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Many translated example sentences containing “Kapitalmarktgesetz” – English- German dictionary österreichischen Kapitalmarktgesetz erstellten Prospekts [. Angebot über Wertpapiere oder Veranlagungen im Rahmen der Ausnahme zur Prospektpflicht gemäß § 3 Abs. 1 Z 10 des Kapitalmarktgesetzes – KMG, BGBl. Results 1 – 7 of 7 Kapitalmarktgesetz, Kommentar (f. Österreich). Zivny, Thomas. ISBN / ISBN New. Quantity Available: 1.

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Consultations with Advisers The Basics: Such supplements must be prepared by the issuer when important new facts occur or original inaccuracies are discovered between the approval of the prospectus and the final closure of the public offering or, if it occurs later, the opening of trading on a regulated market. The Alternative Financing Act Show content for: The issue of the obligation to publish a prospectus is in any case a central one for crowd investing projects.

Since an AltFG platform is also allowed to be operated by investment service providers under WAGin such cases, the FMA is responsible for supervision in accordance with the rules existing under securities supervision law. It is the issuer who is liable for the correctness of the information provided in the prospectus.

: Alternativfinanzierungsgesetz u.a. – beschlossene Neuerungen

Classic P2P credit intermediation activities are therefore only implementable in Austria with considerable difficulty. OK Refuse Cookies Read more. Depending on whether the offering is in the form of a security or an investment, the prospectus must either be formally approved by the FMA, or a copy of the prospectus submitted to the FMA. These statements refers only to securities prospectuses; the FMA is not able to advise about the estimated costs for investment prospectuses as well as the legal advice that may be necessary in certain circumstances.

The thresholds for kapitlamarktgesetz issuances pursuant to Article 3 para 1 AltFG and the investment thresholds for investors pursuant to Article 3a AltFG must be observed.


By continuing to use this website you are giving consent to cookies being used. In the case of projects, in which the company receives the funds and reinvests them in other companies, rather than being operational themselves, the Alternative Investment Fund Managers Act AIFMG frequently applies.

Licensing Is a prospectus needed? Lapitalmarktgesetz information and due diligence obligations, rules for the prevention of money laundering and conflicts of interest apply for them. Either the Internet platform or specialists including i. A public offering of an investment requiring the publication of a prospectus a security kapitalmarkrgesetz an investment triggers the requirement to kapitalmwrktgesetz a prospectus, unless one of the exemptions stipulated in Article 3 KMG applies for example offers to fewer than investors or below a volume of EUR 2 million within the scope of application of the AltFG.

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Home Capital Markets Prospectuses. Smaller issuances require neither of these. What you have to observe as a provider under supervisory law. OK Refuse Cookies Read more. It depends heavily on the type of funding whether or not the FMA has competences in this regard.

Since crowd investing covers a broad range of business models and involved parties, detailed information on crowd funding models and alternative financing addresses the issues of licencing requirements and the requirements of a prospectus are addressed in greater detail. In order to be valid, a securities prospectus must be approved by the FMA and published in a legally valid form.

In the case of crowd investing the requirement of a licence is on the one hand dependent on the type of the investment and on the other hand dependent on the type of platform activity. Investment Products The Basics: Investment Products The Basics: Use the FinTech Point of Contact sterreuch do so. Cookies help kapotalmarktgesetz providing our content and services.

Similarly, supplements to previously approved securities prospectuses also require approval kapitalmrktgesetz the FMA. The Prospectus Regulation enters into force on the twentieth day following its publication in the Official Journal of the European Union, in this case on 20 Julyand shall by and large be applicable by 21 July Furthermore, it should always be remembered that the public offering of certain types of investments securities and investments pursuant to the Capital Market Act KMG; Kapitalmarktgesetz require a prospectus to be issued.

The duration of a prospectus approval procedure may usually take about weeks from initial submission; the duration, however, depends strongly on stegreich quality of the submission and the complexity of the material contained therein. Explain your business model to us in detail and receive information about issues in relation to supervisory law! For the entities alternative play a role not only in being able to organise their raising of capital in a more independent way via setrreich media, but also in being able to be closer to their future customers and business partners.


The issue of the obligation to produce a prospectus is exceptionally relevant in relation to crowd investing. Furthermore the AltFG also contains obligations for platforms through with transferable securities or investments in accordance with the AltFG are traded in particular crowd investing platforms. In line with the legal provisions contained in the Austrian Capital Market Kaoitalmarktgesetz KMG; Kapitalmarktgesetzthe Financial Market Authority checks these securities prospectuses for completeness, coherence and comprehensibility.

Since crowd investments frequently cover small or medium volumes, the exception provision contained in Article 3 para. It is material whether you wish to operate a donation-based donation or reward-based platform or a crowd investing platform. This also applies to offerings on webpages.

Operating on a commercial basis is already deemed to exist, if there is the intention to create income on a recurring basis. Licensing Is kapitwlmarktgesetz prospectus needed? Home FinTech Navigator Crowd financing. Both the platform as well as kapitzlmarktgesetz project then are providing an activity that requires a licence. Consultations with Advisers The Basics: Lapitalmarktgesetz continuing to use this website you are giving consent to cookies being used.

The system is intended to support national supervisory authorities to comply with the obligation that has existed since the start ofnamely to distribute the Kapitalmarktgeserz Terms to the competent authorities in host Member States countries where the prospectus has been notified. Further information can be found here. Platforms that broker transferable securities e.

More and more start-ups and innovative projects are opting for alternative forms of financing. Cross-sectoral topics FinTech Navigator Show subpages of: FinTech Navigator Read me first! If the offer of securities does not exceed a total value of EUR 5 million within twelve months, a simplified prospectus in accordance with Schedule F of the KMG may be drawn up. Crowd investments may be issued under the AltFG, if they are transferable securities or investments e. Crowd investors are usually not required to hold a licence, with one significant exception: