127. Federal law, which changes the Stock Exchange Act and the Securities and Markets Act

The National Council has decided:

Article I

Amendment of the Stock Exchange Act

The Stock Exchange Act, BGBl. N ° 555/1989, as last amended by BGBl. I n ° 70/2004, shall be amended as follows:

1. In Section 26 (1), the word group shall be deleted "and 6" .

2. § 48 (1) Z 2 reads:

" 2.		is in breach of an obligation pursuant to Section 48d (1) to (6), (9) or (10), first sentence, or in accordance with § 48f or against an obligation pursuant to a Regulation of the FMA issued pursuant to Section 48d (11) or § 48f (10) or contrary to Article 48f (10) of the FMA, or a accused person against a professional ban imposed in accordance with section 48q (3), "

3. § 48b receives the paragraph designation "§ 48s." .

4. § 48c receives the Section title "§ 48t." .

5. The headline before § 48a and § 48a are:

" Market Abuse

§ 48a. (1) For the purposes of § § 48a to 48r the following definitions shall apply:

1.		"inside information" means a public information which is not publicly known and which, directly or indirectly, relates to one or more issuers of financial instruments or to one or more financial instruments, and which, if it were to be disclosed publicly, is likely to have a significant effect on the price of these financial instruments or on the price of related derivative financial instruments, because they are likely to use a steady investor as part of the basis of their investment decisions Would.
a)			Information shall be deemed to be accurate if it covers a number of existing or such facts and events where it is likely that it may be expected that they will enter into the future and in addition, it is sufficient for it to allow a conclusion on the possible impact of these facts or events on the courses of financial instruments or related derivative financial instruments.
b)			In relation to commodity derivatives, "inside information" means a publicly unknown, accurate information relating directly or indirectly to such a derivative or to a number of such derivatives, and from the participants in markets on which such derivatives are , they would expect that they would receive this information in accordance with the market practice allowed on the markets concerned. This is information which directly or indirectly relates to such a derivative or to a number of such derivatives and which is made available to the participants in such markets on a regular basis or in the application of laws, regulations and administrative provisions, trade rules, contracts or rules on the market on which the commodity derivatives are traded, or on the respective underlying commodity exchange, must be publicly disclosed. With regard to commodity derivatives, the responsibilities assigned to the FMA under this Federal Act are exercised by the Federal Ministry of Economics and Labour, but § § 48i to 48p are not to be applied.
c)			For persons who are charged with the execution of orders relating to financial instruments, "inside information" also means information according to lit. a or b, which has been communicated by a customer and relates to the customer's unfinished orders.
2.		"Market manipulation"
a)			shops or purchases-or Sales orders which
aa)				false or misleading signals for the supply of financial instruments, the demand for, or their course, or could give, or
off)				influence the course of one or more financial instruments by a person or by a number of persons acting in consultation in such a way as to achieve an abnormal or artificial level,
			unless the person who has completed the business or issued the orders had legitimate reasons for doing so and that such transactions or orders do not infringe the permitted market practice on the regulated market in question.
			In the assessment of the transactions or purchase or purchase Sales orders according to lit. (a) Market manipulation shall, without prejudice to the cases of market manipulation in accordance with paragraph 2, take account, in particular, of the following circumstances, which, as such, are not necessarily to be considered as market manipulation:
-				the extent to which a significant proportion of the daily volume of transactions with the corresponding financial instrument on the relevant regulated market is accounted for by a significant proportion of the daily volume of transactions or transactions carried out, in particular where such transactions are activities will lead to a significant change in the course of this financial instrument;
-				the extent to which a substantial change in the course of this financial instrument shall be made in the amount of the issued business orders or transactions carried out by persons with a significant purchase or sale position in a financial instrument or the derivative financial instrument or the underlying asset value which is admitted to trading on a regulated market;
-				whether unwinding operations do not result in any change in the identity of the beneficial owner of a financial instrument admitted to trading on a regulated market;
-				the extent to which the issued business orders or transactions involve reversals of positions within a short period of time, and a significant proportion of the daily volume of transactions with the relevant financial instrument on the and a significant change in the course of a financial instrument admitted to trading on a regulated market,
-				the extent to which, within a short period of the trading day, any business orders or transactions which have been issued are concentrated and result in a change in the course of the exchange, which will subsequently be reversed;
-				the extent to which the best-known courses for the supply and demand of a financial instrument approved on a regulated market are altered or, more generally, alter the presentation of the order book in which issued business orders change the scope of the order book market participants, and could be cancelled prior to their actual handling;
-				the extent to which business orders are issued at exactly or approximately at a certain point in time, or where transactions are carried out at that point in time, at which the reference rates, the settlement rates and the assessments are calculated, and Course changes that affect these courses and assessments.
b)			shops or purchases-or Sales orders subject to false facts or with the use of other acts of deception.
			In the assessment of the transactions or purchase or purchase Sales orders according to lit. (b) Market manipulation shall, without prejudice to the cases of market manipulation in accordance with paragraph 2, take account, in particular, of the following circumstances, which are not necessarily to be regarded as market manipulation:
-				whether, in advance or in retrospect, business orders or unwrapped transactions issued by certain persons have been accompanied by the dissemination of false or misleading information by the same persons or persons who are closely related to them;
-				whether or not a business contract is issued by persons transactions carried out by them before or after such persons, or persons in close relationship with them, have prepared or disclosed any analysis or investment recommendations which are incorrect or distorted or which are manifestly obvious have been influenced by material interests.
c)			dissemination of information on the media, including the Internet, or any other means which could give or give false or misleading signals in relation to financial instruments, inter alia, through the dissemination of rumours and false or misleading information; misleading news, if the person who disseminated this information knew or should have known that they were wrong or misleading. In the case of media staff acting in the exercise of their profession, such dissemination of information shall be assessed without prejudice to section 48q (1) and (2), taking into account the rules applicable to their professional status, unless the said rules are applicable to those workers who are in the exercise of their profession. directly or indirectly benefit from the dissemination of the information in question, or gain profits.
3.		"Financial Instruments"
a)			securities within the meaning of Directive 93 /22/EEC,
b)			Shares in undertakings for collective investment in transferable securities,
c)			money market instruments,
d)			financial futures (futures), including equivalent cash-based instruments;
e)			forward rate agreements;
f)			Interest rate and foreign exchange swaps as well as swaps on shares or equity index (equity swaps),
g)			Purchase and sales options to all under lit. a to f instruments falling within the range of instruments including equivalent cash instruments, in particular foreign exchange and interest rate options;
h)			Commodity derivatives,
i)			any other instrument which has been admitted to trading on a regulated market in a Member State or for which an application for admission to trading on such a market has been made.
4.		'regulated market' means a market within the meaning of Article 1 (1) (13) of Directive 93 /22/EEC and the unregulated third market in accordance with Article 69. However, § § 48d and 48f are not applicable for traffic admitted to the unregulated third market.
5.		"permissible market practice" means practices which are reasonably expected in one or more financial markets and which are accepted by the FMA by means of a regulation in accordance with paragraph 3 of this Article.
6.		"Person" means a natural person or a legal person.
7.		"competent authority" shall be the competent authority designated by the Member States in accordance with Article 11 of Directive 2003 /6/EC.
8.		A "person who performs managerial duties with an issuer" is a person,
a)			belongs to a management, management or supervisory body of the issuer, or
b)			which, as a managing director, does not have any of the under-lit. (a), but regularly has access to inside information with direct or indirect reference to the issuer, and has the power to take commercial decisions on future developments and business prospects of that issuer; to meet.
9.		A "person in close relationship with a person who performs managerial functions in an issuer of financial instruments"
a)			the spouse of the person performing these management duties or any other person who is equivalent to a spouse in accordance with national law,
b)			a child, dependent on national law, of the person who carries out such management duties,
c)			another member of the family of the person who carries out such management duties who have lived with him in a household for a period of at least one year prior to the transaction in question;
d)			a legal person, a trustee-active body or a personal company whose management responsibilities are carried out by a person after Z 8 or after the lit. a to c which is directly or indirectly controlled by such a person established in favour of such a person or whose economic interests largely correspond to those of such a person.
10.		"Persons who do business with financial instruments" are, in particular, investment firms and credit institutions.
11.		An 'investment firm' shall be a legal person within the meaning of Article 1 (2) of Directive 93 /22/EEC.
12.		A "credit institution" shall be a company within the meaning of Article 1 (1) (1) of Directive 2000 /12/EC.

