Regulatory Alerts2018-10-29
FMA Circular 08/2018: Internal Control Mechanisms for Portfolio Management Reporting Obligations under WAG 2018
The Austrian Financial Market Authority issued Circular 08/2018 to establish specific internal control requirements for financial entities providing portfolio management services under the Securities Supervision Act 2018. The document mandates that firms implement robust systems and procedures to ensure the accuracy, completeness, and auditability of periodic client reports covering portfolio contents, valuation, fees, performance benchmarks, and corporate actions. These controls must be proportionate to the firm's business complexity and are designed to enhance investor protection by guaranteeing that reporting obligations transposed from MiFID II are consistently and correctly fulfilled.
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