{"id":42597403,"date":"2026-10-09T15:41:57","date_gmt":"2026-10-09T13:41:57","guid":{"rendered":"https:\/\/www.fma.gv.at\/?page_id=42597403"},"modified":"2026-10-09T15:39:39","modified_gmt":"2026-10-09T13:39:39","slug":"artificial-intelligence","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/cross-sectoral-topics\/artificial-intelligence\/","title":{"rendered":"Supervision of the Use of Artificial Intelligence in the Financial Market"},"content":{"rendered":"

Supervision regarding the use of artificial intelligence (AI) by financial market participants currently already falls within the Austrian Financial Market Authority (FMA)’s institutional scope of competence.<\/strong><\/p>

The deployment of AI in the provision of regulated financial services is already required to meet the technology-neutral requirements under financial market supervision law that have been conferred upon the FMA to enforce (e.g. sectoral governance, conduct and distribution rules as well as horizontal requirements under the Digital Operational Resilience Act (DORA)).<\/p>

The management body’s ultimate responsibility without any restriction in relation to the management of information and communication technology risks (ICT risks) covers both ICT risks that arise from AI usage within companies, as well as changes in the risk profile of existing ICT infrastructure as a result of external threats (e.g. Increased levels of cyber attacks that are assisted by frontier AI models). Management bodies are responsible for making the necessary adjustments (e.g. as part of their business continuity management and management of third party ICT providers), where new dependencies arise as a result of AI integration.<\/p>

The Artificial Intelligence Act (AI Act) is Europe’s horizontal product regulation for AI, and supplements the existing requirements under financial market law<\/strong>.<\/p>

The AI Act assumes that a risk-based approach is taken, and defines specific obligations for the respective players in the AI value creation chain. The European Commission’s AI Office is issuing Guidelines to simplify the practical implementation of the AI Act.<\/p>

A key aspect is in separating regulated AI systems and conventional software systems and programming approaches (e.g. systems for improving mathematical optimisation), although the AI Act’s material scope needs to be assessed on a case-by-case basis.<\/p>

Depending on the AI system’s inherent risk, a distinction is possible between prohibited AI practices, high-risk AI systems, and AI systems that are subject to transparency requirements. Depending on their specific design, high-risk AI systems may (also) be AI systems subject to transparency obligations. The AI Act also prescribes rules for general-purpose AI models.<\/p>

Practical application of the AI Act in the context of regulated financial services necessitates regular substantive assessments based on financial market law.<\/strong><\/p>

The European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) have already drawn up numerous products about the interaction between AI, or the AI Act respectively, and financial market law.<\/p>

Classification about whether an AI system constitutes a prohibited AI practice (or for example a permitted high-risk AI system) needs to be checked materially on a regular basis using applicable financial market law and soft law (e.g. regarding the specific issues of whether prohibited social scoring or the permitted usage of personal financial data occurs).<\/p>

The AI Act and financial market supervisory law are closely interconnected in terms of content with regard to AI systems directly involved in the provision of financial services. Certain provisions are integrated or derogated in some cases by means of the AI Act referring to sector-specific financial market law.<\/p>

National supplementary and implementing legislation regarding the AI Act is currently outstanding, although it is foreseeable that the FMA will have a direct responsibility in relation to the AI Act.<\/strong><\/p>

The FMA is Austria’s independent, autonomous, and integrated supervisory and resolution authority. As an integrated supervisory authority the institutional scope of the FMA’s activities pursuant to Article 1 of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz) covers the entire Austrian financial market. In this capacity it is responsible for enforcing cross-sector and sector-specific financial market law. This is anticipated that this will also include the technology-specific Regulation (EU) 2024\/1689 laying down harmonised rules on artificial intelligence<\/strong> (AI Act).<\/p>

The AI Act lays down a competence for national financial supervisory authorities regards the supervision of high-risk AI systems, that are directly linked to the provision of regulated financial services. It is possible to exercise a Member State discretion to deviate from this rule.<\/p>

In this regard, it should be noted that the European Central Bank (ECB) is not a market surveillance authority under the AI Act. National authorities are also (solely) responsible for AI Act enforcement regarding significant credit institutions.<\/p>

