The Austrian Financial Market Authority (FMA) has a central role in the monitoring and enforcement of regulatory standards in the area of the supervision of issuers. In particular, it is responsible for scrutinising and approving prospectuses and supplements as well as the ongoing oversight regarding compliance with the provisions of the Capital Market Act 2019 (KMG 2019; Kapitalmarktgesetz 2019) and the Prospectus Regulation (EU) 2017/1129. In addition it also checks compliance of European Green Bonds in accordance with the European Green Bond Regulation (EUGB-R; Regulation (EU) 2023/2631). A further area of focus is in the supervision of transparency obligations.
The Austrian Financial Market Authority ensures that issuers comply with transparency obligations under the Stock Exchange Act 2018 (BörseG 2018; Börsegesetz 2018) and the Market Abuse Regulation (Regulation (EU) 596/2014), and punishes breaches consistently. This in particular includes disclosure obligations in relation to inside information, directors’ dealings, significant holdings and financial reporting by issuers.
An important area of supervision is also in checking of compliance with accounting standards under the Financial Reporting Enforcement Act (RL-KG; Rechnungslegungs-Kontrollgesetz). On the basis of the defined annual focuses of inspection checks are performed whether undertakings’ annual financial statements, management reports, consolidated financial statements, and consolidated management reports conform to national and international accounting standards. Crypto-markets are also subject to supervision, especially regarding Title VI of the Markets in Crypto-Assets Regulation (MiCAR) regarding inside information and market manipulation as well as observation of requirements regarding white papers under Title II of MiCAR.