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

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”) have been concluded between the Financial Market Authority and foreign supervisory authorities in the areas of banking supervision, insurance supervision and securities supervision. 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 Financial Market Authority’s efforts to constantly strengthen their operative cooperation with its sister authorities, in particular in the 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
Albania 2009
Australia 2013
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
Czech Republic 2001 2004 1999
Dubai 2013
France 1995
Germany 2000
Great Britain 1994/1998
Guernsey 2013
Hong Kong 2013
Hungary 2001 2002 1998
Isle of Man 2013
Italy 1998
Japan 2013
Jersey 2013
Liechtenstein 2009
Macedonia 2010
Malaysia 2013
Malta 2007
Montenegro 2009
Poland 1999
Romania 2006 2005
Russian Federation 2010
Serbia 2009 2008
Singapore 2013
Slovakia 2003 2002
Slovenia  2001 2001
Switzerland 2012 2006
Thailand 2014
The Netherlands 1997
USA 2013

Table Multilateral Memoranda of Understanding
Organsisation Theme Banks Insurance Pensionskassen Securities
CEIOPS Ongoing cooperation, exchange of information 1993
CEIOPS Supervision of insurance groups 2000
CEIOPS Cooperation in the application of the Insurance Mediation Directive 2006
CEIOPS Supervision of company old-age provision entities active on a cross-border basis 2006
ESMA Ongoing cooperation, exchange of information 2014
EZB Payment systems 2001
EZB Crisis management 2003
EZB Crisis management 2005 2008
EZB Crisis management 2008
IAIS Cooperation and exchange of information 2010
IOSCO Cooperation and exchange of information 2009

Colleges of supervisors

In addition to supervision on an individual entity level, the additional supervision of groups on credit institutions and insurance undertakings 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.