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Amendment Of The Banking Act, The Securities Supervision Act 2007 And The Operational Staff And Self-Employment Provisions Act

Original Language Title: Änderung des Bankwesengesetzes, des Wertpapieraufsichtsgesetzes 2007 und des Betrieblichen Mitarbeiter- und Selbständigenvorsorgegesetzes

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72. Federal Act to amend the Banking Act, the Securities Supervision Act 2007 and the Operational Staff and Self-Employed Welfare Act (Act of the Federal Republic of Germany)

The National Council has decided:

table of contents

Article 1

Implementation of European Union directives

Article 2

Amendment of the Banking Act

Article 3

Amendment of the Securities and Markets Act 2007

Article 1

This federal law is designed to implement 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 affiliated to central institutions, of certain own resources, large expound, supervisory arrangements and crisis management (OJ L 327, 30.4.2004, p No. 97), and Commission Directive 2009 /83/EC of 27 July 2009 amending certain annexes to Directive 2006 /48/EC of the European Parliament and of the Council laying down technical provisions on risk management (OJ L 327, 22.12.2009, p. No. 14) and to Commission Directive 2009 /27/EC 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 1. No. OJ L 94 of 08.04.2009, p. 97).

Article 2

Amendment of the Banking Act

The Banking Act-BWG, BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I n ° 152/2009, shall be amended as follows:

1. In the III. Section of the outline shall be the name " § 15. up to 18. " by the name " § 15. to § 17. " replaced.

2. In the III. Section of the outline will be after the entry " § 15. to § 17. Supervision in the framework of freedom of establishment and freedom to provide services " the following entry is inserted:

" § 18. Major Branches "

3. XIV. Section of the outline will be after the entry " § 77. and § 77a. International cooperation and data processing " the following entries are added:

" § 77b. Colleges of supervisors

§ 77c. Cross-border decision-making "

4. In XXIV. Section of the outline shall be the name § 103. to § 103m. " by the name "§ 103. bis § 103n." replaced.

5. In § 2 the following Z 9c is inserted after Z 9b:

" 9c.

Consolidating supervisor: the authority responsible for the supervision of EEA parent credit institutions (Z 11b) and of credit institutions controlled by EEA parent financial holding companies (Z 25b) on a consolidated basis; "

6. § 2 Z 23 lit. h is:

" h)

in Article 27 (6) (1) (f), (g) and (k) and (Z) 4, (17), (2) and (3) and (22); "

7. § 2 Z 57c reads:

" 57c.

Securitisation risk: the risk arising from securitisation transactions in which the credit institution acts as an investor, originator or sponsor; this also includes reputational risks such as those arising from complex structures or products; "

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

" (8) In the case of credit institutions which are entitled to operate the investment business, the real estate fund business or the operating company's pre-order business, § 70 para. 1 Z 3 shall apply in such a way that on-site examinations are to be carried out by the FMA; The on-the-spot check also includes the respective custodian banks with a view to complying with the provisions of the InvFG in 1993, ImmoInvFG or BMSVG. Section 70 (1a) and (1b) and section 79 (4) are not applicable to these credit institutions. Section 79 (4a) shall apply with the proviso that only a sentence of one to three and the last sentence shall apply. "

9. In § 11 para. 6 Z 1 the reference "§ § 33 to 41" by reference "§ § 34 to 41" replaced.

10. In accordance with § 17, the following § 18 and heading is inserted:

" Significant Branch Offices

§ 18. (1) The FMA may, as the competent authority of the host Member State, apply to the consolidating supervisor, or, where there is no consolidating supervisor, to the competent authority of the home Member State, that a A branch of a credit institution from a Member State (§ 9) is considered to be significant. In the application, the FMA has the reasons for doing so, which is why it considers this branch to be significant. In order to assess the importance of the branch, the FMA has in particular to take into account:

1.

whether the market share of the branch in the country in question exceeds 2 vH in terms of the deposits;

2.

where the suspension or suspension of the activities of the credit institution is likely to have an effect on market liquidity and on the domestic payments, clearing and settlement systems; and

3.

the size and significance of the branch office measured in terms of the number of customers within the Austrian banking and financial system.

(2) The FMA, together with the consolidating supervisor, and the other competent authorities concerned, shall, within two months of receipt of the application, jointly decide whether a branch shall be deemed to be significant The branch office is to be classified.

(3) If no joint decision is reached within the period referred to in paragraph 2, the FMA, acting as the competent authority of the host Member State, shall take a decision on the classification within a further subsequent period of two months. meet the branch office as a major branch, taking into account the views expressed by the consolidating supervisor, if any, and by the competent authority of the Member State of origin within the time-limit, and To take account of reservations. The FMA has to submit its comprehensive reasoned decision in writing to the competent authorities concerned.

(4) The FMA as the consolidating supervisor or the competent authority of the Member State of origin shall be subject to the provisions of paragraph 2. A decision taken by the competent authority of the host Member State within the meaning of para. 3 shall be deemed to be relevant and shall be applied accordingly by the FMA.

(5) The FMA as a consolidating supervisor or competent authority of the Member State of origin shall, in the case of the tasks referred to in Article 129 (1), have with the competent authorities of a host Member State in which a major branch is established. lit. c of Directive 2006 /48/EC and the information referred to in Article 132 (1) (lit). (c) and d of Directive 2006 /48/EC.

(6) An Austrian credit institution shall provide its activities in a Member State by a significant branch and this credit institution shall not be part of a group of credit institutions for which a colleges of supervisors shall be held by the consolidating A supervisory authority established in another Member State in accordance with Article 131a of Directive 2006 /48/EC, the FMA, as the competent authority of the Member State of origin of that credit institution, has set up its own colleges of supervisors in order to: Cooperation between the competent authorities concerned with regard to the cooperation in accordance with paragraph 5 and the transmission of information. At the same time, the FMA should be in the chair and, following consultation with the relevant competent authorities, the modalities for the establishment and operation of the college should be set out in writing and communicated to the competent authorities concerned. The FMA shall decide on the participation of the competent authorities in a meeting or an activity of the college concerned. In this decision, the FMA shall have the relevance of the supervisory role to be planned or coordinated for the authorities concerned, in particular the possible impact on the stability of the financial system in the Member States concerned. In the sense of Section 69 (4) and the obligations laid down in Section 5 and Section 77 (8). Section 77b (2), third sentence, shall apply. "

11. The following Z 5 is added to Article 21b (3):

" 5.

for the purposes of determining the amounts receivable pursuant to Section 22c (1) in respect of the credit ratings of structured finance instruments, a statement on how the development of pooled assets affects their credit ratings, on the Internet publish and continuously update. "

(12) The following paragraph 4a is added to section 21b:

"(4a) If a rating agency is already authorised as a credit rating agency within the meaning of Regulation (EC) No 1060/2009, the conditions set out in paragraph 1 (1) (1) to (5) shall be deemed to have been fulfilled in the authorization procedure provided for in paragraph 1."

13. In § 21g (1), the phrase "(centrally responsible supervisory authority)" through the phrase "(consolidating supervisor)" replaced.

14. In § 21g (5) the word order shall be "the centrally competent authority" through the phrase "the consolidating supervisor" replaced.

15. § 22b (9) Z 3 reads:

" 3.

Receivables of the receivables classes to the Federal Government, the Länder, municipalities and public authorities, if the claims to the Federal Government are assigned a weight of 0 vH under the credit risk standard rate in accordance with § 22a, as well as receivables of the Classes of exposure to the Member States and their regional governments, local authorities and public authorities, where exposures to them are assigned a weight of 0 vH under the credit risk standard rate referred to in § 22a, and These are not based on specific public regulations with different risks are connected; "

16. § 22b para. 10, second sentence reads:

"The determination of the basis of assessment shall be in accordance with Annex VII, Part 1 to 3, Art. 87 (11) and (12) and Article 154 of Directive 2006 /48/EC, and shall include the following aspects:"

17. In § 22d (1) and (2), the following shall be followed in each case "A credit institution has an originator" the phrase "subject to paragraph 10" inserted.

18. The following paragraphs 10 and 11 are added to § 22d:

" (10) Credit institutions acting as originators or sponsors

1.

in the case of claims to be securised, the same procedures for taking into account the credit risk in accordance with Article 39 (2), as in the case of claims which they themselves wish to hold; to that end, the procedures for the authorisation and the to apply, where appropriate, modification, renewal and refinancing of credit;

2.

apply the same analytical standards to participations or acquisitions of securitisation issuesacquired by third parties, whether or not these holdings or takeovers are in their trading book or in the non-trading book are to be held.

