The FMA uses minimum standards to set out the requirements derived from market standards and to publish wider recommendations on supervisory issues. Minimum standards are used to inform the public of requirements, adherence to which, in the FMA ’s view, corresponds to current or new market standards.
The following list contains only those FMA Minimum Standards for which an English translation exists. For an exhaustive list of all currently applicable FMA Minimum Standards, please consult the German version of this page.
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 Minimum StandardsTitle | Release Date | Category |
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02/2024 FMA Minimum Standards on the Internal Capital Adequacy Assessment Process (ICAAP) Format: pdf Show description: 02/2024 FMA Minimum Standards on the Internal Capital Adequacy Assessment Process (ICAAP)
- The ECB Guide to the internal capital adequacy assessment process (ICAAP), hereafter referred to as the “ECB ICAAP Guide”, entered into force on 01.01.2019. The ECB ICAAP Guide’s addressees are the significant institutions as defined in Article 6 (4) of Regulation (EU) No 1024/2013 (the SSM Regulation (SSM-R)) that are directly supervised by the ECB. Considering the convergence of supervisory standards in the SSM, the FMA was expected to draw up analogous requirements for less significant institutions (LSI) within the scope of indirect supervision by the ECB. Therefore, from the FMA’s perspective there was initially a temporary option for the continued used of the Going Concern and Gone Concern perspectives in implementing the ICAAP, while the further development of the internal capital assessment in line with ECB’s new concept was also possible in terms of methodological freedom, and its content welcomed.
- The ECB has not extended the ECB ICAAP Guide’s scope of application to also cover LSIs. Taking into account regulatory developments as well as for the purpose of achieving a constant application, the FMA considers the further development of the ICAAP as also being necessary for the institutions that it supervises.
- These Minimum Standards are to be read as supplementing the ECB ICAAP Guide, and they further specify the proportional application of the principles defined in the ECB ICAAP Guide for the institutions that are supervised by the FMA.
- It is the institutions’ duty to apply a solid, effective and comprehensive ICAAP for ensuring an adequate capital base, in accordance with the nature, scope and complexity of the banking transactions that it conducts.
- In this regard, the ECB ICAAP Guide introduces two different but complementary perspectives in the form of the normative and economic perspectives. Against such a further methodological development, the application of the normative and economic perspectives for guaranteeing a solid, effective and comprehensive ICAAP is also expected from the institutions that are addressed by these minimum standards.
- The application of the economic and normative perspectives in the ICAAP of the institutions addressed by these minimum standards is considered appropriate for the following reasons:
- Implementation of the normative perspective increases the significance of capital planning as well as a future-oriented perspective, and thereby leads to a stronger intertwining with the management of the bank.
- The normative perspective permits an estimation of regulatory and supervisory capital requirements in both the base and adverse scenarios based on a multi-year view.
- Institution-specific specificities are displayed better by scenario-based approaches and synergies exist with the scenario-based institution-wide stress test to be conducted.
- Its application leads to a harmonisation of prudential requirements for Austrian institutions, especially if an institution changes from SI to LSI status and vice versa.
- The minimum standards’ structure is based on the ECB ICAAP Guide’s structure, with Chapter 2 containing remarks about the principles subsequently numbered 1 to 7. The stated examples have been highlighted in a box and are of an illustrative nature, but are not intended to restrict the institution-specific and proportional design of the ICAAP.
- These Minimum Standards do not constitute a Regulation. They serve as guidance and reflect the FMA's legal interpretation and the FMA's practical recommendations for conduct. No rights and obligations extending over and above the provisions of the law can be derived from Minimum Standards. The FMA reviews on a case-by-case basis whether failure to observe recommendations issued in Minimum Standards has also led to legal provisions also being breached, especially Article 39a Austrian Banking Act (hereinafter: “BWG”).
- Institutions are expected to fully consider these minimum standards at the earliest possible opportunity, but at latest by 31.12.2026.
| 04.12.2024 | Banks FMA Minimum Standards
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01/2023 FMA Minimum Standards for the Risk Management and Granting of Foreign Currency Loans and Loans with Repayment Vehicles - Revised Version - August 2023 Format: pdf Show description: 01/2023 FMA Minimum Standards for the Risk Management and Granting of Foreign Currency Loans and Loans with Repayment Vehicles - Revised Version - August 2023 01/2023 FMA Minimum Standards for the Risk Management and Granting of Foreign Currency Loans and Loans with Repayment Vehicles - Revised Version - August 2023
These FMA Minimum Standards constitute a revised version of the FMA Minimum Standards for the Risk Management and Granting of Foreign Currency Loans and Loans with Repayment Vehicles (FMA-FXTT-MS) dated 28.04.2017 and replaced them from 03.08.2023. | 03.08.2023 | Banks FMA Minimum Standards
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02/2022 FMA Minimum Standards for BWG Compliance Format: pdf | 03.11.2022 | Banks FMA Minimum Standards
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01/2022 FMA Minimum Standards for Lending Business and other transactions with counterparty risks - Recast April 2022 Format: pdf Show description: 01/2022 FMA Minimum Standards for Lending Business and other transactions with counterparty risks - Recast April 2022 Applicable from 01.07.2022. | 28.04.2022 | Banks FMA Minimum Standards
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01/2020 FMA Minimum Standards for Internal Auditing Format: pdf | 02.01.2020 | Banks FMA Minimum Standards
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01/2018 FMA-Minimum Standards for informing the beneficiaries of Pensionskassen Format: pdf | 21.12.2018 | Pension Companies FMA Minimum Standards
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01/2014 FMA Minimum Standards on the Formal Requirements of a Business Plan Submission and on Business Plan Structure in accordance with Article 20 para. 4 PKG Format: pdf Show description: 01/2014 FMA Minimum Standards on the Formal Requirements of a Business Plan Submission and on Business Plan Structure in accordance with Article 20 para. 4 PKG Minimum Standards of August 2014: In accordance with Article 20 para. 1 Pensionskassen Act (PKG; Pensionskassengesetz), Pensionskassen are required to prepare a business plan. This business plan, and any changes made to it, must be reviewed and confirmed by the auditing actuary and approved by the FMA pursuant to Article 20 para. 4 PKG. These FMA Minimum Standards set out the current formal requirements in relation to the submission and structure of a business plan. | 01.08.2014 | Pension Companies FMA Minimum Standards
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01/2008 FMA Minimum Standards for Qualified Beneficiaries of Corporate Provision Funds Format: pdf | 29.02.2008 | Corporate Provision Funds FMA Minimum Standards
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