(2) "Market manipulation" within the meaning of paragraph 1 (2) shall apply in particular to:

1.		To secure a dominant position in relation to the supply of a financial instrument or the demand for it by a person or several persons acting in consultation with the result of direct or indirect fixing of the buying-in- or the selling price or other unfair trading conditions;
2.		Purchase or sale of financial instruments at the conclusion of the stock exchange, with the result that investors who act on the basis of the closing price are misled;
3.		Take advantage of occasional or regular access to the traditional or electronic media by delivering an opinion on a financial instrument (or indirectly to the issuer of this financial instrument), with positions previously being this financial instrument, and then benefit from the impact of the opinion on the course of this financial instrument, without the public at the same time having a conflict of interest on the course of the financial instrument, an efficient way to communicate.

(3) If there is a "permissible market practice" in accordance with paragraph 1, Z 5, the FMA may lay down a regulation.

1.		It shall, without prejudice to its cooperation with other authorities, take particular account of the following:
a)			how transparent the market practice in question is for the market as a whole,
b)			whether it ensures the functioning of market forces and the free interplay of supply and demand; in particular, the analysis of the impact of the market practice in question on the main market parameters, such as those before the introduction of the market. the specific market conditions in question, the weighted average rate of a trading day, or the daily final listing,
c)			to the extent that the market practice in question affects market liquidity and efficiency,
d)			the extent to which the market practice in question takes account of the trading mechanism of the market in question and allows market participants to react appropriately and in a timely manner to the new market situation created by market practice;
e)			the risk that the market practice in question represents for the market integrity of other, directly or indirectly linked, regulated or non-regulated markets within the Community for this financial instrument,
f)			the outcome of the competent authorities and/or the other authorities referred to in Article 12 (1) of Directive 2003 /6/EC in their investigations into the market practice in question, in particular whether they have infringed the provisions of the market abuse rules or the rules of conduct in force on the in the Community, or in other directly or indirectly linked markets in the Community,
g)			the structural characteristics of the market in question, whether it is a regulated market or not, which financial instruments are traded, which market participants are represented, and the share of trade in retail investors.
		Market practices, in particular new or evolving market practices, must not therefore be determined as inadmissible because they have not been explicitly set as admissible before.
		The FMA must regularly review the market practices as permitted by its further admissibility, in particular by making substantial changes in the trading environment of the relevant market, such as modified trade rules or infrastructure of the market. market, to take into account.
2.		Before issuing a regulation in accordance with this paragraph and without prejudice to section 48q (2), the FMA shall have the stock exchange companies and the interests of issuers, financial service providers and consumers and any other market operators Consult. Within the framework of this consultation procedure, the FMA has to consult the competent authorities of other Member States, in particular where comparable markets exist (with similar structures, business volumes, transactions). The same consultation procedure shall be carried out before any amendment or repeal of such a Regulation.
3.		The Regulation shall provide an appropriate description of market practice and shall include the factors which have been taken into account in the decision on the admissibility of the market practice in question, in particular where the admissibility of the relevant market practice is concerned, and of the same market practice in different markets.
4.		The Regulation shall also be forwarded to the Committee of European Securities Regulators at the same time as it is released. "

6. According to § 48a, the following § § 48b to 48r are inserted:

" Misuse of insider information

§ 48b. (1) Those who, as insiders, use insider information with the intent to obtain an asset advantage by themselves or by a third party, by:

1.		, recommends that financial instruments be bought, sold or offered to a third party for purchase or sale; or
2.		this information, without being able to act, makes it accessible to a third party,
shall be punished by the court with a custodial sentence of up to three years if, by means of the act, a 50 000 euro surpassing asset benefit is given, but punishable by a custodial sentence of six months to five years.

(2) Anyone who, without being an insider, has an insider information which has been communicated to him or is otherwise known, uses the intent referred to in paragraph 1 with the intent to obtain an asset advantage to himself or to a third party, shall be taken by the court of law with imprisonment of up to one year or with a fine of up to 360 daily rates, if, by the act, a 50 000 euro surpassing asset benefit is provided, but punishable by imprisonment of up to 3 years.

(3) Anyone else who, as an insider or without insider, is aware of or grossly negligent ignorance of the fact that it is inside information, to the manner referred to in paragraph 1, but without the intention, himself or any other person. To give third parties an asset advantage is to be punished by the court with a custodial sentence of up to six months or a fine of up to 360 days ' rates.

(4) Insider is who, as a member of an administrative, management or supervisory body of the issuer, or otherwise because of his profession, his employment, his duties or his participation in the issuer's capital, becomes insider information. Access has. Likewise, insiders are those who have given themselves the information by committing them to criminal acts. If this is a legal person, those natural persons are insiders who are involved in the decision to make the business for the account of the legal person.

