78. Federal Law, with which the Capital Market Act, the Stock Exchange Act, the Investment Fund Act, the Securities and Markets Authority Act and the Financial Market Supervisory Authority Act are amended

The National Council has decided:

Article 1

This federal law lays down that Directive 2003 /71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading, and amending Directive 2001 /34/EC (OJ L 136, 31.4.2001, p No. OJ L 345, 31. 12. 2003, S 64).

Article 2

Amendment of the Capital Market Act

The Capital Market Act-KMG, BGBl. N ° 625/1991, as last amended by the Federal Law, BGBl. I No 80/2003, shall be amended as follows:

1. 1 (1) (1) (1) and (2) are:

" 1.		Public offer: a communication to the public in any form and in any way that provides sufficient information on the terms and conditions of an offer (or an invitation to subscribe) of securities or predisposition and on the securities to be offered in order to enable an investor to choose to purchase or subscribe to such securities or apportionment. This definition shall also apply to the placement of securities or predisposition by financial intermediaries;
2.		Issuer: a legal entity which intends or intends to issue securities or predisposition; "

2. The following half-sentence shall be added after the line-point in Section 1 (1) (1) (3):

"For the purposes of this Federal Act," apportionment shall also mean all reasonable, securitised rights not mentioned in Z 4; money market instruments with a term of less than twelve months are not subject to the prospectus obligation in accordance with § 2; "

3. § 1 (1) (1) (4) to (4b):

" 4.		securities: transferable securities within the meaning of Article 1 (4) of Directive 93 /22/EEC, with the exception of money market instruments within the meaning of Article 1 (5) of Directive 93 /22/EEC, with a maturity of less than 12 months;
4a.		Dividends: shares and other securities equivalent to shares, as well as any other type of transferable securities which have the right to securities, in the event of the conversion of the security or the exercise of the securitised right, to the securities referred to in , the prerequisite for this is that the latter securities have been issued by the issuer of the underlying shares or by a body belonging to the group of undertakings of that issuer;
4b.		Non-equity securities: all securities that are not dividend values; "

4. In accordance with § 1 (1) Z 5 the following Z 5a is inserted:

" 5a.		Qualified investors:
a)			legal persons authorised in respect of their activities on the financial markets, or shall be supervised. These include: credit institutions, investment firms, other approved or regulated financial institutions, insurance companies, collective investment undertakings and their management companies, pension funds and their management companies; goods dealers ("commodity dealers") and entities which are not authorised or supervised and whose sole business purpose is in the investment facility;
b)			national and regional governments, central banks, international and supranational institutions such as the International Monetary Fund, the European Central Bank, the European Investment Bank and other comparable international organisations;
c)			other legal entities which do not fulfil two of the three criteria after Z 7;
d)			Certain natural persons: natural persons domicated in the country of residence (§ 66 para. 1 JN), fulfilling two of the criteria set out in paragraph 2, and applying for the FMA in proof of these conditions, as qualified investors to be admitted by the FMA by means of registration in the register (paragraph 1). 3) and exists for the duration of the registration; in the case of reciprocity, natural persons registered in the corresponding register of other EEA States Parties shall also be considered as "certain natural persons" in the sense of this Litera;
e)			certain small and medium-sized enterprises (certain SMEs): SMEs which have their head office in the country and apply to the FMA to be admitted as qualified investors; authorisation by the FMA is carried out by means of registration in the register (par. 3) and exists for the duration of the registration; in the case of reciprocity, SMEs registered in the relevant register of other EEA States Parties shall also be regarded as "certain SMEs" in the sense of this Litera; "

5. § 1 (1) Z 6 reads as follows:

" 6.		Person who submits an offer ("Provider") : a legal or natural person who offers publicly available securities or predisposition; "

6. In accordance with § 1 (1) Z 6, the following Z 7 to Z 17 are added:

" 7.		small and medium-sized enterprises (SMEs): companies which, according to their latest annual accounts, -a consolidated financial statement of at least two of the following three criteria: an average number of employees in the last financial year of less than 250, a total balance sheet total of EUR 43 million, and a net annual turnover of a maximum of EUR 50 million;
8.		Credit institutions: enterprises within the meaning of Art. 1 Z 1 lit. (a) Directive 2000 /12/EEC;
9.		Regulated market: a market within the meaning of Article 1 (1) (13) of Directive 93 /22/EEC; Article 69 of Directive 2004 /39/EC is to be applied;
10.		Offer programme: a plan which allows non-equity securities of a similar type and/or class, including warrants of any kind, to be issued continuously or repeatedly during a given emission period;
11.		continuous or repeated securities: continuous or at least two separate issuance of securities of a similar nature and/or class for a period of twelve months;
12.		Member State of origin:
a)			for all issuers of securities not in lit. (b) the EEA State Party in which the issuer has its registered office;
b)			for each issue of non-equity securities with a minimum denomination of EUR 1 000 and for each issue of non-dividends which have the right to be transferable in the event of the conversion of the security or the exercise of the right to be securitised acquire securities or receive a cash amount, provided that the issuer of the non-equity securities is not the issuer of the underlying securities or a position belonging to the group of undertakings of the latter issuer, the by the choice of the issuer, the offeror or the person applying for admission to the EEA State Party in which the issuer is established or to the EEA State Party in which the securities are to be admitted or admitted to trading on a regulated market, or to the EEA Contracting State in which the securities are offered to the public. The same scheme shall apply to non-equity securities denominated in currencies other than euro, provided that the value of such minimum denominations is approximately EUR 1 000;
c)			for all third country issuers of securities that are not in lit. b), depending on the choice of the issuer, the offeror, or the person applying for admission either to the EEA State Party in which the securities are to be offered to the public for the first time after 31 December 2003, or to the EEA State Party in which the first application for admission to trading on a subject is to be admitted to the public regulated market, subject to a subsequent election by the third country issuer, if the home Member State has not been determined in accordance with its choice;
13.		Host Member State: the EEA State Party in which a public offer is submitted or the admission to trading is sought, provided that that State is not the home Member State;
14.		Undertakings for collective investment of a type other than the closed-end type: investment funds and investment companies;
a)			the purpose of which is to jointly invest the funds allocated to them by the public in accordance with the principle of risk-spreading; and
b)			whose shares are bought back or replaced, directly or indirectly, at the expense of the assets of such undertakings, at the request of the unit holder;
15.		Shares in collective investment undertakings: securities issued by an undertaking for collective investment and the rights of the unit-holders to the assets of that organism;
16.		Approval: the positive action at the conclusion of the completeness check of the prospectus by the competent authority of the home Member State, including the consistency and comprehensibility of the information provided;
17.		Basic prospectus: a prospectus, all of which are listed in § 7 (1) to (4) and the provisions of Commission Regulation (EC) No 809/2004 of 29 April 2004 and, in the case of a supplement, also in section 6 of the changing and supplementary information relating to the issuer and to the securities to be offered to the public or to be admitted to trading, and, at the choice of the issuer, the final terms of the offer. "

7. § 1 para. 3 receives the sales designation "(4)" .

8. § 1 (2) and (3) are:

" (2) For the purposes of paragraph 1 (5a) (5a). d apply the following criteria:

1.		Investors have made large-scale transactions in securities markets and have completed, on average, at least 10 transactions per quarter in the last four quarters;
2.		the value of the investment portfolio of the investor exceeds EUR 0.5 million;
3.		the investor, or has been in a professional position for at least one year in the financial sector, which requires knowledge in the field of investment investment.

