EEA banks in Austria under the freedom to provide services and freedom of establishment
CRR-credit institutions pursuant to Article 1a para. 1 no. 1 Banking Act (BWG – Bankwesengesetz) may conduct the activities listed in Annex I of Directive 2013/36/EU in Austria through a branch or by means of the freedom to provide services, provided that their authorisation permits them to do so.
The intention to establish a branch must be communicated to the competent authority of the home Member State. The authority shall then submit all information about the credit institution in accordance with Article 10 para. 2 nos. 2 to 4 and Article 10 para. 4 BWG.
The FMA may notify the credit institution within two months following submission of this information, what reports it requires as well as which regulations must be complied with. Following this notification, at latest once two months have passed, the credit institution may establish the branch and commence business operations.
The initial commencement of activities in Austria under the freedom to provide services requires a notification by the competent authority of the home Member State to the FMA, listing which of the activities in accordance with Annex I of Directive 2013/36/EU are to be performed.