| 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 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
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| 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 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
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| FMA Circular on Key Information Documents for Packaged Retail and Insurance based Investment Products (PRIIPs) Show description 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
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| FMA Circular regarding Article 39 para. 2, Article 39b and Article 39c BWG - Principles of Rumuneration Policies and Practices Show description 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
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| 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 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
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| FMA Circular on the assumed interest rate for health insurance similar to life assurance (VAG 2016) Show description 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
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| FMA Circular on the assumed interest rate for health insurance similar to life assurance (VAG 2016) | 01.10.2015 | Insurance Undertakings
FMA Circulars
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| 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
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| FMA Circular on Reporting and Disclosure Requirements for Issuers Show description According to the implementation of the Transparency Directive (2013/50/EU) by November 26th 2015, all relevant regulations within These Guidelines become invalid. As soon as the Market Abuse Regulation no. 596/2014 will be applicable by July 3rd 2016, These guidelines for issuers become invalid as a whole. With the present Circular Letter the Financial Market Authority (FMA) wishes to inform Austrian and international issuers whose securities are admitted to trading on a regulated market as well as other persons subject to reporting obligations of the Authority´s legal view in relation to reporting and disclosure requirements (transparency reqiurements) that derive from the relevant povisions laid down in the Stock Exchange Act (BörseG) (19 June 2013). | 19.06.2013 | Stock Exchanges & Markets
FMA Circulars
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| FMA Circular concerning parallel pension products | 01.04.2013 | Pension Companies
Insurance Undertakings
FMA Circulars
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| FMA Circular concerning the administration of pension company commitments in investment and risk sharing groups pursuant to Article 12 para. 6 PKG | 01.01.2013 | Pension Companies
FMA Circulars
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| FMA Circular regarding backdating of insurance contracts (VAG 1978) | 06.11.2012 | Insurance Undertakings
FMA Circulars
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| FMA Circular on unisex calculation bases (VAG 1978) | 01.10.2012 | Insurance Undertakings
FMA Circulars
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| FMA Circular on the Anti-Money Laundering Officer | 24.04.2012 | Prevention of Money Laundering & Terrorism Funding
FMA Circulars
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| FMA Circular on Identification and Verification of Identity for Insurance Untertakings | 01.12.2011 | Prevention of Money Laundering & Terrorism Funding
FMA Circulars
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| FMA Circular on the Transmission of Payer information | 01.12.2011 | Prevention of Money Laundering & Terrorism Funding
FMA Circulars
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| FMA Circular on the risk sensitive approach | 01.12.2011 | Prevention of Money Laundering & Terrorism Funding
FMA Circulars
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| FMA Circular on Suspicious Transaction Reports | 01.12.2011 | Prevention of Money Laundering & Terrorism Funding
FMA Circulars
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| FMA Circular on Identification and Verification of Identity for Credit Institutions | 01.12.2011 | Prevention of Money Laundering & Terrorism Funding
FMA Circulars
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| FMA Circular concerning the activity of insurance undertakings (VAG 1978) | 27.06.2008 | Insurance Undertakings
FMA Circulars
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| FMA Circular concerning the Differentiation of participation in profits among shares in the pension insurance portfolio and specifically for so-called “bonus annuities” and Benefits in the event of death for unit-linked and index-linked life assurance Show description 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
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| FMA Circular concerning the changes in the regulations for auditing insurance undertakings (VAG 1978) Show description 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
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| FMA Circular concerning overfunding in unit-linked life assurance (VAG 1978) Show description 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
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| FMA Circular concerning negative risk premiums (VAG 1978) Show description 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
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| FMA Circular concerning negative Risk Premiums Show description 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
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| FMA Circular concerning rate adjustments in health insurance operated according to the technical principles of life assurance (VAG 1978) Show description 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
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| FMA Circular on Control Procedures and Suspicious Transaction Reports in connection with Money Laundering and Terrorist Financing (VAG 1978) | 16.12.2004 | Insurance Undertakings
FMA Circulars
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| FMA Circular concerning the Professional qualification of the responsible actuary or deputy (VAG 1978) Show description 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
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| 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
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| FMA Circular concerning Balance Sheet Issues related to the Insurance Pool for the Coverage of Terrorist Risks (VAG 1978) Show description 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
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| 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 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
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| 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 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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