70. Federal Law, which enacted a federal law on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate (Financial Conglomerategesetz-FKG), and the Insurance supervision law, the Banking Act, the Securities and Markets Act, the Law on Financial Market Supervisory Authority, the Stock Exchange Act and the Pensionskassengesetz (Pensionskassengesetz) are amended

The National Council has decided:

table of contents

Article 1	Reference to the implementation of policies
Article 2	Financial Conglomerates Act-FKG
Article 3	Changes to the Insurance Supervision Act
Article 4	Amendments to the Banking Act
Article 5	Amendments to the Securities and Markets Act
Article 6	Changes to the Financial Market Supervisory Authority Act
Article 7	Changes to the Stock Exchange Act
Article 8	Changes to the Pensionskassengesetz

Article 1

This federal law provides that 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 Council Directives 73 /239/EEC, 79 /267/EEC, 92 /49/EEC, 92 /96/EEC, 93 /6/EEC and 93 /22/EEC, and Directives 98 /78/EC and 2000 /12/EC of the European Parliament and of the Council (OJ L 136, 31.5.1998, p. No. OJ No L 035, 11. 2. 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 Act regulates the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate. The supervision in accordance with the industry regulations is not affected by the provisions of this Federal Act.

Definitions

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

1.		"credit institution"
a)			a credit institution within the meaning of the second subparagraph of Article 1 (1) of Directive 2000 /12/EC (OJ L 327, 31.12.2000, p No. OJ L 126 of 26 May 2000, p. 1), and
b)			an asset management company within the meaning of Article 1a (2) of Directive 85 /611/EEC (OJ L 175, 5.7.1985, p. No. 3), as amended by Directive 2001 /107/EC (OJ L 375, 31.12.1985, p. No. OJ No L 41, 21. 20) or a company established in a third country which, under Article 5 (1) of Directive 85 /611/EEC, would require an authorisation if its registered office is in a Contracting State.
2.		'insurance undertaking' means an insurance undertaking within the meaning of Article 6 of Directive 73 /239/EEC (OJ L 73, 27.3.73, p. No. 3), Article 4 of Directive 2002 /83/EC (OJ L 228, 13.8.2002, p. No. 1) or Article 1 (b) of Directive 98 /78/EC (OJ L 327, 30.12.1998, p. No. OJ L 330 of 5 December 1998, p. 1).
3.		'investment firm' means an investment firm within the meaning of Article 1 (2) of Directive 93 /22/EEC (OJ L 136, 31.3.1993, p. No. 27), including the one set out in Article 2 (4) of Directive 93 /6/EEC (OJ No L 141, 11.6.1993, p. No. 1), which was adopted on 11 June 1993, p.
4.		"reinsurance undertaking" means a reinsurance undertaking within the meaning of Article 1 (c) of Directive 98 /78/EC.
5.		(a) 'supervising undertakings' shall be credit institutions, insurance undertakings and investment firms;
b)			"Regulated EEA Undertaking" means the regulated entities and the national regulated entities authorised under Article 6 of Directive 73 /239/EEC, Article 4 of Directive 2002 /83/EC, Article 3 (1) of Directive 93 /22/EEC or Article 4 of Directive 2000 /12/EC reinsurance undertakings.
6.		"sectoral rules" are the legislation governing banking supervision, insurance supervision and securities supervision.
7.		"financial industry" is an industry which includes one or more of the following companies:
a)			Credit institutions, financial institutions or undertakings with ancillary banking services within the meaning of Article 1 (5) and (23) of Directive 2000 /12/EC, as well as investment firms or financial institutions within the meaning of Article 1 (5) of Directive 2000 /12/EC (banking and banking services); the investment services industry),
b)			Insurance undertakings, reinsurance undertakings or insurance holding companies within the meaning of Article 1 (i) of Directive 98 /78/EC (insurance sector).
		The share of a financial sector is the average of the balance sheet total of this industry in the balance sheet total of all financial firms in the group, and the share of the solvency requirement of this industry in the solvency requirements of all To understand the financial companies of the group.
8.		"Financial enterprises" are companies of a financial sector.
9.		"parent undertaking" means a parent undertaking within the meaning of Section 244 of the German Commercial Code (HGB) and any other undertaking which actually exercises a dominant influence over another undertaking.
10.		"subsidiary undertaking" means a subsidiary undertaking within the meaning of Section 244 of the HGB and any other undertaking to which a parent undertaking actually exercises a dominant influence; any subsidiary of subsidiary undertakings shall also be deemed to be a subsidiary of Daughters of this parent company.
11.		"Participation" means a participation within the meaning of Section 228 (1) and (2) of the German Commercial Code (HGB) in another company or the direct or indirect holding of at least 20 vH of the voting rights or of the capital at another company.
12.		"Group" means a group of undertakings which consists of a parent undertaking, its subsidiaries and the undertakings in which the parent undertaking or its subsidiaries hold a holding, and undertakings which have one or more undertakings: by a relationship within the meaning of Article 12 (1) of Directive 83 /349/EEC (OJ L 73, 27.3.83, p. No. OJ L 193 of 18 July 1983, p. 1).
13.		"Close connection" means a situation in which two or more natural or legal persons are connected by:
a)			participation, which is to be understood by direct holding or holding by means of the control of at least 20 vH of the voting rights or of the capital of a company; or
b)			control, to be understood as meaning the link between a parent undertaking and a subsidiary undertaking or a similar relationship between a natural or legal person and a company; any subsidiary undertaking of a Subsidiary is also regarded as a subsidiary of the parent company, which is at the forefront of these companies.
		A close connection between two or more natural or legal persons shall also be deemed to be a situation in which the persons concerned are permanently connected to one and the same person by a control relationship.
14.		"Financial conglomerate" is a group that meets the following conditions:
a)			At the top of the group is a regulated EEA company or at least one of the subsidiaries in the group is a regulated EEA company.
aa)				Where a regulated EEA company is at the top of the group, it must either be the parent undertaking of a financial sector enterprise, a company holding a stake in a financial sector company, or a company which is a parent undertaking. Undertakings which are connected to an enterprise of the financial sector by means of a relationship within the meaning of Article 12 (1) of Directive 83 /349/EEC.
bb)				If no regulated EEA company is at the top of the group, the group to which mixed financial holding companies are to be included must, within the meaning of Section 3 (1), be primarily active in the financial sector.
b)			At least one of the group's companies is a company of the insurance industry and at least one is a banking and investment services company.
c)			Both the consolidated or aggregated activity of the group's enterprises operating in the insurance sector, and the consolidated or aggregated activity of the group companies operating in the banking and investment services sector shall be regarded as significant within the meaning of Article 3 (2) and (3).
15.		"mixed financial holding company" means a parent undertaking which is not subject to supervision and which, together with its subsidiaries, at least one of which is a regulated entity established in the Contracting States, and others Company forming a financial conglomerate.
16.		"competent authorities" means the authorities of the Contracting States which are entrusted with the supervision of credit institutions, insurance undertakings or investment firms on a single or group level.
17.		'relevant competent authorities' are:
a)			the competent authorities of the Contracting States entrusted with the sectoral group supervision of the respective regulated entities in the financial conglomerate;
b)			pursuant to Article 10 of Directive 2002 /87/EC (OJ L 327, 30.4.2002, p No. 1), certain coordinator, if this is a different authority than the one under lit. a is
c)			other competent authorities which, in the opinion of the FMA, are also concerned, including the market share of the regulated entities in other Contracting States, in particular where the regulated entities are more than 5 vH, and the weight of the entities in question, to take account of regulated entities within the financial conglomerate established by other Contracting States.
18.		"intra-group transactions" means all transactions in which regulated entities in a financial conglomerate are directly or indirectly connected to other undertakings within the same group or to the undertaking in order to comply with a liability the group shall be based on natural or legal persons linked to the group by close links, whether in contractual or non-contractual terms and on a basis of remuneration or unpaid.
19.		"risk concentration" means all exposures of undertakings in a financial conglomerate large enough to endanger the solvency or general financial position of the regulated entities in the financial conglomerate, with default risk; where the risk of default is due to a credit risk within the meaning of § 2 Z 57 BWG, an investment risk, an insurance risk, a market risk, through other risks or by a combination of these risks or by interactions between these risks can be conditional.
20.		"Contracting State" means a State which is a member of the European Economic Area.
21.		"In addition regulated entities" are regulated entities subject to the additional supervision under this Federal Act in accordance with § 5 of the supplementary supervision.

Thresholds for the determination of a financial conglomerate

§ 3. (1) A group is sublit in the sense of § 2 Z 14. bb mainly works in the financial sector if the share of the balance sheet total of financial companies and mixed financial holding companies in this group is more than 40 vH in the total balance sheet total of the group.

(2) The cross-industry activities are considered to be significant within the meaning of § 2 Z 14 lit. c if the share of each financial sector is more than 10 vH.

(3) It is also then of significant cross-industry activities within the meaning of § 2 Z 14 lit. c can be assumed if the balance sheet total of the financial sector represented in the group with the lower share of the group is 6 billion EUR. If the group does not reach the threshold referred to in paragraph 2, but the first sentence is mentioned, the FMA may, with the agreement of the other relevant competent authorities, decide that the group is not to be regarded as a financial conglomerate or that the group does not § § 9, 10 or 11 shall not apply if it is of the opinion that the inclusion of this group within the scope of this federal law or the application of such provisions is not required or for the purposes of the additional Oversight would be inappropriate or misleading. For example, the following criteria must be taken into account:

1.		The share of the financial sector represented in the group with the smaller share is no more than 5 vH or
2.		the market share of the financial conglomerate, as measured by the balance sheet total in the banking or investment services sector and in gross contributions booked in the insurance sector, is not more than 5 vH in any Contracting State.
Decisions pursuant to this paragraph shall be communicated to the other competent authorities.

(4) The FMA may decide, with the consent of the other relevant competent authorities, for the application of paragraphs 1, 2 and 3 of this Article.