(3) For the purposes of paragraph 1 (5a) (5a). d and e shall also apply: FMA has a register of natural persons and SMEs which are considered to be qualified investors. The register shall contain the name and a delivery address of the investor. The register shall be available to all issuers and providers; the data protection provisions shall be observed. Any natural person or SME, which wishes to be regarded as a qualified investor, must be registered and any registered investor must be removed from the register without delay via his application. The FMA may, at any time, require the registered investors to provide proof of the upright condition of the registration requirements and, in the event that the latter is not provided, the registrant shall, on its own account, be required to provide the Delete the register. The natural persons and SMEs registered in the register shall ensure that the FMA has the current data in respect of the information in the register. "

9. § 2 reads:

" § 2. (1) A public offer may only be made domesically if a prospectus drawn up and approved in accordance with the provisions of this Federal Law has been published no later than a banking day before that date.

(2) In the case of apportionment, the control in accordance with Section 8 (2) shall replace the approval by the FMA. The provisions of § § 6a, 7a, 7b, 7c, 8a, 8b, 8c, 10 (1), 10 (3), last sentence, 16c and 17b are not applicable in the case of public offers of predisposition; for the purposes of § § 15 and 16, a controlled prospectus shall be a the approved prospectus and the controlled changing and supplementary information shall be consistent with the approved changing and supplementary information. "

10. In Section 3 (1) (1) (1), the point of reticle shall be deleted and the following word group shall be added:

"or the Oesterreichische Nationalbank, as well as securities guaranteed by the Federal Government or the Länder, and irrevocably guaranteed;"

11. In Section 3 (1), the following Z 1a and 1b shall be inserted after Z 1:

" 1a.		Non-equity securities issued by an EEA State Party or by a local authority of an EEA Contracting State or a central bank of an EEA Contracting State, provided that the respective EEA State Party is not subject to a dividend the Republic of Austria or non-equity securities of the Austrian Federal States or non-equity securities of the Oesterreichische Nationalbank are also excluded from the prospectus obligation to the same extent;
1b.		securities which are absolutely and irrevocably guaranteed by an EEA State Party or are guaranteed by a local authority of an EEA Contracting State, provided that the relevant EEA State Party has securities issued by the Republic of Germany Securities guaranteed by Austria or by the Austrian Länder are also exempted from the prospectus obligation to the same extent; "

12. § 3 (1) Z 2 and Z 3 are:

" 2.		Non-equity values of an international organisation of public law, of which Austria belongs and of the European Central Bank;
3.		Non-equity securities issued in a continuous or repeated manner by credit institutions, provided that such securities are
a)			are not subordinated, convertible (convertible), or interchangeable;
b)			do not entitle to the drawing or purchase of other securities and are not linked to a derivative;
c)			-the reception of repayable deposits;
d)			are covered by a Deposit Guarantee Scheme within the meaning of Directive 94 /19/EC.
		Up to a total value of less than EUR 50 million, where this ceiling is to be calculated over a period of 12 months, the condition referred to in paragraph 1 shall not apply to the total value of the sum of EUR 50 million. c and d; "

13. § 3 (1) Z 6 to Z 14 are:

" 6.		Shares which are offered or allocated free of charge to the existing stock holders, or as well as dividends in the form of shares of the same class as the shares for which such dividends are distributed, provided that a document has been published containing information on the number and nature of the shares; and in which the reasons and details of the offer are set out;
7.		shares issued in exchange for shares of the same class already issued, provided that the issuance of these new shares does not result in an increase in the capital of the issuer;
8.		securities offered on the occasion of a takeover by exchange or being offered or allocated on the occasion of a merger, or where a document has been published in each case, the information of which, in the opinion of the competent authority of the home Member State, is equivalent to that of a prospectus;
9.		an offer of securities or investments aimed at investors who purchase securities or investments from a minimum amount of EUR 50 000 per investor in the case of each separate offer, as well as an offer of securities or securities; Assessments with a minimum denomination of EUR 50 000;
10.		an offer of securities or apportionments of a total value of less than EUR 100 000, the ceiling being calculated over a period of twelve months;
11.		an offer of securities or predisposition to qualified investors only;
12.		securities offered or allocated to current or former executives or employees by their employer, whose securities are already admitted to trading on a regulated market, or by a related undertaking or where a document has been published containing information on the number and type of the securities and in which the reasons for and details of the offer are set out;
13.		Shares in the capital of the central banks of the EEA Contracting States;
14.		Tenders addressed to less than 100 natural or legal persons per EEA Contracting State, which are not qualified investors. "

14. § 3 para. 1, Z 15 and 16 are deleted.

15. § 3 (2) and (3) are:

" (2) Without prejudice to paragraph 1, Z 1, 1a, 1b, 2, 3 and 10, issuers, providers or persons applying for admission to trading on a regulated market shall have the right to draw up a prospectus within the meaning of this Federal Act when securities either offered to the public or admitted to trading. All legal consequences arising from the prospectus obligation in accordance with § 2 or § 74 BörseG are also to be used for this purpose.

(3) Any subsequent resale of securities or apportionments which were previously the application of the exceptions to the prospectus requirement in accordance with paragraph 1 (1) (9) to (11) and (14) shall be considered as a separate offer, based on the definition of the term in accordance with Section 1 (1) (1) (1), it is to be decided whether this resale is a public offer. In the case of the placement of securities or investment by financial intermediaries, a prospectus shall be published if the final placement does not meet any of the conditions set out in points 9 to 11 and 14 of the first paragraph. "

Section 3 (4) reads as follows:

" (4) The FMA may, by means of a Regulation, lay down minimum content for the documents referred to in paragraphs 1, Z 6, 8 and 12. § 10 shall apply for the type of publication. "

17. § 3 (5) deleted.

18. § 4 reads:

" § 4. (1) Any type of advertising relating to a public offer of securities or investments or to an admission to trading on a regulated market must comply with the principles set out in paragraphs 2 to 5. Paragraphs 2 to 4 shall apply only to cases in which the issuer, the offeror or the person applying for admission to the trade is subject to the prospectus obligation.

(2) In all advertisements, it should be noted that a prospectus, including any changing or supplementary information, has been published or is available for publication and where the investors can obtain it.

(3) Advertising advertisements must be clearly identifiable as such. The information contained therein may not be incorrect or misleading. Such information shall not, in addition, be contrary to the information contained in the prospectus and any other information which may be amended or supplemented, if the information has already been published, or to the information contained in the prospectus. shall be included in the event that it is published at a later date.

(4) In any event, all information disseminated orally or in writing concerning the public offer or admission to trading on a regulated market, even if not intended for advertising purposes, shall be required with the information in the prospectus and in the any changing or supplementary information contained in it.

(5) If there is no prospectus obligation pursuant to this Federal Act, essential information shall be provided by the issuer or the offeror, which shall be addressed to qualified investors or special investor groups, including information provided in the course of: events relating to offers of securities are communicated, to all qualified investors or to any qualified investors or to communicate to all the specific investor groups to which the offer is directed exclusively. Where a prospectus has to be published, such information shall be included in the prospectus or in a supplement (amending or supplementary information) to the prospectus in accordance with section 6 (1).

(6) The FMA can check whether the advertising of a public offer of securities or an admission to trading on a regulated market complies with the principles set out in paragraphs 2 to 5 above. It shall exercise this activity, in particular where there is a reasonable suspicion of a breach of the provisions laid down in paragraphs 1 to 5. "

19. § 6 together with headline reads:

" Night rag to the prospectus

§ 6. (1) Any important new circumstance or any significant inaccuracy or inaccuracy in relation to the information contained in the prospectus which could affect the assessment of the securities or the apportionment and which is between the endorsement of the Prospectus and the final conclusion of the public offer or, if it occurs earlier, the admission to trading on a regulated market, or , the prospectus must be referred to in a supplement (amending or supplementary information). This supplement (changing or supplementary information) shall be published and filed without delay by the applicant (§ 8a (1)), at least in accordance with the same rules as they are for the publication and filing of the original prospectus gaged. At the same time as the publication is published, the supplement must be submitted by the applicant to the FMA for approval and shall be approved by the applicant within seven banking working days from the date of receipt of the application, in the presence of the conditions laid down in Article 8a; the FMA has to submit a copy of the approval to the Reporting Office. In the event that the outcome of the approval procedure results in an amended supplementary text, it must also be published together with a notice which has already been made public. The summary and any translations thereof shall also be supplemented, if necessary, by the information contained in the supplement.

