No effective legal protection against the order to have managers dismissed?
In 2010, the Austrian Financial Markets Authorities issued a credit institute with the order to dismiss a manager on the grounds of insufficient personal reliability, or face paying a fine. The credit institute were given three months to do so. The credit institute filed a complaint against this decision (pursuant to the legal situation before 1/1/2014) with the administrative court and requested that the complaint’s suspensory effect be recognised. The complaint with suspensory effect was not recognised, as it conflicted, according to settled judicature (administrative court 24/5/2013, AW 2013/17/0007, inter alia), with a (compelling) public interest in stability on the financial markets.