, are not to apply paragraph 14 and 15, provided that the following conditions are met: 1. the large exposures of the Austrian branch office are monitored by the supervisory authority of the Head Office of the credit institution, 2. the rules on the delimitation and monitoring of large exposures in the home state of the head office are at least equivalent the provisions of Directive 2006/48/EC, and 3. a branch of an Austrian credit institution would in the seat concerned a similar treatment given.
(23) a credit institution exceeds the reasonable upper limit defined in para. 15 and 16, it has immediately to report the total claim value of FMA, stating the reasons for this exceedance. The FMA may grant a reasonable period of time subject to other measures under this Federal Act, up to which the credit institution concerned again must comply with the relevant upper limit, if this is reasonable on the basis of the circumstances and in accordance with the provided reasons for the exceptionally exceeding.
30 § 29a para 3 is as follows:
"(3) own funds items count even § 23 paragraph 13 and 14 in accordance with article 23, paragraph 1 according to the provisions, if they assign are according to the international accounting standards as a debt. Own funds items pursuant to § 23 paragraph 1 Z 4 (silent reserves pursuant to § 57 para 1) and no. 7 (revaluation reserves in accordance with section 23, paragraph 9) is not. § 23 paragraph 11 (currency conversion) is not to apply. In the sense of international accounting standards, the euro is regarded as reporting currency. Reserves from the direct recognition of gains and losses in equity considered no. 2 open reserves according to article 23, paragraph 1, unless there is no different treatment provided in paragraph 4."
31. the section 69 be attached following paragraph 4 and 5:
"(4) the FMA has to take into account the potential impact of their decisions on the stability of the financial system in all other Member States concerned, and in particular in crisis situations, in the exercise of their duties in due way where she has to use the information available at the relevant time. The general objective of the taking into account of Community-wide financial stability established any legal obligation of the FMA, to achieve a particular result and it therefore claims for damages on the basis of achieving or not achieving certain results can be established. In particular such results represent no. no damage in the sense of the official liability Act - AHG, BGBl. 20/1949.
(5) the FMA in the enforcement of the provisions of this Federal Act, including the enactment and enforcement of the regulations adopted on this basis, to take account of the European convergence of supervisory tools and supervisory procedures. To this end, the FMA in the activities of the Committee of European banking supervisors (CEBS) has to participate and by the Committee of European banking supervisors to apply the guidelines, recommendations, standards, and other measures adopted, unless the FMA not legitimate reasons to deviate from these guidelines, recommendations, standards or measures; in this case the FMA the Committee of European banking supervisors about their reasons for non-application or deviation from the relevant guidelines, recommendations, to inform standards or measures."
32. in paragraph 69, the point with a semicolon is replaced in no. 7 b; following Nos. 8 and 9 are added: '8. General criteria and methods for the verification of compliance with section 22d para 10 and 11 and article 22f para 3 to 9;
9. while preserving the secrecy a summary description of the results of the supervisory review and a description of the infringements of section 22d para 10 and 11 and article 22f para 3 to 9 imposed measures in the form of an annual report no later than 31 March of the following year; a continuous periodic updating has not to be made."
33. in article 70, paragraph 2 to Z 1 following Z 1a inserted: '1a.
1 to 3 approve Z; exceed the credit limits of § 23 paragraph 14"
34. in article 70, b and 4 c are inserted after paragraph 4a following paragraph 4:
"(4B) a credit institution on one essential point violated a provision in accordance with § 22d para 11 and article 22f para 6 to 8 and 9, to the FMA without prejudice to paragraph 4 and 4a has to require the credit institution an adequate additional risk weight by at least 250 vH of the risk weight that is applied on the relevant securitisation positions according to § 22f and, if this not according to type and severity of the violation would be inappropriate" , without prejudice to paragraph 4 and 4a, to prescribe an additional risk weight in the credit institutes with the risk weight of the securitisation position resulting by the imposition of the additional risk weight not exceeding in total not more than 1,250 vH. While the FMA in determining the risk weight yielded by the imposition of the additional risk weight, for securitisations according to article 22f para 5 to bring trigger risk weight that would be applied to these securitisation unless the FMA initially going no. 1 in accordance with paragraph 4, can it impose immediately an additional risk weight for failure of this order under this paragraph. In the where the FMA, taking into account the maximum permissible risk weight in the first sentence has to impose an increase in the already prescribed additional risk weight to a reasonable extent to the credit institution; the third and fourth sentence shall apply accordingly.
