FMA Circulars

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.

The following list contains only those FMA Circulars for which an English translation exists. For an exhaustive list of all currently applicable FMA Circulars, please consult the German version of this page.

Disclaimer

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.

Table: FMA Circulars
Title	Release Date	Category
03/2020 FMA-Circular Assumed Interest Rate in Health Insurance Show description: 03/2020 FMA-Circular Assumed Interest Rate in Health Insurance Description for: 03/2020 FMA-Circular Assumed Interest Rate in Health Insurance This circular is addressed to all insurance undertakings supervised by the Financial Market Authority (FMA) pursuant to Article 5 no. 1 of the Insurance Supervision Act 2016 (VAG 2016; Versicherungsaufsichtsgesetz 2016), published in Federal Law Gazette I no. 34/2015, which provide health insurance on the technical basis of life insurance. This circular does not constitute a legal regulation. It is intended to serve as guidance and reflects the FMA's legal interpretation. No rights and obligations extending over and above the provisions of the law can be derived from this circular.	07.10.2020	Insurance Undertakings FMA Circulars
02/2020 FMA Circular Securities lending transactions in the Deckungsstock of insurance undertakings Show description: 02/2020 FMA Circular Securities lending transactions in the Deckungsstock of insurance undertakings Description for: 02/2020 FMA Circular Securities lending transactions in the Deckungsstock of insurance undertakings This circular is addressed to all insurance undertakings supervised by the Austrian Financial Market Authority (FMA) pursuant to Article 5 no. 1 of the Insurance Supervision Act 2016 (VAG 2016; Versicherungsaufsichtsgesetz 2016). This circular does not constitute a legal regulation. It is intended to serve as guidance and reflects the FMA’s legal view on the treatment of securities lending transactions in the cover pool (“Deckungsstock”) derived from Article 124 para. 1 no. 2 in conjunction with Articles 300 et seq. VAG 2016 and Article 10 in conjunction with Articles 12 of the Insurance Undertakings Investment Regulation (VU-KAV; Versicherungsunternehmen-Kapitalanlageverordnung) No rights and obligations extending over and above the provisions of the law can be derived from this circular.	30.07.2020	Pension Companies FMA Circulars
01/2020 FMA Circular on Limited Networks - Notification Obligation pursant to Article 3 para. 4 ZaDiG 2018 Show description: 01/2020 FMA Circular on Limited Networks - Notification Obligation pursant to Article 3 para. 4 ZaDiG 2018 Description for: 01/2020 FMA Circular on Limited Networks - Notification Obligation pursant to Article 3 para. 4 ZaDiG 2018 This circular contains basic explanations about the provision containing an exclusion for limited networks pursuant to Article 3 para. 3 no. 11 ZaDiG 2018 and the associated notification obligation pursuant to Article 3 para. 4 ZaDiG 2018. It makes no claims to be an exhaustive list of all the issues that might arise in relation to this provision. As a national supervisory authority, the FMA speaks exclusively within the scope of its competence. In particular, the assessments regarding the objective scope of the provision of the exclusion for limited networks pursuant to Article 3 para. 3 no. 11 ZaDiG 2018 cannot be passported. Any cross-border deployments must therefore also as applicable also be agreed upon with the competent supervisory authorities abroad.	21.01.2020	FMA Circulars Payment Institutions
10/2018 FMA Circular conversion of bases of calculation in Pensionskassen	21.12.2018	Pension Companies FMA Circulars
07/2018 FMA Circular regarding the organisational requirements of the Securities Supervision Act 2018 and Delegated Regulation (EU) 2017/565 Show description: 07/2018 FMA Circular regarding the organisational requirements of the Securities Supervision Act 2018 and Delegated Regulation (EU) 2017/565 Description for: 07/2018 FMA Circular regarding the organisational requirements of the Securities Supervision Act 2018 and Delegated Regulation (EU) 2017/565 The circular provides an overview of the FMA's supervisory practices to the individual aforementioned regulations contained in the WAG 2018 by communicating its legal opinions, while simultaneously aiming to provide the market with guidance about how to comply with the requirements set out in the legal regulations.	11.09.2018	Conduct & Compliance FMA Circulars
