Regulators

Austrian Financial Market Supervisory Authority (FMA)

Austria is responsible for financial market supervision mainly by the Federal Ministry of Finance, the Financial Market Supervisory Authority and the Austrian Central ...

Forex Regulatory Tips

According to the enquiry email, the Austrian FMA regulates leveraged foreign exchange or CFDs.

Organization Profile

Institutional nature
The institutions responsible for supervising the Austrian financial market are mainly the Federal Ministry of Finance, the Financial Market Supervisory Authority and the Austrian Central Bank. These three institutions mainly pass the Financial Market Institutions Act, the Austrian Banking Act, the Insurance Supervision Act, and the Securities Special legislation such as the Supervision Law monitors the entire financial market. At the same time, the three institutions work closely together to establish a financial market monitoring committee to exchange information and opinions on the economic situation and financial market risks, discuss domestic financial policies and agree on positions on EU financial policies.
Founded in 2002, the Austrian Financial Market Supervisory Authority FMA is a one-stop comprehensive supervisory authority. Regulates Austrian banks, insurance companies, pension fund companies, financing companies, investment and investment service providers, investment funds, financial groups and stock exchanges. At the same time, it also monitors the legal requirements, fairness and compliance of listed companies' stock exchanges.

Licence application

Explanation of investment company:
In Austria, foreign exchange dealers fall under the category of investment companies.
An investment company is a legal entity with its registered office and headquarter in Austria and authorized to provide investment services and activities by virtue of this federal law.
Commercial companies offering the following investment services need to be licensed by the FMA:
1. Investment advice related to financial instruments
2. Investment management portfolio. By managing a client's portfolio of one or more financial instruments
3. Receive and transmit contracts related to financial instruments
4. Operation of the multilateral trading system, referred to as MTF
5. Organizing the operation of the trading system, referred to as OTF

Minimum capital requirements to apply for a license:
1. The initial capital of the investment company requires more than 50,000 yuan, and the following services can be provided:
1) Investment advice related to financial instruments
2) Receive and transmit contracts related to one or more financial instruments
3) Portfolio Management
4) Transactions related to the above three points
2. An investment company with an initial capital requirement of more than 730,000 euros can operate MTF or OTF business.

Licences must be granted in writing.
Scope of license operation:
The FMA must have all investment companies registered and publicly accessible, and this level of information includes information related to the authorized investment services/activities.
Authorised investment companies can provide investment services/activities throughout the EU.

Regulatory Inquiries

1. Go to https://www.fma.gv.at/en/search-company-database/, enter the company name to directly query or select the company category to view the list.
2. Take Investment Services Providers—Investment Services Providers Licensed in Austria as an example,
3. Select a company in the list to view details

Regulatory complaints

1. Complaining to financial institutions
First of all, it is recommended that you file a complaint with your financial company, and the financial institution should give you the procedures and resolution procedures for your complaint. It is recommended that you file a complaint in writing.
When a financial institution receives a complaint, the general handling steps are as follows:
1. Provide information about the complaint procedure
2. Indicate the identity and contact details of the responsible contact person, as well as information on the complaint procedure (when confirming the complaint, the duration of the procedure, information on the competent authority, information on the relevant ombudsman, alternative dispute resolution procedures, etc.) ;
3. If the consumer's demands cannot be met, the final handling result shall be informed, and the complainant shall be informed of the options and contact information for further complaints.
In the end, if you and the complaint company fail to get a satisfactory result, you can file a complaint with FMA. Please attach the result of the written response provided by the financial institution to your complaint.
2. Complain to FMA
Your complaint can test whether the supervision is effectively implemented and whether the terms are reasonable and complied with, which is of great reference to FMA.
After receiving the complaint, FMA will carefully understand the investigation and request the entry agency to give a written reply according to the actual situation. If the financial institution has not violated the terms of the law, FMA will notify you in writing of the outcome. But for individual consumers, the FMA is not an arbitration institution, and only a court can rule in a binding manner, forcing financial institutions to compensate in accordance with the judgment.
Institutions and employees of FMA are under certain legal circumstances obligated to maintain professional confidentiality in all facts of their business activities.
Regulators take the form of solvency regulation, market regulation and supervision for consumer protection. Collective consumer protection is an important objective of the FMA. However, the FMA is not a consumer protection organization in its classical sense, and the FMA cannot provide protection to individual consumers. As a regulator, the FMA should retain an objective position with respect to all regulated entities and their clients and must never allow action. Any claims of damages by consumers who have suffered losses should always go through legal action in civil court.
Complaint form: https://webhost.fma.gv.at/RequestsAndComplaints/Complaint

Related Links

EU ESMA official website: https://www.esma.europa.eu

Contact information

Tel: ( 43-1) 249 59-5502, 5511, 5512 (Weekdays 9:00-16:00)
Fax: ( 43-1) 24 959-5599
Email: [email protected]
Address: Financial Market Authority (FMA), Otto-Wagner-Platz 5, A-1090 Vienna

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