Banking Supervision in Austria

Bnking supervision in Austria

On 15 April 2019, the Austrian Minister of Finance published a draft law amending the strucutre of financial market supervision. You can find the legislative package HERE. It is open for consultation until 6 May 2019.

This step was already expected and follows a prior governmental announcemnet from November 2018 to reform the national banking supervisory system. You can find the announcement HERE (in German only).

This client briefing summarises the envisaged amendments to the Austrian banking supervisory system.

ECJ provides definition of "payment account"

payment account definition

On 4 October 2018, the European Court of Justice (ECJ) issued a very relevant decision for the payment industry. It provided a definition for the term "payment account". The ECJ decided under which circumstances an online savings account may not be regarded as a payment account and consequently, when PSD1 does not apply. We believe the judgement should be valid under PSD2, too. 

Here is a summary of the decision. The full text may be found here (C-191/17).