60. Federal Act, which enacted a federal law on the supervision of investment services (Securities Supervision Act 2007-WAG 2007) and the Banking Act, the Stock Exchange Act 1989, the Investment Fund Act, the Capital Market Act, the Financial Market Supervisory Authority Act, the Consumer Protection Act and the Trade Code in 1994 will be amended

The National Council has decided:

table of contents

Article 1	Implementation of European Union directives
Article 2	Federal law on the supervision of investment services
	(Securities and Markets Act 2007-WAG 2007)
Article 3	Amendment of the Banking Act
Article 4	Amendment of the 1989 Stock Exchange Act
Article 5	Amendment of the Investment Fund Act
Article 6	Amendment of the Capital Market Act
Article 7	Amendment of the Financial Market Supervisory Authority Act
Article 8	Amendment of the Consumer Protection Act
Article 9	Amendment of the Industrial Regulations 1994

Article 1

This federal law is designed to implement Directive 2004 /39/EC of the European Parliament and of the Council on markets in financial instruments, amending Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council Parliament and the Council and repealing Council Directive 93 /22/EEC (OJ L 145, 31.7.1993, p. No. 1), as amended by Directive 2006 /31/EC of the European Parliament and of the Council amending Directive 2004 /39/EC on markets in financial instruments with regard to certain time limits (OJ L 145, 30.4.2004, p. No. 60) and Commission Directive 2006 /73/EC implementing Directive 2004 /39/EC of the European Parliament and of the Council as regards the organisational requirements for investment firms and the conditions for the implementation of the the performance of their duties and the definition of certain terms for the purposes of the said Directive (OJ L 327, 30.4.2004, p. No. OJ L 241, 02.09.2006, p. 26).

Article 2

Federal Law on the Supervision of Investment Services (Securities Supervision Act 2007-WAG 2007)

table of contents

1. Main item
1. Section: General provisions
§ 1.	Definitions
§ 2.	Exceptions
§ 3.	Investment firms
§ 4.	Investment service providers
§ 5.	Withdrawal and erasure of the concession
§ 6.	Application of the BWG
§ 7.	Confidentiality of Obligations
§ 8.	Company Book
§ 9.	Equity
§ 10.	Managing Director
§ 11.	Shareholders or other shareholders with qualifying holdings
Section 2: Freedom of establishment and freedom to provide services
§ 12.	Investment firms from Member States in Austria
§ 13.	Austrian investment firms in Member States
§ 14.	Supervision within the framework of freedom of service and establishment
2. Main item: Organisational requirements
1. Section: Organization
§ 15.	Legal entities
§ 16.	Conditions for the provision of information
§ 17.	General organisational requirements
§ 18.	Compliance ("compliance")
§ 19.	Risk Management
§ 20.	Internal revision
§ 21.	Responsibilities of the Executive Board
§ 22.	Obligation to keep records
§ 23.	Personal Store
§ 24.	Types of personal business
Section 2: Outsourcing and use of contractual intermediaries
§ 25.	Outsourcing of essential operational tasks to service providers
§ 26.	Outsourcing of private customer portfolios to service providers in the third country
§ 27.	Provision of services through another legal entity
§ 28.	Use of contractually bound intermediaries
3. Section: Protections of customer assets
§ 29.	Protection of financial instruments and funds from customers
§ 30.	Deposit of customer financial instruments
§ 31.	Deposit of customer funds
§ 32.	Use of financial instruments from customers
§ 33.	Reports of auditors
4. Section: conflicts of interest
§ 34.	Potential adverse conflicts of interest for customers
§ 35.	Guidelines for dealing with conflicts of interest
§ 36.	Financial analysis
§ 37.	Additional organisational requirements for the preparation of financial analyses
5. Section: Committing to action in the best interest of the customer
§ 38.	General obligations
§ 39.	Granting and accepting benefits
6. Section: Information for customers
§ 40.	Appropriate information
§ 41.	Conditions for reputable, unambiguous and non-misleading information
§ 42.	Date of transmission of the information
7. Section: suitability and appropriateness of investment services
§ 43.	General provisions
§ 44.	Suitability of investment advisory and portfolio management services
§ 45.	Adequacy of other investment services
§ 46.	Transactions that only exist in the execution or acceptance and transmission of customer orders
§ 47.	Documentation of the rights and obligations of the Contracting Parties
8. Section: Reporting obligations to customers
§ 48.	Reporting obligation
§ 49.	Reporting obligations in the execution of orders outside the portfolio management
§ 50.	Reporting requirements for portfolio management
§ 51.	Reporting requirements for legal entities that hold customer financial instruments and customer funds
9. Section: Best possible implementation of services
§ 52.	Best possible implementation
§ 53.	Organisational provisions on implementation policy
§ 54.	Special provisions for private customers
10. Section: Editing customer orders
§ 55.	General provisions
§ 56.	Merging and assigning work orders
§ 57.	Merging and assigning stores for your own account
11. Section: Professional customers and eligible counterparties
§ 58.	Professional customers
§ 60.	Transactions with appropriate counterparties
§ 61.	Information about customer classification
12. Section: Unsolicited News and Haustorms
§ 62.	Unsolicited messages
§ 63.	Door-to-door
3. Main piece
1. Section: Reporting and publication obligations
§ 64.	Reporting requirements
§ 65.	Post-trade publications
§ 66.	Recording and retention obligations
2. Section: Operation of a multilateral trading system (MTF)
§ 67.	Trading and closing of shops via MTF
§ 68.	Pre-and post-trade transparency requirements for MTFs
3. Section: Systematic internalisers
§ 69.	Existing transparency rules
§ 70.	Execution of customer orders
§ 71.	Terms and conditions
§ 72.	Supervision
4. Main piece
Section 1
§ 73. and § 74.	Accounting and annual financial statements
§ 75. up to § 78.	Investor compensation
§ 79. up to § 89.	Business supervision and insolvency provisions
Section 2: Costs and procedural rules
§ 90.	Cost
§ 91. and § 92.	Procedural rules
§ 93.	Reporting requirements of auditors
Section 3
§ 94. up to § 96.	Criminal provisions
4. Section: Administrative cooperation
§ 97.	Contact point and exchange of information
§ 98.	Cooperation in monitoring, on-the-spot checks and investigations
§ 99.	Rejection of cooperation and administrative consultation
§ 100.	Powers of the host Member States
§ 101.	Security measures to be taken by the host Member States
5. Main item: transitional and final provisions
§ 102. and § 103.	Transitional provisions
§ 104.	References and Regulations
§ 105.	Linguistic equality
§ 106.	Out-of-Force Trees
§ 107.	Enforcement
§ 108.	In-force pedals
Appendix 1 to § 25
Appendix 1 to § 40
Appendix 2 to § 40
Appendix 3 to § 40
Appendix 4 to § 40
Appendix 1 to § 49
Appendix 1 to § 50

1. Main item

Section 1

General provisions

Definitions

§ 1. For the purposes of this Federal Act, the following definitions shall apply:

1.		Investment firm: an investment firm in accordance with § 3 as well as natural and legal persons who, in their home Member State, are responsible for the provision of investment services or activities as an investment firm within the meaning of Article 4 (1) (1) (1) of the Directive 2004 /39/EC.
2.		Investment services and investment activities:
a)			the adoption and transmission of contracts, provided that these activities are subject to one or more financial instruments;
b)			Execution of orders on behalf of customers: the activity to conclude agreements, to buy or sell financial instruments on behalf of customers; with regard to sections 5 to 11 of the second main item, this shall cover both the Execution of orders pursuant to § 1 (1) (1) (7) of the Banking Act (BWG), BGBl. No 532/1993, as well as the service referred to in (a);
c)			Trade for own account: trade in the use of own capital for the conclusion of transactions with financial instruments, provided that the trade does not take place for the private property;
d)			Portfolio management: the management of portfolios on a single customer basis with a margin of discretion as part of a full power of the customer, provided that the customer portfolio includes one or more financial instruments;
e)			Investment advice: the submission of personal recommendations pursuant to Z 27 on transactions in financial instruments to a customer, whether at the request of the customer or on the initiative of the provider of the service;
f)			Acquisition of the issue of financial instruments or placement of financial instruments with a firm takeover obligation;
g)			Placement of financial instruments without a firm commitment;
h)			Operation of a multilateral trading system (MTF).
		If these activities are carried out for third parties, it is services, otherwise investment activities.
3.		Ancillary securities services:
a)			The safekeeping and management of financial instruments for the account of clients, including custodian custody and related services such as cash management or collateral management;
b)			The granting of loans or loans to investors for the execution of transactions with one or more financial instruments, provided that the credit or loan-granting company is involved in those transactions;
c)			Advising companies on capital structuring, industry-specific strategy and related issues, as well as consulting and services in corporate mergers and operations;
d)			foreign exchange transactions where they are related to the provision of securities services;
e)			The preparation, distribution or transfer of securities or financial analyses or other forms of general recommendations concerning transactions in financial instruments;
f)			-services related to the acquisition of emissions for third parties;
g)			Investment services and activities in accordance with Z 2 as well as ancillary securities services in accordance with lit. a to f relating to goods, climate variables, cargo rates, emission allowances, inflation statistics and other official economic statistics, provided that these are the basic values of those in Z 6 lit. e to g and j are used and they are related to the provision of investment service, investment activity or the provision of securities in the securities field.
4.		Transferable securities: the genera of securities which may be traded on the capital market, with the exception of means of payment, in particular:
a)			shares and other shares in domestic or foreign legal entities, partnerships and other companies, in so far as they are similar to shares, and share certificates;
b)			Debt securities or other securitised debt instruments, including certificates (deposit certificates) for such securities;
c)			any other securities which are entitled to the purchase or sale of such securities or which result in a cash payment determined on the basis of transferable securities, currencies, interest rates or earnings, goods or other indices or measures .
5.		Money market instruments: the genera of instruments normally traded on the money market, such as treasury bills, certificates of deposit and commercial papers, with the exception of payment appropriations.
6.		Financial Instruments:
a)			transferable securities in accordance with Z 4;
b)			Money market instruments according to Z 5;
c)			shares in domestic or foreign capital investment funds, in-or foreign real estate funds or similar institutions that combine assets with risk-spreading;
d)			Options, futures, swaps, forward rate agreements, and all other derivative contracts in relation to securities, currencies, interest rates or yields, or other derivative instruments, financial indices or measurands which can be effectively delivered or billed;
e)			Options, futures, swaps, forward rate agreements, and all other derivative contracts relating to goods which must be settled in cash or which are billed at the request of one of the parties and this cash settlement cannot be done on the basis of a contractually agreed termination ground;
f)			options, futures, swaps and all other derivative contracts relating to goods that can be delivered effectively if these instruments are traded on a regulated market or through an MTF;
g)			options, futures, swaps, forward transactions (forwards) and all other derivative contracts relating to goods in accordance with Article 38 of Commission Regulation (EC) No 1287/2006;
h)			derivative instruments for the transfer of credit risks;
i)			financial differential transactions;
j)			Options, futures, swaps, forward rate agreements, and all other derivative contracts related to climate variables, rates, emission allowances, inflation rates, or other official Economic statistics which must be settled in cash or, at the request of one of the parties, can be settled in cash and this cash settlement is not carried out on account of a contractually defined termination base, and all other derivative contracts pursuant to Article 39 of Regulation (EC) No 1287/2006.
7.		non-complex financial instruments:
a)			Shares admitted to trading on a regulated market or on a recognized exchange of a third country, money market instruments, debt securities or other securitised debt securities-other than debt securities or securitised debt securities Debt securities to which a derivative is embedded-shares of an organism for collective investment subject to Directive 85 /611/EEC;
b)			a different one than in lit. (a) a financial instrument which meets the following criteria:
aa)				It does not fall under Z 4 lit. c or Z 6 lit. d to j;
bb)				there are often opportunities for sale, repurchase or other implementation of the instrument at prices which are publicly available to the market participants and which are either market prices or prices which are available to the public; have been identified or confirmed by issuer-independent evaluation systems;
cc)				it does not include any existing or potential obligation for the client, which exceeds the cost of the instrument and
dd)				information on the characteristics of the financial instrument is publicly available to a reasonable extent, which must be so clearly understood as to enable the average private customer to be able to deal with the financial instrument in a way that is appropriate to the financial instrument; Instrument to make an informed decision.
8.		Regulated market: a regulated market according to § 1 para. 2 Börsegesetz 1989-BörseG, BGBl. 555/1989.
9.		Multilateral trading system (MTF): a multilateral system operated by an investment firm or a market operator, which provides for the interests of a large number of third parties in the purchase and sale of financial instruments within the system; non-discretionary rules shall be brought together in such a way as to result in a contract in accordance with the provisions of Title II of Directive 2004 /39/EC, but which is not a regulated market.
10.		Systematic internaliser: a credit institution or an investment firm operating through a branch in the territory of the country in accordance with § 12, which, in accordance with Article 21 of Regulation (EC) No 1287/2006, is frequently and regularly and regularly for its own Invoice for the execution of customer orders outside regulated markets and MTFs with financial instruments.
11.		Market Maker: who continuously provides offers for the purchase and sale of financial instruments on the financial markets and, with these instruments, operates trading on its own account and under the use of its own capital to the sales and selling prices.
12.		Client: any natural or legal person for which a legal entity provides investment services or ancillary services and any natural or legal person meets the obligations pre-contractual with the legal entity.
13.		Professional customer: a customer within the meaning of § 58 (1).
14.		Private customer: a customer who is not a professional customer.
15.		Limit order: a purchase or sales order for a financial instrument to a specified Kurslimit or better and to a specified extent.
16.		Member State of origin of an investment firm: the home Member State according to § 2 Z 6 lit. b BWG.
17.		Member State of origin of a regulated market: the Member State in which the regulated market is authorised or, where it has no registered office in accordance with the law of that Member State, the Member State in which the head office of the regulated market is is located.
18.		Host Member State: the Member State which is not the home Member State and in which an investment firm has a branch or provides services or carries out activities, or a Member State in which a regulated market is Provision shall be made for the ability of the remote members or participants established in that Member State to access the trade through its system.
19.		Competent authority shall: the authority of a Member State designated by it as the competent authority in accordance with Article 48 of Directive 2004 /39/EC.
20.		Tied agent: any natural or legal person acting as an aid or otherwise in full and unconditional liability of a single investment firm or of a single credit institution, investment services or services; -providing ancillary services, accepting and transmitting orders from customers through investment services or financial instruments, placing financial instruments or providing the service of investment advice; is a tied agent no investment firm.
21.		Branch: a branch of an investment firm referred to in Article 2 (16) of the BWG, which provides or carries out investment services or activities, where ancillary services may be carried out in addition but not exclusively; Business entities of an investment firm in the same Member State whose head office or head office is situated in another Member State shall be considered to be a single branch.
22.		Qualified participation: a qualifying holding within the meaning of § 2 Z 3 BWG; in the determination of the voting rights, § 92 BörseG is to be applied.
23.		Parent company: a parent company within the meaning of § 2 Z 11 BWG.
24.		Subsidiary: a subsidiary within the meaning of § 2 Z 12 BWG.
25.		Close connections: close connections within the meaning of § 2 Z 28 lit. a and b BWG, whereby the ratio in the case of § 2 Z 28 lit. b BWG may also be manufactured by means of control within the meaning of Z 26; a situation in which two or more natural or legal persons are permanently connected to one and the same person by a control relationship shall also be deemed to be: close connection between these people.
26.		Control: a relationship between a parent undertaking and a subsidiary within the meaning of Section 244 (1) and (2) of the UGB, or a similar relationship between a natural or legal person and a company.
27.		personal recommendation: a recommendation that is not made exclusively through information dissemination channels in accordance with § 48f paragraph 1 Z 7 BörseG or for the public and which
a)			is addressed to an investor or potential investor or to a representative of a investor or potential investor; and
b)			than for those in lit. (a) shall be presented in a suitable way or shall be based on an examination of the circumstances of the person concerned and shall aim at one of the following:
aa)				purchase, sale, drawing, exchange, repurchase, holding or taking over of a particular financial instrument;
bb)				Exercise or non-exercise of a right associated with a particular financial instrument relating to the purchase, sale, subscription, exchange or buyback of a financial instrument.
28.		permanent data medium: any medium which allows the customer to store information addressed personally to him in such a way that he can subsequently inspect it for a period of time appropriate for the purposes of the information, and which shall include the following: unchanged reproduction of the stored information.
29.		relevant person:
a)			A shareholder or a member of the management or a tied agent of the investment firm or the credit institution;
b)			a partner or a member of the management of a tied agent of the investment firm or credit institution;
c)			an employee of the investment firm, the credit institution or a tied agent, and any other natural person whose services are provided by the firm, the institution or a tied agent of the firm or the institute; , and shall be controlled by or controlled by the firm and the investment services and activities carried out by the Company or the Institute;
d)			a natural person who is directly involved in the provision of services to the investment firm, the credit institution or the tied agents of the investment firm, which the investment firm or the investment firm or the investment firm is responsible for, Credit institution shall enable the provision of investment services and activities.
30.		Financial analyst: a person who creates the essential part of a financial analysis.
31.		Disposal: an agreement between an investment firm or a credit institution and another service provider, in the context of which the service provider, rather than the investment firm or credit institution, is involved in a procedure, a service or carry out an activity.
32.		Group: the group to which an investment firm or credit institution belongs, consisting of:
a)			a parent undertaking, its subsidiaries and the undertakings in which the parent undertaking or its subsidiaries hold a holding, and
b)			several undertakings which are not in relation to each other as parent undertakings or subsidiaries; and
aa)				which, on the basis of a contract concluded between them or a determination of their statutes, are subject to a single management; or
bb)				the majority of their administrative, management or supervisory bodies shall be composed of the same persons who are in office during the financial year and until the consolidated annual accounts are drawn up.
33.		Management: one or more persons who actually manage the transactions of an investment firm, a credit institution or an investment service undertaking.
Moreover, unless otherwise specified in this Federal Act, the definitions of the BWG, the Stock Exchange Act and Regulation (EC) No 1287/2006 shall apply.

Exceptions

§ 2. (1) The provisions of this Federal Act shall not apply to:

1.		Insurance companies according to § § 1 and 1a Insurance Supervisors Act-VAG, BGBl. No 569/1978, as provided for in paragraph 2;
2.		persons providing investment services exclusively to their parent undertakings, their subsidiaries or other subsidiaries of their parent undertakings;
3.		persons whose investment services are exclusively in the management of employee participation schemes;
4.		persons who provide investment services exclusively in accordance with Z 2 and 3;
5.		persons who provide only occasional investment services in the course of their professional activities, where such activity is governed by laws or professional rules which do not preclude the provision of this service;
6.		persons whose investment service or investment activity consists only in trading on own account, provided that they are not market makers or in an organised and systematic manner frequently for their own account outside a regulated market or of a multilateral trading system, by offering a system accessible to third parties in order to conduct business with them;
7.		the Oesterreichische Nationalbank, with the exception of its reporting obligation pursuant to Section 64 (1), as well as other members of the European System of Central Banks;
8.		the Austrian Federal Finance Agency;
9.		Capital investment companies according to § 2 para. 1 investment fund Act-InvFG 1993, BGBl. No 532/1993, subject to paragraph 3 as well as capital investment companies for real estate pursuant to § 2 para. 1 Real Estate Investment Fund Act-ImmoInvFG, BGBl. I No 80/2003;
10.		Pensionskassen under the Pensionskassengesetz-PKG, BGBl. No. 281/1990, as well as employee pension funds according to the company employee pension law-BMVG, BGBl. I No 100/2002;
11.		Persons acting on their own account with financial instruments or investment services in relation to derivative contracts in accordance with § 1 Z 6 lit. e to g and j provide for the clients of their principal activity, provided that:
a)			at the level of the group, constitutes a secondary activity to its principal activity; and
b)			this principal activity does not exist in the provision of investment services in accordance with Section 1 (2) of the Federal Elections Act (BWG) or in the banking operations referred to in Article 1 (1)
		The investment services to be provided to customers of the principal activity in relation to derivative contracts in accordance with § 1 Z 6 lit. e to g and j shall be in a factual context with the principal activity.
12.		persons who, in the course of another professional activity, carry out investment advice which, as such, is not remunerated separately;
13.		Persons whose principal activity in trade for own account with goods or commodity derivatives according to § 1 Z 6 lit. e bis g, and which are not part of a group of undertakings whose principal activity is the provision of investment services in accordance with Article 1 (2) or of banking operations in accordance with Article 1 (1) of the BWG;
14.		Entities providing only one or more of the following investment services or activities, provided that clearing members of the in lit. a markets or trading systems shall be liable for the fulfilment of the transactions concluded by such undertakings in those markets or in those trading systems:
a)			trade for own account on regulated markets or in multilateral trading systems where derivatives are traded (derivatives markets), and on gas markets only for the protection of positions on the derivatives markets mentioned;
b)			trade on behalf of other members of those markets;
c)			the position of buying and selling offers as market makers for the account of other members of these markets
		(Local companies);
15.		Natural persons, who are self-employed, one or more services in accordance with § 3 (2) (1) and (3) exclusively with respect to financial instruments according to § 1 Z 6 lit. (a) and (c) in the name and on account of an investment firm in accordance with § 3, an investment service undertaking, an Austrian credit institution or an Austrian insurance undertaking in accordance with the conditions laid down in paragraph 2 in the national territory, do not require a concession in accordance with § § 3 or 4. The Company shall be liable for the fault of the persons whose service is served by the provision of the investment services, in accordance with § 1313a of the ABGB. In the case of compliance with the provisions of this Federal Act as well as the other laws and regulations applicable to investment services, the conduct of the self-employed representatives is to be attributed only to the company itself.

(2) In the case of insurance undertakings which carry out the mediation of investment fund shares pursuant to Article 3 (3) of the VAG, the provisions of Sections 16 to 25, 28, 34, 35, 38 to 43, 46 and 48 to 49, 91, 92 (9) and (10) shall apply in respect of this activity. § § 94 to 96 Application; provided that these insurance companies have a sufficiently independent risk management function and an internal audit in accordance with the provisions of the VAG, the tasks referred to in § § 18 to 20 may be carried out by the the organization of the organization. These companies must be taken into account for the purposes of Section 90 (1) and in the case of the release of the Regulation pursuant to Section 90 (2) to 67 (vH) of the Financial Services Subaccounting Group. The amounts to which they are subject shall be required by communication.

(3) On capital investment companies pursuant to section 2 (1) of the InvFG 1993, which provide services pursuant to § 3 (2) (2) (1) and (2), the provisions of Sections 15 (3), 16 to 26, 29 to 51, 52 (1) to 4, 53, 54 (1), 91 shall be found in respect of these activities. 92 (9) and (10) and § § 94 to 96. These companies must be taken into account for the purposes of Section 90 (1) and in the case of the release of the Regulation pursuant to Section 90 (2) to 67 (vH) of the Financial Services Subaccounting Group. The amounts to which they are subject shall be required by communication.

Investment firms

§ 3. (1) An investment firm is a legal entity which has its registered office and its head office in Austria and is entitled to provide investment services and activities on the basis of this Federal Law. Natural and legal persons whose entitlement to the provision of investment services and activities is based on § 4, the BWG or the BörseG are not investment firms.

(2) The commercial provision of the following investment services shall be subject to a concession of the FMA:

1.		Investment advice in relation to financial instruments;
2.		portfolio management by managing portfolios on a retail basis with a margin of discretion as part of a full power of the customer, provided that the client portfolio includes one or more financial instruments;
3.		the adoption and transmission of contracts, provided that these activities are subject to one or more financial instruments;
4.		the operation of a multilateral trading system (MTF).

(3) Austrian credit institutions and investment firms shall also be entitled to carry out securities and financial analysis and other general recommendations on transactions with financial instruments.

(4) The entitlement to provide other investment services other than those referred to in (2) and (3) and ancillary securities services by companies established in Germany shall be governed by the provisions of the BWG.

(5) The concession shall be granted if:

1.		The enterprise should be managed in the legal form of a capital company or a cooperative;
2.		the capital is at least equal to the amount referred to in paragraph 6 and is freely available to managers in the Member States, without any burden or burden;
3.		the managers according to § 10 are technically appropriate on the basis of their pre-education and have the necessary characteristics and experience for the provision of investment services;
4.		the company does not provide services that include the holding of customers ' money, securities or other instruments, so that the company cannot become a debtor of its customers in this respect;
5.		for the operation of an MTF, the General Terms and Conditions, Rules and Procedures comply with the requirements of Section 67;
6.		the conditions laid down in Article 5 (1) Z 2 to 4, 6, 7 and 9 to 14 of the BWG are met.
In the case of a credit institution, the granting of a concession for the operation of an MTF Z 4 shall not apply.

(6) The initial capital of an investment firm shall be at least:

1.		EUR 50 000, provided that the business object is exclusively
a)			investment advice in relation to financial instruments, or
b)			the acceptance and transmission of contracts, provided that such activities are subject to one or more financial instruments; or
c)			both transactions according to lit. (a and b);
2.		EUR 125 000, provided that the business object includes portfolio management in accordance with paragraph 2 (2) (3);
3.		EUR 730 000, provided that the business object includes the operation of an MTF.

(7) Investment firms wishing to provide services in the manner referred to in Article 2 (1) (1) (15) shall apply for this expressly with the application for the concession or extension of the concession. In the communication with which the concession is granted, the admissibility of the provision of services pursuant to § 2 para. 1 Z 15 shall be cancelled separately.

(8) The concession is to be granted in writing in the event of any other invalidity; it may be provided with appropriate conditions and conditions, including only one or more transactions in accordance with paragraph 2, and parts of individual services from the scope of the concession. Section 4 (3) and (5) of the Federal Elections Act shall apply with regard to the application for a concession.

(9) Before a concession is issued, the compensation facility shall be consulted.

Investment service providers

§ 4. (1) For the commercial provision of investment services in accordance with § 3 (2) (1) and (3), natural or legal persons having their registered office and head office shall be required to provide investment services within the country, provided that they are within the scope of the provisions of Article 3 (1) of Directive 2004 /39/EC. shall, in order to obtain the concession, do not meet the conditions set out in paragraph 2, unless the sum of the company's annual turnover does not exceed EUR 730 000. Such undertakings shall not be referred to as investment firms. They are solely entitled to provide domestic services.

(2) The following concession requirements and other requirements applicable to investment firms must not be met by investment service undertakings:

1.		The conditions for directors referred to in Article 5 (1) (1) (12) and (13) of the BWG;
2.		the condition laid down in § 3 (6) if the company is insured by professional indemnity insurance;
3.		the obligation pursuant to Section 9 (2).
The missing requirement in accordance with Section 5 (1) (12) of the Federal Elections Act (BWG) must be referred to in the business documents in a suitable form.

(3) The professional indemnity insurance pursuant to Section 2 (2) (2) must be completed in the case of an insurance undertaking entitled to operate the insurance business domestiy and must cover the risk resulting from the business activity. The liability sum of the insurance contract must amount to at least one million euros for each individual claim and a total sum of at least 1.5 million euros for all claims of a calendar year. The insurer has an all-time later erasure of the insurance cover, in the case of other claims for damages, to announce the FMA in writing without delay. Whereas provision should be made for the insurance contract to:

1.		the customer is entitled to a direct claim against the insurer that is more independent of the inimutation of the insurance policy;
2.		§ 158c (1) and (2) Insurance Contracts Act 1958-VersVG, BGBl. No 2/1959, and
3.		a three-year post-liability insurance applies.

(4) Investment service providers who wish to provide services in the manner referred to in Article 2 (1) (1) (15) shall expressly request this with the application for the concession or extension of the concession. In the communication with which the concession is granted, the admissibility of the provision of services pursuant to § 2 para. 1 Z 15 shall be cancelled separately.

Withdrawal and erasure of the concession

§ 5. (1) The FMA may withdraw the concession if:

1.		the business to which it relates has not been received within 12 months of the concession, or
2.		of the business to which it relates has not been exercised for more than six months.

(2) The FMA has to withdraw the concession if:

1.		it has been obtained on the basis of false declarations or in any other illegal manner;
2.		the conditions for the concession pursuant to Section 3 (5) are no longer fulfilled;
3.		in a serious manner has been systematically infringed against the provisions of this Federal Act and Regulation (EC) No 1287/2006 which lay down the conditions for the pursuit of the business of investment firms and investment service undertakings rules;
4.		a bankruptcy procedure shall be opened on the assets of the investment firm or of the investment service undertaking.

(3) The withdrawal of a concession is only possible in writing and only if all the investment services have previously been carried out. The erasing of the concession is to be determined by the FMA. § 6 (4) and (5) of the BWG shall apply.

Application of the BWG

§ 6. The following provisions of the BWG for credit institutions also apply to investment firms and investment services companies: § 21 (1) (1), (1), (3) and (5) to (7) and (3), (39), (40) and (41), § 73 (1) (1) to (8) and (11), (8) and (9) and (8) and (9). § 96.

Confidentiality of Obligations

§ 7. (1) Investment firms and investment services undertakings as well as persons acting for them shall be obliged to secrecy on their secrets, which are exclusively made up of securities transactions (Section 1 (1) (c) 7 lit. (b) to (f) BWG) or investment services in accordance with § 3 (2) of their customers, which they transmit on behalf of their customers pursuant to § 3 paragraph 2 (3) (3) or under their authority pursuant to § 3 (2) (2) (2) of their customers, provided that this Obligation of confidentiality no legal obligation to provide information or the customer agrees to the disclosure of the secret in writing. Furthermore, the obligation of confidentiality in accordance with the first sentence shall not apply in so far as the disclosure of the secret to the clarification of legal matters arising from the relationship between investment firms or investment service companies and customers is required.

(2) Section 1 shall also apply to compensation bodies, other than the cooperation with other security systems required in accordance with § § 75 to 77 of this Federal Act and § § 93 to 93b BWG.

(3) In relation to the tax authorities, there is a breach of the obligation of confidentiality pursuant to paragraph 1 only in connection with criminal proceedings initiated on the grounds of financial offsetting and then, if the information or disclosure for the determination of the individual's own The obligation to discharge the investment service undertaking or that of the depository credit institution shall be required.

Company Book

§ 8. Investment firms and investment services firms may only be entered in the company's register if the relevant legally binding documents are in the form of a copy or a certified copy. The submission of the certificates shall not apply to the extent that the provision of investment services in accordance with § 102 is permitted. The competent court must also grant decisions on such company records to the FMA.

Equity

§ 9. (1) Investment firms and investment service undertakings shall have sufficient equity capital at all times.

(2) The equity capital of investment firms shall be at least 25 vH of the fixed overheads of the last annual financial statement established; the fixed overheads shall be the operating expenses (Annex 2 to Section 43 of the Federal Elections Act, Part 2, Position III), which shall: the level of employment of the investment firm is independent and cannot be directly attributed to the individual costs (products); in the case of investment firms carrying out their business for less than one year, the Company plan should be used for fixed overheads. Notwithstanding this requirement, investment firms and investment service providers shall maintain the initial capital required for concession contracts as minimum capital or maintain the necessary professional indemnity insurance ,

(3) Equity shall consist of the capital paid and the open reserves.

(4) In the event that the equity capital on the basis of a payment of compensation pursuant to section 76 is subject to the extent required in accordance with paragraph 2, the investment firm shall have the required level of 25 vH of the fixed overhead costs in the following three months Business years.

(5) Investment firms shall:

1.		in order to secure their credit risk in accordance with Article 22 (1) Z 1 of the BWG own resources, to the extent of 8 vH of the tax base determined in accordance with Section 22a BWG, and
2.		provided that, in the previous financial year, the number of employees and tied agents attributable to the enterprise is, on average, more than 100 per year, in order to secure their operational risk in addition to equity in the extent to which it is determined in accordance with Section 3 of the BWG. Subsection is required.

