Markets operated by Wiener Börse AG
A major innovation in the amendment to the Stock Exchange Act (promulgated in Federal Law Gazette I
No. 60 of 31 July 2007) effective as of 1 November 2007 consists in the differentiation made
between the operation of regulated markets and the operation of Multilateral Trading Facility
(MTF).
The operation of regulated markets is subject to the Stock Exchange Act and shall require a license to operate pursuant to said Act; the operation of an MTF is an investment service that requires a permit issued by the Financial Market Authority and is generally subject to the regulations of the Securities Supervision Act.
The operator of a regulated market shall also be authorized to operate an MTF with a special permit from the Financial Market Authority (see Art. 2 par. 2a Stock Exchange Act as amended by FLG I No. 60/2007).
This differentiation into regulated markets, on the one hand, and MTFs, on the other, entailed the repeal of the provisions of Article 69 Stock Exchange Act as applicable prior to the entry into force of Federal Act FLG I No. 60/2007 regarding the unregulated Third Market, which shall be considered an MTF in the future.
The markets operated by Wiener Börse AG – Official Market and Second Regulated Market – shall be considered regulated markets in the meaning of Art.1 par. 2 Stock Exchange Act.
The unregulated Third Market in operation up to now pursuant to Article 69 Stock Exchange Act as amended by the Stock Exchange Act as valid until 1 November 2007 shall be considered a Multilateral Trading Facility (MTF) as of the entry into force of Federal Act FLG No. 60/2007; a separate authorization from the Financial Market Authority pursuant to Article 2 par. 2a Stock Exchange as amended by FLG I No. 60/2007 shall not be required in this case (Art. 96 fig. 19 Stock Exchange Act)
Thus, the Third Market may continue to be operated by Wiener Börse AG in essentially the same form as up to now, but shall be considered a Multilateral Trading System.
As of 1 November 2007, trading in financial instruments through the MTF Third Market shall no longer be based on any formal admission procedures to exchange trading, but rather on inclusion in trading in the MTF.
Under the transitional provisions of Art. 96 fig. 21 Stock Exchange Act, financial instruments admitted to trading on the unregulated Third Market at the time Federal Act FLG I No. 60/2007 entered into force shall also be permitted to continue trading on the Third Market operated by Wiener Börse AG as an MTF.
The requirements of the Stock Exchange Act regarding financial instruments admitted to trading on a regulated market, in particular, the obligations imposed on issuers shall not apply to the financial instruments traded on the Third Market as an MTF.
However, the provisions Articles 48a to 48c Stock Exchange Act regarding market abuse, abuse of inside information and market manipulation as well as the corresponding supervisory authority of the FMA pursuant to § 48q Stock Exchange Act shall also apply to MTFs and thus to the Third Market.
The operation of regulated markets is subject to the Stock Exchange Act and shall require a license to operate pursuant to said Act; the operation of an MTF is an investment service that requires a permit issued by the Financial Market Authority and is generally subject to the regulations of the Securities Supervision Act.
The operator of a regulated market shall also be authorized to operate an MTF with a special permit from the Financial Market Authority (see Art. 2 par. 2a Stock Exchange Act as amended by FLG I No. 60/2007).
This differentiation into regulated markets, on the one hand, and MTFs, on the other, entailed the repeal of the provisions of Article 69 Stock Exchange Act as applicable prior to the entry into force of Federal Act FLG I No. 60/2007 regarding the unregulated Third Market, which shall be considered an MTF in the future.
The markets operated by Wiener Börse AG – Official Market and Second Regulated Market – shall be considered regulated markets in the meaning of Art.1 par. 2 Stock Exchange Act.
The unregulated Third Market in operation up to now pursuant to Article 69 Stock Exchange Act as amended by the Stock Exchange Act as valid until 1 November 2007 shall be considered a Multilateral Trading Facility (MTF) as of the entry into force of Federal Act FLG No. 60/2007; a separate authorization from the Financial Market Authority pursuant to Article 2 par. 2a Stock Exchange as amended by FLG I No. 60/2007 shall not be required in this case (Art. 96 fig. 19 Stock Exchange Act)
Thus, the Third Market may continue to be operated by Wiener Börse AG in essentially the same form as up to now, but shall be considered a Multilateral Trading System.
As of 1 November 2007, trading in financial instruments through the MTF Third Market shall no longer be based on any formal admission procedures to exchange trading, but rather on inclusion in trading in the MTF.
Under the transitional provisions of Art. 96 fig. 21 Stock Exchange Act, financial instruments admitted to trading on the unregulated Third Market at the time Federal Act FLG I No. 60/2007 entered into force shall also be permitted to continue trading on the Third Market operated by Wiener Börse AG as an MTF.
The requirements of the Stock Exchange Act regarding financial instruments admitted to trading on a regulated market, in particular, the obligations imposed on issuers shall not apply to the financial instruments traded on the Third Market as an MTF.
However, the provisions Articles 48a to 48c Stock Exchange Act regarding market abuse, abuse of inside information and market manipulation as well as the corresponding supervisory authority of the FMA pursuant to § 48q Stock Exchange Act shall also apply to MTFs and thus to the Third Market.