Inhalt:
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Other CRD Disclosure Requirements
- Disclosure on Waivers for Solo Supervision
- Mergers and Acquisitions
- Credit Risk Mitigation (CRM)
- Application of Pillar 3
- Securitisation - Article 122a CRD II
Additional information - List of Regional Governments and Local Authorities / PSEs
According to Annex VI, Part 1, Number 9 of directive 2006/48/EC (transposed in Article 69b lit. 7 of the Austrian Banking Act, BWG) competent authorities are required to publish a list of regional governments and local authorities risk weighted like central governments.
According to Article 5 Para. 2 SolvaV (Solvency Regulation), exposures to Austrian regional governments and local authorities receive the same risk weight as the Austrian federal state. The risk weighing of exposures to the Austrian federal state is determined in Article 4 SolvaV. § 5 SolvaV in conjunction with § 4 SolvaV therefore stipulates that all Austrian regional governments and local authorities receive a risk weight of 0%.
AUSTRIA | |
| Regional governments and local authorities risk-weighted like central governments under the Standardised Approach (Annex VI, Part 1, Number 9 Directive 2006/48/EC) | |
| Links to the national lists of governments and local authorities risk-weighted like central governments | No list (all Austrian governments and local authorities are risk weighted like central governments). |
| PSEs (Public Sector Entities) weighted like exposures to institutions under the Standardised Approach (Annex VI, Part 1, Number 14 Directive 2006/48/EC) | |
| Does the country release a list of PSEs weighted like institutions? | N |
| Does the country release criteria to determine PSEs weighted like institutions? | N |
| Links to the national lists of PSEs weighted like exposures to institutions or to national criteria | - |
| PSEs (Public Sector Entities) weighted like exposures to central governments under the Standardised Approach (Annex VI, Part 1, Number 15 Directive 2006/48/EC) | |
| Does the country release a list of PSEs weighted like central governments? | N |
| Does the country release criteria to determine PSEs weighted like central governments? | N |
| Links to the national lists of PSEs weighted like central governments or to national criteria | - |
| January 2007 | |
For an overview regarding these lists in the EU Member States see the corresponding table on the CEBS homepage.
Specific Treatment of Securitisations
Annex IX, Part 4, Numbers 26 to 29 of Directive 2006/48/EC specify an approach for securitisations with early amortisation triggered by excess spread. In the case of securitisations subject to an early amortisation provision of retail exposures which are uncommitted and unconditionally cancellable without prior notice and where the early amortisation is triggered by a quantitative value in respect of something other than the three months average excess spread, the competent authorities may apply a treatment which approximates closely to that prescribed in points 26 to 29 of Directive 2006/28/EC for determining the conversion figure indicated (see Annex IX, Part 4, Number 30 of Directive 2006/48/EC).
§ 22e Para. 6 BWG authorises the FMA to stipulate by regulation a specific treatment which approximates closely to that prescribed in points 26 to 29 of Annex IX, Part 4 of Directive 2006/48/EC. Before the application of such a treatment becomes part of its general policy approach to securitisations containing early amortisation clauses of the type in question, the FMA shall consult the relevant competent authorities of all the other member states and take into consideration the views expressed.
For an overview regarding the special treatment of securtisations in the EWR member states see the overview given on the CEBS homepage.
Disclosure on Waivers for Solo Supervision
The national discretion contained in Article 69 Para. 3 of Directive 2006/48/EC enables member states under certain conditions to exempt parent credit institutions from complying with the requirements laid down in Article 22 (procedures and internal control mechanisms), Article 75 (minimum level of own funds) and Section 5 (large exposures) on an individual basis. According to Article 70 Para. 1 of Directive 2006/48/EC, competent authorities may furthermore allow parent credit institutions to incorporate subsidiaries in the calculation of these requirements when certain conditions are met. The competent authorites of those Member States exercising these two discretions are required to publicly disclose the information displayed in the following table.
The two national discretions in question were not transposed in Austria. Compliance with regulatory standards on an individual basis is regarded as indispensable for financial stability by the FMA.
| Disclosure on waivers for solo supervision | Austria | |
Article 69 | Article 70 | |
| Application of the Article | No. | No. |
| Applied criteria regarding transferability/repayment | - | - |
| Number of parent institutions | - | - |
| Number of parents with third country subsidiaries | - | - |
Total amount of (consolidated) own funds held in third country subsidiaries | - | - |
Percentage of total (consolidated) own funds of parent held in third country subsidiaries | - | - |
| Percentage of (consolidated) required own funds of parent held in third country subsidiaries | - | - |
| January 2007 | ||
For an overview regarding the exercise of Article 69 Para. 3 and Article 70 Para. 1 of Directive 2006/48/EC and the criteria applied thereby in the EWR member states see the corresponding table on the CEBS homepage.
Mergers and Acquisitions
Provisions within Dir. 2006/48/EC (as amanded by 2007/44/EC) | Assessment criteria according to the 3L3 Guidelines | AUSTRIA | ||
Art. 19-A (1) a) | I. Reputation of the proposed acquirer | Integrity | All assessment criteria proposed in the 3L3 Guidelines were transposed in the Austrian Shareholder Control Regulation (SCR). | |
| Professional Competence | All assessment criteria proposed in the 3L3 Guidelines were transposed in the Austrian SCR. | |||
| Practicalities of the Cooperation Process | The assessment criteria proposed in the 3L3 Guidelines were partially transposed in the Austrian SCR. Not explicitly transposed were the following criteria: "A.a", "A.b", "B.a" to "B.c", "I.a", "I.b" and "II.a" to "II.c" (see Annex III of CEBS GL29, p. 43). | |||
| Art. 19-A (1) b) | II. Reputation and experience of any person who will direct the business of the financial institution as a result of the proposed acquisition | Yes, if the prospective director does not pass the fit & proper test, the acquisition will be opposed by the FMA. | ||
| Art. 19-A (1) c) | III. Financial soundness of the proposed acquirer | Scope of Analysis | All assessment criteria proposed in the 3L3 Guidelines were transposed in the Austrian SCR. | |
| Practicalities of the Cooperation Process | The assessment criteria proposed in the 3L3 Guidelines were partially transposed in the Austrian SCR. Not explicitly transposed was criterium "B" concerning acquirerers supervised in a third country (see Annex III of CEBS GL29, p. 46). | |||
| Art. 19-A (1) d) | IV. Compliance with the prudential requirements | Scope of Analysis | All assessment criteria proposed in the 3L3 Guidelines were transposed in the Austrian SCR. | |
| Art. 19-A (1) e) | V. Suspicion of money laundering or terrorist financing | Scope of Analysis | All assessment criteria proposed in the 3L3 Guidelines were transposed in the Austrian SCR. | |
| Practicalities of the Cooperation Process | All assessment criteria proposed in the 3L3 Guidelines were transposed in the Austrian SCR, however some ("B", "C" and "D") only implicitly (see Annex III of CEBS GL29, p. 47). | |||
| Art. 19-A (4) | VI. List of information required for the assessment of the acquisition | Scope | All assessment criteria proposed in the 3L3 Guidelines were transposed in the Austrian SCR. | |
| March 2010 | ||||
For an overview regarding the prudential assessment of acquisitions and increases in holdings in the financial sector within the EWR member states see the corresponding table on the CEBS homepage.
The Shareholder Control Regulation (as well as its Annex I and Annex II) is available in German only.
Downloads:
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3L3, Guidelines for the prudential assessment of acquisitions and increase of holdings in the financial sector required by Directive 2007/44/EC, 11 July 2008
pdf 311 KB
Credit Risk Mitigation (CRM)
| Reference in CRD (Directive 2006/48/EC) | Denomination | Description | Application in Austria | |
| Annex VIII, Part 1, Number 7 lit. f | Eligibility of collateral | The following financial items may be recognised as eligible collateral under all approaches and methods: [...] (f) equities or convertible bonds that are included in a main index. | See § 87 Para. 1 lit. 6 SolvaV ("Equities or convertible bonds which are included in an index recognised pursuant to Article 20b InvFG [Investment Funds Act 1993] on a regulated market"). The FMA currently does not publish a list of "main indices". According to Article 20b Para. 2 InvFG, the index shall be recognised if, in particular,
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| Annex VIII, Part 1, Number 8 lit. a | Eligibility of collateral | Debt securities issued by institutions […] may be recognised as eligible collateral if they fulfil the following criteria: (a) they are listed on a recognised exchange [...] | See § 88 Para. 1 lit. 1 SolvaV ("they are listed on a recognised exchange"). § 2 lit. 32 BWG defines "recognised exchange" as "a regulated market as defined in Article 1 para. 2 of the Stock Exchange Act 1989 (Federal Law Gazette No. 555/1989) [1] and equivalent markets in third countries [2] which are regulated and supervised by a government authority or a government-recognised authority, function regularly and are accessible to the public directly or indirectly via a clearing member; a market in a third country is considered equivalent to a regulated market if it is subject to rules equivalent to those set forth under Title III of Directive 2004/39/EC". [1] See COM list "Annotated presentation of regulated markets and national provisions implementing relevant requirements of MIFID" [2] The FMA currently does not publish further guidance on (or a list of) equivalent markets in third countries. | |
| Annex VIII, Part 3, Number 58 lit. e | Conditions for applying a 0% volatility adjustment | The transaction is settled across a settlement system proven for that type of transaction. | See § 138 Para. 1 lit. 4 SolvaV ("The transaction is settled across a settlement system which is suitable for the type of transaction"). The FMA currently does not publish further guidance regarding the classification as a "proven" settlement system. | |