(6) In order to hedge their operational risk, other investment firms other than those referred to in paragraph 5 (2) (2) shall have additional equity to the extent of 12/88 of 25 vH of fixed overheads.

Managing Director

§ 10. (1) Persons who effectively manage the transactions of investment firms and investment service undertakings shall have the necessary reliability and experience to ensure the sound and prudent management of the to ensure investment firms and investment services firms.

(2) Investment firms and investment service undertakings shall notify the FMA of any changes in the management of the FMA, together with any information necessary to assess whether new persons appointed to the management shall be informed of: the required reliability and sufficient experience within the meaning of Section 3 (5) Z 3.

(3) The FMA has to withdraw the concession if it considers that the persons who are actually conducting the business of investment firms and investment service undertakings do not have the requisite reliability or have sufficient experience, or if there are objective and demonstrable reasons for the presumption that the proposed changes in the management are endangling their sound and prudent management.

Shareholders or other shareholders with qualifying holdings

§ 11. (1) The FMA shall not grant investment firms and investment services undertakings the concession to provide investment services or to perform investment activities until it has the names of the natural or legal entities Persons who, as shareholders or other shareholders, directly or indirectly hold qualifying holdings, as well as the level of the respective participations, were indicated.

(2) Any natural or legal person who intends to have a qualifying holding in an investment firm or an investment service undertaking

1.		directly or indirectly to hold or sell, the FMA must notify the FMA in writing, together with the amount of such participation;
2.		in such a way that the thresholds of 20 vH, 33 vH or 50 vH of the voting rights or of the capital are reached, be exceeded or exceeded, or that the investment firm or the investment service undertaking is If a subsidiary becomes or is no longer its subsidiary, the former has to notify the FMA in writing.

(3) Without prejudice to paragraph 4, the FMA may, within three months of notification in accordance with paragraph 2, prohibit the intended participation if it considers that the persons referred to in paragraph 2 are not appropriate, the sound and the sound required to do so shall be the prudent management of the investment firm or of the investment service undertaking. If the FMA does not prohibit the intended participation, the FMA may prescribe an appointment by which the intentions referred to in paragraph 2 must be fulfilled.

(4) If the acquirer of the participation referred to in paragraph 2 is concerned,

1.		an investment firm within the meaning of Article 4 (1) (1) (1) of Directive 2004 /39/EC, a credit institution, insurance undertaking or a UCITS management company, which is authorised in another Member State;
2.		a parent undertaking of an investment firm, a credit institution, an insurance undertaking or a UCITS management company which is authorised in another Member State, or
3.		a person who controls an investment firm, a credit institution, an insurance undertaking or a UCITS management company which is authorised in another Member State
and if the undertaking is to be controlled on the basis of the acquisition of a subsidiary of the acquirer or of the acquirer, the assessment of the acquisition of the prior consultation referred to in Article 99 (2) to (4) shall be subject to the prior consultation.

(5) shall have investment firms and investment service undertakings

1.		inform the FMA without delay if it is aware of an acquisition or assignment of holdings in its capital, on the basis of which such holdings fall above or below one of the thresholds referred to in paragraph 2 above;
2.		inform the FMA at least once a year of the names of the shareholders or other members who hold qualifying holdings and the amounts of the holdings concerned, which shall, for example, be made from the communications on the occasion of the The annual general meeting of the shareholders and members or the mandatory declarations of the companies whose transferable securities are admitted to trading on a regulated market shall be produced.

(6) In the event that the influence of the persons referred to in paragraph 1 is likely to endanger the prudent and sound management of the investment firm or the investment service undertaking, the FMA shall take the necessary measures to ensure that State to end. Such measures shall be in particular:

1.		requests for injunctions;
2.		Supervisory measures in accordance with § 92;
3.		the application, in the case of the Court of Justice responsible for the seat of the investment firms or of the investment service undertaking and competent in the exercise of jurisdiction in commercial matters of the first instance, on the order of the glory of the voting rights for those shares or other shares held by the shareholders or other shareholders concerned;
a)			for the duration of this risk, the end of which shall be established by the Court of Justice, or
b)			until the purchase of these shares or other shares by third parties after non-compliance has been effected in accordance with paragraph 3; the Court of Justice shall decide in proceedings in addition to disputes.

(7) The FMA has to take similar measures with regard to persons who fail to comply with their obligation to provide prior information to the FMA on the acquisition or increase of a qualifying holding. Without prejudice to the penalties to be imposed, if a holding is acquired in spite of the opposition of the FMA, the voting rights shall apply to those shares or other shares held by the shareholders or other members concerned. rest

1.		until the FMA has been established that the acquisition of the participation in accordance with paragraph 3 would not have been prohibited, or
2.		until the FMA's determination that the reason for the subsatiment was no longer made.

(8) If a Court of Justice has the right to vote in accordance with paragraph 6 (3), the Court shall, at the same time, appoint a trustee to comply with the requirements of Section 5 (1) (3) of the Federal Elections Act and to delegate the exercise of voting rights to it. In the case referred to in paragraph 7, the FMA shall appoint a trustee in the case of the Court of Justice in charge of the registered office of the investment firm or the investment services undertaking and competent in the exercise of jurisdiction in the case of the first instance. request immediately if it becomes known that the voting rights are resting. The trustee shall be entitled to the replacement of his/her outlays and to remuneration for his activities, the amount of which shall be determined by the court. The investment firm or the investment service undertaking and the shareholders and other shareholders in question shall be liable for the undivided hand. The recourse is open to decisions, which determines the amount of the remuneration of the trustee and of the expenses to be replaced. The decision of the Oberlandesgericht (Oberlandesgericht) does not take place in the event of further legal proceedings.

Section 2

Freedom of establishment and freedom to provide services

Investment firms from Member States in Austria

§ 12. (1) Investment services and activities referred to in Article 4 (1) (2) of Directive 2004 /39/EC and the ancillary services listed in Annex I (B) to Directive 2004 /39/EC may be provided by an investment firm within the meaning of Article 4 (1) of Directive 2004 /39/EC. 1 Z 1 of Directive 2004 /39/EC authorised in another Member State, in accordance with Directive 2004 /39/EC in Austria, through a branch or carried out or provided by means of the freedom to provide services, to the extent that: Authorisation shall be entitled to do so. Ancillary services may only be provided in connection with an investment service or an investment activity.

(2) The establishment of a branch office in Austria shall be permissible if the competent authority of the home Member State of the FMA has provided all the information in accordance with Article 13 (1) (1) to (4) and (3).

(3) After a notification has been submitted in accordance with paragraph 2, but no later than two months after the notification by the competent authority of the home Member State has been forwarded, the branch may be established and commend its activities.

(4) Investment firms carrying out activities in Austria through a branch shall have § § 36, 38 to 59, 61 to 66 and 69 to 71 of this Federal Act and Articles 33 to 38, 40, 41 and 93 (8a) of the BWG as well as those pursuant to these provisions. , to comply with regulations and regulations adopted.

The competent authorities of the home Member State of an investment firm pursuant to Article 4 (1) (1) (1) of Directive 2004 /39/EC may, after prior notification to the FMA itself, carry out an investigation in the performance of their duties at the branch office in this branch office.

(6) Investment firms and market operators from other Member States operating an MTF may provide appropriate domestic systems to facilitate access to and use of their systems by long-distance users or subscribers in the country.

Austrian investment firms in Member States

§ 13. (1) Each investment firm in accordance with § 3, which wishes to establish a branch in the territory of another Member State, has previously to notify the FMA in writing and, in doing so, to forward the following information:

1.		the Member State in whose territory the establishment of a branch is planned;
2.		a business plan specifying the nature of the investment services and activities offered, as well as ancillary services, and the organisational structure of the branch; the investment firm in question intends to enter into to use tied agents, this intention is also to be disclosed;
3.		the address at which documents from the investment firm may be requested in the host Member State;
4.		the names of the directors of the branch office.
Where investment firms have a tied agent established in a Member State other than Austria, that tied agent shall be treated in the same way as the branch office and shall be subject to the branches set up for branches the current provisions of Directive 2004 /39/EC.

(2) If, in view of the investment firm's planned activities, the FMA has no reason to doubt the adequacy of the administrative structures or the financial position of the investment firm, it shall have the information referred to in paragraph 1 within three months. to submit to the competent authority of the host Member State designated as contact point pursuant to Article 56 (1) of Directive 2004 /39/EC, the FMA, after having received all the information provided for in Article 56 (1) of Directive 2004 /39/EC, shall within the above period to be modest.

(3) In addition to the information referred to in paragraph 1, the FMA shall provide the competent authority of the host Member State with details of the recognised investor compensation scheme to which the investment firm is affiliated.

(4) After receiving a notification from the competent authority of the host Member State or for non-expression thereof no later than two months after the notification by the FMA has been forwarded, the branch may be established and its activity record.

(5) investment firms which, in the territory of another Member State, for the first time provide investment services or perform investment activities on the basis of the freedom to provide services, or the types of investment services offered there; or If you wish to change your investment activities, you have to notify the FMA in writing, and you must submit the following information:

1.		the Member State in which they intend to carry out their activities;
2.		the information referred to in paragraph 1 (2).
At the request of the competent authority of the host Member State of an investment firm, the FMA shall, within a reasonable period, forward to that authority the name or names of the tied agents which the investment firm in that undertaking has to offer: Member State intends to make use of it.

(6) The FMA shall forward the notification in accordance with paragraph 5 within one month of receipt of the notification to the competent authority of the host Member State designated as contact point pursuant to Article 56 (1) of Directive 2004 /39/EC. The investment firm may then provide, in the host Member State, the investment services and activities concerned by means of the freedom to provide services.

(7) The investment firm shall have the FMA any change to the information communicated in accordance with paragraph 1 or 5 and, if it is an investment firm operating through a branch in another Member State, the information referred to in paragraph 3 at least to notify it in writing one month prior to their implementation. The FMA shall immediately forward this information to the competent authority of the host Member State.

(8) The FMA may request the competent authority of a home Member State of an investment firm to forward to it the name or names of the tied agents that the investment firm intends to use domestically. The FMA may publish the information received by the competent authority of the home Member State.

(9) An investment firm in accordance with § 3, which operates an MTF, has to indicate to the FMA in which other Member State it intends to provide an MTF. The FMA shall forward this information within one month to the Member State in which the investment firm wishes to provide an MTF. In addition, the FMA shall, at the request of the competent authority of the host Member State of the MTF, transmit the names of the members or participants of the MTF established in that Member State within a reasonable period of time.

Supervision within the framework of freedom of establishment

§ 14. (1) Branch offices of investment firms in accordance with § 12 shall have the observance of § § 36, 38 to 59, 61 to 66 and 69 to 71 to be examined by auditor. An audit report shall be drawn up and, if necessary, explained on the basis of the outcome of the examination. This report shall be submitted by branches of investment firms within six months of the conclusion of the financial year of the FMA.

(2) The audit report shall be drawn up in such a timely manner and shall be submitted to the directors of the branches of investment firms of Member States in Austria that the pre-latiation period referred to in paragraph 1 may be complied with.

(3) The information referred to in paragraph 1 shall be drawn up in the German language.

2. Main piece

Organisational requirements

Section 1

Organization

Legal entities

§ 15. (1) Legal entities within the meaning of this Headpiece shall be credit institutions, investment firms, investment services undertakings, insurance undertakings in accordance with Article 2 (2) and branches of investment firms in accordance with the provisions of Section 12 (4) and (4) of this Regulation. Credit institutions in accordance with Section 9 (7) of the BWG from Member States.

(2) The following provisions shall not apply to investment services undertakings:

1.		The requirement of an independent compliance function in accordance with § 18 (3) and (4);
2.		the requirement of an independent risk management function in accordance with section 19 (2);
3.		the requirement of a separate independent internal audit in accordance with § 20 and
4.		§ 28 to the effect that investment service companies are not allowed to use any tied agents.

(3) In the case of credit institutions which have a sufficiently independent risk management function and an internal audit in accordance with the provisions of the BWG, the tasks referred to in § § 18 to 20 may be exercised by the relevant organizational unit. .

Conditions for the provision of information

§ 16. (1) If this Federal Act provides for the provision of information on a durable medium, the use of another durable medium as a paper shall be permitted only if:

1.		the provision of this information on this medium is appropriate to the framework conditions under which the business is or is to be carried out between a legal entity and the customer; and
2.		the customer is informed of the choice to obtain this information on paper or on any other durable medium, and this information is expressly decided on the latter.

(2) If a legal entity provides a customer with information which is not addressed to him personally in accordance with § 40, § 42 and § 54 (2) via a website, the following conditions shall be complied with:

1.		The provision of this information on this medium shall be appropriate to the framework conditions under which the business is or is to be carried out between a legal entity and the customer;
2.		the customer must expressly consent to the provision of such information in this form;
3.		the address of the website and the place where the information on this website is to be found must be communicated to the customer by electronic means;
4.		the information must be up-to-date and can be continuously queried via this website for as long as it has to be visible to the customer at reasonable discretion.

(3) The provision of information by electronic means shall be deemed appropriate within the meaning of Section 1 (1) (1) and (2) (2) (1) if the customer has proven to have regular access to the Internet. This shall be deemed to be proven if the customer is responsible for the execution of this transaction
Email address specified.

General organisational requirements

§ 17. (1) A legal entity has

1.		decision-making processes and an organisational structure that clearly documents, establish and implement reporting obligations and assigned functions and tasks;
2.		to ensure that all relevant persons are aware of the procedures to be followed for the proper performance of their duties;
3.		adequate internal control mechanisms to ensure compliance with decisions and procedures at all levels, and to maintain them on an ongoing basis;
4.		to ensure that the tasks of staff are fulfilled, which have the necessary skills, knowledge and experience;
5.		Establish and ensure, at all relevant levels, effective internal reporting and dissemination of information;
6.		to maintain appropriate and systematic records of its business and internal organisation, and
7.		to ensure that the proper, honest and professional performance of the individual functions is ensured even when relevant persons perform several functions.
Account shall be taken of the nature, extent and complexity of the business of the legal entity, as well as of the nature and extent of the investment services and activities performed.

(2) A legal entity shall also establish and implement, on an ongoing basis, adequate systems and procedures for the protection of the security, integrity and confidentiality of information, taking into account the nature of such information.

(3) A legal entity shall take reasonable steps to ensure the continuity and regularity of investment services and activities. To this end, it shall establish appropriate and appropriate systems, resources and procedures and to take other reasonable steps to ensure that, in the event of an interruption of its systems and procedures, essential data and procedures shall be provided for: functions, and investment services and investment activities can be continued. Should this not be possible, these data and functions must be able to be recovered in good time so that the investment services and investment activities can be resumed in good time.

(4) The adequacy and effectiveness of the systems established pursuant to paragraphs 1 and 2, internal control mechanisms and arrangements must be monitored, regularly evaluated and the necessary measures to remedy any shortcomings are to be taken.

(5) A legal entity shall establish effective and transparent procedures for the appropriate and prompt processing of complaints from private clients and shall be applied on an ongoing basis. Any complaint and the record of the measures taken to complete the complaint shall be kept.

Compliance ("compliance")

§ 18. (1) A legal entity shall, by establishing appropriate strategies and procedures, ensure that it, its management, employees and tied agents, shall comply with the obligations of this Federal Law and the provisions of this Act for personal transactions according to § 24 of these persons.

(2) The legal entity shall establish and maintain, on an ongoing basis, appropriate principles and procedures that are designed to take into account any risk of any failure to comply with the obligations laid down in this Federal Act and the risks involved. . Appropriate measures and procedures shall limit these risks to a minimum. In doing so, it is necessary to ensure that the FMA is made available to all the necessary documents so that it can exercise its powers effectively. The nature, scope and complexity of the business of the legal entity, as well as the nature and extent of the investment services and activities carried out, shall be taken into account.

(3) A legal entity shall permanently establish an independent compliance function, which shall have the following tasks:

1.		the monitoring and regular assessment of the adequacy and effectiveness of the procedures referred to in paragraph 1, and of the measures taken to remedy any shortcomings;
2.		the advising and support of the relevant persons responsible for investment services and investment activities with a view to ensuring compliance with the obligations laid down in this body for the legal entity.

(4) In order to enable the compliance function to carry out its tasks properly and independently, the legal entity shall ensure:

1.		The persons responsible for the function must have the necessary powers, resources and expertise and must have access to all relevant information;
2.		a compliance officer responsible for the compliance function and the preparation of an activity report shall be designated;
3.		relevant persons involved in this function must not be involved in the services or activities which they monitor;
4.		the procedure under which the remuneration of the relevant persons involved in this function is determined shall not affect their objectivity or be suitable for that purpose.
The requirements referred to in Z 3 and 4 do not have to be met if the legal entity proves that it is based on the nature, scope and complexity of its business activities, as well as on the nature and extent of the Investment services and investment activities are disproportionate and the compliance function is properly fulfilled even without the fulfilment of these requirements.

Risk Management

§ 19. (1) A legal entity shall have proper management and accounting, internal control mechanisms, effective risk assessment procedures, and effective control and security mechanisms for data processing systems, and shall have in particular

1.		establish appropriate guidelines and procedures for the risk management of the risks associated with its operations, operations and systems; these guidelines and procedures are to be applied on an ongoing basis;
2.		to take effective measures to manage the risks associated with its operations, operations and systems, and to establish effective procedures and mechanisms; in doing so, the legal entity has a risk-tolerance threshold for the processes and mechanisms ,
3.		Monitor the following:
a)			The appropriateness and effectiveness of the guidelines and procedures laid down by the legal entity for risk management;
b)			compliance with the arrangements, procedures and mechanisms laid down in accordance with Z 2 by the legal entity and its relevant persons;
c)			the appropriateness and effectiveness of the measures to be taken to remedy any inadequacies of those guidelines, procedures, arrangements, procedures and mechanisms, including their disregard for the relevant persons.

(2) A legal entity shall permanently establish an independent risk management function, in so far as this is done in the light of the nature, scale and complexity of its business activities, as well as the nature and extent of the investment services provided; and Investment activities are appropriate and proportionate. It has the following tasks:

1.		The application of the guidelines and procedures referred to in paragraph 1, and
2.		reporting to the Executive Board pursuant to section 21 (2) and their advice.

(3) If a legal entity is not obliged to establish an independent risk management function in accordance with paragraph 2, it must nevertheless be able to demonstrate that the guidelines and procedures laid down by it in accordance with paragraph 1 of this Article shall be adopted in accordance with the guidelines and procedures laid down therein requirements and are fully effective.

Internal revision

§ 20. A legal entity shall permanently establish a separate and independent internal audit, separate from its other functions and activities, in so far as this is given in view of the nature, scope and complexity of its operations, and of the nature and nature of its activities, and the nature and Extent of the investment services and activities carried out shall be proportionate and proportionate. It has the following tasks:

1.		The establishment and permanent implementation of a revision programme to assess and assess the adequacy and effectiveness of the systems, internal control mechanisms and arrangements of the legal entity;
2.		the issuing of recommendations on the basis of the results of the tasks carried out in accordance with Z 1;
3.		the verification of compliance with these recommendations; and
4.		the preparation of activity reports pursuant to section 21 (2).
In the case of a credit institution, these tasks may be carried out by the internal audit established in accordance with § 42 BWG.

Responsibilities of the Executive Board

§ 21. (1) The Executive Board shall be responsible for the performance of the duties laid down in this Federal Act. In particular, the Executive Board is obligated to assess and regularly review the effectiveness of the obligations laid down in this Federal Act, guidelines, arrangements and procedures laid down by the legal entity, and appropriate measures to remedy any shortcomings. If the legal entity has a supervisory body, it shall, within the framework of the company law, monitor the management of the management in respect of the compliance with its obligations.

(2) As far as the preparation of reports is provided for in § § 18 to 20, these shall be reimbursed in writing and regularly, at least once a year. They shall contain a summary of the activity of the respective function and shall indicate, in particular, whether appropriate measures have been taken to remedy any shortcomings. If a legal entity has a supervisory body, these reports shall also be forwarded to it.

Obligation to keep records

§ 22. (1) A legal entity shall keep records of all its services and operations, on the basis of which the FMA is able to verify compliance with the requirements of this Federal Law and, in particular, be able to ascertain whether the legal entity is all Obligations to its customers has been respected. In this connection, the legal entity must comply with Articles 7 and 8 of Regulation (EC) No 1287/2006.

(2) A legal entity shall keep all records required under this Federal Act for at least five years, unless one of the following cases is available:

1.		The records in which the rights and obligations of the legal entity vis-à-vis its customers are recorded under a service contract or the conditions under which the legal entity provides services to the customer, shall be shall be kept for at least the duration of the business relationship;
2.		in the presence of exceptional circumstances, the FMA may require a legal entity to retain individual or all such records during a longer period of time justified by the nature of the instrument or business, provided that: this is necessary in order for the FMA to exercise its supervisory role under this federal law.
FMA may order, in the communication with which the concession is to be taken over the withdrawal or the expiry of the concession, that the records must be kept until the end of a period of not more than five years.

(3) The records shall be kept on a data medium so that they can also be made available to the FMA in the future. In addition, the following conditions must be met:

1.		The records must be made available to the FMA without delay, and any important phase of the processing of all transactions must be reconstructable;
2.		any corrections or other changes, as well as the content of the records prior to these corrections or changes, must be easily detectable and
3.		the records must be sufficiently protected against tampering or other unauthorised changes.

(4) The FMA has a list of the minimum labelling requirements which legal entities must comply with in accordance with this federal law and publish it on their homepage.

(5) The FMA shall be responsible for checking compliance with paragraphs 1 to 3 in respect of transactions carried out by branches of investment firms and credit institutions established in a Member State or a third country. Without prejudice to this, the direct access to such records shall remain the responsibility of the competent supervisory authority of the Member State of origin of the legal entity.

Personal Store

§ 23. For the purposes of § § 24 and 37, a "personal business" is a business with a financial instrument made by a relevant person for his own account or for the account of third parties; and

1.		the relevant person is outside the scope of the responsibility for which he is competent in the case of the legal entity; or
2.		the business for the invoice is one of the following:
a)			of the relevant person,
b)			a person to which they have a family bond within the meaning of § 48a (1) Z 9 lit. a to c BörseG or a close connection,
c)			a person whose relationship with the relevant person is such that the latter has a direct or indirect significant interest in the exit of the business; this shall not apply if the interest is exclusively in a fee or commission for the settlement of the business.

Types of personal business

§ 24. (1) A legal entity shall take reasonable steps to comply with and continuously comply with, in order to provide relevant persons whose activities may give rise to a conflict of interest, or those based on activities they may carry out on behalf of the legal entity shall have access to inside information within the meaning of section 48a (1) (1) of the Austrian Stock Exchange Act or to other confidential information about customers or about transactions effected with or for customers,

1.		to make a personal business where at least one of the following conditions is met:
a)			the person shall not make the transaction in accordance with § § 48b to 48d BörseG or any provision adopted in another Member State pursuant to Directive 2003 /6/EC;
b)			the transaction is associated with the abuse or the irregular disclosure of confidential information;
c)			the business is in breach of a duty of the legal entity under this federal law or there is reason to believe that it could violate such a law;
2.		to recommend, outside their regular employment relationship or service contract of another person, a business with financial instruments which, if it were to act as a personal business of the relevant person, under Z 1, § 37 (2) or (2) or § 55 (4) would fall, or to cause the other person to enter such a business;
3.		to pass on information or opinions to another person outside their regular employment relationship or service contract, if the relevant person knows, or reasonably should be aware, that such disclosure would be may cause or cause other persons to:
a)			make a transaction with financial instruments which, if it were to be a personal business of the relevant person, would fall under Z 1, § 37 para. 2 Z 1 or 2 or § 55 paragraph 4, or
b)			to recommend another person to such a business or to arrange for another person to do such a business.

(2) The provisions laid down in paragraph 1 shall, in particular, ensure:

1.		Any relevant person referred to in paragraph 1 shall be aware of the restrictions on personal transactions and the measures taken by the legal entity with regard to personal business and information disclosure in accordance with paragraph 1.
2.		The legal entity shall be informed without delay of any personal business of a relevant person referred to in paragraph 1. This may be done either by reporting the business or by other procedures enabling the legal entity to establish such transactions. When the legal entity has outsourced tasks, it shall ensure that the service provider holds the personal business of all relevant persons and immediately informs the legal entity upon request.
3.		A personal business reported or established by the legal entity, as well as any permission and prohibition in connection with such a business shall be recorded.

(3) The provisions of paragraphs 1 and 2 shall be excluded:

1.		personal transactions made under a portfolio management contract with a margin of discretion, provided that no contacts are made between the portfolio management and the relevant person prior to the conclusion of the transaction; or the person on whose behalf the business is taking place;
2.		personal transactions with shares in collective investment undertakings according to § 2 Z 35 lit. (a) and (b) BWG; this shall also apply to shares in other units of collective investment undertakings which, under the legislation of a Member State, are subject to an equally high level of risk-spreading and are subject to supervision in this respect; the relevant person and any other person on whose behalf the transactions are carried out shall not be involved in the management of the organism concerned.

Section 2

Storage and use of contractual intermediaries

Outsourcing of essential operational tasks to service providers

§ 25. (1) A legal entity shall ensure that, in the event of recourse to third parties (service providers), the performance of operational tasks for the continuous and satisfactory provision of services to customers and the exercise of Investment activities are essential, reasonable accommodation in accordance with Appendix 1 to § 25 will be taken in order to avoid unnecessary additional business risks. In any event, the outsourcing of essential operational tasks to service providers must not be carried out in such a way that the quality of the internal control or the possibility of the FMA to verify that the company meets all the requirements is essential. shall be affected. In the event of conclusion, implementation or termination of an agreement on the outsourcing of essential operational tasks, investment services or investment activities to a service provider, the necessary professionalism and care shall be taken into account. Procedure. In particular, a clear division of the rights and obligations between the legal entity and the service provider shall be made in the form of a written agreement.

(2) An operational task is essential within the meaning of para. 1 if its insufficient or failure to exercise the obligation to comply with the concession requirements or the other obligations under this federal law, the financial the performance of the legal entity or the solidity or continuity of investment services and activities. In any case, the following tasks are not considered to be essential:

1.		Advisory and other services which are not part of its investment business, in particular legal advice, staff training, accounting and the guarding of buildings and the protection of a legal entity, provided for a legal entity. employees;
2.		the acquisition of standardised services, in particular market information services and price data.

(3) A legal entity outsourcing key operational tasks or investment services or activities shall be responsible for the performance of all its obligations under this Federal Law and shall in particular: ensure:

1.		The outsourcing shall not lead to a delegation of the duties of the management;
2.		the relationship and the obligations of the legal entity vis-à-vis its customers must remain unchanged;
3.		the conditions for a concession pursuant to § 3 or § 4 BWG must continue to be fulfilled.
If the legal entity and the service provider belong to the same group, account can be taken of the extent to which it can control the service provider or influence its actions.

(4) At their request, the legal entity of the FMA has to provide all the information necessary to monitor whether the requirements of this Federal Act concerning the outsourcing of tasks are complied with.

Outsourcing of private customer portfolios to service providers in the third country

§ 26. (1) The management of private customer portfolios may only be outsourced to a service provider established in a third country if, in addition to the requirements laid down in § 25, the following conditions are complied with:

1.		The service provider must be admitted or registered in his/her country of origin for the provision of this service and must be subject to regulatory supervision in respect of his/her services; and
2.		between the FMA and the supervisory authority of the country of origin of the service provider, there must be an appropriate cooperation agreement.

(2) If one of the conditions set out in paragraph 1 is not fulfilled, the management of private customer portfolios may only be outsourced to a third country service provider if the FMA has been notified of the contents of the swap agreement and this has not objected to the outsourcing within three months of receiving the notification.

(3) The FMA has to adopt and publish on its homepage the principles governing the outsourcing of the management of retail clients ' portfolios to third country service providers as referred to in paragraph 2. This Regulation shall contain examples of cases where, in the event that one of the conditions laid down in paragraph 1 (1) (1) and (2) is not satisfied, the FMA would not object under normal circumstances to an outsourcing pursuant to paragraph 2. In the publication, the FMA has to justify why an outsourcing in these cases does not, in the opinion of the FMA, restrict a legal entity in its ability to comply with the obligations laid down in § 25.

(4) The FMA shall publish on its home page a list of third-country supervisory authorities with which cooperation agreements have been concluded which are to be considered appropriate for the purposes of paragraph 1 (2).

Provision of services through another legal entity

§ 27. (1) A legal entity which receives the contract from another legal entity to provide investment services or ancillary services on behalf of a client may rely on customer information provided by the other legal entity have been forwarded. The responsibility for the completeness and accuracy of the customer information forwarded shall be borne by the legal entity which has issued the order.

(2) The legal entity receiving an order in accordance with paragraph 1 may also rely on recommendations relating to the service or business given to the customer by the other legal entity. The responsibility for the suitability of the recommendations or the advice for the customer shall be borne by the legal entity which has issued the order.

(3) The responsibility for the provision of the service or the conclusion of the business on the basis of such information or recommendations in accordance with the relevant provisions of this Federal Law shall be borne by the legal entity who shall be responsible for the performance of the contract. .

Use of contractually bound intermediaries

§ 28. (1) A legal entity may contract tied agents for the promotion of its service business, the acquisition of new business or the acceptance of customer orders as well as for the transmission of these orders, placing of financial instruments and for investment advice on the financial instruments and services offered by the legal entity.

(2) In accordance with § 1313a of the ABGB, a legal entity that draws up a tied agent shall be liable for any act or omission of the tied agent, if he/she is acting on behalf of the legal carrier.

(3) A legal entity shall monitor the activities of the tied agents who act on it. He shall ensure that a tied agent shall inform the customer when he or she enters into contact or before he enters into business with the customer, in what property he acts and which legal entity he or she represents.

(4) A legal entity may use only tied agents registered in a public register of the Member State in which they are established.

(5) In Austria, tied agents have a commercial authorization in accordance with § 136a Gewerbeordnung 1994-GewO 1994, BGBl. No 194/1994. They may be entered in the public register only if it is established that they have the necessary reliability and general, commercial and professional knowledge in order to obtain all the relevant information on: the service offered can be passed on correctly to the customer. The tied agent shall, at its request, provide the legal entity with all the evidence necessary to verify the conditions.

(6) The public register shall be kept at the FMA. The register shall be updated on an ongoing basis. Credit institutions and investment firms shall carry out the registration of the tied agents without delay and shall be responsible for the proper inspection.

(7) A legal entity which draws up tied agents shall, through appropriate measures, ensure that the activities of the tied agent, which does not have a concession to provide investment services, , do not have any adverse effect on the activities carried out on behalf of the legal entity.

(8) The activity as a tied agent does not constitute an employment relationship within the meaning of federal law, social or tax law.

Section 3

Protection of customer assets

Protection of financial instruments and funds from customers

§ 29. (1) A legal entity holding financial instruments belonging to customers shall take appropriate measures, in particular in the event of insolvency, in order to protect their property rights in those instruments and to prevent the financial instruments from being used in the financial instruments. of a customer without the express consent of the customer for his own account.

(2) A legal entity holding funds belonging to customers shall take appropriate measures to protect the rights of customers and, except in the case of credit institutions, to prevent the use of the customers ' funds for their own account.

