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.
These Minimum Standards constitute a recast of the FMA Minimum Standards for the Risk Management and Granting of Foreign Currency Loans and Loans with Repayment Vehicles (FMA-FXTT-MS) of 02.01.2013 and shall replace them with effect from 01.06.2017.
The FMA Minimum Standards cover information to be provided to beneficiaries (entitled) upon their inclusion in occupational pension group insurance, as well as information to be provided if they leave the company prior to the occurrence of a benefit event. As of 1 January 2016 these Minimum Standards will replace the previous FMA Minimum Standards for Information Requirements in Occupational Pension Group Insurance of 20 July 2005.
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.
Minimum Standards of December 2013: These Minimum Standards defines the requirements of an HTM Valuation and set out the current formal requirements in relation to the preparation of a liquidity plan pursuant to article 23 para. 1 no. 3a PKG.
The main purpose of the FMA-MS-K is to create transparency with regard to the relevant provisions under banking law. The Minimum Standards are intended to provide the Austrian credit institutions with guidelines on how to structure the credit business in terms of organisation and processes in greater detail. With reference to section 39 paras 1 and 2 of the Bankwesengesetz (BWG; Austrian Banking Act), the FMA expects credit institutions to adhere to this recommendation when granting and managing loans and other transactions with counterparty risks.