The FMA uses circulars to publish its interpretation of the legal position derived from laws or regulations in relation to supervisory issues. Circulars are used to inform the public about particular requirements that, in the FMA’s opinion, can be derived from legal interpretation of the relevant laws or regulations.
All English translation of the authentic German text is unofficial and serves merely information purposes. The official wording in German can be found at the web pages of the Austrian Financial Market Authority (FMA). All translations have been prepared with great care, but linguistic compromises had to be made. The reader should also bear in mind that some content of soft law like Minimum Standards, Circulars, Rules of Conduct and Compliance und Supervisory Disclosure will remain unclear without certain background knowledge of the Austrian legal and political system. Please note that both the authentic German and the translated text may be amended in future and check occasionally for updates.