1.		an enterprise should not be taken into account in the calculation of the shares in the cases referred to in Article 6 (6);
2.		to take account of compliance with the thresholds referred to in paragraphs 1 and 2 in three consecutive years in order to avoid a sudden change in the rules in force.

(5) For the purposes of the application of paragraphs 1 and 2, the FMA may, by way of derogation from § 2 Z 7, in exceptional cases and with the agreement of the other relevant competent authorities, the criterion of the balance sheet total by the earnings structure or balance-sheet activities if, in their opinion, these parameters are particularly meaningful for the purposes of supplementary supervision under this Federal Act.

(6) Sinking in the case of a financial conglomerate which is already subject to supplementary supervision, the shares referred to in paragraphs 1 and 2 below 40 vH or For the purpose of applying these paragraphs in the following three years, the thresholds shall be 35 vH and 10 vH respectively. 8 vH. Furthermore, in the case of a financial conglomerate which is already subject to supplementary supervision, the balance sheet total of the financial sector represented in the group with the smaller share is less than EUR 6 billion. In the three following years, the amount of EUR 5 billion for the application of paragraph 3 shall be EUR 5 billion. EUR. During the period referred to in this paragraph, the FMA may, with the agreement of the other relevant competent authorities, decide that the lower thresholds or the lower amounts referred to in this paragraph shall no longer be applied, if the group is likely to fail to meet the higher thresholds or higher amounts.

(7) In the calculations referred to in paragraphs 1 to 6 in conjunction with § 2 Z 7, which refer to the balance sheet total, the aggregate balance sheet total of the group's enterprises is assumed to be based on the annual accounts. For the purpose of the calculation, undertakings in which a holding is held shall be taken into account in the amount of their balance sheet total, which corresponds to the aggregated proportionate share held by the group. However, if there is a consolidated financial statements, it shall be used instead of the aggregate balance sheet total; the non-consolidated entities of the financial conglomerate shall be taken into account in addition to the individual financial statements. The solvency requirements referred to in paragraphs 2 and 3 in conjunction with § 2 Z 7 shall be calculated in accordance with the relevant sectoral rules.

(8) The FMA shall give its consent, at the request of another relevant competent authority, in accordance with paragraphs 3, 4 and 6, last sentence, if it considers that the conditions set out in paragraphs 3, 4 and 6 of the last sentence are fulfilled.

Identification of a financial conglomerate

§ 4. (1) Financial undertakings shall have to observe whether they constitute an additional regulated entity within the meaning of § 5. If they are of the opinion that this applies or is no longer true, they shall immediately notify the FMA.

(2) On the basis of § § 2, 3 and 5, the FMA has to determine whether a group is a financial conglomerate which falls within the scope of this federal law. To this end, it shall cooperate with the competent authorities which have authorised the regulated entities of the group, if necessary. If the FMA considers that a regulated entity authorised by it belongs to a group which could be a financial conglomerate which has not yet been classified as such, it shall inform the other competent authorities accordingly. with.

(3) The FMA shall inform the parent undertaking at the head of a group or, in the absence of such a group, of the regulated entity with the highest balance sheet total in the financial sector represented in the group with the higher share, that the group has been classified as a financial conglomerate. The FMA has also provided information to the competent authorities which have authorised regulated entities in the group, and to the European Commission.

2. MAIN PIECE

SUPPLEMENTARY SUPERVISION

SECTION 1

SCOPE

§ 5. (1) The following companies are subject to an additional supervision by the FMA in accordance with the provisions of this Federal Law:

1.		domestic regulated EEA companies at the top of a financial conglomerate;
2.		National regulated entities, whose parent undertakings are a mixed financial holding company established in the Contracting States, in the presence of one of the following conditions:
a)			At least two regulated entities established in the Contracting States shall have one and the same mixed financial holding company established in Austria and one of those entities shall be established by the FMA in accordance with the relevant provisions of the Supervision of industry rules.
b)			At the head of the financial conglomerate shall be at least two mixed financial holding companies which have their registered office in different Contracting States, in each of these States Parties, a regulated entity shall be located, with the companies in one and the same financial sector, and the domestic regulated entity has the highest balance sheet total.
c)			At the top of the financial conglomerate shall be at least two mixed financial holding companies, which have a seat in different Contracting States, in each of those States Parties, a regulated entity shall be located, with the Companies operating in various financial sectors, and the domestic regulated entity, belongs to the financial sector represented in the group with the higher share.
d)			At least two regulated entities established in the Contracting States shall be the parent undertakings and the same mixed financial holding company, none of which has been mixed in the State Party of the Headquarters of the Joint The financial holding company and the domestic regulated entity have the highest balance sheet total in the financial sector represented in the group with the higher share.
3.		Domestic regulated entities of the EEA which are connected to another entity of the financial sector by a relationship within the meaning of Article 12 (1) of Directive 83 /349/EEC if they have the highest balance sheet total in the group of undertakings with the a higher proportion of the financial sector represented,
4.		National regulated entities, whose parent undertakings are a regulated entity or a mixed financial holding company established outside the Contracting States, subject to the provisions of paragraph 5 above and in the presence of one of the following Prerequisites:
a)			All regulated entities within the States Parties shall have their registered office in Germany.
b)			The regulated entities are established in different Contracting States and are active in the same financial sector, with the national regulated entity having the highest balance sheet total.
c)			The regulated entities are established in different Contracting States and are active in various financial sectors, with the domestic regulated entities of the financial sector represented in the group with the higher share.
5.		domestic regulated EEA companies in cases other than those mentioned in Z 1 to 4 if they have the highest balance sheet total in the financial sector represented in the group with the higher share,

(2) The FMA, after consulting those undertakings and the competent authorities of other Contracting States, shall decide on the basis of the application of paragraph 1 that a number of undertakings would be subject to supplementary supervision. the objectives of this Federal Act, which is subject to supplementary supervision.

(3) Where a financial conglomerate is referred to in paragraph 1 of a subgroup of another financial conglomerate where a regulated entity with its head office is situated in another Contracting State, the provisions of this Federal Act shall not apply. If a financial conglomerate according to paragraph 1 is a sub-group of another financial conglomerate according to paragraph 1, the provisions of this Federal Act shall apply only to the latter.

(4) existence of holdings in one or more regulated entities or capital relationships with such undertakings, or even without a shareholding or a capital relationship, a significant influence on such undertakings shall be exercised without the participation of: one of the cases referred to in paragraphs 1 and 3, it shall be decided if the national regulated entity has the highest balance sheet total in the financial sector represented in the group with the higher share, the FMA with the consent of the competent authorities, whether and to what extent supplementary supervision according to this federal law, as if the regulated entities were to form a financial conglomerate. The purpose of this Decision is the underlying objectives of the supplementary supervision. In order for the supplementary supervision to be applicable, at least one of the undertakings must be a regulated entity and must be subject to the provisions of § 2 Z 14 lit. (b) and (c) above. Paragraph 2 shall apply mutatily.

(5) Where this appears to be necessary taking into account the structure of the financial conglomerate and the relative weight of its activities in different States, the Federal Minister of Finance may, if authorized pursuant to Article 66 (2) B-VG thereto, , by way of agreement, by way of derogation from the provisions of Directive 2002/87/EC with other States Parties, shall govern which authority has the additional supervision to exercise. Prior to the conclusion of such an agreement, agreement shall be established between the relevant authorities of the other Contracting States and the FMA and, where appropriate, the undertaking without the conclusion of this agreement. Supervision by the FMA would be subject to the possibility of expressing its views. The FMA has to inform the domestic regulated entities of the financial conglomerate in writing and the omission of such an agreement. If a foreign authority is responsible for the supplementary supervision, the undertaking which would be subject to the additional supervision by the FMA without the conclusion of the agreement shall, during the existence of the agreement, have the following: To comply with the obligations laid down in this Federal Act to this authority.

(6) (6) (1) (4) shall not apply where the regulated entities, the parent undertaking of which has its head office outside the Community, are subject to an additional supervision by the competent third country authority, which shall be subject to the additional Supervision in accordance with this federal law is equivalent. FMA shall carry out a review on the request of the parent undertaking or of a regulated entity authorised in a Contracting State, or on its own initiative. It shall consult the other competent authorities and, where appropriate, take into account the relevant guidelines drawn up by the Financial Conglomerates Committee in accordance with Article 21 (5) of Directive 2002/87/EC. To this end, it shall consult the Committee before it decides.

(7) The FMA shall give its consent, at the request of another competent authority, in accordance with paragraph 4, if it considers that the conditions set out in paragraph 4 of this Article are met.

SECTION 2

FINANCIAL SITUATION

Adequate own resources

§ 6. (1) Without prejudice to the sectoral rules, the appropriate capital adequacy of the regulated entities in a financial conglomerate shall be subject to supplementary supervision in accordance with the conditions laid down in paragraphs 2 to 6 and sections 7 and 8 of this Regulation.

(2) The additional own resources requirement to the regulated entities in a financial conglomerate may be carried out in accordance with the following methods:

1.		Calculation on the basis of consolidated accounts,
2.		Deduction and aggregation method,
3.		Book value/request deduction method.
The FMA can allow a combination of these methods.

(3) After consulting the other relevant competent authorities and after consulting the supervising company, the FMA must decide which method the financial conglomerate has to apply. In doing so, it has to take into account the objectives of § § 9 and 10 of this Federal Act as well as to the protection purpose of the industry regulations. Where a regulated entity is not at the head of the financial conglomerate, the application of each of the methods referred to in paragraph 2 shall be permitted.

(4) In addition, the regulated entity shall ensure that, at the level of the financial conglomerate, own resources are at least present in the amount determined in accordance with Articles 7 and 8. The FMA has to monitor compliance with this provision. Without prejudice to this, the additional regulated entity shall calculate the amount of own resources required at the level of the financial conglomerate once a year at the balance sheet date and the FMA, with the annual accounts, shall: the results of the calculations and the data relevant for the calculation. Upon request, the FMA may, in duly substantiated cases, permit a later submission.

