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Last Update: 22.11.2010

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Glossary

Reference data
The cost share allocated to each individual investment services provider or undertaking operating a contractual insurance business is calculated on the basis of the so-called reference data, which is the turnover from financial services business generated by the respective company in the preceding financial year.

Regular disclosure of information
The normal standard disclosure requirements for companies. Comprises the regular publication of annual accounts and management reports as well as of regular interim reports (quarterly reports).

Reporting Obligation
Pursuant to the Wertpapieraufsichtsgesetz (WAG; Securities Supervision Act), all Austrian banks and domestic branches of EEA banks and investment firms must report their transactions with certain securities listed in the Act (shares, debt securities, etc.) to the FMA on a daily basis in a data-processed form. These reports have to include all specific features of an individual transaction such as quantity, price, time of deal and designation whether the transaction was for own account or for account of a customer. The purpose of the reporting obligation is to constantly provide the FMA with information about the market to enable it to carry out its supervisory obligations and to give it a basis for further investigations if necessary (e.g. if insider dealings are suspected).

Right to the insurance benefit
The right to the insurance benefit is the right to dispose of the benefit due from life assurance. At the due date the beneficiary receives the money from the insurance undertaking. In case of survival, most of the time this is the policyholder himself/herself. For the event of premature death, a second beneficiary should be named in the insurance policy. The right to the insurance benefit can be entered as a revocable or irrevocable right.

Risk
Insurance textbooks define risk as the possibility of loss as an insured risk materialises, and at the same time, as a chance to generate profits through the insurance of a risk. Risk coverage is the main obligation an insurance undertaking assumes when it concludes an insurance contract. The assumption of risk follows a corresponding contractual agreement that more or less accurately describes the insured risk; it is only this delimitation from risks not covered that makes the insured risk sufficiently calculable.