The FMA has already been notified to the European Commission as the competent authority for the protection of fundamental rights (Article 77 AI Act), with the FMA’s specific competences in relation to the market surveillance of AI systems only being determined by the national implementing legislation in relation to the AI Act, which is currently still outstanding.<\/p>

A holistic approach that encompasses both the AI Act as well as requirements under financial market law regarding the implementation of AI systems in institutions authorised to provide regulated financial services<\/strong>.<\/p>

Financial market participants considering the deployment of AI systems need to prepare in a forward-looking manner regarding appropriate policies, processes and procedures. In this regard, both the regulatory requirements under financial market law as well as those in the AI Act must be addressed.<\/p>

Knowledge or active monitoring of the Guidelines and interpretative aids of the European Supervisory Authorities (EBA, EIOPA, ESMA) and the European Commission (AI Office) and the relevant harmonised European standards currently being drawn up is recommended.<\/p>

The FMA’s competent supervisory divisions are available to answer substantive queries that the entities they supervise might have. The FMA proactively supports early and active dialogue between the supervisor and supervised entities!<\/p>

Fundamental issues relating to supervisory law are arising for supervised institutions as a result of the rapidly advancing development and increasingly widespread use of AI. The objective of the FMA’s publication “Nutzung von KI im Finanzsektor<\/span><\/a>” (AI Usage in the Financial Sector – available in German only) is to present relevant information in a structured manner<\/strong>, which assists the FMA’s supervised entities in preparing for the AI Act’s requirements<\/strong> as well as to present its interaction with existing financial market law<\/strong>. On the one hand, this involves a systematic presentation of the new regulatory requirements and, on the other hand, a clarification of how they interact with existing sector-specific supervisory law. This document does not constitute a Regulation, and does not have any normative force in its own right. It is intended to provide supervised undertakings with know-how and to promote the development of a common understanding. No rights and obligations extending over and above the provisions of the law can be derived from this document.<\/p>

<\/span>Legal texts<\/h3>

<\/p>

AI Act – consolidated version<\/a> <\/p><\/div>

<\/span>Downloads<\/h3>Nutzung von k\u00fcnstlicher Intelligenz im Finanzsektor (Format: <\/span>pdf, Size: <\/span>724,0 KB, Language: <\/span>German)<\/a><\/div>

<\/span>Further Links<\/h3>

<\/p>

AI Service Desk at the Austrian Regulatory Authority for Broadcasting and Telecommunications (RTR)<\/a><\/p>\n

European AI Office<\/a><\/p>\n

AI Act in the Insurance Sector<\/a><\/p>\n

AI Act in the Pension Companies Sector<\/a><\/p>\n

AI Act in the Corporate Pension Companies Sector<\/a><\/p>\n

 <\/p><\/div>

<\/p>\n","protected":false},"excerpt":{"rendered":"

