strengthening austria as a financial centre5ac67403-7827-483a... · trust in the financial market:...

Strengthening Austria as a Financial CentreInitiative for the Austrian Financial and Capital Market

Contents

Introduction 5

1 General Considerations 9

2 Initiative for the Austrian Financial and Capital Market 13

3 Ensuring Prosperity Together 15

4 Market Capitalisation and Investment Culture 21

5 Measures of the Initiative for the Austrian Financial and Capital Market 27

5.1 StrengtheningConfidenceintheFinancialandCapitalMarket 30

5.2 MakingtheEstablishmentofBusinessesandLong-TermInvestmentsinAustriaMoreAttractive 33

5.3 ImprovingtheEffectivenessoftheFinancialandCapitalMarket 35

5.4 ALevelPlayingFieldforFinancialandCapitalMarketParticipants 37

5.5 ImprovingTransparencyandReducingAdministrativeCosts 38

Glossary 43

5

Strengthening Austria as a Financial Centre

Growth,innovation,andfullemploymentarethemainobjectivesofAustria’seconomic

policyandbuilduponitsstability-orientedpolicies.Thegrowinginternationalisationof

theeconomyandthehighdegreeofintegrationwithintheEuropeanUnion(EU)require

theactiveparticipationofAustriainEuropeanandglobalinstitutionstotakeadvantage

ofopportunitiesandovercomechallenges.

TheinitiativefortheAustrianfinancialandcapitalmarketisinlinewithrelevantinternational

andnationaldiscussionsandcomprises27measuresundertheguidanceoftheFederal

MinistryofFinanceandinaccordancewiththeworkprogrammeoftheAustrianFederal

Government.Theywillhaveapositiveimpactoncompetitivenessandemploymentonthe

nationallevel.Thefocusisonstructural,sustainable,andeffectivemeasuresthatrespect

theharmonisedlegalframeworkoftheEU.

TheinitiativefortheAustrianfinancialandcapitalmarketcontributestosustainableeconom

icgrowthandthussecuresbusinessbranchesandjobsinAustria.Thestartingpointofthe

initiativewasananalysisofpotentialweaknessesintheAustrianfinancialandcapitalmarket.

Thisprocessresultedinmeasurestoboostthesupplyanddemandsides.

ThefollowingconsiderationsguidedtheapproachtodevelopingtheinitiativefortheAustrian

financialandcapitalmarket:

Well-functioning,stableconditions,effectiveincentives,andappropriatecontrols

arethebasisforagoodeconomicandinvestmentclimate.Examplesofsuchconditions

areastablepublichousehold,free,open,andcompetitivemarkets,highlegalcertainty,

functioningtradewithinAustriabutalsowithforeigncountries,functioningfinancial,

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capital,andlabourmarkets,effectiveandtransparentfiscalpolicies,high-quality

education,training,andresearchsystems,afunctioninginfrastructure,andan

effectivesocialandhealthcaresystem.

Publicservicesaredevelopedfurtherinaccordancewithcurrentconditionsand

lifestyles,reflectingtheneedsofindividualsandsociety.Thedemandofindividuals

andsocietyforpublicgoodsandservicesmustbeappropriatelymet.However,

theFederalMinistryofFinancemustalsocontributetoahighleveloflegalcertainty

throughtransparencyandensuretheprotectionoffundamentalrights.Financial

stabilityhastobesafeguardedinthefinancialandcapitalmarket.Controls,

appropriatestandards,andrestrictionshavetobalancepotentialweaknessesin

thesystemsothateffectiveeconomicactioncoexistswiththenecessaryprotection

ofdepositsandinvestments.Afurtherobjectiveistoenablemarketcompetition

toprovideawiderangeofgoodsandservicesthatarefairlypricedandmeet

consumerneeds.

Directmeasuresthatcontributetoachievingthesegoalscantaketheformoftarget

edfiscalandsemi-fiscalincentivesforentrepreneurialandindividualactivitiesthrough

informationandadvice.Structuralmeasurescanoftenbefarmoreeffectivethanfiscal

incentivesiftheyensurefurtherdevelopmentofthesystemandadequatestability.

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ThedevelopmentoftheinitiativefortheAustrianfinancialandcapitalmarkettookplace

inclosecooperationwiththedirectoratesgeneraloftheFederalMinistryofFinanceand

involvedstakeholderswithawidevarietyofapproachestotheAustrianfinancialandcapital

market.Withits27measures,theinitiativeprovidesabuildingblockforsustainablyimprov

ingtheeffectivenessandmanageabilityofthefinancialandcapitalmarket.

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Spotlight on the Initiative for the Austrian Financial and Capital Market

TheinitiativefortheAustrianfinancialandcapitalmarketfocusesonsafeguarding

Austriancompetitivenessandjobsandpursuestheseobjectivesthroughmeasures

thataffecttheAustriancapitalandfinancialmarketinaccordancewithinternational

andEUguidelines.The27measuresoftheinitiativeareintendedtoaffectthe

followingfiveareas:

Trust in the financial market: Strengthentheconfidenceofcompaniesand civilsocietyinAustriaasafinancialcentre.

Safeguarding Austrian competitiveness:MakeAustriamoreattractive forestablishingcompaniesandlong-terminvestments.Identifyandeliminate

obstaclestogrowthandemployment.

Increasing effectiveness: Improvethefunctioningofthecredit,money, andcapitalmarkets.

A level playing field: Ensurefairconditionsforfinancialand capitalmarketparticipants.

Better regulation: Improvetransparencyandreduceadministrativecosts.

Initiative for the Austrian Financial and Capital Market

9

1 General Considerations

Financialandcapitalmarketshelptoensurethatthe

economyefficientlyproducesthegoodsandservicesthat

societyneeds.Akeytaskoffinancialandcapitalmarkets

istostrikeabalancebetweenshort-terminvestment

intentionsandlong-termborrowingintentions,e.g.by

refinancinglong-termloanswithshort-termdeposits.

However,functioningfinancialandcapitalmarketsalso

enablereductionsinindividualandsocietalrisks.

Efficientfinancialandcapitalmarketsarecreatedthrough

theinteractionofcompanies,individuals,institutions,

andmarkets.Banksandinsurancecompaniesreducethe

riskfortheircustomersagainstpaymentofadepositor

insurancepremiumandmust,inturn,limittheirrisksin

suitableways.Capitalmarketsmatchsupplyanddemand

forsecurities.Theyprovideliquiditytocompaniesand

theyareusedformedium-andlong-termassetbuilding.