Market manipulation

§ 48c. Anyone who operates market manipulation is subject to administrative transgressive action, unless the offence is the offence of a criminal offence within the jurisdiction of the courts, and is punishable by the FMA with a fine of up to EUR 35 000. The VStG is to be applied. The trial is punishable. An asset advantage that is achieved is to be declared forfeit by the FMA.

§ 48d. (1) The issuers of financial instruments shall disclose to the public without delay insider information relating directly to them. The occurrence of a number of circumstances or of an event, although not yet formally established, shall be disclosed by the issuers without delay. Any significant changes with regard to inside information already disclosed shall be disclosed without delay after the occurrence of such changes. This has to be done by the same means as the notification of the original information. The publication of inside information to the public shall be as timely as possible for all categories of investors in the Member States where these issuers are subject to the approval of their financial instruments for trading on a regulated market. have been requested or have already been received. Issuers shall have all the insider information they need to disclose to the public, during a reasonable period of time on their Internet site.

(2) An issuer may postpone the disclosure of inside information in accordance with paragraph 1, first sentence, if such disclosure could harm his legitimate interests, provided that such omission is not likely to mislead the public; and the issuer is in a position to ensure the confidentiality of the information.

1.		Legitimate interests lie in particular with:
a)			ongoing negotiations, or related circumstances, if the outcome or normal conduct of these negotiations would likely be affected by the publication. In particular, if the financial viability of the issuer is highly and directly at risk-even if it is not yet covered by the current insolvency law-the disclosure of information may be delayed for a limited period of time , such disclosure should seriously endanger the interests of existing and potential shareholders by imbuing the conclusion of specific negotiations, which are actually intended to ensure a long-term financial recovery of the issuer;
b)			a decision taken by the managing body of an issuer or, in the case of concluded contracts, where such measures are subject to the consent of another institution of the issuer, provided that the structure of such an issuer is subject to the separation between these institutions, and the disclosure of the information before consent, together with the simultaneous announcement that such consent is still pending, would endanger the correct assessment of the information by the public.
2.		Issuers shall, in order to ensure the confidentiality of inside information, shall control access to such information. In particular,
a)			to make effective arrangements to prevent access to such information to persons other than those whose access to inside information is essential for the performance of their tasks within the issuing institution;
b)			to take the necessary measures to ensure that any person who has access to such information is aware of the legal obligations arising therefrom and is aware of the penalties provided for in the event of an abusive use of the information provided for in the use or the non-proper dissemination of such information shall be imposed;
c)			to take the necessary measures to ensure that the information is immediately notified in the event that the issuer has not been able to ensure the confidentiality of the relevant insider information, without prejudice to the second subparagraph of paragraph 3 Rate to be guaranteed.
The issuer shall immediately inform the FMA of the decision to postpone the disclosure of the inside information.

The issuers, or persons acting on their behalf or for their account, who pass on inside information in the normal course of the performance of their work or profession or the performance of their duties to a third party, shall have the following: inform the public in full and in fact to be known, at the same time as the information is passed on, and immediately in the event of a non-intentional disclosure. This obligation shall not apply if the person to whom the information is disclosed is subject to secrecy, whether or not this obligation is laid down by law, regulation or administrative provision, by statute or by a contract results. Issuers, or persons acting on their behalf or on behalf of their account, shall have a list of the persons working for them on the basis of a contract of employment or otherwise, and who shall have access to them on a regular basis or on a case-by-case basis. Have insider information. Issuers or persons acting on their behalf or on behalf of their account must update this list on a regular basis and submit it to the FMA on request. Insider directories shall be kept for a period of at least five years after they have been drawn up or, where appropriate, after their last update. The persons responsible for the creation of insider directories shall ensure that any person who has access to inside information acknowledges in writing the obligations arising from the laws, regulations and administrative provisions, and in writing, to be aware of the sanctions imposed in the event of improper use or the non-proper dissemination of such information.

1.		The insider list shall contain the following information:
a)			the personals of all those who have access to inside information,
b)			the reason for the collection of such persons in the directory,
c)			the initial and update date of the insider directory.
2.		The insiders ' lists shall be updated immediately if:
a)			is changing the reason for the collection of persons already covered,
b)			you need to add new people to the directory,
c)			no longer have access to inside information in the list of persons covered by the list, in which case it shall indicate the date from which this applies.

(4) Persons performing managerial duties in the case of an issuer of financial instruments domicated in the country and, where appropriate, persons in close relationship with them, have the FMA on their own account of all transactions carried out by them on their own account. To report to trading on regulated markets shares and stock-like securities of the issuer, or to derivatives or related companies (§ 228 para. 3 HGB). Likewise, the aforementioned persons shall immediately publish this information. The seat in the territory of the country referred to in this paragraph shall be considered to be equivalent if the issuer, which has its head office outside the EEA, has to submit annually a document in accordance with Article 10 of Directive 2003 /71/EC within the territory of the country. The publications pursuant to this provision can also be carried out by means of the FMA.

1.		The report shall contain:
a)			the name of the person who performs managerial duties in an issuer of financial instruments or the name of the person in close relationship with such person;
b)			The reason for the reporting obligation,
c)			the name of the issuer concerned,
d)			description of the financial instrument,
e)			Type of business (e.g. purchase or sale),
f)			The date and place where the store was made,
g)			Price and business volume.
2.		The notification to the FMA shall be made within five working days of the date of the conclusion, but may be deferred until the total final sum of the transactions referred to in this paragraph reaches EUR 5 000. If this amount is not reached at the end of the calendar year, the message may be left out. In the determination of the total final sum, the transactions carried out in accordance with this paragraph shall be combined with management duties and all persons closely related to them in the first sentence.

(5) The persons, the analyses of financial instruments or issuers of financial instruments or other information intended for information dissemination channels or the public with recommendations or suggestions on investment strategies , shall ensure that the information is properly presented and that any interests or conflicts of interest relating to the financial instruments to which the information relates are disclosed, .

(6) The stock exchange companies have to take structural measures to prevent and detect market manipulation practices.

(7) In order to comply with paragraphs 1 to 5, the FMA may take all necessary measures to ensure that the public is properly informed.

(8) Public sector bodies which disseminate statistics which could have a significant impact on the financial markets have to do so in a fair and transparent manner.

