69. Federal Law, which provides for the Federal Act on the effective implementation of Regulation (EU) No 909/2014 on the improvement of the supply of securities and
-the accounts in the European Union and the Central depositary, as well as the amendment of Directives 98 /26/EC and 2014 /65/EU and Regulation (EU) No 236/2012 (Central depositary law enforcement law-ZvVG), as well as the Law on the Financial Market Supervisory Authority, the Banking Act, the Securities Supervision Act 2007, the Stock Exchange Act 1989, the Central Counterparty Enforcement Act, the Depository Law, the Stock Corporation Act, the Finality Act and the Capital Market Act are amended

The National Council has decided:

table of contents

Article 1	Implementation Notice
Article 2	Central depositary law enforcement law (ZvVG)
Article 3	Amendment of the Financial Market Supervisory Authority Act
Article 4	Amendment of the Banking Act
Article 5	Amendment of the Securities and Markets Act 2007
Article 6	Amendment of the 1989 Stock Exchange Act
Article 7	Amendment of the Central Counterparty Law on Enforcement
Article 8	Amendment of the depot law
Article 9	Amendment of the Stock Corporation Act
Article 10	Amendment of the Finality Act
Article 11	Amendment of the Capital Market Act

Article 1

Implementation Notice

This federal law serves the effective implementation of Regulation (EU) No 909/2014 in order to improve the supply and settlement of securities in the European Union and through central securities deburners and amending Directives 98 /26/EC and 2014 /65/EU and Regulation (EU) No 236/2012, OJ L 327, 28.11.2012 No. OJ L 257, 28.08.2014 p. 1.

Article 2

Federal law on the effective implementation of Regulation (EU) No 909/2014 on the improvement of the supply and settlement of securities in the European Union and on central securities deburners and amending Directives 98 /26/EC and 2014 /65/EU and the Regulation (EU) No 236/2012 (Zentralverdepositer-Volltraction Act-ZvVG)

table of contents

Part 1 Central Verwahrer
§ 1.	Competent authority
§ 2.	Supervision
§ 3.	Provisions concerning the planning of remediation and settlement
§ 4.	Criminal provisions
§ 5.	Criminal provisions relating to legal persons
§ 6.	Effective sanction of infringements
§ 7.	Notification of violations
§ 8.	Notification to ESMA
§ 9.	Specific procedural provisions
§ 10.	Publication of measures and sanctions
§ 11.	Cost
Part 2 Provision of bank-like ancillary services
§ 12.	Concession
§ 13.	Criminal provisions
§ 14.	Criminal provisions relating to legal persons
§ 15.	Cost
Part 3 Final provisions
§ 16.	The concept of stricter prudential requirements
§ 17.	Linguistic equality
§ 18.	Transitional provision
§ 19.	Enforcement
§ 20.	References
§ 21.	Transitional provisions and entry into force

Part 1

Central Verwahrer

Competent authority

§ 1. (1) The FMA is the competent authority of Austria in accordance with Article 11 (1) of Regulation (EU) No 909/2014 on the improvement of the supply and settlement of securities in the European Union and of the Central Securities Committee and of the amendment of the Directives 98 /26/EC and 2014 /65/EU and Regulation (EU) No 236/2012, OJ L 206, 22.7.1998, p. No. 1, and takes account of the tasks and powers conferred on the competent authorities in accordance with Article 11 (1) of Regulation (EU) No 909/2014, and has complied with the provisions of this Federal Law and of Regulation (EU) No 909/2014.

(2) The FMA and the Oesterreichische Nationalbank shall cooperate closely in order to carry out their respective duties effectively in accordance with the provisions of this Federal Act. Section 79 (1) to (4a), 4b (4) and (5) of the Banking Act (BWG), BGBl. 532/1993, is subject to the proviso that the tasks of the Oesterreichische Nationalbank, which are regulated in the area of banking supervision, shall apply to the purposes of this Federal Act on the supervision of central securities deers.

(3) The FMA has to take account of the European convergence of supervisory instruments and supervisory procedures in the enforcement of this federal law and of Regulation (EU) No 909/2014. To this end, the FMA has to apply the guidelines, recommendations and other measures adopted by the ESMA (European Securities and Markets Authority) within the scope of Regulation (EU) No 909/2014. The FMA may derogate from these guidelines and recommendations, provided that there is an justified reason, in particular contradiction to federal regulations.

(4) The tasks, rights and obligations of the Oesterreichische Nationalbank in the area of payment system supervision in accordance with Section 44a of the National Bank Act 1984-NBG, BGBl. No. 50/1984, remain unaffected by the provisions of this Federal Law.

Supervision

§ 2. (1) As part of the monitoring of compliance with the provisions of this Federal Law and of Regulation (EU) No. 909/2014, the FMA is entitled at any time by central-class-ververt:

1.		to inspect the books, records and media of a central depositary, and to obtain copies of them,
2.		require a central deer and its institutions to provide information, to invite and to consult persons,
3.		carry out on-the-spot audits by auditors and audit firms or by other experts,
4.		to commission the Oesterreichische Nationalbank with the examination of a central depositary; the competence of the Oesterreichische Nationalbank for the on-the-spot audit in the area of supervision of the central depositary extends comprehensively to the examination of all business fields and all types of risk; the Oesterreichische Nationalbank has to ensure that it has sufficient human and organisational resources to carry out the above-mentioned audits; the FMA is entitled to own Employees participate in examinations of the Oesterreichische Nationalbank ,
5.		to request already existing records of telephone calls and data transfers from a central deverer, or
6.		to obtain information from the auditor of a central depositary.

