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Announcement: FMA imposes sanction against PARTNER BANK AKTIENGESELLSCHAFT for breaches against the Securities Supervision Act 2018 (WAG 2018)

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The Austrian Financial Market Authority (FMA) hereby advises that it has imposed a fine of EUR 28,000 against PARTNER BANK AKTIENGESELLSCHAFT as a legal person by way of the accelerated conclusion of proceedings pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz) by means of a penal order for breaches of the Securities Supervision Act 2018 (WAG 2018; Wertpapieraufsichtsgesetz 2018) and Delegated Regulation (EU) 2017/565 in relation to breaches of information obligations, in particular in relation to unambiguous and easily comprehensible ex ante cost information towards clients as well as the rules on suitability and appropriateness in relation to the charging model of its “Private Banking Pakete” (private banking packages).

The penal order is final.