(9) Persons engaged in business transactions with financial instruments shall immediately report to the FMA if, on the basis of the facts and information to which they have been informed, they have reasonable grounds to suspect that a transaction is being carried out Insider business or market manipulation could represent. The persons mentioned shall each have to decide on a case-by-case basis whether, in the case of a transaction, there is a reasonable suspicion of the existence of an insider business or of market manipulation according to § 48a. This obligation to notify exists without prejudice to section 48e (5) for the aforementioned persons who have their registered office or a branch in Austria. Where appropriate, the FMA shall immediately notify its reported suspicious transactions to the competent authorities responsible for the regulated markets in question. The persons subject to the obligation to notify the FMA shall provide the following information:

1.		Description of the business, including the nature of the contract (e.g. Limitation Order, Order or other terms of order) and type of trade (e.g. Blocktrade),
2.		Reasons for suspicion of market abuse,
3.		information for the purpose of identifying the persons on whose behalf the transactions were carried out as well as other persons involved in those transactions;
4.		Function in which the person subject to the reporting obligation is acting (e.g. in his own name or on behalf of third parties),
5.		any other information which may be relevant to the investigation of suspicious transactions.
Where such information is not available at the time of the notification, the reasons for causing the notifying person to suspect that it may be in the case of insider dealing or by a person should indicate at least the reasons for the notification. Market manipulation. The remaining information shall be communicated to the FMA as soon as it is available. The notification can be made in a postal or electronic way, by fax or by telephone, and in the case of a telephone communication at the request of the FMA, a written confirmation is to be provided.

(10) The persons who report to the FMA pursuant to paragraph 9 shall not be entitled to any other person, in particular the persons on whose behalf the transactions have been carried out or persons related to such persons who have been informed of the transactions. Notify me. There is no claim for damages arising from the fact that this teaching is not being taught, as far as it has been done in good faith. Negligence does not harm the good faith. FMA shall not disclose to anyone else, in particular to the persons on whose behalf the transactions were executed, the name of the person who reported those transactions, if it were or could be detrimental to the reporting person. A notification to the FMA as referred to in paragraph 9 shall not be deemed to constitute a breach of any contractual or regulatory disclosure restrictions or administrative provisions of the FMA and shall not release the person who has reported the notification from the Liability for damages, provided that it has acted in good faith. Negligence does not harm the good faith.

(11) The FMA is empowered to lay down, by means of a Regulation, the form, content and manner of transmission of the notifications/notices/submissions/disclosures provided for in paragraphs 1 to 5 and 9, with the legitimate interests of the To take account of issuers and investors, as well as capital markets developed on international standards. With regard to the type of transmission, certain communication techniques may be prescribed in the interest of rapid information transmission, taking into account the respective state of the art by the FMA.

§ 48e. (1) Sections 48a to 48d shall not apply to transactions carried out by a Member State, a Land, or the European System of Central Banks, for monetary or exchange policy reasons or in the context of the management of public debt. national central bank, or any other official body or entity acting on behalf of the central bank.

(2) § § 48a to 48d shall apply to any financial instrument admitted to trading on a regulated market in at least one Member State or for which an application for admission to trading on such a market has been made; regardless of whether the business itself is actually made on that market or not.

(3) § 48b shall also apply to any financial instrument which is not admitted to trading on a regulated market in a Member State but whose value depends on a financial instrument within the meaning of paragraph 2.

(4) § 48d (1) to (3) shall not apply to issuers who have not applied for or have not been admitted to trading on a regulated market in a Member State for their financial instruments.

(5) The prohibitions and bids regulated in § § 48a to 48d shall be applied to acts which:

1.		shall be carried out in Austria or abroad and relate to financial instruments admitted to trading on a regulated market situated or operated in Austria, or for which an application for admission to trading on a regulated market is authorised, the market has been placed;
2.		are committed in Austria and relate to financial instruments which are admitted to trading on a regulated market in a Member State or for which an application for admission to trading on such a market has been made.

(6) § § 48b and 48c do not apply to the trading of treasury shares (acquisition and sale) in the context of repurchase programmes and the price stabilization measures for a financial instrument, if such transactions are in accordance with Regulation (EC) No 2273/2003 by the Commission of 22 December 2003.

§ 48f. (1) For the purposes of this provision, the following definitions shall apply:

1.		"investment firm" means any person within the meaning of Article 1 (2) of Directive 93 /22/EEC;
2.		"credit institution" means any legal person within the meaning of Article 1 (1) (1) of Directive 2000 /12/EEC;
3.		"Recommendation" means an analysis or other explicit or implicit information intended for information dissemination channels or the public, with recommendations or suggestions on investment strategies in relation to one or more financial instruments, or Issuers of financial instruments, including a current or future assessment of the value or course of such instruments;
4.		"Analysis or other information with recommendations or suggestions on investment strategies"
a)			one of an independent analyst, an investment firm, a credit institution, any other person whose principal activity is in the preparation of recommendations, or any of the above-mentioned bodies under a contract of employment, or information produced by the same natural person who, directly or indirectly, constitutes a specific investment recommendation to a financial instrument or an issuer of financial instruments;
b)			one of the other than the one in lit. (a) information drawn up by such persons, which directly recommends a specific investment decision on a financial instrument;
5.		"relevant person" means a natural or legal person who makes or continues to make recommendations in the performance of his or her profession or in the course of his business;
6.		"Issuer" means the issuer of a financial instrument to which the recommendation relates directly or indirectly;
7.		'information dissemination channel' means a channel through which information is actually or likely to be made available to the public; 'information which is likely to be made available to the public' shall be information which is intended to be accessible to the public. is accessible to a large number of people;
8.		"adequate regulation" means any scheme, including self-regulation, which Member States are to adopt in accordance with Directive 2003 /6/EC.

(2) Anyone who pronouncates a recommendation has

1.		clearly and unequivocably to indicate the identity of the person who made the recommendation, in particular the name and professional title of the person who created the recommendation and the name of the legal person who is responsible for drawing up the recommendation is responsible;
2.		where the relevant person is a investment firm or credit institution, to identify the identity of the competent authority;
3.		as far as the relevant person is concerned neither an investment firm nor a credit institution, but self-control standards or profession or to apply the rules to the person concerned, to refer to the above standards or rules;
4.		shall indicate where the information referred to in Z 1 to 3 is to be found, where such information must be directly and easily accessible to the public, by way of the Internet address of the relevant information Person;
The provisions of Z 1 to 3 shall not apply to media workers who are subject to equivalent, equivalent arrangements, including equivalent appropriate self-regulation, in the respective Member States, provided that such schemes are not covered by the provisions of the above have a similar effect, as the one in this paragraph.

(3) A recommendation shall be made to ensure that:

1.		the facts are clearly distinguished from interpretations, estimations, opinions and other types of non-factual information;
2.		all sources are reliable or in the case of doubts as to the reliability of the source, it is clearly stated;
3.		all forecasts, forecasts and target price targets are clearly identified as such and that reference is made to the main assumptions used in their preparation or use;
4.		in the case of a non-written recommendation, for which the recipient of the recommendation is also clear and easily identifiable in the circumstances referred to in the Z 1 to 3.
At the request of the FMA, the relevant persons have to substantiate any recommendation as reasonable. This paragraph shall not apply to media workers who are subject to equivalent, equivalent arrangements, including equivalent self-control, in the respective Member States, provided that the said scheme is has similar effects, such as those in this paragraph.

(4) Where the relevant person is an independent analyst, an investment firm, a credit institution, a linked legal person or any other relevant person whose principal activity is to draw up recommendations, or in the case of a natural person acting within the framework of a contract of employment or a similar person, the said person shall also ensure that the recommendation

1.		are referred to all material sources, including the relevant issuers, as well as whether the recommendation has been disclosed to the issuer in question and has been amended following that disclosure prior to its disclosure;
2.		all evaluation bases or methods for the evaluation of a financial instrument or of the issuer of a financial instrument or setting a target price target for a financial instrument are sufficiently summarised;
3.		the importance of the recommendation (e.g. "acquisition", "divestment" or "holding"), which may also include the time frame of the installation to which the recommendation refers, adequately explained and adequately cautioned against any risks , including a sensitivity analysis of the underlying assumptions;
4.		Reference shall be made to the frequency of updating the recommendation, if any, and to any changes to the previously announced objectives;
5.		the date on which the recommendation has been published for the first time, shall be clearly and unequivocably indicated, as well as the date and the date of the above-mentioned courses of financial instruments;
6.		if the recommendation is different from that drawn up in the twelve months immediately prior to its publication for the same financial instrument or issuer, the date of the earlier recommendation shall be clear and will be made unequivocable.
If compliance with the rules set out in points Z 1 to 3 leads to disproportionate information on the length of the recommendation made, it is sufficient that the recommendation itself makes clear and is referred to the place where the requested information is directly and easily accessible to the public, e.g. a direct Internet connection to the information mentioned at the appropriate address of the the relevant person, provided that the method or assessment basis used has not been used changed. The same shall apply in the case of non-written recommendations.

(5) The relevant persons shall disclose in the Recommendation all relations and circumstances in which they may be expected to affect the objectivity of the Recommendation, in particular when relevant persons are likely to have a significant impact on the Recommendation. financial interest in one or more financial instruments which are the subject of the recommendation, or a significant conflict of interest in relation to an issuer to which the recommendation relates. Where the person concerned is a legal person, this shall also apply to all legal or natural persons who work for the said legal person under a contract of employment or the like and who are acting on the Preparation of the recommendation were involved. Where the relevant person is a legal person, the information to be provided in accordance with this paragraph shall include, in particular:

1.		any interests or conflicts of interest of the relevant person or of its affiliates, which are accessible to the persons involved in the preparation of the recommendation, or which can be expected to be accessible;
2.		all interests or conflicts of interest of the relevant person or associated legal persons, who, although not involved in the preparation of the recommendation, prior to the transfer of the recommendation to customers and the Public access to the recommendation had, or could have, been known.
If compliance with the provisions referred to in this paragraph leads to the fact that the disclosure required by this paragraph is disproportionate compared to the length of the recommendation made, it is sufficient that the recommendation itself clearly and unequivocably pointed to the place where these disclosures can be viewed directly and easily by the public, eg a direct Internet connection to the disclosure at the appropriate address of the relevant person. The same shall apply in the case of non-written recommendations. This paragraph shall not apply to media workers who are subject to equivalent, equivalent arrangements, including equivalent self-control, in the respective Member States, provided that the said scheme is has similar effects, such as those in this paragraph.

(6) Where the recommendation is drawn up by an independent analyst, an investment firm, a credit institution, a related legal person or any other relevant person whose principal activity is in the preparation of recommendations, In addition to the obligations referred to in paragraph 5 above, the persons mentioned shall ensure that the following information relating to their interests and conflicts of interest is disclosed in a clear and unequivocal manner in the recommendation shall be:

1.		substantial holdings which exist between the relevant person or a related legal person, on the one hand, and the issuer, on the other. These main holdings shall include at least the following cases:
a)			if shares in the issuer of more than 5% of the total issued share capital are held by the relevant person or a related legal person, or
b)			if shares of more than 5% of the total issued share capital are held by the issuer to the relevant person or a related legal person;
2.		other significant financial interests which the relevant person or a related legal person has in relation to the issuer;
3.		where appropriate, an opinion as to whether the relevant person or a legal person connected to it is a market maker or a liquidity donor in the issuer's financial instruments;
4.		where appropriate, a statement as to whether the relevant person or any legal person associated with it has been in the lead or leading role in the public issue of the issuer ' s financial instruments during the preceding twelve months;
5.		where appropriate, an opinion on whether the relevant person or any legal person associated with it has entered into another agreement with the issuer on the provision of investment banking services, provided that: this did not result in the disclosure of confidential business information and the agreement was in force in the previous twelve months or during the same period a compensation on its basis was made;
6.		where appropriate, a statement as to whether the relevant person or any legal person associated with it has reached an agreement with the issuer on the preparation of investment recommendations.
Actual organisational or administrative arrangements within the investment firm or credit institution shall be in order to prevent or avoid conflicts of interest in connection with the recommendations, including: Information barriers, generally to be disclosed in the Recommendation. The provisions laid down in paragraph 5, second sentence, for natural or legal persons acting under a contract of employment or similar for a investment firm or a credit institution shall include, in particular, the disclosure of the question of whether the Remuneration of such persons shall be subject to investment banking transactions of the investment firm or credit institution or associated legal persons. In addition, provided that the natural persons receive or acquire the shares in the issuer prior to their public issuance, the recommendation shall also disclose the purchase price and the date of acquisition. On a quarterly basis, investment firms and credit institutions shall disclose the proportion of all the recommendations on "acquisition", "holding", "diversion" or similar, and the proportion of issuers corresponding to the categories referred to above for which the The investment firm or the credit institution has provided substantial investment banking services in the preceding twelve months. If compliance with the provisions referred to in this paragraph leads to the fact that the disclosure required by this paragraph is disproportionate compared to the length of the recommendation made, it is sufficient to make clear in the recommendation itself, and to point unambiguely to the place where this disclosure is directly and easily accessible to the public, e.g. a direct Internet connection to the disclosure at the appropriate address of the investment firm or the Credit institution. The same shall apply in the case of non-written recommendations.

(7) If the recommendation made by a third party is passed on by a relevant person under their responsibility, the relevant person shall state their identity in a clear and unambiguous manner in the recommendation.

(8) If information intended for the public is passed on to the recommendation made by a third party, the person who makes the recommendation shall ensure that this information is clearly defined in the An indication of the changes made in detail. If there is a substantial change in a contrasting recommendation (e.g. a recommendation on the "acquisition" will be made in "Hold" or "Selling" or "Sale"). conversely, paragraphs 2 to 5 shall also apply to the person who passes on the recommendation mutatily. In addition, relevant legal persons who pass on a substantially modified recommendation to themselves or through natural persons shall have formal written directives so that the recipients of the substantially amended recommendation shall be issued to: the place where they can obtain access to the identity of the originator of the recommendation, the recommendation itself and the disclosure of the interests of the creator or of conflicts of interest, provided that such information is public shall be accessible. Sentences 1 and 2 shall not apply to press reports on recommendations made by third parties if these recommendations have not been substantially amended. In passing on the summary of a recommendation drawn up by a third party, the relevant parties to the summary shall ensure that it is a clear and non-misleading summary in which the summary shall be: the initial document and the place where the disclosures linked to the initial document are directly and easily accessible to the public, provided that such information is available to the public.

(9) In the event that the relevant person is a investment firm, a credit institution or a natural person employed by the latter under a contract of employment or a similar person, the recommendations of third parties shall continue to apply:

1.		The name of the competent authority responsible for the investment firm or credit institution shall be clearly and unequivocably indicated.
2.		If the originator of the recommendation has not already passed on the recommendation through an information distribution channel, the provisions laid down in paragraph 6 for the originators shall also apply to those who pass on the recommendation.
3.		Where the investment firm or credit institution makes a substantial change to the recommendation, the rules referred to in paragraphs 2 to 6 shall be complied with.

(10) The FMA is empowered to lay down, by means of a regulation, the form and content of the information provided for in this provision, with the legitimate interests of issuers and investors as well as international standards Taking care of capital markets.

Special provisions relating to criminal proceedings for misuse of inside information

§ 48g. (1) Unless otherwise stated in the following, the provisions of the Code of Criminal Procedure in 1975, BGBl, shall apply to criminal proceedings for misuse of inside information. No. 631 (StPO).

(2) The special provisions governing criminal proceedings for misuse of inside information shall also apply to the proceedings for a crime which, at the same time, is subject to the abuse of inside information and to that of a judicial criminal offence. Act of a different kind.

§ 48h. The criminal proceedings for misuse of insider information are the responsibility of the Landesgericht für Criminal Court (Landesgericht für Criminal Court) Vienna. In the case of § 48b (1) 2. case, the main hearing and judgment is due to the Schöffengericht (Schöffengericht).

§ 48i. (1) In principle, the Public Prosecutor's Office and the Court of First Instance have to instruct the FMA to investigate, within the limits of its powers under Section 48q, the suspicion of the misuse of inside information. However, they are also entitled to commission the security authorities and their institutions if this appears to be appropriate on the basis of the investigations to be carried out, in particular with regard to the nature or extent of such investigations. This is to be assumed, in particular, when it is the implementation of seizuals, arrests or searches. The same applies if the facts of the case could also satisfy the facts of another act threatened with a criminal penalty.

(2) As soon as a particular person is suspected of misuse of inside information, the FMA has to submit a complaint to the Public Prosecutor's Office in Vienna. Without prejudice to the exercise of its powers pursuant to Section 48q, the Commission shall carry out an investigation to determine the facts directly and to clarify the suspicion of such facts only to the extent that it is responsible for the investigation by the Public Prosecutor's Office or the Court of First Instance. .

(3) The FMA has the Federal Criminal Police Office (Bundeskriminalamt) (Section 6 (1) of the Security Police Act, BGBl. No 566/1991), without unnecessary delay, on suspicion of misuse of inside information and the investigation it has carried out, and to give him the opportunity to obtain knowledge of the results of that information. If security authorities and their bodies have been charged with investigations, the FMA should be given the opportunity to participate in the investigation. However, if there is a risk of inexorable acts of maladministration, the FMA shall be notified without unnecessary delay of the investigations of the security authorities and of the security bodies, and shall be given the opportunity to take part in the investigations of the security authorities and the security bodies. Knowledge of the results.

(4) In the case of the proceedings of the FMA, the provisions relating to the administrative criminal proceedings shall also apply to the proceedings, unless the provisions of the StPO do not give any other provision.

§ 48j. (1) Orders by the Public Prosecutor's Office or the Court of First Instance for investigations shall be carried out by the FMA with the greatest possible acceleration, and shall have to inform the Public Prosecutor's Office or the Court of First Instance immediately.

(2) The FMA shall provide the public prosecutor's office and the court with access to the file at all times and shall provide the necessary information.

§ 48k. (1) The FMA is responsible for the position of a private participant in criminal proceedings for misuse of inside information.

(2) As a prosecutor in place of the Public Prosecutor's Office and as a private participant, the FMA has the following rights in addition to the rights which are otherwise to be granted to one of the injured parties:

1.		It can, on the same scale as the Public Prosecutor's Office, fight judicial decisions and demand the resumption of criminal proceedings,
2.		your invalidity complaint does not require the signature of a defender,
3.		It is to be notified of the convening of detention negotiations (§ § 181 and 182 of the StPO) and of oral proceedings in the appeal proceedings,
4.		Their representatives may take the floor in the case of detention negotiations and oral proceedings in the appeal proceedings and may submit applications.

(3) The presumption of the resignation from the prosecution (§ 46 para. 3 StPO) is excluded from the FMA as a prosecutor.

§ 48l. The FMA is subject to legal proceedings and other documents, which are to be communicated to the FMA in accordance with the provisions of this Federal Law, in principle without proof of delivery. The summons to the main treatise, court proceedings and other documents against which the FMA is entitled to an appeal or an appeal are to be sent to it with proof of delivery (§ § 13 to 20 of the Delivery Act) or by fax or in the electronic legal services (§ 89a GOG).

§ 48m. If the Public Prosecutor's Office withstands the complaint on suspicion of misuse of inside information, or if it resigns from further prosecution of the misuse of inside information, the Public Prosecutor's Office shall have the reasons for this in accordance with § 48a StPO of the FMA, to be notified immediately.

§ 48n. Before a communication pursuant to § § 90c (4), 90d (4), 90d (4) or 90f (3) of the StPO, the Public Prosecutor's Office or the General Court of the FMA has the opportunity to give an opinion.

§ 48o. The FMA must also be responsible for any application of criminal proceedings and any indicttion on account of the misuse of inside information; the public prosecutor's office also issued the court a copy of the application for criminal proceedings, respectively. to submit the indictup for the FMA.

§ 48p. (1) The costs of the criminal proceedings also include the expenses incurred by the FMA as a private participant or prosecutor in place of the public prosecutor's office; they are not covered by the lump-sum costs.