(2) In the case of an examination in accordance with Section 1 (3) and (4), the examination bodies must be provided with a written examination order and have to show unsolicly before the start of the examination, as well as to show the examination order. Moreover, § 71 (1) to (6) of the Federal Elections Act shall apply. With regard to the cooperation of the FMA with the Oesterreichische Nationalbank and the taking of examinations by these, § 70 (1a) to (1c) and § 79 (1) to (4a), 4b (4) and (5) of the Federal Elections Act (BWG) shall apply.

(3) In order to avoid a risk for the fulfilment of the obligations of a central depositary, the FMA may order temporary measures by means of a communication which shall not enter into force at the latest 18 months after the beginning of the effective date. The FMA can in particular:

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

(4) The FMA may, at the request of the government commissioner, appoint a deputy if and as long as this is necessary for important reasons, in particular because of temporary prevention of the government commissioner. The appointment of the deputy as well as his/her rights and duties shall be subject to the provisions applicable to the Government Commissions. The Government Commissioner may, with the approval of the FMA, be able to meet professionally qualified persons in order to fulfil his duties, to the extent that this is necessary in accordance with the scope and difficulty of the tasks. The approval of the FMA has to be named and is to be added to the Central Orphanage. These persons act on instructions and on behalf of the government commissioner or his deputy.

(5) The FMA has to obtain reports on appropriate government commissioners from the Austrian Bar Association and from the Chamber of Economic Scatterers. If a Government Commissioner is to be appointed pursuant to paragraph 3 (2) (2) or a deputy pursuant to paragraph 4 and if no order is possible on the basis of these reports, the FMA shall have the Chamber of Lawyers in charge of the seat of the Central depositary or the To notify the Chamber of Business Scatters so that they can repudiate a professional lawyer or chartered accountant as a government commissioner. In case of danger in default, the FMA

1.		a lawyer or
2.		an auditor
provisionally order as government commissioner. This order shall be repeal with the appointment of a lawyer or auditor in accordance with the first sentence or in accordance with paragraph 3 Z 2.

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

(7) insults with which heads of business are prohibited in whole or in part from the management of a central depositary (paragraph 1). 3 and Section 8), as well as any cancellation of this measure, are to be sent by the FMA to the Company's Book Court for entry in the Company Book.

(8) Last but not least, a central ververt of this federal law, a regulation adopted pursuant to this Federal Act or the Regulation (EU) No. 909/2014, may be the subject of the FMA

1.		to apply to the Central Custodial Custodial, under threat of a penalty, to establish the lawful condition within that period, which is appropriate in view of the circumstances of the case;
2.		in the event of a repetition or continuation, the management of the central depositary shall prohibit the management in whole or in part, unless this would be inappropriate in the nature and seriousness of the infringement and the restoration of the legitimate right to State 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 must be repeated under threat of a higher penalty.

(9) FMA may cooperate with authorities and central banks from third countries carrying out a task which is the responsibility of a competent authority in accordance with Article 10 of Regulation (EU) No 909/2014 or that of a competent authority in accordance with Article 10 of Regulation (EC) No 909/2014. 12 of Regulation (EU) No 909/2014. Such cooperation, including the exchange of information, shall be admissible in so far as it relates to the tasks of a competent authority or authority concerned or to the tasks of a third country authority or central bank; These areas of responsibility include, in particular, the authorisation and supervision of central depositors pursuant to Article 2 (1) (1) of Regulation (EU) No 909/2014, as well as of third country central depositors pursuant to Article 2 (1) (2) of Regulation (EU) No. 909/2014 as well as the prosecution of administrative transgressions. FMA may make use of its powers exclusively for the purposes of cooperation under this paragraph, even if the cooperation is based on an investigative procedure in the third country on account of a conduct which does not Infringement of a rule in force in Austria.

Provisions concerning the planning of remediation and settlement

§ 3. (1) A central verwaist has the FMA

1.		to submit a recovery plan in accordance with Article 22 (2) of Regulation (EU) No 909/2014,
a)			that has to contain all the information that will ensure the continuation of its critical activities, and
b)			which, where an authorisation is granted to the Central Orphanage in accordance with Article 54 (3) of Regulation (EU) No 909/2014, must also contain all the information which will ensure the continuation of its critical activities, even if the result is a consequence of: the provision of bank-related ancillary services to liquidity or credit risks,
2.		submit a settlement plan in accordance with Article 22 (3) of Regulation (EU) No 909/2014, which shall contain all the information which will ensure the continuation of its critical core tasks;
3.		submit an emergency recovery plan in accordance with Article 45 (3) of Regulation (EU) No 909/2014, which shall contain all information relating to events which involve a significant risk of disruption to business operations, the maintenance of the services, the rapid restoration of business operations and the performance of its duties.

(2) A designated credit institution pursuant to § 2 Z 34a of the Federal Elections Act (BWG) shall have a restructuring plan to be submitted in accordance with Art. 54 (4) (lit). g of Regulation (EU) No 909/2014 to include all the information which will ensure the continuation of its critical activities even if liquidity or credit risks arise as a result of the introduction of bank-related ancillary services.