(3) In order to protect the rights of customers in their financial instruments and funds, a legal entity shall:

1.		keep the necessary records and accounts to allow him at any time to distinguish the assets held by each customer immediately from each other as well as from his own assets;
2.		to keep records and accounts in such a way as to ensure that they are always accurate and in particular in accordance with financial instruments and funds held for customers;
3.		coordinate its internal accounts and records on a regular basis with those of all third parties holding these assets;
4.		to take the necessary measures to ensure that all customer financial instruments deposited in a third party in accordance with § 30 shall be subject to different names of accounts held in the books of the third party or similar measures taken by third parties, ensure an equally high level of protection, which can be distinguished from the financial instruments of the legal entity and the financial instruments of that third party;
5.		to take the necessary measures to ensure that customer funds deposited at a point in accordance with section 31 (1) (1) (1) to (4) are kept on one or more separate accounts held by all other accounts on which funds are used. of the legal entity shall be separated; and
6.		appropriate organisational arrangements to take the risk that the client's assets or the rights associated with it are due to abusive use of the assets or due to fraud, poor management, insufficient records or negligence to be lost or diminishing, to be kept as low as possible.

(4) The FMA is empowered to establish by means of regulations the detailed design of the measures and arrangements referred to in paragraph 3 (3) (1) to (6), to the extent that is necessary for the protection of the client's assets.

Deposit of customer financial instruments

§ 30. (1) A legal entity may deposit the financial instruments held by its customers on one or more accounts opened by a third party if it is responsible for the selection, ordering and periodic verification of that third party and for the financial instruments used for the purpose of the To ensure compliance with these financial instruments with the necessary professionalism and care. In particular, the expertise and reputation of the third party on the market, as well as any legal requirements or market practices related to the safekeeping of those financial instruments, shall have to affect the rights of customers. could be taken into account.

(2) In the event that the safekeeping of financial instruments for the account of another person in the country in which he wishes to deposit financial instruments from clients with a third party, a legal entity shall have special provisions and a special supervision, it should be noted that these financial instruments are not deposited in that country with a third party which is not covered by those provisions and this supervision.

(3) A legal entity may deposit financial instruments which it holds for clients only with a third party in a third country in which the safekeeping of financial instruments for the account of another person is not regulated if any of the following Conditions are fulfilled:

1.		Due to the nature of the financial instruments or the investment services connected to them, the deposit must be made with a third party in that third country;
2.		the financial instruments shall be held in the name of a professional client and the latter shall write to the legal entity in writing to deposit them with a third party in that third country.

Deposit of customer funds

§ 31. (1) A legal entity shall immediately deposit received customer funds on one or more accounts in one of the following entities:

1.		a central bank,
2.		a credit institution which is authorised in accordance with Directive 2006 /48/EC,
3.		a bank approved in a third country, or
4.		a qualified money market fund (par. 3).

Paragraph 1 shall not apply to credit institutions authorised under Directive 2006 /48/EC for the purpose of receiving deposits within the meaning of the said Directive.

(3) A qualified money market fund within the meaning of paragraph 1 (4) is an organism for joint installations which is either authorised or subject to supervision pursuant to Directive 85 /611/EEC and, where appropriate, by an authority in accordance with the National law of a Member State and satisfies the following conditions:

1.		Its primary investment objective is to maintain its net asset value, either constant at pari (minus the returns) or to the value of the investor's initial capital, plus yields;
2.		in order to achieve its primary investment objective, it shall invest exclusively in first-class money market instruments with a maturity or residual maturity of no more than 397 days or regular periods of maturity in line with such maturity Return on investment and a weighted average maturity of 60 days; in order to achieve this objective, it may also invest in deposits with credit institutions;
3.		Liquidity is guaranteed by the day-to-day settlement or regulation the next day.

(4) A money market instrument within the meaning of paragraph 3 (2) shall be regarded as first-class if it has received the highest rating from any competent rating agency which has assessed this instrument. A rating agency shall be regarded as competent if it regularly provides credit ratings for money market funds on a commercial basis and is a recognised rating agency within the meaning of Section 21b of the Federal Elections Act. An instrument that is not rated by any competent rating agency cannot be regarded as first-class.

(5) A legal entity shall, if it does not deposit the customer's funds with a central bank, in the selection, ordering and periodic review of the credit institution or the money market fund where the funds are placed, and in respect of -the preservation of these funds with the necessary professionalism and diligence procedures.

(6) In order to protect the rights of its customers, a legal entity has the expertise and reputation of these institutions or money market funds on the market, as well as all legal requirements or market practices related to the safekeeping of customer funds and could affect the rights of customers, to consider.

(7) Customers shall have the right to object to the investment of their funds in a qualified money market fund.

Use of financial instruments from customers

§ 32. (1) A legal entity may enter into agreements on securities financing transactions with financial instruments which it holds for a customer, or the other use of such financial instruments for its own account or for the account of another customer of the Only if the following conditions are met, the right-holder shall be completed:

1.		The customer must have expressly consented to the use of the above-specified terms and conditions; this is to be proven in the case of a private customer by his signature or by an equivalent other way.
2.		The use of the financial instruments of this customer must be limited to the specified terms and conditions to which the customer has agreed.

(2) A legal entity may enter into agreements on securities financing transactions with financial instruments held on behalf of a customer on a collective account held by a third party, or the other use of those on such an account for own account or on behalf of another customer only if, in addition to the conditions set out in paragraph 1 above, at least one of the following conditions is fulfilled:

1.		Each customer whose financial instruments are held together on a collective account has expressly agreed to that in accordance with paragraph 1 (1) (1) (1) above;
2.		the legal entity shall have systems and controls to ensure that only financial instruments used by customers who have previously given their explicit consent pursuant to paragraph 1 (1) (1) are used in this way.

(3) In order to allow for the correct allocation of any losses, the records of the legal entity shall contain details of the customer on whose instructions the use of the financial instruments has been carried out and on the number of uses used. Financial instruments of the individual customers who have given their consent.

Reports of auditors

§ 33. A legal entity shall ensure that its auditors or auditors, in accordance with Section 74 (3), report at least once a year to a report on the appropriateness of the measures taken in accordance with § § 29 to 32. The legal entity shall forward the report to the FMA. The rules on the liability of the auditor in accordance with § 275 of the German Commercial Code (UGB) are to be applied accordingly.

Section 4

Conflicts of interest

Potential adverse conflicts of interest for customers

§ 34. (1) A legal entity shall take reasonable steps to deal with conflicts of interest between itself, relevant persons, contractual intermediaries or other persons directly or indirectly connected with it by means of control; on the one hand and its customers on the other, or between its customers, arising from the provision of investment services, investment activities and ancillary services, or a combination thereof.

(2) In this case, a legal entity to establish conflicts of interest within the meaning of paragraph 1, which may be detrimental to the interests of a customer, shall at least have to consider whether one of the following facts is present:

1.		There is a risk that the legal entity or any of the persons referred to in paragraph 1 shall have a financial advantage to the detriment of the customer or avoid financial loss;
2.		the legal entity or any of the persons referred to in paragraph 1 shall have an interest in the result of a service provided to the customer or of a transaction made for the customer, which is not in the interest of the customer in respect of that result; ;
3.		for the legal entity or any of the persons referred to in paragraph 1, there shall be a financial or other incentive to place the interests of another customer or group of clients over the interests of the customer;
4.		the legal entity or any of the persons referred to in paragraph 1 shall carry out the same business activity as the customer;
5.		the legal entity or any of the persons referred to in paragraph 1 shall, at present or in the future, receive from a person different from the customer in respect of a service provided to the client in addition to the commission standard for that service; or charge an advantage according to § 39.

Guidelines for dealing with conflicts of interest

§ 35. (1) A legal entity shall establish, in writing, effective guidelines for dealing with conflicts of interest, its size and organisation, and the nature, scope and complexity of its operations, in order to: to prevent conflicts of interest from damaging customer interests. In addition, if the legal entity is part of a group, those guidelines must take into account any circumstances that the legal entity should know or need to know and which, as a result of the structure and business activities of other group members, should be subject to a Conflict of interest could lead to conflict.

(2) In the guidelines for dealing with conflicts of interest,

1.		in respect of investment services, investment activities and ancillary services, or a combination of the same, provided by the legal entity or on behalf of the legal entity, under what circumstances a a conflict of interests which could harm the interests of one or more customers, and which could be or may be incurred; and
2.		determine the procedures to be followed and the measures to be taken in order to deal with these conflicts of interest.

(3) These procedures and measures shall be designed in such a way that relevant persons engaged in activities involving a conflict of interest within the meaning of paragraph 2 (1) (1) carry out those activities with a degree of independence which is the subject of The size and the field of activity of the legal entity and the group to which he belongs and the risk of damage to customer interests is appropriate.

(4) The FMA has to lay down standards which must comply with the procedures and measures laid down in paragraph 2 (2) (2) (2). The Regulation has to comply with the second subparagraph of Article 22 (3) of Directive 2006 /73/EC. Should the measures or procedures taken in practice not be sufficient to ensure the necessary level of independence, the legal entity shall set up alternative or additional measures or procedures.

(5) In order to ensure, at reasonable discretion, the procedures and measures to ensure that the risk of impairment of customer interests is avoided, the legal entity shall have the nature and cause of the customer's To disclose conflicts of interest prior to doing business for the customer. This information must be made on a durable medium. The scope has to be based on the classification of the customer, so that the customer can make his decision on the service in which the conflict of interest occurs on an informed basis.

(6) A legal entity shall have all types of investment services, ancillary services and activities in which a conflict of interest has significantly damaged one or more customers or where there is a conflict of interest in the case of ongoing operations. services or activities could occur, record and update these records on an ongoing basis.

Financial analysis

§ 36. (1) Financial analyses shall be provided by a legal entity with information on one or more financial instruments or issuers of financial instruments which directly or indirectly contain a recommendation for a particular investment strategy; , including all opinions on the current or future value or price of such instruments for information dissemination channels or for the public, provided that the following conditions are met:

1.		They are referred to as financial analyses or the like, or are presented in a way that gives the impression of a financial analysis or otherwise is presented as objective or independent analysis;
2.		if the recommendation in question would be given by a legal entity to a customer, it would not constitute investment advice within the meaning of this Federal Law.

(2) All other recommendations under Section 48f (1) Z 3 BörseG, which have been drawn up by a legal entity, relate to financial instruments and do not comply with the conditions set out in paragraph 1, shall be deemed to be used for the purposes of this Federal Law as Marketing communication is handled and clearly marked as marketing communication. In addition, any such recommendation, whether oral or in writing, must contain a clear and clear indication that it does not comply with the legislation on the promotion of the independence of Financial analysis has not been carried out, nor is it subject to the prohibition of trade following the dissemination of financial analyses.

Additional organisational requirements for the preparation of financial analyses

§ 37. (1) A legal entity which, in its own name or on behalf of a member of its group, makes or makes financial analyses which are intended to be distributed among its customers or in the public, or which are likely to be disseminated, , it shall ensure that, in relation to the financial analysts involved in the preparation of these analyses, as well as to other relevant persons, their duties or business interests with the interests of the persons to whom the Financial analyses could be passed on, all due to § 35 (4) Regulation of the FMA is complied with.

(2) In addition to paragraph 1, the legal entity, which creates and disseminates financial analyses within the meaning of paragraph 1, shall make arrangements to ensure compliance with the following conditions:

1.		Financial analysts and other relevant persons who are aware of the likely schedule or content of a financial analysis that is not accessible to the public or to customers and whose content is not from the publicly available information , personal or on behalf of another person, including the legal entity, shall be allowed to do business with financial instruments to which the financial analysis relates, except in the case of:
a)			as a market maker in good faith,
b)			in the normal course of market making or
c)			in the execution of an unsoliced customer order;
		only when the beneficiaries of the financial analysis have had sufficient opportunity to respond to them;
2.		in the cases not covered by Z 1, financial analysts and all other relevant persons involved in the preparation of financial analysis may only be authorised to take part in exceptional circumstances and with the prior authorisation of that person who is carrying out the exercise of the the compliance function of the legal entity is responsible for making a personal transaction, contrary to the current recommendations, with the financial instruments to which the financial analysis relates;
3.		the legal entities, financial analysts and other relevant persons involved in the preparation of financial analyses shall not take advantage in accordance with section 39 of persons who have a major interest in the subject of financial analysis;
4.		the legal entities, financial analysts and other relevant persons involved in the preparation of financial analyses shall not promise issuers a favourable analysis for them;
5.		the draft financial analysis may be reviewed only by financial analysts before they are passed on to the accuracy of the facts or other purposes presented therein, provided that the draft contains a recommendation or a target price; The exception is the control of compliance with the legal obligations of the legal entity.
Z 1 to 5 shall also apply to related financial instruments. This is to be understood as a financial instrument whose price is strongly influenced by price movements in another financial instrument which is the subject of financial analysis; this also includes a derivative of this other financial instrument.

(3) A legal entity which forwards financial analyses drawn up by third parties to the public or its customers shall be exempted from the requirements of paragraph 1 if the following criteria are met:

1.		The person who creates the financial analysis does not belong to the same group as the legal entity;
2.		the legal entity does not substantially alter the recommendations contained in the financial analysis;
3.		the legal entity shall not constitute the financial analysis as drawn up by it; and
4.		the legal entity shall ensure that the originator of the financial analysis is subject to provisions which are equivalent to the requirements of this Federal Law for the preparation of financial analyses, or that the originator establishes internal rules to meet these requirements.

Section 5

Obligation to act in the best interest of the customer

General obligations

§ 38. In the provision of investment services and ancillary services, a legal entity shall be honest, honest and professional in the best interests of its clients and shall comply with § § 36 to 51; in the case of trade and acceptance, and Transfer of orders in connection with apportionment pursuant to § 1 Section 1 (1) Z 3 Capital Market Act-KMG, BGBl. N ° 625/1991, is in particular to be in accordance with § § 39, 40, 41, 42, 47 and 48.

Granting and accepting benefits

§ 39. (1) A legal entity shall not be honest, honest and professional in the best interests of its customers in accordance with § 38, if it grants or accepts an advantage in connection with the provision of securities or ancillary services.

(2) Benefits are fees, commissions, other cash benefits or non-cash benefits.

(3) The granting or acceptance of benefits shall, however, be allowed where the

1.		is granted to the customer or to a person acting on his behalf or by any of those persons, or
2.		to a third party, or to a person acting on his behalf, or to any person acting on his behalf, and
a)			the existence, the nature and the amount of the benefit are disclosed to the customer in a comprehensive, accurate and comprehensible manner in advance of the provision of the relevant securities or ancembrane services; is the amount of the amount undetectable, the manner of calculation shall be open to the customer; and
b)			is designed to improve the quality of the services provided to customers and does not adversely affect the legal entity to act in accordance with the best interests of the customer;
		or
3.		enable or are required to provide investment services, such as depository fees, settlement and trading deferred fees, administrative charges or legal fees, and the nature of their nature after no conflict with the The obligation of the legal entity to act in the best interests of its customers.

(4) The disclosure in accordance with paragraph 3 Z 2 lit. a may be in the form of a summary of the essential elements of an agreement on benefits. However, a legal entity shall disclose further details on request to the customer.

6.

Information for customers

Appropriate information

§ 40. (1) A legal entity shall provide its customers with adequate information in an intelligible form. This means that it is reasonably possible for its customers to be able to understand the exact nature and risks of the investment services and the specific type of financial instrument offered to them, in such a way as to ensure that they are informed of the risks and risks of the investment services offered to them. To be able to take investment decisions. This obligation shall include at least information on:

1.		the legal entity and its services; in the case of portfolio management, legal entities have, on the basis of the client's investment objectives and the nature of the financial instruments contained in the client portfolio, an appropriate assessment and comparison method, , for example, to establish a meaningful comparison size so that the customer for which the service is provided can assess the performance of the legal entity; a private customer is the information with the information referred to in Appendix 1 and 2 to § 40 ,
2.		financial instruments referred to in paragraph 2;
3.		the protection of client financial instruments and customer funds in accordance with paragraph 3;
4.		costs and additional costs; to a private customer the information is to be provided with the information referred to in Appendix 4 to § 40;
5.		proposed investment strategies, including an appropriate description and warnings on the risks associated with these investment strategies; and
6.		Execution places.
This information can also be made available in a standardised form.

(2) For the purposes of Section 1 (2), the following information requirements shall apply:

1.		A legal entity shall provide its customers with a general description of the nature and risks of the financial instruments in accordance with Appendix 3 to § 40; this description shall in particular have the classification of the customer as a private customer or a professional customer. In addition, the description of the nature of the relevant type of instrument and the specific risks associated with it shall be explained in sufficient detail in order to ensure that the customer makes his investment decisions more substantiated. It can be based on.
2.		If a legal entity transmits to a private customer information on a financial instrument which is offered to the public at that time and on which a prospectus in connection with this offer is made in accordance with § § 2 et seq. of the KMG or under the terms of the directive 2003 /71/EC of another Member State, the legal entity shall inform the customer where this prospectus is available.
3.		Where there is a likelihood that the risks associated with a financial instrument composed of at least two different financial instruments or financial services are greater than the risks associated with each of the components, the risk shall be: (b) to provide an appropriate description of the components of the instrument concerned and the manner in which the risk is increased by the mutual influence of these components.
4.		In the case of financial instruments which include a guarantee by a third party, the information on the guarantee shall include sufficient details of the guarantor and the guarantee, so that the private customer shall assess the guarantee appropriately. can.

(3) For the purposes of Section 1 (3), a legal entity shall have the customer

1.		shall be informed accordingly where accounts with financial instruments or funds of the customer concerned fall under the legislation of a third country, and shall inform him that this is his or her rights in respect of the financial instruments concerned or may influence funds;
2.		inform about the existence and the conditions of any possible security or lien or a right to an offsetting which it has or could have in relation to the financial instruments or funds of the customer; if necessary, it shall have the customer also to inform that a depositary may have a security right or a lien or a right to be charged with regard to the instruments or funds concerned.

(4) A legal entity shall communicate to its customers all material changes in respect of the information transmitted in accordance with paragraph 1 (1) (1) to (6) in good time, which is relevant to a service which it provides to the customer in question. This communication shall be transmitted on a durable medium if the information to which it relates has also been transmitted on a durable medium.

(5) In the case of shares of a collective investment undertaking covered by Directive 85 /611/EEC, a simplified prospectus shall be deemed to be adequate information, in accordance with Article 28 of this Directive, with regard to the provisions of paragraphs 1 and 2 (2) and (5). With regard to the costs and additional costs, including the delivery and withdrawal charges, this prospectus shall be deemed to be adequate information with regard to paragraph 1 (1) (4).

(6) If an investment service is in connection with a consumer credit agreement, the information on the consumer credit is to be applied to § 33 BWG.

(7) In the case of marketing communications, a legal entity shall comply with the following requirements:

1.		the information contained in a marketing communication must be consistent with the other information provided by the legal entity to its customers in the framework of the provision of investment services and ancillary services;
2.		a marketing message shall also contain the information referred to in paragraph 1 (1) (1) (1) to (6), where relevant, provided that the marketing communication
a)			includes an offer to conclude a contract for an investment service or a subsidiary service; or
b)			includes an invitation to tender for the conclusion of a contract for an investment service or an anceming service;
		and the way in which the answer is given, or a response form. However, this does not apply if the marketing communication does not contain all the information required for the acceptance of the offer or the position of an offer on the basis of the request and the private customer still has one or more other documents for this purpose. , which shall contain the information in question or together.

Conditions for reputable, unambiguous and non-misleading information

§ 41. (1) All information, including marketing communications that a legal entity directs to customers, must be honest and unambiguous and must not be misleading. This information also includes the name and the company of the legal entity. Marketing communications must be clearly identifiable as such. All information, including marketing communications that a legal entity directs or disseminates to private customers, that they are likely to become aware of, shall have, in addition, those in paragraphs 2, 4 and 5, as well as in the due (3) to comply with the conditions laid down by the FMA.

(2) The information shall be applicable and shall not, in particular, highlight any potential benefits of an investment service or a financial instrument, without repudiating and clearly indicating any risks that may be associated with it. They must be sufficiently and in such a way as to be comprehensible to an average person of the group of persons to whom they are addressed or to whom they are likely to arrive. Important statements or warnings may not be veiled, attenuated or misunderstood.

(3) The FMA has to determine, by means of a regulation, which requirements must comply with information which contains the following information:

1.		A comparison of investment services, ancillary services, financial instruments or persons providing investment services or ancillary services,
2.		an indication of the previous performance of a financial instrument, a financial index or an investment service;
3.		a simulation of an earlier value development or a reference to such a simulation or
4.		a future value development.
These requirements shall be in accordance with Article 27 (3) to (6) of Directive 2006 /73/EC, and shall ensure that such information is honest, clear and not misleading.

(4) The information on a particular tax treatment is clearly indicated by the fact that it depends on the personal circumstances of the client concerned and may be subject to future changes.

(5) In the information, the name of a supervisory authority shall not be mentioned in a manner which indicates or suggests that the products or services of the legal entity are approved or approved by that supervisory authority.

Date of transmission of the information

§ 42. (1) Private customers shall have a legal entity in good time, thus

1.		before the private customer is bound by the conclusion of a contract for the provision of investment services or ancillary services, or before the services are provided-whichever is the earlier-
a)			the terms of the Treaty and
b)			the information to be transmitted pursuant to Article 40 (1) (1) (1) of the Treaty on the contract or the investment service or ancemiation service; and
2.		prior to the provision of investment services or ancillary services, the information required pursuant to Article 40 (1) (1) to (6)
shall be transmitted.

(2) Professional customers have a legal entity which is referred to in § 40 paragraph 1 Z 3 lit. (a) and (b) to provide the information in good time before the provision of the service.

(3) The information referred to in paragraphs 1 and 2 shall be transmitted on a durable medium or made available on a website, provided that the conditions set out in § 16 (2) are fulfilled.

(4) By way of derogation from paragraph 1, the legal entity may provide a private customer with the information required pursuant to paragraph 1 (1) (1) immediately after the conclusion of a contract for the provision of investment services or ancillary services and the information required in accordance with 1 (2) (2) immediately after the beginning of the provision of the service, when the legal entity

1.		the time limits referred to in paragraph 1 could not be complied with because the contract was concluded at the request of the customer using a distance communication means in accordance with § 3 Z 3 Fern-Finanzdienstleistungs-Gesetz-FernFinG, BGBl. I n ° 62/2004, so that the legal entity cannot transmit the information in accordance with paragraph 1 (1) (1) or (2), and
2.		the obligation to provide information in accordance with § § 5 or 6 of the FernFinG in relation to the private customer, as if this customer is a consumer within the meaning of the Consumer Protection Act-KSchG, BGBl. No. 140/1979.

Section 7

Suitability and appropriateness of investment services

General provisions

§ 43. (1) In so far as information on the knowledge and experience of a customer in the investment sector is to be obtained in this section, these shall contain the items listed below, insofar as this is the type of customer, the nature and extent of the The service and nature of the product or business considered is appropriate, taking into account the complexity and risks involved:

1.		The nature of the services, transactions and financial instruments with which the customer is familiar;
2.		the nature, extent and frequency of the transactions of the customer with financial instruments and the period during which they have been made;
3.		the level of education and the profession or the relevant previous profession of the customer.

(2) A legal entity shall not induce a customer to refrain from transmitting the information required for this section.

(3) A legal entity may rely on the information provided by its customers, unless it knows or should know that the information is obviously outdated, inaccurate or incomplete.

Suitability of investment advisory and portfolio management services

§ 44. (1) A legal entity providing investment advice or portfolio management services shall have information on the knowledge and experience of the client in the investment field with regard to the specific type of products or services, its financial conditions and its investment objectives, in order to enable it to recommend to the customer appropriate investment services and financial instruments.

(2) This information must enable the legal entity to collect the essential facts in relation to the customer. The legal entity, taking into account the nature and scope of the service, must reasonably be able to assume that the transaction, which is recommended to the customer in the context of investment advice, or which is within the scope of a To make a portfolio management service, meet the following requirements:

1.		It corresponds to the investment objectives of the customer;
2.		any investment risk associated with the transaction is financially sustainable for the customer, its investment objectives, and
3.		the customer can understand the risks associated with the business or management of his portfolio, based on his knowledge and experience.

(3) The information on the financial circumstances of the customer shall have-as far as relevant-information on the origin and level of his regular income, his assets, including the liquid assets, assets and assets, and To include real estate and its regular financial obligations.

(4) The information on the customer's investment objectives shall, where relevant, have information on the period in which the customer intends to hold the facility, its preferences in respect of the risk to be taken, its risk profile and the purpose of the Annex.

(5) Where a legal entity does not receive the information required in accordance with paragraph 1 in the provision of services in the form of investment advice or portfolio management, it shall not be entitled to provide investment services or financial instruments to the customer recommend.

(6) where a legal entity provides a service pursuant to paragraph 1 for a professional customer, it shall be entitled to assume that the customer shall be deemed to be a professional customer in respect of the products, stores and services for which he/she is a professional client. , has the necessary knowledge and experience within the meaning of paragraph 2 Z 3. If the service exists in an investment advisory service for a professional customer pursuant to § 58 (2), the legal entity shall be entitled, for the purposes of subsection 2 Z 2, to assume that any investment risks associated with the operation shall be deemed to have been Customers, according to their investment objectives, are financially viable.

Adequacy of other investment services

§ 45. (1) In the case of the provision of other investment services other than those referred to in Article 44 (1), the legal entities shall have information from the customer on their knowledge and experience in the field of investment in relation to the specific type of offered or offered services. to obtain the desired products or services from the customer in order to be able to assess whether they are appropriate for the customer. In doing so, the legal entity must take into account whether the customer in question has the knowledge and experience required to understand the risks associated with the products or services offered or requested.

If, on the basis of the information received in accordance with paragraph 1, the legal entity reaches the opinion that the product or service in question is not appropriate for the customer, it shall warn the customer. This warning can be done in a standardized form.

(3) If the customer does not provide the information referred to in paragraph 1 or gives insufficient information about his knowledge and experience, the legal entity shall warn the customer that without this information, he cannot assess whether the offered or desired products or services are appropriate for him. This warning can be done in a standardized form.

(4) where a legal entity provides a service in accordance with paragraph 1 for a professional customer, it shall be entitled to assume that it has the necessary knowledge and experience in order to assess the risks associated with the to collect products, stores and services for which he is a professional customer.

Transactions that only exist in the execution or acceptance and transmission of customer orders

§ 46. A legal entity whose investment services consist solely in the execution of client orders or the acceptance and transmission of client orders with or without ancillary services shall be subject to such investment services for its clients , without first obtaining or evaluating the information pursuant to section 45 (1), if the following conditions are met:

1.		The services refer to non-complex financial instruments in accordance with § 1 Z 7;
2.		the services shall be provided on the initiative of the customer;
3.		the customer has been clearly informed that in the provision of these services the legal entity does not have to consider the appropriateness of the instruments or services provided or offered pursuant to § 45, and the customer therefore has to: does not benefit from the protection of the relevant conduct of business rules; this warning may take place in a standardised form;
4.		the legal entity shall comply with its obligations in accordance with § § 34 and 35.

Documentation of the rights and obligations of the Contracting Parties

§ 47. (1) A legal entity shall draw up a record containing the document or documents containing the agreements between the legal entity and the customer, which shall contain the rights and obligations of the parties, as well as the other conditions to which the Legal entities providing services to the customer.

(2) A legal entity which, for the first time, provides an investment service for a private customer that does not constitute investment advice, has to conclude a framework agreement with that service and to maintain it on a durable medium. The essential rights and obligations of the Contracting Parties shall be laid down in this Framework Agreement.

(3) The rights and obligations of the Contracting Parties within the meaning of paragraphs 1 and 2 may be determined by reference to other documents or legal texts.

8. Section

Reporting obligations to customers

Reporting obligation

§ 48. A legal entity shall report to its customers in an appropriate manner on the services provided for it. These reports shall contain the costs associated with the transactions carried out on behalf of the customer and the services provided.

Reporting obligations in the execution of orders outside the portfolio management

§ 49. (1) A legal entity that has executed a contract outside the portfolio management on behalf of a customer shall have the customer

1.		without delay, on a durable medium, the essential information on the performance of the contract; and
2.		where the contract relates to a private customer, to it as soon as possible and at the latest on the first business day following the performance of the contract or, if he receives the confirmation of execution from a third party, at the latest on the first banking day After receipt of the confirmation of the third party on a durable medium, a confirmation of the execution of the order shall be transmitted. This notification shall contain the information, where relevant, in accordance with Annex 1 to § 49, subject, where appropriate, to Annex I, Table 1, to Regulation (EC) No 1287/2006. The legal entity may provide the customer with the information using standard codes if he/she adds an explanation of the codes used.
Z 2 shall not apply if the confirmation would contain the same information as a confirmation which is to be sent to the private customer immediately by another person. Z 1 and Z 2 shall not apply if orders executed for customers relate to bonds for the financing of mortgage credit agreements with those customers. In this case, the transaction must be reported no later than one month after the order has been executed, together with the overall terms of the mortgage loan.

(2) On request, information on the status of the contract shall be transmitted to the customer in addition to the requirements laid down in paragraph 1.

(3) In the case of orders issued regularly by private customers, a legal entity shall have shares in an organism for joint installations according to § 2 Z 35 lit. a and b BWG either in accordance with paragraph 1 (1) (2) or at least every six months to submit to the private customer the information referred to in Appendix 1 to § 49.

Reporting requirements for portfolio management

§ 50. (1) A legal entity providing portfolio management services to a customer shall periodically submit to the customer on a durable medium a list of the portfolio management services provided on his behalf; provided that such statements are not transmitted by other persons. A periodic table, which shall be transmitted to private customers, shall contain, as far as relevant, the information referred to in Appendix 1 to § 50.

(2) Private customers shall forward the periodic table referred to in paragraph 1 to the legal entity every six months. This shall not apply if one of the following cases is available:

1.		At the request of a private customer, the periodic table shall be submitted every three months; a legal entity shall draw a private customer's attention to this right;
2.		the periodic table is to be submitted to the private customer once every twelve months if, in accordance with paragraph 3 (2), this information is reported individually on each transaction carried out;
3.		the periodic table is to be transmitted at least once a month, provided that the contract for portfolio management between the legal entity and the private client allows a credit-financed portfolio.
The exception according to Z 2 does not apply to transactions with financial instruments which are listed in § 1 Z 4 lit. c or Z 6 lit. d to j fall.

(3) The legal entity shall, at the request of the customer, have for each transaction executed individually

1.		the essential information on the transaction in question pursuant to § 49 (1) (1) (1) and (1)
2.		a private customer the notice confirming the order execution pursuant to § 49 (1) (2) (2)
on a durable medium. Z 2 shall not apply if the confirmation would contain the same information as a confirmation which is to be sent to the private customer immediately by another person.

(4) A legal entity has, in the execution of transactions within the framework of the portfolio management for private customers and the management of retail accounts, which contain an uncovered position in a business with contingent liabilities, the private customer also to disclose losses which exceed a possible threshold previously agreed between the legal entity and the private customer. This notification shall be made at the latest at the end of the business day at which the threshold is exceeded or, if the threshold is exceeded on a business day, at the end of the following business day.

Reporting requirements for legal entities that hold customer financial instruments and customer funds

§ 51. 1. A legal entity shall forward to each customer for which he holds or manages financial instruments or funds, at least once a year on a durable medium, a statement of the financial instruments or funds concerned, except where: such a list has already been sent in another periodic table of that legal entity or a depository credit institution. Deposits with credit institutions pursuant to Section 1 (1) (1) (1) of the Federal Elections Act (BWG), which are not in connection with Section 1 (1) (1) (5) or (7) BWG or other investment services according to § 1 (2) (2), are not included in the list

(2) The list of customer assets values referred to in paragraph 1 shall contain the following information:

1.		information on all financial instruments and funds held by the legal entity at the end of the period covered by the installation for the customer concerned;
2.		information on the extent to which customer financial instruments or customer funds have been the subject of securities financing operations; and
3.		The amount and basis of any income received by the customer from the participation in securities financing operations.
If the portfolio of a customer contains proceeds from unsettled transactions, the information referred to under Z 1 may be based on either the completion date or the settlement date. This has to be done for all such information in the installation in the same way.

