Regulatory Alerts2024-04-25
FMA Minimum Standards for Drawing up a Contingency Plan for a Potential Change of Custodian Bank or Depositary
The Austrian Financial Market Authority (FMA) issued these minimum standards to guide asset managers in preparing contingency plans for the potential replacement of custodian banks or depositaries. The document requires managers to establish measures for the immediate initiation of a change, including maintaining updated lists of potential successors and ensuring robust communication channels. Internal audit functions must review these plans annually to ensure readiness for scenarios where the current custodian faces financial difficulties or regulatory intervention.
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