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Austrian Investment Firm License Widened to Cover All Nine Investment Services

In a significant development, the Austrian Financial Markets Authority (FMA) has announced that it will now permit investment firms to operate under a Class 2 or 3 license, covering all nine investment services and ancillary services listed in Annex I of MiFID II.

Streamlined Licensing Process

Prior to this change, investment firms were required to obtain a separate license for each service they offered. The new regulations, effective immediately, will streamline the licensing process and reduce regulatory burdens on investment firms operating in Austria.

Guidance on Application Process for Bank Licenses

The FMA has also issued guidance on the application process for bank licenses, outlining the requirements for credit institutions seeking authorization from the European Central Bank (ECB) or the FMA itself.

• Applicants must submit a comprehensive application package, including:
  • Program of operations and business plan
  • Articles of association
  • Initial capital
  • Information about shareholders and executive directors
• The FMA will assess applications based on conditions outlined in the Banking Act, while the ECB will conduct its own assessment of credit institutions seeking authorization.

Clarification of Requirements for Payment Services Providers and Virtual Currency Providers

In addition to the investment firm license changes, the FMA has also clarified requirements for payment services providers and virtual currency providers:

• Non-credit institution payment service providers must register with the FMA
• Virtual currency providers without a credit institution license must register under the Financial Markets AML Act

Boost to Austria’s Financial Sector

The move is expected to boost Austria’s financial sector by attracting more investment firms and creating new job opportunities. The country has been working to strengthen its regulatory framework and improve competitiveness in recent years.

Contact Information for Licensing Process

For more information on the licensing process, applicants can contact the FMA or visit their website for a comprehensive guide to business models.