Regulatory Alerts2018-09-11
FMA Circular 07/2018 on Organisational Requirements under the Securities Supervision Act 2018 and Delegated Regulation (EU) 2017/565
The Austrian Financial Market Authority (FMA) issued this circular to outline supervisory practices and legal interpretations regarding the organisational requirements for investment firms under the Securities Supervision Act 2018 and Delegated Regulation (EU) 2017/565. It mandates the establishment of independent compliance, risk management, and internal audit functions while detailing general organisational standards such as internal controls, IT security, and business continuity planning. The document further specifies the application of the principle of proportionality, allowing for simplified organisational structures based on the nature, scope, and complexity of a firm's business activities.
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