Announcement: FMA imposes sanction against the persons responsible at the time of the breach occurring of Hypo Vorarlberg Bank AG for a breach of the due diligence obligations pursuant to Article 19 of the Alternative Investment Fund Managers Act (AIFMG) | FMA Österreich

Announcement: FMA imposes sanction against the persons responsible at the time of the breach occurring of Hypo Vorarlberg Bank AG for a breach of the due diligence obligations pursuant to Article 19 of the Alternative Investment Fund Managers Act (AIFMG)

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The Austrian Financial Market Authority hereby announces that it has imposed a fine of EUR 5,000 against two persons responsible of Hypo Vorarlberg Bank AG as well as a fine of EUR 3,000 against a person responsible of Hypo Vorarlberg Bank AG for a breach of Article 19 of the Alternative Investment Fund Managers Act (AIFMG; Alternative Investmentfonds Manager-Gesetz). The persons responsible have breached due diligence obligations pursuant to Article 19 AIFMG. An appeal has been submitted to the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) against the FMA’s penal order. The Federal Administrative Court (BVwG) rejected the appeal as being unjustified. An orderly final right of appeal was declared not to be permissible. The penal orders are therefore legally final.

Update: 26.11.2019

The FMA is initiating a procedure at the request of Hypo Vorarlberg Bank AG to check the legality of publication above.

Update: 09.01.2020

The Supreme Administrative Court (VwGH) has initiated preliminary proceedings in relation to the extraordinary final right of appeal by the persons responsible at the time of the offence occurring against the ruling of the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) of 15.10.2019.

Update: 31.03.2020

The Supreme Administrative Court (VwGH) has rejected the extraordinary final right of appeal due to a lack of a legal issue of general significance.

Update: 26.06.2020

In an administrative decision dated 23.04.2020 the Austrian Financial Market Authority (FMA) determined that the FMA’s announcement dated 07.11.2019 on the FMA’s website pursuant to Article 60 para. 6 of the Alternative Investment Fund Managers Act (AIFMG; Alternative Investmentfonds Manager-Gesetz) is legal. The administrative decision is legally final.