Separate supervisory report

Investment services providers (ISPs) are required to appoint auditors on an annual basis to check compliance with the provisions of the Securities Supervision Act (WAG). In the case of ISPs with a “large licence” the audit must also contain information about the factual correctness of the assessment of the annual financial statement including any write-offs, value adjustments and provisions. The findings of this audit are to be included in a special supervisory report, which must be submitted to the FMA within six months of the end of the financial year.