Financial Conglomerates Act - Fkg, As Well As Change Of The Insurance Supervision Act, The Banking Act, The Securities Supervision Act, Of The Financial Market Authority Act, The Stock Exchange Laws...

Original Language Title: Finanzkonglomerategesetz - FKG sowie Änderung des Versicherungsaufsichtsgesetzes, des Bankwesengesetzes, des Wertpapieraufsichtsgesetzes, des Finanzmarktaufsichtsbehördengesetzes, des Börsengesetze...

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70. Federal Act, a federal law on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate (financial conglomerates Act - FKG) is issued and the insurance supervision Act, the Banking Act, the securities supervision Act, the financial market supervisory authority law, the Stock Exchange Act and the pension fund law be changed

The National Council has decided:

Table of contents



Article 1





Note on the implementation of directives







Article 2





Financial conglomerates Act - FKG







Article 3





Amendments to the insurance supervision law







Article 4





Amendments to the Banking Act







Article 5





Changes of the securities supervision Act







Article 6





Amendments to the financial market Authority Act







Article 7





Changes of the Stock Exchange Act







Article 8





Amendments to the Pension Fund Act





Article 1

This federal law is the Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC of the Council and directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council (OJ No. L 035 of 11 2 2003, p. 1) transposed into Austrian law.

Article 2

Federal law on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate (financial conglomerates Act - FKG)

1. MAIN PIECE

OBJECTIVE AND DEFINITIONS

Target



§ 1. This federal law regulates the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate. Supervision according to the sectoral rules shall remain unaffected by the provisions of this Federal Act.

Definitions



§ 2. Following definitions shall apply for the purposes of this federal law:



1. 'Credit institution' means a) a credit institution within the meaning of article 1, paragraph 1, second subparagraph of Directive 2000/12/EC (OJ (No. L 126 of 26 May 2000, p. 1), as well as b) an asset management company within the meaning of Article 1a, point 2 of Directive 85/611/EEC (OJ No. L 375 of 31 December 1985, page 3) as amended by Directive 2001/107/EC (OJ No. L 41 of 21 January 2002, p. 20), or a company established in a third country, that approval would require paragraph 1 of Directive 85/611/EEC in accordance with article 5, when his seat was in a Contracting State.

2. "Insurance undertaking" is an insurance undertaking within the meaning of article 6 of Directive 73/239/EEC (OJ No. L 228 of August 16, 1973, p. 3), article 4 of Directive 2002/83/EC (OJ No. L 345 of 5 November 2002, p. 1), or article 1(b) of Directive 98/78/EC (OJ No. L 330 of December 5, 1998, p. 1).

3. "Investment firm" means an investment firm within the meaning of article 1 paragraph 2 of Directive 93/22/EEC (OJ No. L 141 of 11 June 1993, p. 27) including in article 2 paragraph 4 of Directive 93/6/EEC (OJ No. L 141 of 11 June 1993, p. 1) companies mentioned.

4. 'Reinsurance undertaking' means a reinsurance undertaking within the meaning of article 1(c) of Directive 98/78/EC.

5. a) "Regulated entity" are credit institutions, insurance undertakings and investment firms.

b) "Oversaw EEA companies" are 3 paragraph 1 of Directive 93/22/EEC or article 4 of Directive 2000/12/EC authorised according to article 6 of Directive 73/239/EEC, article 4 of Directive 2002/83/EC, article, supervised companies and domestic re-insurance companies.

6. "Sectoral rules" are the legislation with which the banking supervision, insurance supervision, and the securities are regulated.

7. "Financial industry" is an industry that one or several of the following companies include: a) credit institutions, financial institutions or companies with banking-related services within the meaning of article 1 number 5 and 23 of Directive 2000/12/EC, investment firms or financial institutions within the meaning of article 1 point 5 of Directive 2000/12/EC (banking and investment services sector), b) insurance undertakings, reinsurance undertakings or insurance holding companies within the meaning of article 1(i) of Directive 98/78/EC (the insurance sector).

The average share of the assets of this industry on the balance-sheet total of all financial companies of the Group and the share of this industry on the solvency of all financial of the Group solvency is to share of a financial industry.

8. "Financial companies" are companies in a financial sector.

9. "Parent undertaking" means a parent undertaking within the meaning of § 244 HGB as well as any other undertaking effectively exercises a dominant influence over another undertaking.

10. "Subsidiary" is a subsidiary within the meaning of § 244 HGB as well as any other company on the company actually exercises a dominant influence; all subsidiaries of subsidiary companies are also regarded as daughters of this parent.

11. "Participation" is a participation within the meaning of section 228 para 1 and 2 HGB to another company or the direct or indirect holding of at least 20 per cent of the voting rights or capital of an undertaking.

12. "Group" is a group of companies, which consists of a parent undertaking, its subsidiaries and the company where the parent undertaking or its subsidiaries hold a participation, as well as companies with each other by a relationship within the meaning of article 12 para 1 of Directive 83/349/EEC (OJ No. L 193 of 18 July 1983, p. 1) are connected.

13. "Close links" is a situation in which two or more natural or legal persons are linked by a) participation, including understanding the direct holding or holding in the way of control by at least 20 vH of the voting rights or capital of an undertaking is or b) control, which is to understand the connection between a parent undertaking and a subsidiary, or a similar relationship between any natural or legal person and an undertaking; any subsidiary of a subsidiary undertaking is regarded also as a subsidiary of the parent undertaking which is at the top of these companies.

Close connection between two or more natural or legal persons shall be considered to be also a situation in which those concerned with one and the same person by a control relationship are permanently connected.

14. "Financial conglomerate" is a group that meets the following conditions: a) a supervised EEA company is at the top of the group or at least one of the subsidiaries in the group is a regulated EEA company.

AA) it stands at the top of which a regulated EEA company, so must group themselves either to the parent company of a financial company, a company that holds a stake in a financial company, or a company that paragraph 1 is a company of the financial sector by a relationship within the meaning of article 12 of Directive 83/349/EEC connected, Act.

BB) no supervised EEA company stands at the top of the group, so the group, in which mixed financial holding companies are to be included must be predominantly active in the sense of § 3 para 1 in the financial industry.

(b) at least one of the companies of the group is a company of the insurance sector and at least one is a member of the banking and investment services sector.

(c) both the consolidated or aggregated activity of the Group companies active in the insurance sector and the consolidated or aggregated activity of the Group companies active in the banking and investment services sector are both as significantly, within the meaning of § 3 par. 2 and 3 to see.

15. "Mixed financial holding company" is a subject not the supervision of parent undertakings of which forms a financial conglomerate together with its subsidiaries, of which at least one is a regulated company headquartered in the Contracting States, and other companies.

16. 'Competent authorities' are the authorities of the Contracting States who are entrusted with the supervision of credit institutions, insurance companies or investment firms on individual - or group-level.

17. "Relevant competent authorities" are a) the competent authorities of the Contracting States who are tasked with the industry-specific group supervision of the regulated entities in the financial conglomerate, b) in accordance with article 10 of Directive 2002/87/EC (OJ No. L 035 of 11 February 2003, p. 1) certain co-ordinator, if this other authority as under lit. is a, c)

other competent authorities, which are also affected according to the FMA; This is namely the market share of the supervised companies in other Member States - as well as the weight especially if it is more than 5 vH - other Contracting States to take account of established regulated entities within a financial conglomerate.

18 "intra-group transactions" regardless of whether this contractual or non-contractual, on paid or unpaid basis is done are all transactions involving regulated entities in a financial conglomerate are to meet a liability directly or indirectly to other companies within the same group or associated companies of the group through close links natural or legal persons based.

19 all commitments of the company of a financial conglomerate, which are large enough to threaten the solvency or the general financial situation of the regulated entities in the financial conglomerate, loss-risk being "Risk concentration" failure risk of credit risk within the meaning of § 2 57 BWG, an investment risk, insurance risk, market risk, other risks or by a combination of these risks through interactions between these risks may be due to the Z.

20. 'Contracting State' is a State which is a member of the European economic area.

21 "Additionally supervised company" are regulated entity, which are in accordance with § 5 of the supplementary supervision under this Federal Act.

Thresholds for the definition of a financial conglomerate



3. (1) is a group within the meaning of § 2 Z 14 sublit. BB mainly working in the financial sector, if the balance sheet total of the financial institutions and financial holding companies of this group to the balance sheet total of the group accounted for more than 40 vH.

(2) the sectoral activities are as significant within the meaning of section 2 No. 14 lit. c to see if any financial industry accounted for more than 10 vH.

(3) it is even lit by significant cross-sector activities within the meaning of section 2 Z 14. c to go out if the balance sheet total of the financial sector represented in the group with the lower percentage exceeds EUR 6 billion. The group does not reach the threshold referred to in paragraph 2 but those mentioned in the first sentence, the FMA with the consent of the other relevant competent authorities may decide that the group as a financial conglomerate is or the articles 9, 10 or 11 shall not apply, if it considers that the inclusion of this group in the scope of this federal law, or the application of such provisions is not required or would be misleading or inappropriate for the purposes of supplementary supervision. This connection are, for example, the following criteria into account:



1. the proportion of financial sector represented in the group with the lower percentage is not more than 5 per cent, or 2. the market share of the financial conglomerate is - measured in the balance sheet total in the banking or the investment services sector and on gross premiums written in the insurance industry - in any Contracting State more than 5 VH.

Decisions under this paragraph are to inform the other competent authorities.