(3) The establishment of the customer assets in accordance with paragraph 1 may be included in the periodic table, which shall be transmitted to the customer in accordance with § 50 (1).

Section 9

Best possible services

Best possible implementation

§ 52. (1) A legal entity which shall:

1.		carry out orders for the purchase or sale of financial instruments for its customers, or carry out contracts for the provision of services pursuant to Z 2 or 3 itself;
2.		in the case of the provision of portfolio management services, instructs other bodies to carry out contracts for which the investment decisions of the legal entity are based, to act for the customer with financial instruments, or
3.		in the case of the acceptance and transmission of orders from its customers for the purchase or sale of financial instruments, to carry on orders to other institutions for execution,
Has effective arrangements to establish a implementation policy and to ensure that the services referred to in Z 1 to 3 are in each case carried out in accordance with the implementation policy, in order to ensure that the best possible Achieving results for its customers. The issue and withdrawal of shares in domestic investment funds and real estate investment funds as well as of shares in foreign capital investment funds, the distribution of which is permitted in Austria, via a custodian bank, is not an execution of Customer orders within the meaning of this paragraph.

(2) In the preparation of the implementation policy, all aspects relevant to achieving the best possible outcome, in particular the course, costs, speed, probability of execution and execution of the scope, as well as the Type of order, to be taken into account. These aspects shall be weighted in the light of the following criteria:

1.		Characteristics of the customer and its classification as a private customer or as a professional customer,
2.		Characteristics of the customer order,
3.		Characteristics of the financial instruments which are the subject of the contract in question and
4.		Characteristics of the execution places to which the work order can be routed.
For the purposes of this Section, "Execution place" shall mean a regulated market, a multilateral trading system (MTF), a systematic internaliser, a market maker, a other liquidity provider or a body which shall be included in the a third country has a comparable function.

(3) In any event, the implementation policy shall also contain the following information:

1.		in respect of paragraph 1 (1) (1), for each class of financial instruments, information on the various execution venues in which the legal entity carries out orders from its clients and the factors determining the choice of execution place. At least the execution places where the legal entity can remain the best possible results in the execution of client orders shall be mentioned at least;
2.		in respect of paragraph 1 (1) (2) and (3), for each class of financial instruments, the bodies in which the entities place orders or to which they transmit orders for execution. The arrangements made by those bodies for the execution of the order shall enable the legal entity to enable the entities to set up or transmit orders to such an institution as defined in this section. obligations to be complied with.

(4) A legal entity fulfils its obligations pursuant to paragraph 1 to take all reasonable measures in order to achieve the best possible result for a customer immediately if, in the case of paragraph 1, Z 1, he/she has an order or a particular customer. It shall, in accordance with the express instructions given by the customer with respect to the contract or the particular part thereof, carry out or in the case of paragraph 1 (2) and (3) in the placing of a contract with another institution or body, Its transmission to this institution for the execution of specific instructions of the customer.

(5) Subject to the execution of orders within the meaning of paragraph 1 (1), one legal entity shall also comply with:

1.		Where the implementation policy provides that orders may be executed outside a regulated market or an MTF, the legal entity shall draw its attention to this possibility. Before a legal entity executes customer orders outside a regulated market or an MTF, it shall obtain the prior express consent of the customer. Such consent may be obtained either in the form of a general agreement or on each transaction individually;
2.		, an order for the purchase of a financial instrument may be carried out in several competing places, in order to allow the execution of the contract to be carried out in the execution policy of the legal entity and suitable for the performance of the contract, to make customers comparable and assessable-the commission of the legal entity and the costs of execution at the individual places in question will be included in this evaluation for the best possible execution;
3.		the commissions may not be structured or invoied in such a way as to cause unjustified unequal treatment of the execution places.

(6) At the request of a customer, the legal entity has to prove that it has carried out the orders in accordance with its implementation policy.

Organisational provisions on implementation policy

§ 53. (1) A legal entity shall inform its clients of its implementation policy in a suitable manner. The legal entity shall seek the prior consent of its clients for its implementation policy and shall notify its customers of significant changes to its arrangements and its implementation policy.

(2) A legal entity shall monitor the efficiency and effectiveness of its arrangements and its implementation policy in order to identify and, where appropriate, remedy shortcomings. With regard to section 52 (1) (1) (1), the legal entity shall, in particular, regularly examine whether the execution places mentioned in the implementation policy remain the best possible result for the customer or whether the arrangements or the provisions of Implementation policy must be amended. With regard to section 52 (1) (2) and (3), the legal entity shall, in particular, regularly examine the quality of the implementation by means of the bodies referred to in the implementing policy and, if necessary, remedy any shortcomings.

(3) In addition, a legal entity shall review its arrangements and its implementation policy once a year. Such a review shall also be carried out whenever a substantial change occurs which impairs the ability of the legal entity to execute its customer orders in accordance with Section 52 (1) (1) (1) (1) of the German Law on the Procurement of Customer (s) in the In order to achieve the best possible result in accordance with the provisions of section 52 (1) (2) and (3) for its customers, the best possible result should continue to be achieved.

Special provisions for private customers

§ 54. (1) If a legal entity carries out a service within the meaning of section 52 (1) for a private customer, it shall determine the best possible result with regard to the total amount of the service. This includes the price of the financial instrument and the costs associated with the execution of the order. These costs shall include all expenses incurred by the customer directly related to the performance of the contract, including execution fees, clearing and settlement fees, as well as any other charges paid to third parties. , which are involved in the execution of the contract.

(2) A legal entity shall forward to a private customer, in good time before the provision of a service within the meaning of section 52 (1), the following information on its implementation policy:

1.		a presentation of the relative importance which the legal entity attaches to the aspects and criteria referred to in Article 52 (2), or a presentation of the manner in which the legal entity determines the relative importance of these aspects;
2.		a list of the execution places on which the legal entity is largely based, so that it can take all reasonable steps to ensure that the best possible result in the execution of client orders remains the same;
3.		a clear and clear warning that, in accordance with Article 52 (4), a private customer's instruction may discourage the legal entity from taking the measures taken in the context of its implementation policy in respect of the elements covered by the instructions. in order to achieve the best possible result in the implementation of services within the meaning of section 52 (1); this warning may be carried out in a standardised form.
The information is to be transmitted on a permanent data carrier or to be provided on a website; if the website is not a permanent data carrier, the conditions of § 16 para. 2 shall be complied with.

Section 10

Processing customer orders

General provisions

§ 55. (1) A legal entity has to deal with the processing of customer orders

1.		to apply procedures and systems which ensure the prompt, honest and rapid processing of client orders in relation to other customer orders or the commercial interests of the legal entity; that otherwise comparable customer orders will be carried out in accordance with the date on which they are received by the legal entity;
2.		ensure that customer orders are immediately correctly registered and assigned;
3.		execute similar customer orders in turn, unless the nature of the contract or the prevailing market conditions make that impossible or in the interest of the customer is otherwise to act, and
4.		to inform a private customer immediately of any significant difficulties affecting the correct handling of the contract.

(2) If the customer does not expressly give a different order, legal entities shall have limited orders in respect of shares admitted to trading on a regulated market if the orders are under the prevailing market conditions shall be carried out without delay, to take measures to facilitate the implementation of these contracts as soon as possible by publishing them without delay and in a manner which is easy for other market participants is accessible. A legal entity shall comply with this obligation if it forwards the customer limit orders to a regulated market or an MTF pursuant to Articles 31 and 32 of Regulation (EC) No 1287/2006. FMA may, by means of a regulation, abide by this obligation to make a contract notice, if this contract fee is very large in accordance with Article 20 of Regulation (EC) No 1287/2006 as compared to the normal market in the market.

(3) If a legal entity is responsible for the supervision or organisation of the execution of an executed work order, it shall take all reasonable measures to ensure that all customer financial instruments or customer funds that are used for settlement of the contract executed, shall be immediately and correctly booked to the account of the respective customer.

(4) A legal entity may not abuse information related to ongoing customer orders and shall take all reasonable measures to prevent the abuse of such information by its relevant persons.

Merging and assigning work orders

§ 56. (1) A legal entity may only deal with a customer order or a business on its own account with another customer order only if:

1.		it is not to be expected that the pooling of orders and transactions for each customer whose contract is merged with others is a disadvantage as a whole;
2.		each customer whose contract is to be merged with other orders and business shall be informed that such a merger may be disadvantageous with respect to a particular contract; and
3.		Guidelines for the allocation of contracts shall be established and effectively implemented, which shall also govern the reciprocal allocation of contracts and transactions with a view to how the volume and price of contracts relate to contracts and contracts; Determine the partial processing of work orders.

(2) A legal entity which brings together a contract with other client orders and partially executes the contracted contract shall distribute the related transactions in accordance with its guidelines for the assignment of orders.

Merging and assigning stores for your own account

§ 57. (1) The entities operating on their own account with customer orders shall not be allowed to proceed in a manner that is detrimental to a customer in the allocation of the linked accounts.

(2) A legal entity which brings together a customer order with a business for its own account and partially executes the contracted order has priority in the allocation of the related transactions to the customer in relation to its own operations . However, if the legal entity can demonstrate conclusively that it could not have carried out the contract without the merger on equal favourable terms or at all, it can in accordance with its own account in accordance with its provisions in § 56 paragraph 1. 1 Z 3 shall be distributed proportionally for the allocation of orders.

(3) In accordance with Article 56 (1) (3), the legal entities must, within the framework of their guidelines for the assignment of orders, provide for procedures to prevent the reallocation of transactions for their own account, which are carried out in conjunction with customer orders; is detrimental to the customer.

11.

Professional customers and suitable counterparties

Professional customers

§ 58. (1) A professional customer is a customer who has sufficient experience, knowledge and expertise to make his investment decisions themselves and to be able to assess the risks associated with them appropriately. As professional clients, the legal entities referred to in paragraph 2 shall apply as well as those customers who shall be treated as professional customers in accordance with § 59 on request.

(2) Professional customers with regard to all investment services and financial instruments are, in any case:

1.		the following legal entities, provided that they have been authorised or supervised domestily, in a Member State or in a third country, in order to be able to operate on financial markets:
a)			credit institutions,
b)			investment firms,
c)			other approved or regulated financial institutions;
d)			insurance companies,
e)			Collective investment schemes pursuant to Article 1 (1) (3) of the KMG, domestic or foreign capital investment funds, domestic or foreign real estate funds, or similar institutions that combine risk-spreading assets, as well as their respective management companies,
f)			Pension funds and their management companies,
g)			Commodity traders and commodity derivatives dealers,
h)			Local companies within the meaning of § 2 Z 14,
i)			other institutional investors;
2.		Other large enterprises, other than those mentioned in Z 1, which have at least two of the following characteristics at the company level:
a)			a balance sheet total of at least 20 million euros;
b)			a net turnover of at least 40 million euros,
c)			Own resources of at least EUR 2 million;
3.		Central States according to § 2 (5a) of the Federal Elections Act (BWG), countries, regional governments of the Member States and third countries, as well as government debt management bodies;
4.		Central banks in accordance with § 2 Z 9a BWG, as well as international and supranational institutions, such as the World Bank, the International Monetary Fund, the European Investment Bank and other similar international organisations;
5.		other institutional investors whose principal activity is the investment in financial instruments, including entities operating the securities securitisation of liabilities and other financing operations.

(3) The legal entity shall, before providing any services to a company referred to in paragraph 2, point out that it is classified and treated as a professional customer on the basis of the information available, provided that the The legal entities and the company in question do not agree otherwise. In addition, a legal entity has to inform professional customers about the possibility of changing the classification according to paragraph 4.

(4) A legal entity may agree with a professional customer in accordance with paragraph 2 at the request of the client that he/she is classified as a private customer. The agreement for the classification of the professional customer as a private customer requires the written form. This agreement shall explicitly specify which investment services, ancillary investment services or financial instruments shall be classified as a private client. A legal entity is entitled to treat it as a private customer, even without the express request of the professional customer.

§ 59. (1) Other than the clients mentioned in § 58, including public bodies and private clients, the legal entity may apply for classification and treatment as professional clients within the meaning of section 58 (1). These customers will no longer be able to apply the protection provisions applicable to private customers.

(2) The classification and treatment of a customer within the meaning of paragraph 1 as a professional customer is only permissible if:

1.		the customer informs the legal entity in writing that he or she is a professional customer in general or in relation to a particular investment service or a specific investment business or in respect of a particular type of business or product would like to be treated;
2.		the legal entity clearly indicates to the customer the level of protection and investor compensation rights he may lose as a result of the classification as a professional customer;
3.		the customer confirms in writing, in a document separate from the respective contract, that he is aware of the consequences of the loss of that level of protection;
4.		the legal entity shall be satisfied by an appropriate assessment of the expertise, experience and knowledge of the customer that, in the light of the nature of the transactions or services envisaged, it is reasonable in its discretion to: the situation is to make its own investment decisions and to understand the risks involved; and
5.		on the basis of the assessment in accordance with Z 4, at least two of the following criteria are met:
a)			Within the last four quarters of the previous four quarters, the customer has carried out an average of ten transactions on the relevant market of a significant amount,
b)			the financial instrument portfolio of the customer, including its bank deposits, exceeds the value of EUR 500 000;
c)			the customer is or has been in a professional position in the financial sector for at least one year, which requires knowledge of the planned business or services.

(3) The legal entity shall establish appropriate written guidelines and establish procedures for the purpose of classicingthe clients. The legal entity shall take reasonable steps to ensure that a customer who wishes to be treated as a professional client fulfils the criteria set out in paragraphs 2 (4) and (5) before an application within the meaning of (1) is granted; the legal entity must be entitled to shall not be presumed to have market knowledge and experience comparable to those of professional customers according to § 58 (2).

(4) A professional customer shall inform the legal entity of any changes that may affect his or her classification. The legal entity must take appropriate measures if the customer no longer meets the requirements for the classification as a professional customer.

Transactions with appropriate counterparties

§ 60. (1) Legal entities which are entitled to execute orders for customers or to trade for own account or for the acceptance and transmission of orders may mediate or conclude transactions with appropriate counterparties without the To apply the provisions of § § 36 and 38 to 57 to these transactions or to ancillary services directly related to these transactions.

(2) For the purposes of this paragraph and section 61, the legal entities referred to in § 58 (2) (1) to (4) shall be eligible counterparties. Die in § 58 sec. 2 Z 1 lit. g to (i) have a net turnover of at least 40 million euros. Companies according to § 2 (1) (13) and (14) are suitable counterparties. Where a legal personality is subject to legal orders from different Member States, the classification of that legal personality shall be determined in accordance with the legislation of that Member State in which that legal personality has its seat.

(3) A legal personality classified as a suitable counterparty in accordance with paragraph 2 may require, in general or in respect of each transaction, the exclusion of the application of paragraph 1. The legal entity shall treat the appropriate counterparty in question on its request as a professional client, provided that it does not expressly require treatment as a private customer. If, on the other hand, the appropriate counterparty in question expressly requests to be treated as a private customer, § 58 (3) and (4) shall apply mutafictily. The legal entity may also treat a legal personality classified as a suitable counterparty in accordance with paragraph 2 by itself as a professional customer or as a private customer.

(4) For the purposes of this paragraph and section 61, the legal entity may classify a company as a suitable counterparty for those services or business from the legal entity for which it may be treated as a professional customer, provided that: the following conditions are met:

1.		The requirements for classification as a professional customer in accordance with § 59 must be met and
2.		the company has to apply for a classification as an appropriate counterparty to the legal entity.
Where the undertaking is subject to legal orders from different Member States, the classification of the undertaking shall be determined in accordance with the legislation and measures of that Member State in which the undertaking is situated.

(5) A legal entity which has its registered office in a third country shall be a suitable counterparty, provided that it is equivalent to the legal entities referred to in paragraph 2 or meets the conditions set out in paragraph 4.

Information about customer classification

§ 61. (1) A legal entity shall inform its customers of their classification as a private customer, professional customer or appropriate counterparty, as soon as it has been classified under this Federal Act.

(2) A legal entity shall inform its customers on a durable medium whether it is possible to require a different classification, and to inform about any consequent restriction of the level of customer protection.

12.

Unsolicited news and door-to-door

Unsolicited messages

§ 62. The admissibility of sending unsolicitated messages for advertising for one of the financial instruments mentioned in § 1 Z 6 and for apportionment within the meaning of § 1 paragraph 1 (1) Z 3 KMG is governed by § 107 Telecommunications Act 2003-TKG 2003, BGBl. I No 70/2003.

Door-to-door

§ 63. (1) The entities referred to in § 15 may only advertise consumers within the meaning of Article 1 (1) (1) (2) of the German Commercial Act (KSchG) for the purpose of acquiring any of the financial instruments referred to in § 1 (6) and of apportionment within the meaning of Section 1 (1) (1) (3) of the KMG only on the basis of a Visit the invitation.

(2) Where a consumer's contractual declaration is on the acquisition

1.		an apportionment within the meaning of Article 1 (1) (3) of the KMG or
2.		of shares in domestic or foreign capital investment funds, in-or foreign real estate funds, or similar entities that aggregate assets with risk-spreading,
, § 3 KSchG shall apply by the consumer, without prejudice to the initiation of the business connection for the purpose of the closure of this contract.

3. Main piece

Section 1

Reporting and publication obligations

Reporting requirements

§ 64. (1) Reporting institutions are subject to the FMA of any instrument (s) subject to reporting requirements (par. 2) to report immediately, no later than the bank working day following the day of the closing of the business, in accordance with paragraph 3. Institutes subject to reporting are:

1.		Credit institutions pursuant to Article 1 (1) of the BWG,
2.		national branches of credit institutions and financial institutions in accordance with § § 9 et seq. BWG and domestic branches of investment firms in accordance with § 12 para. 1,
3.		the Oesterreichische Nationalbank and
4.		recognised investment firms established in a third country (Article 15 (1) (3) of the Austrian Stock Exchange Act) and undertakings established in a third country (Article 15 (1) (4) of the Austrian Stock Exchange Act), which are members of a stock exchange within the meaning of the Stock Exchange Act, as well as on a stock exchange in the The terms of the Stock Exchange Act are members of a cooperation exchange (Section 15 (5) BörseG).

(2) Instruments subject to reporting are all financial instruments according to § 1 Z 6, which are admitted to trading on a regulated market within the meaning of Article 1 (2) BörseG or, if it is not a stake in capital investment funds, for which a request is made to Admission to trading on a regulated market, whether or not this transaction has been concluded on a regulated market or whether it has been completed. Instruments subject to reporting requirements within the meaning of this provision shall also be those instruments which are not admitted to trading on a regulated market where their value depends on a share or on a stock-like security, provided that such shares or shares are not admitted to trading on a regulated market. this stock-like security is either admitted to trading on a domestic regulated market, or an application for admission to trading on a domestic regulated market is made for that share or stock-like securities , or if its value has been derived from a derivative to such a share or to such a share actia-like security depends on the stock.

(3) The notifications referred to in paragraph 1 shall include the information referred to in Table 1 of Annex I to Regulation (EC) No 1287/2006 in respect of the relevant category of the instrument subject to reporting requirements and shall be in electronically readable form under To ensure compliance with the criteria set out in Article 12 (1) of Regulation (EC) No 1287/2006. Individual reporting contents may be omitted in whole or in part if the FMA has made a declaration to the notifiable institute in accordance with the second sentence of Article 13 (1) of Regulation (EC) No 1287/2006.

(4) The FMA has the information notified in accordance with paragraph 3 in compliance with the provisions laid down in Article 14 of Regulation (EC) No 1287/2006 in respect of the provisions of Article 14 (1) (lit). (a) to (c) of Regulation (EC) No 1287/2006, and to make arrangements for the exchange of notifications with other competent authorities.

(5) The FMA is empowered to adopt regulations on notifications; in the case of the release of these Regulations, it has to take account of the economic interest in a functioning securities system. These regulations can be used to regulate:

1.		the use of data carriers for the transmission of notifiable data when the requirements referred to in Article 12 (1) of Regulation (EC) No 1287/2006 are met;
2.		additional reporting requirements with regard to reporting instruments, provided that the conditions are fulfilled in accordance with Article 13 (3) of Regulation (EC) No 1287/2006;
3.		information which, in accordance with Article 13 (4) of Regulation (EC) No 1287/2006, is intended to identify customers for which the notifiable institution has carried out the transaction;
4.		the approval of reporting or settlement systems, provided that these systems satisfy the conditions laid down in Article 12 of Regulation (EC) No 1287/2006, which are forwarded to the FMA within the time limit prescribed in paragraph 1 , the exercise of the supervisory activity is not affected thereby and the requirements of § § 10 and 11 of the Data Protection Act 2000-DSG 2000, BGBl. I n ° 165/1999;
5.		in the case of institutions subject to notification, the notification may also be made by a regulated market or an MTF through whose systems the transactions have been carried out or by a suitable third party, in the case of credit institutions affiliated to a central institution , in particular by the competent central institution;
Where the notification of an approved reporting system in accordance with Z 4 or by a regulated market or an MTF through whose systems the transactions have been carried out shall be reimbursed, the reporting obligation of the institute subject to notification shall be deemed to have been fulfilled; in this case: the notifiable institutions shall transmit to the body responsible for the notification all the information necessary for carrying out their duties; the disclosure requirements of the institute subject to the reporting obligation shall remain unaffected by this.

(6) In accordance with Section 2 of the Investment Fund Act 1993, capital investment companies for real estate pursuant to § 2 of the Real Estate Investment Fund Act are not subject to the reporting obligation under the above paragraphs. Employee pension funds in accordance with § 18 of the company employee pension law and the Oesterreichische Nationalbank regarding their monetary policy transactions. Without prejudice to these exceptions, investment companies according to § 2 of the Investment Fund Act 1993, capital investment companies for real estate pursuant to § 2 of the Real Estate Investment Fund Act, employee pension funds according to § 18 of the investment fund act Employee benefits law and FMA investment services companies with regard to all investment services they have made.

Post-trade publications

§ 65. (1) credit institutions, branches of credit institutions and investment firms from Member States, and branches of credit institutions from third countries which, on their own account or on behalf of clients, have transactions with shares to be traded on a regulated market, operating outside a regulated market or an MTF, shall have the scope of the transactions, the course and the date of the transaction, as well as further information pursuant to Article 27 of Regulation (EC) No 1287/2006 in accordance with Articles 29, 30 and 32 of Regulation (EC) No 1287/2006. . This information shall be published as far as possible in real time on reasonable commercial terms and in such a way as to provide easy access to such information to other market participants.

(2) With the approval of the FMA, individual post-trade information on completed transactions in accordance with paragraph 1, which has a large volume in comparison with the normal market share in the relevant share or share price, may be time-limited. shall be published in a delayed manner and the necessary arrangements shall be made. The authorization shall be granted if the criteria set out in Article 28 of Regulation (EC) No 1287/2006 are met and the proposed arrangements allow for a delayed publication corresponding to those criteria. The measures taken shall be published. An authorisation in individual cases is not required, provided that the FMA has adopted a regulation corresponding to Article 28 of Regulation (EC) No 1287/2006. Such a regulation also has to regulate the necessary arrangements.

Recording and retention obligations

§ 66. Without prejudice to Articles 7 and 8 of Regulation (EC) No 1287/2006, the notifiable institutions shall record all relevant data relating to transactions in financial instruments which they have made on their own account or for customers. In the case of transactions made on behalf of customers, records must contain the information necessary for the identification of customers; this requirement is fulfilled if the storage is carried out in accordance with Section 40 (3) of the Federal Elections Act (BWG) and the Records of the FMA can be made available immediately upon request at any time.

(2) The records referred to in paragraph 1 shall be kept for at least five years and shall be made available to the FMA if necessary.

Section 2

Operation of a multilateral trading system (MTF)

Trading and closing of shops via MTF

§ 67. (1) The operators of an MTF shall establish transparent and non-discretionary rules and procedures for fair and orderly trading, as well as objective criteria for the effective execution of orders.

(2) The operators of an MTF shall in particular:

1.		have to be provided with general terms and conditions in which at least provision is made:
a)			rules to determine which financial instruments can be traded within their systems;
b)			Rules on the authorization to take part in the MTF; these rules shall at least comply with the requirements of § § 14 and 15 BörseG;
2.		inform the users of their system clearly of their respective responsibilities for the settlement of the transactions carried out through the system;
3.		to take the necessary steps to facilitate the effective settlement of transactions concluded within the MTF;
4.		to establish effective arrangements and procedures for their systems in order to regularly monitor compliance with the rules of the MTF by its trading participants;
5.		have systems to monitor the transactions concluded by their users within their systems in order to prevent infringements of those rules, market disruptive trading conditions or behaviour which might indicate market abuse, .

The operators of an MTF shall, where appropriate, provide sufficient publicly available information or provide access to such information so as to enable its users to comply with a judgment on the nature of the users and on the The type of instruments traded can form.

(4) § § 36 to 57 shall not apply to transactions concluded in accordance with the rules of the MTF between its trading participants or between the MTF and its members in respect of the use of the MTF. If trading participants of an MTF execute orders for customers within the MTF, § § 36 to 57 shall apply.

(5) Where a transferable securities admitted to trading on a regulated market are traded without the consent of the issuer through an MTF, the issuer is not obliged to provide information on the transferable securities for the MTF .

(6) The operators of an MTF shall immediately notify the FMA of violations within the meaning of paragraph 2 (2) (5) and, in so doing, transmit the relevant information to the MTF. In addition, these operators have to assist the FMA in investigations into market abuse within or through their systems.

(7) The operators of an MTF shall immediately comply with any instruction of the FMA to exclude or trade in a financial instrument from the trade.

(8) In the case of legal disputes arising out of transactions concluded via an MTF, the objection that the claim is based on the claim as a game or a wager on the basis of the difference business shall be unstatuable.

(9) The FMA may, if necessary for the maintenance of the proper functioning of an MTF, use an MTF to use a central counterparty, a clearing house or a settlement system in another Member State shall prohibit. The use of such a settlement system may, in particular, be prohibited if:

1.		an efficient and economic settlement of the transaction in question is no longer guaranteed;
2.		the technical conditions for the settlement of the transactions carried out by the MTF do not allow the financial markets to function properly and properly.

Pre-and post-trade transparency requirements for MTFs

§ 68. (1) The operator of an MTF has, for the shares included in its system, which are admitted to trading on a regulated market, the current monetary and letter courses and the respective trade volume to these courses to appropriate commercial commercial To publish the conditions and continuously during normal business hours in accordance with Articles 17, 29, 30 and 32 of Regulation (EC) No 1287/2006.

(2) The operator of an MTF shall have the course, scope and timing of the transactions concluded in respect of shares in accordance with paragraph 1, on reasonable commercial terms and as far as possible on a real-time basis and in accordance with the type. 27, 29, 30 and 32 of Regulation (EC) No 1287/2006, provided that such post-trade information relating to the transactions concluded is not made public through the systems of a regulated market.

(3) The FMA is authorized, under the conditions laid down in Articles 17 to 20 of Regulation (EC) No 1287/2006 with a Regulation, to exempt from the publication obligation referred to in paragraph 1 above, in particular with regard to transactions which are compared to the normal market for the share or type of share in question; whereas, when the Regulation is issued, the FMA has to take account of the economic interest in a functioning securities system;

(4) The operators of MTF may, with the approval of the FMA, obtain individual post-trade information on completed transactions in accordance with paragraph 2, which is a large volume compared to the normal market share of the relevant share or share consignment. shall be published in a delayed manner and shall make the necessary arrangements for this. The authorization shall be granted if the criteria set out in Article 28 of Regulation (EC) No 1287/2006 are met and the proposed arrangements allow for a delayed publication corresponding to those criteria. The operators of MTFs shall inform the market participants and the investor public of the measures taken in an appropriate manner. An authorisation in individual cases is not required, provided that the FMA has adopted a regulation corresponding to Article 28 of Regulation (EC) No 1287/2006. Such a regulation also has to regulate the necessary arrangements.

Section 3

Systematic internalisers

Existing transparency rules

§ 69. (1) Systematic internalisers shall publish binding quotes for the shares traded on a regulated market for which they operate systematic internalisations and for which it is a liquid market pursuant to Art. 22 (1), (4) and 5 of Regulation (EC) No 1287/2006; there is no liquider market, systematic internalisers have to offer their customers quotations on request.

(2) Systematic internalisers may set the size to which they specify a quote. Each offer for a share has to include a binding cash or letter course, whereby the size can be determined up to the standard market size for the share class to which the share belongs. The course has to reflect the prevailing market conditions for the share in question in accordance with Article 24 of Regulation (EC) No 1287/2006.

(3) The standard market size for each share class shall be determined in accordance with Article 23 of Regulation (EC) No 1287/2006.

(4) Systematic internalisers shall publish their courses on a regular and continuous basis during the normal trading hours in accordance with Articles 29, 30 and 32 of Regulation (EC) No 1287/2006. Tenders may be updated at any time and may be withdrawn in the event of exceptional market conditions. The course offers shall be made available to other market participants on reasonable commercial terms in an easily accessible manner.

(5) The provisions of paragraphs 1 to 4 shall not apply to systematic internalisers who execute orders in shares above the standard market size.

(6) The FMA, as the competent authority of the most important market in terms of liquidity, is responsible for the market within the meaning of Article 9 of Regulation (EC) No 1287/2006

1.		once a year for each share on the basis of the arithmetic average value of the orders executed on the market for this share, to determine the respective share class and to publish this information on its home page; Articles 33 and 34 of Regulation (EC) No 1287/2006 are to be applied;
2.		to draw up and publish a list of all the liquider shares for which it is responsible, in accordance with Article 22 (6) of Regulation (EC) No 1287/2006.

(7) A market for each share consists of all orders executed in the European Union with respect to this share, except those which, in comparison with the normal market size for this share, are a large volume in accordance with Art. 20 of the Regulation (EC) No 1287/2006.

Execution of customer orders

§ 70. (1) Systematic internalisers shall execute the orders of customers in respect of shares for which they are systematic internalisers to the courses offered at the time of receipt of the order. In the case of orders from private customers, § § 52 to 54 shall apply.

(2) Systematic internalisers may be orders from professional customers

1.		in duly substantiated cases for better courses, provided that these courses are within a published, market-oriented range and that the order volume is greater than the usual order volume of private customers in accordance with Article 26 of Regulation (EC) No 1287/2006;
2.		to other than the courses offered by them, without having to comply with the requirements of Z 1, if the conditions are met:
a)			a portfolio business with at least ten securities; or
b)			Neither an order to execute a share transaction at the prevailing market price nor a limble order
		, pursuant to Article 25 (1) of Regulation (EC) No 1287/2006.

(3) A systematic internaliser that only specifies a quote or whose highest price is less than the standard market size may, for a customer order which is above its quotidian size but below the standard market size, the part of the contract which exceeds its ratio, provided that the execution is carried out on the basis of the quoted price; this does not apply to cases in accordance with paragraph 2 (2) (1) and (2).

(4) Publication of a systematic internaliser in different sizes and a customer order between these quantities, the order shall be executed in accordance with the provisions of § § 55 to 57 of one of the quoted rates; this shall apply not for cases referred to in paragraph 2 (1) and (2).

(5) The provisions of paragraphs 1 to 4 shall not apply to systematic internalisers who execute orders in shares above the standard market size.

