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Announcement: FMA imposes sanction against Schoellerbank Aktiengesellschaft for breaches of organisational rules and custodian bank provisions

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The Austrian Financial Market Authority (FMA) announces that it has imposed a fine of EUR 34.000 against the Schoellerbank Aktiengesellschaft as a legal person for a breach against the Investment Fund Act 2011 (InvFG 2011) and two breaches against the Securities Supervision Act (WAG 2018) and Delegated Regulation (EU) 2017/565) by way 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)). Schoellerbank Aktiengesellschaft has breached general organizational regulations concerning compliance (WAG 2011 in conjunction with Delegated Regulation (EU) 2017/565) as well as remuneration regulations (InvFG 2011). The penal order is final.

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