(4) the FMA with the consent of the other relevant competent authorities can decide for the application of paragraph 1, 2 and 3,



1. an in the calculation of the shares not to take into account cases referred companies to in § 6 paragraph 6;

2. compliance with the thresholds according to paragraphs 1 and 2 for three consecutive years to take into account, to avoid a sudden change of the rules applicable.

(5) for the application of paragraphs 1 and 2, the FMA, can by way of derogation the earnings structure or balance ineffective activities replace the criterion of balance sheet total no. 7, in exceptional cases and with the consent of the other relevant competent authorities of § 2 or complement, if these parameters are particularly significant in its opinion for the purposes of supplementary supervision under this Federal Act.

(6) fall to a financial conglomerate that already is subject to supplementary supervision, who shares in accordance with paragraphs 1 and 2 of 40 per cent or 10%, so the threshold on 35 vH or 8 be reduced for the application of these paragraphs in the three following years %. Decreases also in a financial conglomerate, already a supplementary supervision covered by, the balance sheet total of the financial sector represented in the group with the lower percentage of under EUR 6 billion, so the amount of EUR 5 billion is reduced for the application of paragraph 3 in the three following years. During the period referred to in this paragraph, the FMA with the consent of the other relevant competent authorities may decide that the lower thresholds referred to in this paragraph or lower amounts are no longer applied when the group will probably not return to the higher threshold values or higher amounts.

(7) in the case of the calculations referred to in paragraph 1 to 6 in conjunction with article 2, no. 7, which relate to the balance sheet total, is assumed from the aggregated balance sheet total of the companies of the Group determined on the basis of the annual accounts. For calculating company, in which a participation is held, be taken into account in the amount of their assets, which corresponds to the aggregated proportional share held by the group. A consolidated accounts before but this is so instead of the aggregated balance sheet total to use; the non-consolidated companies of the financial conglomerate are in addition to take into account on the basis of the financial statements. In accordance with the relevant sectoral rules, the solvency requirements according to the par. 2 and 3 in conjunction with § 2 calculated Z 7.

(8) last sentence must give their approval if it considers that in paragraph 3, 4 and 6 last sentence mentioned conditions are satisfied the FMA on request other relevant competent authority according to § 3, 4 and 6.

Identifying a financial conglomerate



4. (1) the financial firms have to observe whether they represent an additionally supervised company within the meaning of section 5. They believe that this is true, or no longer applies, so they have to show this the FMA without delay.

(2) the FMA on the basis of paragraphs 2, 3 and 5 to determine whether a group is a financial conglomerate, which falls within the scope of this federal law. To this end, she has with the competent authorities which have allowed the supervised companies members of the group, if necessary, to work together. The FMA considers reached that it approved supervised company belongs to a group, that could be a financial conglomerate, which is not yet classified as such, so it shall inform the other competent authorities.

(3) the FMA is the parent company of a group or - in the absence of such - the regulated entity with the largest balance sheet total in the group with the higher proportion represented financial industry of to teach that the group as a financial conglomerate has been classified. The FMA is also to inform the competent authorities which have allowed regulated entity of the group, and the European Commission.

2. MAIN PIECE

SUPPLEMENTARY SUPERVISION

SECTION 1

SCOPE OF APPLICATION



5. (1) the following companies subject to additional supervision by the FMA to the provisions of this federal law:



1. domestic oversaw EEA companies at the head of a financial conglomerate, 2. domestic supervised EEA company, whose parent company is a mixed financial holding company headquartered in the Contracting States, if there is one of the following conditions: a) at least two supervised companies headquartered in the Contracting States have the same mixed financial holding company headquartered in Austria as a parent company and one such company is supervised by the FMA to the relevant sectoral rules.

(b) at the head of the financial conglomerate are at least two mixed financial holding companies, which are established in different Contracting States, in each of those Contracting States is a regulated company with these companies in the same financial industry are working, and the domestic regulated entity has the highest balance sheet total.

(c) at the head of the financial conglomerate, at least two mixed financial holding companies, which have a seat in different Contracting States, in each of those Contracting States is a regulated company, where these companies in different financial sectors are active, and the domestic regulated entity are the financial sector represented in the group with the higher percentage.

(d) at least two supervised companies headquartered in the Contracting States have approved as a parent the same mixed financial holding company, none of these companies has been in the Contracting State of the seat of the mixed financial holding company and the domestic regulated entity has the highest balance sheet total in the financial sector represented in the group with the higher percentage.

3.

domestic oversaw EEA companies arising from another company of the financial sector by a relationship within the meaning of article 12 para 1 of Directive 83/349/EEC, if they are the highest balance sheet total in the financial sector represented in the group with the higher percentage, 4th oversaw domestic EEA company, whose parent company is a regulated company or a mixed financial holding company headquartered outside of the States parties , subject to paragraph 5 and be one of the following conditions: a) any regulated entity within the Contracting States have their headquarters in Germany.

(b) the supervised companies established in various Contracting States and are in one and the same financial business, wherein the domestic regulated entity has the highest balance sheet total.

(c) the supervised companies established in various Contracting States and are active in different financial sectors, where the domestic regulated entity of the financial sector represented in the group with the higher percentage belongs to.

5. domestic oversaw EEA companies other than the cases stated in Z 1 to 4, if they are the highest balance sheet total in the financial sector represented in the group with the higher proportion, (2) arises from the application of paragraph 1, that more companies would be subject to supplementary supervision, so the FMA decides after consultation with these companies and the competent authorities of other Contracting States on the basis of the objectives of this federal law , which company the additional supervision is subject to.

(3) a financial conglomerate is subgroup of another financial conglomerate's is a regulated company domiciled in another Contracting State, referred to in paragraph 1 the provisions of this Federal Act are not applicable. A financial conglomerate referred to in paragraph 1 is subgroup of another financial conglomerate referred to in paragraph 1, the provisions of this Federal Act only on the latter shall apply.

(4) consist of investments in one or more regulated entities in or capital relations to such company or a significant influence is exercised without a participation or capital relationship on such companies, without that one which exists in the para 1 and 3 referred cases shall decide if the domestic regulated entity has the highest balance sheet total in the financial sector represented in the group with the higher proportion , is the FMA with the consent of the relevant competent authorities, whether and to what extent to provide a supplementary supervision under this Federal Act, as if the supervised companies would make a financial conglomerate. The objectives underlying the supplementary supervision are applicable to this decision. The supplementary supervision may apply, at least one of the companies must be a regulated company and to § 2 Z 14 lit. Requirements referred to in b and c must be met. (2) is to be applied mutatis mutandis.

(5) If this taking into account the structure of the financial conglomerate and of the relative weight of its activities in different States offered appears, the Federal Minister of finance, if he in accordance with article 66 para. 2 B-VG it is authorized, regulate by agreement by way of derogation from the provisions of Directive 2002/87/EC with other Contracting States, which authority to exercise the supplementary supervision shall. Prior to the conclusion of such an agreement is to establish the agreement between the concerned authorities of the other Contracting States and the FMA and, where appropriate, to give the companies that would be subject to without this agreement of the additional supervision by the FMA, the opportunity to submit its observations. The FMA has the domestic regulated entities in the financial conglomerate over the formation and the absence of such agreement in writing to inform. A foreign authority for the supplementary supervision of insurance undertakings is responsible, the company, which would be subject to without the agreement of additional supervision by the FMA, to comply with the obligations in accordance with this federal law to this authority during the existence of the agreement has.

(6) ABS 1 Z 4 does not apply if the supervised companies, whose parent company has its head office outside the community, are also supervised by the competent authority of the third country in a measure that is equivalent to the additional supervision under this Federal Act. The FMA does not make a relevant review at the request of the parent company or a supervised company registered in a Contracting State or by itself. She has to consult the other competent authorities and to take into account, where appropriate, relevant guidelines, the financial conglomerates Committee in accordance with article 21, paragraph 5 of Directive 2002/87/EC has created. To this end, it has to consult the Committee before deciding.

(7) the FMA has to give its approval if it considers that the conditions laid down in paragraph 4 are met upon request of another competent authority according to paragraph 4.

SECTION 2

FINANCIAL SITUATION

Capital adequacy



§ 6 (1) without prejudice to the sectoral rules shall be subject to the capital adequacy of the regulated entities in a financial conglomerate in accordance with para 2 to 6 and the sections 7 and 8 of additional supervision.

(2) the additional capital requirements of the regulated entities in a financial conglomerate can be as following:



1. calculation on basis of consolidated, 2. deduction and aggregation method, 3. book value/requirement deduction method.

The FMA can allow a combination of these methods.

(3) the FMA has to decide which method to apply the financial conglomerate has after consultation with the other relevant competent authorities and after consultation of the Additionally supervised company. While she has on the objective of the § § 9 and 10 of the Federal Act as well as to take care on the objective of protection pursued by the sectoral rules. Not a regulated company, is at the forefront of the financial conglomerate the application is allowed each of the methods referred to in paragraph 2.

(4) the Additionally supervised company has to ensure that own resources at least in the amount determined in accordance with paragraphs 7 and 8 are always available at financial conglomerate level. The FMA is complying with this provision to monitor. Without prejudice to which has the Additionally supervised company once a year to make the calculation of required at financial conglomerate level height of the level of own funds at the balance sheet date, and to submit the results of the calculations and the data relevant for the calculation of the FMA with the financial statements. On request, the FMA in justified cases may allow a later template.