If the requirements of Z 1 and 2 are not met, the credit institution shall not act as originator in accordance with Section 22d (1) and (2) and shall have the securitised exposures in the determination of the weighted exposure amounts or expected loss amounts. consideration.

(11) Credit institutions acting as originators or sponsors shall disclose to investors the amount of their net economic interest (net economic interest) retained in accordance with section 22f (3) of the securitisation. Credit institutions shall ensure that investors have unfettered access to

1.

all relevant data relating to the creditworthiness and development of the individual underlying exposures, as well as the cash flows and collateral of a securitisation position; and

2.

Information that is necessary to carry out comprehensive and well-founded stress tests on the cash flows and surveying values behind the underlying exposures.

The essential relevant data in accordance with Z 1 shall be determined by the credit institution at the time of the securitisation, or, if the nature of the securitisation so requires, at a later date. "

19. The following paragraphs 3 to 9 shall be added to section 22f:

" (3) If a credit institution does not act as an originator, sponsor or original lender, it may be subject to a credit risk of a securitisation position in its trading book or outside its trading book only if either the credit institution or the credit institution is responsible for the credit risk. Originator, the sponsor or the original lender has expressly stated to the credit institution that it will continuously maintain a net economic interest of at least 5 vH. The following shall be regarded as holding a material net share:

1.

The holding of a share of at least 5 vH of the nominal value of any securitisation tranche sold or transferred to the investors, or

2.

in the case of securitisation of revolving exposures, the holding of an originator's share of at least 5 vH of the nominal value of the securitised exposures, or

3.

the holding of a share of claims selected according to the principle of random, which corresponds to at least 5 vH of the nominal value of the securitised exposures, if these exposures would otherwise have been securitised, provided that the number of potentially securitised exposures has been Exposures in the case of origination shall be at least 100 or

4.

the holding of the first-loss tranche and, if necessary, further securitisation tranches which have the same or higher risk profile and are not due earlier than those sold or transferred to the investors, that the total share held corresponds to at least 5 vH of the nominal value of the securitised exposures.

The net material share should be calculated and maintained in the course of the origination process. This proportion shall not be subject to credit risk mitigation techniques or short positions or other hedging. The net material share shall be determined by the nominal value of the off-balance-sheet items. For the purposes of this paragraph and subsection 6 Z 1, it is continuous that held positions, participations or claims are neither secured nor sold.

(4) An EEA parent credit institution or an EEA parent financial holding company established in Germany may comply with the obligations set out in paragraph 3 on the basis of the consolidated financial situation, if the following requirements are met:

1.

The EEA parent credit institution, the EEA parent financial holding company, or one of its subsidiaries, shall be the originator or sponsor of claims made by at least two others in the supervision on the basis of the consolidated financial situation -related institutions;

2.

the institutions which have justified the securitised claims shall comply with the requirements laid down in section 22d (10),

3.

the information required for the fulfilment of the requirements laid down in Article 22d (11) shall be communicated to the originator or sponsor and to the EEA parent credit institution or the EEA parent financial holding company in good time.

Subordinated credit institutions in accordance with Article 30 (1) or (2), the EEA parent credit institution or the EEA parent financial holding company of which meets the requirements set out in paragraph 3 on the basis of the consolidated financial situation, shall be required to: Paragraph 3 do not comply with this.

(5) Paragraph 3 shall not apply to:

1.

Securitised receivments or contingent claims that exist or are secured by a comprehensive, unconditional and irrevocable liability to the following entities:

a)

central governments and central banks,

b)

Countries and municipalities as well as regional governments, local authorities and public authorities of the Member States,

c)

institutions to which, in the credit risk standard rate referred to in Article 22a, a risk weight of not more than 50 vH is allocated,

d)

multilateral development banks;

2.

Transactions based on a clear, transparent and publicly available index, the underlying reference units being identical to those forming a heavily traded index of units, or other negotiable securities , which do not constitute securitisation positions;

3.

Syndicated loans, purchased receivings or credit default swaps, provided that they are not used to bundle or secure a securitisation covered by paragraph 3.

(6) Credit institutions acting as investors shall have a comprehensive and thorough knowledge of the characteristics according to Z 1 to 7 prior to the investment and thereafter on an ongoing basis with respect to each individual securitisation position. To that end, credit institutions shall also lay down their own rules and procedures in accordance with the positions held in their trading book and outside their trading book, and in accordance with the risk profile of their investments in securitised positions, to analyse and record these securitisation positions. The characteristics are:

1.

Pursuant to Section 22d (11), notifications from originators or sponsors to the net economic interest (net economic interest), which they continuously hold at the securitisation, were made;

2.

the risk characteristics of the individual securitisation position;

3.

the risk characteristics of the exposures on which the securitisation position is based;

4.

Reputation and losses incurred in previous securitisation of the originators or sponsors in the relevant exposure classes underlying the securitisation position;

5.

explanations and disclosures by the originators or sponsors or their agents or advisers on the due diligence which they have taken with regard to the securitised exposures and, where appropriate, the quality of their inspection;

6.

where appropriate, methods and concepts to assess the securitization of the securitised exposures, as well as the rules provided by the originator or sponsor to ensure the independence of the evaluator;

7.

all structural characteristics of securitisation, which may have a significant impact on the development of the securitisation position of the credit institution.

(7) Credit institutions acting as investors shall carry out regular stress tests themselves in respect of their securitisation positions. In doing so, they may rely on the financial models developed by a recognised credit rating agency, provided that they can, on request, demonstrate that they are responsible for the structuring of the models and of the underlying models prior to the investment. have validated relevant assumptions with due diligence and understood the methods, assumptions and results.

(8) Credit institutions acting as investors shall have formal procedures in accordance with the positions held in their trading book and outside their trading book, as well as the risk profile of their investments in securitised positions, to monitor information on the development of exposures on the basis of their securitisation positions on an ongoing and timely basis. Where applicable, this information shall include in particular:

1.

The nature of the claim,

2.

the percentage of loans exceeding 30, 60 and 90 days overdue,

3.

the incidence rates,

4.

the rate of early repayments,

5.

the loans under compulsory enforcement;

6.

the type of safety and occupancy,

7.

the frequency distribution of credit scores and other credit ratings for the underlying exposures,

8.

sectoral and geographical diversification,

9.

the frequency distribution of the loading rates with bandwidths that facilitate an adequate sensitivity analysis.

Where the underlying exposures themselves are securitisation exposures, the credit institutions shall not only have the information referred to in this paragraph as regards the underlying securitisation transactions (e.g. B. Name of the issuer and creditworthiness), but also information on the characteristics and development of the pools on which the securitisation tranches are based.

(9) Credit institutions acting as investors shall have a thorough knowledge of all the structural characteristics of a securitisation transaction which substantially affect the development of their credit risks linked to the transaction. , in particular:

1.

contractual waterfall structures and associated trigger rates (triggers),

2.

Credit and liquidity improvements,

3.

Market Value Trigger,

4.

the business-specific definition of the outage. "

Article 22l (3) reads as follows:

" (3) The self-financing facilitated by the recognition of insurance and other risk transfer mechanisms may be 20% of the total minimum own resources required for the operational risk prior to recognition of such risk not to exceed the techniques that reduce them. "

21. § 23 (1) Z 2 reads:

" 2.

open reserves, including the liabilities referred to in paragraph 6; an intermediate profit or an annual profit made before the final decision is taken is to be attributed to the open reserves only if:

a)

it has been determined, in accordance with the provisions of Section XII, after deduction of all foreseeable taxes, charges and distributions of profits,

b)

the bank examiner has the accuracy of the determination according to lit. a has examined and

c)

the credit institution of the FMA is responsible for the correctness of the determination according to lit. a has demonstrated;

if a credit institution is the originator of a securitisation, the net profits from capitalised future income of the securitised exposures which result in a credit improvement shall not be applied; "

22. In Section 23 (1), the following Z 3a is inserted after Z 3:

" 3a.

