{"id":8109,"date":"2025-03-12T13:21:00","date_gmt":"2025-03-12T12:21:00","guid":{"rendered":"https:\/\/www.fma.gv.at\/en\/?page_id=8109"},"modified":"2023-02-24T19:02:05","modified_gmt":"2023-02-24T18:02:05","slug":"general-legal-supervision-of-exchanges","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/capital-markets\/general-legal-supervision-of-exchanges\/","title":{"rendered":"Supervision of exchanges"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><p>The Financial Market Authority supervises the Vienna Stock Exchange (Wiener B&ouml;rse), listed <a href=\"https:\/\/www.fma.gv.at\/en\/glossary\/issuers\/\">issuers<\/a> (regarding transparency requirements) and exchange members (regarding their trading behaviour).<\/p><p>It is necessary to differentiate between <strong>commodity exchanges<\/strong> (supervised by the Ministry of the Economy, Family and Youth (BMWFJ)) and <strong>securities exchanges<\/strong> (supervised by the FMA). In Austria, Wiener B&ouml;rse AG operates both types of exchange.<\/p><p>The term &ldquo;stock exchange&rdquo; covers more than meets the eye: differentiations need to be made with a view to regulation and the term as such: Wiener B&ouml;rse AG operates both a &ldquo;<strong>regulated market<\/strong>&rdquo; (and only this market should be regarded as a &ldquo;stock exchange&rdquo; from a legal point of view) and a &ldquo;<strong>multilateral trading facility<\/strong>&rdquo; (Vienna MTF). This is a differentiation that is significant for investors, as the level of protection varies greatly, in particular because of the different transparency requirements for issuers. However in conjunction with Regulation (EU) 596\/2014 (&ldquo;Market Abuse Regulation&rdquo; &ndash; MAR) the &ldquo;ad hoc&rdquo; disclosure obligations are also extended to issuers, whose financial instruments are included for trading on an MTF, with the level of transparency of a regulated market having been adjusted to that of a &ldquo;mere&rdquo; MTF.<\/p><p>Where the admission of financial instruments to trading on a regulated market is concerned, Wiener B&ouml;rse AG acts as an authority (&ldquo;charged&rdquo; with sovereign functions), while it operates in accordance with private law in the &ldquo;Third Market&rdquo;.<\/p><p>One practical example of the FMA&rsquo;s supervisory activities is the approval of changes to the exchange operating company&rsquo;s General Terms and Conditions of Business pursuant to Article 23 B&ouml;rseG 2018. Legal supervision also includes web-based coordination of suspensions and removals of financial instruments from trading with other European authorities, for example in the case of multiple listings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Market Authority supervises the Vienna Stock Exchange (Wiener B&ouml;rse), listed issuers (regarding transparency requirements) and exchange members (regarding &#8230;<\/p>\n","protected":false},"author":10,"featured_media":0,"parent":8618,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-8109","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Supervision of exchanges - 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\/capital-markets\/general-legal-supervision-of-exchanges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Supervision of exchanges - 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