The Austrian Financial Market Authority (FMA) announces that an administrative decision has been issued to Raiffeisenbank Gramastetten eGen as a legal entity, under threat of a coercive penalty, to establish legal compliance pursuant to Article 92 para. 8 of the Securities Supervision Act 2018 (WAG 2018; Wertpapieraufsichtsgesetz 2018) in conjunction with Article 70 para. 4 no. 1 of the Austrian Banking Act (BWG; Bankwesengesetz). The entity was instructed to adapt its internal procedures and control mechanisms in order to ensure that staff members providing investment services are able to prove that they possess the necessary knowledge and competences pursuant to Article 55 WAG 2018 to do so.
In the mean time, Raiffeisenbank Gramastetten eGen has initiated measures for establishing legal compliance.