FMA issues new risk disclosure standards for real-estate investment fund prospectuses
Austria's Financial Market Authority (FMA) has established minimum content requirements for risk warnings in prospectuses for real-estate investment companies and funds. The regulation takes effect on 1 October 2026.
What changed
The FMA has introduced a new regulation (ImmoInvF-RHV) that sets out mandatory minimum content for risk disclosures in prospectuses related to real-estate investment vehicles. This ensures that investors receive standardized, comprehensive information about risks before investing in such funds.
Who is affected
Real-estate investment companies (Kapitalanlagegesellschaft für Immobilien), real-estate funds (Immobilienfonds), and the financial institutions that produce and distribute their prospectuses must comply with these new disclosure standards.
What to look out for
If you are considering investing in a real-estate fund or similar vehicle, prospectuses must now contain standardized risk warnings covering key factors such as issue price and market value (Verkehrswert). Review these disclosures carefully before making investment decisions.