Regulatory Alerts2011-09-01
FMA Circular 04/2011 on the Suspension of Investment and Real Estate Funds
The Austrian Financial Market Authority issued Circular 04/2011 to establish supervisory guidelines for the temporary suspension of investment and real estate funds under the Investment Funds Act 2011. Management companies must demonstrate exceptional circumstances, such as market closures or valuation issues, and formally notify the FMA of both suspension and resumption while informing unit-holders through public announcements. Failure to comply with these notification and disclosure obligations constitutes an administrative offence, with specific exemptions granted for certain special funds that must still provide written or agreed-upon investor notice.
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