06/2018 FMA Circular on the assessment of suitability of executive directors, non-executive directors and key function holders (Fit & Proper Circular) Show description: 06/2018 FMA Circular on the assessment of suitability of executive directors, non-executive directors and key function holders (Fit & Proper Circular) Description for: 06/2018 FMA Circular on the assessment of suitability of executive directors, non-executive directors and key function holders (Fit & Proper Circular) This FMA Circular is intended to serve as guidance for the assessment of the suitability of executive directors, non-executive directors and key function holders1 in credit institutions and reflects the FMA's legal perspective with regard to the relevant legal provisions.	30.08.2018	Banks Corporate Provision Funds AIFs UCITS FMA Circulars
05/2018 FMA Circular on Personal Transactions by Employees with Financial Instruments pursuant to Article 28 et seq MiFID II Delegated Regulation (EU) 2017/565 Show description: 05/2018 FMA Circular on Personal Transactions by Employees with Financial Instruments pursuant to Article 28 et seq MiFID II Delegated Regulation (EU) 2017/565 Description for: 05/2018 FMA Circular on Personal Transactions by Employees with Financial Instruments pursuant to Article 28 et seq MiFID II Delegated Regulation (EU) 2017/565 The Circular provides an overview about the main requirements in relation to the issue of personal transactions as defined in the WAG 2018 including Delegated Regulation (EU) 2017/565, while also taking into consideration the FMA's legal view or supervisory practices (that have in the meantime also been confirmed by various instances or the Supreme Court). The nine principles serve as a guidance for credit institutions, and correspond to the legal rules in conjunction with the identification and monitoring of personal transactions by relevant staff members.	29.06.2018	Conduct & Compliance FMA Circulars
04/2018 AOBA and FMA Circular on Specific issues in relation to Regulation (EU) No 537/2014 regarding the appointment of statutory auditors at public-interest entities (PIEs) Show description: 04/2018 AOBA and FMA Circular on Specific issues in relation to Regulation (EU) No 537/2014 regarding the appointment of statutory auditors at public-interest entities (PIEs) Description for: 04/2018 AOBA and FMA Circular on Specific issues in relation to Regulation (EU) No 537/2014 regarding the appointment of statutory auditors at public-interest entities (PIEs) This Circular was drawn up jointly by the Audit Oversight Body of Austria (AOBA) and the Austrian Financial Market Authority (FMA), and reflects the legal view of the AOBA and the FMA, but does not constitute a Regulation and applies for public-interest entities (PIEs) and their statutory auditors as a guide for the application of Regulation (EU) No 537/2014 on specific requirements regarding the statutory audit of public-interest entities of 16 April 2014.	13.04.2018	Banks Insurance Undertakings FMA Circulars
02/2018 FMA Circular on Key Information Documents for Packaged Retail and Insurance based Investment Products (PRIIPs) Show description: 02/2018 FMA Circular on Key Information Documents for Packaged Retail and Insurance based Investment Products (PRIIPs) Description for: 02/2018 FMA Circular on Key Information Documents for Packaged Retail and Insurance based Investment Products (PRIIPs) This circular is addressed to all insurance undertakings supervised by the Austrian Financial Market Authority (FMA) pursuant to Article 5 no. 1 of the Insurance Supervision Act of 2016 (VAG 2016; Versicherungsaufsichtsgesetz 2016) as well as legal entities pursuant to Article 26 of the Securities Supervision Act of 2018 (WAG 2018; Wertpapieraufsichtsgesetz 2018), that design, advise or sell insurance-based investment products pursuant to Article 4 (2) of Regulation (EU) No. 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIP-R; PRIIP Regulation). The PRIIP Regulation also generally applies for management companies pursuant to the Investment Funds Act of 2011 (InvFG 2011; Investmentfondsgesetz 2011) and alternative investment funds managers pursuant to the Alternative Investment Funds Manager Act (AIFMG; Alternative Investmentfonds Manager-Gesetz). In this circular, the FMA publishes its legal interpretation on the scope of application and the presentation of the Key Information Document (KID) derived from the PRIIP-R and the Delegated Regulation (EU) 2017/653 supplementing the PRIIP-R (the Delegated Regulation) for packaged retail and insurance-based products. This circular contains the first selected interpretations in relation to the PRIIP Regulation, which entered into force on 01.01.2018. Both Directive (EU) 2016/97 on insurance distribution (IDD; Insurance Distribution Directive) as well as Article 5 no. 63 of the draft of the Insurance Contract Act of 2017 (VersVertrG 2017-E) address the notion of the insurance-based investment product, and make provisions for additional requirements with regard to distribution, conflicts of interest and information requirements.	20.02.2018	Banks Insurance Undertakings AIFs UCITS Conduct & Compliance FMA Circulars