(2) Investors who, after the occurrence of a circumstance, an inaccuracy or inaccuracy within the meaning of paragraph 1, but prior to the publication of the night rages relating thereto, already promised to acquire or subscribe to the securities or apportionment , have the right to withdraw their undertakings within a period of two banking days after the date of publication of the supplement. § 5 shall apply mutatily. If, on the other hand, the investors are consumers within the meaning of Article 1 (1) (1) (2) of the KSchG, the time limit laid down in § 5 (4) shall also apply.

(3) The period referred to in paragraph 1 shall be shortened by two banking days, provided that the FMA is a supplement to be controlled in accordance with Section 8 (2a) or in connection with securities which are to be admitted to trading on the Vienna Stock Exchange, with an opinion in accordance with § 8 para. 2c was presented.

(4) In the case of supplements (changing or supplementary information) of prospectuses of apportionment, the requirement of approval by the FMA shall not be required. These retro-postings must instead be checked in accordance with Section 8 (2). Furthermore, when prospecting prospectuses are carried out, paragraph 1 shall apply with the proviso that the supplier shall immediately send the notice of inspection of the prospectus inspection authority to the reporting office. "

20. In accordance with § 6, the following § 6a and title shall be inserted:

" Validity of the prospectus

§ 6a. (1) A prospectus shall be valid for twelve months after its publication in respect of public offers or authorisations for trading on a regulated market, provided that it is supplemented by any supplements required in accordance with § 6.

(2) In the case of an offer program, the previously filed base prospectus shall be valid for twelve months.

(3) In the case of non-equity securities in accordance with § 7 (4) (2) (2), the prospectus shall be valid until none of the securities concerned is issued in a continuous or repeated manner.

(4) A previously filed registration document for trading on a regulated market within the meaning of Section 7 (3) is valid for twelve months, provided that it has been updated in accordance with Section 75a (1) BörseG.

(5) The registration document shall be regarded as a valid prospectus together with the description of the securities, which may have been updated in accordance with Section 7a (3) to (5) and the summary. "

21. § 7 reads:

" § 7. (1) The prospectus shall contain all the information corresponding to the characteristics of the issuer and the securities or investments offered to the public or to the public or to the public or to the issuer. securities admitted to trading on the regulated market, in order to give investors a sound judgment on the assets and liabilities, the financial position, the profits and losses, the future prospects of the issuer, and of each guarantor and of the rights attaching to these securities or apportionment. This information shall be presented in an easy-to-analyse and comprehensible form.

(2) The prospectus shall contain information on the issuer and on the securities which are to be offered to the public or admitted to trading on a regulated market. It shall also contain a summary. The summary shall, in the short and in the general language, identify the essential characteristics and risks to be met by the issuer, each guarantor and the securities, and shall be drawn up in the language in which the prospectus was originally created. The summary must also contain warnings that:

1.		it should be understood as an introduction to the prospectus, and
2.		the investor should base any decision on the investment in the securities in question for the examination of the entire prospectus; and
3.		where, in the case of a court, claims arising from the information contained in a prospectus are claimed to be the plaintiff investor in application of the national laws of the EEA States Parties may have to be translated for translation of the prospectus before the start of the process, and
4.		may be held liable to those persons who submitted the summary including a translation thereof and whose reporting has been requested, but only in the event that the summary is misleading, incorrect or contradictory if it is read together with the other parts of the prospectus.
Where the prospectus relates to the admission of non-equity securities with a minimum denomination of EUR 50 000 to trading on a regulated market, no summary shall be drawn up.

(3) Subject to the fourth paragraph, the issuer, the offeror or the person applying for admission to trading on a regulated market may draw up the prospectus as a single document or in several individual documents. Where a prospectus consists of a number of individual documents, the required information shall be divided into a registration document, a securities description and a summary. The registration document shall contain the information on the issuer. The securities note shall contain information on the securities offered to the public or intended to be admitted to trading on a regulated market.

(4) For the following types of securities, the prospectus may consist of a base prospectus at the choice of the issuer, the offeror or the person applying for admission to trading on a regulated market, who shall provide all the necessary information on the Issuers and securities offered to the public or to be admitted to trading on a regulated market shall include:

1.		non-dividends, including warrants of any kind, which are issued under an offer programme;
2.		non-equity securities issued on a permanent or repeated basis by credit institutions,
a)			provided that the proceeds of the issuance of these securities are applied in accordance with national law in assets which are sufficient to cover the liabilities arising from the securities concerned to the Offer due date, and
b)			where, in the event of the insolvency of the credit institution concerned, such proceeds are, without prejudice to the provisions of Directive 2001 /24/EC, as a matter of priority for the repayment of the capital and the accrued interest.
The information provided in the basic prospectus shall, if necessary, be provided by updated information on the issuer and on the securities offered to the public or securities. , to be admitted to trading on a regulated market, in accordance with § 6. If the final terms of the offer are not included in the base prospectus or in a supplement, they shall be transmitted to the investors and shall be provided to the FMA or to a body responsible for appropriate remuneration from the FMA. as soon as a public offer is submitted and the transmission or It shall be practicable and, if possible, before the start of the tender. The emission volume and the emission price shall be either included in the final terms or in the final terms and shall be explained within the meaning of paragraph 5 (1).

(5) In the event that the final emission price and the volume of emissions which are the subject of the public offer cannot be mentioned in the prospectus, either:

1.		in the prospectus, the criteria and/or the conditions on the basis of which the said values are determined, or in the case of the emission price, a maximum rate, or
2.		provide in the prospectus that the commitment to acquire or for the drawing of the securities within two banking days after the deposit of the final emission price and the total number of securities offered to the public can be withdrawn.
The final emission price and the emission volume shall be deposited at the FMA or at a facility commissioned by the FMA against reasonable remuneration and shall be published in accordance with § 10 para. 3.

(6) The FMA may, at the request of the issuer, the offeror or the person applying for admission to trading on a regulated market, make it clear that certain information provided under this Federal Act or in accordance with Regulation (EC) No 809/2004, should not be included in the case of:

1.		the disclosure of the information in question is contrary to the public interest; or
2.		the disclosure of the information in question seriously harms the issuer, provided that the non-inclusion of the public does not relate to facts and circumstances which are necessary for an informed assessment of the issuer, offeror or the guarantor and the rights attaching to the securities to which the prospectus relates are essential, or
3.		the corresponding information for a specific offer or admission to trading on a regulated market is of secondary importance and the assessment of the financial situation and future prospects of the issuer, offeror or Guarantor not affected.

(7) In the event that, exceptionally, certain information to be included in the prospectus pursuant to this Federal Act or in accordance with Regulation (EC) No 809/2004, the sphere of activity or the legal form of the issuer or the securities to which the prospectus is based, shall be the prospectus is not appropriate, the prospectus shall contain, without prejudice to adequate information for investors, information which is equivalent to the information requested. If there is no such information, this obligation does not exist.

(8) The prospectus for securities is to be drawn up in accordance with Regulation (EC) No 809/2004. The provisions of paragraphs 2 to 7 shall not apply to prospectuses for apportionment. The prospectus for apportionment is to be drawn up in accordance with Annex C, in German or English.