(3) The FMA has to lay down, by means of a regulation, the minimum content which:

1.		in any case, a recovery plan must be included in order to ensure the continuation of the critical activities of a central depositary,
2.		a recovery plan for a central depositary who is granted an authorisation pursuant to Article 54 (3) of Regulation (EU) No 909/2014 for the provision of ancillary ancillary services by the same legal person, in addition to the content referred to in Z 1, in any case , in order to ensure the continuation of its critical activities even if liquidity or credit risks arise as a result of the provision of bank-related ancillary services,
3.		must include a settlement plan in order to ensure the continuation of the critical core tasks of a central depositary;
4.		must include an emergency response plan in order to ensure the maintenance of services, the rapid re-establishment of business operations and the maintenance of the services, in the event of a significant risk of disruption to the business operations; to ensure the fulfilment of the duties of a central depositary,
5.		a restructuring plan of a designated credit institution in accordance with § 2 Z 34a of the Federal Elections Act must, in any case, be included in order to ensure the continuation of its critical activities, even if it is a consequence of the introduction of bank-related ancillary services Liquidity or credit risk.
The regulations according to Z 2 and 5 have one according to the Sanation and Settlement Act-BaSAG, BGBl. I n ° 98/2014, to be drawn up. The Regulation in accordance with Z 3 shall take into account the size and relevance of the system and the nature, scope and complexity of the central depositary's operations and, in addition, any settlement plan to be drawn up in accordance with the provisions of BaSAG. The Regulation in accordance with Z 4 is to be adopted only subject to the technical regulatory standards to be adopted pursuant to Article 45 (7) of Regulation (EU) No 909/2014.

(4) The FMA may, by a central processor and a designated credit institution in accordance with § 2 Z 34a of the Federal Elections Act (BWG), rectify a restructuring plan, a settlement plan or an emergency restructuring plan, taking into account the requirements set out in paragraph 3. if it is in doubt that the plan submitted is correct or effective in order to achieve the objectives set out in paragraph 1 or 2.

Criminal provisions

§ 4. (1) Who

1.		contrary to Art. 16 or 25 of Regulation (EU) No 909/2014, providing services in accordance with sections A or B of the Annex to Regulation (EU) No 909/2014 without the necessary authorization, or
2.		as the person responsible (§ 9 of the Administrative Criminal Law 1991-VStG, BGBl. (No 52/1991) of a central depositary
a)			is in breach of the obligation laid down in Article 47 (1) of Regulation (EU) No 909/2014 to have sufficient capital adequacy, or against any related obligations under the terms of Article 47 (3) of Regulation (EU) No 909/2014 909/2014 is in breach of regulatory technical standards;
b)			do not comply with the organisational requirements laid down in Articles 26 to 30 of Regulation (EU) No 909/2014, or have obligations arising from it pursuant to the provisions of Article 26 (8) or Article 29 (3) of Regulation (EU) No 909/2014 regulatory technical standards;
c)			do not comply with the conduct of business rules laid down in Articles 32 to 35 of Regulation (EU) No 909/2014, or in respect of obligations arising out of them in accordance with the technical regulatory standards adopted pursuant to Article 33 (5) of Regulation (EU) No 909/2014 ,
d)			do not comply with the requirements for central processing services in accordance with Articles 37 to 41 of Regulation (EU) No 909/2014, or have obligations arising from it in accordance with the provisions adopted pursuant to Article 37 (4) of Regulation (EU) No 909/2014 regulatory technical standards;
e)			does not comply with the prudential requirements laid down in Articles 43 to 47 of Regulation (EU) No 909/2014, or in respect of obligations arising from it pursuant to Articles 48 (7), 46 (6) or 47 (3) of Regulation (EU) No 909/2014 is in breach of regulatory technical standards;
f)			does not comply with the requirements for central-ververt-connections in accordance with Article 48 of Regulation (EU) No 909/2014,
g)			abusive refusal to grant access in accordance with Articles 49 to 53 of Regulation (EU) No 909/2014, or to obligations arising from it pursuant to Articles 49 (5), 52 (3) or 53 (4) of Regulation (EU) No 909/2014 is in breach of regulatory technical standards, or
h)			the authorisation pursuant to Article 16 or the authorisation provided for in Article 54 of Regulation (EU) No 909/2014 has been brought about by false information or has made it difficult for other unlawful means to make it difficult;
shall be subject to an administrative surrender and shall be punished by the FMA with a fine of up to 5 million euros, or up to two times the benefit drawn from the infringement, to the extent that it can be used to quantify it.

(2) Those who are responsible (§ 9 VStG) of a central depositary

1.		in breach of the obligations laid down in Article 6 (3) and (4) of Regulation (EU) No 909/2014, to take the necessary measures to prevent failed developments; or
2.		in breach of the obligations laid down in Article 7 (1) to (3), (9) and (10) of Regulation (EU) No 909/2014, to take the necessary measures to combat failed developments;
is an administrative transgressing and is punishable by the FMA with a fine of up to 150 000 euros.

(3) For the prosecution of the transgressions referred to in paragraph 1 Z 1, the FMA may, without prejudice to the application of § 2 (1), the Act of FMABG, Federal Law Gazette (BGBl) in § 22b of the German Financial Market Supervisory Authority Act (FMABG). I n ° 97/2001.

(4) The fines imposed by the FMA pursuant to this Federal Act shall be paid to the Federal Government.

Criminal provisions relating to legal persons

§ 5. (1) The FMA may impose financial penalties on legal persons where natural persons who have acted either alone or as part of an organ of the legal person and who have a leading position within the legal person

1.		the power to represent the legal person,
2.		the power to take decisions on behalf of the legal person, or
3.		an authority of control within the legal person
, in so far as the action does not constitute a criminal offence within the jurisdiction of the Courts, in breach of the obligations laid down in Article 4.

(2) Legal persons may also be held liable for breaches of the obligations referred to in § 4, if a lack of supervision or control by a person referred to in paragraph 1 is committed to the commission of such violations by a person referred to in paragraph 4 above. of a legal person.

(3) The financial penalty referred to in paragraph 1 or 2 shall be up to 20 million euros or up to two times the benefit drawn from the infringement, insofar as it may be quantified, or up to 10 vH of the total annual turnover in accordance with paragraph 4.

