Finance market supervision

Banks, insurance companies, pension funds, and the securities trade are subject to special supervision due to the national economy's interest in a sound finance sector. In view of the continuously increasing complexity on the finance markets as well as the newly established cross-border “Allfinanz” or bancassurance groups, the supervisory agencies around the world are faced with new challenges.

Austria has already reacted to these developments and - following international standards and recommendations – established a new modern bancassurance supervisory agency in April 2002.

The new Financial Market Authority (FMA) supervises banks, insurance companies, pension funds, and the securities market and thus generates significant synergies by concentrating resources of previously splintered supervisory competencies.

The FMA was constitutionally set up as an agency free of directives. Due to external financing, it is independent and has broad supervisory competencies.

The task of the Finance Ministry in the area of supervising finance markets now consists of supervising the legality of the activities of the FMA. The cooperation between FMA, the Austrian National Bank (OeNB), and BMF is coordinated by the Finance Market Committee.

 

 

• Financial Market Authority (FMA)

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