(9) The FMA may impose a fee on the deposit of the documents referred to in paragraphs 4 and 5 of this Regulation. These fees may not exceed the average costs incurred by the official act, taking into account a fixed cost. "

22. In accordance with § 7 the following § 7a, § 7b and § 7c are inserted:

" § 7a. (1) It is permitted that the prospectus shall include information in the form of a reference to one or more previously or simultaneously published documents which, in accordance with this Federal Law or the Stock Exchange Act, in particular according to § 75a BörseG, at the FMA as the competent authority of the home Member State or, in the case of a body responsible for the appropriate remuneration thereof, has been deposited. This must be the last information available to the issuer. The summary may not contain information in the form of a reference.

(2) Where information is included in the form of a reference, a list of cross-references shall be provided in order to allow investors to easily locate specific details.

(3) An issuer whose registration document has already been approved by the FMA shall be obliged to draw up the securities description and summary only if the securities are offered to the public or, respectively, the securities issued by the FMA. be admitted to trading on a regulated market.

(4) In such a case, the securities description shall contain the information that would normally be provided in the registration document if it has been available since the approval of the last updated registration document or of a supplement pursuant to § 6 significant changes or new developments that could affect investors ' assessment. The description of the securities and the summary shall be approved separately.

(5) Where an issuer has deposited only an unapproved registration document, all documents, including updated information, shall be approved.

Language arrangements

§ 7b. (1) If a security is to be offered to the public only publicly, or if only there is to be a request for admission to trading on a regulated market, the prospectus shall be in German or English or in a FMA recognised by the FMA to create and publish the language.

(2) Prospectus which is otherwise submitted to the FMA as the competent authority of the home Member State shall be drawn up in the languages referred to in paragraph 1, but may be held in those languages, at the choice of the issuer, the offeror or the The person applying for authorisation shall also be published in a language otherwise customary in the international financial circles. In this case, the FMA may prescribe the publication of a translation of the summary in German by means of a regulation. However, if the prospectus submitted to the FMA as the competent authority of the home Member State for approval is intended to cover securities which are not to be offered to the public at national level or for domestic admission to trading on a domestic market, the prospectus should be subject to the following conditions: in addition to the languages referred to in paragraph 1 above, the prospectus may also be drawn up in a language otherwise customary in the international financial circles. Should the prospectus submitted to the FMA as the competent authority of the home Member State for approval relate to non-equity securities with a minimum denomination of EUR 50 000 for which admission to trading on a regulated market is requested , in addition to the languages referred to in paragraph 1, the prospectus may also be drawn up in a language which is otherwise customary in the international financial circles.

(3) In addition to the languages referred to in paragraph 1, the FMA may, in accordance with Article 18 of Directive 2003 /71/EC, also be able to choose the issuer, the offeror or the person applying for admission in a prospectus in an international financial circles are published in the common language. In this case, the FMA may prescribe the publication of a translation of the summary in German by means of a regulation.

Issuers with registered offices in third countries

§ 7c. (1) The FMA may, as the competent authority of the home Member State, issue a prospectus for a public offer or admission to trading on a prospectus drawn up in accordance with the legislation of a third country by issuers established in a third country. regulated market, if:

1.		this prospectus has been drawn up in accordance with international standards, including the IOSCO disclosure standards, established by international organisations of securities regulatory authorities; and
2.		the information requirements, including in relation to financial information, are equivalent to the requirements of this federal law.

(2) If securities of an issuer having its head office in a third country are offered to the public or admitted to trading on a regulated market after successful approval in the home Member State, § 7b and § 8b. "

23. In § 8 (2), after the word group "The prospectus is" the word group "at apportionment" inserted; the word group "; are securities with which subscription rights are linked to shares which, in turn, are already admitted to official trading on a stock exchange established there in another EEA Member State which is the State of the public limited-liability company; In addition, the inspection body shall seek the opinions of the competent authorisation body of the host State. " No.

24. In accordance with § 8 (2), the following paragraphs 2a to 2c are inserted:

" (2a) In the case of prospectuses of securities, paragraph 2 shall apply with the proviso that the test scale for the prospectus control is the completeness, coherence and comprehensibility of the prospectuses. However, the random test method provided for in paragraph 2 does not suffice. The underproduction of the prospectus is based on the irrefutable presumption that the undermanufactured has checked the prospectus and found it to be complete, coherent and comprehensible. If the applicant has already submitted a prospectus under this paragraph, to his application in accordance with § 8a, this shall shorten the time limits in accordance with Article 8a by three bank working days. At the approval pursuant to § 8a, the FMA is entitled to rely on the prospectus control of the prospectus control gates in accordance with this paragraph and to base it on its approval certificate, unless the FMA has reasonable doubts as to the The accuracy and completeness of the prospectus control or of the technical customer or the care of the prospectus control gates must have been or should have been such doubts with due care. This shall apply in the same way to the prospectus controls of the prospectus control doors authorised by the FMA, in particular if the prospectus has not been accompanied by a control declaration of a prospectus control. In no case are prospectus control gates of the FMA within the meaning of the Official Liability Act.

(2b) The FMA shall have a list of certified public accountants and accounting firms suitable for prospecting control, from which the prospectus control authority, if it is to come from that profession, shall be selected. The Chamber of Economic Scatterers may submit proposals to the FMA for suitable candidates for this list.

(2c) In the case of prospectuses of securities which are to be admitted to trading on the Vienna Stock Exchange, the period in accordance with § 8a shall be reduced by three banking days only if the applicant has received an opinion from Wiener Börse AG pursuant to section 8a. accompanied by a declaration that the prospectus has been checked and found to be complete, coherent and comprehensible. At the approval pursuant to § 8a, the FMA is entitled to rely on the opinion of Wiener Börse AG in accordance with this paragraph and to base it on its approval certificate, unless the FMA has reasonable doubts as to its accuracy and Completeness of the opinion or of the specialist or the care of Wiener Börse AG has or should have had such doubts with due care. This shall apply in the same way to the opinions of Wiener Börse AG, which are commissioned by the FMA itself, in particular if the prospectus has not been accompanied by an opinion from Wiener Börse AG. In no case shall the Vienna Stock Exchange AG be an institution of the FMA in the sense of the official liability law. "

Section 8 (3) last sentence reads:

"The securities and investments of the same issuer, which have been the subject of a public offer within the last twelve months, shall be included in the determination of the total amount."

26. In § 8 (4) and (5), depending on the expression "271" the word group "and § 271a" inserted.

27. § 8 (8) reads:

" (8) The application for approval of the prospectus to the FMA shall be accompanied by the prospectus provided with the necessary subtleties, including, where appropriate, the underproduction of the prospectus. On the other hand, the prospectus of apportionment shall be sent by the provider of the notification office with the necessary maintenance, including the underproduction of the prospectus control, in such a timely manner that it shall be submitted to it at the latest on the banking day of the Publication is available. "

28. In accordance with § 8, the following § 8a, § 8b and § 8c, together with the heading, are inserted:

" Approval of the prospectus

§ 8a. (1) The FMA, if Austria is the home Member State, shall be the competent managing authority of the home Member State at the request of the issuer or the offeror or the person applying for admission to trading on a regulated market which: approve prospectuses if they are complete, coherent and comprehensible and fulfil the conditions otherwise required under this Federal Act. The FMA may, in the approval procedure for the assessment of the completeness, coherence and comprehensibility of the prospectuses in § 8 paragraph 2, refer to the persons referred to in § 8 paragraph 2 as prospectus control or otherwise as experts. In proceedings concerning applications for the approval of prospectuses for securities which are to be admitted to trading on Wiener Börse AG, the FMA may, before endorsement, provide an opinion of Wiener Börse AG within the meaning of section 8 (2c), provided that: such a request has not been included in the application. In any case, the applicant shall have to pay for the fees of the prospectus control gates, experts or the Wiener Börse AG as the position of experts.