(5) All financial entities and mixed financial holding companies in the financial conglomerate shall be included in the calculation of the amount of own resources required at the level of the financial conglomerate. If the undertaking is a subsidiary undertaking which has an own funds undercover, or an unattended financial sector undertaking which has a fictitious own resources cover, the enterprise shall be independent of the chosen Method to take account of this solvency gap of the subsidiary undertaking in the full amount of the calculation. If, in the opinion of the FMA, the liability of the parent undertaking holding a share of capital is limited in this case solely and unequivocably to that share of the capital, it may allow the insufficient solvency of the parent undertaking to be subsidiary company is taken into account. Where there is no capital relationship between undertakings in a financial conglomerate, the FMA, after consulting the other relevant competent authorities, shall determine the proportion to be taken into account in the light of the liability arising from the existing Relationships.

(6) The FMA may decide not to include a particular company in the calculation of the additional own resources requirement if:

1.		the company is located in a third country where legal impediments to the transmission of the necessary information are contrary; this shall be without prejudice to § 4 (6) Z 6 VAG and § 5 (1) Z 4 BWG; in this case, however, the the deduction of participation book value;
2.		the enterprise is of secondary importance to the objectives of supplementary supervision; for this reason, several companies cannot be excluded if they are not only of secondary importance;
3.		the inclusion of the enterprise in the objectives of supplementary supervision would be unsuitable or misleading; in this case, except in the case of urgency, the FMA has to consult the other relevant competent authorities prior to its decision.
If the FMA does not include an undertaking for one of the reasons set out in Z 2 and 3, the additional regulated entity shall, on request, issue to the competent authorities any information which may be provided to them by the supervision of that undertaking. Facilitate your business.

§ 7. (1) The multiple consideration of components which may be identified as own resources at the level of the financial conglomerate (multiple use of own resources) and any unreasonable intra-group own resources creation shall be excluded. In order to ensure the exclusion of the multiple occupancy of own resources and intra-group own resources creation, the relevant principles of the sectoral rules in question shall be applied accordingly.

(2) In order to meet the solvency requirements for the financial sectors represented in a financial conglomerate, the own resources shall be used in accordance with the relevant sectoral rules. If the own resources are insufficient at the level of the financial conglomerate, only those eligible for the additional solvency requirements shall be those which are permitted as own resources in accordance with all the sectoral rules ("cross-sector own resources").

(3) Where certain own resources, which could be taken into account as cross-sectoral own resources, according to the sectoral rules, are only permitted as own resources, those restrictions shall apply to the calculation of own resources at the level of the financial conglomerate.

(4) In the calculation of own resources at the level of the financial conglomerate, it should also be taken into account whether the own resources are correspondingly without further ado by one legal person of the group to the other. is transferable and available in all parts of the group.

§ 8. (1) The following shall apply to the calculation of the additional own resources requirement in accordance with § 6 (2) Z 1:

1.		Own resources and own resources requirements for the entities in the financial conglomerate to be included are to be calculated in accordance with the relevant sectoral rules.
2.		The additional own resources requirement for the regulated entities in a financial conglomerate shall be calculated in accordance with the methodology of the consolidated financial statements.
3.		The additional own resources requirement is the difference between
a)			the own resources of the financial conglomerate calculated on the basis of the methodology of the consolidated accounts, which may be taken into account in accordance with the relevant sectoral rules; and
b)			the sum of the solvency requirements for each of the financial sectors represented in the group; these solvency requirements shall be calculated in accordance with the relevant sectoral rules.
4.		A fictitious solvency requirement shall be determined for unattended enterprises in the financial sector, which are not included in the above-mentioned calculations of the industry solvency requirements.
5.		The difference must not be negative.
The non-consolidated entities of the financial conglomerate shall be taken into account on the basis of a different method.

(2) The following shall apply to the calculation of the additional own resources requirement in accordance with § 6 (2) Z 2:

1.		In the calculation, account shall be taken of the share of the parent undertaking or of the undertaking holding a stake in another one-related undertaking in the group. The share of the subscribed capital, which is held directly or indirectly by this undertaking, is to be understood as being part of the share.
2.		The additional own resources requirement to the regulated entities in a financial conglomerate shall be calculated on the basis of the individual accounts of all the companies in the group.
3.		The additional own resources requirement is the difference between
a)			the sum of the own funds of each regulated and unsupervised entity in the financial conglomerate, which may be used in accordance with the relevant sectoral rules; and
b)			the sum of the solvency requirements of each regulated and unsupervised entity of the group, calculated in accordance with the relevant sectoral rules, and the carrying amount of the shareholdings, other companies in the group.
4.		A fictitious solvency requirement shall be determined for unattended enterprises in the financial sector. Own resources and solvency requirements shall be taken into account in accordance with the terms of Z 1 and Section 6 (5).
5.		The difference must not be negative.

(3) The following shall apply to the calculation of the additional own resources requirement in accordance with § 6 (2) Z 3:

1.		In the calculation, account shall be taken of the share of the parent undertaking or of the undertaking holding a stake in another one-related undertaking in the group. The share of the subscribed capital, which is held directly or indirectly by this undertaking, is to be understood as being part of the share.
2.		The additional own resources requirement to the regulated entities in a financial conglomerate shall be calculated on the basis of the individual accounts of all the companies in the group.
3.		The additional own resources requirement is the difference between
a)			the own resources of the parent undertaking or of the undertaking at the head of the financial conglomerate, which may be taken into account in accordance with the relevant sectoral rules; and
b)			the sum of the own resources requirement, to which the item is lit. (a) parent undertaking or undertaking at the top and the higher of the following values:
aa)				the carrying amount of the holdings of that undertaking in other undertakings in the group, or
bb)				the own resources requirements for these other companies; the own resources requirements shall be taken into account in accordance with the terms of Z 1 and § 6 (5).
4.		A fictitious solvency requirement shall be determined for unattended enterprises in the financial sector. In order to assess the elements eligible for the calculation of the additional own resources requirements, participations are in accordance with the provisions of Article 59 (2) (2). (b) to assess the option of the equity method provided for in Directive 78 /660/EEC;
5.		The difference must not be negative.

(4) Where a fictitious solvency requirement is calculated for an unattended enterprise in the financial sector in accordance with paragraph 1 (1) (4) (2) (4) or (3) (3) (4), it shall be in accordance with the own resources requirement which such an undertaking shall be required to apply to the relevant According to industry rules, if it were a regulated entity in the financial sector, the fictitious solvency requirement for a mixed financial holding company will be met in accordance with the sectoral rules applicable to the Financial conglomerate calculated with the higher share of the financial sector represented.

Risk concentration

§ 9. Without prejudice to the sectoral rules, the risk concentration of the regulated entities in a financial conglomerate shall be subject to supplementary supervision in accordance with the provisions of para. 2 to 6.

2. The additionally regulated entity shall report to the FMA on a regular basis any significant risk concentration at the financial conglomerate level, at least at the end of each calendar quarter, and shall provide the necessary information.

(3) The FMA shall, after consulting the other relevant competent authorities, arrange for each financial conglomerate to notify which types of risks are to be reported in accordance with paragraph 2. In this regard, the FMA has to take into account the group structure and the risk management of the financial conglomerate concerned. After consulting the other relevant competent authorities, the FMA shall establish, for each financial conglomerate, on the basis of the own resources required by law, appropriate thresholds, on the basis of which the relevant financial conglomerate shall be informed of the Risk concentrations must be identified as significant and reported.

(4) In the supervision of risk concentrations, the FMA has in particular the potential risk of overreaching other parts of the financial conglomerate, the risk of a conflict of interest, the risk of circumsenting the sectoral rules and the risk of a conflict of interest. Monitor the amount or extent of the risks.

(5) The FMA may, by means of a regulation, quantitatively limit risk concentrations at the level of conglomerates; this Regulation should take into account the fact that risk concentrations do not allow the protection of the protection of the conglomerate to be foiled.

(6) If a mixed financial holding company is at the head of a financial conglomerate, the sector-specific rules of the financial conglomerate in the financial conglomerate with the higher proportion shall apply to the financial conglomerate in relation to risk concentrations. Financial industry.

Intra-group transactions

§ 10. (1) Without prejudice to sectoral rules, intra-group transactions of regulated entities in a financial conglomerate shall be subject to supplementary supervision in accordance with the provisions of paragraphs 2 to 6.

2. The additionally regulated entity shall report to the FMA on a regular basis all significant intra-group transactions of the regulated entities within a financial conglomerate, but at least at the end of each quarter of the calendar year, and the to submit the necessary information.

(3) The FMA, after consulting the other relevant competent authorities, shall inform each financial conglomerate of the types of transactions referred to in paragraph 2 of this Article. In this regard, the FMA has to take into account the group structure and the risk management of the financial conglomerate concerned. After consulting the other relevant competent authorities, the FMA shall establish, for each financial conglomerate, on the basis of the legally required own resources, appropriate thresholds, on the basis of which the group's internal Transactions must be identified and reported as significant.

(4) In the supervision of intra-group transactions, the FMA has in particular the potential risk of overreaching other parts of the financial conglomerate, the risk of a conflict of interest, the risk of circumsenting the sectoral rules. and to monitor the level or the extent of the risks.

(5) FMA may, by means of a regulation, limit intra-group transactions of regulated entities within a financial conglomerate at the level of the conglomerate to the extent to which they are subject and provide for conditions as to their nature; this Regulation shall be subject to the following conditions: To take account of the fact that the intra-group transactions do not allow the protection purposes of the industry regulations to be foiled.

(6) If a mixed financial holding company is at the head of a financial conglomerate, the sector-specific rules of the financial conglomerate with the higher proportion shall apply to the financial conglomerate in respect of intra-group transactions. Financial industry.

Internal control mechanisms and risk management

§ 11. (1) In the regulated entities, appropriate risk management and internal control mechanisms, as well as proper management and accounting, must be in place at the level of the financial conglomerate.