Hybrid capital referred to in paragraph 4a; "

23. In § 23, the following paragraphs 4a and 4b are inserted after paragraph 4:

" (4a) A hybrid capital, contractually regulated, those paid own-resources components,

1.

which are subordinated to deposits, other liabilities and other subordinated liabilities;

2.

whose capital amounts, the unpaid interest and dividends, participate in the loss up to the full amount and do not impede the recapitalisation of the credit institution;

3.

which are made available to the credit institution for a period of at least 30 years and which cannot be terminated by the creditor before the expiry of that period; whereas, in the sole discretion of the credit institution, hybrid capital may be one or more of the following: multiple termination options, whereby termination may take place at the earliest five years after the emission date;

4.

which, in the case of permanent instruments, provide for only a moderate amount of repayment, which shall take effect at the earliest ten years after the instrument has been issued; the conditions on fixed-term instruments shall not be allowed to repay any repayment before the Due date, the credit institution may make an early repayment on fixed-term or permanent instruments, provided that this is due to substantial changes in the tax base at the time of the issuance of the Treatment which leads to an additional payment to the creditor is not inappropriate or if: change the legal creditability of hybrid capital at the time of the issuance of a non-foreseeable nature, providing for the suspension of redemption payments from the occurrence of a risk to the appropriate financial and own resources situation; The risk of an underwriting of the minimum own resources requirement (section 22 (1)), the credit institution shall have no repayment payments omitted;

5.

which exclude the performance of interest and dividend payments from the occurrence of a risk to the appropriate financial and own resources situation; there is the risk of an underwriting of the minimum own resources requirement (section 22 (1)), has the the credit institution shall not be subject to such payments;

6.

which can be designed in such a way that, from the occurrence of a risk to the appropriate financial and own resources situation, they are at any time within a pre-determined ratio in paid-up capital under the conditions set out in Article 23 (17) (5) (par. 3) must be converted to at least the same level.

(4b) The dismissal or early repayment of hybrid capital shall require the approval of the FMA. The granting of the authorization shall be subject to the following:

1.

The fulfilment of the conditions laid down in paragraph 4a (4a) (3) and (4)

2.

the fulfilment of the requirements of paragraph 17 (2) and (3), and

3.

a financial and own resources situation which is appropriate even after termination or early repayment of the hybrid capital, whereby the FMA may require a demonstrable procurement of core capital at least the same amount and quality; the The condition of the replacement procurement is to be documented if the FMA is proved that the credit institution and the credit institution group also after dismissal or early repayment of the hybrid capital over a adequate financial and own resources. "

24. § 23 (14) Z 1 reads:

" 1.

Own funds referred to in paragraph 1 (1) (1) to (3) shall be counted indefinitely and shall give rise to the capital capital plus the hybrid capital referred to in paragraph 1 (1) (3a) less the amounts pursuant to paragraph 13 (1) (1) and (2);

25. In accordance with § 23 (14) Z 3 the following Z 3a is inserted:

" 3a.

Hybrid capital can account for up to 50 vH of the core capital, with within this limit

a)

permanent instruments, which are convertible in accordance with paragraph 4a (6), in total up to 100 vH;

b)

permanent instruments which are not convertible in accordance with paragraph 4a Z 6, in total up to 70 vH;

c)

permanent instruments with moderate repayment incentive and temporary instruments, up to 30 vH;

of hybrid capital. "

26. The following paragraph 17 is added to § 23:

" (17) The FMA may, by means of a regulation to ensure financial stability, by means of an appropriate financial and own resources situation of credit institutions in the case of hybrid capital, in accordance with Article 63a of Directive 2006 /48/EC and under To take a closer look at European practice:

1.

the scope of documentation requirements in the context of replacement procurement;

2.

Termination;

3.

early repayment and determination of criteria for repayment incentives to be considered moderately;

4.

failure or replacement of interest and dividends;

5.

Conversion pursuant to paragraph 4a Z 6. "

27. § 24 (2) reads:

" (2) The following items shall be added to the consolidated open reserves as liabilities and shall reduce them if they are active items:

1.

Shares of other shareholders in accordance with Section 259 (1) of the UGB (UGB), which establish the shares of other shareholders;

2.

a difference (capital consolidation) arising from the summary of equity and shareholdings within the meaning of section 254 (3) of the UGB (German Commercial Code);

3.

Conversion differences of foreign currencies occurring in the context of consolidation in the conversion of the equity of a subordinated institution existing at the beginning of the financial year;

4.

a difference in the equity valuation according to § 264 (2) of the German Commercial Code (UGB). "

28. In § 25, the following paragraph 2 is inserted after the following:

" (2) The FMA has to lay down, by means of a regulation, the minimum requirements for the requirements referred to in paragraph 1. These minimum requirements shall be in accordance with Annex V, points 14 to 22 of Directive 2006 /48/EC. "

29. § 27 reads:

" § 27. (1) Credit institutions and groups of credit institutions shall at all times appropriately limit the special banking business risk of a large-scale investment. In addition, credit institutions applying § 22o have to pay special attention to the potential risk of predisposition from takeover guarantees for securities.

(2) A major assessment shall be made if the items calculated in accordance with Z 1 and 2 are the creditable own funds of the credit institution or the eligible consolidated own funds of the credit institution or of the consolidated own funds of the credit institution which are attributable to a customer or a group of connected clients. The credit institution group will reach a minimum of 500 000 euros. In the determination of large-scale assessments, the following shall be used:

1.

Asset items, off-balance-sheet items according to Appendix 1 to § 22 and derivatives according to Appendix 2 to § 22 weighted with 100 vH; in each case after deduction of value adjustments; derivatives according to Appendix 2 to § 22 shall be calculated in accordance with one of the methods provided for in Article 22 (5), without taking into account the counterparty weighting;

2.

the sum of the positions of the trading book with the following values, to the extent that the credit institution applies § 22o:

a)

The positive surplus of the credit institution's purchasing positions over its sales positions in all the financial instruments issued by the customer concerned, the net position in each of these instruments according to the FMA in the Regulation to be determined in accordance with Section 22o (5) of this Directive;

b)

in the case of acquisition guarantees for debt securities or shares, the risk of the institution is its net risk; this risk shall be calculated by providing the undertaking provided with a takeover guarantee, subscribed by third parties or by third parties on the basis of a formal agreement. This value is to be applied to the weighting factors specified in more detail by the FMA in accordance with Article 22 (5) of the Regulation; credit institutions have systems for the supervision and control of their , the nature of the market in the markets concerned the risks to be taken into account;

c)

the amounts receivable to cover the settlement risk according to § 22o (2) Z 9 and the counterparty failure risk according to § 22o (2) Z 10, which are to be determined in accordance with the procedure specified by the FMA in accordance with Section 22o (5).

(3) The identification of large-scale assessments shall not be taken into account:

1.

Off-balance-sheet transactions and derivatives referred to in paragraph 2 (2) (1), where provisions have been established for this purpose;

2.

asset items, off-balance-sheet transactions and derivatives referred to in paragraph 2 (2) (1), provided that they are covered by paragraph 2 (2) (2);

3.

in the case of exchange-rate transactions, those credits which are awarded under the normal settlement procedure for a period of two working days after payment of the payment;

4.

in the case of securities transactions, those credits which are awarded under the normal settlement procedure for a period of five working days after the payment of the payment or after the delivery of the securities, the earlier date being relevant;

5.

Late payment in the case of financing as well as other loans in the customer business, which are at the latest up to the following business day

a)

in the case of the implementation of payment transactions, including the execution of payment services, clearing and settlement in any currency and the correspondent banking business, or;

b)

the provision of services to clients for the clearing of financial instruments, settlement and custody, and

6.

Intratagesloans in the case of the performance of the services according to Z 5 lit. a to institutions that provide these services. "

(4) The apportionment among a group of connected clients (par. 11) shall be determined by adding the values of the individual customers of the group calculated in accordance with paragraphs 2 and 3.

(5) The eligible own funds pursuant to Section 23 (1) (10) and the deductions pursuant to section 23 (13) (4c) and (4d) shall be disregarded for the purpose of calculating the large-scale assessments referred to in paragraphs 2 to 4 and the limit provided for in paragraphs 15 and 16.

(6) For the purposes of the application of paragraph 15, the values determined in accordance with paragraph 2 shall be provided with a weight of 100 vH, unless they are to be weighted separately in accordance with Z 1 to 4:

1.