(2) The FMA has the power to approve the approval procedure:

1.		from issuers, providers or persons applying for admission to trading on a regulated market, to require the inclusion of additional information in the prospectus if the investor protection is to be provided for;
2.		require the submission of information and documents from issuers, providers or persons applying for admission to trading on a regulated market, as well as of persons controlling or controlled by them;
3.		by the auditors and managers of the issuer, the offeror or the person applying for admission to trading on a regulated market, and those with the placing of the public offer or admission to trading To require financial intermediaries to provide information;
4.		suspend a public offer or admission to trading for a maximum of ten consecutive banking days, if there is a reasonable reasonable suspicion that the provisions of this Federal Act or § § 74 et seq. BörseG has been breached;
5.		to prohibit or suspend advertising for a maximum of ten consecutive banking days if there are reasonable grounds for believing that the provisions of this Federal Law have been infringed;
6.		prohibit a public offer if it finds that the provisions of this federal law have been infringed, or if there is a reasonable reasonable suspicion that it would be in breach of it;
7.		to suspend trading on a regulated market for a maximum of ten consecutive banking days, or to require the regulated markets concerned to suspend trading if there are reasonable grounds for believing that: has been infringed against the provisions of this Federal Law or against § § 74 ff BörseG;
8.		prohibit trading on a regulated market if it finds that the provisions of this Federal Act or § § 74 ff BörseG have been infringed;
9.		to make it known that an issuer does not comply with its obligations.

(3) The FMA shall inform the issuer, the offeror or the the person applying for admission to trading on a regulated market shall, within ten banking working days after the date of submission of the prospectus, inform him of its decision as to the approval of the prospectus. If the FMA does not inform the FMA on the prospectus within the time limits referred to in this paragraph and in paragraph 4, this shall not be deemed to be an endorsement.

(4) The period referred to in paragraph 3 shall be extended to 20 banking days if the public offer relates to securities issued by an issuer whose securities are not yet admitted to trading on a regulated market and who do not previously have securities publicly offered.

(5) When the FMA reaches the duly substantiated view that the documents submitted to it are incomplete or that supplementary information is required, the time limits referred to in paragraphs 3 and 4 shall not apply until the date on which the The issuer, the offeror or The person applying for admission to trading on a regulated market shall submit such information. In the case referred to in paragraph 3, the FMA shall notify the issuer within ten banking working days from the date of submission of the application if the documents are incomplete.

(6) The FMA may transfer the approval of a prospectus to the competent authority of another EEA State Party, provided that that authority agrees to it. The transfer shall also be the issuer, the offeror or to notify the person applying for admission to trading on a regulated market within three banking days from the date on which the FMA has made its decision. FMA may, for its part, accept the approval of a prospectus by the competent authority of the home Member State of another EEA Contracting State. The period referred to in paragraph 3 shall, in this case, expire from the date of the decision of the competent authority to be transferred. Any wrongdoing by the competent authority of another EEA Contracting State is not to be attributed to the Republic of Austria as a legal entity.

(7) The prospectus provided with the approval shall be the reporting point of the issuer, the offeror or the supplier, respectively. the person applying for admission to trading on a regulated market, in time to be sent to it at the latest on the date of publication.

(8) After the admission of securities to trading on a regulated market, the FMA is also entitled to:

1.		in order to ensure the protection of investors or the smooth operation of the market, the issuer shall require the notification of all essential information relating to the valuation of securities admitted to trading on regulated markets; can influence;
2.		suspend trading of the securities or require the regulated market in question to suspend trading if it considers that, in the light of the issuer's situation, trade would be detrimental to the investor's interests;
3.		ensure that issuers whose securities are traded on regulated markets comply with the obligations laid down in Articles 102 and 103 of Directive 2001 /34/EC and that in all EEA States Parties in which the public offer , or if the securities are admitted to trading, all investors receive the same information and all securities holders who are in the same situation are treated equally by the issuer;
4.		carry out inspections in order to verify compliance with the provisions of this Federal Law and of the implementing measures of Directive 2003 /71/EC.

Prospectuses approved at Community level

§ 8b. (1) Without prejudice to Article 8c, where Austria is not the home Member State, the public offer of a security or its admission to trading on a regulated market shall be that provided by the competent authority of the home Member State valid prospectus, including any supplements required for a public offer or for admission to trading, provided that the FMA has been notified (notified) in accordance with Article 18 of Directive 2003 /71/EC. FMA does not carry out an approval procedure for this prospectus. This prospectus shall be deemed to have been approved in accordance with this Federal Law.

(2) If, since the approval of the prospectus by the competent authority of the home Member State, important new circumstances, significant inaccuracies or inaccuracies have occurred within the meaning of § 6, the FMA may-if it is aware of it-the competent authority of the home Member State shall draw the attention of the competent authority of the home Member State to the fact that any new information (a supplement to be approved under Article 13 (1) of Directive 2003 /71/EC) is required.

The FMA, acting as the competent authority of the home Member State, shall, for its part, forward to the competent authorities of the host Member States within three banking days following a request by the issuer or by the issuer for the preparation of such a request. the person responsible for the prospectus or, if the request has been submitted together with the prospectus, within a banking day after approval of the prospectus, a certificate of approval stating that the prospectus has been submitted in accordance with the Directive 2003 /71/EC, as well as a copy of that prospectus. This notification shall, where appropriate, be accompanied by a translation of the summary commissioned by the issuer or by the person responsible for the preparation of the prospectus. The same procedure shall apply to any supplement to the prospectus.

(4) The possible application of the provisions of § 7 (6) and (7) shall be mentioned in the certificate and shall be justified.

Breaches of duty by issuers from the EEA

§ 8c. (1) The FMA, as the competent authority of the host Member State, shall establish that irregularities have occurred in the issuer or in the financial intermediaries charged with the placement of the public offer or that the issuer is responsible for the It shall inform the competent authority of the home Member State that obligations arising from the admission of securities to trading on a regulated market have not been fulfilled.

(2) In spite of the measures taken by the competent authority of the home Member State, or because they prove to be inappropriate, the issuer or the financial intermediary responsible for placing the public offer is in breach of the rules adopted by the competent authority of the home Member State; , 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 necessary measures to protect investors, the measures required. The Commission shall be informed of such measures at the earliest possible date. "

§ 10 reads:

" § 10. (1) A prospectus may not be published before the approval by the FMA.

(2) Following its approval, the prospectus shall be published by the issuer, the offeror or the person applying for admission to trading on a regulated market as soon as practicable, but in any event no later than one Bank working day before the start of the public offer or a bank working day prior to the admission of the securities concerned to trading. In addition, in the case of a public initial offer of shares of a class whose shares are not yet admitted to trading on a regulated market but are to be admitted to trading for the first time, the prospectus must be at least six Bank working days prior to the completion of the offer.

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

1.		was published in the Official Journal to the Wiener Zeitung or otherwise in at least one newspaper with distribution throughout the territory of the Federal Republic of Germany, or
2.		the public in printed form free of charge to the competent authorities of the market where the securities are to be admitted to trading, or to the registered office of the issuer or the financial intermediaries, including the paying agencies, which shall: place or sell securities, has been made available or
3.		in electronic form on the Internet side of the issuer and, where applicable, on the Internet side of the financial intermediaries placing or selling the securities, including the paying agents, or
4.		has been published in electronic form on the Internet site of the regulated market for which admission to trading has been requested, or
5.		in electronic form on the Internet site of the FMA or on the Internet site of a body responsible for the appropriate remuneration for this purpose, when the FMA has decided to offer this service.
The FMA is to be notified in advance, as will be published and where the prospectus will be available; the criteria for publication according to Z 1 can be determined by the FMA by regulation.