(2) The costs incurred by the FMA in the service of criminal justice must be taken into account in determining the fee for the costs of a flat-rate fee, provided that they are not particularly to be replaced in accordance with Section 381 (1) (1) (3), (4) or (5) of the StPO.

(3) The FMA will only reimburse cash expenses and also the costs incurred by the financial prokuratur pursuant to § 5 of the Procuration Act, StGBl. No. 172/1945, fees.

Monitoring powers of the FMA

§ 48q. (1) Without prejudice to the jurisdiction of the courts and law enforcement authorities, the FMA has to monitor compliance with § § 48a to 48f. For these purposes, it shall be entitled:

1.		to see all kinds of documents and to obtain copies of them,
2.		to request information from any person, including persons who are involved in the transmission of orders or the execution of the acts concerned, as well as their clients, and, if necessary, to pre-load a person; and to be heard,
3.		carry out on-the-spot investigations,
4.		to see the results of the monitoring of a telecommunications system (§ § 149a (1) (2) and (149m) of the StPO) and to obtain copies of them (§ 149c (3) last sentence).

(2) The FMA has to set up an office at its office for the purpose of consultation of market participants in the event of any changes to national legislation.

(3) In the context of the fight against market manipulation and insider trading, the FMA may instruate the stock exchange company to suspend trading in the financial instruments concerned. In a procedure in accordance with section 48c, the FMA may impose a prohibition on the exercise of a professional activity of the accused person for the duration of the proceedings, if the accused is in urgent need of action, to pursue this professional activity with that of the procedure shall be related and, if there is a risk, the accused could otherwise repeat the act.

(4) The FMA may disclose or publicly disclose official acts which have been set for violations of § § 48a to 48f according to the conditions of Z 1 to 3.

1.		In the case of an official act in an ongoing proceedings, the FMA shall refrain from mentioning the persons concerned, unless they are already publicly known, or the FMA has published incorrect information published in the media, or it is not is in danger of default.
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 concerned; or
c)			, by issuing the information, the implementation of a procedure or measures in the public interest may be foiled, hampered, delayed or endangered.

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

§ 48r. (1) The FMA shall cooperate with the competent authorities of the other Member States where this is in order to carry out the tasks of the competent authorities in accordance with Directives 2003 /6/EC, 2003 /124/EC, 2003 /125/EC and 2004 /72/EC, in accordance with Regulation (EC) No 2273/2003 or in accordance with § § 48a to 48q. FMA has to provide mutual assistance to the competent authorities of the other Member States and may, for its part, benefit from mutual assistance. The FMA and the competent authorities of the other Member States shall exchange information and cooperate in investigations.

(2) The FMA shall, at the request of the competent authorities of the other Member States, without delay, forward to the competent authorities of the other Member States any information necessary for the purpose referred to in paragraph 1. Where necessary, the FMA, to which the request for information is addressed, shall take the necessary measures to obtain the information requested. If the FMA is not in a position to supply the requested information without delay, it shall inform the requesting competent authority of the reasons therefor. In the same way, information transmitted to the FMA by the competent authorities of other Member States shall be subject to the obligation of official secrecy. The FMA may refuse the transmission of the requested information,

1.		if the disclosure of the information could affect sovereignty, security or public order,
2.		if, on the basis of the same action and against the same persons, proceedings before an Austrian court are already pending, or
3.		if a final judgment of an Austrian court has already been handed down against the said persons on the basis of the same action.
In such a case, it shall inform the requesting competent authority thereof and provide it with the best possible information on the procedure or judgment in question.
The FMA is, in turn, entitled to obtain information from the competent authorities of the other Member States in order to carry out its tasks in accordance with paragraph 1 of this Article. The FMA may, if the request for information is not acted upon within a reasonable period of time or which has been rejected, report this to the Committee of European Securities Regulators.
Without prejudice to its obligations under criminal proceedings, the FMA may not be responsible for the information received pursuant to paragraph 1 of this Article solely in the performance of its tasks within the framework of this Federal Law, as well as in the performance of this task. Use administrative and legal proceedings. If, however, the competent authority which has provided information has its consent, the FMA may use it for other purposes or transmit it to the competent authorities of other States, as far as national provisions are concerned, in particular according to § § 1, 6 and 12f DSG 2000.

(3) If the FMA is satisfied that the infringements of Directive 2003 /6/EC are or are carried out in the territory of another Member State, or that financial instruments traded on a regulated market in another Member State are carried out, , it shall communicate it to the competent authority of the other Member State as concretely as possible. If, for its part, the FMA is to receive such a communication, it shall take the necessary measures to this end. It shall inform the relevant competent authority of the results and, as far as possible, of important interim results. This paragraph shall be without prejudice to the powers of the competent authority from which the information originates. The competent authorities in accordance with Article 10 of Directive 2003 /6/EC shall consult each other with regard to the intended follow-up measures.

(4) The FMA may request the competent authority of another Member State to carry out investigations in its territory. It also has to comply with such requests from the competent authorities of other Member States. In addition, the FMA may request the competent authorities of the other Member States to allow their own staff to accompany the staff of the competent authority of the other Member State in the investigation. It also has to comply with such requests from the competent authorities of other Member States. The investigation shall be subject to the full control of the Member State in whose territory it is taking place. The FMA may refuse to comply with a request for investigation pursuant to this paragraph or to grant a request from the competent authority of another Member State pursuant to this paragraph, to accompany its own staff by staff of that authority. where such investigations could affect the sovereignty, security or public order, or if, in the light of the same action and against the same persons, proceedings before an Austrian court are already pending or, where the persons concerned are already in a position to judgment of an Austrian court has been handed down. In such a case, it shall inform the requesting competent authority accordingly and provide it with the best possible information on the procedure or judgment in question. Without prejudice to Article 226 of the Treaty, the FMA, whose request for the initiation of an investigation or granting permission that its officials may accompany the officials of the competent authority of the other Member State, cannot within a reasonable period of time, or which has been rejected, shall report this to the Committee of European Securities Regulators. "

7. In § 64 (1), after the word "Securities" the word group "and of emission programmes under which debt securities are issued," inserted.

8. In § 66, para. 1, after the word group "The conditions for the admission of securities" the word group "and emission programmes" inserted.

9. In accordance with § 66 (6), the following paragraph 7 is added:

" (7) Bonds issued within a period of 12 months from the publication of the prospectus under an emission programme admitted to official trade do not require a separate authorisation. The official listing shall be carried out as soon as the conditions laid down in § 66 (1) (2) and (4) to (9) are fulfilled and after the applicant has provided the trading company with the conditions of the bond. The conditions of the bond are to be published in accordance with § 78. "

Section 67 (1) reads as follows:

"(1) The stock exchange company may allow traffic items and emission programmes under which debt securities are issued to be subject to regulated free circulation."

