Credit institutions required a special approval by the European Central Bank or the Financial Market Authority for material changes to their structure (such as mergers, any changes in their legal form, the acquisition of a qualifying holding) of for certain simplifications (such as waivers or exemptions from regulatory standards. With regard to competence within the banking union, a detailed description can be found in the section on Banking Union.
This page explains about the types of authorisations required in accordance with the Austrian Banking Act (BWG – Bankwesengesetz) and in accordance with the Capital Requirements Regulation (CRR).
The Banking Act stipulates a total of eight circumstances for which special approval is required. They are specified in Article 21 para. 1 BWG:
In addition to the special circumstances requiring approval under national law those set out in the Capital Requirements Regulation (Regulation (EU) No 575/2013 (“CRR”) also apply. Additional information is available about selected approvals in the CRR:
For approvals that are granted by the European Central Bank, with regard to national discretions Regulation (EU) 2016/445 on the exercise of options and discretions available in Union law is relevant. This regulation will to a large extent be applied from 01.10.2016 to the supervision of significant credit institutions. As a European regulation it enjoys precedence of application over national law. In the case that such provisions contradict those contained in the CRR Supplementary Regulation (CRR-BV – CRR-Begleitverordnung) issued by the FMA, the provisions contained in Regulation (EU) 2016/445 shall therefore take precedence for significant institutions domiciled in Austria. It specified the exercising of a range of regulatory discretions for significant credit institutions.