The ranges for market standard fees are intended to act as a guide for clients wanting to make use of investment services. They are regularly collected by the legal representative body of financial services at the Austrian Economic Chambers (WKO) (Fachverband Finanzdienstleister der Wirtschaftskammer Österreich) and are published by the FMA pursuant to Article 73 para. 9 WAG 2018.
Providers must make their clients aware of this publication by the FMA.
Collection of data
The data is collected by the Austrian Economic Chambers (WKO) by means of a questionnaire, which is sent out to all investment firms and investment service providers. The findings of the survey are passed on to the FMA by the Austrian Economic Chambers and are made available for download by the FMA.
Regarding the content of the data collection it is noticed that the WKO has collected ranges that apply for “Charges by the investment undertaking”, “Charges by the issuer” and “Custodian bank fees” and respectively has mentioned for the different forms of charges that are not directly levied by the investment firms, whether portions of these charges flow to the investment service providers under general market terms.
Explanatory remarks about the collection
- All amounts on market standard fees are expressed as net amounts excluding value added tax which applies in all cases.
- The Austrian Economic Chamber’s investigation does not explore which charging modalities are applied cumulatively.
- The Austrian Economic Chamber’s investigations have shown, that in higher and lower charges exist in all categories, although they are related to varying frameworks and scopes of services.
The FMA states that the disclosure of the ranges for market standard fees does not constitute any kind of recommendation by the FMA. The findings of the WKO’s data collection are statistical data from the past and therefore cannot be considered as a statement regarding the future developments of market standard fees. The decision about to what extent the charges levied are higher or lower than the ranges disclosed here is left up to the market participants.
Excerpt from the Assessment Report