(4) In any event, the issuer shall publish a communication pursuant to paragraph 3 (3) (1) or (3), which indicates how the prospectus has otherwise been published in accordance with paragraph 3 and where it is available.

(5) The FMA shall publish on its Internet site or on the Internet site of a body charged by it against appropriate remuneration for a period of twelve months at its discretion, either all approved prospectuses or at least the list of prospectuses which have been approved in accordance with Article 8a, including, where appropriate, an electronic link (hyperlink) to the prospectus published on the Internet site of the issuer or the regulated market.

(6) In the event that the prospectus is drawn up in a number of individual documents and/or contains information in the form of a reference, the documents and particulars forming the prospectus may be published and circulated separately if the prospectus is to be published separately and in circulation. to be made available free of charge in accordance with the provisions of paragraph 3. Each individual document shall indicate where the other individual documents which form the full prospectus together with the other individual documents are available.

(7) The wording and the presentation of the prospectus and/or the supplements to the prospectus, which are published or made available to the public, must at all times be identical to the original version approved by FMA.

(8) Where the prospectus is published in electronic form, the investor must, however, be the issuer, the offeror, the person applying for admission to trading, or the financial intermediaries who place or sell the securities, on request, a paper version will be made available free of charge. "

30. In Section 11 (1), the word group shall be "The correctness or completeness of the prospectus information (§ 7) or the" through the word group "Prospectuses or the" Replaces and becomes the parenthesic expression "(§ § 6 and 10)" by the parenthesis expression "(§ 6)" replaced.

31. In Section 11 (1) (2) (2) the word shall be deleted "Grobes" .

32. According to Article 11 (1) (2), the following Z 2a and 2b shall be inserted:

" 2a.		however, the prospectuses of prospectuses for apportionment of prospectuses only for their own gross negligence or gross negligence on the part of its people or other persons whose activity has been used for the control of prospectuses has been made incorrect or incomplete checks;
2b.		in the case of prospectuses of securities admitted to trading on the Vienna Stock Exchange, Wiener Börse AG, but only for its own fault or fault of its people or other persons, whose activities are subject to opinions pursuant to § 8 , incorrect or incomplete opinions have been made pursuant to Article 8 (2) (c), "

33. § 11 (1) the following fourth and fifth sentences are added:

" The summary, including a translation, shall then be held liable if it is misleading, incorrect or contradictory, as it is read together with the other parts of the prospectus. The persons referred to in Z 1 and 2 and any guarantor of any kind shall be clearly mentioned in the prospectus, indicating their name and status, in the case of legal persons of their name and their registered office; the prospectus shall also have the following particulars: to include the wording of the declarations assigned to the persons referred to in § 8, and also, in the case of the sole guarantor, that the information contained in the prospectus is correct and that the information contained therein shall not be concealed by the information contained in the prospectus; The statement of the prospectus can change. "

34. In Section 11 (7), the word "five" by the word "ten" replaced.

35. In § 12 (1), after the expression "14 Z 2" the word group "and the endorsement by the FMA" inserted, the word group "earliest seven years after the expiry of the period pursuant to § 11 (7)" through the word group "at the earliest 15 years after the filing of the notification office" replaced and the word group "Providers Reasonable Cost" is represented by the word group "Reporting liable to an adequate remuneration" replaced. In addition, the dot-dot becomes after the word "retain" is replaced by a point. After that, the word group "In accordance with Article 8b (1), the FMA does not carry out an approval procedure, it shall send the notification office a confirmation of the notification of the prospectus; in this case, the verification of the reporting body shall not be based on the existence of the minimum substations;" inserted. In paragraph 2, the following shall be referred to: "Underferments" the word group "and the approval or notification of notification of the FMA" inserted. § 12 (4) and (5).

36. In § 13 (1) the word group shall be "within the meaning of § 2" by the word "First" replaced and after the word group "the duration and" the word group " , in the case of public tenders, " , the following third sentence shall be added:

" For the purpose of unequivocal identification of the issuance to be reported in the case of securities or securitised assessments pursuant to § 1 (1) (3) (3), the provider also has the responsibility of the Oesterreichische Kontrollbank Aktiengesellschaft (domestic ISIN) (a) or a foreign ISIN awarding authority shall disclose ISIN or an equivalent identification. "

37. In Section 13 (2), the word group shall be "up to 12 and 15" through the word group " , 12 and 13 " replaced; the last sentence is deleted.

38. In § 13, paragraph 4, the word group "Has the Reporting Office" the word group "from the notifications received in accordance with paragraph 1" inserted and the word group "a punishable offence" through the word group "an act threatened with a judicial sentence" replaced.

39. In § 13 (4) and (5) the word group shall be "a prosecutor's office" through the word group "the FMA" replaced.

40. In § 14, the word group shall be deleted "securities or" as well as the word group "and even if an admission to official trading on the Vienna Stock Exchange is requested" ; in addition, in § 14 Z 3 the word group " , on which no securities are issued, " .

41. In § 15 (1) (1) (1) the word "Controlled" by the word "approved" and the word "controlled" by the word "approved" ; in Article 15 (1) (1) and (2), the word group shall be replaced by "§ § 6 and 10" by the expression "§ 6" replaced.

42. In § 16, the word "Authority" by the expression "FMA" replaced; the number "20 000" is represented by the number "35 000" replaced; in § 16, the word group shall be replaced by "§ § 6 and 10" by the expression "§ 6" replaced; in the Z 5, after the expression "§ 13" the word group "and even if there is no public offer or otherwise, without the obligation to prospectus" ; furthermore, the item at the end of § 16 shall be inserted by the word "or" replaced and the following paragraph 9 added:

" 9.		Orders of the FMA according to § 8a (2) (2) (4) to (8) or § 8a (8) (8) (1) to (3) are contrary or are not immediately transferred to the Reporting Office pursuant to § 6 (4) of the Prospectus Inspection Authority or the notice to the FMA pursuant to § 10 (3) Shall refrain from publishing or publish the notice pursuant to Article 10 (4) or advertise or publish it contrary to Chapter V of Regulation (EC) No 809/2004.

43. According to § 16, the following § 16a bis § 16c shall be inserted:

" § 16a. (1) The FMA may only disclose or publicly disclose measures or sanctions that have been set for violations of provisions of this Federal Act or of the Stock Exchange Act, only in accordance with the conditions of the Z 1 to 3.

1.		In the event of an act of office in an ongoing proceedings, the FMA shall refrain from mentioning the names of the parties concerned, unless they are already publicly known or there is an overriding interest in the public Knowledge of these names.
2.		In the event of a sanction being imposed, the FMA may be the name of the persons or undertakings against which the sanction was imposed, the names of the undertakings, the persons against which a sanction was imposed, and the names of the persons or undertakings against which the penalty was imposed. shall be the subject of an investigation or publication of the penalty imposed. For the purposes of this provision, all acts adopted by the FMA after the conclusion of a procedure shall be deemed to be sanctions.
3.		The FMA has to refrain from issuing any information on official acts or any publication in this respect if:
a)			the issuing of information or the publication would seriously endanger the stability of the financial markets, or
b)			the provision of information or publication would result in disproportionate damage in the case of a party concerned by the information or publication; or
c)			, by issuing the information, the implementation of a procedure or measures in the public interest may be foiled, hampered, delayed or endangered.

§ 16b. (1) All persons who are or have been active for the FMA, including the Reporting Office, shall be bound by the obligation of official secrecy. The information covered by the obligation of official secrecy may not be passed on to other persons or authorities, unless it is based on legal provisions.

