In an administrative decision issued today, October 22, 2008, the Austrian Financial Market Authority FMA has appointed, with immediate effect, auditor Martin Wagner as government commissioner for the management board of the licensed investment firm AvW Invest AG, which has its head offices at Hauptstraße 118, 9201 Krumpendorf, Austria.
Pursuant to section 92 para 1 of the 2007 Wertpapieraufsichtsgesetz (WAG 2007; Austrian Securities Supervision Act of 2007), in order to avert any threat to the financial interests of the clients of an investment firm, the FMA may issue an administrative decision ordering temporary measures which will cease to be effective no later than 18 months after their effective date. Pursuant to section 92 para 1 no. 2, the FMA may in particular:
- appoint an expert supervisor (government commissioner) who is either a lawyer or auditor.
- Pursuant to section 92 para 1 no. 2 a), this supervisor is responsible for prohibiting such legal entity from carrying out any transactions that may increase the above-mentioned threat.
The appointment of a government commissioner for the company, pending any further legal steps taken by the FMA, has taken place for the protection of clients’ financial interests and is intended to clarify unresolved matters involving the supervised company as well as the legal and business relationships which the company maintains.
For further information please contact
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0676)/882 49 516