This page describes the criteria that are to be fulfilled for Austrian credit institutions to conduct their business in the EEA. A distinction is made between “establishing or operating a branch” and “exercising of freedom to provide services”.
If it is intended to establish a branch, then the following information/documentation are to accompany the notification submitted to the Financial Market Authority via the Incoming Platform pursuant to Article 10 para. 2 Austrian Banking Act (BWG – Bankwesengesetz):
- the EEA Member State, in whose territory the branch is intended to be established
- the programme of operations of the branch (see pdf download below)
- the address, at which documentation about the credit institution may be requested in the host Member State
- the names of (at least two) responsible managers of the branch.
The contents shall correspond with the requirements of Implementing Regulation (EU No 926/2014 of the European Commission of 27.08.2014 (Annexes I and III).
The FMA transmits the notification to the competent authority in the host Member State and the information pursuant to Article 10 para. 4 BWG including all attached annexes within three months of all information being received. The credit institution receives a confirmation letter from the FMA as soon as the notification has been forwarded.
Establishment of the branch and commencement of business operations
Once a notification has been received from the competent authority in the host Member State or – in the event that no statement is forthcoming – once an additional two month period following the confirmation of receipt by the FMA, the branch can be established and business operations commenced.
Change in branch particulars or termination of operation of a branch
Changes in the conditions of information pursuant to Article 10 para. 2 nos. 2 to 4 and Article 10 para. 4 nos. 2 to 6 shall be notified in writing to the FMA at least one month prior to implementation. Please use the forms on the Incoming Platform for this purpose!
If activities are to be commenced for the first time in an EEA Member State, then the following information/documentation must accompany the notification submitted to the Financial Market Authority via the Incoming Platform pursuant to Article 10 para. 6 BWG:
- the EEA Member State(s), in which the credit institution wishes to be active,
- the activities listed in Annex I to Directive 2013/36/EC, which the credit institution would like to conduct under the freedom to provide services,
- a contact person for matters relating to the freedom to provide services.
The contents shall correspond with the requirements of Implementing Regulation (EU No 926/2014 of the European Commission of 27.08.2014 (Annexes V).
A credit institution wishing to conduct business activities under the freedom to provide services in another EEA Member State for the first time, must notify the FMA of this intention via the Incoming Platform. The following information must be included with this notification: