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68. Federal law establishing a federal law on the effective implementation of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ L 378, 27.12.2009, p. No. 1) (the Act on the Enforcement Of The Credit Rating Agency-RAVG), as well as the law on the supervision of financial markets, is amended
The National Council has decided:
Article 1
Federal law on the effective implementation of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ L 327, 30.12.2009, p. No. OJ L 302, 17.11.2009, p. 1) (Rating Agency Enforcement Act-RAVG)
table of contents
| § 1. Purpose of this Act |
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| § 2. Competent Authority |
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| § 3. Supervision |
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| § 4. Cost |
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| § 5. Criminal provisions |
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| § 6. Procedural rules and publication |
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| § § 7. and 8. References and Regulations |
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| § 9. Enforcement |
Purpose of this Act
§ 1. (1) This federal law serves the purpose of the effective implementation of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ L 327, 30.12.2009, p. No. OJ L 302, 17.11.2009, p. 1).
(2) Insofar as the "EC Regulation" is referred to in this Federal Act, the term "EC Regulation" shall be understood as meaning the Regulation referred to in paragraph 1.
Competent authority
§ 2. The FMA is the competent authority of the EEA Member State Austria for the purposes of the EC Regulation and, without prejudice to the tasks assigned to it in other federal laws, takes the responsibility of a competent authority in accordance with the EC Regulation. Tasks and powers are true and have to monitor compliance with the provisions of this federal law and the EC regulation. In the context of its supervisory activities under this Federal Act and the EC Regulation, the FMA must also take into account, in particular, the guidelines laid down in Article 21 of the EC Regulation.
Supervision
§ 3. (1) The FMA may, in accordance with Art. 24 (1) (1). In particular, the EC Regulation shall, in particular, take the following measures to ensure that credit rating agencies comply with the legal requirements of the EC Regulation:
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The credit rating agency shall, under the threat of a penalty, apply to establish the lawful condition within that period, which is appropriate with regard to the circumstances of the case; |
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In the event of a repetition or continuation, the directors of the credit rating agency shall prohibit the management in whole or in part, unless this would be inappropriate in the nature and seriousness of the infringement or the FMA pursuant to Art. 24 (1) (lit). d in conjunction with Art. 25 (1) lit. b of the EC Regulation, and the restoration of the legitimate condition can be expected by repeated action in accordance with Z 1; in this case the first imposed penalty is to be carried out and the order under threat of a higher To repeat the penalty. This process can be repeated several times. |
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(2) The FMA may, with the authorities and central banks of third countries, which are responsible for the tasks of the competent authorities of Member States pursuant to Article 22 of the EC Regulation or the authorities and central banks referred to in Article 27 (2) of the EC Regulation To perform tasks, work together. Such cooperation shall be permitted within the same framework, scope and subject to the same restrictions as those laid down in Articles 26, 27 and 28 (1), first sentence and (2) of the EC Regulation, to the extent to which such cooperation is intended to fulfil the tasks of those authorities and central banks from third countries are required and the information forwarded in the framework of this cooperation shall be subject to a professional secrecy equivalent to Article 32 of the EC Regulation to those authorities and central banks, and shall be in accordance with Chapter IV of Directive 95 /46/EC. For the purposes of cooperation pursuant to this paragraph or Title III, Chapter III, of the EC Regulation, the FMA may also make use of its powers exclusively for the purposes of such cooperation, even if the Behaviour which is the subject of the investigation does not constitute an infringement of a provision in force in Austria.
(3) Proceedings in accordance with the EC Regulation shall be deemed to have been issued by the FMA in the absence of an earlier delivery attempt than in the meaning of the EC Regulation. In relation to the addressees, the time-limits bound to the service remain according to the general administrative procedure rules and the rules of the delivery law, BGBl. No 200/1982, in the version BGBl. I n ° 5/2008.
Cost
§ 4. (1) The costs incurred by the FMA as the competent authority of the home Member State are the costs of the securities supervision unit (Section 19 (1) (3) and (4) of the FMABG) and are the responsibility of the credit rating agencies for which the FMA is responsible for the competent authority of the home Member State. These rating agencies are liable for costs pursuant to Section 90 (1) WAG 2007. To this end, the FMA has, in addition to the subaccounts provided for in § 90 para. 1 WAG 2007, to form an additional sub-accounting for credit rating agencies in the securities supervision accounting system.
(2) The amounts of the amounts paid to credit rating agencies as a subject under Section 90 (1) WAG 2007 shall be required by the FMA; the fixing of flat-rate amounts shall be permitted. The FMA has set out more detailed rules on this division of costs and on its terms of reference with regulation. In particular, the following rules shall apply:
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The tax bases for the different types of cost prescriptions; |
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The dates for the costs and the time limits for the payment of the payer. |
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| In the case of Regulations pursuant to Z 1 and 2, account shall be taken of the extent of the rating activities carried out. The credit rating agencies shall provide the FMA with all the necessary information on the bases of the cost measurement. Section 90 (2) WAG 2007 does not apply. |
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Criminal provisions
§ 5. (1) Anyone who makes ratings without the necessary authorisation under the EC Regulation is subject to an administrative surrender and is punished by the FMA with a fine of up to EUR 50 000.
