• AUT GVT published new legislation amending the Restructuring and Liquidation Act, the Takeover Act, as well as Central Counterparty Enforcement Act, from August 2022.

Restructuring and Liquidation Act

• The changes confirm that AUT FMA must form a separate unit within its structure to perform tasks as a resolution authority, and the unit must have specific employees.
• The changes also confirm, unless stated, the framework for the recovery and resolution of central counterparties, as defined under EU Reg. 2021/23.

Takeover Act

• The amendment covers a reference to the framework for the recovery and resolution of central counterparties, confirming the new legislation's applicability to all banks.

Central Counterparty Enforcement Act

• The changes to the act focus on the effects of EU Reg. 2021/23 and cover general provisions, defining competent authority, resolution authority and competent ministry.
• Also, the tasks and the information and investigative powers of AUT FMA and of the resolution authority, to audit central counterparties that are supervised by AUT CB.
• Special provisions that are related to Reg. 2021/23 are also set out, which cover non-applicability of Financial Collateral Act and deviations from the Stock Corporation Act.
• Also, non-applicability of other company law regulations, Bridge Central Counterparty, procedure before resolution authority, simplified group arrangements and proceedings.
• Costs and penal provisions are also set out including the potential measures used, the legal person provisions, the penalties for violations, and the use of the fines received.

Effectiveness

• The new legislation will all come into effect on 12 August 2022.