Terms and conditions

§ 71. (1) Systematic internalisers shall, in their General Terms and Conditions of Business, have rules on access to their Kursofferts. Access to their Kursofferts shall be granted in an objective and non-discriminatory manner. Systematic internalisers may, in particular, stipulate in their General Terms and Conditions that:

1.		the inclusion of business relations may be refused or business relations can be terminated if this is due to economic considerations, in particular because of the creditworthiness of the investor, the counterparty risk and the settlement of the business, seems to be necessary;
2.		the number of transactions that they are prepared to conclude with the same customer on the published terms and conditions may be limited in a non-discriminatory manner to the risk arising from the accumulation of transactions with one and the same customer to minimise;
3.		in a non-discriminatory manner and in accordance with the provisions of § § 55 to 57, the total number of transactions carried out at the same time for different customers may be limited, provided that the number or extent of the customer orders is considerably higher than the number of transactions carried out. The standard referred to in Article 25 (2) of Regulation (EC) No 1287/2006.
With regard to the restriction of transactions in accordance with Z 2 and 3, Article 25 (3) of Regulation (EC) No 1287/2006 shall apply.

(2) Paragraph 1 shall not apply to systematic internalisers who execute orders in shares above the standard market size.

Supervision

§ 72. FMA has to supervise credit institutions and investment firms in accordance with Article 12 (1), which are active in Austria through a branch, to ensure that they are

1.		regularly update the money or letter courses they publish in accordance with § 69, and offer courses which comply with general market conditions; and
2.		comply with the terms and conditions for the course improvements in accordance with § 70 (2).

4. Main piece

Section 1

Accounting and annual financial statements

§ 73. (1) Investment firms shall draw up their annual accounts in accordance with the structure of Annex 2 to Section 43 of the BWG in such a timely manner that the period laid down in paragraph 2 may be complied with; Articles 43, 45 to 59a, 64 and 65 (1) and (2) of the BWG shall apply.

(2) The annual accounts drawn up pursuant to paragraph 1 and audited in accordance with paragraph 3 and the audit reports prepared in accordance with paragraph 4 shall be submitted at the latest within six months of the conclusion of the financial year of the FMA. The FMA may also require the submission of annual accounts data by electronic means or electronic media in a standardised form.

(3) The annual accounts are to be examined by statutory auditors, in the case of cooperatives, by the audit bodies of statutory audit bodies. The auditor has to examine the legality of the annual financial statements. The examination shall also include:

1.		The factual accuracy of the evaluation, including the acceptance of the depreciation, value adjustments and provisions, and
2.		the observance of the provisions of this Federal Law, in particular § § 6 and 9, of the 2nd main piece and § § 64 to 68.

(4) The result of this examination shall be presented in an annex to the audit report on the annual accounts. This report shall be submitted to the directors of the investment firms and to the supervisory bodies of investment firms in accordance with the law or the statutes in such a timely manner that the period of advance of paragraph 2 may be complied with.

§ 74. (1) Investment services companies (§ 4) have, insofar as they are in accordance with § 189 (1) and 2 of the German Corporate Code (UGB), dRGBl (German Commercial Code). S 219/1897, which are obliged to perform an annual financial statements in accordance with § § 224 and 231 of the German Commercial Code (UGB), and in so far as they do not comply with the obligation to book a book in accordance with Section 189 (4) of the German Commercial Code (UGB), a revenue-expenditure account in accordance with the provisions of section 4 (3) Income Tax Act 1988-EStG 1988, BGBl. No 400/1988.

(2) The annual accounts or revenue statements prepared in accordance with paragraph 1 and the audit reports drawn up in accordance with paragraph 4 shall be submitted at the latest within six months of the conclusion of the financial year of the FMA.

(3) Investment services companies have one of the persons referred to in § 271 (1) of the UGB for the purpose of checking compliance with the provisions of this Federal Act, in particular § § 6 and 9 and of the 2nd main piece; the provisions relating to the Selection of auditors according to § 271 (2) of the German Commercial Code (UGB) shall apply. In the case of cooperatives, the examination of compliance with the provisions of this federal law must be carried out by the examining bodies of statutory auditing bodies. The provisions of Section 275 of the German Commercial Code (UGB) on the auditor's responsibility are to be applied in a reasonable way.

(4) The result of this examination shall be included in a separate audit report. This report shall be submitted to the directors of the investment services undertakings in such a timely manner that the period of advance of paragraph 2 may be complied with.

Investor compensation

§ 75. (1) Investment firms which operate one or both of the services referred to in Article 3 (2) (2) (2) and (3) shall be members of a compensation facility. If such an investment firm does not belong to the compensation facility, the entitlement (concession) to the provision of investment services shall be issued in accordance with Section 3 (2); Section 7 (2) of the BWG shall apply.

(2) The compensation institution shall include all investment firms with the right to provide investment services in accordance with Article 3 (2) (2) or (3) as members. The compensation facility shall be operated in the form of a liability company as a legal person. The compensation institution shall ensure that, if the bankruptcist is opened through a member institution or a notification is made by the competent authority in accordance with Annex II (b) of Directive 97 /9/EC, claims by a investor Investment services in accordance with Section 93 (2a) of the Federal Elections Act up to a maximum amount of EUR 20 000 or equivalent in foreign currency per investor on its request and after legitimization within three months from the date on which the amount and the authorization the claim has been paid out. The provisions of Section 93 (3) of the Federal Elections Act (BWG) on pending criminal proceedings within the meaning of Section 93 (5) (3) of the Federal Elections Act (BWG), as well as on support and information obligations to the compensation facility, shall apply.

(3) In accordance with Articles 75 to 78 and the applicable provisions of the BWG, the compensation institution shall compensate investors for claims arising from investment services which have arisen in the event that an investment firm is not in a position to do so. was, in accordance with legal or contractual arrangements,

1.		Repay funds owed to investors in the context of investment services; or
2.		to return instruments which belong to them and which are managed for their account in connection with securities transactions.
Claims within the meaning of Section 93 (5) (1a) to (12) of the Federal Elections Act (BWG) and parts of the equity capital of the investment firm are excluded from the compensation.

(4) The following provisions of the BWG are to be applied in respect of the security of investment services subject to security: § 93 (4), (6), (8a) and (11); § 93a (6) with regard to the possibility of contributing to the reorganization of member institutions, as well as § 93b para. 2 and 4.

(5) Investment firms and investment services undertakings which do not have to belong to a compensation institution shall notify their customers in writing at the latest when the contract is concluded and, where appropriate, by means of a notice in the to inform the business premises.

§ 76. (1) The compensation institution shall require its member institutions to make a pro-rata contribution without delay in the event of a payment of compensation. The compensation institution shall take the necessary organisational measures to ensure the immediate assessment and payment of the secured claims.

For a period of one year from the opening of the bankruptcy or the notification of the competent authority in accordance with Annex II (b) of Directive 97 /9/EC, persons entitled to the exposure of investment services may, for a period of one year from the opening of the bankruptcy, be entitled to their rights The compensation system shall be registered. Section 93 (3c) of the last sentence of the BWG shall apply.

(3) The compensation institution shall, immediately after the end of the notification period, raise contributions from the Member Institutes to cover the compensation claims. The contributions to be measured in accordance with Section 93b (4) of the Federal Elections Act are limited for the individual member institution by the fact that in the financial year it is subject to a maximum contribution of 10 vH of the equity capital (Section 9 (3)).

(4) The compensation institution shall ensure that exposures of an investor from investment services in accordance with Section 75 (3) up to a maximum amount of EUR 20 000 or equivalent in foreign currency per investor on its request and on the basis of the right to be paid within three months from the date on which the amount and entitlement of the claim was determined. The compensation institution shall be entitled to offset claims for compensation with claims of the member institution. § 19 para. 2 KO is to be applied.

(5) In the event that the determination of the claims or the application of the compensation values is contrary to exceptional obstacles and on the basis of which the time limit referred to in paragraph 4 cannot be complied with, that period shall be extended by a further three months. Furthermore, at the request of the compensation institution, the FMA is entitled to grant the extension of the period for a further three months if this is due to special circumstances to prevent economic damage, in particular by the risk to the stability of the financial system.

§ 77. (1) The compensation institution shall:

1.		submit their annual accounts to the FMA at the latest within six months of the end of the financial year; and
2.		The FMA shall immediately report the departure of an institute from the security establishment.

(2) Credit institutions entrusted with the acquisition, sale, safekeeping or administration of funds or instruments of the Member Institute or its clients in the context of banking transactions shall have the compensation body responsible for the to provide the necessary information for the purposes of determining the requirements.

§ 78. (1) investment firms in accordance with § 12 who provide investment services in Austria in accordance with Article 3 (2) (2) (2) and (3) and which do not include the holding of money, securities or other instruments, so that the provider of such services shall be Services in this respect at no time can be the debtor of his clients, provided that they belong to an investor compensation scheme within the meaning of Directive 97 /9/EC in their home country, the compensation institution shall be entitled to supplement the compensation scheme to the investor-compensation scheme of their home Member State; The security case shall be deemed to be the notification of the competent authority referred to in point (b) of Annex II to Directive 97 /9/EC. The supplementary connection shall apply only with respect to the provision of security services provided in Austria and only in so far as § § 75 and 76 a higher or more extensive protection of claims arising from investment services as the investor-compensation scheme of the home Member State of the investment firm. The security establishment shall require investment firms which have voluntarily added to it to make immediately proportional contributions in the event of a payment of secured claims arising from investment services. In determining the proportional contributions, Section 93b (2) and (4) of the Federal Elections Act shall apply in a reasonable way. In this case, the investment firm, which is voluntarily attached to it, may not be placed in a worse position than an Austrian credit institution comparable to the type of institute and the business object. Where a voluntary supplementary investment firm has a number of branches in Austria, such branches shall be considered as a branch in the calculation of the claims and in the calculation of the contribution performance in accordance with Section 93b of the BWG.

(2) If the voluntarily supplementary investment firm does not comply with its obligations, the compensation facility shall immediately notify the FMA. The latter shall, at the same time, call upon the investment firm, which is voluntarily attached to it, to comply with its obligations under the notification of the competent authority of the home Member State of the investment firm. If, in spite of these measures, the investment firm which is voluntarily attached to a supplementary scheme does not fulfil its obligations, it may, with the consent of the competent authorities, be entitled to a notice period of twelve months from the compensation institution the authority of the Member State of origin shall be excluded. Investment services provided before the date of exclusion shall remain in the coverage of supplementary investor compensation after that date. The investors shall be notified by the security institution of the omission of the supplementary cover by means of a notice in the "Official Journal of the Wiener Zeitung" and in at least one other nationwide daily newspaper. The excluded investment firm shall be responsible for the removal of supplementary cover in the business premises, as well as in its advertising and in the contract documents, clearly identifiable.

(3) The compensation system shall cooperate with the investor-compensation schemes of the Member States in accordance with Annex II to Directive 97 /9/EC. Investment firms as referred to in paragraph 1 shall provide the competent security body of the home Member State with all the information they need to ensure that investors are compensated without delay and properly. In addition, the provisions of Sections 75 to 77 and § 95, including the provisions of the BWG, shall apply to investment firms in accordance with paragraph 1.

Investment firms which establish branches in another Member State by way of freedom of establishment shall be entitled, in the same way, to the investment services provided in that Member State to take part in the investment services provided in that Member State. Supplement the investor compensation system. When the investment firm is bankrupt, the FMA shall submit to the competent authority of the host Member State the notification provided for in point (b) of Annex II to Directive 97 /9/EC.

Business supervision and insolvency provisions

§ 79. § § 80 to 89 are to be applied only to investment firms and investment service companies in the legal form of a capital company or a cooperative (§ 3 paragraph 5 Z 1).

§ 80. (1) A compensation procedure cannot be opened on the assets of an investment firm or of an investment service undertaking. A coercive compensation shall not take place in the course of an investment firm or an investment service undertaking.

(2) In the business supervision and bankruptcy proceedings of investment firms and investment service companies, the FMA is party to party status.

(3) The application for the opening of the bankruptcy of an investment firm may only be submitted by the FMA, that of an investment service undertaking may also be provided by the FMA, but in both cases only by the supervising person. be made. Otherwise, § 70 KO shall apply.

(4) A legal person may also be appointed as a supervising person.

(5) The court has to consult the FMA before ordering and dismissing a supervising person or a masseh administrator.

(6) The General Court shall immediately notify the FMA of the order of business supervision by sending an Edict.

§ 81. (1) Investment firms and investment services undertakings which are overindebted or insolvent may, if the overindebtedness or insolvency is likely to be rectified, in the case of the bankruptcy opening. Court order the order of business supervision. This application can also be submitted by the FMA.

(2) Investment firms and investment services undertakings shall submit, together with the application, an orderly list of its assets and liabilities, as well as the annual accounts and annexes and the annual reports of the last three years.

(3) The Court may, in the preparation of its decision, hear information and experts from the experts and maintain other surveys.

§ 82. (1) If the supervisor is arranged, the court shall appoint a physical or legal person as a supervising person. It shall be responsible for supervising the management of the investment firm or of the investment service undertaking. It shall be liable to all parties for the damage caused by undue conduct of their office.

(2) The supervisory authority shall have the right to inspect the business records of the investment firm or the investment service undertaking; it shall be invited to the meetings of the administrative and supervisory bodies and may itself be invited to attend such meetings. Convening meetings. The supervising person shall be entitled to prohibit the implementation of decisions of the institutions of the investment firm or of the investment service undertaking.

(3) The court may revoke the order of the supervising person at any time.

(4) The supervising person shall be entitled to remuneration for their activity, the amount of which shall be determined by the court.

(5) The arrangement of the business supervision and the supervisory staff shall be made public. The court has to arrange for the arrangement of the business supervision and the supervisory staff to be registered in the company's register.

§ 83. The effects of supervision shall enter into force at the beginning of the day following the publication of the Edict's public notice on the arrangement of business supervision.

§ 84. (1) With the effective start of the business supervision, all previously arising claims against the investment firm or the investment services company, including the claims arising from bills of exchange and cheques, shall be those arising from the bankruptcy of the business. (§ 50 KO), as well as their interest and other charges, even if they have only become due during the period of the supervision of the business or have run up, are not to be paid.

(2) In accordance with the arrangement of the supervisory authority, the court shall have the financial status of the investment firm or the investment service undertaking to be determined by experts at the expense of the investment firm or the investment service undertaking. The supervisory authority shall report to the court in writing on the result of the determination. The report shall also indicate whether the investment firm or the investment services undertaking is in a position to pay a certain fraction of its liabilities incurred prior to the occurrence of the legal effects of business supervision. In accordance with the report, the Court may order that the old claims are subject to only a certain fraction of the dismissal; it may also allow the supervising person to determine, in accordance with the genus or the amount, old claims to be determined. Goose is satisfied.

(3) During the supervision of the business, the old claims shall not be guaranteed or, unless a partial payment is not permitted (paragraph 1). 2), paid out or be satisfied in any way.

(4) In the course of business supervision, the assets of the investment firm or the investment service undertaking may not open the course of the bankruptce or the property of the investment firm in respect of the assets of the investment firm or of the investment services undertaking in respect of the old claims. shall be acquired in accordance with the right of judicial or satisfactory settlement of the law.

(5) The period in which payment is deferred as a result of the payment is not to be included in the calculation of the period of limitation and the legal deadlines for the collection of claims.

(6) Investors shall be entitled, in the bankrupty of the investment firm or the investment service undertaking, to offset their claims against the investment firm or the investment service undertaking with the claims thereof.

§ 85. (1) If the investment firm or the investment services undertaking for which the business supervisor is arranged is a cooperative, the shares of the business may not be terminated in any legal manner during the business supervision period, nor may the business unit be subject to any legal action. the shares and those otherwise due to the cooperative ratio are paid out due to the cooperative relationship; the periods of termination and disclaimer already in progress are being inhibited.

2. The investment firm or the investment services undertaking may, if the court has no other option at the request of the supervising person, continue its business. However, the consent of the supervising person is required for the acceptance of transactions which are not part of the ordinary business operation. However, the investment firm or the investment services undertaking shall also refrain from acts which are part of the ordinary business operation, if the supervisory authority objects to the contrary. Acts carried out without consent or against the objection of the supervising person shall be ineffective against the creditors if the third party knew or had to know that they were beyond the ordinary business operation and that the Supervisors do not give their consent or that they have objected to their acceptance.

(3) The funds allocated to the investment firm or the investment service undertaking from the transactions concluded after the start of business supervision (new receivings) shall be set up and managed separately; they shall be calculated on the basis of: even after the business supervision has been extinguisher, a special mass serving to satisfy the claims arising from the new claim is to be preferred.

§ 86. At the end of two years since the end of the supervision of the business, the investment firm or the investment service undertaking may, if a bankrupter has not been opened within that period of its assets or assets, its exemption or exemption request the separate settlement and administration of the funds made available under the new claims. Where such a request is made, the court shall examine the assets of the applicant. If the review shows that the security of the new claims is not endangered by the dismissal, the application shall be accepted; from that date on, the special mass shall be deemed to be dissolved.

§ 87. In cases of dispute arising out of the orders of the supervising person, the General Court shall decide by decision. The Court of First Instance may also seek the necessary information without mediation of the parties concerned and shall, for the purposes of the necessary findings of its own motion, take care of all the surveys which are appropriate for this purpose.

§ 88. (1) The supervision of the business shall be cancelled by a decision of the Court of Justice and by the opening of the bankruptcy proceedings.

(2) The Court of First Instance shall abolish the supervision of the business if:

1.		the conditions governing the order have not been met, or
2.		since the order of business supervision has elapsed a year.

(3) The cancellation of the business supervision shall be made public by the legal force of the repeal decision. In addition, the court has to arrange for the cancellation of the business supervision to be registered in the company's book and the registration of the supervisory entity to be deleted.

(4) If the supervision of the business is extinguisher as a result of the opening of the bankruptcy proceedings or if a bankruptcy procedure is opened on the basis of an application submitted within 14 days after the business supervision has been extinguisher, the following shall be the case after the bankruptcy order of the to calculate the days of the application for the opening of such a procedure or from the day on which such a procedure is to be opened from the day on which the supervisory authority has been effective.

(5) The investment firm or the investment service undertaking as well as the FMA shall be open to the removal of the application for business supervision and the abolition of the business supervision, against decisions, where the amount of the remuneration of the supervising person and of the cash outlays to be replaced shall be determined, but only the investment firm or the investment service undertaking. Other decisions cannot be challenged. The decisions of the Oberlandesgericht (Oberlandesgericht) do not take place in another legal suit.

§ 89. (1) The rules of the bankruptcy order shall apply to the public notices.

(2) The review of the Edits file shall not be granted any more if three years have passed since the repeal of the business supervision. If the supervision of the business is to be carried out as a result of the opening of the bankruptcy proceedings, the inspection shall not be granted until the time limit for the inspection in the bankruptcy has expired (§ 14 IEG).

Section 2

Costs and procedural rules

Cost

§ 90. (1) The costs incurred by the FMA from the accounting system of securities supervision (Section 19 (1) (3) and (4) FMABG) shall be reimbursed by the notifiable institutions, the issuers, the investment firms and the investment service providers. In compliance with the polluter-pays principle and the economic interest in the functioning of the supervision of investment services, these supervisory costs shall be divided according to the cost accounting of the FMA. To this end, the FMA has a subaccounting for notifiable institutions, one for issuers with the exception of the federal government, and a common one for investment firms and investment service providers, in the securities supervision accounting system. . The division of costs within the subaccounts shall be carried out in accordance with the regulation to be adopted pursuant to paragraph 2.

(2) The amounts to be paid to the taxable persons in accordance with 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 bases for the different types of cost prescriptions;
2.		The dates for the costs and the time limits for the payment of the payer.
In the case of regulations pursuant to Z 1 and 2, the nature and extent of the transactions subject to reporting and the investment services provided and of the issuers shall be based on the nature and extent of the instruments subject to reporting obligations To take care. The taxable person and the stock exchange company shall provide the FMA with all the necessary information on the bases of the cost measurement.

Procedural rules

§ 91. (1) The FMA has complied with this federal law by:

1.		investment firms in accordance with § 3,
2.		investment services undertakings,
3.		Credit institutions pursuant to Article 1 (1) of the BWG with regard to the 2. and 3. the main part of this federal law,
4.		Credit institutions and financial institutions from Member States in accordance with § § 9 ff of the Federal Elections Act with regard to § § 36 and 38 to 59, 61 to 66 and 69 to 71,
5.		Investment firms from Member States pursuant to Section 12 (1) who carry out activities in Austria via a branch, as regards § § 36 and 38 to 59, 61 to 66 and 69 to 71 of this Federal Act and Sections 33 to 38, 40, 41 and 93 (8a) of the BWG,
6.		recognised investment firms established in a third country, local firms and members of a cooperation exchange operating on an Austrian stock exchange (Section 15 (5) of the Austrian Stock Exchange Act), with regard to the 2. and 3. the main part and § § 39 para. 3, 40 and 41 BWG,
7.		Insurance undertakings within the scope of section 2 (2) and
8.		Capital investment companies in accordance with § 2 paragraph 1 InvFG 1993 within the scope of § 2 para. 3
and to take account of the economic interest in a functioning capital market and on the interests of investors.

(2) On the basis of the tasks assigned to it under this Federal Act and the BörseG, the FMA has to carry out all investigations in accordance with the provisions of these federal laws and to take those measures which are necessary,

1.		In order to be able to assess and secure the regularity and fairness of trade in instruments authorised on a regulated market in a Member State (Article 2 (5) of the BWG);
2.		to ensure, in the provision of investment services and activities, the protection of the interests of investors in the sense of the second main item;
3.		Other administrative authorities, in particular the Federal Minister of Finance and the competent authorities (§ 2 Z 9 BWG) of other Member States, which are responsible for the performance of their duties under the BWG and the other laws applicable to credit institutions (§ 69 (1) of the Federal Elections Act (BWG) or of its tasks pursuant to Directives 2003 /6/EC, 2004 /39/EC, 2004 /109/EC and 2006 /49/EC;
4.		to ensure the prosecution of violations of the administrative offences referred to in Section 48 (4) of the Austrian Stock Exchange Act (BörseG).

(3) In the exercise of the powers referred to in paragraph 1 and (2), the FMA is authorized at any time, without prejudice to the powers conferred on it by other provisions of the federal law,

1.		to inspect the books, records and media of the companies pursuant to paragraph 1 and to obtain copies of them;
2.		to request information from the undertakings referred to in paragraph 1 and to their institutions and to preload and interview persons in accordance with the administrative procedure laws;
3.		carry out on-the-spot audits by own auditors, auditor or other experts;
4.		to request already existing records of telephone calls and data transfers from the undertakings referred to in paragraph 1;
5.		to stop violations of the law and to ensure compliance with the concession requirements in accordance with § 92 (8) of this Federal Act in conjunction with Section 70 (4) of the Federal Elections Act (BWG);
6.		in respect of assets, the dismissal of interim injunctions in accordance with § 144a Criminal Procedure Code 1975-StPO, BGBl. No 631/1975, in the case of the competent public prosecutor's office;
7.		to take measures against directors in accordance with § 92 (1) and (8) of this Federal Law and pursuant to Section 70 (2) and (4) of the Banking Act;
8.		to obtain information from the auditors and statutory audit bodies of undertakings in accordance with paragraph 1 and the auditors of regulated markets;
9.		to require the suspension of trading in a financial instrument by a stock exchange company pursuant to Section 25b (3) BörseG and an MTF pursuant to § 67 (7);
10.		require the revocation of the approval of a financial instrument by supervisory measures in accordance with Article 45 (2) and (3) of the Austrian Stock Exchange Act (BörseG) or the commercial exclusion according to § 67 (7);
11.		indicate the suspicion of criminal acts in accordance with § 84 StPO of a public prosecutor's office or a security authority.

(4) The FMA is authorized to process data within the meaning of the DSG 2000, insofar as this is an essential condition for the performance of the tasks assigned to it under this Federal Law and the BörseG in the following areas:

1.		the concession of investment firms and investment service undertakings and the circumstances in which they are to be granted;
2.		Management, administrative and accounting organisation and internal control and auditing of investment firms, investment service undertakings and institutions subject to reporting requirements;
3.		Branches and the exercise of the freedom to provide services;
4.		Data reporting obligations pursuant to § 64 (2) and (3) and the information obtained pursuant to § 64 (6);
5.		Compliance with the provisions of the second main item;
6.		Equity;
7.		Qualifying holdings in investment firms and investment service undertakings;
8.		Annual accounts and accounts;
9.		prudential measures pursuant to § 92 (8) to (10);
10.		Administrative penalties in accordance with § § 94 and 95 and § § 44, 48 and 48c BörseG;
11.		Investigations pursuant to § 48q (1) BörseG and § 22b FMABG;
12.		Information obtained by competent authorities within the framework of the exchange of information in accordance with § § 97 to 101 or according to § § 47a, 48r and § 86 (8) and 9 BörseG.

(5) The forwarding of data in accordance with paragraph 4 shall be admissible within the framework of mutual assistance and to competent authorities of Member States, insofar as this is for the performance of tasks which are the tasks of the FMA under this Federal Law, the 1989 Stock Exchange Act, the Regulation (EC) No 1287/2006 or Commission Regulation (EC) No 2273/2003 is required and, in so far as the data forwarded to those authorities are subject to the obligation of professional secrecy pursuant to Article 54 of Directive 2004 /39/EC.

(6) The transfer of data as referred to in paragraph 4 shall also be carried out within the same framework, for the same purposes and with the same restrictions as the competent authorities of Member States referred to in paragraph 3, also to the authorities of third countries who are responsible for the tasks of the FMA , to the extent that the data forwarded to those authorities are subject to a professional secrecy equivalent to the obligation of professional secrecy under Article 54 of Directive 2004 /39/EC, and in accordance with Chapter IV of the Directive 95 /46/EC.

(7) Reporting data in accordance with § 64 (2) and (4) may, in the case of other invalidity, be permitted in an exclusively due regard to § § 33 to including 41 and 49 to including 52 of the Financial Criminal Law-FinStrG, BGBl. No 129/1958, are not to be used to the detriment of the accused or of the secondary parties. If, due to the data ascertained by the FMA, there is a suspicion only in violation of § § 33 to including 41 and 49 up to and including 52 FinStrG, then it has the advertisement according to § 84 StPO as well as the ad to the financial criminal authority to refrain from.

(8) In the case of the FMA, when carrying out its duties, it is suspected that a transaction is used for money laundering, it shall immediately inform the Authority (Section 6 of the SPG). Section 41 (6) of the BWG shall apply.

§ 92. (1) In order to avoid a risk to the financial interests of the clients of a legal entity in accordance with § 91 (1) (1) and (2) in connection with its activities, the FMA may, in the case of such entities, in the legal form of a capital company or Co-operative (§ 3 (5) (1)) shall order temporary measures by means of a communication which shall not enter into force no later than 18 months after the beginning of the effective period. The FMA may, 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 section 91 (3), has
a)			prohibit all transactions that are likely to increase the above risk, or
b)			in the event that the legal entity has been banned in whole or in part from the continuation of the business, to allow individual transactions which do not increase the risk above;
3.		Directors of the legal entity, subject to the simultaneous understanding of the institution responsible for appointment of the directors, shall prohibit in whole or in part the management of the undertaking; the competent institution shall have, within one month, the appropriate management of the undertaking. 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.

(2) The FMA may, at the request of the supervising person appointed pursuant to paragraph 1 (1) (2) or (3), appoint a deputy if and for so long for important reasons, in particular because of temporary prevention of the Supervising person, is required. The appointment of the Deputy as well as the rights and obligations of the Deputy shall apply the provisions applicable to the supervisory staff. The supervisory authority (Government Commissioner) may, with the approval of the FMA, be able to meet professionally qualified persons in order to fulfil their 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 name these persons in particular and must also be granted to the legal entity. These persons act on instructions and on behalf of the supervisory staff (government commissioner) or their deputy.

(3) 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 ordered pursuant to paragraph 1 Z 2 or a deputy according to paragraph 2 and if no order is possible on the basis of these reports, the FMA has the attorney's chamber or the chamber responsible after the seat of the legal entity to notify the accountant to make it known to a professional lawyer or auditor as a government commissioner. In case of danger in default, the FMA

1.		a lawyer or
2.		an economic scatter
provisionally order as government commissioner. This order shall not apply to the appointment of a lawyer or chartered accountant after the first sentence.

(4) All measures ordered by the FMA pursuant to paragraphs 1 and 2 shall rest for the duration of a business supervision procedure.

(5) The Government Commissioner is to be paid by the FMA (function fee), which is proportionate to the work involved in 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.

(6) The FMA is entitled to inform the public that it has the right to take measures pursuant to paragraphs 1, 3 and 8 by means of imprint in the "Official Journal of the Wiener Zeitung" or in a newspaper with distribution throughout the territory of the Federal Republic of Germany, or on the Internet or through To make it known at a suitable location in the business premises of the legal entity pursuant to § 91 (1) (1) and (2). However, publications of measures referred to in paragraph 8 in conjunction with Section 70 (4) (1) of the Federal Elections Act (BWG) shall only be made if this is necessary in the light of the nature and seriousness of the breach of information to the public. These publication measures may be taken alternatively or cumulatively.

(7) insults, with which business managers are prohibited in whole or in part from the management of a legal entity in accordance with § 91 (1) (1) (1) and (2) (paragraph 1). 1 Z 3 and Section 8), as well as any cancellation of this measure by the FMA, are to be sent to the Company's Book Court for entry in the Company Book.

(8) If a concession requirement in accordance with § 3 (5) is no longer available after the concession has been granted or violates a legal entity pursuant to § 91 (1) Z 1 and 2 Provisions of this Federal Law, a law issued pursuant to this Federal Act The FMA shall take the measures referred to in Article 70 (4) (1) to (3) of the Federal Elections Act with regard to such a legal entity. Violates a legal entity referred to in § 91 (1) (1) (3) to (6), an insurance company within the scope of section 2 (2) or a capital investment company within the scope of § 2 para. 3 Provisions of this Federal Act, one of which is based on this Federal Act , the FMA shall take the measures referred to in Article 70 (4) (1) of the Federal Elections Act in respect of such a legal entity.

(9) In the case of an examination in accordance with § 91 (3), 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.

(10) In order to audit branch offices and representative offices in Member States, the FMA may also request the competent authorities of the host Member State to carry out the examination if it simplifies or accelerates the procedure, or if it does so in the the interest of expediency, simplicity, convenience or cost savings, and the participation of its own examiners in an audit carried out by the competent authorities of the host Member State shall also be possible under these conditions.

(11) The FMA is entitled to inform the public that a named company is entitled to the information on a case-by-case basis, in the Internet, in the "Official Journal of the Vienna Newspaper" or in another widely circulated information sheet. The acceptance of certain investment services (Section 3 (2) (2) (1) to (4)) is not justified. The FMA has to provide information on the scope of the concession of legal entities in accordance with § 91 (1) (1) and (2) (2) on individual request. The FMA has a database containing information on the current extent of the existing concessions of these entities, and has to allow a query of these data via the Internet. The FMA shall also have in this database a list of investment firms from Member States entitled to provide investment services by way of freedom to provide services or through a branch, to the extent that: this activity has been notified within the territory of the country in accordance with Articles 31 or 32 of Directive 2004 /39/EC.

Reporting requirements of auditors

§ 93. (1) A statutory auditor who examines the annual accounts of a legal entity referred to in § 91 (1) (1) (2) (1) and (2) or carries out any other activity required by law shall establish facts which require a reporting obligation pursuant to Article 273 (2). UGB shall also submit the report to the FMA without delay, at the latest at the same time as the report to be refunded pursuant to Section 273 (3) of the UGB.

(2) The auditor shall, even if there is no reporting obligation pursuant to Section 273 (2) of the UGB, immediately report to the FMA and to the directors of the business and to the Board of Supervisors responsible under the law or the statutes, if any of the legal entities audited the facts of which he has become aware in the performance of his duties,

1.		could constitute a serious infringement of Regulation (EC) No 1287/2006, or
2.		could constitute a significant breach of this federal law or of regulations or insults adopted pursuant to this Federal Act, or
3.		may lead to a refusal or restriction of the audit note.
The auditor is also obliged to report such facts, from which he becomes aware in the exercise of one of the above activities in a company which is in close connection with the above mentioned activities in accordance with Article 91 (1) (1) (1) and (2). The legal entity for which he is carrying out this activity.

(3) In good faith, the auditor shall provide the auditor with an indication in accordance with paragraph 1 or 2, this shall not be deemed to constitute a breach of a restriction of disclosure regulated by contract or by law or regulation, and shall not be liable for him or her in accordance with .

(4) The provisions of subsections (2) and (3) shall apply in the same way to auditors of branches of investment firms in accordance with Section 14 in respect of the provisions referred to therein.

Section 3

Criminal provisions

§ 94. (1) Anyone who provides investment services in accordance with Section 3 (2) without the necessary authorization shall, in so far as the action does not constitute the offence of a criminal offence within the jurisdiction of the courts, enter into an administrative surrender and is punishable by a fine of up to 50 000 euros.

(2) Anyone who provides investment services in accordance with Section 3 (2) without the necessary authorization shall not be entitled to any remuneration linked to these transactions, such as, in particular, commissions. The legal invalidity of the agreements concluded with these transactions does not result in the legal invalidity of the whole business. Conflicting agreements as well as guarantees and guarantees relating to these transactions shall be legally ineffective.

(3) Any person who discloses or uses confidential facts in breach of § 7 in order to obtain an asset advantage or to inflict a disadvantage on another person shall be liable to imprisonment for up to six months from the court of law, or with a custodial sentence of up to six months. Fines of up to 360 daily rates are punishable. The perpetrator is only to be prosected with the empowerment of the injured in his interest in the secrecy.

(4) The FMA may disclose any measure or sanction that it imposes in the event of a breach of the provisions adopted pursuant to this Federal Act or on the basis of Section 48 (5) of the Austrian Stock Exchange Act, provided that such disclosure constitutes the stability of the Financial markets do not seriously jeopardise the financial markets or cause disproportionate damage to the parties involved.

§ 95. (1) Anyone who, as the person responsible (§ 9 VStG) of a legal entity, does not fulfil the reporting obligations or publication obligations in good time and in full pursuant to § § 64 to 66 or in doing so makes untrue information, is subject to an administrative surrender and is with Fines of up to € 30 000 to be punished.

(2) Those who are responsible (§ 9 VStG) of a legal entity

1.		is in breach of an obligation pursuant to Sections 14, 28 to 59, 61 to 63, 73 or 74 or in violation of an obligation pursuant to a Regulation of the FMA issued pursuant to § § 29 (4), (4), (4), (4), (3) or 55 (2) of the FMA;
2.		is in breach of an obligation pursuant to Sections 9 to 11, 13, 16 to 22, 24 to 26 or 67 to 71 or is in breach of an obligation pursuant to a Regulation of the FMA issued pursuant to § § 26 (3), 68 (3) or 68 (4) of the FMA,
is subject to an administrative surrender and is punishable by a fine of up to EUR 50 000 with regard to Z 1 and a fine of up to EUR 30 000 with regard to Z 2.

(3) Whoever acts as the person responsible (§ 9 VStG) of a legal entity violates the obligation to provide information in Section 75 (5), is subject to an administrative surrender and is punishable by a fine of up to 10 000 euros.

(4) Those who are responsible (§ 9 VStG) of a legal entity

1.		it does not allow the FMA to submit the annual accounts in due time, contrary to Section 77 (1) Z 1, or
2.		it undertakes to notify the FMA immediately, contrary to Section 77 (1) Z 2, of the departure of an institution,
shall be subject to an administrative surrender and shall be punished with a fine of up to EUR 10 000.

(5) Those who, as auditors of a legal entity referred to in § 91 (1) (1) (1) and (2), violate their reporting obligations pursuant to Section 93 (1), commit an administrative surcharge and are punishable by a fine of up to EUR 50 000.

(6) Administrative penalties provided for in paragraphs 1 to 5 shall be imposed only if the act does not constitute the offence of a criminal offence within the jurisdiction of the courts.

(7) In the investigation into administrative criminal proceedings according to § 94 and in accordance with paragraphs 1 to 6 as well as 8 and 9, the FMA shall be responsible for all competencies in accordance with § 91 (3).

(8) Those who are responsible (§ 9 VStG) of a legal entity pursuant to § 91 (1) (1) (1) and (2) (2)

1.		Violates the obligations of Sections 40 and 41 (1) to (4) of the Federal Elections Act;
2.		the immediate written notification of the facts referred to in § 73 (1) (1) (1) to (8) and (11) of the Federal Elections Act to the FMA shall be submitted;
if the offence does not constitute the offence of a criminal offence within the jurisdiction of the courts, an administrative surrender and, in the cases after Z 1, the FMA is fined up to EUR 30 000 and, in cases after Z 2, the a fine of up to 10 000 euros.

(9) Anyone who is responsible (§ 9 VStG) of a legal entity pursuant to § 91 (1) Z 5

1.		the obligations of § § 33 to 36 BWG are violated;
2.		Violates the obligations of Sections 40 and 41 (1) to (4) of the Federal Elections Act;
if the offence does not constitute the offence of a criminal offence within the jurisdiction of the courts, an administrative surrender and, in the cases after Z 1, the FMA is fined up to EUR 3 000 and, in cases after Z 2, the Fines of up to € 30 000 to be punished.

§ 96. (1) The FMA shall be responsible for the imposition of administrative penalties in accordance with § § 94 and 95.

(2) In the case of administrative transgressions in accordance with § § 94 and 95, a limitation period of 18 months shall apply instead of the period of limitation of § 31 para. 2 VStG of six months.

Section 4

Administrative cooperation

Contact point and exchange of information

§ 97. (1) The FMA acts as a contact point in accordance with Article 56 (1) of Directive 2004 /39/EC.

(2) The FMA may cooperate with competent authorities of other Member States where necessary for the performance of tasks laid down in Directive 2004 /39/EC, Regulation (EC) No 1287/2006 or Directive 2006 /73/EC and in so far as the information provided to these authorities is subject to the obligation of professional secrecy in accordance with Article 54 of Directive 2004 /39/EC. FMA may make use of its powers for the purposes of cooperation, even if the conduct which is the subject of the investigation does not constitute an infringement of a provision in force in Austria. By its powers under Article 91 (3) (1), (2) and (4), the FMA may, for the purposes of cooperation, also make use of natural and legal persons who are in their home Member State for the provision of investment services or investment activities as an investment firm within the meaning of Article 4 (1) (1) (1) of Directive 2004 /39/EC.

(3) In view of the situation in the securities markets of the host Member State, the transactions of a regulated market with branches in a host Member State shall have a significant impact on the functioning of the securities markets and on the in that Member State, the FMA, as the competent authority of the home or host Member State of the regulated market, shall make adequate arrangements for cooperation with the competent authority of the host Member State, or The home Member State of the regulated market.

(4) Where the FMA has justified grounds to suspect that undertakings which are not under their supervision have infringed or have infringed the provisions of Directive 2004 /39/EC in the territory of another Member State, it shall: to inform the competent authority of the other Member State as precisely as possible. It shall, for its part, take appropriate measures if it has received such a notification from another competent authority and shall, as far as possible, on the basis of the outcome of those measures and, as far as possible, on the outcome of such measures, shall have the following: to inform any developments that have been made. This paragraph shall not affect the powers of the FMA as the competent authority which has transmitted the information.

Cooperation in monitoring, on-the-spot checks and investigations

§ 98. (1) The FMA may request the competent authority of another Member State to cooperate in the event of monitoring or on-the-spot verification or an investigation. In the case of investment firms which are long-distance members of a regulated market in Austria, the FMA may also apply directly to the latter, taking note of the competent authority of the Member State of origin of the long-distance member. Where the FMA receives a request for an on-the-spot verification or an investigation, it shall act within the limits of its powers by:

1.		carry out the checks or investigations themselves, or
2.		the applicant authority shall allow the verification or investigation to be carried out, or
3.		Auditors or experts shall be allowed to carry out the inspection or investigation.

(2) The FMA shall, without delay, forward to other contact points the information necessary for the performance of the tasks of the competent authorities designated pursuant to Article 48 (1) of Directive 2004 /39/EC, arising from this Federal Law, to which: On the Stock Exchange Act and in Regulation (EC) No 1287/2006. When exchanging information with other competent authorities, the FMA may, upon transmission, indicate that such information may only be published with the express consent of the FMA. In such a case, they may only be exchanged for the purposes for which the consent was given.

(3) FMA may, except in duly justified cases, only with the express consent of the authority of another Member State which transmitted it, and only for the purposes for which the FMA has given its express consent, in accordance with Section 93 and information from a third country. this authority has given its consent, to other bodies or to natural or legal persons. In this case, the FMA shall immediately inform the contact point from which the information originates.

(4) The FMA, as well as other bodies or natural or legal persons who receive confidential information pursuant to paragraph 2, in accordance with § 93 or from a third country, may use such information in the performance of their duties, in particular for the following purposes only:

1.		to check whether the conditions of admission are fulfilled for the entities referred to in Article 91 (1) and to facilitate the monitoring of the performance of the activities on a consolidated or consolidated basis, in particular as regards the Directive 2006 /49/EC on capital adequacy requirements, administrative and accounting organisation and internal control mechanisms;
2.		to monitor the smooth operation of trading venues;
3.		for the imposition of sanctions;
4.		in the framework of an administrative procedure for the dispute over decisions of the competent authorities;
5.		in the context of judicial proceedings or
6.		in the context of out-of-court procedures for investor complaints.

(5) The obligation of official secrecy, paragraphs 2 to 4 and section 91 (6) shall not prevent the FMA from having the central banks, the European System of Central Banks and the European Central Bank in their capacity as monetary authorities and, where appropriate, others state authorities responsible for supervising payment systems shall provide confidential information in order to carry out their duties; nor shall they prevent such authorities or bodies from providing the competent authorities with the necessary information to ensure that they are responsible for the payment of such information. to provide information which they shall carry out in order to carry out their tasks under the Directive 2004 /39/EC.

Rejection of cooperation and administrative consultation

§ 99. (1) The FMA may refuse a request for cooperation in the conduct of an investigation, on-the-spot verification or a monitoring or exchange of information pursuant to § 98 only if:

1.		the identification, verification of information on the spot, monitoring or exchange of information could affect the sovereignty, security or public order of Austria;
2.		is already subject to proceedings before a court in Austria on the basis of the same acts and against the same persons;
3.		in Austria, a final judgment of the State has already been given against the persons concerned on the basis of the same acts.
In the event of a refusal, the FMA shall inform the requesting competent authority and provide it with the most accurate information possible.

(2) The FMA shall consult the competent authorities of the other Member State concerned before an investment firm is granted the authorisation to:

1.		a subsidiary of an investment firm or a credit institution authorised in another Member State, or
2.		a subsidiary of the parent undertaking of an investment firm or a credit institution authorised in another Member State, or
3.		controlled by the same natural or legal persons as an investment firm or credit institution which is authorised in another Member State.

(3) The FMA shall consult the competent authority of the Member State responsible for the supervision of credit institutions or insurance undertakings before an investment firm is granted the authorisation, which shall:

1.		a subsidiary of a credit institution or insurance undertaking authorised in the Community;
2.		a subsidiary of the parent undertaking of a credit institution or insurance undertaking authorised in the Community;
3.		is controlled by the same natural or legal person as a credit institution or insurance undertaking authorised in the Community.

(4) The FMA shall, in particular, consult the authorities within the meaning of paragraphs 2 and 3 if it is the suitability of the shareholders or members, as well as the reliability and experience of the persons who are the business of another company of the same group actually guide, check. It shall forward to those authorities any information relating to the suitability of the shareholders or members, as well as the reliability and experience of the persons who actually manage the transactions, provided that such information is available to the other competent authorities. Authorities shall be of concern in the granting of authorisation and in the ongoing review of compliance with the conditions governing the performance of the activity.

Powers of the host Member States

§ 100. (1) The FMA as the competent authority of the host Member State may require, for statistical purposes, that all entities referred to in Article 91 (1) (4) and (5) with branch offices in Austria regularly inform it of the activities of these branches Report.

(2) The FMA, acting as the competent authority of the host Member State, may, in the exercise of the powers conferred on it by this Federal Law or the BörseG, require the branches of the entities under Article 91 (1) (4) and (5) to provide the information which: in order to monitor compliance with the standards applicable to such undertakings. These requirements must not be more stringent than the requirements imposed by the FMA on the companies established to monitor compliance with the same standards.

Security measures to be taken by the host Member States

§ 101. (1) The FMA, as the competent authority of the host Member State, has clear and demonstrable reasons to believe that a legal entity operating in Austria within the framework of the freedom to provide services pursuant to Section 12 (1) or Article 91 (1) (1) (4) of the German Law on the Service of Services Obligations arising from this Federal Act or the BörseG and Regulation (EC) No 1287/2006, or that a legal entity in accordance with Section 91 (1) (4) and (5) with a branch in Austria violates obligations which he/she has obligations to from this Federal Act or the BörseG and Regulation (EC) No 1287/2006, which shall be FMA, as the competent authority of the host Member State, has no competence to communicate its findings to the competent authority of the home Member State.

(2) The FMA, as the competent authority of the host Member State, shall establish that a legal entity pursuant to Article 91 (1) (4) and (5), which has a branch in Austria, shall have jurisdiction over the Austrian laws, regulations or administrative provisions relating to jurisdiction the FMA is not respected as an authority of the host Member State, the FMA shall require the relevant legal entity to establish the legal status within three months. If the legal entity does not comply with the request, the FMA shall, acting as the competent authority of the host Member State, take all appropriate measures to ensure that the legal entity concerned ends the irregular situation. The FMA shall communicate the nature of these measures to the competent authorities of the home Member State. If, in spite of the measures taken by the FMA, the legal entity continues to infringe the above-mentioned Austrian laws, regulations or administrative provisions, the FMA may, after informing the competent authorities of the home Member State, take appropriate measures , in order to prevent or penalize any further violations; where necessary, it may, in whole or in part, prohibit the responsible directors of the branch of the Institute and also new business to the legal entity in Prohibit Austria.

(3) Where the FMA, as the competent authority of the host Member State of a regulated market or an MTF, has clear and demonstrable grounds for believingthat the regulated market or MTF in question is in breach of the obligations imposed on them by the FMA It shall communicate its findings to the competent authority of the home Member State of the regulated market or of the MTF, either under this Federal Act or by the Stock Exchange Act and Regulation (EC) No 1287/2006. Where the regulated market or the MTF is acting in spite of the measures taken by the competent authority of the home Member State or because such measures prove to be insufficient in a manner which is in line with the interests of investors in Where Austria or the proper functioning of the markets is clearly endangered, the FMA, acting as the competent authority of the host Member State, shall, after informing the competent authority of the home Member State, take all appropriate measures to: in order to protect investors ' interests and the proper functioning of Markets to be guaranteed. Such measures shall also include the possibility to prohibit the regulated market or MTF from making its system accessible to long-distance members or participants in Austria.

(4) The FMA shall duly substantiate any measure pursuant to paragraph 1, 2 or 3, which includes sanctions or restrictions on the activity of a legal entity or a regulated market, and has the right to give reasons for such action and to the relevant legal entity or the relevant entity concerned. regulated market.

(5) Finally, a legal entity pursuant to Article 91 (1) (1) (1) and (3), which carries out its activities in a Member State by a branch, shall continue to establish the national law in spite of a request by the competent authorities to establish the legal status. The FMA shall, after agreement by the competent authorities of the host Member State, take appropriate measures in accordance with Article 92 (8) in order to establish the state of law in the host Member State. The competent authority of the host Member State shall, without delay, inform the competent authority of the host Member State in writing.

(6) If a right-holder is withdrawn from the concession pursuant to Article 91 (1) (1) (1) and (3), the FMA shall immediately inform the competent authorities of the Member States in which he pursues his activities in writing.

5. Main piece

Transitional and final provisions

Transitional provisions

§ 102. (1) At the time of the entry into force of this Federal Act, according to the WAG, BGBl. No 753/1996 in the version of the Federal Law BGBl. I n ° 48/2006, existing allowances shall be transferred as follows:

1.		§ 1 (1) Z 19 lit. a to c BWG in the version of the Federal Law BGBl. I n ° 19/2007, if § 20 sec. 4 WAG, BGBl. No 753/1996 in the version of the Federal Law BGBl. I No 48/2006, is not applicable:
a)			§ 1 (1) Z 19 lit. a BWG corresponds to the authorization pursuant to § 3 paragraph 2 Z 1 of this Federal Act;
b)			§ 1 (1) Z 19 lit. b BWG corresponds to the entitlement in accordance with § 3 paragraph 2 Z 2 of this Federal Act;
c)			§ 1 (1) Z 19 lit. c BWG corresponds to the entitlement in accordance with § 3 paragraph 2 Z 3 of this Federal Act;
2.		§ 1 (1) Z 19 lit. a and c BWG, insofar as § 20 sec. 4 WAG, BGBl. No 753/1996 in the version of the Federal Law BGBl. I No 48/2006, applicable:
a)			§ 1 (1) Z 19 lit. a BWG corresponds to the authorization in accordance with § 4 for the operation of the activity referred to in § 3 paragraph 2 Z 1 of this Federal Act;
b)			§ 1 (1) Z 19 lit. c BWG corresponds to the authorization pursuant to § 4 for the operation of the activity referred to in § 3 paragraph 2 Z 3 of this Federal Act.
After the entry into force of this Federal Law, the FMA has to pay particular attention to compliance with the provisions of the second main piece with regard to the concession holders transferred in accordance with Z 1 and 2. This has to be done at the latest on the basis of the financial statements and audit reports for the 2008 financial year. At the same time, the FMA has given appropriate consideration to the size and structure of the business enterprise.

(2) At the time of the entry into force of this Federal Law on the basis of the provisions of the Act 1994, existing authorizations for the acceptance and transmission of orders, insofar as these activities are financial instruments in accordance with § 1 Z 6 lit. e to g and j shall be deleted by the end of 31 December 2007. If a concession application has been submitted to the FMA by this date pursuant to § 3 para. 2 or § 4 para. 2, this trade may continue to be exercised until 30 June 2008. However, allowances for the acceptance and transmission of orders by persons pursuant to § 2 (1) Z 11 and 13 WAG 2007 shall not be erasable as a result of this transitional provision.

§ 103. After the entry into force of this federal law, the following transitional provisions apply:

1.		(on § 13):
		A notification is required for investment services in accordance with § 3 para. 2, provided that these are not already the FMA before the entry into force of this Federal Act pursuant to § 21 WAG, BGBl. No 753/1996 in the version of the Federal Law BGBl. I No 141/2006, in conjunction with Section 10 of the BWG.
2.		(to section 25 (1)):
		Agreements on the clear division of rights and obligations between the legal entity and the service provider in the outsourcing of essential operational tasks to service providers must first be concluded with 1. The European Parliament and the Council of the European Union have fulfilled the requirement
3.		(on § 58):
		Customers who have already been classified by a legal entity as professional customers within the meaning of § 58 (2) of this Federal Act before the entry into force of this Federal Act shall also be deemed to be professional after the entry into force of § 58. Customers within the meaning of this Federal Act, without requiring a new classification as a professional customer; the legal entity has these customers above the requirements laid down in this Federal Act for the categorisation of customers, to inform.
4.		(on § 59):
		Customers who are already prior to the entry into force of this Federal Act by a legal entity pursuant to § 15 on the basis of procedures and criteria comparable to those of § 59 para. 2 Z 4 and 5 as professional customers within the meaning of § 58 (1) of this German federal law, even after the entry into force of § 59, shall be considered as professional customers within the meaning of this federal law, without requiring a new classification as a professional customer; the legal entity has these customers over the Requirements laid down in this Federal Act for the Categorisation of Customers are to be informed.
5.		(to § 61):
		Customers who are already classified by the legal entity as private customers before the entry into force of this federal law and are still classified by this legal entity with the entry into force of this federal law as private customers do not have to shall be informed separately.
6.		(on § 62):
		31 December The administrative proceedings pending before the end of October 2007 for breach of Section 107 of the TKG 2003 shall continue to be carried out by the competent authority at that time, even if the advertising referred to one of the instruments referred to in paragraph 62.
7.		(on § 74):
		The provisions of § 74 on accounting and the supervisory report shall be applied for the first time to that financial year in which the investment firm or the investment service undertaking has been granted the concession.
8.		(on § 75 para. 1):
		In the case of investment firms in accordance with § 75 (1), which at the time of the entry into force of this Federal Law on a concession pursuant to § 19 WAG, BGBl. No 753/1996 in the version of the Federal Law BGBl. I n ° 141/2006, and which do not belong to a compensation facility, shall be issued on 30 April 2008, unless they belong to a compensation facility up to that date.

References and Regulations

§ 104. (1) In so far as other federal laws are referred to in this Federal Act, these are to be applied, unless otherwise specified, in their respectively applicable version.

(2) Where reference is made in this Federal Act to Directive 2004 /39/EC or Directive 2006 /73/EC, the following version shall apply, unless otherwise indicated, in each case:

1.		Directive 2004 /39/EC of the European Parliament and of the Council on markets in financial instruments, amending Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing the Council Directive 93 /22/EEC (OJ L 136, 31.3.1993, No. 1), as amended by Directive 2006 /31/EC of the European Parliament and of the Council amending Directive 2004 /39/EC on markets in financial instruments with regard to certain time limits (OJ L 145, 30.4.2004, p. No. OJ L 114, 27.04.2006, p.60) and
2.		Commission Directive 2006 /73/EC implementing Directive 2004 /39/EC of the European Parliament and of the Council as regards the organisational requirements for investment firms and the conditions for the performance of their activities, and in Reference to the definition of certain terms for the purposes of the said Directive (OJ C 327, 30.4.2004 No. OJ L 241, 02.09.2006, p. 26).

(3) Regulations on the basis of this Federal Act may already be adopted from the date of its customer's presentation.

Linguistic equality

§ 105. 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.

Out-of-Force Trees

§ 106. The Securities and Markets Act-WAG, BGBl. No 753/1996 in the version of the Federal Law BGBl. I n ° 141/2006, with the expiry of the 31 December 2006 October 2007.

Enforcement

§ 107. With the enforcement of this federal law is

1.		with regard to Section 94 (3) of the Federal Minister of Justice,
2.		with regard to § § 7 and 38 to 54 of the Federal Minister of Finance in agreement with the Federal Minister for Justice,
3.		in respect of the other provisions of the Federal Minister for Finance.

In-force pedals

§ 108. This federal law will enter into force on 1 November 2007.

Appendix 1

on § 25

SWAP CONDITIONS

1.		The service provider shall have the capacity, capacity and all legally required authorisations to carry out the outsourced tasks, services or activities reliably and professionally;
2.		the service provider has to carry out the outsourced services effectively and, to that end, the legal entity shall establish methods for the evaluation of its services;
3.		the service provider has to properly monitor the execution of the outsourced tasks and appropriately manage the risks associated with outsourcing;
4.		if there are doubts as to the fact that the service provider carries out its tasks effectively and in compliance with all applicable laws, regulations and administrative provisions, appropriate steps must be taken;
5.		the legal entity must continue to have the necessary expertise in order to effectively monitor the outsourced tasks and to manage the risks associated with outsourcing. It actually has to monitor these tasks and to actually manage those risks;
6.		the service provider has to inform the legal entity of any development which significantly affects its ability to carry out the outsourced tasks effectively and in compliance with all applicable laws, regulations and administrative provisions could be;
7.		the legal entity must be able to terminate the swap arrangement if necessary, without prejudice to the continuity and quality of the services provided to its customers;
8.		the service provider has to cooperate with the FMA with regard to the outsourced activities;
9.		the legal entity, its auditors and the FMA must, in fact, have access to the data related to the outsourced activities and to the business premises of the service provider. The FMA must be able to make use of these rights of access;
10.		the service provider shall protect all confidential information relating to the legal entity and its customers;
11.		the legal entity and the service provider must establish an emergency plan and ensure continuous compliance, which ensures the storage of the data in the event of a system failure and provides for periodic testing of the backup systems; this is necessary in view of the outsourced function, service or activity.

Appendix 1

on § 40

INFORMATION FOR PRIVATE CUSTOMERS ABOUT THE LEGAL ENTITY AND ITS SERVICES

1.		The following general information shall be transmitted to a private client, where relevant, by a private client:
a)			the name and address of the legal entity, as well as information enabling the client to communicate effectively with the legal entity;
b)			Languages in which the customer can communicate with the legal entity and receive documents and other information from him;
c)			communication means to be used between the legal entity and the customer, and-where relevant-means of communication for the transmission and receipt of orders;
d)			Reference to the concession of the legal entity, including the name and address of the competent authority which issued the concession;
e)			where appropriate, the fact that the legal entity is acting through a tied agent, including the indication of the Member State in which that intermediary is registered;
f)			the nature, frequency and timing of the reports on the services provided in accordance with § 48;
g)			where the legal entity holds financial instruments or funds from its clients, a brief description of the measures taken by the legal entity in order to protect them, including brief information on any investor-compensation or deposit-guarantee schemes to which the legal entity must be connected by virtue of its activity in the territory of the country or in another Member State;
h)			Description-where appropriate as a summary-of the guidelines for dealing with conflicts of interest pursuant to § 35;
i)			at the request of the customer, at any time further details on these conflicts of interest on a durable medium or on a website (§ 16 para. 2).
2.		In addition to the information required by Z 1, a private client to whom they propose the provision of portfolio management services shall, where appropriate, provide the following information to a private client:
a)			the nature and frequency of the valuation of financial instruments in the client portfolio;
b)			details of the possible admissibility of a delegation of wealth management with discretion in respect of all or part of the financial instruments or funds in the customer portfolio;
c)			Comparison size that can be used to compare the performance of the customer portfolio;
d)			the nature of the financial instruments that may be included in the client portfolio and the nature of the transactions that may be carried out with those instruments, including any restrictions;
e)			management objectives, the exercise of discretion by the administrator, the level of risk to be observed, and any specific constraints on that discretion.

Appendix 2

on § 40

INFORMATION REQUIREMENTS FOR THE PROTECTION OF CUSTOMER FINANCIAL INSTRUMENTS AND CUSTOMER FUNDS

Legal entities holding financial instruments or funds belonging to private customers shall transmit the following information to the private customers concerned, where relevant:

1.		The legal entity shall inform the private customer of where his financial instruments or funds may be held by a third party on behalf of the legal entity and shall inform him of the liability of the legal entity in accordance with the applicable national law for any actions or omissions of the third party and the consequences of the third party's insolvency for the customer.
2.		If financial instruments of the private customer, insofar as this is permissible under national law, can be led by a third party on a collecting account, the legal entity informs the customer thereof and warns him clearly against the risks associated with it.
3.		The legal entity shall inform the private customer accordingly, if it is not possible under national law, customer financial instruments held by a third party, from the own-trade financial instruments of that third party or the legal entity separately, and clearly warns him of the risks associated with it.
4.		Before a legal entity acts on securities financing transactions relating to financial instruments which it holds on behalf of a private client, or before using the financial instruments in question for its own account or that of another customer, , in good time before the use of the instruments concerned on a durable medium, the legal entity shall provide the private customer with clear, complete and accurate information on the rights and obligations of the legal entity in relation to the Use of the financial instruments concerned and the conditions for its return as well as its associated risks.

Appendix 3

on § 40

INFORMATION ON RISKS

The description of the risks shall be extended to the extent relevant to the type of financial instrument in question and to the status and knowledge of the customer.

1.		the risks associated with financial instruments of the type concerned, including an explanation of the leverage effect and its effects, and the risk of the loss of the entire capital investment;
2.		the volatility of the price of the instruments concerned and any restrictions on the market available for such instruments;
3.		the fact that, as a result of transactions with the instruments concerned, each investor may have to assume financial and other obligations, including contingent liabilities, which are related to the cost of acquiring the instruments in addition;
4.		any or similar obligations which apply to instruments of the type in question.

Appendix 4

on § 40

INFORMATION ON COSTS AND ADDITIONAL COSTS

Legal entities shall provide information to a private customer with the following information:

1.		The total price to be paid by the customer in connection with the financial instrument, the investment service or the ancesing service, including any related fees, commissions, charges and deposits, and all the fees charged to the customer. Legal entities to be paid, or-where an exact price is not possible-the basis for the calculation of the total price so that the customer can verify it; the commissions charged by the legal entity shall be carried out separately in each case;
2.		if any part of the total price referred to in Z 1 is to be paid in a foreign currency or is an amount in a foreign currency, the currency in question and the exchange rate to be applied and the costs associated therewith;
3.		where appropriate, a reference to the possibility that the customer may, in connection with the financial instrument or the investment service, be able to generate further costs and charges which are not paid through the legal entity or from to be charged to it;
4.		Provisions relating to payment or other countermeasures.

Appendix 1

on § 49

COMMUNICATIONS

1.		the name of the company which makes the communication;
2.		the name or other name of the customer;
3.		Trading day;
4.		the date of trade;
5.		the nature of the contract;
6.		Execution place;
7.		Instrument;
8.		Purchase or sale indicator;
9.		the nature of the contract in the event that it is not a purchase or sales order;
10.		quantity;
11.		Unit price;
12.		Total remuneration;
13.		the sum of the commissions and deposits invoied and, at the request of the private customer, a breakdown by item;
14.		The customer's duties in connection with the settlement of the transaction, stating the period of payment or delivery, and the respective accounts, provided that such information and tasks have not been communicated to the customer previously;
15.		the counterparty of the customer was the legal entity itself, a person belonging to the group who belongs to the legal entity, or another client of the legal entity, a reference to the fact that this was the case, unless the order was made through a trading system , which facilitates anonymous trade.
For the purposes of Z 9, the legal entity shall be able to transmit the price of the individual tranches or the average price to the customer, in the event of a tranchenwise execution of the contract. If the legal entity indicates the average price, it shall, on request, send it to the private customer the price for the individual tranches.

Appendix 1

on § 50

PERIODIC TABLES

1.		the name of the legal entity;
2.		the name or other name of the account of the private customer;
3.		Composition and valuation of the portfolio, including details of any financial instrument held, its market value or, where it is not available, the fair value, the balance of account at the beginning and end of the reporting period, and the performance of the portfolio during the reporting period;
4.		Total amount of fees and charges incurred during the reporting period, broken down into total administrative fees and total costs incurred in connection with the provision of services, including, where appropriate, an indication that, if requested, a more detailed breakdown is available;
5.		Comparison of the performance of the value during the reporting period and the size of the comparison if such a development has been agreed between the legal entity and the customer;
6.		the total amount of the dividends, interest and other payments received in connection with the customer portfolio during the reporting period;
7.		information about other measures taken by the company to give rights in respect of financial instruments held in the portfolio;
8.		for each transaction carried out during the reporting period, where relevant, the information referred to in Appendix 1 to § 49 Z 1 to 12, unless the customer wishes to have the information on the transactions executed individually, since then § 50 para. 3.