Supervision regarding the use of artificial intelligence (AI) by financial market participants currently already falls within the Austrian Financial Market …<\/p>\n","protected":false},"author":20,"featured_media":0,"parent":7385,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-42597403","page","type-page","status-publish","hentry"],"yoast_head":"\nSupervision of the Use of Artificial Intelligence in the Financial Market - FMA \u00d6sterreich<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fma.gv.at\/en\/cross-sectoral-topics\/artificial-intelligence\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Supervision of the Use of Artificial Intelligence in the Financial Market - FMA \u00d6sterreich\" \/>\n<meta property=\"og:description\" content=\"Supervision regarding the use of artificial intelligence (AI) by financial market participants currently already falls within the Austrian Financial Market ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fma.gv.at\/en\/cross-sectoral-topics\/artificial-intelligence\/\" \/>\n<meta property=\"og:site_name\" content=\"FMA \u00d6sterreich\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2017\/05\/FMA_FB_Logo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"925\" \/>\n\t<meta property=\"og:image:height\" content=\"524\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@FMA_AT\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/cross-sectoral-topics\\\/artificial-intelligence\\\/\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/cross-sectoral-topics\\\/artificial-intelligence\\\/\",\"name\":\"Supervision of the Use of Artificial Intelligence in the Financial Market - FMA \u00d6sterreich\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#website\"},\"datePublished\":\"2026-10-09T13:41:57+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/cross-sectoral-topics\\\/artificial-intelligence\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/cross-sectoral-topics\\\/artificial-intelligence\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/cross-sectoral-topics\\\/artificial-intelligence\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/home\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Cross-sectoral topics\",\"item\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/cross-sectoral-topics\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Supervision of the Use of Artificial Intelligence in the Financial Market\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/\",\"name\":\"FMA \u00d6sterreich\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#organization\",\"name\":\"FMA - Finanzmarktaufsicht\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2017\\\/05\\\/FMA_Logo_Twitter_400x400.png\",\"contentUrl\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2017\\\/05\\\/FMA_Logo_Twitter_400x400.png\",\"width\":400,\"height\":400,\"caption\":\"FMA - Finanzmarktaufsicht\"},\"image\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/FMA_AT\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Supervision of the Use of Artificial Intelligence in the Financial Market - FMA \u00d6sterreich","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.fma.gv.at\/en\/cross-sectoral-topics\/artificial-intelligence\/","og_locale":"en_US","og_type":"article","og_title":"Supervision of the Use of Artificial Intelligence in the Financial Market - FMA \u00d6sterreich","og_description":"Supervision regarding the use of artificial intelligence (AI) by financial market participants currently already falls within the Austrian Financial Market ...","og_url":"https:\/\/www.fma.gv.at\/en\/cross-sectoral-topics\/artificial-intelligence\/","og_site_name":"FMA \u00d6sterreich","og_image":[{"width":925,"height":524,"url":"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2017\/05\/FMA_FB_Logo.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@FMA_AT","twitter_misc":{"Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.fma.gv.at\/en\/cross-sectoral-topics\/artificial-intelligence\/","url":"https:\/\/www.fma.gv.at\/en\/cross-sectoral-topics\/artificial-intelligence\/","name":"Supervision of the Use of Artificial Intelligence in the Financial Market - FMA \u00d6sterreich","isPartOf":{"@id":"https:\/\/www.fma.gv.at\/en\/#website"},"datePublished":"2026-10-09T13:41:57+00:00","breadcrumb":{"@id":"https:\/\/www.fma.gv.at\/en\/cross-sectoral-topics\/artificial-intelligence\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.fma.gv.at\/en\/cross-sectoral-topics\/artificial-intelligence\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.fma.gv.at\/en\/cross-sectoral-topics\/artificial-intelligence\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.fma.gv.at\/en\/home\/"},{"@type":"ListItem","position":2,"name":"Cross-sectoral topics","item":"https:\/\/www.fma.gv.at\/en\/cross-sectoral-topics\/"},{"@type":"ListItem","position":3,"name":"Supervision of the Use of Artificial Intelligence in the Financial Market"}]},{"@type":"WebSite","@id":"https:\/\/www.fma.gv.at\/en\/#website","url":"https:\/\/www.fma.gv.at\/en\/","name":"FMA \u00d6sterreich","description":"","publisher":{"@id":"https:\/\/www.fma.gv.at\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.fma.gv.at\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.fma.gv.at\/en\/#organization","name":"FMA - Finanzmarktaufsicht","url":"https:\/\/www.fma.gv.at\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.fma.gv.at\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2017\/05\/FMA_Logo_Twitter_400x400.png","contentUrl":"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2017\/05\/FMA_Logo_Twitter_400x400.png","width":400,"height":400,"caption":"FMA - Finanzmarktaufsicht"},"image":{"@id":"https:\/\/www.fma.gv.at\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/FMA_AT"]}]}},"toolset-meta":[],"publishpress_future_action":{"enabled":false,"date":"2026-10-16 21:06:00","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"translation_priority","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/pages\/42597403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/comments?post=42597403"}],"version-history":[{"count":4,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/pages\/42597403\/revisions"}],"predecessor-version":[{"id":42597407,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/pages\/42597403\/revisions\/42597407"}],"up":[{"embeddable":true,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/pages\/7385"}],"wp:attachment":[{"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/media?parent=42597403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}