(4) The total annual turnover in accordance with paragraph 3 shall be determined in the case of a legal person in accordance with Art. 63 (2) (lit). g of Regulation (EU) No 909/2014. As far as the FMA is unable to determine or calculate the basis for the annual total turnover, it has to estimate it. Account shall be taken of all the circumstances which are of importance for the estimation.

(5) The FMA may depart from the punishment of a person responsible pursuant to § 9 of the VStG if an administrative penalty is already imposed on the legal person for the same infringement and there are no special circumstances which are subject to an abuding of the Punishing against punishment.

(6) The fines imposed by the FMA pursuant to this Federal Act shall be paid to the Federal Government.

Effective sanction of infringements

§ 6. In determining the nature of the sanction or measure for non-compliance with the provisions of this Federal Law or Regulation (EU) No 909/2014, as well as in the assessment of the amount of a fine, shall be appropriate, in particular those in Art. 64 of Regulation (EU) No 909/2014. The provisions of the VStG shall remain unaffected by this.

Notification of violations

§ 7. (1) The central demise shall have appropriate procedures to enable their employees to respect the confidentiality of their identity, internal infringements of the provisions of this Federal Law or against the grounds of this law. Federal law issued regulations or orders to report to a suitable position against the provisions of Regulation (EU) No 909/2014 or of a decision issued on the basis of this Regulation. The procedures shall be in accordance with the requirements of Article 65 (2) (b), (c) and (d) of Regulation (EU) No 909/2014.

(2) The FMA shall have at its disposal the effective mechanisms referred to in Article 65 (2) of Regulation (EU) No 909/2014 which encourage infringements or suspicions of a breach of the provisions of this Federal Act or on grounds of reason. The provisions of Regulation (EU) No 909/2014 or of a date adopted on the basis of this Regulation shall be notified to this Federal Act.

Notification to ESMA

§ 8. Each year, the FMA has to provide ESMA with a summary information on all administrative sanctions and other measures imposed in accordance with Section 4 (1).

Specific procedural provisions

§ 9. (1) In the case of administrative prosecution proceedings pursuant to § 4 (1), § 4 (2) and § 13 (1), a limitation period of 18 months shall be applied instead of the limitation period of § 31 paragraph 1 VStG.

(2) For the execution of a seizment under this Federal Act or Regulation (EU) No. 909/2014, takes the place of the one in Section 5 (3) of the Administrative Enforcement Act 1991 (VVG), BGBl. No 53/1991, the amount of the sum of EUR 30 000.

(3) In proceedings pursuant to Sections 1, 2 and 3 in conjunction with Title III, Chapter I, Sections 2 and 3 of Regulation (EU) No 909/2014, the filing of a deposit with the FMA without prior delivery attempt shall be deemed to be within the meaning of Regulation (EU) No. 909/2014. . In relation to the addressees, the time-limits bound to the delivery shall remain in accordance with the general administrative procedure rules and the rules of the Delivery Law-ZustG, BGBl. No 200/1982.

Publication of measures and sanctions

§ 10. (1) The FMA has the name of the natural person, the central depositary or the other legal entity in respect of measures taken by the FMA and sanctions for infringement of the provisions of this Federal Act or of Regulation (EU) No 909/2014. To disclose the nature and nature of the underlying infringement on the Internet to persons to which the measures and sanctions taken are to be directed, after the person concerned has taken the decision to use the the measure or sanction has been imposed (publication). The publication shall also be supplemented by any judicial decision to affirm the affirmative decision.

(2) According to a case-by-case assessment of the proportionality of the disclosure of the information in question, the FMA has concluded that the publication of the identity of the legal persons or of the personal data of the natural persons concerned persons would be disproportionate, or if the contract notice would endanger the stability of the financial markets or ongoing investigations, the FMA may either:

1.		the decision imposing the sanction or other measure shall not be notified unless the reasons for its non-disclosure have been omitted, or
2.		the decision imposing the sanction or other measure shall, in accordance with national law, be made known in an anonymized form if such an anonymized notice ensures the effective protection of personal data, or
3.		of the decision imposing the sanction or any other measure, if the possibilities of Z 1 or 2 do not, in their opinion, be sufficient to ensure that:
a)			the stability of the financial markets is not jeopardised or
b)			in the case of measures which are considered to be minor, in the event of a publication of such decisions, proportionality is respected.
Where it is decided to disclose a sanction or other measure in an anonymised form, the notification of the relevant information may be postponed for a reasonable period of time if it is to be assumed that the reasons for a anonymized notice will be eliminated over the course of this period.

(3) The person affected by the publication may request a review of the legality of the publication in accordance with paragraph 1 in a procedure to be carried out in a modest way at 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 1 is granted suspensive effect in a court proceedings, the FMA shall make this known 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 decision of the FMA or the decision additionally published in accordance with the last sentence of paragraph 1 has been repealed. .

(4) The FMA shall notify ESMA of the penalties provided for in paragraph 1, which have not been disclosed but not disclosed pursuant to paragraph 2 (2), and all remedies in connection with sanctions and the results of the appeal procedures.

(5) The FMA has to make every publication available on the official website for five years according to this provision.

Cost

§ 11. (1) The costs incurred by the FMA as the competent authority of the home Member State for the admission and supervision of central securities depositories are the costs of the securities supervision accounting system (Section 19 (1) (3) and (4) FMABG) and are to reimburse those central depositors for whom the FMA exercises duties as the competent authority of the home Member State. To this end, the FMA has, in addition to the provisions of Section 90 (1) of the Securities Supervision Act 2007-WAG 2007, BGBl. I n ° 60/2007, to form an additional sub-accounting circuit for central counterparties in the Securities Regulators ' accounting system.

