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Austrian Securities Supervision Act 2007

More Transparency for Investments

1 November 2007 marked the date on which the Austrian Securities Supervision Act of 2007 (Wertpapieraufsichtsgesetz 2007/WAG 2007) came into force and a new regulatory regime governing transactions in financial instruments became applicable.

The Securities Supervision Act of 2007 transposes the EU’s Directive on markets in financial instruments (Markets in Financial Instruments Directive, MiFID) into Austrian law. The objectives to be met by MiFID are to introduce uniform rules to ensure the protection of investors throughout the EU and to complete the process of creating uniform competitive conditions for all types of trading systems.

MiFID is a further step towards a single European market and regulatory regime for investment services. The scope of application of MiFID basically encompasses financial services companies (banks, investment consultants, etc.) within the EU that perform investment services and activities or ancillary services (e.g. custodianship), as well as all trading systems.

The following pages contain detailed information on the core elements of the Austrian Securities Supervision Act 2007 (WAG 2007). Your relationship manager at Bank Austria will be pleased to provide you with additional information.

The English text describing the Austrian Securities Supervision Act 2007 is a translation of the original German text and is provided for your convenience only. In the event of discrepancies the German original text shall prevail over the English translation.