Austrian Financial Market Authority
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| Austrian Financial Market Authority | |
| Founded | 2002 |
|---|---|
| Headquarters | Vienna, Austria |
| Key People | Kurt Pribil, Executive Director |
| Web site | http://www.fma.gv.at |
The Austrian Financial Market Authority (FMA) [1] is an independent, autonomous and integrated authority for the Austrian financial market.
Organization and Purpose
The Austrian FMA is responsible for:
- contributing to the stability of Austria as a financial market
- reinforcing confidence in the ability of the Austrian financial market to function
- protecting investors, creditors and consumers
- putting forth preventive efforts with respect to compliance with supervisory standards while consistently punishing any violations of these standards.
History
The founding of the FMA in 2002 placed financial market supervision in Austria on an entirely new footing, [2] fundamentally changing supervisory philosophy from a sector or product-based form of supervision towards an integrated approach that takes in the whole of Austria's financial market. This is a move away from a focus on legal supervision towards an economically oriented approach, and a move away from an approach essentially based on quantitative key figures towards a qualitative, risk-oriented form of supervision that analyzes processes.
The Austrian Financial Market Authority is a member of the Committee of European Securities Regulators and Kurt Pribil represents FMA on the Committee.
References
- ↑ Mission Statement. Financial Market Authority. Retrieved on January 14, 2008.
- ↑ 2006 Annual Report. Financial Market Authority. Retrieved on January 14, 2008.