(2) Anyone who uses ratings contrary to Art. 4, 5 or 24 (2) of the EC Regulation is subject to an administrative surrender and shall be punished by the FMA with a fine of up to € 30 000.
(3) Anyone who violates the obligation to provide information in prospectuses pursuant to Article 4 (1) of the EC Regulation shall be subject to an administrative surrender and shall be punished by the FMA with a fine of up to EUR 30 000.
(4) Any person who is in breach of an obligation under Articles 6, 7, 8, 9, 10, 11, 12, 13 or Annex I to the EC Regulation shall be subject to an administrative surrender and shall be punished by the FMA with a fine of up to EUR 10 000.
Procedural rules and publication
§ 6. (1) The FMA shall be responsible for the imposition of administrative penalties in accordance with § 5.
(2) In the case of administrative prosecution proceedings pursuant to § 5, a limitation period of 18 months shall apply in place of the period of limitation of § 31 para. 2 VStG of six months.
(3) The amount of EUR 30 000 shall be replaced by the amount of the amount provided for in Article 5 (3) of the VVG for the execution of a seizage pursuant to this Federal Act or the EC Regulation.
(4) The FMA may take measures pursuant to Art. 20, 23, 24 or 25 of the EC Regulation as well as sanctions in accordance with § 5 by the Internet, print in the "Official Journal to the Wiener Zeitung" or in a newspaper with distribution throughout the Federal Republic of Germany. to make known. Any publication of measures may be carried out only where this is necessary in the light of the nature and seriousness of the breach of information to the public and is proportionate to the potential disadvantages of the person concerned. Sanctions shall be notified unless such disclosure would seriously endanger the stability of the financial markets or cause disproportionate damage to the parties concerned. These publication measures may also be taken cumulatively.
(5) The FMA may inform the public of the fact that a named legal entity is required to submit credit ratings by way of a presentation on the Internet, printing in the "Official Journal of the Vienna Newspaper" or in a newspaper with distribution throughout the Federal Republic of Germany. the EC Regulation, provided that the person concerned has given rise to this and is required to provide information to the public and is proportionate to the possible disadvantages of the person concerned. These publication measures may also be taken cumulatively. This person must be clearly identifiable in the publication; for this purpose, as far as the FMA is known, business address or residential address and company book number, Internet address, telephone number and fax number may also be specified.
(6) The person concerned by the publication may request a review of the legality of the publication in accordance with paragraph 4 or 5 in a procedure to be carried out in a modest way with the FMA. The FMA has to make known the introduction of such a method in the same way. If, in the context of the review, the unlawfulness of the publication is determined, the FMA shall correct the publication correctly or, at the request of the person concerned, either withdraw it or remove it from the internet presence. If a complaint against a communication which has been made known in accordance with paragraph 4 is granted suspensive effect in proceedings before the courts of the courts, the FMA shall disclose this in the same way. The publication shall be correct or, at the request of the person concerned, either to be revoked or to be removed from the internet presence if the communication is cancelled.
References and Regulations
§ 7. (1) Where reference is made in this Federal Act to Directive 95 /46/EC, this is in the wording of Directive 95 /46/EC of the European Parliament and of the Council on the protection of individuals with regard to the processing of personal data and on the protection of natural persons. Free movement of data (OJ No. OJ L 281, 23.11.1995, p. 31).
(2) Regulations on the basis of this Federal Act, as amended, may already be issued from the day following the presentation of the Federal Act to be carried out; however, they may not be issued prior to the application of the Act to the Legislative provisions enter into force.
§ 8. Insofar as personal names are only mentioned in male form in this federal law, they refer to women and men in the same way. The gender-specific form is to be used in the application to certain persons.
Enforcement
§ 9. The Federal Minister of Finance is responsible for the enforcement of this federal law.
Article 2
Amendment of the Financial Market Supervisory Authority Act
The Financial Market Supervisory Authority Act-FMABG, BGBl. I n ° 97/2001, as last amended by the Federal Law BGBl. I No 37/2010, is hereby amended as follows:
1. In § 2 para. 3, after the word order " Financial conglomerate law, BGBl. I No 70/2004, " the phrase " in the Ratingagenturenvolltract Act-RAVG, BGBl. I No 68/2010 " inserted.
2. In § § 22b, 22c and 22d, after the reference "§ 47 PKG" in each case an attic and the reference "§ 5 (1) RAVG" inserted.
Fischer
Faymann
