Austria’s Financial Market Authority FMA repudiates the allegations by the Association of Financial Service Providers (Austrian Federal Economic Chamber), made today in a press release, that the FMA collected data unlawfully. The information requested in the course of routine auditing activities is in accordance with the FMA’s statutory mandate and normal supervisory practice. The companies were informed of the purpose of data collection and its basis, the FMA’s statutory mandate.
Based on findings and analyses of problems experienced in previous years, and in order to meet the FMA’s goal of enhanced preventive investor protection, the FMA has intensified and tightened supervision of investment firms and investment service providers. For this reason, the FMA makes spot checks to verify compliance with certain provisions that are of special importance to investor protection. Specifically, the FMA checks on the basis of individual customers, for example, whether the customer management programs deployed by supervised companies correspond to actual securities account balances, whether client fund flows within the meaning of the 2007 Securities Supervision Act (WAG 2007) exist, and whether complex, including international, interrelationships of companies pose a threat.
The FMA cites the comprehensive information requirements applying to supervised companies as defined in section 91 para. 3 WAG 2007 and notes that the data collected is treated confidentially. Obliged to official secrecy, the FMA is required by law to treat data confidentially. Only such data and information are collected which are required to enable the FMA to conduct supervisory tasks in a due and comprehensive manner, and which pursuant to section 22 WAG 2007 companies must record and at any time allow the FMA prompt access to.
For further information please contact
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0676)/882 49 516