Weight zero:

a)

Assessment of the Federal Government, Länder, municipalities, central banks, central governments, regional authorities, public authorities, international organisations (Article 22a (5) (1)) or multilateral development banks (§ 22a (4) (4)), which according to § 22a unsecured with a weight of 0 vH;

b)

Assessments, insofar as these are provided by an explicit liability of the Federal Government, the Länder, municipalities, central banks, central governments, regional authorities, public authorities, international organizations or multilateral development banks (§ § § 3). 22a (4) (4), and unsecured positions at the relevant oat ends, which would be set according to Article 22a with a weight of 0 vH;

c)

Central-state assessments on the basis of state stipulations held in respect of their currency, denominated in their currency and refinanced in that currency, provided that such central states are recognised by a recognised Rating agency has been rated "investment grade";

d)

assessments, including shareholdings and other shares, in the EEA parent credit institution, its subsidiaries and its own subsidiaries or other undertakings which belong to the same group of credit institutions, to the extent that all of the above mentioned have been included in the supervision on a consolidated basis or are subject to supplementary supervision in accordance with § 6 (1) FKG;

e)

assessments of a competent central institution, share rights in this and off-balance-sheet transactions and derivatives which establish credit risk to the competent central institution;

f)

Assessment, insofar as it is 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 credit institution granting credit institution are;

g)

Deposits, to the extent that they are sufficiently secured by certificates of deposit, if they are issued by the crediting credit institution, its parent credit institution or a subsidiary credit institution and deposited with one of these credit institutions are;

h)

Exposures in off-balance-sheet transactions with a low credit risk according to Z 4 lit. a der Appendix 1 to § 22 , provided that it is agreed with the customer concerned that the award or use of the undertaking shall be made only if this does not result in the limits of paragraphs 15 and 16 being exceeded;

i)

assessment of the counterparties referred to in Article 22a (8) and (9) if a weight of 0 vH were to be applied to the counterparties;

j)

in the case of institutions which do not constitute own resources, there shall be no more than the following business day, and shall not be denominated in a major trading currency;

k)

Assessment of credit institutions where the lending credit institution is not exposed to competition in its activities and, under legislative programmes or its statutes, grants loans in order to be equal under the supervision of the State the type and the restricted use of the loans granted to certain economic sectors, provided that the items in question stem from those loans which are passed on to the beneficiaries through other credit institutions;

l)

covered bonds in accordance with Article 22a (5) Z 5;

m)

legally required guarantees to be applied when a mortgage loan refunded through the issuances of mortgage bonds is paid before the mortgage is entered in the land register to the borrower, provided that the guarantee is not shall be used to reduce the risk in the calculation of risk-weighted assets; in this case, guarantees shall include recognised credit derivatives as defined in § 22h, unless they are Credit Linked Notes (CLN);

n)

Assessments, insofar as they are provided by collateral in the form of cash provided by the credit institution in the context of the issue of a credit risk related to the credit risk of a particular customer or group of connected customers Linked Note (CLN), have been fully visited;

o)

Deposits, to the extent that these are subject to a netting agreement recognized in accordance with § 22h, and which are fully secured by loans or deposits of a counterparty to the credit institution or credit institution granting the credit;

p)

fiduciary credits and current loans, to the extent that the credit institution carries only the risk of a Gestion;

q)

with the approval of the FMA, insofar as these are deducted from their own own resources in accordance with § 23 (13) (3) to (4a) and (4d).

2.

Weight 20 vH:

a)

assessment of the liability of regional authorities of the Member States, in so far as they are estimated to have a weight of 20 vH in accordance with Article 22a;

b)

central bank assessments based on the minimum reserves to be held by the central banks, denominated in the currency of the central bank in question and which would be set at 20 to 100 vH in accordance with section 22a;

c)

With the approval of the FMA other than warranted guarantees, which are based on laws, regulations or administrative provisions, and those of credit guarantee communities which have the status of a credit institution, the customers connected to them shall be provided.

3.

Weight 50 vH:

a)

Assessment in off-balance-sheet transactions according to Z 3 lit. a first case and lit. c of Appendix 1 to § 22 , unless it is referred to as Z 1 lit. h are to be weighted with 0 vH;

b)

Assessments in off-balance-sheet transactions according to Z 4 of the Appendix 1 to § 22 , unless it is referred to as Z 1 lit. h are to be weighted with 0 vH.

(7) The application of credit risk mitigation techniques requires the fulfilment of the conditions and minimum requirements specified in § 22g and § 22h more closely. Claims pursuant to § 22h (4) and the securities regulated by the FMA pursuant to § 22h (7), which correspond to Annex VIII, Part 1, points 20 and 21 of Directive 2006 /48/EC, may only be used in connection with paragraph 10 Z 1 or 2. shall be considered.

(8) A credit institution shall terminate the comprehensive method of taking financial collateral into account in accordance with § 22g (3) Z 2 lit. In the case of credit risk reduction, it may, subject to paragraphs 19 and 20, apply the fully adjusted exposure value of the corresponding apportionment, in the calculation of the value of those apportionments, to the credit risk-reducing techniques, Volatility adjustments and any maturity incongruities (E*) are taken into account when this is done consistently for all major predisposition.

(9) Credit institutions applying the internal credit rating based approach in accordance with Article 22b (8) may, in place of the weights to be applied in accordance with paragraph 6, be used to calculate the value of the apportionment

1.

take account of the effects of financial collateral on their credit risk, in accordance with the internal ratings-based approach, subject to the following conditions:

a)

This method is applied consistently for an entire exposure class and

b)

the credit institution shall carry out a separate estimate of the impact of the credit institution ' s financial collateral on its credit risk for the expected failure, or

2.

apply the method referred to in paragraph 13 Z 2.

(10) In order to reduce the credit risk, the value of the following assessments can be reduced to the extent of up to 50 vH of the market value of the property concerned:

1.

Assessments provided that these are sufficiently secured by mortgages on residential properties, in the same way as for real estate leasing transactions in which the leased housing remains wholly owned by the lessor, such as the the lessee has not exercised his/her option to purchase; as residential property, the real estate used or leased by the owner shall apply;

2.

Predisposition to the extent that they are fully collateralised by mortgages on office or other commercial property (commercial real estate), in the event that such investments are carried out in the Member State in which the commercial property is situated, in the the standard credit risk standard rate would be set at 50 vH, in the same way as for real estate leasing transactions involving commercial real estate as long as the lessee did not exercise his/her option to purchase, and the property in the property of the lessor; the commercial real estate has to be completely finished and rented out and to provide reasonable rental income.

The requirements for the recognition and valuation of real estate collateral defined in accordance with § 22h (7) Z 2 shall apply to residential real estate after Z 1.

(11) The group of connected customers shall be:

1.

Natural and legal persons and other legal entities, one of whom may exercise control in that one of the facts of Section 244 (2) (1) (1) to (4) of the German Commercial Code (UGB) is present; if the lending credit institution is the parent of the group, the following shall apply: each subsidiary and subsidiary group as its own group of connected customers, provided that there is no legal relationship between the subsidiaries and the subsidiaries concerned. A legal relationship is given, in particular, if:

a)

a subsidiary of more than 25 vH is involved in a company which is a company of another subsidiary or a direct subsidiary of the credit institution granting the credit institution; or

b)

a subsidiary of more than 25 vH is involved in an undertaking in which a company of another subsidiary or a direct subsidiary of the credit institution granting credit institution also holds a holding, or

c)

between a subsidiary undertaking and an undertaking of another subsidiary undertaking or a direct subsidiary of the credit institution granting the credit institution, one of the facts of Article 30 (1) (2) to (7),

and the cost-effective acquisition costs of the participation 5 vH of the openly declared consolidated equity (of the openly declared equity) in one of the two subsidiaries concerned (subsidiaries not affiliated to a subsidiary) of the parent credit institution);

2.

two or more natural or legal persons or other entities, between which there is no control relationship according to Z 1, but which are to be regarded as a unit with regard to the assessment, since there are dependencies between them, which are likely to make it appear that if one of these persons becomes involved in financial difficulties, in particular financing or repayment difficulties, one or more of the others is also subject to financing or repayment difficulties. the difficulties of repayment;

3.

Registered partnerships and their personally liable partners;

4.

Trustees and trustees, to the extent that the latter is acting on behalf of the former;

5.

the pledge and his close relatives according to § 80 para. 3 AktG.

In the case of claims within the meaning of Section 22a (4) (13) and (15) to (16), insofar as they result from underlying assets, the total construction or its underlying claims or both shall be assessed. To this end, the economic substance and the structural risks of the business are to be assessed.

(12) A group of connected clients shall also be added to all those entities which are members of a group (s) of the facts referred to in paragraph 11 (1) (1) to (3) of this Article. 11 (1) to (3) are connected to each other. This shall apply in the same way to all other entities indirectly connected with a group member by one of the facts referred to in paragraph 11 (1) or (3). Paragraph 11 does not apply to large-scale assessments of the federal government, to the Länder and municipalities, and to central governments, to which a weight of not more than 100 vH would be attributed in accordance with Section 22a (4) (1) and (2) in conjunction with section 22a (7).

