Following a number of enquiries and press advertising, the Austrian Financial Market Authority (FMA) has announced that it has initiated an investigation of the ‘microfinance bond’ (ISIN: AT0000A13ED4) of GetBucks Invest GmbH. The public offer of this bond refers in the advertising to a prospectus approved by the Luxembourg financial market authority CSSF on 10 December 2013, which was also notified in Austria. According to the approved prospectus, the offer period for this security ran from 10 December 2013 until 1 February 2014. It is therefore suspected that no approved prospectus is available for a public offer after 1 February 2014.
According to Article 15 para. 1 no. 1 of the Capital Market Act (KMG; Kapitalmarktgesetz): “Any person who in connection with a public offering of securities […] subject to the obligation to publish a prospectus pursuant to this federal act […] offers securities […] for which no approved prospectus […] has been published […] shall be punished by law to a prison sentence of not more than two years […] unless the violation is more severely punishable by other laws.” As this type of breach of the law constitutes a criminal offence, the investigation, legal assessment and imposition of sanction are the responsibility of the public prosecutor and the courts of law.
Pursuant to Article 78 of the Code of Criminal Procedure (StPO; Strafprozessordnung), the FMA is obliged to notify the responsible authorities of any situation that it suspects of constituting a breach of a legal standard over which it does not hold supervisory authority.
The FMA also investigates suspected cases of misleading advertisements pursuant to Article 16 no. 3 KMG.
Moreover, in accordance with Article 8c KMG, the FMA sent notification of this situation to the CSSF as the responsible authority in the home Member State.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-6006
+43/(0)676/882 49 516
Addendum
The criminal investigations against GetBucks Invest GmbH were dropped on 12 February/5 March 2015. The FMA also no longer investigates suspected cases of misleading advertisements pursuant to Article 16 no. 3 KMG.