| Annex VIII, Part 3, Number 58 lit. f | Conditions for applying a 0% volatility adjustment | The documentation covering the agreement is standard market documentation for repurchase transactions or securities lending or borrowing transactions in the securities concerned. | See § 138 Para. 1 lit. 5 SolvaV ("The documentation used for the contract is standard market documentation for such transactions"). The FMA currently does not publish further guidance on what constitutes "standard market documentation". | |
| Annex VIII, Part 3, Number 58 lit. h | Conditions for applying a 0% volatility adjustment | The counterparty is considered a 'core market participant' by the competent authorities […] | See § 138 Para. 1 lit. 7 SolvaV. The criteria given in Number 58 lit. h were implemented. The FMA currently does not publish further guidance on (or a list of) "core market participants". | |
| Annex VIII, Part 3, Number 62 | Real estate collateral | […] In those Member States that have laid down rigorous citeria for the assessment of the mortgage lending value in statutory or regulatory provisions […] | See § 104 Para. 1 SolvaV ("The property must be valued by an independent valuer at or less than the market value."). The Austrian Solvency Regulation does not allow the use of the mortgage lending value for property situated in Austria. However, a mutual recognition clause was implemented. | |
| March 2010 | ||||
For an overview regarding the implementation of these CRM requirements of Directive 2006/48/EC in the EWR member states see the corresponding table on the CEBS homepage.
Application of Pillar 3
| Pillar 3 Application | Reference to CRD (Directive 2006/48/EC) | Description | Implementation in Austria | |
| Content of disclosures | Article 149 lit. a | Competent authorities may require credit institutions to make one or more of the disclosures referred to in Annex XII, Parts 2 and 3. | Discretion currently not exercised (*). | |
| Frequency and deadline for publication | Article 149 lit. b | Competent authorities may require credit institutions to publish one or more disclosures more frequently than annually, and to set deadlines for publication. | Discretion currently not exercised (*). | |
| Medium and location for disclosures | Article 149 lit. c | Competent authorities may require credit institutions to use specific media and locations for disclosures other than the financial statements. | Discretion currently not exercised (*). | |
| Means of verification | Article 149 lit. d | Competent authorities may require credit institutions to use specific means of verification for the disclosures not covered by statutory audit. | Discretion currently not exercised (*). | |
| Significant subsidiaries (EEA) | Article 72 Para. 1 and 2 | What constitutes a 'Significant Subsidiary' (criteria)? | According ot § 26 Para. 5 BWG, the FMA has to determine the classification of a credit institution as a significant subsidiary by means of an administrative ruling (Bescheid). A significant subsidiary is one whose total assets amount to at least 5% of those of the group of credit institutions to which it belongs and is to be classified as significant on the basis of size, business structure, types of clients, business type, geographical area of activity, subordinate institutions and the subsidiary's importance for the Austrian financial sector in light of financial stability considerations. | |
| Information requested from Significant Subsidiaries | According to § 26 Para. 4 BWG, significant subsidiaries of EEA parent credit institutions or EEA parent financial holding companies established in Austria must disclose information relating to their own funds structure and their minimum capital requirements on an individual or a subconsolidated basis (corresponds to Annex XII, Part 2 Numbers 3 and 4 CRD). | |||
| Rating decisions on SMEs | Article 145 Para. 3 | Implementation of national measures to make credit institutions explain their rating decisions to SMEs | This voluntary responsibility of credit institutions was not legally implemented. | |
| Guidance / Recommendations from national supervisor | In February 2009, the FMA published a curcular letter on disclosure issues (available in German only: Rundschreiben zu Sonderfragen der Offenlegung gemäß §§ 26 und 26a BWG). Main content: medium and deadline of disclosure, comments on audit). | |||
(*) According to § 26 Para. 8 BWG, the FMA may issue a regulation specifying these disclosure requirements. March 2010 | ||||
For an overview regarding the implementation of these Pillar 3 requirements of Directive 2006/48/EC in the EWR member states see the corresponding table on the CEBS homepage.
Securitisation - Article 122a CRD II
The legal implementation of CRD II will be effected in October 2010. Therefore, the following template will be filled in by end January 2011.
| Reference to CRD (Directive 2006/48/EC) | Application | Implementation in Austria |
| Article 122a Paras. 1 to 7 | General criteria and methodologies | [open] |
| March 2010 | ||
For an overview regarding the implementation of Article 122a Paras. 1 to 7 of Directive 2006/48/EC in the EWR member states see the corresponding table on the CEBS homepage.
