The Austrian Financial Market Authority (FMA) hereby announces that the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) has upheld the penal order issued by the FMA dated 30.11.2020 against Bank für Tirol und Vorarlberg Aktiengesellschaft for a breach of the rules set out in the Investment Fund Act of 2011 (InvFG 2011; Investmentfondsgesetz 2011) in relation to the monitoring obligations of the custodian bank when delegating duties to third parties, and has imposed a fine of EUR 45,000. The penal order is final. The Supreme Administrative Court (VwGH) rejected the extraordinary right of appeal of the Bank für Tirol und Vorarlberg Aktiengesellschaft by means of an order dated 16.02.2023, and confirmed the order issued by the Federal Administrative Court (BVwG).