Since the amendment to the Stock Exchange Act, Federal Law Gazette I No. 60 of 31 July 2007, which entered into force on 1 November 2007, a differentiation has been made between the operation of regulated markets and the operation of Multilateral Trading Systems (MTF).
The market operated by Wiener Börse AG, the Official Market is a regulated market in the meaning of Article 1 par. 2 Stock Exchange Act. The Third Market is a Multilateral Trading System (MTF).
The requirements of the Stock Exchange Act regarding the formal admission of financial instruments to trading on a regulated market and the obligations of issuers on a regulated market do not apply to financial instruments traded on the Third Market. However, the obligations defined in Article 17 (Public Disclosure of Inside Information), Article 18 (Insider Lists) and Article 19 (Managers’ Transactions) of the Market Abuse Regulation (Regulation (EU) No. 596/2014) do apply in conjunction with § 155 para. 1 nos. 2 to 4 and § 119 para. 4 of the Austrian Stock Exchange Act 2018, as well as the bans imposed by Article 14 (Prohibition of Insider Dealing and of Unlawful Disclosure of Inside Information) and Article 15 (Prohibition of Market Manipulation) of the Market Abuse Regulation (Regulation (EU) No. 596/2014) in conjunction with § 154, § 163 and § 164 of the Austrian Stock Exchange Act 2018. However, the above mentioned obligations for financial instruments traded on the Third Market are only applicable if the issuer has submitted an application for inclusion in trading of the financial instrument or has approved it.
It is hereby pointed out that there may be differences with respect to financial instruments of foreign issuers trading on the Third Market as compared to financial instruments of Austrian issuers included in the Third Market. These differences may concern the following (this is not an exhaustive list): property law aspects (the rights of the buyer regarding financial instruments held in safe custody abroad, for example), the delivery or settlement of financial instruments, differences with respect to company law (e.g. voting rights and dividend rights) and also other aspects such as taxation.
Furthermore the commodities exchange is operated by Wiener Börse AG.
A regulated market is multilateral system operated or managed in a member state by a domestic exchange operating company or a market provider, which brings together or facilitates the matching of multiple third-party buy and sell interests in financial instruments within the system in accordance with non-discretionary rules in such a way that results in a contract in those financial instruments admitted to trading under the rules and systems of the market.
The regulated market in Austria is specifically the Official Market in the meaning of the Stock Exchange Act. The operation of regulated markets in Austria shall require a license issued by the FMA in accordance with the Stock Exchange Act.
Multilateral Trading Facility (MTF)
The operation of an MTF is an investment service that requires a license issued by the Financial Market Authority and is subject to the regulations of the Securities Supervision Act. In contrast, the operator of a regulated market is authorized to operate an MTF under a separate permit issued by the Financial Market Authority to this effect (cf. Art. 2 par. 2a Stock Exchange Act).