Regulatory Alerts2014-08-01
FMA Minimum Standards on Formal Requirements and Structure of Business Plan Submissions under Article 20(4) PKG
The Austrian Financial Market Authority (FMA) issued these minimum standards to establish formal requirements and structural guidelines for business plan submissions by Pensionskassen under Article 20 of the Pensionskassen Act (PKG). The guidelines mandate that applications be properly signed, sequentially paginated, submitted electronically with tracked changes, and strictly adhere to a detailed specimen structure covering benefit parameters, actuarial bases, reserves, and risk allocations. Although non-binding guidance, the FMA expects full compliance to streamline regulatory reviews, explicitly prohibiting retrospective approvals and requiring syndicate-managed investment groups to submit synchronized, identically worded chapters.
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