Legal Framework

Financial Conglomerates Directive 2002/87/EC

The Financial Conglomerates Directive (Directive 2002/87/EC) introduced supplementary supervision for credit institutions, insurance undertakings and investment firms belonging to a financial conglomerate, that conduct a considerable amount of cross-sectoral business and which exceeds specific thresholds. In Austria, the Financial Conglomerates Act (FKG; Finanzkonglomerategesetz) (Format: pdf, Size: 278,0 KB, Language: English) transposed the Directive.

Implementing Regulation (EU) 2022/2454

To assist the supervisory authorities in the evaluation of risks entered into by a conglomerate, and to simplify coordinated supervisory practices throughout the European Union, reporting forms were introduced by the directly applicable Implementing Regulation (EU) 2022/2454. Using these forms, supervised entities and mixed financial holding companies are required to report significant intra-group transactions and significant risk concentrations in a uniform and standardised manner.

Implementing Regulation (EU) 2022/2454 contains

• harmonised templates for the reporting of credit risk concentrations, and
• harmonised templates for intra-group transactions

Financial Conglomerates Act (FKG; Finanzkonglomerategesetz)

The Financial Conglomerates Directive (Directive 2002/87/EC) was transposed into national law by the Financial Conglomerates Act (FKG; Finanzkonglomerategesetz) (Format: pdf, Size: 278,0 KB, Language: English) published in Federal Law Gazette I No. 70/2004.

Financial Conglomerates Quarterly Reports Regulation (FK-QUAB-V; Finanzkonglomeratsquartalsberichts-Verordnung)

The Regulation of the Financial Market Authority (FMA) on quarterly reports of financial conglomerates can be found on the FMA website (in German only) under the following link: Finanzkonglomeratsquartalsberichts-Verordnung