(5) in the calculation of the solvency required at the level of the financial conglomerate are to include all financial institutions and financial holding companies of the financial conglomerate. The company is a subsidiary, which has a capital shortage, or an unattended companies of the financial industry, which has a notional capital shortage, this Solvabilitätslücke of the subsidiary in the calculation in the full amount to take into account is regardless of the method chosen. The liability of the parent company held a share of the capital is limited according to the FMA in this case only and unequivocally on this ratio, so she can allow that the insufficient solvency of the subsidiary is taken into account pro rata. If no capital relationship between entities in a financial conglomerate, the FMA sets the amount to be taken into account on the basis of the liability after consultation with the other relevant competent authorities resulting from the existing relationships.

(6) the FMA can decide not to include a particular company in the calculation of the additional capital requirement, if



1. the company is located in a third country, in which preclude legal impediments to the transfer of the necessary information; unaffected remain no. 6 VAG and § 5 par. 1 Z § 4 paragraph 6 4 BWG; in this case, the carrying amount will be deducted however is to bring;

2. for the objectives of the supplementary supervision only of minor importance is; several companies can not be excluded for this reason if they are overall not only of minor importance;

3. the inclusion of the company for the purposes of supplementary supervision would be inappropriate or misleading; in this case, the FMA - except in the case of urgency - has before making their decision to listen to the other relevant competent authorities.

If the FMA does not include a company from any of the reasons referred to in Nos. 2 and 3, the Additionally supervised company has the competent authorities on request to provide all information which assist the oversight of the company.




The multiple inclusion of components, which can be designated at the level of the financial conglomerate as own funds (multiple occupancy of own resources), and every inappropriate intra-group creation of own funds § 7 (1) be excluded. To ensure the exclusion of multiple occupancy of own funds and intra-group creation of own funds, are the relevant principles of the relevant sectoral rules apply mutatis mutandis.

(2) for the performance of the solvency requirements of the financial sector represented in a financial conglomerate are the own funds elements in accordance with the corresponding sectoral rules to be used. The level of own funds at the level of the financial conglomerate is insufficient, only components that are acceptable to all sectoral rules as own funds ("cross-sector capital"), may be considered for the fulfillment of the additional solvency requirements.

(3) certain own funds items that could be considered as cross-sector capital, the business rules are only limited allowed as capital, these are limitations according to the calculation of own funds at the level of the financial conglomerate.

(4) for the calculation of own funds at the level of the financial conglomerate is also to consider whether the funds are transferable and available in all parts of the group the objectives of the capital adequacy requirements accordingly without further by a legal person of the Group on the other.



§ 8 (1) for the calculation of the additional capital requirement pursuant to section 6 para 2 subpara 1 the following shall apply:



1. the own funds and the capital requirements on the companies of the financial conglomerate are to calculate according to the corresponding sectoral rules.

2. additional capital requirements of the regulated entities in a financial conglomerate is calculated according to the methodology of the consolidated financial statements.

3. the additional capital requirement is the difference between a) the calculated on the basis of the methodology of the consolidated own funds of the financial conglomerate, where components permitted under the relevant sectoral rules can be used, and b) the sum of the solvency requirements of the respective financial sectors represented in the Group; These solvency requirements are calculated according to the respective sectoral rules.

4. for unattended companies of the financial sector, which are not included in the above mentioned calculations of the solvency requirements of the related industry, a notional solvency is determined.

5. the difference cannot be negative.

The non-consolidated companies of the financial conglomerate can be recognized on the basis of a different method.

(2) for the calculation of the additional capital requirement pursuant to section 6 para 2 No. 2, the following applies:



1. when calculating the percentage of the parent or of the company, which holds a stake in another-a related company of the group, to take into account is. Under share, the proportion of the subscribed capital, which directly or indirectly held by the company, is to understand.

2. additional capital requirements of the regulated entities in a financial conglomerate calculated on the basis of the financial statements of all companies of the group.

3. the additional capital requirement is the difference between a) the sum of the capital of each attended and unattended the financial industry of joined company of financial conglomerate, where components permitted under the relevant sectoral rules can be used, and b) the sum of the solvency requirements for each supervised and unattended non-financial companies of the group, which are calculated in accordance with the relevant sector-specific regulations, and the book value of shareholdings in other companies of the group.

4. for unattended non-financial companies, a notional solvency is determined. Own funds and solvency requirements be considered proportionately in accordance with Nos. 1 and § 6 para 5.

5. the difference cannot be negative.

(3) for the calculation of the additional capital requirement pursuant to section 6 para 2 No. 3, the following applies:



1. when calculating the percentage of the parent or of the company, which holds a stake in another-a related company of the group, to take into account is. Under share, the proportion of the subscribed capital, which directly or indirectly held by the company, is to understand.

2. additional capital requirements of the regulated entities in a financial conglomerate calculated on the basis of the financial statements of all companies of the group.

3. the additional capital requirement is the difference between a) the own funds of the parent company or the company at the top of the financial conglomerate, where components permitted under the relevant sectoral rules can be used, and b) the sum of the capital requirements, to which under lit. a referred parent company or on the company at the top and the higher of the following values: aa) the book value of the shares of this company in other companies of the group or bb) the capital requirements of these other companies. the equity capital requirements be considered thereby pro rata pursuant to Nos. 1 and § 6 para 5.

4. for unattended non-financial companies, a notional solvency is determined. Assessing the components allowed for the calculation of the additional capital requirements investments are lit after the in article 59 paragraph 2. (b) the policy to evaluate 78/660/EEC laid down either by the equity method.

5. the difference cannot be negative.

(4) Z is 4, for an unattended financial companies in accordance with paragraph 1 paragraph 2 Z 4 or § 3 Z 4 a notional solvency is calculated, so that the capital requirements which would have to meet such a company the relevant sectoral rules that if it were a regulated company in the financial industry; corresponds to the notional solvency on a mixed financial holding company is calculated in accordance with the sector-specific regulations for the financial sector in the financial conglomerate with the higher percentage.

Risk concentration



§ 9 (1) without prejudice to the sectoral rules of paragraph 2 to 6 of additional supervision is subject to the risk concentration of regulated entities in a financial conglomerate in accordance with.

(2) the Additionally supervised company has any significant risk concentration at the level of the financial conglomerate regularly the FMA, but at least at the end of each calendar quarter to report and to provide the necessary information.

(3) the FMA after consultation with the other relevant competent authorities for each financial conglomerate with notice to rearrange what types of risks referred to in paragraph 2 are to report. This connection has to take into account the FMA group structure and the risk management of the financial conglomerate. After consultation with the other relevant competent authorities, the FMA for each financial conglomerate on the basis of the statutory capital adequacy decision to set appropriate thresholds, determine the risk levels as significant must be identified and reported.

(4) in the case of the supervision of the risk concentration, the FMA must in particular the possible risk of a spillover to other parts of the financial conglomerate, the risk of conflict of interest, to monitor the risk of walking to the sectoral rules and the height or the extent of the risks.

(5) the FMA can quantitatively limiting concentrations of risk at a conglomerate level by regulation; in this regulation carefully aims to take that the protective purpose of the sectoral rules must not be thwarted by concentrations of risk.

(6) a mixed financial holding company, is at the forefront of a financial conglomerate to the specific regulations of the financial sector in the financial conglomerate with the higher percentage apply to them on risk concentrations.

Group-internal transactions



§ 10 (1) without prejudice to the sectoral rules of paragraph 2 to 6 of additional supervision subject to intra-group transactions of regulated entities in a financial conglomerate in accordance with.

(2) the Additionally supervised company has the FMA regularly all significant intra-group transactions of regulated entities within a financial conglomerate but at least at the end of each calendar quarter to report and to provide the necessary information.

(3) the FMA after consultation with the other relevant competent authorities for each financial conglomerate with notice to rearrange what types of transactions referred to in paragraph 2 are to be reported. This connection has to take into account the FMA group structure and the risk management of the financial conglomerate. After consultation with the other relevant competent authorities, which has to set appropriate thresholds on the basis of the statutory capital adequacy decision FMA for each financial conglomerate which intra-group transactions as significant must be identified and reported.


(4) in the supervision of intra-group transactions, the FMA has in particular the possible risk of a spillover to other parts of the financial conglomerate, the risk of conflict of interest, to monitor the risk of walking to the sectoral rules and the height or the extent of the risks.

(5) the FMA may limit by regulation the scope to intra-group transactions of regulated entities within a financial conglomerate at a conglomerate level and provide conditions as to their nature; in this regulation carefully aims to take that the protective purpose of the sectoral rules must not be thwarted by the intra-group transactions.

(6) a mixed financial holding company, is at the forefront of a financial conglomerate to the specific regulations of the financial sector in the financial conglomerate with the higher percentage apply to them relating to intra-group transactions.

Internal control mechanisms and risk management



§ 11 (1) in the supervised companies adequate risk management and adequate internal control mechanisms, as well as proper management and a proper accounting must exist at the level of the financial conglomerate.

(2) appropriate risk management includes



1. expert guiding and management with approval and regular review of the strategies and actions by respective management at the level of the financial conglomerate with respect to all the risks;

2. an adequate policy of capital adequacy, which calculated capital adequacy requirements in advance considering the impact of on the risk profile and the business strategy in accordance with articles 6 to 8;

3. appropriate procedures which ensure that the risk monitoring systems are adequately integrated in the business organization and is ensured by appropriate measures, that the systems applied in the regulated entities in the financial conglomerate are compatible with each other, so that all risks at the level of the financial conglomerate can be quantified, monitored and controlled.

(3) the internal control mechanisms include



1. adequate mechanisms as regards capital adequacy to identify and quantify all major risk items and on the adequate reporting of these risks with its own resources;

2. a proper reporting system and a proper accounting for the identification, quantification, monitoring and control of intra-group transactions and the risk concentration.