(2) Adequate risk management shall include:

1.		professional management and management, with the approval and regular review of the strategies and measures by the respective management at the financial conglomerate level with regard to all the risks incurred;
2.		an appropriate policy of own resources, which takes into account the impact of the business strategy on the risk profile and on the own resources requirements determined in accordance with § § 6 to 8 in advance;
3.		appropriate procedures to ensure that risk monitoring systems are adequately integrated into the business organisation and that appropriate measures are taken to ensure that the financial conglomerate's regulated entities are responsible for the risk monitoring system. shall be compatible with each other in order to quantify, monitor and control all risks at the level of the financial conglomerate.

(3) The internal control mechanisms shall include:

1.		appropriate mechanisms in relation to own resources for the identification and quantification of all major risk levels and for the appropriate consideration of such risks with own resources;
2.		a proper reporting and accounting system for the identification, quantification, monitoring and control of intra-group transactions and risk concentration.

(4) In the supplementary regulated entities, appropriate internal control procedures shall be required for the presentation of information and information relevant to the implementation of the supplementary supervision.

SECTION 3

MEASURES TO FACILITATE SUPPLEMENTARY SUPERVISION

Cooperation and exchange of information between the competent authorities

§ 12. (1) If the FMA has reason to believe that an information is essential to the competent authorities of another Contracting State in order to carry out the supplementary supervision in accordance with Directive 2002 /87/EC, it shall have such information as competent authority.

(2) In addition, the FMA shall, through the undertakings it supervises, provide, at the request of the competent authorities of the other Contracting States responsible for the supplementary supervision referred to in Directive 2002/87/EC, such information as may be necessary to: and to provide the documents which it departs in order to carry out their duties.

(3) The subject of the information referred to in paragraphs 1 and 2 shall be in particular:

1.		the identification of the group structure of all major entities in the financial conglomerate and the competent authorities responsible for the regulated entities in the financial conglomerate;
2.		strategies of the financial conglomerate;
3.		the financial position of the financial conglomerate, in particular its own resources, intra-group transactions, risk concentration and profitability;
4.		larger shareholders and management of companies in the financial conglomerate;
5.		organisation, risk management and internal control systems at the financial conglomerate level;
6.		the procedures for obtaining information from and checking the companies of a financial conglomerate;
7.		unfavourable developments in regulated entities or other entities in the financial conglomerate which could seriously affect the former;
8.		the main sanctions and other measures taken by the FMA in accordance with the sectoral rules or in accordance with the provisions of this Federal Act;
9.		Changes in the management, supervisory organ or ownership, as long as they have been indicated in accordance with the sectoral rules.

(4) In addition, the FMA may also exchange information with central banks, the European System of Central Banks and the European Central Bank on regulated entities in a financial conglomerate where they provide the information for the financial conglomerate. To carry out their own tasks.

(5) Without prejudice to its tasks in accordance with the sectoral rules, the FMA shall, in advance, obtain an opinion from the competent authorities of other Contracting States before imposing serious sanctions or taking other measures, where such measures are applicable to: whose supervisory activity is of importance. The FMA may refrain from any action if a rush is necessary or if the recovery of the opinion could affect the effectiveness of the sanction or measure. In such a case, the FMA shall immediately inform the competent authorities of other States Parties.

(6) The Federal Minister of Finance, provided that he is empowered to do so in accordance with Article 66 (2) B-VG, may conclude cooperation agreements with other States Parties in the event that the supplementary supervision is facilitated. In such an agreement, additional tasks may be delegated to the coordinator and the procedures for decision-making by the respective competent authorities in accordance with Articles 3 and 4, Article 5 (4), Article 6, Article 12 (2) and Articles 16 and 18 of the Directive 2002/87/EC as well as cooperation with other competent authorities. It shall be agreed that information from another Contracting State may be disclosed only with the express consent of the competent authorities which have disclosed this information and, where appropriate, only for the purposes to which it is Authorities have agreed.

(7) The FMA needs information which has already been issued to another competent authority of another Contracting State in accordance with the sectoral rules, and shall, as far as possible, apply to that authority in order to increase the number of To avoid requests for information by the authorities involved in the supervision of the supervision.

Management of mixed financial holding companies

§ 13. (1) Persons who actually conduct the operations of a mixed financial holding company shall have the following conditions:

1.		Personal reliability: In any case, this is not the case if there is a reason for exclusion within the meaning of section 13 of the German Arc. 1994 or the assets of these persons or the assets of a legal entity other than a natural person. A person whose business is or has been admitted to such a person who has been subject to bankruptcy unless, in the course of the bankruptcy proceedings, a compulsory equalation has been concluded which has been fulfilled. This is also true if a similar situation has been achieved abroad.
2.		Professional competence: This requires sufficient theoretical and practical knowledge in the business of a financial sector as well as management experience; it is generally accepted if at least three years of managerial activity in the case of a financial sector is Financial undertakings shall be shown.

(2) The additionally regulated entity shall, in accordance with the company law, ensure that the provisions of paragraph 1 are complied with. In addition to the name, legal form, seat and host State of the parent mixed financial holding company, the FMA must provide all the documents required for the assessment of the fulfilment of the conditions set out in paragraph 1, and any change without delay. If the supplementary regulated entity is of the opinion that the conditions set out in paragraph 1 are not met and that all corporate law possibilities have been fulfilled in order to prevent the appointment of these directors or to discontinue the appointment of such directors The FMA shall be notified without delay.

(3) If the FMA considers that the conditions set out in paragraph 1 are not fulfilled, it shall, on the basis of a notification pursuant to paragraph 2 or on its own account, have the right to the Court of Justice who shall be responsible for the seat of the additionally supervised undertaking for the exercise of the Jurisdiction in the commercial matters of the first instance is competent to request the rest of the voting rights for the shareholders ' rights holding the mixed financial holding company in the additionally regulated entity. The Court of Justice has the reputation of having these voting rights. The rest of the voting rights shall end when the Court of First Instance, at the request of the FMA or the mixed financial holding company, has established that the conditions laid down in paragraph 1 have been met. This is to be communicated to the FMA. The Court of First Instance shall decide, in accordance with the above provisions, in proceedings other than disputes

(4) If a court has the suspension of the voting rights in accordance with paragraph 3, it shall at the same time appoint a trustee to fulfil the conditions laid down in paragraph 1 and to transfer the exercise of the voting rights to that person. The trustee shall be entitled to the replacement of his/her outlays and to remuneration for his activities, the amount of which shall be determined by the court. The mixed financial holding company and the additional regulated entity are responsible for the undivided hand. The recourse is open to decisions, which determines the amount of the remuneration of the trustee and of the expenses to be replaced. The decision of the Oberlandesgericht (Oberlandesgericht) does not take place in the event of further legal proceedings.

Notifications and access to information

§ 14. The supplementary regulated entities shall ensure that they have access to the information relevant to the implementation of the supplementary supervision, which shall include the information to be included in the supplementary supervision. Companies. In particular, they shall establish appropriate internal procedures for the submission of information and information on this subject.

(2) The additional regulated entities shall at all times provide the FMA with information on all matters and shall give access to any information that is appropriate for the purpose of supplementary supervision. If the requested information is not transmitted by the additionally regulated entity, the FMA may apply to another entity of the financial conglomerate, even if it does not belong to any financial sector. If the requested information is not transmitted by a requested company established in another Contracting State, the FMA shall, irrespective of the possibility provided for in the above sentence, request the competent authority of the host State to: to take the appropriate measures to improve access to this information.

(3) The additional regulated entities shall immediately after the end of each calendar month of the FMA have monthly statements on the appropriate own resources of the regulated entities in a financial conglomerate in accordance with Section 6 (2) to 6 and § § 7 and 8.

(4) Within four weeks of the end of each calendar quarter of the FMA, the additional regulated entities shall have quarterly reports for compliance with the provisions of Sections 9 and 10 in accordance with the provisions of the Regulation provided for in paragraph 5 of this Regulation. Breakdown.

(5) The FMA has to fix the breakdown of monthly and quarterly reports by Regulation. When this Regulation is issued, it shall have regard to the stability of the financial markets. It shall be authorized to waive the transmission pursuant to paragraphs 3 and 4 of this Regulation by Regulation. Regulations pursuant to this paragraph shall be subject to the approval of the Federal Minister of Finance.

(6) The notifications pursuant to paragraphs 3 and 4 shall be submitted in a standardised form by means of electronic transmission or electronic data carriers. The transmission must comply with certain minimum requirements to be announced by the FMA after hearing the Oesterreichische Nationalbank.

On-site verification

§ 15. (1) In the case of additional regulated entities and other domestic undertakings included in the supplementary supervision, FMA may at any time, in accordance with section 12 (2), provide information on the spot in accordance with the rules applicable to the regulated entity. shall examine the sectoral rules in force and obtain information from other persons. Measures taken by the FMA in accordance with the sectoral rules in relation to the company concerned remain unaffected.

(2) If, in the application of this Federal Act, the FMA intends in certain cases to examine the information relating to a company incorporated in the additional supervision with its registered office in another Contracting State, it shall have the competent authority of that State. Treaty State to request the conduct of the audit. If that authority does not carry out the examination itself or has it carried out by its authorised audit bodies (auditors or experts), the FMA may, where the competent authority of the Member State concerned is authorized to do so, authorise the Carry out the examination or have the examination carried out by inspection bodies appointed.

(3) If the competent authority of another Contracting State responsible for the supplementary supervision intends to examine the information relating to a domestic company incorporated in the supplementary supervision, the FMA shall have that examination. , or to have the examination carried out by the examining bodies appointed by it, or to authorize the supervisory authority of the Contracting State concerned or persons commissioned by it to carry out the examination. The applicant authority may, if requested, be present in the examination if it does not carry out the examination itself. The FMA may participate in an audit not carried out by the FMA itself.

