The Austrian Financial Market Authority (FMA) has imposed a fine of EUR 159,000 against Raiffeisenverband Salzburg eGen. The reason is for breaches against the Securities Supervision Act 2018 (WAG 2018; Wertpapieraufsichtsgesetz 2018) in conjunction with with rules set out in Delegated Regulation (EU) 2017/565.
Specifically, Raiffeisenverband Salzburg eGen made recommendations when providing investment advice as well as making trading decisions in its portfolio management that were not suitable for its clients based on their sustainability preferences. In addition, it omitted to make appropriate information available to some of its customers about all charges and associated fees in a timely manner (ex-ante statement of costs). The penal order is not final.