(4) in the Additionally supervised company, adequate internal control mechanisms for the submission of information and information must pass, which are for the implementation of supplementary supervision of concern.

SECTION 3

MEASURES TO FACILITATE SUPPLEMENTARY SUPERVISION

Cooperation and exchange of information between the competent authorities



12. (1) has the FMA reason to believe that a piece of information for the competent authorities of another Contracting State is essential to carry out the supplementary supervision in accordance with Directive 2002/87/EC, shall be communicated this information to the competent authority.

(2) the FMA is in addition obliged the of their supervised companies for the supplementary supervision in accordance with Directive 2002/87/EC to provide those information to competent authorities of other Contracting States at their request, and to submit those documents that this appear useful for the fulfilment of their tasks.

(3) the information referred to in paragraphs 1 and 2 shall in particular:



1. identification of the group structure of all major companies of the financial conglomerate, as well as the authorities responsible for the regulated entities in the financial conglomerate;

2. strategies of the financial conglomerate;

3. financial situation of the financial conglomerate, in particular on capital adequacy, intra-group transactions, risk concentration and profitability;

4. major shareholders and management of the companies in the financial conglomerate;

5. organisation, risk management and internal control systems at financial conglomerate level;

6. procedures for the procurement of information from the entities in a financial conglomerate and its review;

7 adverse developments in regulated or other companies of the financial conglomerate, which the former; consider seriously affected

8. the main sanctions and other measures taken by the FMA in accordance with the sectoral rules or in accordance with this federal law;

9. changes in the Executive Board, the Board of supervisors or ownership, as far as they have been displayed according to the sectoral rules.

(4) Furthermore, the FMA also with central banks, the European system of central banks and of the European Central Bank can exchange information on regulated entities in a financial conglomerate, when they need the information for their own missions.

(5) without prejudice to their responsibilities in accordance with the sectoral rules, the FMA by the competent authorities of other Contracting States shall advance to get an opinion before she imposed serious sanctions or other measures, if they are for their supervisory activities of importance. The FMA can refrain from, when speed is needed or the obtaining of opinion could impair the effectiveness of the sanction or action. In this case, the FMA has to inform the competent authorities of other Contracting States.

(6) the Federal Minister for finance can close if he para 2 is authorized B-VG pursuant to article 66 to, cooperation agreements with other Contracting States, if this facilitates the supplementary supervision. In such an agreement, the unit can be used to additional tasks entrusted to the Coordinator and the process of decision-making of the relevant competent authorities referred to in articles 3 and 4, article 5 (2) and articles 16 and 18 of Directive 2002/87/EC, as well as the cooperation set paragraph 4, article 6, article 12 with other competent authorities. It should be agreed that information from another Contracting State only with the express consent of the competent authorities which have communicated this information, and, if necessary, only for the purposes may be distributed, these authorities have agreed to.

(7) the FMA required information already granted to other competent authority of another Contracting State in accordance with the sectoral rules, she has - as far as possible - to use to avoid the multiple request information by the authorities involved in the supervision of this authority.

Mixed financial holding companies



13. (1) persons who actually conduct the business of a mixed financial holding company, have to meet the following requirements:



1. personal reliability: this is not given if an exclusion in the sense of § 13 1994 reason GewO or of the assets of these persons or the property of other legal entity as a natural person, significant influence may refer to these people on a business or is said to, the bankruptcy was opened, unless as part of the bankruptcy process to complete of a compulsory compensation occurred in , which was fulfilled. The same applies if a so similar offence abroad was carried out.

2. professional competence: this requires sufficient theoretical and practical knowledge in the business of a financial industry and management experience; It is usually to assume if at least three-year executive working for a financial firm is proved.

(2) the Additionally supervised company has to ensure in accordance with the corporate options for that section 1 is respected. It has the FMA in addition to name, legal form, to provide seating and home state of the parent mixed financial holding company, all for the assessment of compliance with the conditions of paragraph 1 required documentation, as well as to see each change immediately. The Additionally supervised company considers that the requirements of paragraph 1 are not fulfilled and fruitlessly all corporate opportunities to prevent ordering these managers or their dismissal have been exhausted, this the FMA is immediately.

(3) the FMA of considers that the requirements of paragraph 1 are not fulfilled, she shall due to a message referred to in paragraph 2 or by virtue in the Court of Justice, which is responsible for the seat of the Additionally supervised company to exercise the jurisdiction in commercial matters in first instance, the suspension of voting rights for the share rights, which holds the mixed financial holding company in the Additionally supervised company , to apply for. The Court has to have the rest of this voting. The rest of the voting ends, when the Court on application by the mixed financial holding company or of the FMA has determined that the requirements of paragraph 1 have been met. This is communicated to the FMA. The Court will decide according to the above provisions in the procedure except for disputes.


(4) a court has the suspension of voting rights in accordance with paragraph 3, it has at the same time appointed a trustee who complies with the requirements of paragraph 1, and to transfer this to the exercise of the voting rights. The trustee has entitlement to reimbursement of expenses and remuneration for his work, the amount of which to be determined by the Court. The mixed financial holding company and the Additionally supervised company liable severally. Against decisions, which determined the amount of the remuneration of the trustee and the expenses to replace him, the recourse available to the debtor. Against the decision of the higher regional court a further instance does not take place.

Messages and access to information



14. (1) the Additionally supervised companies have to ensure that they have access to the information relevant for the implementation of supplementary supervision, affecting the companies to be included in the supplementary supervision. In particular they have appropriate internal procedures for the submission of information and information to set up.

(2) the Additionally supervised companies have time to provide information on all matters of the FMA and to provide access to all the information that are useful for the supplementary supervision. The requested information not be delivered by the Additionally supervised company so the FMA to another company of the financial conglomerate can refer, even if this is part of any financial industry. The requested information not be delivered by a requested company domiciled in another Contracting State, the FMA, notwithstanding the possibility pursuant to the preceding sentence, the competent authority of the Member State to request appropriate measures to improve the access to this information is.

(3) the Additionally supervised companies have monthly returns immediately after the end of each calendar month of the FMA on the capital adequacy of the regulated entities in a financial conglomerate pursuant to § 6 para 2 and 6 and of paragraphs 7 and 8 to submit.

(4) the Additionally supervised company have within four weeks after the end of each calendar quarter of the FMA quarterly reports to comply with the provisions of §§ 9 and 10 according to the outline provided for in the regulation referred to in paragraph 5 to send.

(5) the FMA has the breakdown of monthly returns and quarterly reports through regulation to set. In enacting this regulation, she has carefully on the stability of the financial market to take. It is empowered to waive pursuant to par. 3 and 4 by regulation on the transmission. Regulations require the consent of the Federal Minister of finance under this paragraph.

(6) the messages are to repay in a standardised form by means of electronic transmission or electronic data carrier pursuant to paragraph 3 and 4. Delivery must be given by the FMA known after consulting of the Austrian National Bank correspond to the minimum requirements.

On-site testing



Section 15 (1) can the FMA also supervised companies and other domestic companies, which are included in the supplementary supervision, according to industry regulations for the supervised companies check information according to § 12 ABS. 2 anytime local / information other people. Measures of the FMA to the sectoral rules against the undertaking concerned remain unaffected thereof.

(2) the FMA in this federal law in certain cases intends to consider the details of a company established in another Contracting State-the additional supervision related, so she has to request the verification the competent authority of that Contracting State. If this authority does not itself performs the test or can be carried out by authorized by audit organs (chartered accountants or experts), so the FMA can be, if the authority of the concerned Member State do so authorises, perform the test itself or the review ordered audit bodies.

(3) intends to consider the supplementary supervision authority of another Contracting State the details of a company headquartered in Germany-the additional supervision related, so, the FMA has this test perform, or to perform the examination by audit organs ordered by you or the supervisory authority of the relevant Contracting State or commissioned by this people to carry out the audits to authorize. The requesting authority can be present on request when assessing if she perform this. The FMA can participate in an examination not you yourself have made.

Procedural and penal provisions



Section 16 (1) meets the requirements of section 4 and of articles 6 to 11, not solvency despite meeting all requirements is at risk or endanger the FMA based on to implement measures applicable sectoral rules, which appear for the Additionally supervised company suitable, intra-group transactions or risk concentrations that so has the financial situation of the supervised companies, as quickly as possible to remedy the situation an additionally supervised company.

(2) a person who-based arrangement of the FMA contravenes one on paragraph 1, provided that the Act is not a criminal offence falling within the jurisdiction of the courts, commits an administrative offence and is fined to punish up to EUR 25 000.

(3) for the enforcement of a permit according to this federal law the sum of EUR 25 000 replaces one SG of indicated lower amount in article 5 para. 3.

(4) a financial company failed to timely comply with the template duties established by this federal law, the template duties on the basis of an order issued under this Act or an order that is associated with a period of grace pursuant to para 1, so the FMA can the finance company together with the prompt to the catch-up for the case that it fails, or after previous unsuccessful request that require payment of an amount up to €25 000 to the Federal. This connection is the extent of the delay as well as the disability of monitoring of business operations and the additional costs to be taken into account, which are caused by the late submission. The fee can be prescribed as long as the obligation is not met, several times.

(5) in the case of administrative offences under this Federal Act, a limitation period of 18 months applies VStG instead of the limitation period of § 31 para 2 of six months.

Additional powers of the FMA



§ 17. The FMA has to take any supervisory measure which it considers necessary to bypass the industry rules by supervised by her company of a financial conglomerate to prevent and intervene against such an approach.