(2) The amounts to be paid on the basis of charges pursuant to paragraph 1 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:

1.		The tax base;
2.		The dates for the costs and the time limits for the payment of the payer.
The Regulation may also include participation in the costs of banking supervision where the provision of bank-related ancillary services as a credit institution in accordance with Article 8 of Directive 2013 /36/EU on access to the activities of credit institutions and the Supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006 /48/EC and 2006 /49/EC, OJ L 108, 27.4.2006, p. No. OJ L 176 of 27.06.2013 p. 338, as last amended by Directive 2014 /59/EU, OJ L 176, 15.7.2014, p. No. 190 of 12 June 2014, approved by the Central Deeper pursuant to Article 54 (3) of Regulation (EU) No 909/2014, and at the cost of the rest of the supervision of securities, if the provision of non-explicit provision in sections A and B of the Annex investment services referred to in Regulation (EU) No 909/2014 shall be governed by the central securities dewaxer in accordance with Articles 17 or 19 of Regulation (EU) No 909/2014.

(3) The FMA shall provide the FMA with all necessary information on the fundamentals of cost measurement.

Part 2

Provision of bank-like ancillary services

Concession

§ 12. (1) A central orphan who intends to provide bank-like ancillary services in accordance with Section C of the Annex to Regulation (EU) No 909/2014 as part of a permit pursuant to Art. 54 para. 2 lit. (a) or Article 56 (1) of Regulation (EU) No 909/2014, as well as a legal person separated from the central deputies who intends to provide ancillary banking services pursuant to Article 54 (2) (2) (2) (2). (b) or Article 56 (1) of Regulation (EU) No 909/2014 authorized by a central-class shipper, requires a concession of the FMA pursuant to § 4 of the Federal Elections Act.

(2) The concession shall be granted for banking transactions in accordance with Section C of the Annex to Regulation (EU) No 909/2014 in conjunction with Section 1 (1) of the BWG. The provisions of the Federal Elections Act shall apply to the concession procedure, unless otherwise specified in the following.

(3) The concession shall be granted if:

1.		the requirements laid down in Article 59 of Regulation (EU) No 909/2014 are met; and
2.		ensures that no banking business is provided in addition to the bank-like ancillary services referred to in Section C of the Annex to Regulation (EU) No 909/2014, on the basis of the concession, with the banking-like ancillary services provided in direct link with core or ancillary services, in accordance with sections A and B of the Annex to Regulation (EU) No 909/2014.

(4) Where a central euser intends to designate a credit institution to provide bank-like ancillary services by a separate legal person, the conditions laid down in Article 54 (4) of Regulation (EU) No 909/2014 shall be fulfilled.

(5) (4) does not apply to the designated credit institutions which offer to settle payments for part of the securities settlement system of the central depositary if the total value of such payments is higher than that of the relevant credit institutions. Credit institutions opened accounts for a period of one year less than one per cent of the total value of all securities transactions carried out in the accounts of the Central depositary against payment, but not more than EUR 2.5 billion per year.

(6) At least once a year, the FMA has to examine whether the ceiling is complied with in accordance with paragraph 5. The result of this examination has to be reported by the FMA of ESMA. If the FMA finds that the ceiling has been exceeded, it shall call on the Central Orphanage to request a permit pursuant to paragraph 4. The central deer shall then submit a request for approval within six months.

(7) Paragraph 1 (3) of the BWG shall not apply to the concessionary credit institutions referred to in paragraph 1.

(8) A concession pursuant to paragraph 1 may be extended at the request of the central depositary or of the designated credit institution.

Criminal provisions

§ 13. (1) Who

1.		, contrary to § 12 of the banking-type ancillary services referred to in Section C of the Annex to Regulation (EU) No 909/2014; or
2.		As the person responsible (§ 9 VStG) of a designated credit institution
a)			is in breach of the specific prudential requirements relating to credit risks pursuant to Article 59 (3) of Regulation (EU) No 909/2014; or
b)			is in breach of the specific prudential requirements relating to liquidity risks in accordance with Article 59 (4) of Regulation (EU) No 909/2014,
shall be subject to an administrative surrender and shall be punished by the FMA with a fine of up to 5 million euros or up to two times the benefit drawn from the infringement, insofar as it may be used to quantify it.

(2) For the prosecution of the surrender referred to in paragraph 1 Z 1, the FMA may exercise the powers specified in § 22b FMABG.

Criminal provisions relating to legal persons

§ 14. (1) The FMA may impose financial penalties on legal persons where natural persons who have acted either alone or as part of an organ of the legal person and who have a leading position within the legal person

1.		the power to represent the legal person,
2.		the power to take decisions on behalf of the legal person, or
3.		an authority of control within the legal person
, in so far as the action does not constitute a criminal offence within the jurisdiction of the Courts, in breach of the obligations referred to in Article 13.

(2) Legal persons may also be held liable for breaches of the obligations referred to in § 13, if a lack of supervision or control by a person referred to in paragraph 1 is committed to the commission of such violations by a person referred to in paragraph 13 above. of a legal person.

(3) The financial penalty referred to in paragraph 1 or 2 shall be up to 20 million euros or up to two times the benefit drawn from the infringement, insofar as it may be quantified, or up to 10 vH of the total annual turnover in accordance with paragraph 4.

(4) The total annual turnover shall be determined in the case of a legal person in accordance with Art. 63 (2) (lit). g of Regulation (EU) No 909/2014. As far as the FMA is unable to determine or calculate the basis for the annual total turnover, it has to estimate it. Account shall be taken of all the circumstances which are of importance for the estimation.