Procedural and criminal provisions

§ 16. (1) In addition, if an additional regulated entity does not meet the requirements of § 4 and § § 6 to 11, the solvency of the company shall be at risk in spite of the fulfilment of all requirements or if intra-group transactions or risk concentrations are endanded by the group. The financial situation of the regulated entities, the FMA has, on the basis of the sectoral rules applicable to the additional regulated entity, to adopt measures which would appear likely to remedy the situation as soon as possible.

(2) Anyone who opposes an order based on paragraph 1 of the FMA, if the act does not constitute a criminal act falling within the jurisdiction of the courts, shall be subject to an administrative surrender and shall be subject to a fine of up to EUR 25 000. punishing.

(3) The amount of EUR 25 000 shall be replaced by a lower amount referred to in Article 5 (3) of the VVG for the execution of an act under this Federal Act.

(4) If a financial company does not comply with the obligations laid down in this Federal Act, the obligations under which the supremtiation is based on the basis of an order issued under this Federal Act or an order pursuant to paragraph 1 connected with a time-limit shall not be applied. in good time, the FMA may, at the same time as requesting the financial undertaking to recover in the event that it remains unsuccessful, or after an unsuccessful request, the payment of an amount of up to EUR 25 000 to the Federal Government to write. This is due to the extent of the delay, as well as to the obstruction of the supervision of the business management and the additional costs incurred by the late submission. The fee may be made several times as long as the obligation to pay is not fulfilled.

(5) In the case of administrative transgressions under this Federal Act, a limitation period of 18 months shall apply instead of the period of limitation of § 31 para. 2 VStG of six months.

Additional powers of the FMA

§ 17. The FMA shall take any supervisory measure which it considers necessary to prevent and to intervene in the event of a circumstance of the sectoral rules by the entities of a financial conglomerate which it supervises.

3. MAIN PIECE

TRANSITIONAL AND FINAL PROVISIONS

§ 18. (1) This federal law shall enter into force 1. Jänner 2005 in force. The prudential audit of the annual accounts shall be applied for the first time in the financial year beginning after 31 December 2004.

(2) Regulations on the basis of this Federal Act may already be issued from the date of its customer's presentation. They may be applied at the earliest on financial years beginning on 31 December 2004.

§ 19. With the enforcement of this federal law, the Federal Minister of Justice is responsible for the remaining provisions of the Federal Minister of Finance with regard to Section 13 (3), second to fifth sentence, and (4) of the Federal Minister of Justice.

§ 20. Insofar as other federal laws are referred to in this federal law, these are, if nothing else, intended to be applied in their respectively valid version.

Article 3

Changes to the Insurance Supervision Act

The Federal Act of 18. October 1978 on the operation and supervision of the contract insurance (Insurance Supervision Act-VAG), BGBl. No 569/1978, as last amended by the Federal Law BGBl. I No 117/2000, is amended as follows:

1. § 2 para. 2 Z 1 reads:

" 1.		§ 3 (1) and (3), § 4 (1), first sentence, para. 6, Z 1, 1a and 3 to 6, para. 7 and paragraph 9, § 4a, para. 3, § 7a (1), (3) and (4), § 7b (1) and (3), § 8 (1) and (2) (2) (3), § 11 (1) and (3), § 11a, § 17b, § 73b to 73d, § 73f para. 1, para. 2 Z 3, and Paragraph 4, § § 74 and 74a, § 75 para. 1, § 76, § 79b para. 1a to 6, § § 86a to 86m, § 99, § § 100 to 102, § § 103 and 104, § 104a para. 1, 1a and 2, § 104b, § 105, § 107b para. 1 Z 1, 2 and 7, § 108a para. 1 Z 1, § § 109 and 110, § 112 Z 4, the § § 115 to 117 and Section A Z 1 of Annex D, "

(2) § 4 is amended as follows:

(a) According to paragraph 6 Z 6, the following Z 7 shall be added:

" 7.		due to the lack of transparency of the group structure, the interests of the insured are impaired or the FMA is prevented from the proper performance of their monitoring obligations. "

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

"(7a) In the case of paragraph 6 (6) (6) and (7), the FMA may grant the concession subject to conditions which enable it to carry out its duty of supervision properly."

3. In accordance with Section 7b (1), the following paragraph 1a is inserted:

" (1a) In place of a withdrawal of the concession pursuant to Section 1 (1) (1) in conjunction with Section 4 (6) (6) or (7), the FMA may, on the basis of Section 104 (1), make arrangements to the insurance undertaking which are required to: to enable the proper performance of their monitoring obligations. "

4. § 8 (3) Z 3 reads:

" 3.		the plan balance sheet and the planning success statement, "

(5) § 11a is amended as follows:

(a) In paragraph 2, the reference "§ 4 (6) Z 5" by reference "§ 4 (6) Z 5 or 7" replaced.

(b) The following paragraph 2a is inserted after paragraph 2:

" (2a) A participation within the meaning of the first paragraph shall be made by an insurance undertaking, credit institution or investment firm authorised in another Contracting State by the parent undertaking of such an undertaking in the sense of section 244 HGB is acquired in the version in force or by a natural or legal person who effectively exercises a dominant influence on such a company, and the undertaking in which the holding is to be acquired would be acquired, by means of this acquisition to a subsidiary of the acquirer, or as a result of its actually dominant influence, the FMA has to seek an opinion from the competent authority of the other Contracting State prior to any subcontracting of the acquisition. "

6. § 13c (4) reads:

" (4) second and third sentence shall not apply to legal transactions which result in the transfer of the stock by way of an overall succession of rights. This shall also apply in the case of the transfer of the entire assets to another insurance undertaking which is to be attributed to the domestic branch of a foreign insurance undertaking. "

7. The following sentence shall be added to Article 18 (1):

"The FMA is able to lay down more detailed rules on the content and the structure of the actuarial foundations."

8. § 18 (1a) second sentence reads:

" In addition, the insurance undertaking shall obtain the opinion of an independent expert on the quality of this model with a view to its suitability for controlling and managing the capital investment risk if it is to be subject to the investment risk. not covered by a capital guarantee provided by a third party admitted to the guarantee business. "

9. § 18 para. 2 reads:

"(2) The insurance undertakings shall notify the FMA of any change or addition to the basic principles set out in paragraphs 1 and 1a before they are applied."

Section 20 (2) reads as follows:

" (2) A separate division of the cover stock to which the provisions relating to the cover stock shall be applied separately shall be established

1.		for life assurance, insofar as it does not fall under Z 2 to 5,
2.		for the fund-linked pension supplementary insurance (Section 108b (1) of the Income Tax Act 1988, as amended), with the exception of premium income, the provision for insurance cases not yet uncovered and the additional insurance cases technical provisions for guaranteed minimum benefits;
3.		for the other fund-linked life assurance, with the exception of premium surcharges, the provision for insurance cases which have not yet been uncovered and the additional technical provisions for guaranteed minimum benefits,
4.		for index-linked life assurance, with the exception of premium surgings, the provision for insurance cases not yet uncovered and the additional technical provisions for guaranteed minimum benefits,
5.		in accordance with § § 108g to 108i EStG 1988, as amended in each case, to the extent that it is not to be assigned to another cover-stock division,
6.		for health insurance,
7.		for the rest of the classes of insurance for which a cover provision is to be made. "

11. According to Article 20 (2), the following paragraph 2a is inserted:

"(2a) The establishment and the dissolution of a separate division of the cover stock shall be communicated to the FMA without delay."

12. § 23 (5) reads:

" (5) The Trustee shall immediately report to the FMA on any perceptions that are likely to raise concerns about the performance of the cover stock or compliance with the rules governing the asset management of the ceiling. After the end of a calendar quarter, the Trustee shall forward to the FMA within one month a written report on the activity in the past quarter. It shall also report annually, within three months of the end of the financial year, a written report on its activity (annual report). The trustee shall notify each report to the FMA of the Management Board and the Supervisory Board or the Executive Board of a foreign branch. "

13. § 24a (3) is amended as follows:

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

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

(c) At the end of the paragraph, the item shall be replaced by a line item, and the following sentence shall be added: "On request, the FMA may, in duly justified cases, extend this period."

14. According to Section 73b (4), the following paragraphs 4a to 4d are inserted:

" (4a) Further deducting from own resources shall be:

1.		participations in the meaning of Article 86a (2) (3) of insurance undertakings, insurance holding companies, credit institutions, financial institutions and investment firms,
2.		Shares in participation capital, supplementary capital and other subordinated capital of companies listed in Z 1, in which the insurance company is involved in the meaning of Section 86a (2) Z 3.

(4b) If shares of a company referred to in paragraph 4a (1) (1) are temporarily held in order to provide financial support for this undertaking for the purpose of remediation and rescue, the deduction in accordance with paragraph 4a may be withheld with the approval of the FMA.

(4c) The insurance undertaking may, in place of the withdrawal in accordance with paragraph 4a, apply one of the methods listed in Section 6 (2) (2) (1) to (3) of the FKG in the version in force in each case. For the application of the method cited in § 6 paragraph 2 Z 1 FKG in the respectively applicable version, the consent of the FMA is required, which may only be granted if the scope and level of the integrated management and internal controls in relation to the undertakings included in the scope of consolidation. The method chosen shall be applied uniformly in the long term.

(4d) An insurance undertaking which is subject to supplementary supervision in accordance with § § 86a et seq. et seq. of this Federal Act or § 5 FKG in the respectively applicable version shall not deduct shares in accordance with paragraph 4a if these shares are included in the Determination of the adjusted own resources according to § 86e of this Federal Act or in the additional own resources requirement in accordance with § § 6, 7 and 8 FKG are included in the respectively applicable version. "

15. The following sentence shall be added to Article 75 (2) (1):

"The insurance undertakings shall record these details of the customer in writing."

Section 77 (2) reads as follows:

"(2) Insurance provisions, for which a cover stock is not to be formed in accordance with Article 20 (1), shall be covered after deduction of the shares of reinsurers (cover requirement)."