3. MAIN PIECE

TRANSITIONAL AND FINAL PROVISIONS



Section 18 (1) this Federal Act enter into force 1 January 2005. On the supervisory audit of the financial statements, it is used for the fiscal year beginning after December 31, 2004 for the first time.

(2) Regulations under this Federal Act must be adopted from the day following its promulgation. You must at the earliest on fiscal years beginning after December 31, 2004, apply to be.



§ 19. With the completion of this Federal Act is responsible with regard to the other provisions of the Federal Minister of finance in terms of § 13 para 3 second to fifth set and para. 4 of the Federal Minister of Justice.



§ 20. As far as other federal laws are referenced in this federal law, they are, if nothing else is to apply in their respectively valid version.

Article 3

Amendments to the insurance supervision law

The Federal law of October 18, 1978, on the operation and supervision to the insurance (insurance supervisory Act – VAG), Federal Law Gazette No. 569/1978, amended by Federal Law Gazette I no. 117/2000, is amended as follows:

1 § 2 para 2 No. 1 is:



"1 article 3 par. 1 and 3, article 4, paragraph 1 first sentence, subsection 6 Z 1, 1a and 3 to 6, para 7 and paragraph 9, Section 4a, paragraph 3, Article 7a, paragraph 1, 3 and 4, § 7b para 1 and 3, article 8, paragraph 1 and paragraph 2 Z 3, article 11, par. 1 and 3, § 11a, § 17b, the §§ 73 b to 73d, 73f, para 1" , ABS 2 Z 3 and paragraph 4, the §§ 74 and 74a, article 75, paragraph 1, section 76, section 79 b paragraph 1a to 6, the articles 86a to 86 m, section 99, sections 100 to 102, the sections 103 and 104, article 104, paragraph 1, 1a, and 2, § 104 b, § 105, § 107 b paragraph 1 Nos. 1, 2 and 7, § 108 para 1 No. 1, §§ 109 and 110, § 112 Z 4 ", the sections 115 to 117 and section A-Z 1 of Annex D," 2. Article 4 is amended as follows:

(a) according to paragraph 6, no. 6 is attached following Z 7:



"7. due to the lack of transparency in the group structure that affect interests of the insured, or that FMA is prevented from properly fulfilling its obligation to monitor."

(b) after paragraph 7, the following paragraph 7a is inserted:



"(7a) In the case of paragraph 6 Nos. 6 and 7 the FMA licence subject to conditions, may provide that allow the proper fulfilment of its obligation to monitor her."

3. According to § 7, b paragraph 1 the following paragraph 1a is inserted:




"(1a) where a revocation of the concession referred to in paragraph 1 No. 1 in conjunction with § 4 para 6 Z 6 or 7 may the FMA to the insurance companies on the basis of article 104, paragraph 1 those orders meet, that are required to allow the proper fulfilment of its obligation to monitor."

4. § 8 para 3 Z 3 is:



'3. the plan review and plan income,' 5. § 11a is amended as follows:

(a) in paragraph 2, the reference is "§ 4 par. 6 Z 5" with the reference "§ 4 par. 6 Z 5 or 7" replaced.

(b) after paragraph 2, the following paragraph 2a is inserted:



"(2a) a participation within the meaning of paragraph 1 by an insurance undertaking, a credit institution or an investment firm, are registered in another Contracting State is acquired HGB of the parent undertaking of such company in the sense of § 244 in its current version, or by a natural or legal person who actually exercises a dominant influence on such a company, and the company would ", where the stake to be purchased through this acquisition to a subsidiary of the acquirer or it geriete therefore among its really dominant influence, so the FMA before a prohibition of the acquisition is to obtain an opinion from the competent authority of the other Contracting State."

6 § 13c paragraph 4 reads:



"(4) paragraph 2 second and third sentences shall not apply for legal transactions that bring about a stock transfer by way of universal succession. This also applies to the transfer of all assets to a different insurance company, to associate with that of the domestic branch of a foreign insurance undertaking."

7. Article 18, paragraph 1 the following sentence is added:



"The FMA can make further rules on content and structure of the actuarial foundations with regulation."

8 § 18 para 1a second sentence reads:



"Also, the insurance company has the opinion of an independent expert on the quality of this model in terms of its suitability for the control and management of investment risk to catch up, if it covers the investment risk through a capital guarantee given by a third party authorized to guarantee business."

9 paragraph 18 para 2:



"(2) the insurance companies have to inform the FMA, of any change or addition to the principles listed in paragraphs 1 and 1a before their application."

10 paragraph 20 paragraph 2:



"(2) based on a separate Department of the cover pool, which separately to apply are the provisions on the cover pool, is to set up



1. for life insurance, as far as them not Z 2 to 5 falls below, 2 for the unit-linked pension supplementary insurance (section 108 b para 1 of the income tax Act 1988 amended) with the exception of the unearned premium reserve, the provision for outstanding claims and additional technical provisions for guaranteed minimum benefits, 3 for the other unit-linked life insurance with the exception of the unearned premium reserve, the provision for outstanding claims and additional technical provisions for guaranteed minimum benefits ", 4 for index-linked life insurance with the exception of the unearned premium reserve, the provision for still not settled and the additional technical provisions for guaranteed minimum benefits, 5 for the State-sponsored retirement provision in accordance with §§ 108 g to 108i EStG 1988 in the currently valid version, unless she associate with not another cover Department, is 6 for health insurance, 7 for the remaining insurance branches, to make for a cover reset."

11. According to article 20, paragraph 2, the following paragraph 2a is inserted:



(2a) that are set up and the resolution of a separate Department of the cover pool the FMA must be notified immediately.

12 paragraph 23 paragraph 5:



"(5) the trustee has the FMA about all perceptions, which are likely to cause concerns about the performance of the cover pool or compliance with the rules on the investment of the collateral assets, to report without delay. The trustee has to submit a written report on the activities of the FMA after the end of each calendar quarter within a month in the last quarter. In addition, he has to submit a written report on its activities (annual report) annually within three months after the end of the fiscal year. The trustee has to bring each report to the FMA on the Management Board and the Supervisory Board or the management of a foreign branch office."

13 § 24a, paragraph 3 is amended as follows:

(a) in the first sentence, the words are "within three months after the end of the financial year".

(b) in the second sentence the phrase "and in any case within three months after the end of the fiscal year" is inserted after the word "immediately".

(c) at the end of the paragraph, the point is replaced by a semicolon and the following phrase is added: "at the request of the FMA in justified cases may extend this time limit."

14. According to article 73 b paragraph 4 shall be inserted following paragraph 4a to 4 d:



"(4a) from own funds shall be deducted in addition:"



1. participations in the sense § 86a para 2 No. 3 at insurance companies, insurance holding companies, credit institutions, financial institutions and investment firms, 2. shares of participation capital, supplementary capital and other subordinated capital of companies listed in no. 1, involved in which the insurance undertaking in the sense of § 86a para 2 No. 3 is.

(4B) shares of a company listed in Section 4a No. 1 be kept temporarily, to financially support this company for the purpose of rehabilitation and recovery, so the deduction referred to in paragraph 4a may be avoided with approval of the FMA.

(4c) the insurer can take place of the deduction referred to in paragraph 4a one of listed methods according to § 6 par. 2 Z apply 1 to 3 FKG in the currently valid version. For the application of § 6 par. 2 Z 1 FKG in the amended listed method approval of the FMA is required, which only may be issued, if the scope and level of integrated management and internal controls in relation to the companies included in the consolidation are satisfactory. The chosen method is to apply uniformly in the long term.

"(4 d) an insurance undertaking, the additional supervision after the articles 86a ff this Federal Act or § 5 FKG in the currently valid version is subject to, need to get shares in accordance with paragraph 4a not in print, if these shares in the calculation of adjusted capital adequacy in accordance with § 86 of this Federal Act or in the additional capital requirement in accordance with the § § 6, 7 and 8 FKG in the currently valid version are included."

15. on article 75, paragraph 2 the following sentence is added Z 1:



"The insurance companies have to hold this information provided by the customer in writing."

16 § 77 para 2 is as follows:



"Provisions for not pursuant to section 20 para 1 a collateral form is, are (2) underwriting after deduction of interests of reinsurers to cover (cover requirement)."

17 § 79b is amended as follows:

(a) referred to in paragraph 1, the following paragraph 1a is inserted:



"(1a) that insurance companies are committed to the end of the financial year lineups of all other assets in accordance with section 81 c para 2 item B. I., II, III and IV, which are not II., III., E, and F. in the directories referred to in paragraph 1, to submit within six weeks after the end of the fiscal year. Insurance companies that have only the operation of reinsurance to the subject, have in the establishment of the value of assets in accordance with section 81 c paragraph 2 item b IV to record. The FMA may impose by regulation, their messages about these assets at shorter intervals than every year are to be submitted."

(b) in paragraph 2, "appropriate assets" the phrase "and other assets referred to in paragraph 1a" is inserted after the phrase.

18. in paragraph 79 (b) paragraph 5 the expression "paragraphs 1, 2 and 4" by the expression is replaced "Paragraph 1, 1a and 2".

19. in section 81c para 5 No. 2 the expression "A.VII" replaces the expression "A.VIII".

20 § 81o para 6 is as follows:



"(6) for each balance Department charged premiums of the entire business and the underwriting result are divided into direct and indirect business for each State in which the insurance undertaking is worked separately to determine if the percentage of the State exceeds 3 vH of charged premiums of the entire business of the respective balance sheet group in the annex and in the consolidated financial statements."

