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Announcement: Sanction against persons responsible of Schoellerbank AG for breaches of the Securities Supervision Act 2007 (WAG 2007)

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The Austrian Financial Market Authority (FMA) hereby announces that the penal orders issued by the FMA against the persons responsible of the Schoellerbank AG at the time of the breaches occurring for breaches against the due diligence obligations set forth in Article 41 of the Securities Supervision Act (WAG 2007) and Article 24 WAG 2007 has been confirmed by the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) in terms of the issue of guilt. The imposed fine was reduced from a total of € 16,000 to € 15,000.

In contravention of Article 41 WAG 2007, the credit institution highlighted the potential benefits of financial instruments, without however also fairly and clearly highlighting potential risks. Furthermore, during the time of the breaches occurring, the credit institution omitted to take appropriate safeguards in relation to staff transactions pursuant to Article 24 WAG 2007.

The Federal Administrative Court has ruled the final right of appeal pursuant to Article 133 para. 4 of the Federal Constitutional Act (B-VG; Bundes-Verfassungsgesetz) to be admissible as far as it relates to the calculation of the fine (due to the principle of absorption). The penal order is final.

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