01/2018 FMA Circular regarding Article 39 para. 2, Article 39b and Article 39c BWG - Principles of Rumuneration Policies and Practices Show description: 01/2018 FMA Circular regarding Article 39 para. 2, Article 39b and Article 39c BWG - Principles of Rumuneration Policies and Practices Description for: 01/2018 FMA Circular regarding Article 39 para. 2, Article 39b and Article 39c BWG - Principles of Rumuneration Policies and Practices This FMA Circular is intended to provide credit institutions with guidance regarding the application of the provisions set forth in Article 39 para. 2 in conjunction with Article 39b of the Austrian Banking Act (BWG; Bankwesengesetz). This circular has been drawn up in consultation with the Oesterreichische Nationalbank (OeNB). Article 39 para. 2 in conjunction with Article 39b BWG including its annex form the legal basis for designing remuneration policies and practices in credit institutions and groups of credit institutions. The quoted provisions transpose Article 74 in conjunction with Articles 92-95 of Directive 2013/36/EU (CRD IV) into Austrian law.	18.01.2018	Banks FMA Circulars
02/2017 FMA Circular on the Criteria for the Assessment of Knowledge and Competence of Investment Advisors and Persons providing Information about Investment Products (Article 55 WAG 2018) Show description: 02/2017 FMA Circular on the Criteria for the Assessment of Knowledge and Competence of Investment Advisors and Persons providing Information about Investment Products (Article 55 WAG 2018) Description for: 02/2017 FMA Circular on the Criteria for the Assessment of Knowledge and Competence of Investment Advisors and Persons providing Information about Investment Products (Article 55 WAG 2018) In this circular, the FMA publishes the criteria pursuant to Article 55 para. 1 WAG 2018 (Article 25 (1) MiFID II) that are relevant for the assessment of whether persons providing investment advice on behalf of a legal entity or give information about investment products and investment services (including ancillary services), have the necessary knowledge and competence to do so. In this circular, the FMA further substantiates the criteria defined in the relevant ESMA Guidelines as well as the features required to prove an appropriate qualification to satisfy these criteria. This circular contains: The knowledge and competences that the relevant staff members must possess that are listed in the ESMA Guidelines; The requirements in relation to the acquiring of such knowledge and competences; The minimum amount of experience that relevant persons shall be required to prove they have to be able to provide the relevant service without supervision within the firm; The maximum length of the period of time in which a relevant person may be allowed to provide specific services under supervision due to having not acquired the necessary qualification; The addressee's disclosure about the obligation to review whether the relevant staff members hold the appropriate knowledge and competences.	21.08.2017	Conduct & Compliance FMA Circulars
01/2017 FMA Circular on the assumed interest rate for health insurance similar to life assurance (VAG 2016) Show description: 01/2017 FMA Circular on the assumed interest rate for health insurance similar to life assurance (VAG 2016) Description for: 01/2017 FMA Circular on the assumed interest rate for health insurance similar to life assurance (VAG 2016) This circular (published July 2017) is addressed to all insurance undertakings supervised by the Financial Market Authority (FMA), which provide health insurance on the technical basis of life assurance. Due to the continuing trend of falling capital market interest rates and under consideration of the prudent person principle in the case of newly concluded health insurance policies of a similar nature to life assurance and for new insured persons on existing group health insurance policies, from 1 January 2018 at the latest reserve for increasing age shall be calculated using an assumed interest rate of a maximum of 1%. For group health insurance tariffs, which will only be adjusted at a subsequent point in time, the assumed interest rate shall at the latest be reduced with effect from the qualifying date for adjusting these tariffs during the 2018 financial year.	12.07.2017	Insurance Undertakings FMA Circulars
02/2014 FMA Circular on the auditing actuary’s report, as referred to in Article 20 para. 4 PKG and to be attached to applications for the approval of business plans	01.08.2014	Pension Companies FMA Circulars