(13) A predisposition may be attributed to a third party without prejudice to the provisions of paragraphs 8, 9 Z 2, 11 and 12, if and to the extent that:

1.

This third party shall be expressly, unconditionally and directly liable for the apportionment and shall have the following conditions:

a)

the unsecured apportionment to the third party would be assigned the same or a lower risk weight in the credit risk standard rate in accordance with § 22a, than the unsecured predisposition to the primary pledge;

b)

if the guarantee is denominated in a currency other than the apportionment, the amount of the assessment secured by this guarantee shall be subject to the provisions on the treatment of currency incongruities in the absence of a guarantee Security performance, which is determined in detail on the basis of § 22g (9) Z 5 in the FMA ordinance;

c)

the difference between the duration of the assessment and the duration of the security shall be determined in accordance with the provisions on the treatment of maturity incongruities, which shall be determined on the basis of Section 22g (9) Z 4 in the FMA Regulation, procedures;

d)

partial protection may be recognised in the case of credit risk mitigation techniques in accordance with Section 22g (3);

2.

this assessment shall be secured by recognised securities issued by that third party and shall be subject to the following conditions:

a)

the recognised securities are valued at the market price;

b)

the duration of the security shall at least correspond to the assessment period;

c)

the unsecured apportionment to the third party would be assigned the same or a lower risk weight in the credit risk standard rate in accordance with § 22a than the unsecured predisposition to the primary pledge.

The simultaneous use of the method according to Z 2 and the comprehensive method of taking financial collateral into account in accordance with § 22g (3) Z 2 is only permissible if both the comprehensive method and the simple method according to § 22g (3) (3) (1) (1) (1) shall be applied for the purposes of determining the equity requirement for credit risk (Article 22 (1) (1) (1)). For the purposes of paragraph 6 and Z 1 of this paragraph, the term "liability" also includes the credit derivatives recognized in accordance with § 22h other than the synthetic corporate bond Credit Linked Note (CLN).

(14) Any major assessment determined in accordance with paragraph 2 shall be without prejudice to the effectiveness of the legal business of the express prior consent of the Supervisory Board or the supervisory body of the credit institution which is otherwise competent pursuant to the law or the statutes. Decisions on stocks are inadmissible in this case. The Supervisory Board or the Supervisory Board of the credit institution which is otherwise responsible under the law or the Articles of Association shall report on each major assessment at least once a year.

(15) A single large-scale assessment of a customer or group of connected customers may, after taking into account the effects of risk-reduction techniques referred to in paragraphs 6 to 10 and 13, and without prejudice to the effectiveness of the legal business of 25 vH, of the the creditable own funds of the credit institution and the creditable consolidated own funds of the credit institution group. If the customer is an institution or belongs to a group of connected clients one or more institutions, the exposure value may be the higher of either 25 vH of the creditable own funds of the credit institution and the creditable own funds. the consolidated own funds of a group of credit institutions, or EUR 150 million, provided that the sum of the exposure values to all associated customers who are not institutions 25 vH of the eligible own funds of the Credit institution and the creditable consolidated own resources of the credit institution group are not exceeds. For the purposes of the second sentence, apportionment shall be dealt with at a recognised clearing house and in the case of a recognised exchange institution, such as institutions, for the purposes of the second sentence.

(16) Where the amount of EUR 150 million exceeds 25% of the eligible own funds of the credit institution and the creditable consolidated own funds of the credit institution group in paragraph 15, the exposure value may be taken into account after taking into account the effects of the risk-setting techniques referred to in paragraphs 6 to 10 and 13 shall not exceed a reasonable ceiling with respect to the creditable own funds of the credit institution and the creditable consolidated own funds of the credit institution group. Credit institutions and groups of credit institutions shall set this ceiling in accordance with the principles and procedures for controlling and limiting the concentration risk in accordance with Article 39 (2), the 100 vH of the eligible own resources of the The credit institution and the creditable consolidated own funds of the credit institution group shall not exceed any time.

(17) If the apportionment determined in accordance with paragraph 2 exceeds 10% of the creditable own funds of the credit institution or amounts to at least EUR 750 000, the directors of the credit institution shall be subject to such a predisposition. to have the economic conditions of the food and the harbor exposed to a customer or a group of connected customers and to be open to the economic development of the food and the harbour ends for the duration of the granting of the catering and of the value and enforceability of collateral to be sufficiently as well as to request the current presentation of annual accounts. If the annual financial statements are not received, the head of the credit institution's directors have to inform themselves adequately about the catering and the harbor ends. The first and second sentences shall not apply to:

1.

Assessment pursuant to paragraph 6 Z 1 lit. a,

2.

credit for credit institutions,

3.

fiduciary and continuous credit, to the extent that the credit institution carries only the risk of the Gestion;

4.

Items of activity against the EEA parent credit institution, its subsidiaries and its subsidiaries, which are included in the supervision on a consolidated basis.

(18) Credit institutions shall set up the administrative, accounting and control procedures for the collection and modification of large-scale assessments and for their monitoring, also with a view to conformity with credit policy of the credit institution. The appropriateness of these procedures and their application shall be examined at least once a year from the internal revision.

(19) If a credit institution intends to apply paragraph 8 or 9, it shall indicate to the FMA with regard to the effectiveness of these procedures:

1.

The rules and procedures for managing the risks arising from maturity incongruities between predisposition and surveys for large-scale investments of a credit institution or group of credit institutions;

2.

the rules and procedures for controlling the concentration risk arising from the application of credit risk mitigation techniques, in particular from large indirect credit risks arising from the major investments of a credit institution or a credit institution group of credit institutions;

3.

the rules and procedures in the event of a crisis test indicating that a security has a lower disposal value than was credited under the provisions of paragraph 8 or 9;

4.

the suitability of the credit institution's estimates in order to reduce the exposure amounts in accordance with paragraph 9, provided that there is not already an authorization to do so in accordance with § 21a.

(20) In the event of a credit institution being subject to paragraphs 8 or 9, it shall also take appropriate account of the risks associated with the sale of collateral in crisis situations. The FMA has set out the criteria for the appropriateness of the crisis tests by means of a regulation, taking into account whether a credit institution uses the credit risk standard rate or the approach based on internal credit ratings. If, in the case of a type of collateral, such a crisis test should have a lower disposal value than that provided for in paragraph 8 or 9, the value of the security recognised in the context of the monitoring of the major assessment limits shall be: shall be immediately reduced accordingly.

(21) Credit institutions shall, as far as possible, have their exposures to issuers of financial collateral and collateral providers of personal securities and the assets underlying exposures in accordance with Article 22a (4) (13) and (15) to (16) to examine any concentrations and, where appropriate, to take appropriate measures. Important findings from this examination are to be reported to the FMA in writing.

(22) In the case of branches of foreign credit institutions whose positions according to § 22a are estimated to be unsecured with a weight of 20 VH, paragraphs 14 and 15 shall not apply, provided that the following conditions are met:

1.

The monitoring of the major assessments of the Austrian branch shall be carried out by the supervisory authority of the principal establishment of the credit institution,

2.

the rules on the limitation and supervision of large expound in the host Member State of the main establishment are at least equivalent to those laid down in Directive 2006 /48/EC, and

3.

a branch of an Austrian credit institution would receive comparable treatment in the host Member State concerned.

(23) If a credit institution exceeds the appropriate upper limit laid down in accordance with paragraphs 15 and 16, it shall immediately report the entire exposure value to the FMA, stating the reasons for this exceedance. Subject to other measures, the FMA may grant a reasonable time limit under this Federal Act until such time as the credit institution concerned has to comply with the ceiling in question again if, on the basis of the circumstances and in accordance with the provisions of the shall be appropriate for the exceptional circumstances of the exceedal overrun.

30. § 29a (3) reads:

" (3) The components of the own funds in accordance with Section 23 (1) shall also be credited in accordance with the provisions of section 23 (13) and (14) if they are to be issued as debts under international accounting standards. Own resources according to § 23 (1) Z 4 (silent reserves according to § 57 (1) and Z 7) (revaluation reserves according to § 23 (9)) are not to be calculated. Section 23 (11) (exchange rate conversion) shall not apply. The euro shall be deemed to be the reporting currency within the meaning of the international accounting standards. Reserves arising from the direct collection of profits and losses in equity shall be considered as open reserves in accordance with section 23 (1) (2), insofar as no deviating treatment is provided for in paragraph 4. "

31. The following paragraphs 4 and 5 are added to § 69:

" (4) The FMA shall, in the performance of its duties, duly take into account the possible impact of its decisions on the stability of the financial system in all the other Member States concerned and, in particular, in crisis situations. , it shall take account of the information available at the time. The general objective of taking into account the Community-wide stability of the financial system does not constitute a legal obligation on the part of the FMA to achieve a certain result, and it is therefore possible to claim compensation for damages on the basis of or failure to make certain results. In particular, such results do not cause any damage in the sense of the Impeachment Act-AHG, BGBl. No 20/1949.

