The FMA has imposed a measure against PARTNER BANK AKTIENGESELLSCHAFT to establish legal compliance with regard to its organisational measures for ensuring that the “special services” agreed upon with its client base are actually conducted.
The Austrian Financial Market Authority (FMA) announces that an administrative decision has been issued to PARTNER BANK AKTIENGESELLSCHAFT as a legal entity, under threat of a coercive penalty, to establish legal compliance pursuant to Article 92 para. 8 of the Securities Supervision Act 2018 (WAG 2018; Wertpapieraufsichtsgesetz 2018) in conjunction with Article 70 para. 4 no. 1 of the Austrian Banking Act (BWG; Bankwesengesetz) for breaches against the Securities Supervision Act 2018 and Delegated Regulation (EU) 2017/565. It has instructed the entity to create an organisational structure with a clear allocation and documentation of tasks, to ensure that the special services arranged with its client base, for which a service fee is charged, are also actually conducted by its tied agents.
The administrative decision issued to PARTNER BANK AKTIENGESELLSCHAFT instructing that legal compliance is to be established is legally final. In the mean time, PARTNER BANK AKTIENGESELLSCHAFT has initiated measures for establishing legal compliance.