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101. Regulation of the Financial Market Supervisory Authority (FMA) on quarterly reports and credit risk limitation of financial conglomerates (Financial Conglomerate Quarterly Report-Regulation-FK-QUAB-V)
Pursuant to Section 9 (5) and Section 14 (5) of the Financial Conglomerates Act (FKG), BGBl. I n ° 70/2004, as last amended by the Federal Law BGBl. I n ° 141/2006, is being ordered-with the approval of the Federal Minister of Finance-concerning § 14 para. 5 FKG:
Section 1
Reporting requirements
Reporting obligation, transmission
§ 1. (1) The additionally regulated entity pursuant to § 5 FKG shall within four weeks after the end of each calendar quarter of the FMA have quarterly reports for compliance with the provisions of § § 9 and 10 FKG regarding credit risk concentrations and Intra-group transactions according to the Appendix. These quarterly reports are also to be submitted to the Oesterreichische Nationalbank.
(2) If not otherwise indicated in the Appendix, amounts in thousands of euros and percentages shall be given in detail to the second comer office.
(3) Foreign currency positions are to be converted into euro on the basis of the European Central Bank's (ECB) euro reference rate at the reporting date. If no euro reference rate is available to the ECB for a currency, the foreign exchange rates shall be used for the day of the reporting period.
(4) The reports of the quarterly reports shall be reported in a standardised form by means of electronic transmission. This also applies to a blank message and to the overview sheet.
Section 2
Credit risk concentration
Notification of credit risk concentration
§ 2. (1) A credit risk concentration within the meaning of § 2 Z 19 FKG shall be notified in accordance with Part II of the Annex, as soon as the threshold values established for the financial conglomerate by means of the FMA pursuant to Section 9 (3) FKG are exceeded.
(2) Credit risk concentrations shall be recorded in relation to a customer and, where appropriate, to a group of connected customers within the meaning of Article 27 (4) and (4a) of the BWG. To this extent § 27 BWG in the version of the Federal Law BGBl. I n ° 141/2006 by undertakings in the financial conglomerate shall, for the purposes of this Regulation, be credit risk concentrations to a customer and, where appropriate, to a group of connected clients within the meaning of Article 27 (4) and (4a) BWG in the version of the Federal Law BGBl. I No 141/2006.
Section 27 (5) of the Federal Elections Act (BWG) shall apply to the calculation of the concentration of credit risk to a third party with the proviso that the word "credit risk concentration" shall replace the word "credit risk concentration" in place of the word "major assessment", the examination carried out in the latter's Z 1 by a Regulated entity according to § 2 Z 5 lit. a FKG must not be part of the own funds of the financial sector companies in accordance with § 2 Z 7 FKG of the financial conglomerate, and the securities listed in the last sentence of this second sentence shall not be included in the own funds of the companies of the financial sector.
(4) Ininsofar as § 27 BWG in the version of the Federal Law BGBl. I n ° 141/2006 of companies of the financial conglomerate is also used for the allocation of the credit risk concentration to a third party in the version of the Federal Law BGBl (BGBl). I No 141/2006. The measures set out in paragraph 3 shall apply accordingly.
(5) Any credit risk concentration within the meaning of paragraph 1 shall be presented in accordance with Part II of the Annex to this Regulation.
Determination of the level of credit risk concentration and exceptions
§ 3. (1) In determining the amount of a credit risk concentration, the last sentence of Article 27 (2) (2a) and (2b) of the Federal Elections Act (BWG) shall apply with the proviso that the word "credit risk concentration" shall be used instead of the word "major assessment" and "disposition".
(2) Ininsofar as § 27 BWG as amended by the Federal Law BGBl. I n ° 141/2006 by companies of the financial conglomerate is also used in the determination of the level of a credit risk concentration in the version of the Federal Law BGBl (Federal Law) by way of derogation from paragraph 1, section 27 (2), last sentence, and 2a to 2c BWG. I No 141/2006. This shall apply with the proviso that the word 'credit risk concentration' shall be used instead of the word 'major assessment' and 'predisposition'.
(3) In addition, credit insurance contracts shall be covered by the amount of the sum insured, with contracts in which both the crediting and the insurer are part of the financial conglomerate, only once in the case of the insured person Companies must be recognised.
(4) Capital investments in fund-or index-linked life insurance may be exempted from the calculation of the amount of the credit risk concentration.
Weight of risks
§ 4. (1) Finally, for the application of § 5, the values determined in accordance with § 3 shall be weighted by application of the principles of section 27 (3) of the Federal Elections Act, whereby instead of the word "credit institution group" the word "financial conglomerate" and in place of the word "credit institution group" shall be used. "Large-scale assessment" means the word "credit risk concentration". The one in § 27 para. 3 lit. f BWG used term "lending institution" refers for the purposes of this Regulation to companies of a financial sector in accordance with § 2 Z 7 FKG.
