Financial market supervisory authority (Austria) / Authority (Austria)

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The Austrian financial market supervisory authority (FMA) took up the operational enterprise on 1 April 2002 as independent authority in the context financial market supervisory authority law (FMABG).

Tasks

The tasks of the FMA were divided into four prime data areas:

State supervision of the banks (in co-operation with the Austrian central bank)
Supervision of insurance
Supervision of pension fund
Supervision of security

Organization

The FMA is an institute of public right with own juridical personality. The FMA is a instruction-free authority, i.e. they in the practice of their office to no political instructions bind. However for finances the right stands for the Federal Ministry to the FMA determined test actions to prescribe as well as the right to agreement with individual implementation regulations of the FMA.

The FMA consists of a executive committee, a supervisory board of six members as well as the financial market committee, whereby latter no organ of the FMA represents.

Executive committee and supervisory board are nominated by the Federal Minister for finances and the Austrian central bank (OeNB). Additionally to six supervisory board members are suggested of the chamber of economics Austria of two further members than kooptierte members without right to vote.

Legal bases

As legal basis serve a multiplicity of Austrian laws, among them among other things

the banking law (BWG)
the stock exchange law
the law of supervision of security (DARE)
the unit trust fund law (InvFG)

International cooperation

The FMA is member in different international committees, like for example that internationally Organization OF Securities of COMM eating ion (IOSCO), the Committee OF European Securities of modulator (CESR), the Basler committee for state supervision of the banks and the OGAW committee.

Strange things

To 31. May 2006 refunded Haider announcement against the FMA executive committee with the public prosecutor's office. It concretely deplores office abuse and compulsion in the course of the current examination of the Hypo Alpe Adriabank by the FMA executive committees: ''" The FMA executive committees acted like medieval Henker" the FMA are strictly speaking a of secretaries, with them entrusted power become not finished" ". (Sources: ,).