(4c) without prejudice to the paragraph 4 has to rearrange the FMA is endangering the financial and Solvabilitätslage of the credit Institute for hybrid debt: 1. the suspension of the repayment of term hybrid instruments;
2. the failure of payment of interest or dividends; the credit institution can replace this failure Z 4 in accordance with the requirements pursuant to § 23 paragraph 17 core capital of at least the same amount and quality;
3. the conversion of hybrid capital."
35. the section 70 11 the following paragraph is added:
"(11) the FMA is authorised, in times of generally tighter market liquidity and after consulting of the Austrian National Bank regulation to arrange the temporary suspension of the requirements laid down in article 22f para. 3 and 4, if this appears necessary and reasonable in the economic interest in a functioning banking sector and to ward off severe disadvantages for the financial market. The time limit is on at the latest six months after the regulation to limit force in; If the risk of severe disadvantages for the financial market persists after the deadline still, the FMA may extend the measure referred to in this paragraph for up to another six months."
36. § 73 para 1 No. 19 is: "19 the ads in accordance with sec. 27 paragraph 19, enclosing the relevant documents."
37. section 74 paragraph 3 No. 1 is: "(1. hinsichtlich der Großveranlagungen Gemäß § 27 a) the height and the exposure value calculated individual large exposures pursuant to section 27, paragraph 2, b) the kind of the used physical and personal collateral, if those are used, c) the statements in accordance with letter." (the client or the Group of connected clients, where or in which the investment is made, and the names of legal entities, to add the Group of connected clients are techniques a after taking into account the effects of risk-reducing in accordance with § 27, paragraph 6, 10 and 13, d), e) provided the basis for the credit risk by means of the internal ratings-based approach is determined, the twenty largest investments within the meaning of para 2 and 3 on a consolidated basis without taking into account that investments (, die von der Anwendung des § 27 ABS. 15 und 16 ausgenommen sind, f) the Group of connected clients and application of supplementary election law § 27, paragraph 13 the individual debtor (third, value paper debtor) separately. "
38. Article 75 para 1 sub-para. 5 is: "5. the Group of connected clients in accordance with § 27 para 11 Z 1 to 3 and paragraph 12, of the debtor is a member;" This group in accordance with § 27 para 11 can stay no. 1, where the credit-granting institution is the parent company, as well as offences in accordance with § 27 para 11 Z 2 out of consideration; the scope of the group is set for purposes of large exposures message in accordance with regulations of the FMA pursuant to paragraph 6 and can be restricted in particular to customers are borrowers of the reporting institution; Furthermore can be differentiated according to the respective State of party member. "
39. in article 77, paragraph 5, the point is replaced by a semi-colon in no. 3; following Z 4 to 6 added to Z 3: ' 4. central banks of the European system of central banks and other institutions in the Member States with a similar function in their capacity as monetary authorities, if this information for the exercise of their respective statutory tasks, including the conduct of monetary policy and the related provision of liquidity, the supervision of payment, clearing and securities settlement systems and the maintenance of the stability of the financial system " that are relevant;
5. finance ministries of the Member States;
6. the Committee of European banking supervisors (CEBS)."
