Austrian Financial Market Authority (FMA) () is the integrated financial regulatory authority for the Austrian financial industry. It is responsible for the supervision of credit institutions, payment institutions, insurance companies, pension funds, Fund managers, licensed securities service providers, rating agencies and stock exchanges. The FMA is an independent authority within the framework of the Financial Market Authority Act (FMABG) which means that it is not bound by any political directives in the exercise of its office. However, the Ministry of Finance (Austria) has the right to consent to individual FMA regulations. In addition, with Austria being a member of the European Union, the FMA works closely with European supervisory authorities including the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA) and European Securities and Markets Authority (ESMA). History The origin of the FMA dates back to 1880. At that time, the Assecuranz-Bureau was set up under Emperor Franz Joseph I of Austria due to the steadily increasing distrust of the Ministry of the Interior to supervise the booming insurance industry. The tasks were defined in the founding acts as follows: Insurance regulations have become more stringent over the years, but it was not until 1978 that the Federal Act on the Operation and Supervision of Contract Insurance re-regulated supervision. The entire insurance industry was liberalized by joining the EEA and later the European Union. Accordingly, the supervision was adjusted. On April 1, 2002, the FMA was created as an integrated regulator for all financial markets and began operations as an independent authority within the framework of the Financial Market Authority Act (FMABG). This law was passed in the summer of 2001 after lengthy political discussions about the establishment of an integrated financial supervision system. The FMA was established as an institution under public law with its own legal personality, and it was entrusted with the supervision of banks, insurance companies, pension funds and the entire securities sector. Tasks The tasks of the FMA regarding the supervision of the Austrian financial market are divided into five main areas: Banking supervision (in cooperation with the Oesterreichische Nationalbank ) Insurance supervision Pension fund supervision Securities Supervision Payment processing Consumer protection The FMA is not a consumer protection organization in the traditional sense, in that can help complainants in enforcing any claims for damages or claims against a supervised company. As a supervisor, it must maintain objectivity towards all supervised entities