Finance and Capital Markets in the EU
The single market for financial services is a cornerstone of the European Union. The statutory framework for banks, insurance companies, pension funds and providers of a broad range of financial products and services has been changed many times and harmonised across Europe. This is partly due to the fact that financial market stability is a key factor in the growth and employment potential of the European Union. Information is provided here on current major projects and measures aimed at realising these goals.
The Basel Committee for Banking Supervision has issued international standards under the name "Basel III" that impose strict capital and liquidity rules aimed at increasing the resiliency of the banking sector. The EU directive and regulation built on these standards were transposed into Austrian law in the middle of 2013.
Directive 2009/138/EC (Solvency II) introduces a fundamentally new approach for the supervision of insurance companies and lead to creation of a new Versicherungsaufsichtsgesetz (Insurance Supervision Act – VAG 2016). The VAG 2016 has been published in the official journal on 20. February 2015 (BGBl. I Nr. 34/2015) and will enter into force on January 1., 2016.