Abstract
This technical note1 includes a targeted review of banking regulation and supervision, with a particular focus on topics related to the supervision of less significant institutions (LSIs). The review was based on the international standards for banking supervision—the Basel Committee on Banking Supervision’s (BCBS) Core Principles for Effective Banking Supervision (BCP)—but did not conduct a compliance assessment. The mission considered the findings and recommendations of the 2018 euro area (EA) FSAP2 and the authorities’ BCP self-assessment, followed-up on recommendations of the 2013 Austria FSAP, and reviewed implementation of BCBS standards and guidance issued in the interim. Although the review was based on implemented legislation and regulation, the mission reviewed proposed draft legislation consolidating financial system supervision in the Financial Market Authority (FMA).
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