Since April 1st, 2002, the Financial Market Authority performs banking, securities, insurance and pension fund supervision. The Financial Market Authority is autonomous. It operates independently and is not bound by any instructions. The restructuring was aimed at establishing a high-quality, effective and at the same time cost-efficient supervisory regime.
Given the Oesterreichische Nationalbank’s far-reaching operational integration in banking and financial market supervision, the Austrian central bank can fulfill its manifold macroprudential tasks also within the Eurosystem and can thus contribute to safeguarding financial stability. The close involvement of central banks in the supervisory process has various advantages.