21 paragraph 82 para 6:




"(6) the examination section has 17 b, c 17 and 18a is also referenced in the article as well as climbing in the articles 9 and 11 FKG in the amended matters, on compliance with the provisions on the level of own funds in accordance with article 73 b and above the adjusted capital adequacy in accordance with § 86 and articles 6 to 8 FKG in the currently valid version, as well as on the impact of Group-internal business in accordance with § 86d and § 10 to extend FKG in the currently valid version on the level of own funds;" on the outcome of this examination is to report. "Para 4 d is made by § 73 b use, so is it also to report."

22. in the heading to section 83, the word "Insurance supervisory authority" is replaced by the word "FMA".

23 § is amended 84 para 1 as follows:

(a) in the first sentence is replaced "six" by the word "five".

(b) in the second sentence the words "and the report" inserted after the word "Accounts".

24 paragraph 2 deleted § 85a.

25. in section 85a para 3 first sentence is the expression "and 2".

26 paragraph 86 para 3:



"(3) in the articles of association the audit of the financial statements may be provided by one or more auditors. In this case, the Statute has also the detailed provisions on the scope of the audit to include the appointment of the auditor and the audit report on the supreme body. Members of the management board or the Supervisory Board may be not ordered Auditors."

27 § 86a, paragraph 1 is amended as follows:

(a) at no. 2, the following sentence is added:



"If the parent insurance holding company, the parent foreign reinsurance companies or the parent insurance undertaking domiciled in a third State itself has no insurance companies domiciled in a Contracting State as the parent company,"

(b) Z 3 is as follows:



"3. child insurance companies, which are not covered by subpara 2 and which have a parent company, that no insurance company is, if this parent company itself has no insurance companies domiciled in a Contracting State as the parent company in accordance with the § 86 c para 2 to 5 and 86d."

28 § 86a, paragraph 2 is amended as follows:

(a) Nos. 4, 5 and 6 are:



"4. a company a company that holds a stake in the broad sense in another company or a company with one another by a relationship within the meaning of article 12 para 1 of Directive 83/349/EEC is connected;" each parent company is also a subsidiary;

5. a party company a company where a participation in the broader sense of another company is held or a company with one another by a relationship within the meaning of article 12 para 1 of Directive 83/349/EEC is connected; each child is also a party company;

6. an insurance holding company a parent company, an insurance company domiciled in a Contracting State, which is a mixed financial holding company within the meaning of Directive 2002/87/EC and whose main activity consists in the acquisition and holding of participations in the broad sense to subordinate companies, whereby the exclusive or predominant activity of all these child companies of operating the insurance and at least one of such subsidiary undertakings being an insurance undertaking;"

(b) after the No. 6, 7 is attached following Z:



"7. a mixed activity insurance holding company a parent company, this is not an insurance company nor an insurance company of a third country nor a reinsurance undertaking nor an insurance holding company or a mixed financial holding company within the meaning of Directive 2002/87/EC and has at least one insurance undertaking among its subsidiary."

29. in paragraph 86, the following sentence attaches c paragraph 4:



"The FMA shall be also then present during the test, when she not even performs it."

30. in paragraph 86, the following sentence is attached c paragraph 5:



"The supervisory authority of the relevant Contracting Party not even does the examination, to allow, to be present at the examination is you."

31 86d paragraph 2 paragraph:



"(2) you the supplementary supervision have adequate risk management and adequate internal control mechanisms, as well as proper management and a proper accounting subject insurance companies to entertain, so that you can be transactions referred to in paragraph 1 adequately identified, quantified, monitored and controlled. You have information about significant intra-group transactions, in particular through loans, guarantees of the FMA, off-balance sheet transactions, reinsurance, cost sharing arrangements, capital investment operations and the capital concerned transactions regularly, but at least to submit at the end of each calendar quarter."

32. in article 86 the following paragraph 3 is added:



"(3) the FMA can decide that from a company of a domestic insurance company, which is no. 1, under section 86a para 1 No. 2, but not under section 86a, paragraph 1 carried out and submitted to the competent authority of a Contracting State calculation the requirement of para 2 equivalent, provided that can match the calculation rules of this Contracting State with those of Directive 98/78/EC and the domestic companies submit the calculation in German."

33. in paragraph 86, the following sentence is attached h para 3:



"No capital, the relationship between certain undertakings in an insurance group to the FMA to lay down the amount to be taken into account."

34. in section 86i, para 5, the expression "and section 5" is inserted after the expression "§ 86 h para 1 subpara 1".

35. According to § 86i section 7 the following paragraph 8 is added:



"(8) for the calculation of the adjusted solvency of the participating insurance undertaking of a credit institution, an investment firm or a financial institution the provisions of § apply 73B paragraph 4a to 4 d."

36. the following sentence is added l at § 86:



"As soon as the information is available, the FMA is a calculation in accordance with § 86 to present."

37. According to § 86, m 86n the following section is inserted:





§ 86n. (1) persons who actually conduct the business of an insurance holding company, must be good reputation and have sufficient experience in this task; for this purpose achieved, the professional and the personal suitability in accordance with § 4 paragraph 6 must be given Z 1.

(2) the Additionally supervised insurance undertaking shall ensure in accordance with the corporate opportunities for that section 1 is respected. It has the FMA in addition to name, legal form, to provide seating and home state of the parent insurance holding company all for the assessment of compliance with the conditions of paragraph 1 required documentation, as well as to see each change immediately. The Additionally supervised company considers that the requirements of paragraph 1 are not fulfilled and fruitlessly all corporate opportunities to prevent the ordering of these managers or their dismissal have been exhausted, this the FMA is immediately.

(3) the FMA of considers that the requirements of paragraph 1 are not fulfilled, she shall due to a message referred to in paragraph 2 or by virtue at the Court of Justice, which is responsible for the seat of the Additionally supervised insurance undertaking to exercise the jurisdiction in commercial matters in first instance, the suspension of voting rights for the share rights, which holds the insurance holding company to the responsible supervised insurance undertaking , to apply for. The Court has to have the rest of the voting rights. The rest of the voting ends, when the Court at the request of the FMA or the insurance Holdiggesellschaft has determined that the requirements of paragraph 1 have been met. This is communicated to the FMA. The Court will decide according to the above provisions in the procedure except for disputes.

(4) a court has the suspension of voting rights in accordance with paragraph 3, it has at the same time appointed a trustee who complies with the requirements of paragraph 1, and to transfer this to the exercise of the voting rights. The trustee has entitlement to reimbursement of expenses and remuneration for his work, the amount of which to be determined by the Court. The insurance holding company and the Additionally supervised insurance undertaking liable severally. Against decisions, which determined the amount of the remuneration of the trustee and the expenses to replace him, the recourse available to the debtor. Against the decision of the higher regional court a further instance does not take place."

38. in the heading to § 104, the word "Insurance supervisory authority" is replaced by the word "FMA".

39. paragraph 104a par. 2b Z 3 is as follows:



'3. the plan review and plan of income'.

40. § 107b if paragraph 1 is amended as follows:

(a) according to the Z, 3 following Z 3a is inserted:



"3a.

("communication facility or resolution of a separate Department of the cover pool pursuant to § 20 para 2a," b) after the Z 5 5a is inserted following Z:



'5a. communication changing the capital asset re-allocating pursuant to section 73e subsection 3,"111 41st section including headline is as follows:



"Extinctive prescription



section 111. For administrative offences under this federal law a limitation period of 18 months applies VStG instead of the limitation period of § 31 para 2 of six months."

42. paragraph 115b first sentence:



"Comes an insurance undertaking in Article 24a, paragraph 3 second sentence of § 79 of para 1 third sentence and paragraph 1a first and second sentences or template obligations stipulated in § 83 para 1 to 4, the template on the basis of one in accordance with article 74, § 79 of par. 1 b last sentence, paragraph 1a last sentence and para 2, § 85 para 1 or § 86 para 4 Z 1 adopted by order or an order under section 104 or Section 104a associated with a period of grace not to" ", so the FMA may prescribe at the same time payment of the amount the insurance company with an invitation to the catch-up for the case that it fails, or after previous unsuccessful call up to 7 €000 at the Federal."

43. According to Article 118a, paragraph 5, the following paragraph 6 is added:



"(6) the FMA is entitled to pass on central banks and other bodies with similar monetary policy tasks, as well as, where appropriate, other public authorities who are entrusted with the supervision of payment systems, the information required to carry out their tasks."

44. section 119 h be added following paragraph 12 to 14:



"(12) § 4 par. 6 Z 7, § 4 paragraph 7a, § 7B para 1a, § 8 para 3 Z 3, section 11a, para 2, § 13c para 4, § 18 para 1, 1a and 2, § 20 para 2a, § 23 para 5, § 24a para 3, section 75, paragraph 2 Z 1, § 77 para 2, § 81o article 6, § 83, § 86 para 3, § 86a para 1 No. 2 and 3, § 86 para. 3" , section 86i para 5, § 86l, § 104, Section 104a, paragraph 2 b Z 3, section 107 (b) paragraph 1, section 111 and section 115 b in the version resulting from article 3 of the Federal Act Federal Law Gazette I no. 70/2004 become at the end of the day of the announcement of the Federal Act Federal Law Gazette I no. 70/2004 in force.

