Regulatory Alerts2023-01-20
Federal Act on Deposit Guarantee Schemes and Investor Compensation (ESAEG)
The Austrian Federal Act on Deposit Guarantee Schemes and Investor Compensation (ESAEG) establishes the legal framework for deposit guarantee schemes and investor compensation funds within Austrian credit institutions. It mandates the Austrian Financial Market Authority (FMA) to supervise these schemes, ensuring they maintain adequate financial resources, organizational structures, and risk management procedures to reimburse eligible depositors and investors. The Act further regulates the funding mechanisms, cross-border cooperation, and information requirements necessary to protect financial stability and depositor rights across the European Union.
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