The Austrian Financial Market Authority (FMA) hereby announces that it has imposed a fine of EUR 4,000.00 by means a penal order under the accelerated conclusion of proceedings pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz) against an investment firm as a legal person for a lack of appropriate written control mechanisms with regard to the obligation for tied agents to inform retail clients on a durable medium at latest by the time of the conclusion of the contract that the investment firm includes “proprietary products” in its activities with the client. The penal order is final.
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