17. § 79b is amended as follows:

(a) The following paragraph 1a is inserted after paragraph 1:

" (1a) The insurance undertakings are obliged to make statements at the end of the financial year in accordance with Section 81c (2), items B. I., II., III., E and F. II, III and IV, which are not entered in the lists provided for in paragraph 1. shall be submitted within six weeks of the end of the financial year. Insurance undertakings which are exclusively responsible for the operation of reinsurance shall also include in the list the assets in accordance with Section 81c (2), item B. IV. The FMA can set out a regulation that its reports on these assets are to be submitted at shorter intervals than annually. "

(b) In paragraph 2, after the words "appropriate assets" the phrase "as well as for the other assets referred to in paragraph 1a" inserted.

18. In § 79b (5) the expression " 1, 2 and 4 " by the expression " 1, 1a and 2 " replaced.

19. In § 81c (5) Z 2, the expression "A.VII" by the expression "A.VIII" replaced.

20. § 81o (6) reads:

" (6) For each balance sheet division, the appendix and the group annex are the calculated premiums of the entire business as well as the technical result in direct and indirect business for the individual states in which the Insurance undertaking shall disclose separately, provided that the share of the State concerned exceeds 3 vH of the calculated premiums of the entire business of the respective balance sheet division. "

21. § 82 (6) reads:

" (6) The examination shall also apply to the matters referred to in § § 17b, 17c and 18a as well as in § § 9 and 11 FKG in the respectively applicable version, to the compliance with the provisions relating to the own funds according to § 73b and through the to extend the adjusted own resources according to § 86e and § § 6 to 8 FKG in the applicable version as well as to the effect of intra-group transactions according to § 86d and § 10 FKG in the respective applicable version on the own resources equipment; on the outcome of this examination shall be reported. If use is made of § 73b para. 4d, it shall also be reported. "

22. In the heading to § 83, the word "Insurance Supervisory Authority" by the word "FMA" replaced.

Section 84 (1) is amended as follows:

a) In the first sentence, the word "six" by the word "five" replaced.

(b) in the second sentence, in each case by the word "annual accounts" the words "and the management report" inserted.

Section 85a (2) is deleted.

25. In § 85a (3), first sentence, the term " "and 2" .

Section 86 (3) reads as follows:

" (3) In the Statutes, the audit of the annual accounts may be provided by one or more auditors. In this case, the Articles of Association shall also contain the provisions on the scope of the examination, the appointment of the auditors and the audit report to the supreme body. Members of the Management Board or of the Supervisory Board may not be appointed to auditors. "

27. § 86a (1) is amended as follows:

(a) The following sentence shall be added to Z 2:

" provided that the parent insurance holding company, the parent foreign reinsurance undertaking or the parent insurance undertaking established in a third country itself does not have an insurance undertaking with a registered office in a Member State of Contracting State as a parent company, "

(b) Z 3 is:

" 3.		Lower-level insurance undertakings not covered by Z 2 and having a parent undertaking which is not an insurance undertaking, provided that the parent undertaking itself does not have an insurance undertaking with a registered office in a Contracting State as a parent company shall have the following conditions in accordance with § § 86c (2) to (5) and (86d). "

Article 86a (2) shall be amended as follows:

(a) Z 4, 5 and 6 are:

" 4.		a holding company which holds a shareholding in another undertaking or which is connected to another undertaking by a relationship within the meaning of Article 12 (1) of Directive 83 /349/EEC; each parent company is also a participating undertaking;
5.		an undertaking which is involved in an undertaking in which a holding is held in a further sense by another undertaking or by an undertaking which, by means of a relationship within the meaning of Article 12 (1) of Directive 83 /349/EEC; ; any subsidiary undertaking shall also be a participating undertaking;
6.		an insurance holding company which is a parent undertaking of an insurance undertaking established in a Contracting State which is not a mixed financial holding company within the meaning of Directive 2002/87/EC and whose principal activity is in the Acquisition and holding of shareholdings in a broader sense to subcontractors, where the sole or predominant activity of the entirety of these subcontractors is the operation of the contract insurance and at least one of these subsidiaries is an insurance undertaking; "

(b) After Z 6, the following Z 7 is added:

" 7.		a mixed insurance holding company, a parent undertaking, which neither an insurance undertaking nor an insurance undertaking of a third country, nor a reinsurance undertaking, nor an insurance holding company, nor an insurance holding company, nor an insurance holding company, a mixed financial holding company within the meaning of Directive 2002/87/EC, and having at least one insurance undertaking in its subsidiaries. "

29. In § 86c (4), the following sentence is added:

"FMA may be present during the examination even if it does not carry out the examination itself."

30. In § 86c (5), the following sentence is added:

'if the supervisory authority of the Contracting State concerned does not take the examination itself, it shall be allowed to be present during the examination.'

31. § 86d (2) reads:

" (2) The insurance undertakings covered by the supplementary supervision shall have adequate risk management and internal control mechanisms, as well as proper administration and accounting. , in order to ensure that the transactions referred to in paragraph 1 can be appropriately identified, quantified, monitored and controlled. You have the FMA information on major intra-group transactions, in particular on loans, guarantees, off-balance-sheet transactions, reinsurance transactions, cost-sharing agreements, capital investment transactions and own resources shall be submitted on a regular basis, at least at the end of each calendar quarter. "

32. To § 86e, the following paragraph 3 is added:

" (3) The FMA may decide that a participating undertaking of a domestic insurance undertaking which falls under Article 86a (1) (2), but not under Article 86a (1) (1) (1), shall take the decision to the competent authority in an undertaking in which the undertaking is responsible for the Contracting State shall comply with the requirement laid down in paragraph 2, provided that the calculation rules of this Contracting State are in accordance with those of Directive 98 /78/EC and that the domestic undertaking shall calculate the calculation in German can be presented. "

33. In § 86h (3), the following sentence is added:

Where there is no capital relationship between certain undertakings in an insurance group, the FMA shall determine the proportion to be taken into account. "

34. In § 86i (5), after the expression "§ 86h para. 1 Z 1" the expression "and paragraph 5" inserted.

35. In accordance with Article 86i (7), the following paragraph 8 is added:

(8) In 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 Section 73b (4a) to (4d) shall apply. "

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

"As soon as the information is available, the FMA shall be required to submit a calculation in accordance with § 86e."

37. In accordance with § 86m, the following § 86n is inserted:

" § 86n. (1) Persons who actually carry out the business of an insurance holding company must be of good repudiation and have sufficient experience in this task; to that end, the professional and personal suitability shall be required in accordance with § 4 6 (6) (1).

(2) The additionally regulated insurance undertaking shall, in accordance with the company law, ensure that the provisions of paragraph 1 are complied with. In addition to the name, legal form, seat and state of the parent insurance holding company, the FMA must submit all the documents required for the assessment of the fulfilment of the conditions set out in the first paragraph, and any change without delay. If the supplementary regulated entity is of the opinion that the conditions set out in paragraph 1 are not met and that all company law possibilities have been fulfilled in order to prevent the appointment of these directors or to discontinue the appointment of such directors The FMA shall be notified without delay.

(3) If the FMA considers that the conditions set out in paragraph 1 are not fulfilled, it shall, on the basis of a notification pursuant to paragraph 2 or on its own account, have the right to the Court of Justice, which shall be responsible for the seat of the additionally regulated insurance undertaking. The exercise of jurisdiction in the commercial matters of the first instance shall be the subject of a request for the exercise of the voting rights in respect of the shares held by the insurance holding company in the insurance undertaking under the authority of the competent insurance undertaking. The Court of Justice has the right to have the voting rights. The rest of the voting rights shall end when the Court of First Instance, at the request of the FMA or the insurance holding company, has established that the conditions set out in paragraph 1 have been met. This is to be communicated to the FMA. The Court of First Instance shall decide, in accordance with the above provisions, in proceedings other than disputes

(4) If a court has the suspension of the voting rights in accordance with paragraph 3, it shall at the same time appoint a trustee to fulfil the conditions laid down in paragraph 1 and to transfer the exercise of the voting rights to that person. The trustee shall be entitled to the replacement of his/her outlays and to remuneration for his activities, the amount of which shall be determined by the court. The insurance holding company and the additionally regulated insurance company shall be responsible for the undivided hand. The recourse is open to decisions, which determines the amount of the remuneration of the trustee and of the expenses to be replaced. The decision of the Oberlandesgericht (Oberlandesgericht) does not take place in another legal suit. "

38. In the headline to § 104, the word "Insurance Supervisory Authority" by the word "FMA" replaced.

39. § 104a (2b) Z 3 reads as follows:

" 3.		the plan balance sheet and the planning success calculation, ".

40. § 107b (1) is hereby amended as follows:

a) After Z 3, the following Z 3a is inserted:

" 3a.		on the notification of the establishment or dissolution of a separate division of the cover stock pursuant to Article 20 (2a), "

(b) After Z 5, the following Z 5a is inserted:

" 5a.		on the communication of a redeployment of assets according to Article 73e (3) of the European Communities ' own resources

41. § 111 together with headline reads:

" Statute of limitations

§ 111. In the case of administrative transgressions under this Federal Act, a limitation period of 18 months shall be applied instead of the limitation period of § 31 para. 2 VStG of six months. "

§ 115b first sentence reads:

" An insurance undertaking shall comply with the obligations laid down in § 24a (3), second sentence, § 79b (1), third sentence, and (1a) first and second sentence or in § 83 (1) to (4), the obligations to be referred to pursuant to § 74, § 79b (1) (1) the last sentence, paragraph 1 (a final sentence) and (2), § 85a (1) or section 86 (4) (1) of the order, or an order pursuant to § 104 or § 104a, which is connected with a time limit, does not follow in due time, the FMA may be entitled to the insurance undertaking at the same time as the call for recovery in the event that it remains unsuccessful, or after: previous unsuccessful call to make payment of an amount of up to € 7 000 to the federal government. "

43. In accordance with Article 118a (5), the following paragraph 6 is added:

" (6) The FMA shall be entitled, central banks and other bodies with comparable monetary policy tasks, as well as, where appropriate, other public authorities entrusted with the supervision of payment systems which are responsible for the performance of their tasks information required. "

44. The following paragraphs 12 to 14 are added to § 119h:

" (12) § 4 paragraph 6 Z 7, § 4 para. 7a, § 7b para. 1a, § 8 para. 3 Z 3, § 11a para. 2, § 13c para. 4, § 18 para. 1, 1a and 2, § 20 paragraph 2a, § 23 para. 5, § 24a para. 3, § 75 para. 2 Z 1, § 77 para. 2, § 81o para. 6, § 83, § 86 para. 3, § 86a para. 1 Z 2 and 3, § 86e Abs. 3, § 86l, § 104, § 104a par. 2b, Z 3, § 107b (1), § 111 and § 115b, as amended by Art. 3 of the Federal Law BGBl. I n ° 70/2004 occur with the end of the day of the proclamation of the Federal Law BGBl. I No 70/2004 in force.

