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How constitutional law (also) protects the banking industry.

Credit and financial institutions are often among the most heavily regulated companies of all. On both European and national levels, hardly a quarter of the year goes by without new requirements being set for the industry. However, the constitution also protects banks, and infringements on fundamental rights always require special justification. We cordially invite you to check out these informative presentations followed by a discussion on the current constitutional judicature.

Agenda

Welcome
Talk #1: Constitutional barriers of European legal acts
Talk #2: Financial Markets Anti-Money Laundering Act (FM-GwG) in practice: Constitutional judicature
Talk #3: Banking secrecy and data protection: Considerations under the Federal Constitutional Act
Discussion: Naming & shaming and the judiciary on the procedural order of the financial market supervisory body in Austria
Bridging the Gap: Introduction
Bridging the Gap: Request a free copy

Welcome

Dr. Oliver Völkel, LL.M.

Constitutional barriers of European legal acts

Mag. Florian Prischl

The banking and financial market is decisively influenced by European law. But who checks government action in this area for compatibility with the fundamental rights of companies and customers? In his talk, European law expert Florian Prischl will describe the link between European and national (constitutional) law. His presentation will clarify which concrete basic rights are relevant for companies in the financial sector and how and at which courts these rights can be claimed.

Financial Markets Anti-Money Laundering Act (FM-GwG) in practice: Constitutional judicature

Mag. Leyla Farahmandnia

The Financial Market Authority must monitor compliance with the regulations on the prevention of money laundering and terrorist financing by the persons subject to supervision. In order to exercise this supervision, the Financial Market Authority has certain powers and, correspondingly, persons subject to supervision have certain duties. These include, in particular, obligations to provide information and to submit documents and on-site inspections. But where are the limits of these powers? How far is the Financial Market Authority permitted to demand the submission of comprehensive data on customers?

Banking secrecy and data protection: Considerations under the Federal Constitutional Act

Dr. Jeannette Gorzala, BSc

Not only the financial landscape in general, but also the way in which customer relationships are initiated, established and maintained has changed significantly in recent years due to new media and technologies. In particular, the bank account as a financial mirror of lifestyle is very well suited for deriving customer needs for the targeted use of marketing instruments. In the tandem between the General Data Protection Regulation (GDPR) and the basic right to data protection and banking secrecy (Article 38 of the Austrian Banking Act), the question arises whether and in what form the use of transaction data and regular customer data of bank customers for direct marketing purposes for own products and services is permissible at all.

Discussion: Naming & shaming and the judiciary on the procedural order of the financial market supervisory body in Austria

ao. Univ.-Prof. Christian Piska, Universität Wien
Prof. Dr. Nicolas Raschauer, Universität Liechtenstein
Dr. Oliver Völkel, LL.M.

The regulators of the financial market have been given far-reaching powers by the legislator. This includes, for example, the possibility to publish warning notices on the Internet. In view of the danger posed by fraudulent companies in a digitalized world, this possibility is to be welcomed. But what should be done if the action known as “naming and shaming” is directed at the wrong people? And how is the practice of the financial market supervisory body in Austria to be seen in this context, with legal acts that cannot be challenged separately, the procedural orders to use the “normative power of the factual” for its own benefit?

Bridging the Gap: Presentation of the Compendium

Dr. Jeannette Gorzala, BSc
Lorenz Marek, LL.M.

Virtual currencies and crypto assets have long been part of the collective consciousness of investors and asset managers. Although there is now a European legal framework for these use cases of blockchain technology, we are still seeing obstacles in the way of the traditional financial sector’s convergence with crypto assets and the new service providers who have recently been subject to the same regulations for the prevention of money laundering and terrorist financing.

In the 4xT framework concept we have developed, we have condensed the extensive experience gained from our consulting activities in both worlds, namely the classic financial industry and new crypto service providers. The four dimensions Trust, Trading, Time and Transparency, as core elements of a mobile concept for risk management and compliance, are intended to contribute as a bridge for building and developing mutual understanding.

With our compendium under the keyword “Bridging the Gap” we explicitly address both sectors: We would like to show crypto service providers which risk parameters are effective in the financial industry and how information can be prepared in a meaningful way. For financial institutions, we would like to present the various services of the crypto industry from a practical perspective and provide a practical tool for daily compliance practice.