Marketing funds in Austria requires certain documents to be filed with the Financial Market Supervisory Authority (FMA) within certain periods; and there are few excuses for missing deadlines. The managing director of a fund management company was fined for having missed a filing deadline by ten days. He argued that it was disproportionate to monitor the mailing of the 18,000 documents of the fund management company; especially because this is generally a relatively fail-safe activity. The Federal Administrative Court (Bundesverwaltungsgericht) rejected this argument. It pointed out that everything that’s technically feasible must be undertaken. (W148 2000397-1)
Never too big to monitor
