The Austrian Financial Market Authority (FMA) hereby announces that it has imposed a fine of EUR 226,667 respectively against WIENER STÄDTISCHE VERSICHERUNG AG Vienna Insurance Group, VIENNA INSURANCE GROUP AG WIENER Versicherung Gruppe and Wiener Städtische Wechselseitiger Versicherungsverein – Vermögensverwaltung – Vienna Insurance Group respectively as legal entities due to the belated notification of the 10 % participation threshold being underrun with regard to the shares of an issuer. The aforementioned undertakings omitted to notify the underrunning of the respective participation threshold in a timely manner to the FMA, the exchange operating company as well as the issuer (S IMMO AG). The penal order is not final.
Update: 09.06.2021
WIENER STÄDTISCHE VERSICHERUNG AG Vienna Insurance Group, VIENNA INSURANCE GROUP AG WIENER Versicherung Gruppe as well as Wiener Städtische Wechselseitiger Versicherungsverein – Vermögensverwaltung – Vienna Insurance Group have lodged an appeal with the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) against the FMA’s penal order.
Update: 11.04.2022
The Federal Administrative Court (BVwG; Bundesverwaltungsgericht) upheld the FMA’s penal order dated 22.04.2021. The appeal was deemed to be admissible. The penal orders are legally final.
Update: 02.06.2022
- Wiener Städtische Versicherung AG Vienna Insurance Group,
- Vienna Insurance Group AG Wiener Versicherung Gruppe as well as
- Wiener Städtische Wechselseitiger Versicherungsverein – Vermögensverwaltung – Vienna Insurance Group
have lodged a final appeal against the decisions of the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) to the Supreme Administrative Court (VwGH; Verwaltungsgerichtshof), as well as an appeal against the decisions of the Federal Administrative Court to the Constitutional Court of Austria (VfGH; Verfassungsgerichtshof).
Update: 20.10.2022
In a resolution dated 20.09.2022, the Constitutional Court of Austria (VfGH; Verfassungsgerichtshof) rejected to hear the appeal of
- Wiener Städtische Versicherung AG Vienna Insurance Group,
- Vienna Insurance Group AG Wiener Versicherung Gruppe as well as
- Wiener Städtische Wechselseitiger Versicherungsverein – Vermögensverwaltung – Vienna Insurance Group.
Update: 26.09.2023
In a ruling dated 29.08.2023, the Constitutional Court of Austria (VfGH; Verfassungsgerichtshof) dismissed the final appeals by Vienna Insurance Group AG Wiener Versicherung Gruppe as well as Wiener Städtische Wechselseitiger Versicherungsverein – Vermögensverwaltung – Vienna Insurance Group as being unfounded.
In a ruling dated 29.08.2023, the Constitutional Court of Austria upheld the final appeal by Wiener Städtische Versicherung AG Vienna Insurance Group and duly annulled the contested penal order.
Update: 24.01.2024
Taking into account the ruling of the Supreme Administrative Court (VwGH; Verwaltungsgerichtshof) in the first instance of 29.08.2023, the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) has allowed Wiener Städtische Versicherung AG Vienna Insurance Group’s appeal, has set aside the contested penal order, and has discontinued the administrative penal proceedings.