(5) The FMA has taken into account the enforcement of the provisions of this Federal Law, including the authorisation and enforcement of regulations adopted on this basis, European convergence of supervisory instruments and supervisory procedures. - To this end, the FMA has been involved in the activities of the Committee of European Banking Supervisors (CEBS) and has adopted the guidelines, recommendations, standards and other decisions adopted by the Committee of European Banking Supervisors to apply measures, provided that there are no legitimate grounds on the part of the FMA to depart from these guidelines, recommendations, standards or measures; in this case, the FMA has the Committee of European Banking Supervisors on its grounds for non-application or deviation from the guidelines concerned, recommendations, standards or measures. "

32. In § 69b, the point shall be replaced by a stroke in Z 7; the following Z 8 and 9 shall be added:

" 8.

general criteria and methods for checking compliance with § 22d (10) and (11) and (§ 22f) (3) to (9);

9.

a summary of the results of the supervisory review and a description of the measures imposed in the event of an infringement of Section 22d (10) and (11) and (3) to (9) of the Directive, in the form of an annual summary of the results of the supervisory review, while respecting the secrecy of the public Report by 31 March of the following year at the latest; an ongoing under-year update shall not be made. "

33. In Section 70 (2), the following Z 1a is inserted after Z 1:

" 1a.

approve the exceeding of the accounting limits of section 23 (14) (1) (1) to (3); "

34. In § 70, the following paragraphs (4b and 4c) are inserted after paragraph 4a:

" (4b) A credit institution shall, in accordance with section 22d (11) and section 22f (6) to (8) and (9), last a credit institution, the FMA shall, without prejudice to para. 4 and 4a, have an adequate additional risk weight of at least 250 vH to the credit institution. to the risk weight to be applied to the securitisation positions concerned in accordance with § 22f, and, where this would not be inappropriate in the nature and seriousness of the infringement, without prejudice to the provisions of para. 4 and 4a, the credit institutions shall be subject to an additional Risk weight, which is due to the imposition of the additional Risk weight shall be the maximum risk weight of the securitisation position, in total, at a maximum of 1,250 VH. In determining the risk weight resulting from the imposition of the additional risk weight, the FMA has to deduct the risk weight for securitisations in accordance with Article 22f (5) which would apply to these securitisations. If the FMA first proceeds in accordance with paragraph 4 (1) (1), it may, in the event of failure to do so, prescribe an additional risk weight under this paragraph. In the event of a continuation, the FMA, taking into account the maximum permissible risk weight in the first sentence, has to require the credit institution to increase the already prescribed additional risk weight to an appropriate extent; the third and the fourth sentence shall apply accordingly.

(4c) Without prejudice to paragraph 4, the FMA shall order, in the event of a risk to the financial and solvency situation of the credit institution, a hybrid capital institution:

1.

The suspension of the repayment of temporary hybrid instruments;

2.

the failure to pay interest or dividends; the credit institution may, in accordance with the requirements laid down in Article 23 (17) (4), replace such failure by core capital of at least the same amount and quality;

3.

the transformation of hybrid capitals. "

35. The following paragraph 11 is added to § 70:

" (11) The FMA is authorized to order the temporary suspension of the requirements in accordance with § 22f (3) and (4) in times of generally tense market liquidity and after hearing the Oesterreichische Nationalbank (Oesterreichische Nationalbank) in accordance with Section 22f (3) and (4) if this is the case in the economic interest in a functioning banking system and the defence of significant disadvantages for the financial market seems necessary and appropriate. The time limit shall be limited to at least six months after entry into force of the Regulation; provided that the risk of significant disadvantages for the financial market continues after the expiry of the period, the FMA may apply the provisions referred to in this paragraph Extend the measure for up to a further six months. "

36. § 73 sec. 1 Z 19 reads:

" 19.

the advertisements in accordance with § 27 (19) with the apportioning of the relevant documents. "

37. § 74 (3) Z 1 reads as follows:

" 1.

with regard to the major predisposition in accordance with § 27

a)

the amount and the exposure value of each major assessment pursuant to Article 27 (2) is calculated,

b)

the nature of the dingy and personal securities used, where such use is made,

c)

the evidence in accordance with lit. a after taking into account the effects of risk-reduction techniques in accordance with § 27 (6), (10) and (13),

d)

the customer or group of connected customers in which the assessment is made and the names of those entities to which the group of connected customers are to be added,

e)

provided that the basis of assessment for the credit risk is determined by means of the internal rate-based approach, the twenty largest assessments referred to in (2) and (3) on a consolidated basis, without taking into account those apportionments which: shall be exempted from the application of Article 27 (15) and (16);

f)

in the case of the groups of connected clients and in the case of the application of the right of payment of the grant voting rights of § 27 (13), the individual pledges (third parties, securities debtors) separately. "

§ 75 (1) Z 5 reads as follows:

" 5.

the group of connected clients according to § 27 (11) (1) to (3) and (12), of which the debtor belongs; in this case, groups may, in accordance with § 27 (11) (1) (1), in which the lending credit institution is the parent company, as well as facts pursuant to Article 27 (11) (Z) 2 shall not be taken into account; the scope of the group shall be determined for the purposes of the Grand Credit notification under the Regulation of the FMA in accordance with paragraph 6, and may in particular be restricted to customers who are the creditor of the reporting institution; to the respective Member State of the group member. "

39. In Section 77 (5), in Z 3 the point is replaced by a stroke; after Z 3, the following Z 4 to 6 are added:

" 4.

Central banks of the European System of Central Banks and other bodies in the Member States with similar functions in their capacity as monetary authorities, if such information is provided for the exercise of their respective legal requirements. tasks, including the conduct of monetary policy and the associated provision of liquidity, the monitoring of payment transactions, clearing and securities settlement systems and the maintenance of the stability of the financial system, are relevant;

5.

Finance Ministries of the Member States;

6.

the Committee of European Banking Supervisors (CEBS). "

40. The final part of Section 77 (5) reads:

" The exchange of information and the transmission of information in accordance with Z 1 to 3 shall be permitted in each case, insofar as this is for the performance of the tasks of the competent authorities pursuant to Art. 44 (2), Art. 129 and Articles 139 to 142 of Directive 2006 /48/EC or Article 11 (1). 1 of Directive 2002/87/EC is required. The exchange of information and the transmission of information according to Z 4 and 5 shall be admissible only if this is necessary in crisis situations within the meaning of Article 130 of Directive 2006 /48/EC and in accordance with Z 5 also only insofar as the information for the purposes of of Art. 130 are relevant. The exchange of information with the competent authorities in accordance with Z 2 and 3 must, within the meaning of Article 46 of Directive 2006 /48/EC, on the condition of professional secrecy equivalent to Article 44 (1) of Directive 2006 /48/EC, comply with the requirements of Article 46 of Directive 2006 /48/EC, Supervisory tasks of the competent authorities shall be used. The exchange of information according to Z 6 may only be carried out subject to Articles 44 and 45 of Directive 2006 /48/EC and to the performance of supervisory tasks pursuant to Section 77b (5). FMA may forward information pursuant to paragraph 4 (4) (19) only if it has been expressly authorised by the competent authority which transmitted the information in question. "

41. § 77 (8) reads:

" (8) In the event of a crisis situation, including adverse developments on the financial markets, the market liquidity and the stability of the financial system in one of the Member States where undertakings of a group are authorised or significant If a branch office (§ 18) has been established, the FMA, as a consolidating supervisor, shall immediately alert the bodies referred to in paragraphs 5 (Z), 4 and 5 and have all the essential elements necessary for carrying out their duties Information to be transmitted. "

42. In § 77, the following is added after paragraph 8 of the following paragraph:

"(9) The Oesterreichische Nationalbank (Oesterreichische Nationalbank) is aware of a crisis situation or a dangerous economic development within the meaning of section 77 (8), it shall immediately inform the FMA about it."

