The Austrian Financial Market Authority (FMA) hereby informs that it has imposed a fine of EUR 60,000 against the Liechtensteinische Landesbank (Österreich) AG as a legal person by means of a penal order by way of the accelerated conclusion of proceedings pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz) for breaches against the Securities Supervision Act 2018 (WAG; Wertpapieraufsichtsgesetz 2018) and Delegated Regulation (EU) 2017/565. The respective breaches relate to individual portfolio management with regard to the complete reporting requirement in connection with the statement of suitability, as well as information obligations towards clients regarding complete breakdowns of costs.
The penal order is final.