(13) § 2 para 2, § 11a para 2a, § 20 para 2, § 73 b paragraph 4a to 4 d, § 79B para 1a, 2, and 5, § 81c paragraph 5 Z 2, § 82 para 6, section 84, paragraph 1, article 85a, par. 2 and 3, § 86a para 2 No. 4 to 7, § 86 c par. 4 and 5, § 86d para 2, § 86 h para 3, § 86i para 8, § 86n and section 118a para 6 as amended by article 3 of the Federal Act Federal Law Gazette I no. 70/2004 become January 1 2005 in force. You are to apply to fiscal years beginning after December 31, 2004.

(14) regulations on the basis of the provisions mentioned in paragraph 13 may be adopted already by the promulgation of the Federal Act Federal Law Gazette I no. 70 / 2004 the following day, may be applied only to fiscal years beginning after December 31, 2004."

45. in paragraph 131 Z 1 is after the Wortofolge "of § 84 4", the phrase "article 86n para 3 second to fifth sentence and paragraph 4," added.

Article 4

Amendments to the Banking Act

The Federal law on banking (Bankwesengesetz - BWG), Federal Law Gazette No. 532/1993, as last amended by Federal Law Gazette I no. 13/2004, is amended as follows:

1. paragraph 2 Z 25:



"(25. Finanz-Holdinggesellschaft: eine Juristische person oder ein Unternehmen, a) (this is not a credit institution, b) (which or whose main activity is to acquire holdings or to maintain or operate one or more of the transactions, which are listed in the paragraphs 2 to 12 of the list in annex 1 of Directive 2000/12/EC c) their or its subordinate institutions (§ 30) exclusively or mainly credit institutions" "Their / its subordinate institutions one at least is a credit institution or an investment firm and e) the no mixed financial holding company pursuant to § 2 par. 15 financial conglomerate - FKG, Federal Law Gazette I is law No. 70/2004,"

2. in article 2 Z is 26 after the phrase "investment firm" a comma and the phrase "a mixed financial holding company pursuant to § 2 par. 15 FKG" inserted.

2A. Article 3 para. 1 sub-para. 8 is:



"8. the Fund for the promotion of scientific research in accordance with § 2 research and technology promotion Act - FTFG, Federal Law Gazette No. 434/1982, as well as the Austrian research promotion agency mbH with regard to the subsidised loans granted by the Fund or the company;"

3. paragraph 4 section 5:



"(5) before issuing of an authorisation to a credit institution, the FMA has to inform the competent authority of the home Member State on the application, if"



1. a subsidiary of a credit institution authorised in another Member State within the meaning of article 1(1) of Directive 2000/12/EC as amended by Directive 2000/28/EC, an asset management company within the meaning of Article 1a, point 2 of Directive 85/611/EEC as amended by Directive 2001/107/EC, an investment firm or an insurance company; made the request pursuant to paragraph 3

2. a subsidiary of a subsidiary of a credit institution authorised in another Member State within the meaning of article 1(1) of Directive 2000/12/EC as amended by Directive 2000/28/EC, an asset management company within the meaning of Article 1a, point 2 of Directive 85/611/EEC as amended by Directive 2001/107/EC, an investment firm or an insurance company; made the request pursuant to paragraph 3

3. a credit institution, by the same natural or legal person such as a credit institution authorised in another Member State within the meaning of article 1(1) of Directive 2000/12/EC as amended by Directive 2000/28/EC, an asset management company within the meaning of Article 1a, point 2 of Directive 85/611/EEC as amended by Directive 2001/107/EC , an investment firm or an insurance company is controlled, the application has made pursuant to paragraph 3.

The FMA has to obtain the opinion of the aforementioned authority if necessary, if the suitability of the persons hold a qualifying holding pursuant to § 5 paragraph 1 Z 6 to 9 of another company in same group checked Z 3 and the reputation and experience of Directors in accordance with article 5, paragraph 1."

4. in article 20, according to paragraph 2, the following paragraph 2a is inserted:



"(2a) participation referred to in paragraph 2 by a credit institution authorised in another Member State within the meaning of article 1(1) of Directive 2000/12/EC, amended by Directive 2000/28/EC, an investment firm or an insurance company, acquired by the parent undertaking of such an enterprise or by a natural or legal person controlling such an enterprise, and the company would ", where the stake to be purchased through this acquisition to a subsidiary of the acquirer or fall under his control, the assessment of the acquisition to the subject of the information of the competent authority in accordance with § 4 paragraph 5 must be so."

5. in article 20, paragraph 8, the expression "within the meaning of article 1, first indent of Directive 77/780/EEC" is each by the expression "within the meaning of article 1(1) of Directive 2000/12/EC as amended by Directive 2000/28/EC" replaced.

6. in article 23, paragraph 13, following Z 4a and 4B are inserted:



"4a. investments and capital components on these shareholdings pursuant to § 73 b VAG of the credit institution on insurers, reinsurers and insurance holding companies."

4B.
With the approval of the FMA, the credit institution in place of the deduction referred to in paragraph 4a may one of listed methods according to § 6 section 2 apply FKG. The consent to the application of Z 1 mentioned method may only be issued in § 6 par. 2, if the scope and level of integrated management and internal controls in relation to the companies included in the consolidation are satisfactory. The chosen method is to apply on time."

7 § 23 paragraph 13 Z 5 is:



"5. supplementary supervision at the level of the financial conglomerate pursuant to § 6 paragraph 1 FKG, carry out of a full consolidation in accordance with § 24 para 1, proportional consolidation in accordance with § 24 para 4 and compulsory deduction according to para 2 of this Federal Act is the deduction in accordance with no. 3, not to make 4 and 4a in relation to credit institutions, financial institutions, insurance, reinsurance undertakings or insurance holding companies, if these companies in the scope of consolidation are included or FKG are subject to supplementary supervision in accordance with article 6, paragraph 1;"

8. in § 23 paragraph 14 Z 8 is the phrase "in accordance with paragraph 13 Nos. 3 and 4" by the phrase "in accordance with paragraph 13 Z 3, 4 and 4a" replaced.

9. in article 24, paragraph 1 third sentence is added after the second sentence:



"Institute by a relationship within the meaning of article 12 para 1 of Directive 83/349/EEC are connected, the FMA has to determine in what form the consolidation has to be done."


10. in article 30, paragraph 1, the phrase "in accordance with article 2 of Directive 77/780/EEC" is replaced by the phrase "within the meaning of article 2 of Directive 2000/12/EC".

11. in article 30, paragraph 2, the phrase is each "article 1, first indent of Directive 77/780/EEC" by the phrase "article 1(1) of Directive 2000/12/EC as amended by Directive 2000/28/EC" replaced.

12. in article 30 par. 4 Z 3 is the phrase "within the meaning of article 1, first indent of Directive 77/780/EEC" by the phrase "within the meaning of article 1(1) of Directive 2000/12/EC as amended by Directive 2000/28/EC" replaced.

13. According to § 30 para 7 the following paragraph 7a is added:



"(7a) anyone who actually conduct the business of a financial holding company, must be sufficiently good repute and have sufficient experience in this task. For this purpose the professional and personal suitability in accordance with article 5, paragraph 1 must be given Nos. 6, 7, 8 and 9."

14. under section 30, paragraph 9, the following paragraph 9a is inserted:



"(9a) a credit institution, the parent undertaking of a credit institution within the meaning of article 1(1) of Directive 2000/12/EC as amended by Directive 2000/28/EC or a financial holding company with head office outside the community is subject to any supervision on a consolidated basis in accordance with article 24, paragraph 1 or 4, so



1. has to examine whether this credit institution, supervision on a consolidated basis by the competent authority of the third country shall be subject to these supervisory Banking Act complies with the principles of section 24 the FMA;

2. has the FMA, if there is no equivalent supervision, to apply the provisions of § 24 BWG to the credit institution. In this case, the FMA is after consultation with the competent authorities of a third country to carry out this review at the request of the parent undertaking authorised in the community or on its own initiative;

3. can the FMA, if application of this regulatory technique is appropriate and the competent authorities of the third country agree to the objectives of supervision on a consolidated basis, require that a financial holding company based in the European Union is founded and apply the provisions on the supervision on a consolidated basis on the consolidated accounts of this holding company. The application of this regulatory technique is to inform the competent authorities of the third country and the European Commission."

15. after section 63 para 4, Z 2a is inserted following Z 2 b:



"2. the observance of articles 6 to 11 FKG;"

16. in article 69 is replaced by a comma after the word "Mod" the word "and" and inserted after the phrase "of the real estate investment Fund Act" the phrase "and of the financial conglomerates Act".

17. in article 70, paragraph 1 Z 3 is after the phrase "whose branches and representative offices outside Austria" the phrase "lie, by credit institutions, which are subject to additional supervision FKG pursuant to § 5 para 1" inserted and after the phrase "the proper limitation of credit risks and market risks (§ 26 b paragraph 1 Z 1 to 4) (§ 2 Z 57)" the phrase "and of site inspections of the proper limitation of credit risks and market risks (§ 26 b paragraph 1 Z 1 to 4) (§ 2 Z 57) by credit institutions and groups of credit institutions" inserted in financial conglomerates'.

18. in article 70, paragraph 4, the phrase is "§ 5 par. 1 Z 1 to 13" by the phrase "§ 5 par. 1 Z 1 to 14" replaced.

19. in section 70 para 4 is inserted after the phrase "of the real estate investment fund law," the phrase "of the financial conglomerates Act,".