(2) (1) does not preclude the transmission of confidential information pursuant to § 16c. The information provided in this way shall be subject to the obligation of official secrecy to which the persons who are or have been active with the competent authorities who receive this information are bound.

(3) The provisions of this Federal Act shall be without prejudice to existing provisions concerning professional secrecy in accordance with other federal laws.

Cooperation with competent authorities of other EEA States Parties

§ 16c. The FMA shall cooperate with the competent approval authorities of the other EEA States Parties whenever necessary for the performance of their duties and for the exercise of their powers. The FMA shall provide assistance to the competent approval authorities of other EEA States Parties and shall, for their part, take mutual assistance from them. Information transmission and cooperation shall take place in particular where an issuer is responsible for more than one authority of the home Member State because it issues different categories of securities, or if the approval of an issuer is more than one authority of the home Member State. Prospectus pursuant to Section 8a (6) has been transferred to the competent approval authority of another EEA Contracting State. They shall also cooperate closely if the suspension or prohibition of the trading of securities traded in several EEA States Parties is required in order to ensure a level playing field between the various trading venues and to ensure investor protection. The FMA, as the competent authority of the host Member State, may, where appropriate, request assistance from the competent authority of the home Member State from the stage in which the case is examined, in particular where new or rare Genera of securities. The FMA, as the competent authority of the home Member State, may ask the competent authority of the host Member State to provide information on all aspects of the market concerned. Without prejudice to § 8a, the FMA may consult operators of regulated markets as necessary, in particular if it decides on the suspension of trading or calls on a regulated market to suspend or prohibit trade. "

44. According to § 17, the following § 17a, 17b, § 17c, § 17d and § 17e are inserted:

" § 17a. 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.

§ 17b. (1) Issuers having their registered office in a third country whose securities are already admitted to trading on a regulated market in Germany may choose the FMA as the competent authority, provided that they are eligible for admission in accordance with Article 1 (1) (1) (12c) , and to communicate this decision to the FMA by 31 December 2005.

(2) Bonds in accordance with § 3 paragraph 1 Z 3 KMG in the version of the Federal Law BGBl. I n ° 80/2003 may be offered in Austria until 31 December 2008 without a prospectus being drawn up in accordance with § 2.

(3) In accordance with § 2 KMG in the version of the Federal Law BGBl. In contrast to § 2 KMG in the version of this Federal Act, the publication of a prospectus subject to a prospectus which began before 10 August 2005 and which was completed before 10 November 2005, is sufficient to publish a Provisions of the Capital Market Act in the version BGBl. I No 80/2003 established and controlled prospectuses. Section 8b (3) does not apply to prospectuses erected in such a way.

(4) § 102 (5) of the Banking Act, BGBl. 532/1993, is no longer applicable.

(5) § 73d (5) of the Insurance Supervision Act in the version BGBl. No 769/1992 is no longer applicable.

§ 17c. For the purpose of enforcing a law pursuant to this Federal Act, the amount of EUR 35 000 shall be replaced by a lower amount referred to in Section 5 (3) of the VVG.

§ 17d. In the case of administrative transgressions according to § 16, a period of limitation of 18 months shall apply in place of the limitation period of § 31 VStG of six months.

§ 17e. Regulations on the basis of this Federal Act may already be issued from the day following its customer's presentation. "

45. In accordance with § 19 (10), the following paragraph 11 is added:

" (11) § 1 para. 1 to 4, § 2, § 3 para. 1 to 4, § 4, § 6, § 6a, § 7, § 7a, § 7b, § 7c, § 8 para. 2, 2a, 2b, 3, 4, 5 and 8, § 8a, § 8b, § 8c, § 10, § 11 para. 1, § 11 para. 7, § 12 para. 1 and 2, § 13 para. 1, 2, 4 and 5, § 14, § 15 para. 1, § 16, § 16a, § 16b, § § 17c, § 17a, § 17c, § 17d and § 17e in the version of the Federal Law BGBl. I No 78/2005 will enter into force on 10 August 2005. § 3 (5), § 12 (4) and (5) and Annexes A and B shall expire on the expiry of 9 August 2005. "

46. Appendixes A and B are deleted.

Article 3

Amendment of the Stock Exchange Act

The Stock Exchange Act 1989-BörseG, BGBl. N ° 555/1989, as last amended by the Federal Law, BGBl. I n ° 127/2004, shall be amended as follows.

1. § 29 (1) reads:

"(1) Trading on the stock exchange shall be effected through the intermediary of the Sensale or between the exchange visitors directly or through an automated trading system."

Section 33 (1) reads as follows:

" (1) Only the stock exchange can be ordered.

1.		is at least 24 years old,
2.		has full business capacity,
3.		has passed the stock-exchange examination and
a)			in the case of an order to a sensory of the stock exchange for at least three years ' relevant practice as a sensory aid or as an employee of an open-air broker; or
b)			in the case of placing an order, it shall have at least five years of qualified practice in a relevant industry or, in the case of such an industry, a court-appointed expert. "

3. § 35 (1) reads:

" (1) Börsesensale shall be entitled to communicate contracts relating to the transport goods traded on the stock exchange as well as to the permitted auxiliary transactions. Commodity exchange services are also entitled to an industry-standard appraisal. In the stock exchange, however, they are not allowed to mediate any transactions in securities which are not listed in the Official Journal of the Exchange. "

4. § 43 (3) reads:

"(3) The FMA may extend the duration of a Sensal period when the age limit is reached at its request for a period of five years, if this is necessary due to low business and a lack of suitable candidates."

5. In § 48 (1) (6), the following is deleted and the word group shall be deleted. "or does not comply with the obligation to make a reference in accordance with Section 75a," .

6. In § 64 (1) the word "Debt prescriptions" by the word "Non-dividends" replaced.

7. In § 66 (7) the word "Debt prescriptions" by the word "Non-dividends" replaced, the word "Borrowing conditions" by the word "Emission Conditions" is replaced and the last sentence is deleted.

8. In § 67 (1) the word "Debt prescriptions" by the word "Non-dividends" replaced.

9. In § 68 (1) Z 5, the word group shall be "The securities" through the word group "Shares and other equity securities" replaced.

10. In § 68 (1) Z 7, the word group shall be "the securities" by the word "the shares and other equity securities" replaced.

11. In § 68 (4), the word "Debt prescriptions" by the word "Non-dividends" replaced, the word "Borrowing conditions" by the word "Emission Conditions" is replaced and the last sentence is deleted.

12. In § 69 (1) the word "Debt prescriptions" by the word "Non-dividends" replaced and the word "Borrowing conditions" by the word "Emission Conditions" replaced.

(13) In § 72 (2) the word shall be "Debt prescriptions" by the word "Non-dividends" replaced.