40. the final part is in article 77, paragraph 5:
"The provision and transmission of information in accordance with no. 1 until 3 may each, if paragraph 1 of Directive 2002/87/EC required par. 2, article 129 and article 139 and 142 of the directive 2006/48/EC, or article 11 for the fulfilment of the tasks of the competent authorities in accordance with article 44. The provision and transmission of information to Nos. 4 and 5 is only permissible if this is required in crisis situations within the meaning of article 130 of Directive 2006/48/EC and to Z 5 only to the extent, are also relevant as the information for the purposes of article 130. Exchange of information with the competent authorities in accordance with Nos. 2 and 3 must be one with article 44 paragraph 1 of Directive 2006/48/EC of equivalent professional secrecy, the fulfillment of tasks of the supervisory authorities in accordance with article 46 of Directive 2006/48/EC, under the condition. The exchange of information in accordance with no. 6 b paragraph 5 may be only subject to articles 44 and 45 of Directive 2006/48/EC and to the supervisory tasks according to § 77. The FMA may forward only information referred to in paragraph 4 No. 19, if this has been expressly permitted by the competent authority which has transmitted that information."
41. paragraph 77 paragraph 8:
"(8) in the event of an emergency situation, including adverse developments in financial markets, which could undermine the market liquidity and the stability of the financial system in a Member State, where were approved a company or major branches (sec. 18) built, the FMA as consolidating supervisor is in the paragraph 5 Z 1, warn 4 and 5 mentioned point and them all for the carrying out of their duties to provide essential information immediately."
42. in paragraph 77 the following paragraph 9 is added after paragraph 8:
"(9) the Austrian National Bank becomes aware of an emergency situation or a hazardous economic development within the meaning of § 77 para 8, she has to inform the FMA about it immediately."
43. § 77a is as follows:
"§ 77a. (1) the Federal Minister for finance may conclude following agreements on a joint proposal from the FMA and Oesterreichische Nationalbank with authorities about the procedure for cooperation with the FMA and Oesterreichische Nationalbank in the exercise of their functions of monitoring and supervision of credit institutions in accordance with sections 69 to 71, 77 and 77 b, if the Federal Minister of finance to the conclusion of agreements in accordance with article 66 par. 2 B-VG is authorized : 1 agreement with competent authorities of other Member States; in these agreements, in particular the transfer of additional tasks within the meaning of article 131 of Directive 2006/48/EC on the consolidating supervisor, as well as mechanisms for cooperation, in particular in accordance with § 21 g and section 77 c, can be controlled.
2. agreements with competent authorities from third countries in accordance with § 77 para 5 Nos. 2 and 3, if the information exchange paragraph 1 of Directive 2006/48/EC of equivalent professional secrecy, the performance of supervisory tasks of that competent authorities is used with those competent authorities in accordance with article 46 of Directive 2006/48/EC, under the condition of article 44.
(2) in the agreements referred to in paragraph 1 No. 1 is in particular, the cooperation of the FMA with the competent authorities of the Member States with regard to the in articles of 42, 44 para 2, 131a and 139 to 142 of the directive 2006/48/EC or in article 11 paragraph 1 of Directive 2002/87/EC of information exchange referred to to regulate.
(3) in the agreement paragraph 1 Z is according to 2 to regulate in particular: 1 the receipt of information of the FMA required to credit institutions or financial holding companies, which are established in Austria and in a third country have a subsidiary in the form of a credit or financial institution or such credit and financial institutions participation keep, on the basis of the consolidated financial position supervise;
the information of the competent authorities of third countries, which is required to parent company headquartered in these third countries to oversee, which in Austria have a subsidiary in the form of a credit or financial institution or such credit or financial institutions holding and the prerequisites and the admissibility of test on consolidated supervised 3 affiliates in agreement State of a credit institution or a financial holding company headquartered in the other agreements State by the competent authority of the latter State of agreement.
(4) if the Council of the European Union in application of article 39 of Directive 2006/48/EC has concluded a framework agreement with third countries, the principles contained in the conclusion of agreements in accordance with paragraph 3 are considered."