(5) The FMA may depart from the punishment of a person responsible pursuant to § 9 of the VStG if an administrative penalty is already imposed on the legal person for the same infringement and there are no special circumstances which are subject to an abuding of the Punishing against punishment.

Appropriate application of rules

§ 15. § § 6 to 8 as well as § 9 (1) and (2) and § 10 shall apply to penalties in accordance with this Part.

Cost

§ 16. The allocation of the costs of supervision in accordance with this section within the accounting system Banking Supervision (§ 19 paragraph 1 Z 1 FMABG) has to be made in accordance with § 69a BWG.

Part 3

Final provisions

The concept of stricter prudential requirements

§ 17. The provisions of Regulation (EU) No 575/2013 on prudential requirements shall apply in respect of the legislation to which the Central Supervisor Must Comply pursuant to Article 54 (3), second subparagraph, of Regulation (EU) No 909/2014. Credit institutions and investment firms and amending Regulation (EU) No 646/2012, OJ L 206, 22.7.2012, p. No. 1, as last amended by the Delegated Regulation (EU) 2015/62, OJ L 176, 15.7.2000, p. No. OJ L 11, 17.01.2015 p. 37, as the more stringent prudential requirements.

Transitional provision

§ 18. (1) Between the entry into force of Regulation (EU) No 909/2014 and the date on which national rules continue to be applied pursuant to Article 69 (4) of Regulation (EU) No 909/2014, the division of the business part of the banking sector shall be a securities collection bank into a subsidiary of the Federal Ministry of Justice of the Federal Republic of Germany (BGBl) in the Ordinary of the Federal Minister of Justice of 9 April 1965. No 95/1965, the subsidiary of the Federal Ministry of Justice of the Federal Republic of Germany (BGBl), the Federal Minister of Justice of 9 April 1965, is the subsidiary of the subsidiary. No 95/1965, to the post of the credit institution which has been split off.

(2) After the entry into force of this Federal Act, the FMA may, insofar as it is necessary for technical and organisational reasons, grant a time limit for the fulfilment of the requirements referred to in § § 3 and 7, which is the same as in Art. 65 (2) of the Regulation (EU) No 909/2014 may not exceed the period referred to above.

Linguistic equality

§ 19. 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

§ 20. The Federal Minister of Finance is responsible for the enforcement of this federal law.

References

§ 21. Insofar as other federal laws are referred to in this Federal Act, these are to be applied in their respectively applicable version.

Article 3

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 34/2015, shall be amended as follows:

1. In § 2 (1), after the word order " in the Federal Law on the Recovery and Resolution of Banks-BaSAG, BGBl. I n ° 98/2014 " the phrase " , in the second part of the Central depositary law enforcement act-ZvVG, BGBl. I No 69/2015 " inserted.

2. In § 2 para. 3, after the word order " in Alternative Investment Fund Manager Law-AIFMG, BGBl. I No 135/2013 " the phrase " , in 1. Part of the ZvVG " inserted.

Section 19 (4) reads as follows:

" (4) The Federal Government makes a contribution of 3.5 million euros per financial year of the FMA. This contribution as well as income which is not due to the replacement of oversight costs or advance payments or pursuant to paragraph 10 of the FMA shall be deducted from the total cost of the FMA. The remaining difference shall be divided into accounting circles 1 to 4 in the application of the ratios referred to in paragraph 2. After deduction of the fees for authorization received pursuant to paragraph 10, the amounts resulting from this shall constitute the costs of the natural and legal persons subject to the supervision of the FMA in accordance with the provisions of the Provisions of the BWG, the VAG, the ImmoInvFG, the WAG 2007, the ZaDiG, the E-Money Act 2010, the InvFG 2011, the ZGVG, the AIFMG, the BaSAG, the ZvVG and the PKG are to be replaced by the FMA after pre-writing. "

4. In § 22b (1), after the word order "§ 48 (1) (1) (1) and (6) BörseG" the phrase " , § 4 para. 1 Z 1 ZvVG " inserted.

5. In § 22d (1), after the word order "§ 48 Para. 1 Z 1 BörseG" the phrase " , § 4 para. 1 Z 1 ZvVG " inserted.

Article 4

Amendment of the Banking Act

The Banking Act (BWG), BGBl. I n ° 532/1993, as last amended by the Federal Law BGBl. I No 68/2015, shall be amended as follows:

1. § 2 Z 34 and 34a reads as follows:

" 34.		Central-verwahrer: legal person under Article 2 (1) (1) (1) of Regulation (EU) No 909/2014 on the improvement of the supply and settlement of securities in the European Union and through central securities dearers and amending Directives 98 /26/EC and 2014 /65/EU and Regulation (EU) No 236/2012, OJ L 136, 31.5.2012, p. No. OJ L 257, 28.08.2014 p. 1;
34a.		Credit institution designated by credit institution which has been designated by a central regulator in accordance with Art. 54 (2) (2). (b) of Regulation (EU) No 909/2014; "

2. The following Z 12 and 13 are added to Article 3 (1):

" 12.		Central deer if they are the core services permitted to them in accordance with Articles 16 and 19, in accordance with Section A of the Annex to Regulation (EU) No 909/2014 and non-bank ancillary services referred to in Section B of the Annex to Regulation (EU) No 909/2014, provided that they provide, in accordance with Art. 54 or 56 of Regulation (EU) No 909/2014, the non-bank ancillary services permitted under Section C of the Annex to Regulation (EU) No 909/2014, but only in respect of parts 3, 5, 6 and 7 of Regulation (EU) No 575/2013 as well as § § 23 to 24a;
13.		, where they are designated credit institutions, they provide the bank-like ancillary services permitted under Article 54 or Article 56 of Regulation (EU) No 909/2014 in accordance with Section C of the Annex to Regulation (EU) No 909/2014, in respect of Parts 3, 5, 6 and 7 of Regulation (EU) No 575/2013 and Articles 23 to 24a. '

3. In § 69 (1), after the word order "Regulation (EU) No 575/2013" the phrase " , Title IV of Regulation (EU) No 909/2014, the Central depositary law enforcement act-ZvVG, BGBl I No. 69/2015 " inserted.