43. § 77a reads:

" § 77a. (1) 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 on the way in which cooperation with the FMA and the Oesterreichische Nationalbank , in the performance of their tasks of supervision and supervision of credit institutions in accordance with § § 69 to 71, 77 and 77b, 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, in particular the transfer of additional tasks within the meaning of Article 131 of Directive 2006 /48/EC to the consolidating supervisor and to the procedures of the Cooperation, in particular in accordance with § 21g and § 77c.

2.

Agreements with competent authorities of third countries pursuant to Article 77 (5) (2) and (3), provided that the exchange of information with those competent authorities within the meaning of Article 46 of Directive 2006 /48/EC, subject to the condition of a Article 44 (1) of the Directive 2006 /48/EC of equivalent professional secrecy, which serves to fulfil the supervisory tasks of those competent authorities.

(2) The agreements referred to in paragraph 1 (1) (1) in particular include the cooperation of the FMA with the competent authorities of the Member States with regard to the provisions of Articles 42, 44 (2), 131a and 139 to 142 of Directive 2006 /48/EC or Article 11 (1) of Directive 2006 /48/EC of the European Parliament and of the Council of the European Parliament and of the Directive 2002/87/EC on the exchange of information.

(3) The agreements referred to in paragraph 1 (2) shall, in particular, regulate:

1.

The receipt of the information of the FMA required to have credit institutions or financial holding companies established in Austria and having a subsidiary in the form of a credit or financial institution in a third country, or hold a stake in such credit and financial institutions, on the basis of the consolidated financial situation;

2.

the information of the competent authorities of third countries which is required to supervise parent undertakings established in those third countries which have a subsidiary in Austria in the form of a credit or financial institution, or to hold holdings in such credit or financial institutions; and

3.

the conditions and admissibility of the audit of affiliated undertakings on a consolidated basis in a country of credit of a credit institution or of a financial holding company established in the other Member State by the the competent authority of the last-mentioned Agreement State.

(4) Where a framework agreement has been concluded by the Council of the European Union in application of Article 39 of Directive 2006 /48/EC with third countries, the principles contained therein shall be taken into account in the conclusion of agreements pursuant to paragraph 3. "

44.

In accordance with § 77a the following § § 77b and 77c together with the headings are inserted:

" Colleges of supervisors

§ 77b. (1) As a consolidating supervisor (§ 2 Z 9c), the FMA has to establish colleges of supervisors for the performance of the tasks pursuant to Articles 129 and 130 (1) of Directive 2006 /48/EC under its chairmanship. The FMA shall ensure appropriate coordination and cooperation with the competent authorities of third countries, where appropriate. The arrangements for the establishment and functioning of the colleges of supervisors shall be laid down after consultation with the competent authorities concerned in accordance with Section 77a.

(2) The FMA shall decide, as a consolidating supervisor, which other competent authorities and institutions in accordance with paragraph 3 participate in a meeting or an activity of the Board of Supervisors. In this decision, the FMA has the relevance of the supervisory activity to be planned or co-ordinated for the authorities concerned, in particular the possible impact on the financial stability of the Member States concerned in accordance with Article 69 (3) (a). 4, and to take the tasks into account in accordance with Article 42a (2) of Directive 2006 /48/EC. The FMA has to inform all members of the Board of Supervisors on a timely and comprehensive basis about:

1.

The organisation of the meetings of the colleges of supervisors,

2.

the main questions to be discussed and the activities envisaged,

3.

the actions adopted at these meetings and the measures taken.

(3) Subject to the decision by the FMA as a consolidating supervisor, a Board of Supervisors may participate:

1.

the competent authorities of the Member States responsible for the supervision of an EEA parent credit institution or credit institutions located downstream of an EEA parent financial holding company;

2.

the competent authorities of a host Member State in which major branches have been established;

3.

the Oesterreichische Nationalbank and other central banks of the Member States according to Z 1 and 2;

4.

competent authorities of third countries, provided that they have a professional secrecy equivalent to that of Article 44 (1) of Directive 2006 /48/EC and that they are responsible for cooperation in the performance of their supervisory functions.

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

1.

exchange of information;

2.

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

3.

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

4.

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

5.

the consistent application of the prudential provisions of Directive 2006 /48/EC to all credit institutions ' undertakings, without prejudice to the electoral rights and margins of discretion opened up by this Directive and by Directive 2006 /49/EC;

6.

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

(5) FMA has to inform the Committee of European Banking Supervisors (CEBS) of the activities of the colleges of supervisors in which it is chairing both normal and crisis situations, and to inform the Committee of all information, which are of particular concern for the purposes of the convergence of supervisory activities, subject to the provisions of Section 77 (5).

Cross-border decision-making

§ 77c. (1) Each year, the FMA, together with the other competent authorities responsible for supervising the downstream credit institutions established in other Member States, has the appropriateness of the own resources of a credit institution group. , to assess and, after consultation with those authorities, decide on the application of measures on the basis of the assessment pursuant to § 69 (2) and (3) at consolidated level and in accordance with Section 70 (4a).

(2) The FMA as a consolidating supervisor has to submit a report to the other competent authorities with a risk assessment of the credit institution group on the basis of its supervisory activities in accordance with Section 69 (2) and (3) and within a to decide jointly with those authorities on the measures referred to in paragraph 1 above. In the joint decision, the risk assessment carried out by the other competent authorities in accordance with Art. 123 and Article 124 of Directive 2006 /48/EC shall also be appropriate to the downstream institutions based in other Member States. consideration. The joint decision shall be set out in a document containing a full justification, and shall be notified to the parent credit institution by the FMA as a consolidating supervisor.

(3) A joint decision referred to in paragraph 2 by a consolidating supervisor of another Member State to the EEA parent credit institution shall be effective for subordinated institutions having their head office in the country as soon as the common decision has been notified to the EEA parent credit institution and has informed its downstream institutions, but not before it becomes effective in the host country of the EEA parent credit institution.

(4) In the case of disagreements of the competent authorities within the period referred to in paragraph 2, the FMA may consult the Committee of European Banking Supervisors (CEBS) as a consolidating supervisor. At the request of one of the other competent authorities within the same period, the FMA shall consult the Committee as a consolidating supervisor. If the latter has been consulted, the FMA shall take into account its opinion in the cases referred to in paragraphs 2, 5 and 6 in its decision and give reasons for any substantial deviation therefrom in the decision.

(5) If no joint decision is reached within the period referred to in paragraph 2, the FMA shall, as a consolidating supervisor, have on the credit institution group the application of measures pursuant to § 69 (2) and (3) and Section 70 (4a). of a consolidated basis, taking into account the views and reservations expressed by the competent authorities, as well as the risk assessments carried out during the period of the voting process referred to in paragraph 2 with regard to the downstream institutions, be taken into account in other Member States and, where appropriate, the Opinion in accordance with paragraph 4. The decisions of the FMA as a consolidating supervisor and the decisions of the other competent authorities shall be set out in a document with a full justification and shall have the risk assessments, views and withheld provisions, that the other competent authorities have carried out and expressed within the period referred to in paragraph 2 above. The FMA has to forward the document to all the competent authorities concerned and to deliver the document to the parent credit institution in a modest way. With the delivery to the parent credit institution with its registered office in Germany, the decision shall be deemed to be delivered to all the members of the credit institution group concerned. The parent credit institution with its registered office in Germany shall immediately inform all the downstream institutions of the decision. The decision shall be directly applicable to subordinated institutions with registered offices in Germany.

(6) In accordance with the fourth subparagraph of Article 129 (3) of Directive 2006 /48/EC, if a decision is taken by another competent authority (consolidating supervisor), the FMA shall have the effect of applying measures pursuant to Article 69 (2) and (3) and Section 70 (3) of the Directive. 4a to decide on an individual or a part-consolidated basis in the EEA parent credit institution, taking due account of the views and reservations of the consolidating supervisor. The FMA has to submit a copy of the certificate for the purposes of the sixth subparagraph of Article 129 (3) of Directive 2006 /48/EC of the consolidating supervisor.

(7) A decision taken by a consolidating supervisor in accordance with the law of another Member State pursuant to the fourth subparagraph of Article 129 (3) of Directive 2006 /48/EC shall become effective for subordinated institutions domicated in the country as soon as: the decision of the consolidating supervisor, having its head office in another Member State, has been notified to the EEA parent credit institution and has informed the latter of its downstream institutions, but not before the decision has been taken in the Member State of the European Economic Area (EEA) parent credit institution shall take effect.

(8) A new decision pursuant to paragraph 2 concerning the application of Article 136 (2) of Directive 2006 /48/EC is to be brought about if, in the event of exceptional circumstances, another competent authority with the FMA as a consolidating body The FMA may, in this case, carry out the procedure alone with the competent authorities responsible for the application of the procedure. "

45. § 97 (1) Z 6 reads:

" 6.

