The financial market has been characterized by rapid change and fluidity impacting both national and international legislation, but also in the scope of regulatory supervision and the nature of business itself.
The relevant regulatory framework is derived from measures on a EU-level, for example new capital requirements for credit institutions – Basle III/ CRR/ CRD IV and new regulations for the business of hedgefund managers – AIFMD as well as from guidelines of the European Supervisory Authorities(e.g. EBA, ESMA). On a national level this is evident from developments in the Austrian Banking Act, the Securities Supervision Act and the Investment Funds Act as well as in the work of the Austrian supervisory authorities such as the Financial Market Authority (FMA) and the Austrian National Bank (OeNB).
These changes present new challenges but also provide for new and exciting opportunities for those who truly understand these changes to achieve a success in the new financial market.