Austrian Financial Market Supervision Reform
The resolution that was passed proposes the following two stage process for implementing the financial market supervisory reform:
- Stage One until mid-2019: legal anchoring of principles and competences as well as their detailed transposition in all material legal acts relating to supervisory law
- Stage Two until year-end 2019: entry into force and implementation of organisation changes at the FMA, OeNB and BMF.
According to the reform decided on in the meeting of the Council of Ministers there is to be a clearer separation of regulation and supervision, with the BMF increasingly being responsible for regulation. Institutional oversight over the financial market will be bundled in the FMA. The tasks currently conducted in relation to the on- and off-site supervision in relation to banking supervision will be transferred from the OeNB to the FMA. The competence for the monitoring of financial market stability (macroprudential analysis) will remain in the OeNB, while the FMA will also cede responsibility for financial reporting (Enforcement) to the Audit Oversight Body of Austria (APAB; Abschlussprüferaufsichtsbehörde).