2  BIS Review 19/2009  •  In addition, the Austrian Financial Market Authority (FMA) passed a decree prohibiting the short-selling of the stocks of insurance companies and banks listed on the Austrian Stock Exchange, for a period of 3 months until the end of January 2009 (which can be prolonged if deemed necessary).
•  All these measures, adopted in a swift and comprehensive way, will contribute to reestablishing confidence in the Austrian financial market and securing financial stability. Development of the European supervisory framework •  The current financial crisis has revealed certain weaknesses in the EU’s supervisory framework, which is still fragmented nationally despite increasing financial integration and cross-border activities of financial institutions.