11. In accordance with § 68 (3), the following paragraph 4 is added:

" (4) Bonds issued within 12 months from the date of publication of the prospectus under an emission programme approved for regulated free circulation do not require any separate approval. The listing shall take place on regulated free circulation, as far as the requirements of section 68 (1) (2) and (4) to (9) are fulfilled and after the applicant has submitted the conditions of the bond to the stock exchange company. The conditions of the bond are to be published in accordance with § 78. "

12. § The title before § 69 reads:

"Unregulated third market"

13. In § 69 (1), after the word "Traffic Items" the word group "and emission programmes under which debt securities are issued," inserted.

14. In accordance with § 69 Abs.1 Z 3, the following Z 4 is added:

" 4.		Debt securities issued under an emission programme admitted to the third market shall not be subject to a separate authorisation. The listing in the third market shall be carried out provided that the applicant has submitted the conditions of the bond to the stock exchange company. "

15. In § 72 (1), after the word "Securities" the word group " or of an emission programme " inserted.

16. The following third sentence shall be added to the second sentence of section 72 (2):

" In the case of an application for the approval of an emission programme, the total amount must relate to the maximum emission volume of all potential debt securities provided for in the prospectus. If more than 12 months have elapsed since the publication of the prospectus, or if the issue of debt securities exceeds the requested total amount of the programme, a new application must be made. "

17. In § 75a (2), after the word "Securities" the word group " or for the same emission programme " inserted.

18. In § 75a (5), after the word "Securities" the word group " or for an emission programme " inserted.

Section 82 (6) is deleted.

20. In § 82 (7) and (8), the expression " 6 " by the expression "§ 48d" replaced.

21. § 91a is deleted.

22. In accordance with § 96a (2), the following paragraph 3 is added:

"(3) In the case of administrative transgressions in accordance with § § 48 and 48c, a limitation period of 18 months shall be applied instead of the limitation period pursuant to § 31 paragraph 2 VStG of six months."

23. In § 101 Z 1 the number shall be "48a" by the number "48b" replaced.

24. In § 101 Z 2 is after the number "31" the word group "and § 48a para. 1 Z 1 lit. b" inserted.

25. According to § 101d the following § 101e with headline is inserted:

" Linguistic equality

§ 101e. 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. "

26. In accordance with § 102 (19), the following paragraph 20 is added:

" (20) § 26 (1), § 48 (1) (2) and § § 48a to 48t, § 64 (1), § 66 (1) and (7), § 67 (1), § 68 (4), the title before § 69, § 69 (1), § 72 (1) and (2), § 75a (2) and (5), § 82 (7) and (8), § 96a (3), 101 (1) and (2) and § 101e. in the version of the Federal Law BGBl. I n ° 127/2004 shall be 1. Jänner 2005 in force. Section 82 (6) and (91a) shall expire on 31 December 2004. "

Article II

Amendment of the Securities and Markets Act

The Securities and Markets Act, BGBl. No 753/1996, as last amended by BGBl. I n ° 70/2004, shall be amended as follows:

1. § 2 para. 1 Z 4 is deleted.

2. 2 (2).

3. § 10 (1) (3) to (5) are:

" 3.		by means of the free movement of services in accordance with § § 9 et seq. BWG domestic credit institutions and investment firms and local firms established in Member States where such undertakings are a member of a stock exchange within the meaning of the Stock Exchange Act, but only in respect of those instruments which are traded on are approved on an Austrian stock exchange, and have been concluded in Austria,
4.		the Oesterreichische Nationalbank and
5.		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 According to the Austrian Stock Exchange Act, members of a cooperation exchange (Section 15 (5) BörseG), but only with regard to those instruments which are admitted to trading on an Austrian stock exchange and which have been concluded in Austria. "

4. § 10 para. 2 reads:

" (2) Instruments subject to notification are:

1.		securities within the meaning of Directive 93 /22/EEC,
2.		Shares in undertakings for collective investment in transferable securities,
3.		money market instruments,
4.		financial futures (futures), including equivalent cash-based instruments;
5.		forward rate agreements;
6.		Interest rate and foreign exchange swaps as well as swaps on shares or equity index (equity swaps),
7.		purchasing and selling options for all instruments covered by Z 1 to 6, including instruments of equivalent cash, including, in particular, foreign exchange and interest rate options;
8.		all other instruments,
which are admitted to trading on an Austrian stock exchange or to trading on a regulated market within the meaning of Article 1 (1) (13) of Directive 93 /22/EEC in a Member State or for which a request for admission to trading on one of the above mentioned markets, whether or not this transaction has been concluded or unsettled on a regulated market, provided that it is the purchase or sale or an unreal pension business. Instruments subject to reporting requirements within the meaning of this provision are also instruments which are not admitted to trading on an Austrian market or on a regulated market within the meaning of Article 1 (1) (13) of Directive 93 /22/EEC in a Member State where their value depends on a share or on a stock-like securities, provided that such shares or securities-like securities are admitted to trading on an Austrian stock exchange or for that share or that share, or Securities-like securities a request for admission to trading on an Austrian stock exchange , or if its value depends on a derivative on such a share or a securities similar to that of such stock. "

5. In § 10 (5), the following shall be taken after the word "Real Estate Investment Fund Law" the word group ", employee pension funds according to § 18 of the company employee pension law" inserted.

6. In § 14 Z 2, the point of reticle shall be replaced by a point and § 14 Z 3 shall be deleted. In the last sentence of § 14, the word group "The prohibitions pursuant to Z 2 and 3 shall apply" through the word group "The prohibition in accordance with Z 2 shall apply" replaced.

7. In § 25 (1), the following shall be added after the word "Trade" by the word "and" replaced and the word group "and the third market" No.

8. In § 27 (3), after the word group "Rules of conduct of § 14 Z 2" the word group "and 3" is deleted.

9. According to § 33, the following § 33a and heading is inserted:

" Linguistic equality

§ 33a. 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. "

10. In accordance with § 34 (14), the following paragraph 15 is added:

" (15) § 10 para. 1, 2 and 5, § 14 Z 2, § 25 para. 1, § 27 para. 3 and § 33a in the version of the Federal Law BGBl. I n ° 127/2004 shall be 1. Jänner 2005 in force. § 2 para. 1 Z 4, § 2 para. 2 and § 14 Z 3 shall expire on the expiry of the 31 December 2004. § 10 para. 2 second sentence in the version of the Federal Law BGBl. I n ° 127/2004 shall take place on 1 January 2007. Jänner 2006 in force. "

Fischer

Bowl