14. § 72 (3) Z 7 reads:

" 7.		the prospectus approved in accordance with Section 74 or the prospectus approved in accordance with Directive 2003 /71/EC, together with the confirmation of the FMA on the notification of the notification in accordance with § 8b KMG, in two copies each; "

15. § 74 reads:

" § 74. The prospectus is to be drawn up in accordance with § § 2 ff KMG and to be approved by the FMA in accordance with § 2 KMG (KMG) without prejudice to § § 8b KMG. "

§ 75 (1) (1) (1) to (8) are:

" 1.		shares which account for less than 10% of the number of shares of the same class already admitted to trading on the same regulated market over a period of 12 months;
2.		shares issued in exchange for shares of the same class already admitted to trading on the same regulated market, provided that the issuance of such shares does not involve an increase in the capital of the issuer;
3.		securities offered on the occasion of a transfer by means of exchange offer, provided that a document has been published, the information of which, in the opinion of the FMA, is equivalent to those of the prospectus;
4.		securities offered or allocated on the occasion of a merger, or where a document has been published, the information of which, in the opinion of the FMA, is equivalent to those of the prospectus;
5.		Shares which are offered or allocated free of charge to the existing stock holders, or as well as dividends in the form of shares of the same class as the shares for which such dividends are distributed, provided that they are shares of the same class as the shares already traded on the same , and provided that a document has been published containing information on the number and nature of the shares, and in which the reasons and details of the offer are set out;
6.		securities offered or assigned to current or former managers or employees by their employer or by a related undertaking, or in the case of securities of the same class as the securities already admitted to trading on the same regulated market and a document containing information on the number and number of securities, the type of transferable securities and the reasons for and details of the offer;
7.		shares issued in the course of the conversion or exchange of other securities or as a result of the exercise of rights attaching to other securities, provided that such shares are shares of the same class as the shares which already have the same trade is authorised on the same regulated market;
8.		securities which are already admitted to trading on another regulated market, provided that they fulfil the following conditions:
a)			These securities or securities of the same class have already been admitted to trading on the other regulated market for more than 18 months;
b)			for securities which were admitted to trading on a regulated market for the first time after the date of entry into force of this Federal Act, admission to trading on the other regulated market went hand in hand with the approval of a prospectus which: provided to the public in accordance with the provisions of Article 14 of Directive 2001 /34/EC;
c)			with the exception of those under lit. b regulated cases: for transferable securities admitted for the first time after 30 June 1983, prospectuses have been approved in accordance with the requirements of Directive 80 /390/EEC or Directive 2001 /34/EC;
d)			the current obligations relating to trade in the other regulated market have been complied with;
e)			the person applying for the admission of a security to trading on a regulated market under this derogation has drawn up a summary document published in a language issued by the competent authority of the the EEA Contracting State in which the regulated market for which the authorisation is sought is located;
f)			the summary document according to lit. e shall be published in accordance with the procedure laid down in Article 10 (3) of the KMG to the public in the EEA Contracting State in which the regulated market is sought for admission to trading; and
g)			the content of the summary document is in accordance with Section 7 (2) of the KMG. This document shall also indicate where the latest prospectus and financial information, which are disclosed by the issuer in accordance with the publicity rules applicable to it, are available. "

17. § 75 (2) and (3) are:

" (2) The prospectus obligation in accordance with § 74 shall also not apply in the cases of § 3 (1) Z 1, 1a, 1b, 2 and 3 KMG.

(3) The FMA may, by means of a Regulation, lay down minimum content for the documents referred to in paragraphs 1, Z 3 to 6 and 8. § 10 KMG is to be applied for publication type. "

18. § 75 (4) and (5).

19. 75a reads as follows:

" Section 75a. Issuers whose securities are admitted to trading on a regulated market shall, at least once a year, submit a document containing or referring to all the information they have received during the preceding twelve months in a or a number of EEA States Parties and in third countries on the basis of their obligations under Community law and the national rules on the supervision of securities, issuers of securities and securities markets or to the audience. Issuers shall refer at least to the information provided in accordance with the Company Law Directives, Directive 2001 /34/EC and Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of of international accounting standards.

(2) The document shall, if Austria is the home Member State, be deposited with the FMA or the institution responsible for the appropriate remuneration thereof following the publication of the annual financial statements. Where the document refers to information, it shall be indicated where it is to be obtained. For the deposit of documents, the FMA may prescribe a fee per regulation. These fees may not exceed the average costs incurred by the official act, taking into account a fixed cost percentage.

(3) The obligation referred to in paragraph 1 shall not apply to issuers of non-equity securities with a minimum denomination of EUR 50 000. "

20. § § 76 to 80 are deleted.

21. In § 82 (8) and Section 83 (5), the expression "§ 78" by the expression "§ 10 KMG" replaced and in Section 87 (1) the expression "§ 78 (1)" by the expression "§ 10 KMG" replaced.

22. In accordance with § 101d the following § 101e is inserted:

" § 101e. By way of derogation from § 2 KMG, the publication of an application for authorisation pursuant to § 72, which was submitted to the stock exchange company before 10 August 2005 and which was granted before 10 November 2005, shall comply with the provisions of the provisions of Stock exchange law in the version BGBl. I n ° 127/2004. The jurisdiction, the procedure and the decision on the prospectus examination (§ 77 in the version of the Federal Law BGBl. No 11/1989) shall be governed exclusively by the legal situation in force at the date of the application of the application. Article 8b (3) of the KMG does not apply to prospectuses established for such a kind. "

23. In accordance with § 102 (20), the following paragraph 21 is added:

" (21) § 29 (1), § 33 (1), § 35 (1), § § 43 (1), § 66 (7), § 67 (1), § 68 (1) Z 5 and 7, § 68 (4), § 69 (1), § 72 (2) and (3) Z 7, § 74, § 75 (1) to (3), § 75a, § 82 (8), § 83 (5), § 87 (1) and § 101e in the version of the Federal Law BGBl. I No 78/2005 will enter into force on 10 August 2005. Section 75 (4) and (5), § § 76 to 80 as well as the annexes A to J expire on August 9, 2005. "

24. The annexes A to J are omitted.

Article 4

Amendment of the Investment Fund Act

The Investment Fund Act, BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I n ° 9/2005, shall be amended as follows.

1. § 6 (1) the following sentence is added:

" FMA may specify the information referred to in Annex E Scheme E in more detail by means of a Regulation and supplement it with other information with the same information purpose. It is necessary to take account of investor interests and the Community legal requirement of a harmonised prospectus. "

2. In § 6 para. 3, second sentence, the point at the end of the sentence is deleted and the word group shall be deleted "with the proviso that the period of delay for the reporting body shall be calculated from the date of settlement of the capital investment fund." .

3. § 21 (2) the following fourth sentence is added:

"The FMA may regulate the type of transmission by means of a regulation, and in particular the use of electronic reporting systems or data carriers as well as EDP formats can be prescribed."

4. In accordance with § 48, the following § 48a and heading is inserted:

" Linguistic equality

§ 48a. 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 must be used in the application to certain persons. "

5. In accordance with § 49 (18), the following paragraph 19 is added:

" (19) § 6 (1) and (3), § 21 (2) and § 48a in the version of the Federal Law BGBl. I No 78/2005 will enter into force on 10 August 2005. '

Article 5

Amendment of the Securities and Markets Act

The Securities and Markets Act, BGBl. No 753/1996, as last amended by the Federal Law, Federal Law Gazette (BGBl). I n ° 127/2004, shall be amended as follows.

1. In § 30 (1) Z 11, the expression "§ 2 para. 1 Z 4" by the expression "§ 48q para. 1 BörseG" replaced.

1a. In § 23 Abs 3 and § 23a Abs 3, the word shall be "Compliance" by the word "Attention" replaced.

2. In accordance with § 34 (15), the following paragraph 16 is added:

" (16) § 23 para. 3, § 23a para. 3 and § 30 paragraph 1 Z 11 in the version of the Federal Law BGBl. I No 78/2005 will enter into force on 10 August 2005. '

Article 6

Amendment of the Financial Market Supervisory Authority Act

The Financial Market Supervisory Authority Act, BGBl. I n ° 97/2001, as last amended by the Federal Law BGBl. I n ° 70/2004, shall be amended as follows.

1. In Section 2 (3), the word "and" before the word group " in the financial conglomerate law, BGBl. I No 70/2004, " and it will be after the expression "2004," the word group " and in the Capital Market Act, BGBl. N ° 625/1991, ' inserted.

2. In accordance with § 28 (9), the following paragraph 10 is added:

" (10) § 2 para. 3 in the version of the Federal Law BGBl. I No 78/2005 will enter into force on 10 August 2005. '

Fischer

Bowl