Prevention

Compliance advisory services: Austrian Financial Market Authority

In March 2020, the Austrian Financial Market Authority (FMA) and the Austrian Federal Bureau of Anti-Corruption (BAK) signed an agreement on the provision of compliance advisory services.

In accordance with its legal mandate, the BAK advises public administration units on the development and implementation of corruption prevention and compliance management systems as well as on individual measures of corruption prevention and integrity promotion.

The FMA is an independent, autonomous and integrated supervisory authority for the Austrian financial market, established as an institution under public law. In particular, the FMA is responsible for the supervision of credit institutions, insurance undertakings, pension funds, staff provision funds, investment funds, investment service providers, companies listed on the stock exchange, and stock exchanges themselves. As part of the agreement, compliance advisory services will be provided to the FMA over a period of six months to further develop the existing compliance management system.

This will include the analysis of existing measures and activities in the areas of compliance, corruption prevention and integrity promotion, as well as the exploration of key topics in the form of workshops and interactive presentations. Subsequently, the BAK’s advisory team will work together with the FMA to develop recommendations for enhancing its compliance management system, as well as individual measures to increase the efficiency of compliance-relevant processes and procedures.

This advisory agreement is intended to strengthen the FMA's compliance and anti-corruption culture and facilitate the further development of its existing compliance management system.