44. According to § 77a, 77 following sections inserted b and 77 c complete with headings: "colleges of supervisors
Article 77 b. (1) the FMA as consolidating supervisor (§ 2 Z 9 c) to fulfil its tasks in accordance with articles 129 and 130 paragraph 1 of Directive 2006/48/EC chaired by their supervisors to set up. While the FMA if necessary to ensure a proper coordination and cooperation with the relevant competent authorities of third countries. The modalities for the establishment and functioning of colleges of supervisors are set after consultation of the competent authorities concerned pursuant to § 77a.
(2) the FMA than consolidating supervisor, which other authorities and institutions referred to in paragraph 3 in a meeting or activity of the Supervisory Board participate. In this decision, the FMA is the relevance to the schedule or to be coordinated supervision for the authorities concerned, in particular the potential impact on the financial stability of the Member States concerned in accordance with article 69, paragraph 4, and the tasks referred to in article 42a para 2 of Directive 2006/48/EC to take into account. The FMA has over all members of the Supervisory Board in time continuously and comprehensively inform: 1. the organisation of meetings of the Supervisory Board, 2. the key to discussion questions and the intended activities, 3. the approach adopted in these meetings and the action taken.
(3) subject to the decision by the FMA as consolidating supervisor may participate in a supervisory College: 1. competent authorities of the Member States, the subordinate for the oversight of an EEA parent credit institution or by an EEA parent financial holding credit institutions are responsible;
2. competent authorities of a host Member State, in which significant branches are established;
3. the Austrian National Bank and other central banks of the Member States in accordance with Nos. 1 and 2;
4. competent authorities of third countries, provided that a the article 44 equivalent professional secrecy is paragraph 1 of Directive 2006/48/EC and the cooperation of their supervisory tasks is for them.
(4) the FMA has to work together with the competent authorities within by supervisors. Within the colleges of supervisors is to set together with other competent authorities of the framework for the following tasks: 1. Exchange of information;
2. If necessary, agreement on the voluntary sharing of tasks and responsibilities;
3. laying down Supervisory examination programmes based on a risk assessment of the Group of credit institutions in accordance with article 124 of Directive 2006/48/EC;
4. avoid unnecessary prudential supervisory requirements, in particular in relation to the information requests in accordance with article 130, para. 2 and art. 132 para 2 of Directive 2006/48/EC, to improve the efficiency of supervision;
5. consistent application of the regulatory provisions of Directive 2006/48/EC to all companies of the Group of credit institutions without prejudice to this directive and electoral rights opened the directive 2006/49/EC, and discretion;
6. application of article 129 paragraph 1 lit. (c) of Directive 2006/48/EC, taking into account international standards in the field of cooperation of the competent authorities and prepare for crisis situations.
(5) the FMA is the Committee of European banking supervisors (CEBS) on the activities of the colleges of supervisors, where she will chair both to inform both in normal and crisis situations and to provide all information, which for the purposes of the convergence of the supervisory activities of particular concern, the Committee subject to § 77 para 5.
section 77c. (1) the FMA is the adequacy of the level of own funds of a credit institution group annually together with the other competent authorities, which are responsible for the supervision of subordinate credit institutions established in other Member States, to assess and to decide paragraph 4a after consultation with these authorities on the application of measures based on assessment according to § 69 para 2 and 3 at the consolidated level, and in accordance with article 70.
(2) the FMA as consolidating supervisor has to send a report with an assessment of the credit institution group based of its supervisory activities on the other competent authorities according to § 69 para 2 and 3 and together within a period of four months with these authorities to decide on the measures referred to in paragraph 1. In the joint decision of other competent authorities referred to in articles 123 and 124 is adequately to take into account risk assessment conducted of subordinate institutions established in other Member States of Directive 2006/48/EC. The joint decision is to set out in a document containing full reasons and administrative decision to place the parent credit institution by the FMA as consolidating supervisory authority.
(3) a common decision conveyed the meaning of paragraph 2 of a consolidating supervisory authority of another Member State of the EEA parent credit institution is effective for subordinate institutions headquartered in Germany, once the joint decision has been made to the EEA parent credit institution and it has been his subordinate institutions in knowledge, but not before the decision in the country of domicile of the EEA parent credit institution shall take effect.
