This point contains information about licence applications and the appointment of directors of corporate provision companies.
Application for a licence
The Act on Severance and Retirement Funds for Salaried Employees and Self-Employed Persons (BMSVG; Betriebliches Mitarbeiter- und Selbständigenvorsorgegesetz) and the Austrian Banking Act (BWG; Bankwesengesetz) and Regulations issued based on these laws.
A corporate provision company shall only be allowed to be operated in the legal form of an joint stock company (AG; Aktiengsellschaft) or a limited liability company (GmbH; Gesellschaft mit beschränkter Haftung).
A licence granted by the Austrian Financial Market Authority (FMA) under Article 4 para. 1 BWG in conjunction with Article 1 para. 1 no. 21 BWG is required to operate a corporate provision company.
Austrian corporate provision companies
Company Database search
The company database lists the corporate provision companies authorised to conduct operations in Austria. It is compiled with great care, however no liability can be assumed for the correctness and completeness of entries.
Appointment of directors (Fit&Proper)
Notification obligations of corporate provision companies
Notifications must be made electronically via the FMA’s Incoming Platform. Forms have been developed that the undertaking is required to fill out. The forms contain details about the documentation that must also be submitted (for example: a curriculum vitae and a criminal record certificate).
The corporate provision company is required to notify the FMA promptly about directors’ appointments prior to their appointment becoming effective, including all documents that are necessary for checking the appointee’s fitness and propriety.
Review by the FMA
The personal requirements for directors are defined in Article 5 para. 1 nos. 6-13 BWG. These requirements address both their personal propriety as well as their professional fitness.
In terms of professional suitability, the FMA considers it important that every management body member of a corporate provision company has the necessary knowledge of regulations under supervisory law that apply to the undertaking, to be able to assume overall responsibility of the management body.
In order to check adequate theoretical knowledge, as a follow-up to the notification regarding the appointment of directors, a Fit & Proper Test is arranged, with questions on the central provisions about the provision company system in the BMSVG.
In the event that the director does not pass the Fit & Proper Test, then an extended test is conducted, with a greater number of questions. If they also fail this test, they are assumed not to possess the necessary professional suitability.