Article 3

Amendment of the Banking Act

The Banking Act-BWG, BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I No 19/2007, is amended as follows:

1. In Section 1 (1) (1) (7), after the word " the point is replaced by a stick point.

2. § 1 (1) Z 7a reads:

" 7a.		the trading on own or foreign invoice with financial instruments according to § 1 (1) (1) (6) (6) lit. e bis g and j Securities Supervision Act 2007-WAG 2007, BGBl. I n ° 60/2007, excluding trade by persons in accordance with § 2 (1) Z 11 and 13 WAG 2007; "

3. § 1 (1) (19) deleted.

4. § 1 (3) reads:

" (3) Credit institutions shall also be entitled to carry out the activities referred to in paragraph 1 (1) (22) and (23) and (2), as well as to carry out all other activities directly related to banking activity in accordance with the relevant provisions of the the scope of the concession or ancillary activities relating to them, in particular the provision of contracts for building contracts, undertakings and undertakings, investment fund shares, own resources, the provision of services; in the field of automatic data processing and the distribution of Credit cards. Furthermore, they are entitled to trade in coins and medals as well as with bars of gold within the framework of the provisions of the visa regulations, as well as for the rental of cabinet compartments (safes) under the co-closure by the landlords. They shall also be entitled to carry out the activities referred to in § 3 sec. 2 Z 1 to 3 WAG 2007. "

5. § 2 Z 7 reads:

" 7.		Host Member State: the Member State in which:
a)			a credit institution or
b)			a credit institution within the meaning of Article 4 (1) of Directive 2006 /48/EC or an investment firm within the meaning of Article 4 (1) (1) (1) of Directive 2004 /39/EC which is authorised in another Member State;
		operate a branch or provide services; "

6. § 2 Z 29 reads:

" 29.		Investment service: an investment service or an investment activity in accordance with § 1 Z 2 WAG 2007; "

7. § 2 Z 30 reads:

" 30.		Investment firm:
a)			an investment firm according to § 3 WAG 2007;
b)			a recognised investment firm;
c)			a company with a registered office abroad, which is not a recognised investment firm and which is a business within the meaning of Section 1 (1) (1) (7) (7) lit. b to f, Z 11 or § 3 paragraph 2 Z 1 to 3 WAG 2007; "

8. § 2 Z 31 reads:

" 31.		recognised investment firm:
a)			a company based in a Member State which is doing business within the meaning of Section 1 (1) (7) (7) (7). b to f or Z 11 and is subject to the provisions of Directive 2004 /39/EC;
b)			a company established in a third country which:
aa)				Transactions within the meaning of Section 1 (1) (1) Z 7 lit. b to f or Z 11,
bb)				is authorised in a third country represented in the Basel Committee on Banking Supervision, and
cc)				have to comply with prudential rules which are at least equivalent to the minimum standards of the European Union for investment firms;
		A company which only receives and transmits orders from investors without holding any money or securities of its clients and which, on the basis of which it cannot become the debtor of such customers, shall not be deemed to be recognised investment firm; "

9. § 2 Z 32 reads:

" 32.		recognised exchange: a regulated market within the meaning of Section 1 (2) of the Austrian Stock Exchange Act 1989-BörseG, BGBl. No 555/1989, and equivalent markets established in third countries which are regulated and supervised by a public authority or a state-approved body, take place regularly and, directly or indirectly, for the public A market of a third country shall be deemed to be equivalent to a regulated market if it is subject to provisions equivalent to those laid down in Title III of Directive 2004 /39/EC. "

10. § 2 Z 37 reads:

" 37.		Regulated market: a market according to § 1 para. 2 BörseG; "

11. § 3 (1) Z 9 reads:

" 9.		the operation of the exchange business (§ 1 para. 1 Z 22) and the financial transfer business (§ 1 para. 1 Z 23) with regard to § 1 para. 3, § 5 paragraph 1 Z 5, 12 and 13, § § 22 to 23, § 24, insofar as it would be a parent credit institution, § § 25 bis 29, § 30, in so far as it would be a parent credit institution, § § 31 to 34, § § 36, 37 and 39a, § § 42 to 65, insofar as the participation in the preparation of the consolidated financial statements of the parent credit institution is not required, § § 66 up to 68, § 73 (1) (1) (1), § § 74 to 76, § 78 (1) to (7) and of the XIX. Section; "

12. § 3 (4) Z 2 reads:

" 2.		irrespective of the own resources requirement in accordance with Z 1, the own funds of the capital investment company are not allowed to sink at any time under the amount to be determined in accordance with Section 9 (2) WAG 2007. "

13. § 3 (4a) Z 2 reads:

" 2.		the own funds must not be allowed to fall below the amount to be determined in accordance with Section 9 (2) of the WAG 2007, irrespective of the own resources requirement. "

14. § 3 (5) deleted.

15. § 3 para. 7 lit. d is:

" (d)			irrespective of the own resources requirements according to Z 1 and § 20 BMVG, the own funds of the staff pension fund may at no time fall below the amount to be determined in accordance with Section 9 (2) WAG 2007, with the determination of the operating expenses Appendix 1 to § 40 BMVG, Form B, Position B.2. is to be used. "

16. In § 9 (1) the word order shall be "The activities referred to in points 1 to 14 of Annex I to Directive 2006 /48/EC" through the phrase "The activities listed in Annex I to Directive 2006 /48/EC" replaced.

17. § 9 (6) to (8) are:

" (6) The first-time action in Austria by means of the free movement of services requires a communication from the competent authority of the home Member State to the FMA, which is responsible for the activities listed in Annex I to Directive 2006 /48/EC .

(7) Credit institutions as referred to in paragraph 1 which carry out activities in Austria through a branch shall have sections 25, 31 to 41, 44 (3) to 6, 60 to 63, 65 (3a), 66 to 68, 74, 75, 93 (8) and (8a), 94 and 95 (3) and (4), as well as their respective duties. To comply with § § 36, 38 to 59, 61 to 66 and 69 to 71 WAG 2007 and the other federal laws referred to in § 69 and the regulations and regulations issued pursuant to the above-mentioned regulations.

(8) Credit institutions referred to in paragraph 1 providing activities in Austria by means of the freedom to provide services shall have the remaining provisions in Articles 31 to 41, 66 to 68, 93 (8) and (8a), 94 and 95 (3) and (4) and, depending on their object of business, the remaining provisions of § 69 , and to comply with the regulations and regulations adopted pursuant to the aforementioned provisions. "

18. § 9a together with the title shall be deleted.

19. In Section 10 (6), the phrase "Activities referred to in points 1 to 14 of Annex I to Directive 2006 /48/EC" through the phrase "Activities listed in Annex I to Directive 2006 /48/EC" replaced.

20. § 22a Para. 8 Z 2 lit. e is:

" e)			an investment firm pursuant to Article 3 (2) (2) and (4) of the WAG 2007; "

21. § 23 (9) Z 2 reads:

" 2.		the carrying amount and the value of the value of securities admitted to trading on a regulated market or other recognised stock exchange; in the case of special circumstances, a lower value than the stock exchange rate shall be applied; shall be assessed by the evaluation the securities are used in accordance with the principles of fixed assets, the revaluation reserves shall be reduced by the difference between the relevant value and the higher carrying amount; silent reserves in accordance with Section 57 (1) shall be the carrying amount of the securities of the securities to be added to the difference in the amount of the difference; "

22. § 25 (10) Z 4 reads:

" 4.		fixed-rate securities issued by issuers having their registered office in Austria or another Member State which are admitted to a regulated market (Article 1 (2) of the Austrian Stock Exchange Act) and refinancing to the National Bank of Oesterreichische Nationalbank (Oesterreichische Nationalbank); "

Section 44 (5a) is deleted.

Section 44 (6) reads as follows:

"(6) The information referred to in paragraphs 2, 4 and 5 shall be drawn up in German."

25. § 51 (5) reads:

" (5) debt securities and other fixed-income securities shall comprise only securities admitted to trading on a recognised stock exchange. However, debt securities issued by public authorities shall be included only in so far as they are not to be shown in asset items 2. Securities which are endowed with a variable interest rate shall also be deemed to be fixed, provided that the interest rate is fixed to a certain size, such as an interbank interest rate or a euro-money market rate. Only the purchased own debt securities admitted to trading on a recognised stock exchange may be in the outpost of the asset item 5 lit. b). "

26. § 56 (4) and (5) are:

" (4) In the event that securities admitted to trading on a recognised stock exchange, which do not have the property of financial assets, are accounted for by their acquisition costs, the credit institutions in the Annex shall have the difference between the amounts of the shares in the credit institutions. the cost of acquisition and the higher market value at the balance sheet date.

(5) Securities admitted to trading on a recognised stock exchange, which do not have the property of financial assets, may be recognised at the higher market value at the balance sheet date. The difference between the acquisition cost and the higher market value shall be indicated in the Annex. "

27. § 63 (4) Z 2a reads:

" 2a.		the consideration of the 2. and 3. Main piece WAG 2007; "

Section 63 (6) reads as follows:

" (6) The information in accordance with § 44 (4) shall also be checked by branches of credit institutions pursuant to § 9 (1) and financial institutions pursuant to § 11 (1) and Article 13 (1), which provide activities in accordance with Article 1 (1) (1) (2) to (8), (11) and (15) to 17 in Austria. . The test shall include:

1.		The accuracy and consistency with the annual accounts (§ 44 para. 3);
2.		the observance of the regulations referred to in § § 9 (7), 11 (5) and 13 (4) and the observance of § § 36, 38 to 59, 61 to 66 and 69 to 71 WAG 2007. "

29. § 63 (6a).

30. § 63 (7) reads:

" (7) The result of the examination referred to in paragraph 6 shall be presented in an annex to the examination report in accordance with § 44 (4). The audit report shall be submitted, including the annex, to the directors of the branches of credit institutions and financial institutions from Member States in Austria, in such a timely manner that the notice periods of Section 44 (3) to (5) are complied with "

31. § 93 (2a) reads:

" (2a) securities services subject to security shall be:

1.		The depository business (§ 1 (1) (5)),
2.		the trading on own or foreign invoice with instruments according to § 1 (1) (1) (7) (7) lit. b to f,
3.		the LoroEmission business (§ 1 para. 1 Z 11),
4.		The employee stock insurance business (§ 1 para. 1 Z 21).
Furthermore, the security establishment must belong to all credit institutions of the professional association which make use of the authority referred to in § 1 paragraph 3 for the provision of the investment service in accordance with § 3 paragraph 2 Z 2 WAG 2007. "

32. The subdivision of Section 93 (3b) reads as follows:

" (3b) The security institutions shall, under the conditions set out in this Section, compensate investors for exposures arising from investment services provided for in paragraph 2a which have arisen as a result of a credit institution or an investment firm pursuant to Section 12 (1) of this Regulation. WAG 2007 was not in a position to do so in accordance with the legal or contractual regulations "

33. § 93 (5) Z 6 reads:

" 6.		Deposits and claims by
a)			Directors and members of statutory or statutory supervisory bodies of the credit institution or of the investment firm according to § 12 para. 1 WAG 2007 as well as in credit unions of their members of the Management Board,
b)			Personally liable partners of credit institutions or investment firms in the legal form of a civil society of commercial law;
c)			Investors and receivables who hold at least 5 vH of the capital of the credit institution or of the investment firm pursuant to Section 12 (1) WAG 2007,
d)			Investors and receivables who are entrusted with the statutory audit of the accounts of the credit institution or the investment firm according to § 12 para. 1 WAG 2007 and
e)			Investors and receivables, the one of the in lit. a to d functions in affiliated companies (§ 244 HGB) of the credit institution or of the investment firm pursuant to § 12 paragraph 1 WAG 2007, "

34. § 93 (5) Z 8 to 11 are:

" 8.		Deposits and claims of other companies which are affiliated companies (§ 244 HGB) of the credit institution concerned or the investment firm according to § 12 paragraph 1 WAG 2007,
9.		Deposits and receivables for which the depositor or the creditor of the credit institution or the investment firm has received, on an individual basis, interest rates or other financial benefits on an individual basis in accordance with Article 12 (1) of the WAG 2007, which shall be subject to a the financial situation of the credit institution or of the investment firm in accordance with Section 12 (1) of the WAG has contributed to the deterioration of the financial situation;
10.		debt securities issued by the credit institution or the investment firm in accordance with Section 12 (1) of the WAG 2007 and liabilities from their own acceptance and solo changes,
11.		Deposits and claims which are not denominated in euro, schilling, national currency of a Member State or ECU, but this restriction does not apply to financial instruments as defined in § 1 Z 6 WAG 2007, as well as "

35. § 93 (7a) reads:

" (7a) Investment firms under Section 12 (1) of the WAG 2007, which provide investment services subject to security in Austria through a branch, in accordance with paragraph 2a Z 1 to 3, are, if they are in their home country, a investor-compensation scheme in the sense of of Directive 97 /9/EC, entitles the securing establishment of that association to be complementary to the investor-compensation scheme of its home Member State, to which they would belong to their type of institute, if they have: an Austrian credit institution; are they not responsible for They may be associated with the trade association whose members are most similar in the type of institution of the investment firm concerned. For investment firms in accordance with § 12 of the WAG 2007, which provide investment services in Austria pursuant to Article 3 (2) (2) of the WAG 2007 and those services do not include the holding of money, securities or other instruments, so that the provider In this respect, the services cannot at any time be debtors of its customers, whereas § 78 WAG 2007 applies. The supplementary connection shall apply only with respect to the security services provided in Austria pursuant to paragraph 2a (1) to (3) and only in so far as (1) to (5) provides for a higher or more extensive protection of claims investment services shall be deemed to be the investor-compensation scheme of the home Member State of the investment firm. The security establishment shall require investment firms which have voluntarily added to it to make immediately proportional contributions in the event of a payment of secured claims arising from investment services. In the determination of the proportional contributions, § 93b is to be applied in the appropriate way. In this case, the investment firm, which is voluntarily attached to it, may not be placed in a worse position than an Austrian credit institution comparable to the type of institute and the business object. Where a voluntary supplementary investment firm has a number of branches in Austria, such branches shall be considered as a branch in the calculation of the exposures in accordance with paragraph 2a and in the calculation of the contribution benefit in accordance with Section 93b. "

36. § 93a (9) reads:

" (9) The security institutions shall cooperate with the Deposit Guarantee and Investor compensation schemes of the Member States in accordance with Annex II to Directive 94 /19/EC and in accordance with Annex II to Directive 97 /9/EC. Credit institutions pursuant to Section 9 (1) and investment firms pursuant to Section 12 (1) of the WAG 2007, which accept deposits in Austria through a branch or provide security services subject to security, shall have the competent security institution of the home Member State to provide all the information needed to ensure that depositors (investors) are compensated without delay and properly. "

37. § 93c reads:

" § 93c. § § 93 to 93b apply to credit institutions pursuant to § 1 (1) and § 9 and investment firms in accordance with § 12 WAG 2007, to which the concession or authorization to receive payment of security deposits or to carry out a security-related obligation Investment services or their concession or entitlement shall be extinguishing for all deposits and claims accepted up to the date of withdrawal or erasure of such concession or entitlement have been or have been created, even if the security case pursuant to section 93 (3) Z 1 to 4 after the withdrawal or erasability of that concession or entitlement has occurred. Such institutions shall comply with all the obligations referred to in § § 93 to 93b with respect to the security establishment, irrespective of the withdrawal or extinguishing of the concession or entitlement. "

38. § 94 (1) reads:

"(1) The designations" financial institution "," credit institution "," credit company "," credit company "," bank "," banker " or a name in which one of these words are included may-unless otherwise provided by law-be limited to undertakings, that are authorized to operate bank transactions. However, companies that are only entitled to provide the financial transfer business in accordance with § 1 (1) (1) (23) (23) shall not, however, lead the names referred to in the first sentence. Companies that are exclusively entitled to the exchange-level business may only refer to themselves as exchange offices. "

39. In § 101, paragraph 2, the word order shall be "on request" through the phrase "with empowerment" replaced.

40. According to § 103e the following § 103f is inserted:

" § 103f. After the proclamation of the Federal Law BGBl. I n ° 60/2007, the following transitional provisions shall apply:

1.		(to § 1 (1) (7a)):
		At the time of the entry into force of this Federal Act on the basis of the GewO 1994 existing allowances for trading on own or foreign invoice with financial instruments according to § 1 para. 1 Z 6 lit. e bis g and j WAG 2007 expire at the end of 30 June 2008. If a concession application has been submitted to the FMA by this date pursuant to Section 1 (1) (1) (7a), this business may continue to be exercised until 31 December 2008. However, authorizations to trade by persons pursuant to § 2 (1) Z 11 and 13 WAG 2007 shall not be erasable on the basis of this transitional provision.
2.		(to § 1 (1) (7a)):
		Credit institutions whose principal activity comprises exclusively the operation of the banking business in accordance with Article 1 (1) (1) (7a) and which are not authorized to operate other banking transactions and which do not belong to a group of credit institutions whose principal activity is also Other transactions other than those referred to in Article 1 (1) (1) (7a) 7a shall be excluded from § § 22 to 26 until the end of 31 December 2010. In addition, § § 27 and 75 shall not apply to these credit institutions until the end of 31 December 2010, and § 74 shall apply only in respect of Section 1 (1) (1) (1), provided that these credit institutions
a)			trading in financial instruments according to § 1 para. 1 Z 6 lit. e bis g and j WAG 2007 do not operate on behalf of private customers,
b)			have a documented strategy for the management and, in particular, the control and limitation of risks arising from the concentration of assets or off-balance-sheet transactions,
c)			the FMA immediately indicate this strategy and any substantial changes to this strategy,
d)			take the necessary steps to ensure continuous monitoring of the creditworthiness of borrowers in accordance with their importance to the concentration risk and are in a position to do so as a result of such arrangements, and to respond in good time to a deterioration in the creditworthiness, and
e)			in the case of exceeding the requirements of the in lit. b) indicate the nature and extent of the exceedance, as well as the counterparty, without delay.
3.		(on § 10):
		After the entry into force of the Federal Law BGBl. I n ° 60/2007 is an advertisement and its forwarding is required only for those investment services according to § 1 Z 2 WAG 2007, which are not already prior to the in-force of the Federal Law BGBl. I n ° 60/2007 of the FMA. "

41. In § 105, the following paragraph 6 is added:

" (6) Where reference is made in this Federal Act to Directive 2004 /39/EC, unless otherwise provided, Directive 2004 /39/EC of the European Parliament and of the Council on markets in financial instruments, amending the Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing Council Directive 93 /22/EEC (OJ L 175, 5.7.2000, p. No. 1), as amended by Directive 2006 /31/EC of the European Parliament and of the Council amending Directive 2004 /39/EC on markets in financial instruments with regard to certain time limits (OJ L 145, 30.4.2004, p. No. OJ L 114, 27.04.2006, p.

42. In § 1 para. 4 and § 108 Z 5 the word order shall be "Federal Minister for Economic Affairs" through the phrase "Federal Minister for Economic Affairs and Labour" replaced.

43. In § 107, the following paragraph 54 is added:

" (54) § 1 (1) Z 7 and 7a and para. 3, § 2 Z 7, 29 to 32 and 37, § 3 paragraph 1 Z 9, paragraph 4 Z 2, para. 4a Z 2 and para. 7 lit. d, § 9 para. 1, 6, 7 and 8, § 10 paragraph 6, § 23 para. 9 Z 2, § 25 para. 10 Z 4, § 44 para. 6, § 51 para. 5, § 56 para. 4 and 5, § 63 para. 4 Z 2a, par. 6 and 7, § 93 (2a), 3b, 5 Z 6 and Z 8 to 11 and (7a), § 93a (9), § 93c, § 94 (1) and § 105 (6) in the version of the Federal Law BGBl. I No 60/2007 will enter into force on 1 November 2007. Section 101 (2) in the version of the Federal Law BGBl. I n ° 60/2007 is 1. Jänner 2008 in force. § 1 (1) Z 19, § 3 (5), § 9a and the title, Section 44 (5a), Section 63 (6a) thereof enter into force at the end of the 31. October 2007. "

Article 4

Amendment of the 1989 Stock Exchange Act

The Stock Exchange Act 1989-BörseG, BGBl. N ° 555/1989, as last amended by the Federal Law BGBl. I No 19/2007, is amended as follows:

1. § 1 together with the title is:

" Definitions

§ 1. (1) Stock exchanges are domestic markets in which financial instruments are in accordance with § 1 Z 6 of the Securities Supervision Act 2007-WAG 2007, BGBl. I No 60/2007. Foreign payment instruments, coins and precious metals can also be traded on a stock exchange and the aid operations associated with it can be made.

(2) A regulated market: a multilateral system operated or managed by an exchange company in a Member State or a market operator in a Member State, which is the interests of a large number of third parties in the purchase and sale of financial instruments within the system, in accordance with non-discretionary rules, in such a way as to bring together or encourage the merging which leads to a contract relating to financial instruments which have been admitted to trading in accordance with the rules and systems of the market. The regulated market must have obtained a concession and function properly in accordance with the rules of the home Member State, which are in accordance with Title III of Directive 2004 /39/EC.

(3) Anyone who manages or operates the business of a regulated market shall be a market operator. A market operator may be the regulated market itself.

(4) General stock exchanges are exchanges in which all goods suitable for trading on the market, which are not expressly assigned to regulated markets or agricultural product exchanges, are traded as well as those with the trade in goods. shall be carried out in connection with the aid operations.

(5) In addition, insofar as nothing else is arranged in this Federal Act, the definitions of the BWG and the WAG 2007 shall apply. "

2. § 2 (1) and (2) are:

" (1) Anyone who manages and manages a regulated market, or who operates another stock exchange or a general stock exchange, is a stock exchange company. The stock exchange company shall ensure that regulated markets that it manages and manage, and other stock exchanges and general commodity exchanges that operate it, always comply with the requirements of this Federal Law. To the extent that a stock exchange company acts as a belated company under this federal law, it has the tasks assigned to it, taking into account the economic interest in a functioning stock market and the protection worthy of the To obtain the interests of the applicant audience.

(2) The management and administration of a regulated market or other stock exchange shall require the concession of the FMA; however, the operation of a general stock exchange shall require the concession of the Federal Minister for Economic Affairs and Labour. "

3. In § 2, the following paragraph 2a is inserted after paragraph 2:

" (2a) A stock exchange company authorised to manage and manage a regulated market may, with the approval of the FMA, operate a multilateral trading system (MTF) without the need for a separate concession pursuant to § 3 WAG 2007. The authorization shall be granted if § § 67 and 68 WAG 2007 are complied with. When an MTF is operated by a stock exchange company, the organisational requirements in accordance with § § 16 to 35 of the WAG 2007 are deemed to be fulfilled if the stock exchange company complies with § 9. The proof of a separate qualification for the management of an MTF is not required to the extent that the management of the MTF is carried out by the managers who fulfil the necessary conditions set out in § 3 (1). "

4. § 3 (1) Z 9 last half-sentence reads:

" professional competence for the management of a stock exchange company shall be assumed if at least three years of management activity is demonstrated at a company of comparable size and business type or if the intended managers are provided with have already demonstrated that a regulated market authorised in accordance with Directive 2004 /39/EC is in place; "

5. § 4 (1) reads:

" (1) The FMA, but in the case of general stock exchanges of the Federal Ministers for Economic Affairs and Labour, may withdraw the concession if the stock exchange operation to which it relates,

1.		has not been included within one year after the concession or
2.		has not been exercised for more than six months. "

6. In § 6 (5), the word order in the first and second sentences "Federal Minister for Economic Affairs" through the phrase "Federal Minister for Economic Affairs and Labour" replaced.

7. In § 6 (5) the following sentence is added:

"In accordance with this paragraph of the FMA, the stock exchange companies have to publish the information to be displayed to the Federal Minister for Economic Affairs and Labour, even in a medium accessible to the public, to be displayed."

8. In accordance with § 7, the following § 7a with headline is inserted:

" Show

§ 7a. (1) The stock exchange companies have the FMA, but in the case of general commodity exchanges, the Federal Minister for Economic Affairs and Labour, immediately any change in the person of a manager as well as any other change of the for the concession division according to § 3 relevant circumstances in writing.

(2) A market operator who operates an MTF shall indicate to the FMA in which other Member State it intends to provide an MTF. Within one month, the FMA shall send this information to the Member State in which the market operator wishes to provide an MTF. In addition, the FMA shall, at the request of the competent authority of the host Member State of the MTF, transmit the names of the members or participants of the MTF established in that Member State within a reasonable period of time. "

9. In accordance with § 8, the following § 9 with headline is inserted:

" organisational requirements for the management and management of regulated markets

§ 9. The stock exchange company has

1.		to make provision for the adverse effects of conflicts of interest between the stock exchange undertaking, its owners and the proper functioning of the regulated market on the operation of the regulated market or its participants; to be able to identify and regulate, in particular, where such conflicts of interest could hamper the performance of tasks entrusted to the stock exchange company under this Federal Act;
2.		have adequate arrangements and systems to identify all the risks essential to their operation and to take effective measures to mitigate those risks;
3.		to make arrangements for sound management of the system's technical procedures, including effective emergency response in the event of a system failure;
4.		to make effective arrangements to facilitate the smooth and timely completion of the business operations carried out within its systems;
5.		measures to enable a regular review of compliance with the authorisation requirements in accordance with § § 66, 66a and 68 for the financial instruments admitted to trading by them. "

Section 13 (3) reads as follows:

" (3) The stock exchange membership presupposes the admission by the stock exchange company. It shall not be restricted to members established in the territory of the country. In this respect, the stock exchange company has to lay down clear, non-discriminatory and objective criteria based on criteria for admission to the stock exchange. The stock exchange company shall also decide on the exclusion from the stock exchange membership. "

11. In § 14, the following paragraph 5 is added:

" (5) The stock exchange undertaking shall keep a list of the trading and settlement participants in the regulated markets it operates in a medium accessible to the public for inspection; this list shall be kept on an ongoing basis. "

12. § 15 reads:

" § 15. (1) The membership of a stock exchange entitles the holder to participate in trading in one or more regulated markets and MTFs operated by the stock exchange company and to participate in trading in foreign cash, coins and precious metals. as well as on the settlement. Members of a stock exchange may be:

1.		Credit institutions pursuant to Section 1 (1) of the Banking Act-BWG, BGBl. 532/1993, which are entitled to carry out one of the transactions referred to in Article 1 (1) (1) (7) of the BWG;
2.		Credit institutions, investment firms from Member States and local firms from Member States which:
a)			in the Member State of origin of the services referred to in points 1 to 3 of point A of the Annex to Directive 2004 /39/EC, or in accordance with Article 3 (1) (lit). p of Directive 2006 /49/EC and the right to exercise the freedom to provide services or to freedom of establishment is authorised,
b)			comply with the capital requirements laid down in Directive 2006 /49/EC and, where this is not a local firm, are subject to the supervision of the competent authorities of the home Member State in respect of such compliance; and
c)			where the notification has been made by the competent authority of the credit institution's home Member State in accordance with Article 9 (2) or (6) of the BWG; in the case of local firms, a confirmation from the competent authority of the home Member State or any other Proof of compliance with the requirements laid down in Article 6 of Directive 2006 /49/EC;
3.		recognised investment firms established in a third country in accordance with § 2 Z 31 lit. b BWG;
4.		Companies based in a third country (§ 2 Z 8 BWG), which are there to exercise at least one of the shops according to § 1 paragraph 1 Z 7 lit. b to f BWG are entitled;
5.		recognised clearing houses pursuant to § 2 Z 33 BWG, having their registered office or admission in an EEA Member State, to the extent that they participate exclusively in the settlement process;
6.		Undertakings with registered offices in Germany or in other Member States, which are trading on their own account with commodity derivatives according to § 1 Z 6 lit. e bis g WAG 2007 are entitled, even if their entitlement is not based on § 1 sec. 1 Z 7a BWG.

(2) The exclusive right to the foreign exchange and valten business shall only be entitled to participate in the trading with foreign payment funds.

(3) In addition, members of a stock exchange may be admitted only if their technical facilities are appropriate for participation in the trading or settlement system, the disruption-free trading or settlement system of the securities exchange to the market in question. They must immediately be admitted to the

1.		shall accede to an existing trading system and to an existing settlement system or a settlement system which is appropriate in accordance with section 15a of this Regulation, and shall lay down deposits provided for
2.		in the case of participation in the trade, nominate at least one exchange visitor who participates in the trading in the stock exchange or has access to the automated trading system with the relevant exchange member.

(4) Recognised investment firms and other companies established in a third country may only be members of a stock exchange as long as at least one authorised clearing participant in the futures market (§ 2 Z 48 BWG) and in the cash market at least one authorised credit institution which has its registered office and authorisation in a Member State and is a member of the domestic stock exchange, vis-à-vis the stock exchange undertaking in respect of the investment firm recognised by the recognised investment firm or by the latter. Companies on the domestic stock exchange entered into and the Stock exchange companies are guaranteed to be fulfilled.

(5) Cooperation contracts may be concluded between the stock exchange company and other operators of recognised stock exchanges according to § 2 Z 32 BWG. Recognised exchanges with registered offices in third countries must meet the requirements applicable to regulated markets. The cooperation agreements may lay down that:

1.		the members of a stock exchange or of a regulated market, on the extent of their admission to the stock exchange or the market of origin, become members of the taking stock exchange or the receiving market; this will result in the membership of the domestic market, on a comparable basis; the date of effectiveness and the other conditions of membership shall be laid down in the Cooperation Treaty;
2.		in the case of the agreement of Z 1 for the car market, a credit institution with a registered office and admission in a Member State to the stock exchange undertaking in respect of the fulfilment of the obligations of all or individual stock exchange or market members on the market Domestic exchange is guaranteed;
3.		in the case of the agreement of Z 1 for the futures market, an eligible clearing party with registered office and admission in a Member State in the fulfilment of the obligations of all or individual exchange or market members on the domestic stock exchange Business enters.
The regulation of the conditions set out in Z 2 and 3 may be subject to restrictions or restrictions if and to the extent that the settlement of the stock exchange transactions is ensured in a different way. In addition, contractual arrangements for securing a standard comparable to the technical and legal conditions of the stock exchange company, which are considered to be supplementary membership conditions on the domestic stock exchange, may be included. and in addition to the relevant rules of the home exchange or of the home market.

(6) The cooperation agreement between the stock exchange company and a recognised clearing house may agree that the clearing house shall be responsible for the settlement of exchange transactions concluded on the stock exchange by accession to the The settlement system is participating. The clearing house shall then be entitled, as a participant in the settlement system, to enter into the stock exchange transactions concluded by its members on the stock exchange and to process it.

(7) In its General Terms and Conditions (§ 13), the stock exchange company shall determine the obligations of the members of the stock exchange from the rules and procedures relating to the clearing and settlement of the transactions carried out on that market. growing up. The stock exchange undertaking shall provide each Member with access to clearing and settlement systems under the same conditions and shall not, in particular, be different from the seat of the Member.

(8) If the stock exchange company intends to provide a system for the remote access of members to one of its regulated markets in another Member State, the stock exchange company shall indicate this to the FMA. Within one month, the FMA shall send this information to the competent authority of the Member State in which the stock exchange company wishes to provide such a system. At the request of the competent authority of the host Member State, the FMA shall, within a reasonable time limit, forward the names of the members of the regulated market in question. To this end, the stock exchange company shall immediately make available to the FMA a current list of members at the request of the FMA.

(9) Where an operator of a regulated market having its registered office in another Member State intends to provide a system within the meaning of paragraph 8 within the country, the FMA may the competent authority of the home Member State for the transmission of the names of the Members of the regulated market in question. "

13. According to § 15, the following § § 15a and 16 are inserted:

" § 15a. (1) The stock exchange company shall have the right of all Members to choose the settlement system for the settlement of transactions in financial instruments carried out on a regulated market operated by the stock exchange undertaking, if

1.		the links and arrangements between the chosen settlement system and any other system or entity required for the efficient and economic settlement of the transaction concerned; and
2.		the technical conditions for the settlement of transactions carried out on the regulated market by a system other than that chosen by the regulated market for the smooth and orderly functioning of the financial markets .