01/2013 FMA Circular concerning parallel pension products	01.04.2013	Pension Companies Insurance Undertakings FMA Circulars
05/2012 FMA Circular regarding backdating of insurance contracts (VAG 1978)	06.11.2012	Insurance Undertakings FMA Circulars
04/2012 FMA Circular on unisex calculation bases (VAG 1978)	01.10.2012	Insurance Undertakings FMA Circulars
02/2008 FMA Circular concerning the activity of insurance undertakings as tied agents pursuant to Article 28 WAG 2007 (VAG 1978)	27.06.2008	Insurance Undertakings FMA Circulars
01/2006 FMA Circular concerning the Differentiation of participation in profits among shares in the pension insurance portfolio & specifically for so-called “bonus annuities” & Benefits in the event of death for unit-linked & index-linked life assurance Show description: 01/2006 FMA Circular concerning the Differentiation of participation in profits among shares in the pension insurance portfolio & specifically for so-called “bonus annuities” & Benefits in the event of death for unit-linked & index-linked life assurance Description for: 01/2006 FMA Circular concerning the Differentiation of participation in profits among shares in the pension insurance portfolio & specifically for so-called “bonus annuities” & Benefits in the event of death for unit-linked & index-linked life assurance Circular letter of the FMA dated 12 December 2006 In response to recent events, this circular addresses the issue of differentiated participation in profits within a pension insurance portfolio. Persons insured in pension insurance schemes have no economically reasonable means of responding to any disadvantage (assuming they even become aware of it), so that the FMA considers it necessary to ensure that no share in the pension insurance portfolio is disadvantaged through a reduced participation in profits (cf. Article 104 of the Versicherungsaufsichtsgesetz (VAG; Insurance Supervision Act)).	12.12.2006	Insurance Undertakings FMA Circulars
06/2005 FMA Circular concerning the changes in the regulations for auditing insurance undertakings (VAG 1978) Show description: 06/2005 FMA Circular concerning the changes in the regulations for auditing insurance undertakings (VAG 1978) Description for: 06/2005 FMA Circular concerning the changes in the regulations for auditing insurance undertakings (VAG 1978) Circular letter of the FMA dated 10 November 2005 The 2005 amendments to the Versicherungsaufsichtsgesetz (VAG; Insurance Supervision Act), Federal Law Gazette I no. 33/2005 and Federal Law Gazette I no. 59/2005, resulted, among other things, in a change to the regulations on the statutory auditing of insurance undertakings. A brief overview of the major changes is provided below.	10.11.2005	Insurance Undertakings FMA Circulars
07/2005 FMA Circular concerning overfunding in unit-linked life assurance (VAG 1978) Show description: 07/2005 FMA Circular concerning overfunding in unit-linked life assurance (VAG 1978) Description for: 07/2005 FMA Circular concerning overfunding in unit-linked life assurance (VAG 1978) Circular letter of the FMA dated 10 November 2005 Based on the letter of the Federal Ministry of Finance of 21 January 2000 concerning unit‑linked life assurance (Reference Code 9 000 600/2-V/10/00), the Financial Market Authority (FMA) is prompted to state its position on the case of insurance undertakings which have set up the Deckungsstock group for unit-linked life assurance pursuant to Article 20 para. 2 no. 3 of the Versicherungsaufsichtsgesetz (VAG; Insurance Supervision Act), specifically the conditions governing the difference between the amount of the units in investment funds of the Deckungsstock group “Unit-linked life assurance” pursuant to Article 20 para. 2 no. 3 VAG on the one hand and the amount of the technical provisions of unit-linked life assurance (cover requirement pursuant to Articles 19 and 19a VAG) on the other hand.	10.11.2005	Insurance Undertakings FMA Circulars
05/2005 FMA Circular concerning negative risk premiums (VAG 1978) Show description: 05/2005 FMA Circular concerning negative risk premiums (VAG 1978) Description for: 05/2005 FMA Circular concerning negative risk premiums (VAG 1978) Circular letter of the FMA dated 29 July 2005 The FMA has been prompted to state its position on the issue of the extent to which negative risk premiums are permissible in the case of occupational group insurance products in relation to occupational disability.	29.07.2005	Insurance Undertakings FMA Circulars
02/2005 FMA Circular concerning negative Risk Premiums Show description: 02/2005 FMA Circular concerning negative Risk Premiums Description for: 02/2005 FMA Circular concerning negative Risk Premiums Circular letter of the FMA dated 1 February 2005 The FMA has been prompted to state its position on the issue of the extent to which negative risk premiums are permissible in the case of pension company products in relation to occupational disability.	01.02.2005	Pension Companies FMA Circulars