20. in article 70a the following paragraph 5 is added:



"(5) the parent undertaking of a credit institution is a mixed company, the FMA, without prejudice to the powers available to you on the basis of other provisions of this Federal Act, is entitled to supervise the transactions between the credit institution and the mixed company and its subsidiaries. For this purpose, the credit institution an adequate risk management and adequate internal control mechanisms has to set up including a proper reporting and accounting procedure, so that its transactions with the parent company and its subsidiaries can be adequately identified, quantified, monitored and controlled. The credit institution has, on large credit reporting pursuant to section 75, the FMA at least once in the quarter of significant intra-group transactions, in particular through loans, guarantees, off-balance sheet transactions, cost sharing arrangements, reinsurance, concerned local businesses to report capital investment operations and the capital. Such intra-group transactions threaten the financial situation of a credit institution, the FMA will initiate appropriate measures."

21 paragraph 73 para 3:



"(3) the parent credit institution has the FMA name, legal form, to display seat and seat State of a parent financial holding company or parent mixed financial holding company, as well as any changes in writing without delay. The FMA has to provide a list of these financial holding companies, the European Commission and the competent authorities of the Member States."

22. in section 74 subsection 3 is after the phrase "to comply with the provisions of articles 22 to 27 and 29" inserted the phrase "and of articles 6 to 10 FKG".

23 § 76 para 2 No. 1 to 3 are:



"1. neither an organ of the credit institution or a company of the relevant credit institution Group belong to, are still in a dependency or competition relationship with the credit institution or one of these companies, 2. that on the basis of their training, their professional trajectories and the professional or commercial activity exercised during their term of Office at any time to have the required skills, and 3. the respective deadline specific retirement age have not yet reached and therefore actively exert a commercial or professional activity ", as they are no quiet enjoyment from a previous own full-time occupation."

24. in article 77, paragraph 1, the phrase "foreign banking supervisory authorities" is replaced by the phrase "competent authorities abroad".

25. in section 77 (4), no. 19 the phrase "Article 8 of Directive 92/30/EEC" is replaced by the phrase "Article 25 of Directive 2000/12/EC".

26 § 77 para 5 and 6 are:



"(5) the provision of information and the transmission of documents, including the transmission of data referred to in paragraph 4 is allowed in the framework of mutual assistance, as well as on"



1. competent authorities of Member States in accordance with article 2 Z 5;

2. competent authorities of third countries with which the Council of the European Union in application of article 25 of the Directive 2000/12/EC has concluded an agreement;

3. competent authorities from other third countries, as far as the cooperation is required also in the Austrian banking interests and in accordance with international practices.

The provision and transmission of information in accordance with no. 1 until 3 may each, as far as this paragraph 1 of Directive 2002/87/EC requires 2000/12/EC for the fulfilment of the tasks of the competent authorities in accordance with article 28, 30 (2) and 56 of the directive amended by Directive 2002/87/EC or article 11. Exchange of information with the competent authorities in accordance with Nos. 2 and 3 2000/12/EC, under the condition of paragraph 1 of Directive 2000/12/EC of equivalent professional secrecy, the fulfillment of tasks of the supervisory authorities serve with article 30 must within the meaning of article 30 paragraph 3 of the directive. The FMA must forward only information referred to in paragraph 4 No. 19, if this has been expressly permitted by the competent authority which has transmitted that information.

(6) Z 2 or 3 calls on the FMA by a competent authority of a Member State or a third country in accordance with paragraph 5 this authority present details



1. a credit institution, 2. a financial holding company, 3. a financial institution, 4. an investment firm, 5. a company with banking-related services, 6 a mixed company, 7 is a subsidiary company called Z 1 to 6 or 8 each headquartered in Germany, to reconsider a mixed financial holding company, which, so empowered to permit the conduct of the examination by the competent authority of the Member State or the third country they , perform this test itself, to request other authorities in application of § 72 para 1 in the way of official assistance that's why or the examination of the Austrian National Bank in the conditions of § 70 para 1 No. 3 to transfer. section 71 shall apply. In addition, can accountants, the Bank Examiner, the competent auditing and auditing associations or any other of the companies to be tested be appointed independent experts to audit. The conduct of the examination by the competent authority of the third country must be allowed only to the supervisory tasks referred to in paragraph 5 and of professional secrecy. The requesting authority does not even the check, it must be still present at his own request in the examination."


27. in section 77, paragraph 7, the phrase is "and professional secrecy in accordance with article 12 para 1 of Directive 77/780/EEC is appropriate protection of secrets" by the phrase "and a within the meaning of article 30, paragraph 1 of Directive 2000/12/EC equivalent professional secrecy is made up." replaced.

28 § 77a para 1 No. 2 is:



' 2. agreements with competent authorities from third countries in accordance with § 77 para 5 Nos. 2 and 3, provided that the exchange of information paragraph 3 of Directive 2000/12/EC, subject to the condition of article 30 paragraph 1 of Directive 2000/12/EC of equivalent professional secrecy, the performance of supervisory tasks of that competent authorities is used with those competent authorities within the meaning of article 30. '

29 § 77a para 2 is as follows:



"(2) in the agreements referred to in paragraph 1 No. 1 is in particular, the cooperation of the FMA with the competent authorities of the Member States in terms of article 28, 30 (2) and 56 of the Directive 2000/12/EC as amended by Directive 2002/87/EC or to settle in article 11 paragraph 1 of Directive 2002/87/EC of listed exchange of information."

30. in § 77a paragraph 4, the phrase "Article 8 of Directive 92/30/EEC" is replaced by the phrase "Article 25 of Directive 2000/12/EC".

31. in paragraph 103, 29a is inserted following Z:



"29a. § 23 paragraph 13, § 23 para 14 Z 8, § 24 para 1, § 30 paragraph 7a, section 30 paragraph 9a, section 63 para 4 Z 2b, article 69, § 70 are paragraph 4, section 70a para 5 and § 73 para 3 to apply for the first time for fiscal years beginning after December 31, 2004."

32. the section 107 will be added following paragraphs 41 to 43:



"(41) section 76 para 2 Z 1 to 3 as amended by Federal Law Gazette I no. 70/2004 1 August 2004 into force."

(42) article 3, paragraph 1 Z 8 as amended by Federal Law Gazette I no. 70/2004 September 1, 2004 into force.

(43) § 2 Z 25 lit. "c to e, section 2 Z 26, § 4 para 5, § 20 para 2a, § 23 paragraph 13, § 23 paragraph 14, section 24 para 1, § 30 paragraph 7a, section 30 paragraph 9a, section 63 para 4 Z 2b, article 69, § 70 para 1 No. 3, § 70 para 4, section 70a para 5, § 73 para 3, section 74, paragraph 3, and § 77 para 1 as amended by Federal Law Gazette I no. 70/2004 1 January 2005 into force."

Article 5

Changes of the securities supervision Act

The Federal law on the supervision of investment services (securities supervision Act - WAG), Federal Law Gazette No. 753/1996 last amended by Federal Law Gazette I no. 62/2004, is amended as follows:

1. in article 19, paragraph 3, the expression "and 5" is appended after the expression "section 4 paragraph 3".

2. in the first and third sentence of article 30, paragraph 3a WAG the word "Federal securities" is replaced by the expression "FMA".

Article 6

Amendments to the financial market Authority Act

The Federal Act on the establishment and organization of the financial market authority (financial market Authority Act - FMABG), Federal Law Gazette I no. 97/2001, last amended by the Federal Act Federal Law Gazette I no. 80/2003, is amended as follows:

1. in article 2, paragraph 1 is for the phrase "Gazette I no. 100/2002," the word "and" deleted and the expression "BGBl. I no 80/2003," the phrase "and the financial conglomerate Act, Federal Law Gazette I no. 70/2004," added.

2. in article 2, paragraph 2 is after the expression "BGBl. No. 322/1977" the word "and" is replaced by a comma and after the expression "BGBl. I no. 170/1998," the phrase "and the financial conglomerate Act, Federal Law Gazette I no. 70/2004," added.

3. § 2 para 3 shall after the expression "BGBl. No. 753/1996," the word "and" deleted and the phrase "BGBl. No. 555/1989," the phrase "and the financial conglomerate Act, Federal Law Gazette I no. 70/2004," added.

4. on article 28 the following paragraph 7 is added:



"(7) § 2 in the version of Federal Law Gazette I 70/2004 is no. 1 January 2005 in force and is to apply to financial years after December 31, 2004 start."

Article 7

Changes of the Stock Exchange Act

The Federal law about the Securities and general commodity markets and the figure of the Börsesensale Act of 1949 and the amendment to the Stock Exchange Act 1903 (Stock Exchange Act 1989 - BörseG), Federal Law Gazette No. 555/1989, amended by Federal Law Gazette I no. 123/2003, is amended as follows:

1. in article 46, paragraph 1, the phrase "of active State" is inserted after the phrase "public service employment".

2. § 102 19 the following paragraph is added:



"(19) § 46 para 1 as amended by Federal Law Gazette I no. 70/2004 1 August 2004 into force."

Article 8

Amendment of the Pension Fund Act

The Pension Fund Act Federal Law Gazette No. 281/1990, as last amended by Federal Law Gazette I no. 13/2004 is amended as follows:

1. paragraph 34:





§ 34. The Federal Minister of Finance shall appoint a State Commissioner and his Deputy for a term of not longer than five years; in each pension fund the re-appointment is permissible. The State Commissioners and their deputies act as organs of the FMA and are subject to only its instructions in this function. § 76 apply paragraph 2 to 9 BWG."

2. According to article 51, para 1q 1r the following paragraph shall be inserted:



(1r) article 34 in the version of Federal Law Gazette I 70/2004 is no. with force, August 1, 2004.

Fischer

Bowl