Substantial changes in the business environment as well as the (now finalised)new capital requirements directives prompted the Oesterreichische Nationalbank (OeNB) and the Financial Market Authority (FMA) to co-operate in publishing a series of guidelines on Basel II-relevant topics (since 2004). The publications aim to develop mutual understanding between regulatory authorities and banks with regard to the upcoming changes in banking.
It has to be emphasised that the guidelines do not constitute a legally binding FMA interpretation but a service to credit institutions. The guidelines are meant to provide a general overview of the individual topics and to outline the current state of the art. They are geared towards international developments in the banking business and aim to provide examples of best practice. These guidelines are meant to provide a first orientation so that institutions may choose which element is suitable for certain business activities, to examine their internal processes and systems from a critical perspective, and to detect and exploit possible room for improvement.
The guidelines do not create any legal rights or obligations or modify or supersede any statutory laws and regulations in force. The guidelines reflect the regulatory expectations of the competent authority with regard to the topic at hand. Note: After implementation of Basel III, the guidelines will be successively revised or may become inapplicable given binding technical standards or EBA guidelines.