The Austrian Financial Market Authority has imposed a fine of €2,000 (£1,795) by means of a penal order against a responsible representative of 3 Banken-Generali Investment-Gesellschaft mbH for breaking statutory fund rules.

The provision in question is article 74 para 1 Investment Funds Act 2011 (the InvFG 2011 or Investmentfondsgesetz 2011) in relation to a jointly owned fund pursuant to article 48 Alternative Investment Fund Managers Act (the AIFMG or Alternative Investmentfonds Manager-Gesetz) in conjunction with article 166 InvFG 2011. The penal order is final. The InvFG regulates the details of fund transactions conducted in Austria, including tax details. Its main concern is to protect the investor, which is why security, risk management and disclosure requirements feature prominently in it.

3 Banken-Generali Investment is the fund subsidiary of three banks consisting of Upper Bank, Bank of Tyrol and Vorarlberg, BKS Bank AG and the Generali Holding Vienna. Its fund managers offer funds that include an extensive range of bond funds.