Trustees and trust companies
Responsibilities of the supervisory authority
The Financial Market Authority (FMA) is responsible for the due diligence supervision of trustees and trust companies. The total revision of the Professional Trustees Act, in force since January 1, 2014, considerable strengthened the authority and competence of the FMA.
The FMA is in particular responsible for advertising the various examinations, for admitting candidates to the examinations, for issuing diplomas, for granting, withdrawing and revoking licences, for verifying the compliance with the licensing conditions and for conducting inspections, for issuing certifications, for maintaining the register of licence-holders, and for responding to inquiries.
In order to prevent abuse the FMA is since January 1, 2014 entitled to issue public notifications identifying persons or legal entities that hold no licence according to the Professional Trustees Act.
Moreover, the FMA works together with domestic and foreign authorities (administrative offices, Office of the Public Prosecutor, courts), protects clients by combating abuse, and levies fees and supervision tax.