2 vH of exceeding of the large-scale assessment limits pursuant to § 27 (15), calculated per year, for 30 days, except in the case of supervisory measures pursuant to § 70 (2) or in the case of overindebtedness of the credit institution; this shall also apply in the event of exceeding the Large-scale assessment according to § 27 (16) "

46. In Section 98 (2), the following Z 4b is inserted after Z 4a:

" 4b.

the refund of the notification in the event of exceeding the appropriate upper limit for large-scale investment in respect of the eligible own funds under Article 27 (23); "

47. § 98 (2) Z 7 reads:

" 7.

the immediate written notification of the facts referred to in Article 73 (1) (1) (1) to (15) and (19) to the FMA shall be submitted; "

48. In § 103e Z 12 the phrase "31 December 2009" through the phrase "31 December 2010" replaced.

49. § 103e Z 14 is deleted.

50. In § 103f Z 2, the word sequences shall be "31 December 2010" through the word sequences "31 December 2014" replaced.

51. According to § 103m, the following § 103n is inserted:

" § 103n. After the entry into force of the Federal Law BGBl. I n ° 72/2010 shall be subject to the following transitional provisions:

1.

(to section 22d (10) and (11)):

Section 22d (10) and (11) shall apply to securitisations issued after the end of 30 December 2010. After 31 December 2014, Section 22d (10) and (11) shall also apply to securitisations which existed before 31 December 2010 and in which new underlying claims are added after the end of 31 December 2014, or existing underlying assets. Requests are replaced.

2.

(to § 22f (3) to (9)):

Section 22f (3) to (9) shall apply to securitisations issued after the end of 30 December 2010. After the end of 31 December 2014, Section 22f (3) to (9) shall apply to securitisations which existed before 31 December 2010 and where, after the end of the 31 December 2014, new underlying exposures are added or existing underlying assets are Requests are replaced.

3.

(to § 23 (14) (3a)):

For hybrid capital, which on December 31, 2010 at the consolidated level according to § 24 paragraph 2 Z 1 or § 103d in the version of the Federal Law BGBl. I n ° 152/2009, but the terms and conditions set out in Section 23 (4a) are not fulfilled, the following limits on the settlement of the settlement limits for hybrid capital shall apply in accordance with Section 23 (1) (3a) of the Code:

a)

31 December 2010 to 31 December 2020: 50 vH of the core capital,

b)

1 January 2021 to 31 December 2030: 20 vH of the core capital,

c)

1 January 2031 to 31 December 2040: 10 vH of the core capital.

If this transitional provision is used, the credit institution shall develop appropriate strategies and procedures in order to ensure that the capital components concerned are in accordance with § 23 (4a) as soon as possible. § 24 para. 2 Z 5 lit. g and h in the version of the Federal Law BGBl. I n ° 152/2009 will continue to apply until 31 December 2040, with the capital raised at least to meet the requirements laid down in Section 23 (4a).

4.

(to § 27 (6)):

For the purposes of Section 27 (6), the institution may be responsible for apportionment of institutions pursuant to § 27 sec. 3 Z 2 lit. b and Z 3 in the version of the Federal Law BGBl. I n ° 152/2009, which had already been granted and passed by the contract before 31 December 2010, continue to apply the provisions of Section 27 (3) (2) (2) (2) of the Treaty. b and Z 3 in the version of the Federal Law BGBl. I n ° 152/2009 will be applied until the end of the contractually agreed term, but at the latest until 31 December 2012.

5.

(to § 27 para. 10 Z 2):

After the entry into force of § 27 paragraph 10 Z 2 in the version of the Federal Law BGBl. No 72/2010 the credit institutions for apportionment which have been contracted by 30 June 2010 shall immediately initiate all organisational and technical arrangements to ensure that this provision is made no later than 31 December 2011. shall be appropriate.

6.

(to § 69b Z 9):

§ 69b Z 9 is to be applied for the first time on financial years beginning after 30 December 2010.

7.

(to § 79 para. 4b Z 3):

The Oesterreichische Nationalbank (Oesterreichische Nationalbank) has the cost estimate in accordance with § 79 (4b) Z 3 for the FMA fiscal year 2011, taking into consideration § 3 (8) in the version of the Federal Law BGBl. I n ° 72/2010 to 30 November 2010. '

Section 105 (5) reads as follows:

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

1.

Directive 2006 /48/EC on the taking up and pursuit of the business of credit institutions (OJ L 177, 30.4.2006, p No. 1), as amended by Directive 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. 97) and of Directive 2009 /83/EC amending certain annexes to Directive 2006 /48/EC laying down technical provisions on risk management (OJ L 302, 15.11.2009, p. No. OJ L 196, 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 organisations Associated banks, certain own resources, large expound, prudential rules and crisis management (OJ C 327, 22.4.2002, p. No. 97) and Directive 2009 /27/EC amending certain annexes to Directive 2006 /49/EC as regards technical requirements in the field of risk management (OJ L 302, 15.11.2009, p. No. OJ L 94 of 08.04.2009, p. 97).

53. The following paragraph 69 is added to § 107:

" (69) The III., XIV. and XXIV. Section of the outline, § 2 Z 9c, Z 23 lit. h and Z 57c, § 3 para. 8, § 18 with title, § 21b para. 3 Z 5, § 21b para. 4a, § 21g para. 1 and 5, § 22b para. 9 Z 3 and para. 10, § 22d para. 1, 2, 10 and 11, § 22f para. 3 to 9, § 22l para. 3, § 23 para. 1 Z 2 and 3a, para. 4a and 4b, 14 and 17, § 24 para. 2, § 25 (2), § 27, § 29a (3), Appendix 2 to § 43 , § 69 (4) and (5), § 69b Z 7 to 9, § 70 para. 2, 4b, 4c and 11, § 73 sec. 1 Z 19, § 74 paragraph 3 Z 1, § 75 para. 1 Z 5, § 77 para. 5, 8 and 9, § 77a, § § 77b and 77c, including the headings, § 97 paragraph 1 Z 6, § 98 para. 2 Z 4b and 7, § 103e Z 12, § 103f Z 2, § 103n Z 1 to 6 and § 105 (5) in the version of the Federal Law BGBl. I No 72/2010 will enter into force on 31 December 2010. Section 103e Z 14 shall expire on 30 December 2010. "

Article 3

Amendment of the Securities and Markets Act 2007

The Securities and Markets Act 2007-WAG 2007, BGBl. I n ° 60/2007, as last amended by the Federal Law BGBl. I n ° 58/2010, is amended as follows:

(1) The following paragraph 7 is added to § 12:

" (7) § 18 BWG, with the exception of paragraph 1 (1) (1) and (4) to (6) thereof, is to be applied by the FMA to investment firms within the meaning of paragraph 1, which exercise their activities in Austria through a branch, with the proviso that in § 18 BWG in the case of the term credit institution, the term investment firm is referred to in paragraph 1 and that investment firms are not investment firms in accordance with Article 20 (2) and (3) and Article 46 (1) of Directive 2006 /49/EC. "

(2) The following paragraph 4 is added to § 104:

" (4) Where reference is made in this Federal Act to Directive 2006 /49/EC, unless otherwise provided, Directive 2006 /49/EC on the capital adequacy of investment firms and credit institutions is in the text 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, supervisory arrangements and crisis management (OJ L 327, 27.12.2009, p. No. 97) and Directive 2009 /27/EC amending certain annexes to Directive 2006 /49/EC as regards technical requirements in the field of risk management (OJ L 302, 15.11.2009, p. No. OJ L 94 of 08.04.2009, p. 97).

(3) The following paragraph 9 is added to § 108.

" (9) § 12 para. 7 and § 104 (4) in the version of the Federal Law BGBl. I No 72/2010 will enter into force on 31 December 2010. '

Article 4

Change of company employee and self-employment law

The company employee and self-employment pension law, BGBl. No 100/2002, as last amended by the Federal Law of the Federal Republic of Germany (BGBl). I n ° 152/2009, shall be amended as follows:

1. In § 30 sec. 2 Z 2 the reference "§ 27 (3) Z 1 BWG" by reference "§ 27 (6) Z 1 BWG" replaced.

(2) The following paragraph 14 is added to § 73:

" (14) § 30 sec. 2 Z 2 in the version of the Federal Law BGBl. I n ° 72/2010 will enter into force on 31 December 2010. '

Fischer

Faymann