The Austrian Financial Market Authority (FMA) intends to repeal the Issuer Compliance Regulation (ECV; Emittenten-Compliance-Verordnung 2007) at the end of 2017, without it being replaced by another Regulation. A draft Regulation was today issued for consultation to this effect. Since 2001, the ECV has defined the legal arrangements in relation to market abuse in the trading of exchange-listed transferable securities and has contained suitable measures to avoid breaches. Since the arrangements set out in supervisory laws have in the meantime been defined more precisely, and a legal practice has developed accordingly, with the European Securities and Markets Authority (ESMA) having published comprehensive guidance instruments about this issue under European law, the FMA has concluded, following a comprehensive evaluation of the ECV 2007, that it may be possible in the interests of regulatory simplification to dispense with this Regulation.
“The Issuer Compliance Regulation has helped to considerably improve the organisation of compliance in exchange-listed undertakings, and to avoid market abuse occurring to the detriment of the market participants,” the FMA’s Executive Board, Helmut Ettl and Klaus Kumpfmüller remarked. “Legal arrangements are not, however, an end to themselves. We therefore have to regularly evaluate whether individual regulations are still current, and to amend them as necessary, or alternatively to repeal them in their entirety.”
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-6006
+43/(0)676/882 49 516