The New Securities Supervision Act in Austria
For the protection of the investor, the WAG contains rules of good behavior, damages regulations and consumer protection provisions. In addition, it contains organization and licensing provisions for securities investment service-rendering companies. For supervising the securities market and the financial services business, the Federal Securities Supervision Authority (Bundes-Wertpapieraufsicht, BWA), a public corporation, was established.
The Securities Supervision Act served inter alia to implement the Council Directive on Investment Services in the Securities Field . Therefore, it is now possible for securities companies and enterprises exclusively dealing with securities business (exclusive securities trading companies) which due to the lack of a banking license could not be active in the whole Community on the basis of the Council Directives on the Coordination of Laws, Regulations and Administrative Provisions relating to the Taking-up and Pursuit of the Business of Credit Institutions, to become active also in Austria . The activities of EU-securities trade companies in Austria are subject to the Austrian Banking Act .
Alle Angaben auf dieser Website dienen nur der Erstinformation und können keine rechtliche oder sonstige Beratung sein oder ersetzen. Daher übernehmen wir keine Haftung für allfälligen Schadenersatz.
The material contained in this website is provided for general information purposes only and does not constitute legal or other professional advice. We accept no responsibility for loss which may arise from reliance on information contained on this site.