(2) Ininsofar as § 27 BWG as amended by the Federal Law BGBl. No 141/2006 by companies of the financial conglomerate, the values determined in accordance with § 3 are also applicable to the application of Section 5 by way of derogation from paragraph 1, applying the principles of Section 27 (3) to (3d) of the Federal Act of Law (BWG) as amended by the Federal Act BGBl. I n ° 141/2006, where the word 'financial conglomerate' is used instead of the word 'credit institution' and the word 'credit risk concentration' is used instead of the word 'major assessment' and 'assessment'. The one in § 27 para. 3 lit. f BWG in the version of the Federal Law BGBl. For the purposes of this Regulation, the term 'credit granting credit institution' refers to undertakings in a financial sector in accordance with Article 2 (2) (7) of the FKG.
(3) Credit insurance contracts shall be weighted by the weight of the insured risk.
Limitation of credit risk concentration
§ 5. Any credit risk concentration within the meaning of section 2 which is subject to a reporting obligation shall be limited in accordance with the following provisions:
1. |
The aggregated level of the weighted credit risk concentration for each customer or group of connected clients within the meaning of Article 27 (4) and (4a) of the BWG shall not exceed 25 vH of the eligible own funds at the financial conglomerate level. |
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2. |
The aggregated level of the weighted credit risk concentration of a company within the group of companies forming a financial conglomerate in accordance with FKG shall not exceed 20 vH of the eligible own funds at the financial conglomerate level. |
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3. |
The sum of the individual weighted credit risk concentrations shall not exceed 800 vH of the eligible own funds at the financial conglomerate level. |
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4. |
§ 103 Z 21 lit. d BWG is to be applied with the proviso that the word "credit risk concentration" shall be used instead of the word "major assessment". |
Section 3
Intra-group transactions
Group Internal Transaction Reporting
§ 6. A group-internal transaction within the meaning of § 2 Z 18 FKG is accordingly Part III the Annex shall be notified as soon as the thresholds set for the financial conglomerate by means of the FMA in accordance with Section 10 (3) of the FKG are exceeded.
Determination of the amount of an intra-group transaction
§ 7. (1) The intra-group transaction is the following transactions, the transaction level of which is recorded as follows:
loans with the loan sum;
loans with the sum of credit;
Transactions according to Appendix 1 to § 22 of the Federal Elections Act (BWG) with their nominal value;
Transactions according to Appendix 2 to § 22 BWG according to one of the methods of § 22 (5) and (6) BWG, without taking into consideration a contractual partnership weighting;
Insurance contracts according to Z 4, 5, 6, 7, 8, 9, 11, 12, 13, 14, 15, 16 of Appendix A to § 4 Ab.. 2 VAG with the amount of their insurance total;
credit insurance business with the amount of the credit;
Cost-sharing agreements with the amount of the eligible costs;
Capital investment transactions with the level of the capital invested;
Transactions relating to own resources, where they are recognised as such in accordance with the relevant sectoral rules.
(2) The determination of the amount of an intra-group transaction shall be based on normal market conditions. If an intra-group transaction is not concluded on normal market terms, then the transaction value actually agreed is to be reported.
(3) In the form of intra-group transactions, transactions within the meaning of § 2 Z 18 FKG shall apply between entities in the financial conglomerate, in which at least one transaction partner is a regulated entity. Not to be taken into account are transactions between companies belonging to the same financial sector in accordance with § 2 Z 7 FKG.
Section 4
Transitional and final provisions
Application provisions
§ 8. Until the expiry of 12 months after the entry of the legal force of a determination pursuant to § 4 (2) FKG by the FMA, but in any case until 31 March 2008, a financial conglomerate 35 vH of the eligible own funds at the financial conglomerate level shall be deemed to be Ceiling for the aggregated level of the weighted credit risk concentration for a customer or group of connected clients within the meaning of Article 27 (4) and (4a) of the BWG, provided that the aggregated level of the weighted credit risk concentration is higher than that of the for the purposes of Article 27 (4) and (4a) of the Federal Elections Act (BWG), The date of first application of this Regulation to a financial conglomerate 25 vH of the eligible own resources at the level of the conglomerate has exceeded.
References
§ 9. To the extent that this Regulation refers to the Banking Act (BWG), this is, if nothing else is determined in this Regulation, in the version of the Federal Law BGBl. I No 48/2006.
First-time message
§ 10. Notifications pursuant to this Regulation shall be reported for the first time on the date of 30 June 2007.
Pribil Traumüller