Regulatory Alerts2017-08-21
Added · Updated
FMA Circular 02/2017 on Criteria for Assessment of Knowledge and Competence of Investment Advisors
The Austrian Financial Market Authority (FMA) issued this circular to define the specific knowledge and competence criteria for investment advisors and persons providing information about investment products under Article 55 of the Securities Supervision Act 2018. The document mandates that relevant staff must possess detailed understanding of product characteristics, risks, costs, and market structures, with higher standards applied to those providing investment advice compared to those merely providing information. It further establishes additional qualification requirements, including a minimum of six months of relevant experience, a maximum two-year supervised period for unqualified staff, and an obligation for annual professional development of at least 15 hours.