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.