(13) § 2 (2), § 11a (2a), § 20 (2), § 73b (4a) to 4d, § 79b (1a), (2) and (5), § 81c (5) Z 2, § 82 (6), § 84 (1), § 85a (2) and (3), § 86a (2) (4) and (5), § 86d (2), § 86h (3), § 86i (8), § 86i (8), § 86n and § § 86a (2). 118a (6) in the version of Article 3 of the Federal Law BGBl. I n ° 70/2004 shall be 1. Jänner 2005 in force. They shall apply to financial years beginning after 31 December 2004.

(14) Regulations on the basis of the provisions referred to in paragraph 13 above may already be provided by the Federal Law Gazette BGBl. I No 70/2004 shall be adopted on the following date, but may only be applied to financial years beginning after 31 December 2004. '

45. In § 131 Z 1, after the word sequence "§ 84 (4)," the phrase "Section 86n (3), second to fifth sentence, and (4)," inserted.

Article 4

Amendments to the Banking Act

The Federal Act on Banking (Banking Act-BWG), BGBl. No 532/1993, as last amended by BGBl. I n ° 13/2004, shall be amended as follows:

1. § 2 Z 25 reads:

" 25.		Financial holding company: a legal person or a company,
a)			the that is not a credit institution,
b)			whose whose principal activity is to acquire or hold holdings, or to operate one or more of the operations listed in points 2 to 12 of the list in Annex 1 to Directive 2000 /12/EC,
c)			whose whose subordinated institutions (§ 30) are exclusively or mainly credit institutions, investment firms or financial institutions, not the number of institutions arranged downstream, but economic criteria, in particular balance sheet total, the amount of the equity, carrying amount of the holding,
d)			of the the downstream institutions of which at least one is a credit institution or an investment firm, and
e)			the non-mixed financial holding company in accordance with § 2 para. 15 Financial Conglomerates Act-FKG, BGBl. I n ° 70/2004; "

2. In § 2 Z 26, after the word group "an investment firm" a dash and the word group "a mixed financial holding company in accordance with § 2 para. 15 FKG" inserted.

2a. § 3 (1) Z 8 reads:

" 8.		the fund for the promotion of scientific research in accordance with § 2 Research and Technology Promotion Act-FTFG, BGBl. No 434/1982, as well as the Österreichische Forschungsförderungsgesellschaft mbH as regards the provisions of the Fund; of the company's grant loans; "

3. § 4 (5) reads:

" (5) Before a concession to a credit institution is issued, the FMA shall inform the competent authority of the home Member State of the application if:

1.		a subsidiary undertaking 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 (2) Directive 85 /611/EEC, as amended by Directive 2001 /107/EC, an investment firm or an insurance undertaking, has submitted the application in accordance with paragraph 3 of this Article;
2.		a subsidiary undertaking 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 in the The terms of Article 1a (2) of Directive 85 /611/EEC, as amended by Directive 2001 /107/EC, an investment firm or an insurance undertaking, have submitted the application in accordance with paragraph 3 of this Article;
3.		a credit institution which has the same natural or legal person 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 (2) of Directive 85 /611/EEC, as amended by Directive 2001 /107/EC, an investment firm or an insurance undertaking, has submitted the application as referred to in paragraph 3.
The FMA shall, where appropriate, obtain the opinion of the aforementioned authority if it is to assess the suitability of the persons holding a qualifying holding pursuant to Article 5 (1) (3) and the Leumund and the experience of the directors pursuant to Article 5 (1) of the Rules of Law Z 6 to 9 of another company of the same group. "

4. In § 20, the following paragraph 2a is inserted after paragraph 2:

" (2a) A participation in accordance with paragraph 2 shall be made by 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 investment firm or an investment firm insurance undertakings, acquired by the parent undertaking of such a company or by a natural or legal person who controls such a company, and the undertaking in which the holding is to be acquired, by means of this acquisition to a subsidiary of the acquirer, or under its control, the assessment of the acquisition must be the subject of the information provided to the competent authority in accordance with Article 4 (5). "

5. In § 20 (8) the expression 'within the meaning of the first indent of Article 1 of Directive 77 /780/EEC' in each case by the expression "within the meaning of Article 1 (1) of Directive 2000 /12/EC, as amended by Directive 2000 /28/EC" replaced.

6. The following Z 4a and 4b are inserted in Section 23 (13):

" 4a.		Participations and capital components in respect of these participations in accordance with Section 73b VAG of the credit institution to insurance undertakings, reinsurance undertakings and insurance holding companies.
4b.		With the consent of the FMA, the credit institution may apply one of the methods listed in § 6 (2) FKG in place of the withdrawal in accordance with paragraph 4a. Consent to the application of the method referred to in § 6 para. 2 Z 1 may only be granted if the scope and level of the integrated management and internal controls are satisfied with respect to the companies included in the consolidation circle . The method chosen shall be applied in the long term. "

7. § 23 (13) Z 5 reads:

" 5.		in the case of additional supervision at the level of the financial conglomerate pursuant to § 6 (1) FKG, the acceptance of a full consolidation pursuant to section 24 (1), a partial consolidation pursuant to section 24 (4) and a deducted obligation pursuant to paragraph 2 of this Federal law, the deduction in accordance with Z 3, 4 and 4a in respect of credit institutions, financial institutions, insurance, reinsurance undertakings or insurance holding companies is not to be carried out if these companies are included in the scope of consolidation or an additional supervision pursuant to section 6 (1) of the FKG "

8. In § 23 para. 14 Z 8 the word group shall be "pursuant to paragraph 13 (3) and (4)" through the word group "pursuant to paragraph 13 (3), (4) and (4a)" replaced.

9. In § 24 (1), the following third sentence shall be added after the second sentence:

"Where institutions are connected by a relationship within the meaning of Article 12 (1) of Directive 83 /349/EEC, the FMA shall determine the form in which consolidation is to be carried out."

10. In § 30 (1) the word group shall be "pursuant to Article 2 of Directive 77 /780/EEC" through the word group 'within the meaning of Article 2 of Directive 2000 /12/EC' replaced.

11. In Section 30 (2), the word group shall be " Art. 1 first indent of Directive 77 /780/EEC ' through the word group " Art. 1 (1) of Directive 2000 /12/EC, as amended by Directive 2000 /28/EC " replaced.

12. In § 30 para. 4 Z 3, the word group shall be 'within the meaning of the first indent of Article 1 of Directive 77 /780/EEC' through the word group "within the meaning of Article 1 (1) of Directive 2000 /12/EC, as amended by Directive 2000 /28/EC" replaced.

13. In accordance with Article 30 (7), the following paragraph 7a is added:

" (7a) Persons who actually carry out the operations of a financial holding company must be sufficiently well-informed and have sufficient experience to perform this task. For this purpose, the professional and personal aptitude must be given in accordance with § 5 (1) Z 6, 7, 8 and 9. "

14. In accordance with Section 30 (9), the following paragraph 9a is inserted:

" (9a) A credit institution whose parent undertaking is 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 established outside the Community, shall be subject to the following conditions: No supervision on a consolidated basis in accordance with Section 24 (1) or (4),

1.		the FMA has to examine whether that credit institution is subject to supervision on a consolidated basis by the competent authority of the third country and that such supervision complies with the principles of Section 24 of the BWG;
2.		if no equivalent supervision takes place, the FMA shall apply the provisions of Section 24 of the Federal Elections Act to the credit institution. In such a case, the FMA, after consulting the competent authorities of a third country, has to carry out such a review at the request of the parent undertaking, a company authorised in the Community or on its own initiative;
3.		if the application of this supervisory technique is appropriate and if the competent authorities of the third country agree to achieve the objectives of the supervision on a consolidated basis, the FMA may require that a financial holding company based in the European Community and apply the provisions on consolidated supervision on a consolidated basis to the consolidated financial statements of this holding. The application of this supervisory technique shall be notified to the competent authorities of the third country and of the European Commission. "

15. According to § 63 (4) (2a), the following Z 2b is inserted:

" 2b.		Compliance with § § 6 to 11 FKG; "

16. In § 69, after the word "BMVG" the word "and" replaced by a word group, "the real estate investment fund law" the word group "and the financial conglomerate law" inserted.

17. In § 70 (1) Z 3, after the word group "Their branches and representative offices outside of Austria" the word group "lie, of credit institutions subject to supplementary supervision in accordance with Article 5 (1) FKG" inserted and after the word group "The orderly limitation of market risks (§ 26b para. 1 Z 1 to 4) and credit risks (§ 2 Z 57)" the word group "and to the on-the-spot check of the orderly limitation of market risks (§ 26b para. 1 Z 1 to 4) and credit risks (§ 2 Z 57) of credit institutions or credit institution groups in financial conglomerates" inserted.

18. In Section 70 (4), the word group shall be "§ 5 (1) (1) to (13)" through the word group "§ 5 (1) (1) to (14)" replaced.

19. In § 70 (4), after the word group "the Real Estate Investment Fund Act," the word group "the financial conglomerate law," inserted.

