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Investment Service Providers

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Pursuant to Article 3 para. 2 of the Securities Supervision Act 2018 (WAG 2018; Wertpapieraufsichtsgesetz 2018) the provision of the following investment services on a commercial basis requires a licence:

  • investment advice in relation to financial instruments (no. 1);
  • portfolio management by way of managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis, where such portfolios include one or more financial instruments (no. 2);
  • receiving and transmitting of orders, providing that such activities are in relation to one or more financial instruments (no. 3);
    operation of a multilateral trading facility (MTF) (no. 4);
  • operation of an organised trading facility (OTF) (no. 5).

Pursuant to Article 1 no. 7 WAG 2018 the following are considered as financial instruments: transferable securities, money-market instruments, units in investment funds, real estate funds or similar, derivative contracts (in particular options, futures, forward rate agreements and swaps) in relation to securities, currencies, interest rates or yields, financial indices, derivative contracts in relation to commodities, derivative instruments for the transfer of credit risk, financial contracts for difference and derivative contracts in relation to climatic variables, freight rates, emission allowances, inflation rates and official economic statistics and emission allowances in relation to an emissions trading scheme.