Sr. No.

Relevant Data No disclosure to third parties even if the bank has business relations with the client Bank-related information will be provided to the requesting country if it may be assumed to be relevant on a legal base (e.g. double taxation conventions, Community law, or other international treaties). for purposes of taxation or criminal prosecution in the foreign tax payer's native country. The requesting state must at least roughly outline the nature of the information it is longing for and indicate in which form it wishes to receive the information from Austria The request must demonstrate a need to know the information sought for specific tax purpose it should serve. This considers the core understanding that the information must beforeseeably relevant for the administration and enforcement of the requesting states tax law (Article 26 Para 1 OECD-MC). However, the Austrian government is not conferred upon with a responsibility to verify this prerequisite by taking a look on the foreign jurisdiction. In case of suspicion of tax evasion constituting a criminal offense, the applicant state might be able to grab on information relating even to earlier periods on the separate basis of judicial assistant agreements to which the ADG does not apply. Request for information shall be made to the Austrian Federal Ministry of Finance which inturn shall notify the Foreign customer and also the bank,of the request for mutual legal assistance made by another state and the type of information requested.

Information Privacy Laws - For Banking Sector - Austria As per the Rule/Section/Act

Section 38 (BWG)

Section 38 (BWG)

OECD Standard

OECD Standard

OECD Standard

Section 38 (BWG)

After receiving the notification, within 2 weeks, the relevant customer may apply to the Ministry, for a decree explaining the circumstances under which the secrecy can be abandoned After receiving the decree, within 6 weeks, the relevant customer may file a complaint with the Austrian Constitutional Court (Verfassungsgerichtshof) or the Austrian Administrative Court (Verwaltungsgerichtshof) , filing an application to suspend the effect of that decree. At the same time, the relevant customer shall file with the Austrian Federal Ministry of Finance an application that consummation be suspended until a judgment (granting suspensive effect) has been issued by the Austrian Constitutional Court or the Austrian Administrative Court. If the relevant customer fails in applying for requests mentioned above in points 6,7 and 8, only then the Austrian Federal Ministry of Finance will immediately address a final request for information to the relevant bank which shall then immediately provide the information.

Section 38 (BWG)

Section 38 (BWG)

Section 38 (BWG)

10

Section 38 (BWG)

11

12

By means of the ADG, Austria has implemented the least standard required by OECD recommendations regarding the disclosure of banking information in course of bilateral administrative assistance (exchange on request). Administrative practice and judicial case law dealing with the ADG will proof whether or not Austria could catch up to the enhanced standard. Anticipated developments within the EU, a revision of the EU Savings Directive respectively, will most likely force Austria to make further concessions and finally to accept an automatic exchange of banking information around 2014. The obligation to maintain banking secrecy does not apply 1. vis--vis public prosecutors and criminal courts in connection with criminal court proceedings on the basis of a court approval (Article 116 Criminal Procedure Code; Strafprozeordnung StPO), and vis--vis the fiscal authorities in connection with initiated criminal proceedings due to wilful fiscal offences, except in the case of financial misdemeanours; 2. in the case of obligations to provide information pursuant to Article 41 paras. 1 and 2, Article 61 para. 1, Article 93 and Article 93a; 3. vis--vis the probate court and the court commissioner in the event of the death of a customer; 4. vis--vis the competent court for guardianship ortutelage matters if the customer is a minor or otherwise under tutelage; This English translation of the authentic German text serves merely information purposes. The official wording in German can be found in the Austrian

OECD Standard

Banking Secrecy, Article 38

y Laws - For Banking Sector - Austria Reference Document

Page number/Para. Number

Banking secrecy in Austria

page 1, para 1, line 1

Banking secrecy in Austria

page 1, para 2

Austria's New Approach on Banking Secrecy Law and Tax Treaty Policy

page 11, para 1

Austria's New Approach on Banking Secrecy Law and Tax Treaty Policy

page 11, para 2

Austria's New Approach on Banking Secrecy Law and Tax Treaty Policy

page 14, point 6

Banking secrecy in Austria

page 2, para 1, point 1 and 2

Banking secrecy in Austria

page 2, para 1, point 3

Banking secrecy in Austria

page 2, para 1, point 4

Banking secrecy in Austria

page 2, para 1, point 4

Banking secrecy in Austria

page 2, para 1, point 5

Austria's New Approach on Banking Secrecy Law and Tax Treaty Policy

page 15, conclusion

Federal Banking Act, 2007(older version)

page 106