Thegreatimportanceoffinancialandcapitalmarketsto

societyissafeguardedbythestate:Throughthesuper

visionofbanks,insurancecompanies,andotherfinancial

marketparticipants,throughprovisionsthatensureproper

riskassessment,riskmanagement,andriskmitigation,as

wellasthroughtheprotectivefunctionofdepositguar-

anteeschemes.Thestateprovidesatightsafetynetto

maintainfinancialstability.

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Spotlight on the Banking Union

Withinthebankingunion,increasedintegration

ofEurozonememberstates(andnon-Eurozone

memberstates)occursinparticularthrough

auniform supervision and resolution frameworkanduniformapplicationofthesupervisoryframeworkforsignificantinstitutionsandtoa

lesserextentalsoforlesssignificantinstitutions.

Thebankingunionisintendedtoimprovefinancial stabilityandcreditor protectionandtoensureeffectivesupervisionofbanks.Anotherimportant

goalistheprotectionofpublicfinancesfromthe

financialdistressortheresolutionofbanks.

ThebankingunionhasitsfoundationinEU supervision and resolution lawandshallbefurtherstrengthened.

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Spotlight on the Capital Markets Union

TheEuropeanCommission(EC)wantstoeliminate

obstaclesintheinternalmarketandimplementan

integratedEUcapitalmarketby2019tostimulate

economicgrowthandcreatejobs.Launchedin2015,

theECprogramme“Capital Market Union” with 33 measuresisdesignedtoimprovetheliquidityandcapitalisationofcompanies,toprovideconsum

erswithaccesstoawiderangeoffinancialproducts,

andtoloweradministrativecosts.Austriasupports

theobjectivesoftheCapitalMarketUnionand

ensurestheeffectivenessofthemeasuresonthe

nationallevel.TheobjectivesoftheCapitalMarket

Unionareasfollows:

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Companieswillhaveaccesstoawidervariety

ofsuitablefinancingoptions,

individualsandinvestorswillhaveaccessto

furthersuitableinvestmentopportunities,

capitalmarketfinancingwillcomplement

traditionalbank-basedfinancing,

administrativecostswillbereduced,and

infrastructureprojectswillbeimplemented

withmorefavourableconditions.

Policyeffectivenessistightlycircumscribedinthe

financialsector,asthefinancialandcapitalmarketsare

closelyinterwovenonaglobalscaleandreactsensitively

tochangesinthemarketenvironment.Globalchallenges

canonlybeovercomebyinternationalsolutions.Mem

bershipintheEU,whichisinfluentialonaglobalscale,

givesAustriaagoodstartingposition,asAustriahasa

voice,accesstoinformation,andthepossibilityofactive

andeffectiveparticipation.Therefore,Austriadoesnot

solelyhavetoreacttodecisionsmadebyothers.

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2 Initiative for the Austrian Financial and Capital market

Functioning,efficient,andstablefinancialandcapital

marketsarethefoundationforafunctioningrealeconomy

andthusprosperityforsociety.Theyprovideimportant

functionsfortherealeconomybytakingontherisksof

companiesinexchangeforariskpremiumandreduc

ingthemthroughdiversificationandhedging.Astable,

safe,functioningfinancialandcapitalmarketistherefore

essentialforstableeconomicperformanceandenables

economicgrowth.

Aneffectivefinancialandcapitalmarketdeliversimpor

tantservicesforcompaniesandindividualsbyproviding

capitalandliquidityaswellasbydiversifyingandhedging

therisksabsorbed.Financialmarketparticipantsmatch

supplyanddemandforfundingandthusplayanimpor

tantroleinmediatingbetweenentrepreneurs,private

individuals,andinvestors.Hence,banks,insurance

companies,thestockmarket,andotherfinancialmarket

participantsfulfilimportanttasksinsafeguardingecono

micprosperityandjobsinAustria.

Guidelines of the Initiative for the Austrian Financial and Capital Market

Austriaasafinancialcentrecontributes

to sustainable economic growth. AustriaasafinancialcentrecontributestoAustria as a business locationthatisattractiveforcompanyfounders,entrepreneurs,andinvestors

andthusprotectsjobsinAustria.

Austriaasafinancialcentreenablesoptimal risk diversificationforallplayersinthefinancialandcapitalmarkets,whethertheyseekorprovide

equityorloans,andthuspromotesefficient capitalallocationforgrowth-intensive initiatives.

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3 Ensuring Prosperity Together

Thestateplaysanimportantrole,asitensureslong-term

goodandstableconditionsforeconomicactivityandprovi

desagoodeconomicandinvestmentclimate.Inaddition,

individuals,institutions,andcompaniesinteracttoensure

thatAustriapreservesitsprosperityanditsrobust,stable

economicperformanceinthemediumandlongterm.

Inadditiontothecentralstate,federalstates,and

municipalities,contributionscomeamongstothersfrom

universities,universitiesofappliedsciences,scientific

research,educationalinstitutions,authorities,agencies,

publicly-ownedcompanies,theFinancialMarketAuthority

andtheAustrianNationalBank,theAustrianTreasury,

theAustrianControlBank,andtheChamberofCommerce,

theChamberofLabour,theFederationofAustrianIndust

ries,andthetradeunions.Successultimatelydepends

oneffectivesupportfromindustries,businesses,and

civilsociety.

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Spotlight on the shareholding policy of the Federal Ministry of Finance

TheRepublicofAustriaholdssharesinanumber

ofcompanies,whicharemanagedbytherespective

ministries.Thecompaniesprovidespecialisedservices

forstateactors,fulfilgovernmentaltasksonbehalf

ofthefederalgovernmentorimplementinternation

alguidelines.TheFederalMinistryofFinanceholds

long-terminvestmentsinprivatelyorganisedcompa-

niesinitsassetbaseandisinthiscontextaninvestor

andactorinthecapitalmarketaswell.ViatheAustri

anStateandIndustrialHoldingLimited,theAustrian

taxpayersownshareswithatotalvalueof€5.82bn

incompanies,includinglistedones.

TheFederalMinistryofFinanceseesitselfasthe

guardianofthetaxpayers’assets.Theaimisthere

forethelong-termincreaseinthevalueofthe

portfoliointheinterestsofAustriaasabusinessand

researchlocationaswellasthecreationandpreser

vationofjobs.Withregardtothelistedcompanies,

anoptimalcontributionoftheinvestmentportfolio

tothefederalbudgetshallthereforebegeneratedin

closecoordinationwithAustrianStateandIndustrial

HoldingLimited’smanagement.

TheshareholdingpolicyoftheFederalMinistry

ofFinanceisbasedonthreeprinciples:

Legality

Transparency

Activeparticipation

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Thestate’sshareholdingpolicyaimstoseparatethe

interestsofthemanagementofstateshareholdings

andtheinterestsoftheenforcementoftherelevant

lawspertainingtothesecompanies(“legalunbun

dling”).Thispolicyavoidsconflictsofinterest.A

transparentinvestmentpolicyensuresalevelplaying

fieldforallcompaniesactiveonthemarket.

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Throughstrategicpartnershipswithsyndicate

partners,theactivestateshareholdingpolicy,taking

intoaccountpublicinterests,developsthelong-

termvalueandgrowthofthepublicstakesinthese

companies.TheFederalMinistryofFinanceconsiders

syndicatepartnersasstrategicpartnerswithhigh

addedvalue,astheysupportpubliclyheldcompanies

withessentialprofessionalknow-howintheircore

businessand,togetherwiththeAustrianStateand

IndustrialHoldingLimited,formastablecoreshare

holderbasethatisorientedtowardsthelongterm.

TheRepublicofAustriashallbeperceivedasafinan

cialcentrethatimplementsinternationalstandardsto

furtherencourageinvestments.

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Thefinancialandcapitalmarketshallcontributeto

sustainableeconomicgrowthinAustria.Thisshallto

ensurethatAustriaasabusinesslocationremains

attractiveforestablishingcompanies,businesses,and

investors,safeguardsexistingjobsinAustria,andcreates

newones.Thecentraltaskoffinancialandcapitalmarkets

istoensureoptimalriskdiversificationandefficient

capitalallocationforgrowth-intensiveinitiativesforall

playersonthefinancialandcapitalmarkets,regardless

ofwhethertheyseekorofferequityorloans.

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EU Responses to the Financial Crisis

Aresolution regime for banksthatallowsthebusinessoperationsofbankstobeterminatedin

aneconomical,orderlymannerandprovidesbet

terprotectionfordepositsandfinancialstability.

Bankownersandinvestorsshallbeobligedtobear

theburdenifnecessary.

Adeposit guarantee schemethatprotectscitizens’savingsanddepositsifnecessary.

Asupervisory systemthatensuresthatbanksbecomemorerobust,betterdetect,handle,and

mitigaterisks,andmanagecrisesontheirown.

Ahighlevelofconsumer protectionthatensuresthatconsumersareadequatelyprotectedand

properlyadvised.

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Transparency requirementstoprovide consumersandothermarketparticipantswith

thenecessaryinformation.

Requirementstoensurethatcapitalmarketsfulfiltheirtasksmoreeffectively.

Amacro-prudential set of rules todetectearlywarningsignsoffinancialcrisesandcounteract

theaccumulationofrisksfortheeconomy.

Improvednational and European cooperation

andstrongEuropeaninstitutionsthatsecurethe

fairdistributionofburdensandresponsibilities

amongMemberStates.


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Spotlight on E-Government Services for Entrepreneurs

Thesteadilygrowinge-governmentservicesofthe

FederalMinistryofFinancehelptoexploitsynergies,

increaseefficiency,andstrengthentheeconomy.The

FederalMinistryofFinanceisthereforedeveloping

modernandfuture-orientedITsolutionsforpublic

administration.Theaimistoprovidethebestpossible

servicetocitizensandcompanies.Moreandmore

administrativeproceduresareavailableonlineand

thussimple,fastandefficient.TheAustrianfinancial

administrationisalsoexpandingitsrangeofservices

forcompanies:

Withanonlineone-stop shop,theproceduralstepsforthefoundation of companieswillbesimplifiedandtherequiredtimeshortened.To

thisend,asafirststep,onlinecompanyfoundation

intheBusinessServicePortalwillbeavailablefor

one-personcompanies,processesbetweenauthor

itieswillbeoptimised,andtheonlinefoundationof

one-personlimitedliabilitycompanieswillsoonbe

possible.

Inthefuture,citizenswillbeabletocomplete

allpaper-basedproceduresbymeansofonline forms.

Inthefuture,companieswillbeabletosearch

tender noticesviatheBusiness Service Portal freeofchargeandthroughoutAustriaonthe

basisofspecificprocurementproceduredata.

Participationintenderswillalsobesimplified.

ByfurtherdevelopingtheFederal Digital Service Platform,thedigitalservicesavailable tocitizens,businesses,andadministrations

areavailableinauser-friendly,personalised,

regionalised,andstructuredform.

Asingleone-stop shopsolutionforreporting, publication, information, and notice obligationsofcompaniesshallbeimplementedtoavoidredundantinput.Deadlinesforreportingobliga-

tionswillbestandardisedanduniformformatsfor

notificationsimplemented.

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Theopeningupofdataandservices(open data)ofthepublicsectoraswellasfacilitatingfurther

useofthisdatabythirdpartiesincompliancewith

thelegalframeworkfortheprotectionofpersonal

datashallprovidemoretransparency.

Theexpansionofdigital deliveryisexpectedtoleadtoefficiencyimprovementsandsavings

andstrengthentherighttodigitalrelationswith

authorities.

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4 Market Capitalisation and Investment Culture

Austriaisranked19thoutof138inthe2017GlobalCom

petitivenessReportoftheWorldEconomicForum(WEF).

TheWEFthereforeratesAustria’scompetitivenessand

attractivenessasaplaceforbusinesshighly.However,

Austriamuststrivetomaintainitspositionandimprove

continuously.Switzerlandcomesoutontopoftheranking,

followedbySingaporeandtheUSA.TheNetherlands,Ger

many,andSwedenarethebestperformerswithintheEU.

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TheAustrianeconomyischaracterisedbyapredominantly

small-scalecorporatestructure:99%ofallcompaniesare

smallandmedium-sizedenterprises(SMEs),supplemented

bysomelargecorporations.

Market CapitalisationTheEuropeanstockmarketlandscapeischaracterisedby

manyindividualstockexchanges,withmostofthestock

marketcapitalisationconcentratedamongfivetosixmajor

financialcentres.Inrecentyears,however,thefragmen

tationofcapitalmarketsandthecompetitionbetween

operatorsofvarioustradingplatformshaveintensified.

Marketcapitalisationandliquidityonthecapitalmarkets

aretraditionallylowinAustriacomparedtotheEU;but

intermsofmanifestationandtrends,itiscomparableto

otherCentralEuropean’nicheplayers‘ofsmallermember

statesorregions.

MARKETCAPITALISATION

Source:WorldFederationofExchanges,InternationalMonetaryFund (Macrobond)

Comparedtonationaleconomicoutputintermsofgross

domesticproduct(GDP),Switzerlandhasthehighest

marketcapitalisationintheworld,followedbytheUnited

StatesandGreatBritain.Therelativemarketcapitalisation

ofAustriaisbelowthatofdirectlycomparablecountries

likeSweden,Finland,andDenmark.

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WithinEurope,theUKhasthehighestmarketcapitalisa

tion,followedbythepan-EuropeanEuronextexchange

(France,Netherlands,Portugal,andBelgium),Germany,

andSwitzerland.

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MARKETCAPITALISATION

Source:Macrobond

Investment CultureAlthoughAustriansavingsarehighoverall,consumers

aremorelikelytoinvestinsavingsproductsratherthan

inbondsorshares.Thekeyplayers,whoalsofinance

themselvesonthecapitalmarket,arethereforethestate,

state-ownedcompaniesaswellasbanksandinsurance

companies.Investmentcapitaloftencomesfromabroad.

Austriancompanies,bycontrast,mostlyfinancethem

selvesthroughretainedearnings,loans,andotherbank

ingproducts.Relevantstudies,however,pointtoalackof

privateventurecapital.

CREDITORS’STRUCTUREofAustrianbondsperissuer

Source:OeNBper2016

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ForeigncreditorsarethelargestgroupofAustrianbond

holdersforallsectors.Thisdistributionhastheadvantage

ofadiversifiedgroupofbuyers,butthedisadvantageof

increaseddependenceonexternalfactors.

CREDITGROWTH


Source:EuropeanCentralBank(Macrobond)

EuropeanCentralBank(ECB)dataconfirmthat

thegrowthofcredittonon-financialcompanies,

afterafewsignificantshort-termfluctuations,

hasbeenlowsinceearly2015.

NOACCESSTOCREDIT

Source:EuropeanCentralBank(Macrobond)

InasurveyconductedbytheECB,almost7.5%ofSMEs

recentlyreportedthataccesstocreditistheirmost

pressingproblem.Inrecentyears,stagnanttodeclining

investmentrateshavealsobeendiscernible,although

inAustriatheyremainwellaboveEuropeanreference

values.

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INVESTMENTPLANS

OFAUSTRIANCOMPANIES

Source:EC(InvestmentSurvey)

TheECregularlycollectsdatainallEUcountrieson

companies’investmentsandinvestmentplansforthe

nextyear.Thegraphshowstheinflation-adjusted

developmentforAustria.

GROSSCAPITALFORMATION

Source:EC(AMECO)

AccordingtoECestimates,investmentactivitywill

continuetoriseslightlyin2017andfurtherapproach

thepre-crisislevel.ForAustria,itassumesconstantand

proportionallysignificantlyhigherinvestmentactivity.

5 Measures of the Initiative for the Austrian Financial and Capital Market

TheinitiativefortheAustrianfinancialandcapitalmarket

includesmeasuresthatcontributeeffectivelytothelong

termfinancingoftheeconomyandtherebystrengthen

Austria’scompetitivenesswhileensuringfinancialstability.

Inanalysingtheinitiative’schallenges,thelowdemand

forcapitalmarketproductsbyprivatehouseholdswas

striking.Thedemandforassetdiversificationtocreate

alow-risk,sustainableassetportfolioseemstobeunder

developed.Allinall,creditprovisioninAustriacontinues

toworkwell.However,aneedtocatchupisparticularly

evidentintheareasofriskcapitalandequityfinancing.

Alternativefinancingplatformsareavailable,butthey

tendtoserveshort-term,project-relatedfinancingneeds.

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Supply-sideproblemsbecomeevidentwheretherisk

andtheinvestmentneedsarehigh(e.g.marketlaunch,

companyfounding,restructuring,corporatesuccession)

andequityandalternativeformsoffinancingandsolutions

arerequired.Structurally,thesubduedinvestmentactivity

appearstobedemand-inducedandlessconnectedto

supply-sidefactors.Thus,theinvestmentbehaviourmay

beattributabletoconfidenceandinvestmentlossesas

aconsequenceofthefinancialcrisis,torisk-averseinves

tors,andtothecomparativelylowleveloffinancialliteracy

inAustria.Themitigationofindividualrisksthrough

high-qualitypublicservicesalsoreducesincentivesto

buildupassetsandadequatelysecurethemthrough

diversification.

The27measurespresentedinthefollowingsection,

whichtheFederalMinistryofFinanceisimplementing

tostrengthentheAustrianfinancialandcapitalmarket,

contributeto

strengtheningconfidenceinthefinancialmarket

andAustria’seconomicattractiveness,

increasingtheeffectivenessofthefinancialand

capitalmarket,

providingalevelplayingfield,

increasingtransparency,and

reducingadministrativecosts.

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Overview of the 27 Measures of the Initiative for the Austrian Financial and Capital Market

1. Strengthening Confidence in the Financial and Capital Market

Nationalactionplanfor

financialeducation

Reliable,transparent,

standardised,privatepension

schemeproduct

Enhancingtheefficiency

offinancialmarketsupervision

Supervisionof

high-frequencytrading

Furtherimprovement

ofinvestorprotection

2. Making the Establishment of Companies and Long-Term Investments More Attractive

Attractingcompanies,international

andEUinstitutions

Fiscalincentivesforinvestments

inSMEs

Moreattractiveframework

conditionsforemployeeparticipation

foundations

Expansionoftherangeofinvestment

opportunitiesforprivatecustomers

Extendingthefinancingoptions

ofbanks

EnablingSMEgrowthmarkets

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3. Enhancing the Effectiveness of the Financial and Capital Market

Reducingtherequirements

ofprospectuslawforSMEs

Improvingaccessto

venturenetworks

Implementationofanattractive,

internationallyapplicable

coveredbondframework

Improvingthetradabilityof

high-qualitysecuritisationand

supervisionoftheirproviders

4. A Level Playing Field

Enablingde-listingson

regulatedmarkets

Eliminatingcompetitive

disadvantagesoftheVienna

StockExchange

Video-assistedelectronic

proceduresforcustomer

identification

Inclusionofpaymentinitiati-

onandaccountinformation

servicesprovidersintothelegal

frameworkforpaymentservices

Improvingtheproportionality

andeffectivenessof

administrativesanctions

5. Better Regulation

Participationstrategyfor

AustrianStateandIndustrial

HoldingLimited-heldinterests

incompaniesthatcompeteon

themarket

Guidelinesforthegranting

ofguaranteesbytheaws

Completelyonlineprocess

fortaxexemptiondeclarations

Centralregisterof

beneficialowners

CentralITplatformfor

publicationobligationsofcapital

market-orientedcompanies

Improvingtheproportionality

ofbankingsupervision

Integrated,standardised

reportingsystem


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5.1 Strengthening Confidence in the Financial and Capital Market

Austriaweatheredthe2007/08financialcrisis.Thecapital

andfinancialmarkethasseenmanychanges,throughthe

turmoilfollowingthefinancialcrisisontheonehandand

politicalresponsesaswellasmarketreactionstothecrisis

ontheother.Supervisionandresolutionauthoritieshave

gainedagreatnumberofcompetences;financialmarket

participantsareobligedtomoreeffectivelydetect,man

age,andhedgerisks.Investorsandothercreditorswill

havetoshoulderlossesincasesofdistressandresolution.

Endowedbythefinancialsector,theSingleResolution

Fundandnationaldepositguaranteefundsprovidea

safetynetthathelpstoavoidrecoursetonationalbudg

etsincaseofneed.Withitsstrongcentralinstitutions,

thebankingunionensuresharmonisedapplicationofthe

supervisionandresolutionframeworkwithintheEU.The

regulatedmarketandothermarketsforsecuritiesare

working.Banklendingremainedsubduedafterthefinan

cialcrisis,butitwasconstantlyavailable.Austriascores

wellininternationalbusinessrankingsandeconomic

indicatorsarepositive.

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Nevertheless,onlycautiousconfidenceinthefinancial

andcapitalmarketsandinfinancialandcapitalmarket

participantsisperceptible.Inaddition,privateindividuals

onlyrarelydemandmedium-tolong-terminvestmentand

hedgingstrategies.Thedemandforcapitalmarket-based

productsistepid.Inordertostrengthenconfidenceinthe

Austrianfinancialandcapitalmarketandintheinstitutions

activeonthesemarkets,andtohelpinvestorstobetter

hedgetheircapitalandindividualrisksthroughmedium-

andlong-terminvestmentandhedgingstrategies,several

measuresarebeingimplemented.

National Action Plan for Financial Education

Austrians’financialliteracywillbeimproved.Multiple

activitiesbyvariousactorsalreadycontributetoincreasing

financialliteracy.Inadditiontosomebanksandinsur

ancecompanies,theAustrianNationalBank,theAustrian

ControlBank,theViennaStockExchange,theChamber

ofLabour,thedebtcounsellingofficesandtheConsumer

InformationAssociationproviderelevantoffersandinfor

mation.Furthermore,aNationalActionPlanforFinancial

Educationinaccordancewithinternationalstandardsis

beingdrawnup.

TheNationalActionPlanforFinancialEducationwillenable

theidentificationandimplementationoffinancialeduca

tionobjectivesalongtheOECD/INFE(Organisationfor

EconomicCo-operationandDevelopment/International

NetworkonFinancialEducation)/High-LevelPrincipleson

NationalStrategiesforFinancialEducation.Asaresult,the

relevantactorsshallcooperatecloselytoimprovefinancial

educationinAustriaandsupportcitizens’financialliteracy.

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High-Quality Standards for Pension Schemes

Inaddition,privateprovisionandpensionschemeswillbe

reformed,takingintoaccountcurrentdeliberationsatEU

levelandrelevantresearch.Generalhigh-qualitystandards

willbedevelopedforasponsoredprivatepensionscheme

productandalabelfora“reliable,transparent,standard

ised,privatepensionschemeproduct”(STS-PVP).

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Theprivatepensionschemeproductisintendedto

contributetoold-agesupport,toimproveconfidencein

privatepensionschemeproducts,andtoprovideuniform

qualitystandardsforproductsandvendors.Asthere

arecurrentlysomeinitialconsiderationsatEUlevelon

commonprinciplesforpensionproducts(Pan-European

PersonalPensionProduct–PEPP),furtherdevelopments

atEUlevelneedtobemonitored.Whereappropriate,

theywillbetakenintoaccountwhenimplementingthe

STS-PVPtoensureharmonisedimplementationonthe

SingleMarketandtoallowSTS-PVPstobeofferedona

cross-borderbasis.

Enhancing the Efficiency of Financial Market Supervision

Enhancingtheefficiencyoffinancialmarketsupervisionby

takingintoaccountthenewframeworkconditionsofthe

SingleEuropeanSupervisoryandResolutionMechanisms

shallensurefinancialstabilityandstrengthenconfidence

intheproperfunctioningoftheFinancialMarketAuthor

ity.Thesupervisionoffinancialmarketparticipantswill

becomemoreefficientandcost-effective.Enhancingthe

efficiencyoffinancialmarketsupervisioninvolvesclose

cooperationwiththeFinancialMarketAuthority,the

AustrianNationalBankandtheAustrianFederalChancel

lery.Financialmarketsupervisorswillcontinuetobefree

ofinstructionsandindependentinthedischargeoftheir

duties.Theobjectiveistoavoidunnecessarybureaucracy

andtoincreasethetransparencyofsupervisoryactionfor

Parliamentandthepublic.

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Supervision of

High-Frequency Trading

Moderntechnologiesinthefinancialservicessector

(FinTech,InsurTech)canhavefar-reachingconsequenc

esforbanks,butalsoenablenovelsolutionsandmore

cost-effectiveoffersclosertocustomerneeds.Inorder

tomitigateanynegativeimpactsandtoensureconsumer

protectionaccordingly,variousmeasureswillbeimple

menteduniformlythroughouttheEU.

Investmentfirmsthatengageinalgorithmictrading

shouldhaveeffectivesystemsandriskcontrolsinplaceto

provetheresilienceoftheirtradingsystems.Inaddition,

high-frequencytradingisdefinedandsupervisedasa

formofalgorithmictradingtopreventdisruptiontothe

functioningofthemarkets.Extendedrequirementson

existingmultilateraltradingfacilities(MTFs)willclose

supervisorygapsintheregulationoftradingvenues,the

regulationofdataprovisionserviceswillincreasetranspar

ency,andtheintroductionofpositionlimitsandposition

controlswillreduceoperationalrisksinthecaseofcom

modityderivatives.

Improvement of Investor Protection

Inaddition,thereisfurtherimprovementininvestorpro

tection.Ontheonehand,theorganisationalrequirements

forinvestmentfirmsandinvestmentservicesproviders

willbeadapted,whileontheotherhand,thecodesof

conductapplicabletocreditinstitutions,investmentfirms,

andinvestmentservicesproviderswillbecomemore

stringent.Therewillbegreatertransparencyandinforma

tionrequirements,andbettermonitoringandintervention

powersofthesupervisoryauthorities,amongothersthe

possibilityofproductmonitoringandproductbans.In

addition,greatertransparencywillbeensuredbyextend

ingnumberoffinancialinstrumentsaffectedbypublication

obligationsaswellasbystandardisationandtighteningof

thepossibilitiesforsanctionsinaccordancewiththescope

foreseenbyEUlaw.

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5.2 Making the Establishment of Businesses and Long-Term Investments in Austria More Attractive

Austriagenerallyscoreswellininternationalbusiness

rankings.However,itisimportanttotakefurther

measurestosecureexistingadvantagesforAustriaas

abusinesslocationandtousepotentialsforfurther

improvement.Ultimately,thesemeasureswillalsoremove

potentialobstaclestogrowthandemployment.

Attracting Companies and Institutions

Companies,internationalandEUagenciesandinstitutions

contributetoinvestmentandjobcreation.Austriawill

thereforecontinuetomarketitselfactivelyasalocation

forcompaniesaswellasinternationalandEUauthorities

andagencies.Inadditiontothecompaniesthemselves,

manyinstitutionsandorganisationsarealreadycontribut

ingtothecreationandmaintenanceofbusinesslocations

inAustria,inparticularthefederalstateswiththeirre

gionaleconomicagencies,theAustrianEconomicCham

berwithforeigntradeoffices,theFederationofAustrian

Industriesaswellasfederalandregionalpolicymakers.As

aresult,Austria’sadvantagesasabusinesslocationwill

continuetobeactivelypromoted,andincooperationwith

relevantinstitutions,effectivestrategiesforestablishing

businesslocationswillbeimplemented.

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Fiscal Incentives for Investments in MiFiGs

TaxincentivesforinvestmentsinSMEfundingcompanies

stimulatetheprovisionofriskcapital(privateequity,PE,

andventurecapital,VC)andcontributetoanincreasein

riskandequitycapitalforcompanies.Ultimately,these

measureswillinvigorateinvestmentinAustriancompanies

andgenerategrowth.However,thisriskcapitalmeas

urestillrequirestheapprovaloftheECunderstateaid

provisionsandcanthereforeonlyenterintoforceafter

theOfficialJournaloftheEUhaspublishedthestateaid

decision.

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Promotion of Employee Participation

Employeeparticipationfoundationswillbecomemore

attractiveandgrantmoreflexibleconditions,thereby

boostingcompetitivenessandsafeguardingbusinesses

andjobs.Alreadyexistingemployeeparticipationfoun-

dationswillbeplacedunderthenewregime.Thefunda

mentalobjectiveofsuchfoundationsisthecreationof

astablecoreofshareholdersaswellasincreasedparti

cipationofemployeesinthecompany’ssuccess.

Investment Opportunities for Private Customers

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Inordertobeabletoimplementeconomicallyviable

medium-andlong-terminvestmentstrategiesandto

expandtherangeofventurecapital,privateinvestorswill

nowalsohaveappropriateinvestmentopportunities.

Inaddition,itwillalsobepossibleforprivatecustomers

toacquiresharesinSMEfundingcompaniesandalter

nativeinvestmentfundsinthecontextofpromotingthe

financingofSMEs.

Financing Possibilities of Banks

ThelevyonAustrianbasedbankshasbeenreduced.

Thismeasurestrengthensthebanks’equitybase,

extendslendingcapacities,andeliminatescompetitive

disadvantagesvis-à-visbanksfromotherMemberStates.

Ultimately,thiscreatesleewayforexpandingthefunding

activitiesofbankstofinancetheeconomy.

Enabling SME Growth Markets

AlegalamendmenttotheAustrianStockExchangeAct

enablesmultilateraltradingfacilitiestoapplyforregistra

tionasSMEgrowthmarkets.Thiswillfacilitateaccessto

financialresourcesforSMEsinalessstringentregulatory

environmentcomparedtoofficialtrading.

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5.3 Improving the Effectiveness of the Financial and Capital Market

Thefunctioningofthecredit,money,andcapitalmarkets

fordepositorsandinvestorsisvitalforfinancialstability

andmarketefficiency.Overthelastfewyears,many

nationalandEUinitiativeshavesoughtimprovements.

Inparticular,theEU’sFinancialServicesActionPlanwith

its33initiatives(includingBaselII,SolvencyII,MiFID/

MiFIR),theEU’sregulatoryresponsestothefinancial

crisis(includingBaselIII,bankresolution,adjustmentsto

SolvencyII,reformofdepositguaranteeschemes),and

thebankingunionhavemadepositivecontributions.The

reformswilltakesomeyearstobecomefullyeffective.

Borrowersandinvestorsmusthaveaccesstotheinforma

tionthatisnecessarytotakethefinancingandinvest-

mentdecisionsbestsuitedtotheirownneedsunderbusi

ness-specificconditionsandaccordingtotheirownrisk

appetite.Capitalandfinancialmarketsmustbeaccessible

andsufficientlyliquid;awarenessabouttheconsequences

ofbusinessdecisionsmusteitherexistorbesufficiently

available.Entrepreneurs,butalsocapitalandfinancial

marketparticipants,needabusinessenvironmentthat

allowsthemtoidentifyandusethemostappropriate

financialinstruments.

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Creating a Prospectus Format for SMEs

ThecreationofaspecialprospectusformatforSMEsin

prospectuslawwillfacilitateaccesstothecapitalmarket

forSMEs.Theresultingreductionintherequirementsof

prospectuslawdecreasesadministrativeoverheadsand

facilitatesaccesstothecapitalmarketforSMEs.

Access to Venture Networks

Accesstoventurenetworkswillbeimprovedinlinewith

internationalexamples.Venturenetworksareplatforms

thatmatchsupplyanddemandforprivateequityand

venturecapital.Thismeasuremakestherangeoffinancial

36

instrumentsvisibleandimprovespre-marketliquidity.In

addition,suchnetworksprovideinformationonalternative

pre-marketfinancingoptions,butalsoaboutthepossibility

ofinitialpublicoffers,andenablethetransferofexpertise.

Theaccessofcompaniestoaventurenetworkshallbe

implementedeithernationallybyasuitableproviderorat

EUlevel.

Modernisation of the national covered bond framework

Anattractive,internationallyapplicablecoveredbondlaw

willreplacethecurrentAustrianone,whichisfragment

edintoanumberofdifferentlegalbasesandpartially

linguisticallyandsubstantiallyobsolete.Thiswillmakethis

importantfinancinginstrumentmoreattractiveforprivate

andinstitutionalinvestors,reduceadministrativeburdens,

andincreaselegalcertainty.However,thecoveredbond

willcontinuetobeanon-complex,low-riskinvestment

productthatmeetsconservativeinvestmentneeds.

Asthedevelopmentofcommonstandardson’covered

bonds‘iscurrentlybeingcontemplatedatEUlevel,some

EUrequirementsmayneedtobeintegrated.

Tradability of High-Quality Securitisations

Inordertoreducethetradabilityofhigh-risksecuritisa

tions(e.g.re-securitisations),veryrestrictiverequirements

wereimplementedintheEUafewyearsago.However,

thesechangesalsohadanegativeimpactonthetradabil

ityofhigh-qualitysecuritisations.High-qualitysecuritisa

tions(so-called“STSsecuritisations”)shallbecometrad

ableacrosstheEUagain.Inadditiontoduediligenceand

transparencyobligations,recognitionrequirements(safety,

transparencyandstandardisation)areenshrinedinEUlaw.

Tosupportthis,measureswillbeadoptedatnationallevel

toensuresupervisionofsuchproductsandthecompetent

supervisoryauthoritywillbedetermined.

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5.4 A level playing field for Financial and Capital Market Participants

Alevelplayingfieldisnecessaryforcompaniesactiveinthe

financialandcapitalmarket.Theenvironmentformarket

participantshastoprovidetherightincentivesfordifferenti

ationanddiversificationinordertoprovideacorresponding

rangeoffinancingoptionsundermarketconditions.

Delisting on Regulated Markets

Newdelistingrulesforregulatedmarketswillenable

companiestowithdrawinaflexible,orderlymanner

fromtheViennaStockExchange,eliminatecompetitive

disadvantagesoftheViennaStockExchange,encourage

incentivesforlistingontheViennaStockExchange,and

improvetransparencyandlegalcertaintyforcompanies.

Strengthening the Vienna Stock Exchange

Toavoidadministrativecostsandcompetitivedisadvan

tagesoftheViennaStockExchangecomparedwithother

stockexchanges,admissionwillexpandinthefuture.

Personsactingonbehalfofexchangemembersbasedon

adifferentlegalrelationship,butwhoaresubjecttothe

instructionsoftheexchangememberandforwhomthe

exchangememberisliableinthesamewayasforhis/

heremployees,willbeadmittedassettlement-authorised

persons.

Online Identification of Customers

Toavoidcompetitivedisadvantagescomparedwithfinan

cialmarketparticipantsfromotherEUMemberStatesand

toreduceadministrativecosts,itisnowalsopossibleto

identifycustomersviavideo-basedelectronicprocedures

(onlineidentification).

Fair Competition among Payment Service Providers

Innovativepaymentinstrumentsandservices,theso-cal

led“paymentinitiationandaccountinformationservices

providers”willbeincludedinthelegalframeworkforpay

mentservicesinthecontextofimplementingtheEUPay

mentServicesDirective(PSDII).Aclearlegalframework,

whichalsoprotectsconsumersappropriately,contributes

toafaircompetitiveenvironment,withtechnologicalinno

vationsbeingallowed.

Proportionality and Effectiveness of Administrative Criminal Law

Austriahastoputinplaceeffectivemeasuresandsanc

tionsforactualandpossiblebreachesofthelaw.Howe

ver,theproportionalityandeffectivenessoftheadminis

trativesanctions–alsobycomparisonwithotherlegal

instruments–willbeimproved.

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5.5 Improving Transparency and Reducing Administrative Costs

TheAustrianadministrationisamongthemostmodernin

Europe.Internationalcomparisonandnumerousawards

provideaverypositivetestimony.Currenttrendsandsoci

etalchangesrequireadequate,timelyresponsesfromthe

publicadministrationaswell.ThequestionofhowAustria

anditspublicservice,incooperationwithitsnational

andinternationalstakeholders,aregoingtomeetthese

challengesinviewofdecliningresourceswillcrucially

influencetheroleourcountryisgoingtoplayinthefuture

globalcompetition.Onlyifthepublicserviceexertsitsrole

asadriverofinnovationinanactiveandcreativewaycan

itsustainqualityoflife,qualityofthebusinesslocation,

competitivenessandprosperityinAustriaandEurope.

Thepublicservicemustactinanappropriatelytranspar

entmannerandprovidehigh-qualityservicestothepublic.

Inthiscontext,thetechnicalpossibilitiesofe-government

areparticularlyimportant.Proportionalityisalsoofgreat

importance.

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State Shareholding Strategy

Thereorientationthroughthe2015AustrianStateandIn

dustrialHoldingLimitedActsetthestageforfurtheraction

inthebestinterestofthetaxpayersandthustocontribute

tosafeguardingAustriancompetitiveness.TheAustrian

StateandIndustrialHoldingLimitedpursuesanactivestate

shareholdingpolicy,whichislaiddownintheinvestment

guidelinesoftheFederalMinistryofFinanceforstakesheld

closetothemarketbytheAustrianStateandIndustrial

HoldingLimited.Thisinvestmentguidelinespecifiesthe

basicstrategicorientationoftheAustrianStateandIndus

trialHoldingLimited’sholdingpolicy,equitymanagement,

andcontrollingbasedontheAustrianStateandIndustrial

HoldingLimitedAct2015,theGovernmentAgreement,the

OECDGuidelinesonCorporateGovernanceofState-Owned

EnterprisesaswellastherecommendationsoftheCourtof

Auditors.

TheinvestmentguidelineoftheFederalMinistryofFinance

isbasedonthreeprinciples:legality,transparency,andan

39

activeshareholdingpolicy,thusensuringthattheFederal

MinistryofFinance,asaprinciples-basedguardian,trans

parentlyrepresentstheowners’interestsinpublicshare

holdingstotheadvantageofthetaxpayerasshareholder.

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Granting of Guarantees by the aws

Thefederalgovernmentsupportsentrepreneurialactivities

througharangeofmeasures.Guaranteesbytheawswith

federalcounter-guaranteesconstituteaspecialinstrument.

Theypromoteinvestmentbyprovidingaccesstofavourable

financingoptionsbymeansofrisktransfer,thusallow

ingimplementationofhigher-riskprojectsaswell,which

contributetothesustainableandlong-termstrengthening

oftheAustrianeconomy.Inaddition,theFederalMinistryof

Financewillsetupguidelinesforthegrantingofguarantees

byaws.Theyarepublicallyavailableontheawswebsite

andarethereforeaccessibletoallinterestedparties.

Online Tax Exemption Declaration

Forataxexemptiondeclaration,therecipientnotifiesthe

withholdingagentinwriting,withproofofhis/heridentity,

thatcapitalincomeistobereportedasoperatingincome

ofadomesticorforeignenterprise,withtheexceptionof

apublicserviceundertaking.Therefore,nocapitalreturns

taxshallbedeductedfromthewithholdingagent.The

declaration,whichistobeforwardedtothetaxoffice,

isgoingtobecarriedoutonlineinthemediumterm.In

theareaoftheexemptiondeclaration(incometaxlaw),

acompletelyonlinecustomer–bank–taxofficeprocess

willthereforebeestablished.

Register of Beneficial Owners

Acentralregisterofbeneficialownersthatservesto

preventmoneylaunderingisunderimplementationat

nationallevel.Itwillfacilitatetheidentificationandverifi

cationofthebeneficialownersofcustomersofcompanies

thataresubjecttospecialduediligenceobligationsfor

thepreventionofmoneylaunderingandterroristfinanc

ing.Thisreducesadministrativecostsforthesecompanies

andimprovesanti-moneylaunderingprevention.

IT-Platform for Publishing Obligations

Thepublicationobligationsofcapitalmarket-oriented

companiesareoptimisedaccordingtothecurrentread

ing,usage,andinformationneedsoftheaudience.The

prerequisiteforthisis,inparticular,theestablishmentof

acentral,IT-based,easilyaccessibleinformationplatform,

onwhichtheinformationthatcapitalmarket-oriented

companiesmustpublishisfullyaccessible.

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Proportionality in Supervisory Law

Inprinciple,supervisorylawisproportionate,because

therearemanyregulationsthatfacilitateandsimplify

proceduresforsmallandmedium-sizedbanksandgroups

ofsmallerandmedium-sizedbanks.However,further

improvementsareneededatEUandnationallevelto

betteradapttheregulatoryframeworktothesizeand

complexityoffinancialmarketparticipantswhilemain

tainingahighdegreeoffinancialstability,andtopermit

amorestraightforwardlegalframeworkandeasingof

administrativerequirements.Atnationallevel,therefore,

changesarebeingimplementedthatwillliftsomemanda

toryorganisationalrequirementsforabalancesheettotal

aslowas€1bn.Theserequirementswillonlybecome

mandatoryforamuchhigherbalancesheettotal,taking

intoaccountcomplexitycriteria.

Standardised Reporting

Regulatoryreportingprovidesvaluableinformation,but

sometimesalsocausesunnecessarycosts.AtEurope

anlevel,therefore,theestablishmentofanintegrated,

standardisedreportingsystemandtheexchangeof

informationbetweencompetentauthorities(supervision,

resolution,depositguaranteeschemes)intherespective

areasofresponsibilitywillbecrucial.Atnationallevel,the

furtherdevelopmentofsystemsalreadyimplementedis

important.

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Glossary

aws

AustrianEconomicService

Basel II/III GuidelinesoftheBaselCommitteeonBankingSupervisionimplemented

inaninternationallyuniformmannerforhighlydevelopedfinancialmarkets

EC EuropeanCommission

EU EuropeanUnion

FinTech Moderntechnologiesinthefieldoffinancialservices

GDP GrossDomesticProduct

INFE InternationalNetworkonFinancialEducation

InsurTech Moderntechnologiesinthefieldofinsuranceservices

MiFID I/II MarketsinFinancialInstrumentsDirective

MIFIR MarketsinFinancialInstrumentsRegulation

MTF

Multilateraltradingfacility

OECD OrganisationforEconomicCo-operationandDevelopment

OTF

OrganisedTradingFacility

PE PrivateEquity

PEPP Pan-EuropeanPersonalPensionProduct

PSD II DirectiveonPaymentServices

SME Smallandmedium-sizedenterprises

Solvency II

FrameworkDirectiveforInsuranceandReinsuranceUndertakings

STS-PVP Reliable,transparent,standardised,PrivatePensionSchemeProduct

VC VentureCapital

WEF WorldEconomicForum

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ImprintIssuer,owner,andpublisher:FederalMinistryofFinance, PublicRelations,Communication&Protocol,Johannesgasse5,A-1010ViennaResponsiblefortheinformationcontainedherein:FederalMinistryofFinance,SectionIIIPhotos:colourbox,iStockphotoPrintedby:PrintingShopoftheFederalMinistryofFinanceVienna,October2017

Printedinaccordancewiththedirective“PrintedProducts”oftheAustrianecolabel,PrintingShopoftheFederalMinistryofFinance,UW№836

Furtherinformationcanbefoundalsoat www.facebook.com/finanzministerium

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http://www.facebook.com/finanzministerium

http://www.bmf.gv.at

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