Pursuant to Article 22c para. 1 no. 2 of the Financial Market Authority Act (FMABG – Finanzmarktaufsichtsbehördengesetz), the Austrian Financial Market Authority (FMA) may in imposing a sanction imposed as a result of breaches of among other provisions Article 60 para. 1 no. 1 of the Alternative Investment Fund Managers Act (AIFMG; Alternative Investmentfonds Manager-Gesetz), disclose the name of the persons or entities upon whom a sanction has been imposed, as well as information about the sanction imposed.
By publication in the official gazette “Amtsblatt zur Wiener Zeitung” of 02.02.2021, the FMA hereby informs, that
LVA24 Prozessfinanzierung GmbH
Commercial Register no. FN 453834d
Faradaygasse 6, 1030 Vienna
Web: www.lva24.at
E-Mail: [email protected]
was instructed by means of an administrative decision dated 19.01.2021 to cease the unauthorised management of an alternative investment fund pursuant to Article 2 para. 1 no. 2 AIFMG.
Update: 09.04.2021
LVA24 Prozessfinanzierung GmbH submitted an appeal to the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) against the FMA's administrative decision.
Update: 17.06.2021
The previously threatened coercive penalty was imposed upon LVA24 Prozessfinanzierung GmbH by means of an administrative decision dated 01.06.2021, and advice given about a further coercive penalty.
Update: 03.08.2023
Regarding the relevant items contained in the ruling of the FMA’s administrative decision dated 19.01.2021, these items were repealed in the ruling of the Federal Administrative Court (BVwG) dated 03.08.2023.
The FMA’s administrative decision dated 01.06.2021 was repealed fully in the ruling of the Federal Administrative Court (BVwG) dated 03.08.2023.
Update: 29.03.2024
The ruling of the Federal Administrative Court (BVwG) dated 03.08.2023, in which the FMA administrative decision dated 19.01.2021 was repealed fully, has itself been fully repealed by way of the Austrian Financial Market Authority’s final right of appeal by way an order dated 15.02.2024 by the Supreme Administrative Court (VwGH) due to its content being deemed to be unlawful.
The ruling of the Federal Administrative Court (BVwG) dated 03.08.2023, in which the FMA administrative decision dated 01.06.2021 was repealed fully, has itself been fully repealed by way of the Austrian Financial Market Authority’s final right of appeal by way an order dated 15.02.2024 by the Supreme Administrative Court (VwGH) due to its content being deemed to be unlawful.