Since Autumn 2024, the Austrian Financial Market Authority (FMA) has published an information series for supervised entities called “Let’s talk about supervision” (German: “Reden wir über Aufsicht”). It addresses current practically relevant supervision topics clearly and concisely, in a way that is also comprehensible for non-legal professionals. It focuses on new areas of supervision and thematic areas where a need for further explanation has been identified. The FMA’s intention behind “Let’s talk about supervision” is the simplification of implementing or fulfilling of legal standards.
Issue 03 – Identification in non-face-to-face operations (December 2024)
Technological developments are changing the framework conditions in preventing money laundering. This is the case, for example, when transactions are concluded online. The unambiguous and secure identification of customers – within the know your customer (KYC) procedure – constitutes a key measure for the prevention of money laundering and terrorist financing.
Issue 02 – Group of connected clients (October 2024)
The objective of the provisions in the Capital Requirements Regulations (CRR) for limiting large exposures is to limit the loss potential of a credit institution regard its individual exposures. For these provisions to also apply for clients that are separate entities, but which have dependency relationships with one another, in certain cases they are required to be grouped into risk units.
Issue 01 – Outsourcing of core services by CASPs (August 2024)
In many aspects, the EU Regulation on Markets in Crypto Assets (MiCAR) uses a system modelled on existing capital market regulations, however in some areas uses other approaches, because the legislator has taken the functioning of distributed ledger technology and the crypto assets based on it into account. In particular, this affects outsourcing provisions for crypto-asset service providers (CASPs).
Please note all publications in this series are currently only available in German.