4. § 103 Z 2 reads:

" 2.		(on § 3 (1) (12))
		The one in § 3Abs. 1 Z 12 in the version BGBl. No. 69/2015 is also included in the Regulation of the Federal Minister of Justice of 9 April 1965, Federal Law Gazette (BGBl). No 95/1965, in accordance with Article 1 (3) of the Securities Depository Act, or a subsidiary of the securities collection bank continuing its function, until the application for admission as central depositary pursuant to Regulation (EU) No 909/2014 was finally decided. "

Article 5

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 No 68/2015, shall be amended as follows:

(1) The following paragraph 3a is added to Article 17 (3):

" (3a) A legal entity which is responsible for the provision of the investment services in accordance with § 1 Z 2 lit. (b) or (c) or for the operation of banking transactions pursuant to § 1 (1) (1) (7) and (7a) of the Federal Elections Act (BWG), measures pursuant to Article 6 (2) of Regulation (EU) No 909/2014 on the improvement of the supply and settlement of securities in the European Union and on the Central Waider and amending Directives 98 /26/EC and 2014 /65/EU and Regulation (EU) No 236/2012, OJ L 206, 22.7.1998, p. No. L 257 of 28.08.2014 p. 1, in order to limit the number of failed unwinding. "

(2) The following Z 3a, 3b and 3c shall be added to Section 67 (2) (3):

" 3a.		to make the necessary arrangements, in accordance with the first subparagraph of Article 3 (2) of Regulation (EU) No 909/2014, that financial instruments shall be entered in the securities giro by a central processor on or before the scheduled settlement date, if a central securities account has been issued; such an entry has not already been made;
3b.		to establish procedures in accordance with Article 6 (1) of Regulation (EU) No 909/2014 so that relevant information on transactions in financial instruments can be confirmed on the day when the transaction is carried out;
3c.		to take the necessary steps to ensure compliance with Article 5 (2) of Regulation (EU) No 909/2014; "

Article 6

Amendment of the 1989 Stock Exchange Act

The Stock Exchange Act 1989-BörseG, BGBl. No. 55/1989, as last amended by the Federal Law BGBl. I No 68/2015, shall be amended as follows:

1. § 48 (3b) Z 2 reads:

" 2.		the market in question has an authorisation as a recognised exchange in its Member State of residence in accordance with Article 4 (1) (72) of Regulation (EU) No 575/2013 or equivalent market with registered office in a third country; "

2. § 72 (3) Z 9 reads:

" 9.		in the case of the securitisation of the securities or certificates requested for admission in a collection certificate, the issuer ' s declaration in which the securities collection bank is deposited with the collective certificate in accordance with Section 1 (3) of the Depository Act. "

3. The following sentence shall be added to section 96 Z 19:

"Without prejudice to the above provisions, stock exchange companies have to comply with Section 67 (2) (3) 3a, 3b and 3c WAG 2007 in the operation of regulated markets and multilateral trading systems."

Article 7

Amendment of the Central Counterparty Law on Enforcement

The Central Counterparty Law Enforcement Act-ZGVG, BGBl. I n ° 97/2012, as last amended by the Federal Law BGBl. I n ° 59/2014, shall be amended as follows:

(1) The following paragraph 4 is added to § 2 (3):

" (3) The FMA has to take account of the European convergence of supervisory instruments and supervisory procedures in the enforcement of this federal law and of Regulation (EU) No 648/2012. To this end, the FMA has to apply the guidelines, recommendations and other measures adopted by the ESMA (European Securities and Markets Authority) within the scope of Regulation (EU) No 648/2012. The FMA may derogate from these guidelines and recommendations, provided that there is an justified reason, in particular contradiction to federal regulations. "

(2) The following paragraphs 10, 11 and 12 are added to § 3 (9):

" (10) If there is a suspicion of transgressing pursuant to Section 6 (1) by a financial counterparty, the FMA shall, irrespective of the initiation of a criminal proceedings against the financial counterparty, apply a penalty to the financial counterparty under threat of a penalty, the legal status within that period, which is appropriate with regard to the circumstances of the case. In addition, the provisions of § 22d FMABG apply.

(11) The above paragraphs shall also be made in the context of the monitoring and enforcement of Article 7 (9) of Regulation (EU) No 909/2014 on the improvement of the supply of securities and
-the accounts in the European Union and through the central dearth and amending Directives 98 /26/EC and 2014 /65/EU and Regulation (EU) No 236/2012, OJ L 206, 22.7.2012, p. No. 1., applied by the FMA as the competent authority in accordance with § 2.

