The prospectuses and supplements of investments deposited with the OeKB are checked for correctness and completeness by auditors and auditing firms. These auditors must take out liability insurance in accordance with Sec. 8 para. 2 KMG. The insurer must inform the OeKB Notification Office under the Capital Markets Act (KMG) in writing about the existence of insurance and receipt of the premium prior to publication of the prospectus.
List of suitable prospectus auditors
Under Sec. 8 para. 2b of the Capital Markets Act (KMG), the Financial Market Authority (FMA) manages a list of sworn auditors and auditing firms deemed suitable for the auditing of prospectuses.
The Chamber of Public Accounts can propose suitable candidates for this list to the FMA. You can find the updated list at the following address:
Liability insurance and sums insured
In accordance with Sec. 8 para. 2 KMG, liability insurance must be taken out with one or more insurance companies approved in Austria and shall cover the risk resulting from the prospectus audit, whereby the sum insured must amount to at least EUR 3.65 million per insured period of one year. For investments in properties, the sum insured under Sec. 14 pt. 2 KMG must amount to at least EUR 18.2 million. The insurance premium must be paid before the prospectus is published.
Confirmation of this must be reported to the OeKB Notification Office under KMG at email@example.com before the prospectus is published. Should the confirmation not be issued by the insurance company itself, a power of attorney must be presented to the Notification Office by email upon confirmation for the first time.
Templates for confirmations and powers of attorney
Insurances for prospectus auditors
All insurance companies authorised to operate in Austria are listed in a central directory. You can find this list on the website of the Financial Market Authority.
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