20. In § 70a, the following paragraph 5 is added:

" (5) If the parent undertaking of a credit institution is a mixed undertaking, FMA shall be entitled, without prejudice to the powers conferred on it by other provisions of this Federal Law, to the transactions between the credit institution and to supervise the mixed company and its subsidiaries. To this end, the credit institution shall establish appropriate risk management and internal control mechanisms, including sound reporting and accounting procedures, in order to ensure that its transactions are carried out with the parent companies and their subsidiaries can be appropriately identified, quantified, monitored and controlled. The credit institution shall, in addition to the large credit notification in accordance with § 75, have at least once a quarter of the FMA on substantial intra-group transactions, in particular on loans, guarantees, off-balance-sheet transactions, cost-sharing agreements, reinsurance transactions, capital investment transactions and the transactions relating to own funds. If such intra-group transactions jeopardie the financial position of a credit institution, the FMA shall initiate appropriate measures. "

21. § 73 (3) reads:

" (3) The parent credit institution shall immediately notify the FMA in writing of the FMA name, legal form, seat and host state of a parent financial holding company or parent mixed financial holding company, as well as any amendments. The FMA has to send a list of these financial holding companies to the European Commission and to the competent authorities of the Member States. "

22. In § 74, paragraph 3, the word group "to comply with the provisions of § § 22 to 27 and 29" the word group "and § § 6 to 10 FKG" inserted.

23. § 76 (2) (1) to (3) read:

" 1.		belong to either the institution of the credit institution or a company of the credit institution group concerned, nor are there any dependency or competitive relationship with the credit institution or any of those undertakings,
2.		have the necessary expertise at any time on the basis of their training, professional career and the professional or commercial activities carried out during their term of office, and
3.		which have not yet reached the age of retirement age determined by the federal law and are actively engaged in a professional or commercial activity in that they do not receive a rest from a previous one of their own main professional activities. "

24. In § 77 (1) the word group shall be "foreign banking supervisory authorities" through the word group "competent authorities abroad" replaced.

25. In § 77 (4) Z 19, the word group shall be " Art. 8 of Directive 92 /30/EEC " through the word group " Art. 25 of Directive 2000 /12/EC " replaced.

Section 77 (5) and (6) are:

" (5) The granting of information and the transmission of documents, including the forwarding of data as referred to in paragraph 4, shall be admissible within the framework of mutual assistance and to:

1.		competent authorities of Member States in accordance with § 2 Z 5;
2.		the competent authorities of third countries with which the Council of the European Union has concluded an agreement in application of Article 25 of Directive 2000 /12/EC;
3.		competent authorities of other third countries, in so far as cooperation is also necessary in the interest of the Austrian banking sector and meets international customs.

The exchange of information and the transmission of information pursuant to Z 1 to 3 shall be permitted in each case, insofar as this is for the performance of the tasks of the competent authorities pursuant to Articles 28, 30 (2) and 56 of Directive 2000 /12/EC, as amended by the Directive 2002 /87/EC or Article 11 (1) of Directive 2002/87/EC. The exchange of information with the competent authorities pursuant to Z 2 and 3 must, within the meaning of Article 30 (3) of Directive 2000 /12/EC, on the condition of professional secrecy equivalent to that laid down in Article 30 (1) of Directive 2000 /12/EC, of the fulfilment of Supervisory tasks of the competent authorities shall be used. FMA may forward information pursuant to paragraph 4 (4) (19) only if it has been expressly authorised by the competent authority which transmitted the information in question.

(6) Where the FMA is requested by a competent authority of a Member State or a third country pursuant to paragraph 5 (2) (2) or (3), the information available to that authority shall be:

1.		a credit institution,
2.		a financial holding company,
3.		a financial institution,
4.		an investment firm;
5.		a company with bank-related ancillary services,
6.		a mixed company,
7.		a subsidiary of the undertakings referred to in Z 1 to 6; or
8.		a mixed financial holding company,

, it is authorised to allow the verification by the competent authority of the Member State or of the third country to carry out the examination itself, other authorities in application of § 72 (1) by means of mutual assistance, to request or to transfer the examination of the Oesterreichische Nationalbank in the presence of the conditions set out in Section 70 (1) (3) of the Law. § 71 shall apply. In addition, auditors, bank auditors, competent audit and audit associations or any other independent expert from the company to be audited may be charged with the audit. The verification by the competent authority of the third country may be carried out only for the purpose of fulfilling the supervisory tasks referred to in paragraph 5 and in compliance with professional secrecy. If the applicant authority does not take the examination itself, it may nevertheless be present at the examination at its own request. "

27. In § 77, paragraph 7, the word group shall be "and there is a secrecy protection equivalent to the professional secrecy referred to in Article 12 (1) of Directive 77 /780/EEC" through the word group "and a professional secrecy equivalent within the meaning of Article 30 (1) of Directive 2000 /12/EC." replaced.

§ 77a (1) Z 2 reads:

" 2.		Agreements with competent authorities of third countries pursuant to § 77 (5) (2) and (3), provided that the exchange of information with these competent authorities within the meaning of Article 30 (3) of Directive 2000 /12/EC, subject to the condition of a Article 30 (1) of the Directive 2000 /12/EC of equivalent professional secrecy, the performance of the supervisory tasks of those competent authorities. "

Section 77a (2) reads as follows:

" (2) The cooperation of the FMA with the competent authorities of the Member States with regard to the provisions of Articles 28, 30 (2) and 56 of Directive 2000 /12/EC, as amended by Directive 2002/87/EC or of the information exchange referred to in Article 11 (1) of Directive 2002/87/EC. "

30. In Section 77a (4), the word group shall be "Article 8 of Directive 92 /30/EEC" through the word group " Art. 25 of Directive 2000 /12/EC " replaced.

31. The following Z 29a is inserted in § 103:

" 29a.		§ 23 (13), § 23 (14) Z 8, § 24 (1), § 30 (7a), § 30 (9a), § 63 (4) 2b, § 69, Section 70 (4), Section 70a (5) and Section 73 (3) shall be applied for the first time for financial years beginning after 31 December 2004. "

32. The following paragraphs 41 to 43 shall be added to Article 107:

" (41) § 76 (2) (1) to (3) in the version of the Federal Law BGBl. I n ° 70/2004 shall enter into force on 1 August 2004.

(42) § 3 para. 1 Z 8 in the version BGBl. I n ° 70/2004 shall enter into force on 1 September 2004.

(43) § 2 Z 25 lit. c bis e, § 2 Z 26, § 4 para. 5, § 20 para. 2a, § 23 para. 13, § 23 para. 14, § 24 para. 1, § 30 para. 7a, § 30 para. 9a, § 63 para. 4 Z 2b, § 69, § 70 para. 1 Z 3, § 70 para. 4, § 70a para. 5, § 73 para. 3, § 74 para. 3 and § 77 para. 1 in the version of the Federal Law BGBl. I n ° 70/2004 shall be 1. Jänner 2005 in Kraft. "

Article 5

Amendments to the Securities and Markets Act

The Federal Act on the Supervision of Investment Services (Securities Supervision Act-WAG), BGBl. No 753/1996 as last amended by BGBl. I n ° 62/2004, is amended as follows:

1. In § 19 (3), after the expression "§ 4 (3)" the expression "and 5" .

2. In the first and third sentences of Section 30 (3a) of the WAG, the word shall be "Federal Value Paper Supervision" by the expression "FMA" replaced.

Article 6

Changes to the Financial Market Supervisory Authority Act

The Federal Act on the Establishment and Organisation of the Financial Market Supervisory Authority (Financial Market Supervisory Authority Act-FMABG), BGBl. I n ° 97/2001 last amended by the Federal Law BGBl. I n ° 80/2003, is amended as follows:

1. In § 2 (1), after the expression " BGBl. I No 100/2002, ' the word "and" deleted and after the expression " BGBl. I No 80/2003, the word group " and in the financial conglomerate law, BGBl. I No 70/2004, " inserted.

2. In § 2 para. 2, after the expression " BGBl. No. 322/1977 " the word "and" is replaced by a dash and after the expression " BGBl. I No 170/1998, ' the word group " and in the financial conglomerate law, BGBl. I No 70/2004, " inserted.

3. In § 2 para. 3, after the expression " BGBl. No 753/1996, ' the word "and" deleted and after the word group " BGBl. No 555/1989, " the word group " and in the financial conglomerate law, BGBl. I No 70/2004, " inserted.

(4) The following paragraph 7 is added to § 28:

" (7) § 2 in the version of the Federal Law BGBl. I n ° 70/2004 shall enter into force 1. January 2005 in force and shall be applied for financial years beginning after 31 December 2004. "

Article 7

Changes to the Stock Exchange Act

The Federal Act on the Securities and General Stock Exchange and on the illustration of the Stock Exchange Act 1949 and the Stock Exchange Act of 1903 (Börsegesetz 1989-BörseG), BGBl. N ° 555/1989, as last amended by the Federal Law BGBl. I n ° 123/2003, shall be amended as follows:

1. In § 46 (1), after the word group "Public-legal service" the word group "the asset" inserted.

2. The following paragraph 19 is added to § 102:

" (19) § 46 (1) in the version of the Federal Law BGBl. I n ° 70/2004 shall enter into force on 1 August 2004. '

Article 8

Amendment of the Pensionskassengesetz

The Pensionskassengesetz BGBl. No. 281/1990, as last amended by the Federal Law BGBl. I n ° 13/2004 is amended as follows:

1. § 34 reads:

" § 34. The Federal Minister of Finance has to appoint a State Commissioner and his deputy for a term of office of up to five years for each pension fund; the reappointment is admissible. The state commissioners and their deputies act as organs of the FMA and, in this function, are subject exclusively to their instructions. Section 76 (2) to (9) of the BWG shall apply. "

2. The following paragraph 1r is inserted in accordance with § 51 (1q):

" (1r) § 34 in the version of the Federal Law BGBl. I n ° 70/2004 shall enter into force on 1 August 2004. '

Fischer

Bowl