The federal government has decided to reform the supervision of banks in a ministerial council on 21.11.2018. The supervision of banks will be almost completely under the competence of the Financial Market Authority (FMA). The competences of the Austrian National bank (OeNB) in this area will be shifted to the FMA. The Office for the Supervision of Audits (OePR) at the OeNB will continue to supervise the audit of balance sheets of capital market-oriented companies. Also, the FMA will hand over balance sheets compliance enforcement to the Authority responsible for the supervision of auditors (APAB). APAB was previously only responsible for the supervision of the auditors. By the middle of 2019 the reform will be legalized; by the end of 2019 organizational changes will be implemented.
26. November 2018