FINIG aims at the uniform regulation of the licensing requirements for financial institutions. All asset managers should be subject to prudential supervision. The regulations on supervision are kept general in the FINIG and are thus intended to create a comparable supervisory regime for the supervised entities.
At present, the licensing requirements of the various financial service providers are regulated in various decrees. These provisions, which are already in force, will be transferred to the FINIG without any material changes. The licensing provisions of the various financial service providers are now contained in a single law.
Chapter 1: General Provisions (Art. 1-16 FINIG)
The first section of this chapter defines the subject matter, purpose and scope. The common provisions include, among other things, the location of the financial institution’s management, the guarantee of proper business activity and the ombudsman. The licensing requirements for financial institutions are also regulated in Chapter 1. Further licensing requirements for the specific financial institutions can be found in Chapter 2.
Chapter 2: Financial institutions (Art. 17-60 FINIG)
Chapter 2 is divided into 6 sections:
Chapter 3: Supervision (Art. 61-67 FINIG)
4. Chapter: Liability and penalties (Art. 68-71 FINIG)
5 Chapter: Final provisions (Art. 72-75 FINIG)