On 11.11.2021 an announcement pursuant to Article 4 para. 7 of the Austrian Banking Act (BWG; Bankwesengesetz) was published in the Official Gazette of the Wiener Zeitung (Amtsblatt zur Wiener Zeitung) as well as the FMA website in relation to StormGain LLC.
Pursuant to the fourth sentence of Article 4 para. 7 of the Banking Act (BWG – Bankwesengesetz) the party subject to the publication may make an application to the FMA to review the lawfulness of the publication. In this case, the FMA shall announce the initiation of such proceedings in a similar manner.
StormGain LLC made such an application to review the lawfulness of the publication dated 11.11.2021.
The lawfulness of the publication of 11.11.2021 shall therefore be reviewed by the FMA in a procedure to be concluded by means of an administrative decision.