The Austrian Financial Market Authority (FMA) announces that it has imposed a fine of EUR 90,160 against Volkskreditbank AG as a legal person for a breach against the Securities Supervision Act 2018 (WAG 2018; Wertpapieraufsichtsgesetz 2018) and Delegated Regulation (EU) 2017/565 for a breach of organisational rules in relation to transparency of fees with the statements of costs for clients. The penal order is not final.
Update 21.06.2024:
Volkskreditbank AG has submitted an appeal to the Federal Administrative Court (BVwG; Bundesverwaltungsgericht (BVwG) against the FMA’s penal order.
Update 28.11.2024:
The Federal Administrative Court (BVwG; Bundesverwaltungsgericht) rejected the appeal regarding the issue of guilt in its ruling of 26.11.2024. The fine imposed was reduced from EUR 90,160 to EUR 70,160. The orderly final right of appeal was declared not to be permissible. The penal order is final.