With an administrative decision issued on 20 January 2010, the Austrian Data Protection Commission unconditionally rejected the complaint filed by a customer of an investment firm against the collection and storage of the customer’s data by the Austrian Financial Market Authority (FMA).
The reason given by the Data Protection Commission was that, as specified in Article 91 para. 3 nos. 1 to 4 of the 2007Wertpapieraufsichtsgesetz (Securities Supervision Act), the FMA was authorised by law to examine the books, documents and data carriers of the companies subject to supervision by the FMA and to obtain copies of these materials from the companies. The Data Protection Commission stated additionally that the supervisory authority could request information from these companies and their bodies, summon and question persons in accordance with administrative procedure law, as well as request from the companies existing records of telephone calls and data transmissions. The FMA is also authorised pursuant to Article 91 para. 4 nos. 1 and 2 to process personal data in order to conduct relevant procedures. As specified in Article 22 para. 4 of the Finanzmarktaufsichtsbehördengesetz (FMABG; Financial Market Authority Act), the FMA is also allowed to store such data.
For further information please contact
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-510629
+43/(0676)/882 49 516