As Austria’s integrated supervisory authority, the FMA published a circular letter today, in which it lays down uniform standards for requirements relating to compliance, risk management and internal auditing pursuant to the 2007 Securities Supervision Act (WAG 2007) applicable to all sectors and industries. This Circular Letter addresses in particular credit institutions, insurance undertakings brokering units in investment funds, management companies and alternative investment fund managers who additionally provide the investment service of individual portfolio management and investment advice, as well as investment firms and investment service providers. It is an update of the 2009 Circular and takes account of the “Guidelines on certain aspects of the MiFID compliance function requirements” issued by ESMA (European Securities and Markets Authority).
This Circular Letter concerning the organisational requirements of the WAG 2007 in relation to compliance, risk management and internal auditing deals in particular with the organisational requirements and responsibilities of the compliance function, with some scope for the nature, scale and complexity of the respective businesses to be taken into account. The Circular stipulates that the compliance function must be set up in such a way that independence is guaranteed, and that any persons entrusted with the compliance function have the necessary powers and qualifications. In addition, the practice of informing the FMA of the compliance officer, as has already been common practice in the market, is detailed in the Circular.
The Circular Letter can be downloaded in full (in German) from the FMA website at
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)676/882 49 516