(4) in the case of disagreements the competent authorities within the period referred to in paragraph 2, the FMA as consolidating supervisor may consult the Committee of European banking supervisors (CEBS). On request of one of the other competent authorities within the same time period, the FMA as consolidating supervisor has to consult the Committee. This consultation, the FMA of whose opinion in the cases referred to in paragraph 2 is to accommodate 5 and 6 in their decision and to justify any significant deviation in the decision.
(5) no joint decision is reached within the period referred to in paragraph 2, the FMA as consolidating supervisory authority on the application of measures referred to in article 69, paragraph 2 and 3 and section 70 to decide para 4a on the Group of credit institutions on a consolidated basis in the views expressed by the relevant authorities and reservations, as well as the risk assessment carried out in the period of the voting process referred to in paragraph 2 in terms of subordinate institutions established in other Member States has to take into account; If necessary, the opinion referred to in paragraph 4 is taken into account. The decisions of the FMA as consolidating supervisor and the decisions of other competent authorities are to set out in a document containing full reasons and have the risk assessments, views and reservations, which have carried the other authorities within the period referred to in paragraph 2 and expressed to take into account. The FMA has to submit the document to all competent authorities concerned and administrative decision to place the parent credit institution. With the delivery to the parent credit institution headquartered in Switzerland the decision is considered to be delivered to all affected members of the credit institution group. The parent credit institution headquartered in domestic has the decision to bring without delay all subordinate institutions. The decision is immediately applicable to subordinate institutions headquartered in Germany.
(6) fourth subparagraph of Directive 2006/48/EC (consolidating supervisor), other competent authority is issued a decision in accordance with article 129 paragraph 3 the FMA on the application of measures referred to in article 69, paragraph 2 and 3 and section 70 is to decide para 4a on the EEA parent bank subordinate institutions headquartered domestically on individual or partially consolidated basis and taking into account the views and reservations of the consolidating supervisor appropriately. The FMA has a copy of the notification for the purposes of article 129 to transmit paragraph 3 sixth subparagraph of Directive 2006/48/EC of the consolidating supervisor.
(7) one according to the law of another Member State decision a consolidating supervisor in accordance with article 129 paragraph 3 fourth subparagraph of Directive 2006/48/EC is effective for subordinate institutions headquartered in the domestic, as soon as the decision of the consolidating supervisor based in another Member State to the EEA parent credit institution and its subordinate institutions in knowledge has used this, but not before the decision in the country of domicile of the EEA parent credit institution shall take effect.
(8) a recent decision in accordance with paragraph 2 on the application of article 136 para 2 of Directive 2006/48/EC is deemed to bring, if in exceptional circumstances any other competent authority with the FMA as a consolidating supervisor in writing and stating any reasons requested a renewed decision; in this case the FMA can make the procedure alone using the applicant authorities."
45. § 97 para 1 No. 6 is: "6 2 vH of exceeding the limits on large-scale investments in accordance with § 27 para 15, calculated per year, for 30 days, except for supervision measures pursuant to article 70 paragraph 2 or insolvency of the credit institution; This applies also when exceeding the Groß investment limit pursuant to § 27 para 16 "46. In article 98, paragraph 2, following Z is inserted after Z 4a 4B: "4B. the reimbursement of the message when exceeding the reasonable upper limit for large exposures in relation to the eligible own funds pursuant to § 27 para 23 fails;"
47. Article 98 para 2 No. 7 is: "7 the immediate written notification in article 73, paragraph 1 Z 1 matters referred to 15 and 19 to the FMA fails;"
48. in § 103e Z, 12 is replaced by the phrase "31 December 2010" the phrase "31 December 2009".
49. § 103e Z 14 is omitted.
50. in article 103f Z 2 are substituted the word sequences "31 December 2010" "31 December 2014" with the phrases.
