International Cooperation

In addition to active cooperation with international organisations, the fostering of bilateral relations with other supervisory authorities is particularly important for the FMA .

As a result of the activities of Austrian credit institutions and insurance undertakings in Central and Eastern Europe, there is a particular focus on bilateral contacts to sister supervisory authorities in this region.

The negotiation and conclusion of memoranda of understanding (MoUs ) and supervisory colleges, in which all relevant supervisory authorities relevant for the supervision of cross-border groups cooperate, are both important elements of supervisory authority cooperation.

Memoranda of Understanding

Bilateral and multilateral cooperation agreements (“Memoranda of Understanding – MoUs “) may be concluded with foreign supervisory authorities in the areas of banking supervision, insurance supervision and securities supervision for improving the coordination of supervisory tasks. These agreements simplify and speed up the Financial Market Authority’s practical supervisory activities for cross-border issues. They also act as a confidence-building measure, particularly towards non-EEA Member States, and are an important instrument in the FMA ’s efforts to constantly strengthen their operative cooperation with its sister authorities, in particular in Central and Eastern Europe (CEE ). These agreements address the respective tasks, obligations regarding making contact with, as well as information about, the respective other supervisory authority in a practically-oriented way, and form the basis for regular meetings between the respective authorities.

Multilateral Memoranda of Understanding – MMoUs ) are also concluded with multilateral institutions, which are intended to establish international cooperation in supervisory issues. MMoUs that permit the exchange of information of supervisory relevance on a multilaterally agreed basis are particularly significant and contribute to the standardisation and simplification of the information exchange between the participating authorities.

Table: Bilateral Memoranda of Understanding
Country Banking Insurance Securities AIFMD-MoU
Abu Dhabi 2018
Albania 2009 2023
Australia 2013
Bahamas 2015
Bermuda 2013
Bosnia and Herzegovina 2015
Brazil 2018
British Virgin Islands 2013
Bulgaria 2005
Canada 2013
Cayman Islands 2013
China 2008
Croatia 2005 2008 2000
Cyprus 2007 2002
Czechia 2001 2004 1999
Dubai 2013
France 1995
Germany 2000
Guernsey 2013
Hong Kong 2013
Hungary 2001 2002 1998
Isle of Man 2013
Italy 1998
Japan 2013
Jersey 2013
Liechtenstein 2009
Malaysia 2013
Malta 2007
Montenegro 2009/2022
North Macedonia 2010
Poland 1999
Qatar 2018
Romania 2006 2005
Russian Federation 2010
Serbia 2009
Singapore 2013
Slovakia 2003 2002
Slovenia 2001 2001
Switzerland 2012 2006 2013
Thailand 2014
The Netherlands 1997
United Kingdon 1994/1998 and 2019
United States of America 2013

Table: Multilaterale Memoranda of Understanding
/ Country
Theme Banks Insurance Securities
ESMA Ongoing cooperation, exchange of information 2014
ECB Payment systems 2001
ECB Crisis management 2003
ECB Crisis management 2005
ECB Crisis management 2008
ECB Exchange of information in relation to money laundering issues 2019
IAIS Ongoing cooperation, exchange of information 2010
SSM Coordination of the supervision of third country groups/third country branches in the SSM 2024
IOSCO Ongoing cooperation, exchange of information 2009
Bermuda Ongoing cooperation, exchange of information 2013
United Kingdom Ongoing cooperation, exchange of information 2019
United Kingdom Ongoing cooperation, exchange of information 2019
United Kingdom Exchange of information about CCP members and CSD participants 2019

Colleges of supervisors

In addition to supervision on an individual entity level, the additional supervision of groups on credit institutions and insurance undertakings in particular also constitutes an important part of supervisory activities. Colleges of supervisors are above all an important measure with regard to the efficient supervision of groups of companies that are active on a cross-border basis, to ensure that a solid overview is formed about the group of companies together with the local supervisory authorities.

Further information can be found about the supervision of groups in the respective areas of supervision.