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Announcement: FMA imposes sanction on Raiffeisenlandesbank Burgenland und Revisionsverband eGen for breaches of the Prospectus Regulation

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The Austrian Financial Market Authority (FMA) has imposed a fine of EUR 20,000 on Raiffeisenlandesbank Burgenland und Revisionsverband eGen. The proceedings were concluded in an accelerated manner pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz). On the one hand, Raiffeisenlandesbank Burgenland und Revisionsverband eGen made publicity available in a folder that did not match the information contained in the prospectus, thereby contravening Article 22 (3) of Regulation (EU) 2017/1129 (“The Prospectus Regulation”). Furthermore, Raiffeisenlandesbank Burgenland und Revisionsverband eGen also failed, in contravention of Article 22 (2) of the Prospectus Regulation, to advice in publicity that a prospectus had been published. These provisions under prospectus law serve investor protection purposes, and are of key importance for the disclosure of information, as they address asymmetries of information that exist between investors and issuers. The penal order is final.

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