Austria: fintech & payments regulation

Who regulates

• Austrian Financial Market Authority (FMA)

  Primary supervisor for payment institutions, electronic money institutions, investment firms, banks, and insurance undertakings.

  ^{[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17]}

Core laws & rules

• Payment Services Act 2018 (ZaDiG 2018) (2018)

  Establishes the regulatory framework for payment service providers, mandating licensing, operational standards, and transparency for activities including payment initiation and account information services.

  ^[7]

• E-Money Act 2010 (2010)

  Regulates the issuance of electronic money and the establishment, operation, and supervision of electronic money institutions, including licensing by the FMA.

  ^[4]

• Banking Act (BWG) (Undated)

  Regulates credit and financial institutions, establishing comprehensive licensing requirements and mandating adherence to EU capital conservation and macro-prudential rules.

  ^[8]

• Investment Firms Act (WPFG) (Undated)

  Transposes EU Regulation 2019/2033 and establishes prudential supervision rules for investment firms, empowering the FMA to enforce capital requirements and internal governance.

  ^[5]

• Alternative Financing Act (AltFG) (Undated)

  Establishes a legal framework for public offerings of securities and investments exempt from prospectus requirements under specific monetary thresholds, imposing strict investor protection measures.

  ^[3]

Licensing & registration

• Payment Institution

  Authorization required for payment service providers under ZaDiG 2018, including payment initiation and account information services.

  ^[7]

• Electronic Money Institution

  Licensing required for the issuance of electronic money under the E-Money Act 2010, with specific audit and reporting obligations.

  ^[4]

• Credit Institution

  Comprehensive licensing required under the Banking Act (BWG) for credit and financial institutions.

  ^[8]

Restrictions & warnings

• Investors are subject to a EUR 5,000 annual investment limit for certain exempt offerings under the Alternative Financing Act (AltFG).

  ^[3]

• Insurance undertakings are prohibited from acting as tied agents for legal entities under the Insurance Supervision Act and Securities Supervision Act.

  ^[17]

• Regulatory notifications and submissions must be made exclusively via the FMA's electronic Incoming Platform.

  ^[9]

Direction of travel

• The FMA continues to standardize reporting and audit requirements, as seen in recent regulations on audit report annexes for payment and e-money institutions, indicating a focus on data standardization and supervisory efficiency.

  ^[1][2]

• Regulatory emphasis remains on consumer protection and transparency, with ongoing enforcement of fee transparency for consumer payment accounts and strict fraud reporting obligations.

  ^[10][12]

Sources

1. Regulation on the Annex to the Audit Report for Payment Institutions (ZAPV) · 2026-06-23
2. Regulation on the Annex to the Audit Report for Electronic Money Institutions · 2026-06-23
3. Alternative Financing Act (AltFG) · 2026-04-24
4. E-Money Act 2010 · 2026-04-24
5. Investment Firms Act (WPFG) · 2026-04-14
6. Insurance Supervision Act 2016 (VAG 2016) · 2026-04-09
7. Payment Services Act 2018 (ZaDiG 2018) · 2026-03-11
8. Austrian Banking Act (BWG) · 2026-03-11
9. FMA Regulation on Electronic Submission (FMA-IPV) · 2025-11-03
10. Consumer Payment Account Act (VZKG) · 2025-02-11
11. Austrian Building Society Act (Bausparkassengesetz - BSpG) · 2023-02-16
12. Payment Fraud Reporting Regulation (ZBMV) · 2022-11-09
13. Annexes to the Regulation on Qualifying Holdings 2016 · 2018-08-14
14. Regulation on Qualifying Holdings 2016 · 2018-08-14
15. FMA Circular 02/2017 on Criteria for Assessment of Knowledge and Competence of Investment Advisors · 2017-08-21
16. Federal Act enacting the Alternative Investment Fund Managers Act (AIFMG) · 2014-08-25
17. FMA Circular 02/2008 on Insurance Undertakings Acting as Tied Agents · 2008-06-27