Regulatory Alerts2011-09-01
FMA Circular on the Suspension of Funds under InvFG 2011
The Austrian Financial Market Authority (FMA) issued this circular to clarify the supervisory framework for temporarily suspending redemption and pricing of investment and real estate funds under the Investment Funds Act 2011. Management companies must notify the FMA and publicly inform unit-holders whenever exceptional circumstances, such as market closures or valuation difficulties, necessitate a suspension or its resumption. Failure to comply with these notification and disclosure obligations constitutes an administrative offence, though special funds are exempt from direct FMA notification provided unit-holders receive written or agreed-upon notice.
Share