The Financial Market Authority supervises various types of Austrian investment funds and their managers. In this section you will find information on the legal basis for funds, selected key indicators, information documents and about the Financial Market Authority’s statutory mandate.
Austrian investment funds supervised by the FMA are:
These funds are managed by investment fund management companies, real estate investment fund management companies and alternative investment fund managers (AIFMs).
The following illustration shows how investment funds work:
The investment fund, which collects capital from investors (“unit holders”) is the focal point.
Investment funds are managed by “management companies”, with investment occurring as a rule in accordance with the principle of risk diversification.
The activities conducted by the “custodian bank” take place separately. Its purpose is to ensure the safekeeping of assets, and to monitor the dealings of the management companies in the interest of the unit holders.
If you are interested in investment funds or would like to invest in them, please refer to the relevant documents such as, for example, prospectuses, key investor information documents, half-yearly reports and reports on activities. The structure of these documents has been standardised in EU law so that financial products can be easily compared.
As banks, investment fund management companies and real estate investment fund management companies are subject to supervision by the Financial Market Authority. The FMA has also supervised alternative investment fund managers (AIFMs) since 2014.
The FMA is required to perform the official tasks and use the powers as laid down in the abovementioned legislation (BWG, InvFG 2011, ImmoInvFG, AIFMG and, where applicable, the WAG 2007). Furthermore, the FMA is required to enforce numerous regulations.
Further procedures relate, for example, to any changes to fund rules, as well as the approval of mergers, management transfers, depositary changes or the granting of marketing licences pursuant to the AIFMG. In the context of the harmonised internal market, the FMA must also process notification documents for Austrian and international funds in connection with cross-border marketing within the European Economic Area (EEA).