Regulatory Alerts2016-07-15
Employee Categories and Verification Regulation
The Austrian Financial Market Authority mandates specific knowledge and skill categories for credit institution employees advising on or concluding mortgage and property loan agreements. The regulation requires institutions to classify staff according to the nature, scope, and complexity of their loan-based products and maintain up-to-date, demonstrable proof of vocational qualifications and experience. These verification requirements ensure adequate regulatory monitoring through internal guidelines, category-specific employee counts, and documented personnel records.
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