Regulatory Alerts2023-02-16
Austrian Federal Act on the Supervision and Operation of Building Societies (BSpG)
The Austrian Federal Act on the Supervision and Operation of Building Societies establishes the legal framework for credit institutions authorized to conduct building savings and loan business for housing, education, and care measures. It mandates strict operational requirements, including the maintenance of specific business plans, general conditions, and the earmarking of funds to ensure liquidity and protect customer interests. The legislation further defines licensing criteria, loan security standards, and risk management obligations to be enforced by the Financial Market Authority (FMA).
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