01/2005 FMA Circular concerning rate adjustments in health insurance operated according to the technical principles of life assurance (VAG 1978) Show description: 01/2005 FMA Circular concerning rate adjustments in health insurance operated according to the technical principles of life assurance (VAG 1978) Description for: 01/2005 FMA Circular concerning rate adjustments in health insurance operated according to the technical principles of life assurance (VAG 1978) Circular letter of the FMA dated 4 January 2005 Pursuant to Article 18d para. 2 of the Versicherungsaufsichtsgesetz (VAG; Insurance Supervision Act), prior to the application of any changes in or amendments to the actuarial bases in health insurance operated according to the technical principles of life assurance, insurance undertakings must inform the FMA.	04.01.2005	Insurance Undertakings FMA Circulars
02/2004 FMA Circular concerning the Professional qualification of the responsible actuary or deputy (VAG 1978) Show description: 02/2004 FMA Circular concerning the Professional qualification of the responsible actuary or deputy (VAG 1978) Description for: 02/2004 FMA Circular concerning the Professional qualification of the responsible actuary or deputy (VAG 1978) Circular letter of the FMA dated 13 December 2004 Pursuant to Article 24 para. 2 of the Versicherungsaufsichtsgesetz (VAG; Insurance Supervision Act), the responsible actuary or deputy of the responsible actuary must have the required personal qualities and the professional qualification.	13.12.2004	Insurance Undertakings FMA Circulars
01/2004 FMA Circular regarding the conclusion of liability insurance for statutory auditors pursuant to Article 82 para. 1 no. 2 VAG (VAG 1978)	30.06.2004	Insurance Undertakings FMA Circulars
03/2003 FMA Circular concerning Balance Sheet Issues related to the Insurance Pool for the Coverage of Terrorist Risks (VAG 1978) Show description: 03/2003 FMA Circular concerning Balance Sheet Issues related to the Insurance Pool for the Coverage of Terrorist Risks (VAG 1978) Description for: 03/2003 FMA Circular concerning Balance Sheet Issues related to the Insurance Pool for the Coverage of Terrorist Risks (VAG 1978) Circular letter of the FMA dated 5 December 2003 The occasion for the balance sheet issues is the Austrian insurance pool for the coverage of terrorist risks. The following should be noted with regard to the provision to be established in connection with this pool.	05.12.2003	Insurance Undertakings FMA Circulars
02/2003 FMA Circular concerning Requirements for the responsible actuary with regard to the state-sponsored retirement provision pursuant to Articles 108g to 108i VAG (VAG 1978) Show description: 02/2003 FMA Circular concerning Requirements for the responsible actuary with regard to the state-sponsored retirement provision pursuant to Articles 108g to 108i VAG (VAG 1978) Description for: 02/2003 FMA Circular concerning Requirements for the responsible actuary with regard to the state-sponsored retirement provision pursuant to Articles 108g to 108i VAG (VAG 1978) Circular letter of the FMA dated 12 September 2003 The general legal framework for the supervision of state-sponsored retirement provision was defined as part of the 2003 amendment to the Versicherungsaufssichtsgesetz (VAG; Insurance Supervision Act), Federal Law Gazette I no. 33/2003. The corresponding changes have been in force since 1 July 2003.	12.09.2003	Insurance Undertakings FMA Circulars
01/2003 FMA Circular concerning detailed Explanations of the Requirements for the Internal Model and the Independent Expert pursuant to Article 18 para. 1a VAG (VAG 1978) Show description: 01/2003 FMA Circular concerning detailed Explanations of the Requirements for the Internal Model and the Independent Expert pursuant to Article 18 para. 1a VAG (VAG 1978) Description for: 01/2003 FMA Circular concerning detailed Explanations of the Requirements for the Internal Model and the Independent Expert pursuant to Article 18 para. 1a VAG (VAG 1978) Circular letter of the FMA dated 31 July 2003 The general legal framework for the supervision of state-sponsored retirement provision was defined as part of the 2003 amendment to the Versicherungsaufssichtsgesetz (VAG; Insurance Supervision Act), Federal Law Gazette I no. 33/2003. The corresponding changes have been in force since 1 July 2003.	31.07.2003	Insurance Undertakings FMA Circulars

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FMA Circulars

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