The digitalisation of the financial markets has brought with it exciting and rapid developments. These developments are also leading to FinTechs becoming the drivers of financial innovation in Austria too, which are also changing the financial market.
Since in the area of financial innovations licenced entities are being joined by non-licenced ones, uncertainties are also arising with regard to which supervisory rules are to be taken into consideration and to what extent the Financial Market Authority (FMA) has a role to play. We consider it our role to create transparency and clarity as quickly as possible, in order on the one hand not to impede financial innovations, which contribute towards a sustainable financial market, while also addressing and limiting the risks that arise.
The FMA is keeping a close eye on new developments and is striving, by means of presence and information, to facilitate the handling of issues under supervisory law both for existing and new business models. A dialogue with the authority may allow legal requirements, possibilities and hurdles for activities to be discovered at an early stage. The more specific your idea and issue is, the more likely it is that we are able to give an opinion about it.
The FMA has established the FinTech Point of Contact, which you may contact if you have questions relating to licencing requirements, the obligation to publish a prospectus, compliance or anti-money laundering regulations, how FMA procedures are conducted or costs involved.