Austria: Parliament Consults on Amendments to Financial Market Authority Act Introducing Regulatory Sandbox for Fintechs

On April 25, 2019, the Austrian parliament introduced for consultation a draft law titled “Federal Law amending the Financial Market Authority Act” (Bundesgesetz, mit dem das Finanzmarktaufsichtsbehördengesetz geändert wird), aiming to strengthen Austria’s position as a financial and innovation centre by introducing a regulatory sandbox for fintechs.

The proposed amendments, which have been drafted by the FinTech Advisory Council that was set up for this purpose in 2018, provide for the establishment of a regulatory sandbox for fintechs, which will assist new businesses in the fintech sector to keep themselves updated with all the prudential regulations and developments right from the start.  

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