51. According to § 103, m 103n the following section is inserted:
"§ 103n. After entry into force of the Federal Act Federal Law Gazette I no. 72/2010 the following transitional provisions shall apply: 1 (to article 22d, para. 10 and 11): section 22d para 10 and 11 is to apply to securitisations issued after the expiry of the December 30, 2010. At the end of 31 December 2014 is 22d, paragraph 10 and 11 for securitisations which existed prior to December 31, 2010 and be replaced where at the end of 31 December 2014 new underlying exposures are added or existing underlying claims.
2. (to article 22f para 3 to 9): article 22f para 3 to 9 is to apply to securitisations issued after the expiry of the December 30, 2010. At the end of 31 December 2014 article 22f para 3 to 9 applies to securitisations, which existed prior to December 31, 2010 and be replaced where at the end of 31 December 2014 new underlying exposures are added or existing underlying claims.
3. (§ 23 para 14 Z 3a): paragraph 4a does not meet following credit limits within the limits of the deduction for hybrid capital pursuant to § 23 paragraph 1 apply to hybrid capital, which on December 31, 2010 at consolidated level in accordance with § 24 para. 2 I no. 152/2009 will be no. 1 or § 103d in the version of Federal Law Gazette, but the conditions laid down in article 23 Z 3a : a) December 31, 2010 until December 31, 2020: 50 per cent of the core capital, b) until December 31, 2030: 20% of core capital, c 1 January 2021) 1 January 2031 up 31 December 2040: 10 per cent of the core capital.
Assumes this transitional provision claim the credit institution has to develop appropriate policies and procedures, so that the affected components section 23 paragraph 4a meet as soon as possible. Section 24 para 2 No. 5 lit. I no. 152/2009 for application where as a substitute procured capital has to meet at least the requirements laid down in article 23 paragraph 4a g and h in the version of Federal Law Gazette by 31 December 2040 still.
4. (to § 27 para 6): for the purposes of section 27 par. 6 may for exposures to institutions in accordance with § 27 para. 3 subpara 2 lit. b and Z 3 as amended by Federal Law Gazette I no. 152/2009, which already contractually granted before 31 December 2010 and passed, also that in article 27 para. 3 No. 2 lit. b and no. 3 in the version of Federal Law Gazette I no. 152 / 2009 proposed weighting at the latest be applied until the end of the agreed term, until the expiry of the 31 December 2012,.
5. (§ 27 para 10 Z 2): after entry into force of § 27 para 10 No. 2 in the version of Federal Law Gazette I no. 72/2010 have the banks for investments contractually granted until June 30, 2010, to initiate without delay all organizational and technical arrangements to meet this provision at the latest on 31 December 2011.
6 (to § 69b No. 9): § 69b Z is 9 to apply for the first time to fiscal years beginning after December 30, 2010.
"7. (§ 79 paragraph 4 b Z 3): the Austrian National Bank has the cost estimate in accordance with § 79 para 4 b Z 3 for the FMA financial year 2011 taking § 3 para 8 in the version of Federal Law Gazette I no. 72/2010 November 30, 2010 to submit."
52. paragraph 105 paragraph 5:
"(5) as far as this federal law 2006/48/EC or Directive 2006/49/EC refers to the directive, is, unless otherwise arranged, each apply the following version: 1. Directive 2006/48/EC on the taking up and pursuit of the business of credit institutions (OJ" No. L 177 of the 30.06.2006, p. 1) own funds items as amended banks affiliated to the directive 2009/111/EC amending directives 2006/48/EC, 2006/49/EC and 2007/64/EC with regard to central institutions, certain, large exposures, supervisory arrangements, and crisis management (OJ No. L 302 of 17.11.2009, p. 97) and directive 2009/83/EC amending certain annexes to Directive 2006/48/EC with technical provisions concerning risk management (OJ No. L 196 of the 28.07.2009, p. 14) and 2. Directive 2006/49/EC on the capital adequacy of investment firms and credit institutions, as amended by Directive 2009/111/EC amending directives 2006/48/EC, 2006/49/EC and 2007/64/EC as regards central institutions of of banks affiliated to, of certain own funds items, large exposures, supervisory arrangements, and crisis management (OJ No. L 302 of 17.11.2009, p. 97) and directive 2009/27/EC amending certain annexes to Directive 2006/49/EC with regard to technical requirements for risk management (OJ (Nr. L 94 vondem 08.04.2009, S. 97). "
53 69 the following paragraph is added to the § 107:
"(69) of the III, XIV and XXIV. section of the outline, section 2 No. 9c, Z 23 lit. h and Z 57c, § 3 para 8, § 18 together with heading, § 21B para 3 Z 5, § 21B para 4a, section 21 g para 1 and 5, § 22b para 9 Nos. 3 and paragraph 10, article 22d, para. 1, 2, 10 and 11, article 22f para 3 to 9, section 22 l para 3, § 23 para 1 No. 2 and 3a, paragraph 4a and 4B, 14 and 17, § 24 para 2 , § 25 para 2, § 27, section 29a, subsection 3, Appendix 2 to § 43, section 69, paragraph 4, and 5, § 69b Z 7 to 9, § 70 para 2, 4B, 4c and 11, section 73, paragraph 1 Z 19, section 74 subsection 3 Z 1, article 75, paragraph 1 Z 5, § 77 para 5, 8 and 9, § 77a, §§ 77 b and 77 c complete with headings, article 97, paragraph 1 Z 6, article 98, paragraph 2 Z 4 (b) and 7 , § 103e Z 12, section 103f Z 2, § 103n Z 1 to 6 and article 105 par. 5 amended by Federal Law Gazette I no. 72/2010 31 December 2010 into force. § 103e Z 14 occurs at the end of the December 30, 2010 override."
Amendment of the securities supervision Act 2007
The securities supervision Act 2007 - WAG 2007, Federal Law Gazette I no. 60/2007, amended by the Federal Act Federal Law Gazette I no. 58/2010, is amended as follows:
1. the following paragraph 7 is added to in article 12:
"(7) § 18 Banking Act, with the exception of its paragraph 1 Z is 1 and paragraph 4 to 6, by the FMA on investment firms within the meaning of paragraph 1, performing their activities in Austria over a branch to apply accordingly subject to the proviso that occurs in article 18 the term investment firm within the meaning of paragraph 1 Banking Act in place of the term credit institution and it is these investment firms not to investment firms in accordance with article 20 para 2 and 3, and art. 46 para" 1 of Directive 2006/49/EC is."
The following paragraph 4 is added to § 2. 104:
"(4) as far as this federal law refers the directive 2006/49/EC, as own funds items is, unless otherwise arranged, Directive 2006/49/EC on the capital adequacy of investment firms and credit institutions, as amended by Directive 2009/111/EC amending directives 2006/48/EC, 2006/49/EC and 2007/64/EC as regards banks central institutions affiliated to, certain , Large exposures, supervisory arrangements, and crisis management (OJ No. L 302 of 17.11.2009, p. 97) and directive 2009/27/EC amending certain annexes to Directive 2006/49/EC with regard to technical requirements for risk management (OJ (Nr. L 94 vondem 08.04.2009, S. 97) to apply. "
The following paragraph 9 is added 3. § 108.
"(9) I will take no. 72/2010 § 12 section 7 and section 104 (4) in the version of Federal Law Gazette December 31, 2010 effect."
Change of company employees and self-employed persons Pension Act
The operational staff and self-employed Pension Act, Federal Law Gazette I no. 100/2002, as last amended by Federal Law Gazette I no. 152/2009, is amended as follows:
1 in § 30 para 2 Z 2 is the reference "article 27 par. 3 Z 1 BWG" by reference "§ 27 para 6 Z 1 BWG" replaced.
The following paragraph 14 is added to § 2. 73:
"(14) § 30 para 2 subpara 2 as amended by Federal Law Gazette I no. 72/2010 December 31, 2010 into force."