In this section of its homepage, the FMA displays and provides access to information regarding the implementation of Basel II in Austria. The supervisory disclosure framework was designed by the Committee of European Banking Supervisors (CEBS) and is based on Article 144 of Directive 2006/48/EC (transposed in Article 69b of the Austrian Banking Act) and requires competent authorities to disclose and regularly update the following information:
the texts of laws, regulations, administrative rules and general guidance adopted in their Member State in the field of prudential regulation;
the manner of exercise of the options and discretions available in Community legislation;
the general criteria and methodologies used in the Supervisory Review and Evaluation Process (SREP); and
aggregate statistical data on key aspects of the implementation of the prudential framework in each Member State.
For the first time, this supervisory disclosure framework allows meaningful comparisons of the implementation of European law. The voluntary commitment of all European Supervisory Authorities to implement an area within their national homepages that is absolutely identically structured and linked via the CEBS homepage is so far unprecedented. The implementation of a first time Europe-wide network of all Supervisory Authorities revolutionises international supervisory practice.
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