The Financial Services Assistant profile is being replaced by the newly created position of Securities Broker, with effect from 1 September 2012. This marks the implementation of the major requirement of Austria’s Financial Market Authority FMA, which has always demanded an increased level of training for the position of Financial Services Assistant. In the Circular published today, the FMA describes the principle changes that are brought about by the introduction of the Securities Broker position.
Around 3,300 Financial Services Assistants (Finanzdienstleistungsassistent – FDLA) are currently registered with the FMA. The old Financial Services Assistant profile was an unregulated profession, requiring little in the way of professional qualifications. As a regulated profession, the position of Securities Broker (Wertpapiervermittler – WPV) has more stringent requirements, in particular in terms of training and career development. In order to obtain the authorisation to exercise their profession, WPVs must submit a certificate of qualification. In addition, they must attend regular specialist training amounting to at least 40 hours over the subsequent three years. Transition rules apply to FDLAs who have held their position during the period from 1 November 2007 to 31 August 2012, and who were therefore listed as FDLAs in the FMA Register. Up to 31 August 2014, these Financial Services Assistants will be permitted to continue to work in their current position until they meet the higher training requirements and eventually obtain authorisation to work as Securities Brokers.
With the Circular published today, the FMA has provided specific information on the supervisory framework conditions that apply to the provision of investment services by “support staff”. In addition to the detailed transition rules for existing FDLAs, the text describes, among other things, the new statutory provisions that apply in this sector. For example, in the future, a Securities Broker may only work for a maximum of there investment firms or investment service providers. Moreover, credit institutions and insurance undertakings will no longer be able to employ Securities Brokers as support staff. The Circular also explains the mandatory entry in the public register, to be managed by the FMA.
This Circular replaces the “Circular relating to the supervisory framework conditions applicable to the provision of investment services by tied agents and financial services assistants of 4 October 2010”.
The full text of the Circular (in German only) can be found on the FMA website: https://www.fma.gv.at/fma/fma-rundschreiben/
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43 (0)1 24959 5106
+43 (0)676 882 49 516