(12) In the performance of its tasks vis-à-vis non-financial counterparties, the FMA, acting as the competent authority in accordance with Article 10 (5) of Regulation (EU) No 648/2012, has the certificate to be submitted by the non-financial counterparty. An auditor or an accounting firm as a proof in accordance with Article 10 (2) of Regulation (EU) No 648/2012, unless it has reasonable doubt as to the accuracy or completeness of the certificate or the certificate or the specialist or diligence of the auditor. "

3. The title of § 4 reads as follows:

"Support to European supervision of trade repositories and exchange of information with third countries"

4. § 4 receives the sales designation "(1)" and the following paragraph 2 is added:

" (2) FMA may cooperate with authorities and central banks from third countries carrying out a task corresponding to that of a competent authority in accordance with Article 10 (5) or Article 22 (1) of Regulation (EU) No 648/2012. Such cooperation, including the exchange of all information, shall be admissible in so far as they relate to the tasks of a competent authority or to the tasks of a third country authority; these tasks shall include in particular: the authorisation and supervision of Central Counterparties (CCP) in accordance with Art. 2 (1) of Regulation (EU) No 648/2012 and the monitoring of compliance with obligations for non-financial counterparties pursuant to Article 10 of Regulation (EU) No 648/2012 as well as the prosecution of administrative transgressions. FMA may make use of its powers exclusively for the purposes of cooperation under this paragraph, even if the cooperation is based on an investigative procedure in the third country on account of a conduct which does not Infringement of a rule in force in Austria. "

Article 8

Amendment of the depot law

The custody bill, BGBl. No. 424/1969, as last amended by the Federal Law BGBl. I No 53/2011, shall be amended as follows:

1. § 1 (3) reads:

" (3) The securities collection bank within the meaning of this Federal Law is who, as the central securities deer in accordance with Article 16 of Regulation (EU) No 909/2014, is responsible for improving the supply of securities and
-the accounts in the European Union and through the central dearth and amending Directives 98 /26/EC and 2014 /65/EU and Regulation (EU) No 236/2012, OJ L 206, 22.7.2012, p. No. 1. is authorised or recognised as a central third country shipper in accordance with Article 25 of Regulation (EU) No 909/2014. '

2. The following sentence shall be added to Section 28 (2):

" (2) Such a credit institution or a function of the securities collection bank or a subsidiary of that credit institution continuing the function of the securities bank shall continue to apply after the entry into force of Regulation (EU) No 909/2014 as a securities collection bank, as long as national rules continue to be applied in accordance with Article 69 (4) of Regulation (EU) No 909/2014. "

3. § 29 receives the sales designation "(1)" and the following paragraph 2 is added:

" (2) The Financial Market Supervisory Authority (FMA) has the Federal Minister of Justice over the omission of the scope of application of the regulation of the Federal Minister of Justice of 9 April 1965, BGBl. No 95/1965, by granting the authorisation as the central deer in accordance with Article 16 of Regulation (EU) No 909/2014. '

Article 9

Amendment of the Stock Corporation Act

The Stock Corporation Act-AktG, BGBl. N ° 98/1965, as last amended by the Federal Law BGBl. I No 34/2015, shall be amended as follows:

1. In § 3, the word order shall be "within the meaning of § 2 Z 32 BWG" through the phrase " pursuant to Article 4 (1) (72) of Regulation (EU) No 575/2013 on the prudential requirements of credit institutions and investment firms and amending Regulation (EU) No 646/2012, OJ L 327, 31.12.2012, p. No. 1, as last amended by the Delegated Regulation (EU) 2015/62, OJ L 176, 15.7.2000, p. No. OJ L 11, 17.01.2015, p. 37, or an equivalent market with registered offices in a third country " replaced.

2. In Section 10 (2), the word sequence shall be deleted. "or an equivalent foreign institution" .

Article 10

Amendment of the Finality Act

The Finality Act, BGBl. I n ° 123/1999, as last amended by the Federal Law BGBl. I No 97/2012, shall be amended as follows:

1. In § 2 para. 1 Z 3, the word order shall be "European Commission" through the phrase "European Securities and Markets Authority" replaced.

Article 11

Amendment of the Capital Market Act

The Capital Market Act-KMG, BGBl. N ° 625/1991, as last amended by the Federal Law BGBl. I No 184/2013, shall be amended as follows:

1. § 10 (3) reads:

" (3) The prospectus shall be deemed to be published in the sense of this Federal Law if it

1.		was published in the Official Journal to the Wiener Zeitung or otherwise in at least one newspaper with distribution throughout the territory of the Federal Republic of Germany, or
2.		the public in printed form free of charge to the competent authorities of the market where the securities are to be admitted to trading, or the registered office of the issuer and the financial intermediaries, including the paying agencies, which shall: place or sell securities, has been made available or
3.		on an Internet site of the issuer and on an Internet site of the financial intermediaries, including the paying agents, who place or sell the securities, or
4.		published on an Internet page of the regulated market for which admission to trading has been requested, or
5.		has been published on an Internet site of the FMA or on the Internet site of a body responsible for the appropriate remuneration, if the FMA has decided to offer this service.
Where the prospectus is published in accordance with Z 1 or 2, the issuer, the offeror or the person applying for admission to trading on a regulated market shall also publish the prospectus on an Internet site in accordance with Z 3, 4 or 5. The FMA is-if Austria is the home Member State-to show in advance how it will be published and where the prospectus will be available; the criteria for publication in accordance with Z 1 can be determined by the FMA by Regulation. "

(2) The following paragraph 4 is added to § 18:

" (4) Where reference is made in this Federal Act to Regulation (EC) No 809/2004, unless otherwise provided, Regulation (EC) No 809/2004 transposing Directive 2003 /71/EC of the European Parliament and of the Council concerning the information contained in prospectuses and the format, the inclusion of information by means of reference and the publication of such prospectuses and the dissemination of advertising (OJ C 327, 30.4.2004, p. No. 1), as amended by the OJ L 327, 30.4.2004, p. No. 3 and OJ L 215 of 16.06.2004, p. No. OJ L 186 of 18.07.2005, p. 3.

Fischer

Faymann