(2) Paragraph 1 is without prejudice to the right of operators of central counterparty, clearing or securities settlement systems to refuse the provision of the requested services for legitimate commercial reasons.

§ 16. Exchange members who conclude transactions on a regulated market shall not be obliged to comply with § § 36 to 57 WAG 2007; this shall not apply if the exchange members execute orders on a regulated market for customers. "

14. § 23 together with the title shall be deleted.

15. In section 25a, para. 1, the phrase " Securities Supervision Act-WAG, BGBl. No. 753/1996, Art. I " through the phrase "WAG 2007" replaced.

16. In accordance with § 25a, the following § 25b is inserted:

" § 25b. (1) Without prejudice to Article 91 (3) (9) of the WAG 2007, the stock exchange company shall suspend trading in a financial instrument which no longer complies with the rules of the regulated market, provided that such a measure is not the investor's interest or the There is an interest in the proper functioning of the market.

(2) If the stock exchange company suspends trade with a financial instrument, it shall publish its decision in a medium accessible to the public and shall notify the FMA of the suspension; the stock exchange company shall have all transmit relevant information to the FMA. In addition, the stock exchange company may directly inform the operators of other regulated markets from the suspension of the relevant financial instrument from trading. The FMA has to inform the competent authorities of other Member States of the suspension of trade.

(3) The FMA shall, if the stock exchange company does not depart from itself in accordance with paragraph 1 above, require the suspension of trading for a financial instrument on one or more regulated markets where this is in the interest of a properly functioning The FMA has to publish its decision without delay and inform the competent authorities of the other Member States about it.

(4) The FMA shall receive information from a competent authority of another Member State concerning the suspension of a financial instrument from official trade, trade in regulated free-trade or any other domestic regulated market or market Trade within a multilateral trading system operated by the stock exchange company may, within the limits of its competence, inform the stock exchange company of this without delay. The stock exchange company shall proceed in accordance with paragraph 1 and shall notify the FMA of a suspension of the financial instrument concerned from trading. "

17. In § 29, the following paragraph 3 is added:

"(3) There is only one official trade on the general stock exchanges."

18. In § 31 (2), the word order is deleted "in Course Sheets" .

Section 48 (3a) reads as follows:

" (3a) The establishment of systems which make it possible to participate in trading on a regulated market or in a multilateral trading system of a Member State from the national territory is not covered by paragraph 1 (1) (1). Participation in such a regulated market or a multilateral trading system from the domestic market shall not fall within the terms of Section 2 (2) of the second paragraph. "

20. In § 48 (3b) of the introduction, the reference is made to " 1 Z 1 and 2 " by reference " 1 1 and 2 (2) Z 2 " replaced.

21. § 48 (3b) Z 3 reads:

" 3.		the competent authority of the host State responsible for the supervision of that market declares that the surveillance of the regularity of the trade also extends to activities carried out domestiy and that it relates to such monitoring with the FMA shall cooperate in accordance with § § 98 to 101 WAG 2007. "

22. § 48 (4) reads:

" (4) Administrative penalties pursuant to para. 1, 2 and 5 as well as in accordance with Section 44 (1) shall be imposed by the FMA. The VStG is to be applied. The stock exchange company is obliged, with regard to paragraphs 1 and 2 and section 44 (1), to inform the FMA of the relevant facts which have become known to him, unsolicly, completely and without delay. "

23. In § 48, the following paragraph 5 is added:

" (5) Those who are responsible (§ 9 VStG) of a stock exchange company

1.		an obligation to suspend a financial instrument from trading is not fulfilled in accordance with Article 25b (1) and (2);
2.		does not comply with a publication obligation laid down in Article 65 (2) and (3);
3.		does not fulfil an obligation for the revocation of the admission of a financial instrument from trading pursuant to section 66 (8) of the above-mentioned obligation;
4.		does not fulfil an obligation to notify him, in view of the initiation of the proceedings pursuant to Section 64 (5) pursuant to § 66 (10) or an obligation to notify him in accordance with Section 15 (8) of this Directive;
5.		does not comply with an obligation to publish it in accordance with Section 14 (5);
shall be subject to an administrative surrender and shall be punished with a fine of up to EUR 30 000. "

24. § 48a para. 1 Z 3 lit. a is:

" (a)			securities within the meaning of § 1 Z 4 WAG 2007, "

25. § 48a (1) (4) is deleted.

26. § 48a (1) (11) and (12) are:

" 11.		An 'investment firm' shall be a legal person within the meaning of Article 4 (1) (1) of Directive 2004 /39/EC.
12.		A "credit institution" shall be a company within the meaning of Article 4 (1) of Directive 2006 /48/EC. "

27. In § 48a, the following paragraph 1 is inserted after paragraph 1:

"(1a) For the purposes of sections 48a to 48c and 48q, the term regulated markets shall also include multilateral trading systems."

§ 48f (1) (1) and (2) are:

" 1.		"investment firm" means any person within the meaning of Article 4 (1) (1) (1) of Directive 2004 /39/EC;
2.		"credit institution" means any legal person within the meaning of Article 4 (1) (1) of Directive 2006 /48/EC; "

29. § 57 (2) reads:

" (2) Free brokers appointed by the stock exchange company in accordance with paragraph 1 shall be required to operate bank transactions in accordance with Article 1 (1) (1) (7) of the BWG with other credit institutions entitled to those transactions pursuant to § 2 Z 23 BWG or with investment firms in accordance with Art. 4 Paragraph 1 (1) of Directive 2004 /39/EC is justified. In addition, they may not engage in banking transactions. "

30. In § 59 (4) the word order is deleted in the first sentence "in the course sheet" .

31. In § 64 (4), the reference § § 66, 70 to 73 and 82 (5) " by reference § § 66a, 70 to 73 and 82 (5) " replaced.

32. § 65 together with the title is:

" Publication of pre- and post-trade information

§ 65. (1) Without prejudice to para. 2 and 3, the stock exchange company may immediately, in an information service with nationwide distribution, all courses, prices and transactions that occur on the stock exchange in financial instruments pursuant to § 1 Z 6 WAG 2007. Publish real-time if this is appropriate in the interests of investors and on the basis of the nature of the stock exchange trading.

2. The stock exchange company shall have the current bid and exchange rates and the respective trading volume for the shares included in its trading system, which are admitted to trading on a regulated market, in accordance with Art. 17, 29, 30 and 32 of Regulation (EC) No 1287/2006 on appropriate commercial terms and conditions, and continuously during normal business hours.

(3) The stock exchange undertaking shall, as far as possible, in real time, in accordance with Articles 27, 29, 30 and 32 of Regulation (EC) No (EC) No, have the course, scope and timing of transactions concluded in respect of shares admitted to trading. 1287/2006 on appropriate commercial terms.

(4) The stock exchange company may, without prejudice to § 15 Companies which have to publish information pursuant to § 65 or § 69 WAG 2007 within the framework of the pre-trade or post-trade transparency, on reasonable commercial terms and in not provide discriminatory access to the systems used by the stock exchange company for the publication of information referred to in paragraphs 2 and 3.

(5) The stock exchange company may, with the approval of the FMA, obtain individual post-trade information on completed transactions in accordance with paragraph 3, which is a large volume compared to the normal market share of the relevant share or share consignment. shall be published in a delayed manner and shall make the necessary arrangements for this. The authorization shall be granted if the criteria set out in Article 28 of Regulation (EC) No 1287/2006 are met and the proposed arrangements allow for a delayed publication corresponding to those criteria. The stock exchange company has clearly indicated to the market participants and the investor public the measures taken. An authorisation in individual cases is not required, provided that the FMA has adopted a regulation corresponding to Article 28 of Regulation (EC) No 1287/2006. Such a regulation also has to regulate the necessary arrangements.

(6) The FMA is authorized, under the conditions laid down in Articles 17 to 20 of Regulation (EC) No 1287/2006, to exempt from the obligation to publish in accordance with paragraph 2, in particular with regard to transactions, which are compared with the normal market for the share or type of share in question; whereas, when the Regulation is issued, the FMA has to take account of the economic interest in a functioning securities system. '

33. § 66 together with the title is:

" General admission requirements to the regulated market

§ 66. (1) The trading of financial instruments on a regulated market shall be subject to approval by the stock exchange company. The authorisation shall be granted if the financial instruments can be traded in a fair, orderly and efficient way and, in the case of transferable securities, are freely negotiable. If admission to official trading or regulated free circulation is requested, the conditions pursuant to § 66a or § 68 shall also be fulfilled.

(2) In the assessment of whether transferable securities pursuant to § 1 Z 4 WAG 2007 or investment fund parts according to § 2 Z 35 lit. a and b BWG are fair, properly and efficiently tradable, the stock exchange company shall take into account the provisions of Article 35 (4) and (6) or Article 36 (1), (3) and (4) of Regulation (EC) No 1287/2006.

(3) A transferable securities shall then be deemed to be freely negotiable if the requirements laid down in Article 35 (1) to (3) or (5) of Regulation (EC) No 1287/2006 are fulfilled.

(4) In the case of the authorisation of derivatives according to § 1 Z 6 lit. d to j WAG 2007 on trade is to be applied in Article 37 of Regulation (EC) No 1287/2006.

Transferable securities may also be admitted to trading on a regulated market by the stock exchange company without the consent of the issuer, if such securities are already admitted to trading on one of the following regulated markets:

1.		on a domestic stock exchange;
2.		on a regulated market in another Member State, or
3.		on a recognised stock exchange in a third country, provided that the requirements for the admission of securities with the relevant requirements of Directive 2004 /39/EC and the legislation existing in the third country are subject to the requirements of that stock exchange the drawing up of a prospectus for a public offer of securities or admission to trading comparable to those of Directive 2003 /71/EC.
The stock exchange company has to inform the respective issuer and the FMA of the admission of transferable securities to trading and to make the admission on the home page known.

(6) In the case of paragraph 5, the issuer is not obliged to transmit the information to be published on the basis of this Federal Act to the stock exchange company which has admitted the transferable securities without its consent to trading.

(7) The stock exchange undertaking shall, without prejudice to § 73, take effective organisational arrangements to verify whether the issuers of transferable securities admitted to trading in a regulated market operated by the stock exchange undertaking shall take the necessary steps to ensure that the issuer is Comply with this Federal Act. The Stock Exchange Undertaking shall make arrangements to facilitate access by its members to the information published.

(8) Without prejudice to § 91 (3) Z 10 WAG 2007, the stock exchange company has to revoke the admission of a financial instrument to trading if the conditions set out in paragraphs 1 to 4 are no longer fulfilled. In principle, § 64 (5) must be applied for the revocation of the authorisation with the proviso that in cases which are subject to other financial instruments admitted to official trade, instead of the admission requirements according to § 66a those according to § § 66a of the German law 68 are to be used. If admission to trading is withdrawn, the stock exchange company shall publish its decision in a medium accessible to the public and shall notify the FMA of the revocation of the authorisation; the stock exchange company shall have all transmit relevant information to the FMA. The FMA has to inform the competent authorities of the other Member States of the revocation of the authorisation. In addition, the stock exchange company may inform the operators of other regulated markets directly from the revocation of the admission of the financial instrument concerned from the trade.

(9) The FMA is aware of the reasons justifying the revocation of the admission of a financial instrument to official trading, regulated free circulation or any other domestic regulated market, and it shall have access to it by the stock exchange undertaking and to issue the review of the reasons for the revocation and to publish this decision immediately on the homepage. If, in the course of this review, the stock exchange company comes to the conclusion that there is a reason for a revocation, paragraph 8 shall apply.

(10) The FMA shall obtain information from a competent authority of another Member State which may lead to the revocation of the authorisation of a financial instrument from trading on a domestic regulated market, the FMA shall have the stock exchange undertaking to be informed immediately. The stock exchange company has to communicate the FMA with a view to the initiation of proceedings pursuant to Section 64 (5). "

34. In accordance with § 66, the following § 66a with title is inserted:

" Admission Requirements for Official Trade

§ 66a. (1) The conditions for the admission of securities and emissions programmes on the official trade are:

1.		The establishment and the statutes or the social contract of the issuer must comply with the law of the State in which the issuer has its registered office.
2.		The total nominal value of the securities requested for admission must be at least EUR 2.9 million in the case of shares, and at least EUR 725 000 for other securities. In the case of the admission of securities not denominated in a monetary amount, the issuer must certify that the expected price value is at least EUR 725 000; the total number of such securities must be at least 20 000. In the case of non-voting preferred shares of Austrian public limited companies, whose ordinary shares are not admitted to official trading, the nomale of the preferred shares must be one million euros.
3.		In the case of the first admission of shares, the stock company must have passed at least three years and its annual accounts for the three full financial years preceding the application must be published in accordance with the applicable rules ; if the Company is a successor of the entire company to another company and is in the form of a balance sheet continuity, then the period of existence of this other company shall be set off against the existing period of three years. Apart from the requirement of the three-year period of stock, if the authorisation is in the interest of the issuer and the public, and the applicant makes documents available to the public, the information content of that document shall be that of the last three The annual accounts are essentially equivalent in the light of the assessment of the economic and legal conditions of the issuer. However, the joint stock company must have published the annual financial statements for a full fiscal year.
4.		The national and national laws governing the securities and their issuance, and the regulations and regulations adopted pursuant to those provisions, must have been complied with by the issuer, mutases to the following: foreign provisions of the State in which the securities have been issued. In so far as the issue of securities is to be entered in a public register, such registration must be carried out.
5.		The denominations of the securities, in particular the smallest denomination and the number of securities issued in this denomination, shall take into account the needs of the stock exchange trading and the applicant's applicant.
6.		The application for admission must relate to all shares of the same class already issued or to all securities of the same issue; however, shares which are not traded for a certain period under the statutory provisions may be subject to the application. may be exempted from the authorisation if, by means of this exemption, the holders of the shares to be admitted are not subject to any disadvantages and are referred to in the prospectus or in the text of the approval of such an exemption.
7.		The securities must be appropriately scattered in the public or, if the dispersion is to be achieved through the introduction on the stock exchange, the exchange trading shall be made available in a corresponding number. In the case of shares, a corresponding dispersion shall be accepted if at least one nominal value of EUR 725 000, in the case of non-par value shares, at least 10 000 units, are in the hands of the public or are offered for sale to the public.
8.		In the case of securities which grant holders a right of exchange or subscription rights to other securities and whose minimum denomination is less than EUR 50 000, the securities to which the exchange or subscription right relates must be: at the same time as trading on the stock exchanges; this requirement may be waived if the issuer provides proof that the holders of the securities which grant an exchange or subscription right and whose minimum denomination are less than EUR 50 000 shall be available, all the information required to: to form a judgment on the value of the securities to which the exchange or subscription right relates; this is to be assumed, in particular, if the securities to which the exchange or subscription right relates, at an international level be officially listed and the prospectus for the admission of the securities with exchange or subscription rights contains the information required in accordance with § 7 KMG.

(2) In the case of the admission of shares which are already admitted to trading on one or more foreign exchanges and where there is sufficient dispersion abroad, the condition set out in paragraph 1 Z 7 does not apply.

(3) In the case of the extension of the listing permit to other securities of the same class, the conditions set out in paragraphs 1 and 2 and 7 shall not apply.

(4) For the admission of debt securities which are continuously issued without limitation to a subscription period and a certain maximum amount, the restriction according to paragraph 1 Z 2 does not apply.

(5) Bonds of an international organisation with a public legal personality must be fully negotiable for admission to the official trade, the application for admission must be based on all debt securities issued by a Emission. Debt securities issued by the Federal Government, the Länder and the Contracting States of the EEA Agreement shall be admitted to official listing on each stock exchange.

(6) Certificates that represent shares may be admitted if:

1.		the issuer of the shares represented meets the requirements laid down in paragraph 1 (1) (1) to (3);
2.		the certificates meet the requirements of paragraph 1 (1) (4) to (8);
3.		the issuer of the certificates warrants for the fulfilment of its obligation to the certificate holders.

(7) Non-equity securities issued within a period of twelve months from the publication of the prospectus under an emission programme approved for official trade do not require a separate authorisation. The official listing shall take place provided that the conditions set out in points (1) (2) and (4) to (8) are met and after the applicant has submitted the emission conditions to the stock exchange company. "

35. § 67 (3).

36. § 68 (1) (6) deleted.

37. In § 68 (1) Z 9, the word order shall be "make a note of an internationally recognised stock exchange" through the phrase "note on a recognised stock exchange according to § 2 Z 32 BWG" replaced.

38. § 68 (3) reads:

"(3) The exception provisions of § 66a (2) to (4) shall apply mutatily."

39. § 69 with headline shall be deleted.

40. The headings prior to § § 76 to 80 are deleted.

41. In accordance with § 75a, the following § 76 with title is inserted:

" Directory of regulated markets

§ 76. (1) The FMA shall have a list of domestic regulated markets under Art. 47 of Directive 2004 /39/EC. Regulated markets in Austria are, in particular, official trade and regulated free circulation within the meaning of this Federal Law.

(2) The FMA shall forward this list to the European Commission and to the other Member States. "

Section 81 (7) is deleted.

43. § 81a (1) (3) deleted.

44. In § 82 (1), the reference "§ 66 (1) Z 5" by reference "§ 66 (3)" replaced.

45. In § 82 (6) 3. Sentence becomes the word group "§ § 11 to 18 WAG" through the word group "the 2nd main piece of the WAG 2007" replaced.

46. In § 96, the following Z 19 to 21 shall be added:

" 19.		(to § 2 in the version of the Federal Law BGBl. I No 60/2007)
		A concession for the management and administration of a stock exchange, which was held before the date of the entry into force of the Federal Law BGBl. I n ° 60/2007, is valid after the entry into force of the Federal Law BGBl. I n ° 60/2007 as a concession to operate regulated markets. Those from the stock exchange company at the time of the in-force meeting of the Federal Law BGBl. The unregulated third market pursuant to § 69 in the version of the Federal Law BGBl (Bundesgesetz BGBl) is regulated by the regulated markets of official trading and regulated free-trade. I n ° 19/2007 is after the entry into force of the Federal Law BGBl. I n ° 60/2007 a multilateral trading system; an authorisation of the FMA in accordance with § 2 (2a) is not required for this purpose.
20.		(to § 15 in the version of the Federal Law BGBl. I No 60/2007)
		At the time of the In-Force meeting of the Federal Law BGBl. I n ° 60/2007 existing stock exchange memberships continue to entitle trading to regulated markets operated by the stock exchange company and to multilateral trading systems.
21.		(for the removal of § 69)
		Financial instruments, which until the date of the entry into force of the Federal Law BGBl. 60/2007 in accordance with § 69 in the version of the Federal Law BGBl (Federal Law Gazette). I n ° 19/2007 on trade in an unregulated third market, can also be used after the entry into force of the Federal Law BGBl. 60/2007 in a multilateral trading system operated by the stock exchange company in the continuation of this unregulated third market, without the need for re-admission by the stock exchange company. The stock exchange company has to determine in its General Terms and Conditions that the legal status of the issuers of these financial instruments in one of § 69 para. 1, 2, 4, 5 and 7 in the version of the Federal Law BGBl. I n ° 19/2007. "

47. § 101a reads:

" § 101a. (1) In so far as other federal laws are referred to in this Federal Act, these are to be applied, unless otherwise specified, in their respectively applicable version.

(2) Where reference is made in this Federal Act to Directive 2004 /39/EC, unless otherwise provided, Directive 2004 /39/EC of the European Parliament and of the Council on markets in financial instruments, amending the Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing Council Directive 93 /22/EEC (OJ L 175, 5.7.2000, p. No. 1), as amended by Directive 2006 /31/EC of the European Parliament and of the Council amending Directive 2004 /39/EC on markets in financial instruments with regard to certain time limits (OJ L 145, 30.4.2004, p. No. OJ L 114, 27.04.2006, p.

§ 101c reads as follows:

" § 101c. At the request of an issuer against which no ordinary appeal is admissible, the stock exchange company shall have the circulation of securities from official trading (regulated free circulation) on that stock exchange, in accordance with its statutes certain securities may not be traded (more), in the official trade (regulated free circulation) of another domestic stock exchange, in which another trading under the articles of association of the other stock exchange may be traded and managed Exchange company is permitted to pronounce. The notification of remittance shall not trigger any prospectus or any other disclosure requirements of the issuer. "

49. § 101d is deleted.

§ 4 (2), § 6 (1) to (3), § 8 (1), § 13 (1), § 46 (1), § 49 (2) and (3), § 55 and § 101 Z 2, the phrase " "Federal Minister for Economic Affairs" through the phrase "Federal Minister for Economic Affairs and Labour" replaced.

51. In Section 6 (7) (1) and (2), Section 7 (1) of the Submission and Section 45 (1), the term of the word shall be: "Federal Minister for Economic Affairs" through the phrase "Federal Minister for Economic Affairs and Labour" replaced.

52. In § 96a (1) the word order shall be "Federal Ministry for Economic Affairs" through the phrase "Federal Ministry of Economics and Labour" replaced.

53. In § 102, the following paragraphs 25 and 26 are added:

" (25) § 1 with title, § 2 para. 1, 2 and 2a, § 3 paragraph 1 Z 9, § 4 para. 1, § 6 para. 5, § 7a with headline, § 9 including title, § 13 para. 3, § 14 para. 5, § 15, § 15a, § 16, § 25a paragraph 1, § 25b, § 29 para. 3, § 48 para. 3a, para. 3b, para. 4 and 5, § § 48a (1) (3) and (11) and (1a), § 48f (1) (1), § 57 (2), § 64 (4), § § 65, 66 and 66a, including headlines, § 68 (1) (9) and (3), § 76, including the heading, § 82 (1) and (6), § 101a, § 101c, as amended by the Federal Law BGBl. I No 60/2007 will enter into force on 1 November 2007.

(26) § 23 together with the title, § 48a (1) Z 4, § 67 (3), § 68 (1) (6), § 69 including the title, § 81 (7), § 81a (1) (3) and § 101d (1). October 2007. "

Article 5

Amendment of the Investment Fund Act

The Investment Fund Act-InvFG 1993, BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I n ° 134/2006, is amended as follows:

1. § 2 (2) (2) (2) (2) and the final part of paragraph 2 are:

" 2.		as long as they are subject to a corresponding concession of the FMA in accordance with § 3 WAG 2007, BGBl. I n ° 60/2007, the provision of services pursuant to § 3 (2) (2) (1) and (2) WAG 2007 or, if the concession before the In-Kraft-Treten of the WAG 2007, BGBl. I No 60/2007, the provision of services in accordance with § 1 Z 19 lit. a and b Bankinggesetz-BWG, BGBl. No. 532/1993 in the version of the Federal Law BGBl. I No 19/2007, in particular also for pension funds, provided that the portfolios concerned contain one or more of the instruments listed in Annex D Scheme D.
The capital investment company may not exclusively carry out the activities according to Z 2. The activities according to § 3 paragraph 2 Z 1 WAG 2007 may only exercise capital investment companies which are also entitled to services within the meaning of § 3 paragraph 2 Z 2 WAG 2007.
The services referred to in Z 2 do not relate to services provided by a counterparty to the State, to the central bank of a Member State or to other national bodies with similar functions within the framework of the money, exchange rate, the national debt or reserve policy of the Member State concerned. "

2. In § 2 para. 13, the reference " § 1 para. 1 Z 19 lit. b BWG " by reference "§ 3 paragraph 2 Z 2 WAG 2007" replaced.

Section 2 (14) reads as follows:

" (14) The capital investment company has in relation to the investment business (§ 1 paragraph 1 Z 13 BWG)

1.		to act fairly and cheaply in the best interests of the funds managed by it and the integrity of the market and to comply with all the rules applicable to the pursuit of its activities in the best interests of investors and the integrity of the market;
2.		to carry out its activities with the necessary expertise, care and conscientiousness in the best interest of the funds it manages;
3.		to seek to avoid conflicts of interest and to ensure that, in the event of unavoidable conflicts of interest, the funds administered by it are treated in accordance with law and equity, and
4.		have the means and procedures necessary for the proper operation of the business, and to use it effectively. "

Section 39a (3) reads as follows:

§ 15 BWG is to be applied for the supervision of management companies within the framework of the freedom of service and establishment, with the proviso that the relevant provisions of Directive 2006 /48/EC are replaced by Article 15 (5) of the Federal Elections Act (BWG Art. 6c) of the Directive 85 /611/EEC. § § 97 to 101 WAG 2007 apply to supervision of management companies which provide services pursuant to § 3 (2) Z 1 and 2 WAG 2007 within the scope of the freedom of service and establishment. "

5. In § 49, the following paragraph 20 is added:

" (20) § 2 para. 2, 13 and 14 and § 39a para. 3 in the version of the Federal Law BGBl. I No 60/2007 will enter into force on 1 November 2007. "

Article 6

Amendment of the Capital Market Act

The Capital Market Act-KMG, BGBl. N ° 625/1991, as last amended by the Federal Law BGBl. I n ° 48/2006, is amended as follows:

1. § 1 (1) Z 4 reads as follows:

" 4.		Securities: transferable securities within the meaning of Article 4 (1) (18) of Directive 2004 /39/EC, with the exception of money market instruments within the meaning of Article 4 (1) (19) of Directive 2004 /39/EC, with a maturity of less than 12 months; "

2. § 1 (1) (8) and (9) are:

" 8.		Credit institutions: enterprises within the meaning of Art. 4 Z 1 lit. a of Directive 2006 /48/EC;
9.		regulated market: a market according to § 1 para. 2 Börsegesetz 1989-BörseG, BGBl. No 555/1989; '

3. In § 19, the following paragraph 12 is added:

" (12) § 1 (1) (4) and (9) in the version of the Federal Law BGBl. I No 60/2007 will enter into force on 1 November 2007. "

Article 7

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 n ° 141/2006, is amended as follows:

1. In § 2 para. 3, the word group shall be " Securities Supervision Act-WAG, BGBl. No 753/1996 " through the word group " Securities Supervision Act 2007-WAG 2007, BGBl. I No 60/2007 " replaced.

2. § 5 (3) reads:

" (3) Prior to the appointment of members of the Executive Board, the Federal Minister of Finance has to arrange for a call for tenders; the Recruitment Act in 1998, BGBl. I n ° 26/1998, shall apply. On the basis of the results of the tendering procedure, the Federal Government's proposal in accordance with paragraph 2 has to be made known from the circle of applicants:

1.		When ordering the first board of the FMA of the Federal Minister of Finance and the Oesterreichische Nationalbank, one person each,
2.		in the event of any further appointment of members of the Executive Board, the institution which has made known the member of the Executive Board, whose function termination (Section 7 (1)) requires the appointment of a new member of the Executive Board, a person.
The Federal Minister of Finance is responsible for the submission of the application for decision-making by the Federal Government on the persons to be proposed for appointment; the Federal Minister for Finance is responsible for the appointment of the Federal Minister for Finance. Board member tied to the proposal of the Oesterreichische Nationalbank. "

3. In § 10 paragraph 2 Z 8 the reference "§ 16 (4)" by reference "§ 16 (3)" replaced.

4. In § 19 (4), the word "WAG" through the word group "WAG 2007" replaced.

5. In § 19 para. 10, the quote shall be "§ 7 (1) WAG" by quoting "§ 90 Abs. 1 WAG 2007" replaced.

6. In § 22a is lit in Z 1 lit. b the citation "§ 23 (2) and (4) WAG" by quoting "§ 73 (2) and (4) WAG 2007" , in Z 1 lit. c the citation "§ 23a (2) and (4) WAG" by quoting "§ 74 (2) and (4) WAG 2007" and in Z 2 lit. b the citation "§ 24 para. 2 WAG" by quoting "§ 91 (3) Z 1 to 4 and 8 WAG 2007" replaced.

7. In § 22b para. 1, § 22c and § 22d para. 1 the quote shall be: "§ 26 (1) WAG" by quoting "§ 94 (1) WAG 2007" replaced.

8. The following paragraph 12 is added to § 28:

" (12) § 2 para. 3, § 19 para. 4 and 10, § 22a, § 22b para. 1, § 22c and § 22d para. 1 in the version of the Federal Law BGBl. I No 60/2007 will enter into force on 1 November 2007. "

Article 8

Amendment of the Consumer Protection Act

The Consumer Protection Act-KSchG, BGBl. No. 140/1979, as last amended by the Federal Law BGBl. I n ° 92/2006, is hereby amended as follows:

1. § 28a (1) reads:

" (1) Those who in the course of business dealings with consumers in connection with door-to-door transactions, consumer credit relations, package travel agreements, timeshare relationships, distance selling, and the agreement of abusive Contractual clauses, the guarantee or guarantee in connection with the purchase or manufacture of movable physical goods or in connection with information society services in electronic commerce or investment services against is in breach of a legal requirement or prohibition, and thereby Without prejudice to Section 28 (1), the general interests of the consumer may be subject to a censure of the general interests of the consumer. "

2. In § 41a, the following paragraph 20 is added:

" (20) § 28a (1) in the version of the Federal Law BGBl. I n ° 60/2007 enters into force on 1 November 2007. "

Article 9

Amendment of the Industrial Regulations 1994

The Industrial Order 1994-GewO 1994, BGBl. No. 194/1994, as last amended by the Federal Law BGBl. I No 161/2006, is amended as follows:

1. § 2 para. 1 Z 14 reads:

" 14.		the operation of banking transactions, including the services provided under the Securities and Markets Act 2007, with the exception of the activities of a tied agent in accordance with § 1 Z 20 or a financial services assistant in accordance with § 2 (1) Z 15 of the Securities and Markets Act 2007 (WAG 2007), BGBl. I n ° 60/2007, the operation of insurance undertakings and the operation of pension funds. To the extent that the BWG does not provide for special regulations, the provisions of this Federal Act, with the exception of the provisions relating to operating facilities, shall apply to the exercise of insurance mediation by credit institutions. "

2. § 136a reads:

" § 136a. (1) The Commercial Property Adviser (§ 94 Z 75) shall be entitled to

1.		Advice on setting up, securing and maintaining assets and financing, with the exception of investment advice in relation to financial instruments (§ 3 paragraph 2 Z 1 WAG 2007),
2.		Mediation of
a)			Assessment and investment, excluding financial instruments (Section 3 (2) (2) (3) WAG 2007),
b)			Personal credit and mortgage credit and finance; and
c)			Life and accident insurance.

(2) With regard to the mediation of life and accident insurance, the commercial property consultant shall be subject to the provisions of Sections 137 to 138 and the other provisions concerning insurance mediation.

(3) Finally, commercial investment advisors may carry out activities in accordance with § 1 Z 20 WAG 2007. Commercial investment advisers (§ 94 Z 75) shall also be entitled to carry out activities within the meaning of these provisions in compliance with the terms of section 2 (1) (1) of the WAG 2007 (German Commercial Law). § 7 WAG 2007 shall apply mutatily to these activities. "

Section 138 (4) reads as follows:

" (4) Insurance intermediaries shall also be entitled to carry out activities within the meaning of these provisions in the event of compliance with the terms of section 2 (1) (1) of the WAG 2007. § 7 WAG 2007 shall apply mutatily to these activities. "

(4) The following paragraph 29 is inserted in § 382:

" (29) § § 2 (1) Z 14, 136a and 138 (4) in the version of the Federal Law BGBl. I No 60/2007 will enter into force on 1 November 2007. "

Fischer

Gusenbauer