On January 1, 1994, the KWG was replaced by the new Banking Act (Bankwesensgesetz- BWG), which was drafted in view of EU conformity and also contains improved provisions for creditor and consumer protection. In 2002, the Austrian Financial Market Authority (FMA) was founded, which supervises the Austrian banking sector. Due to the economic interest in a stable financial sector, financial market participants, the financial market infrastructure (stock exchange, securities depository) and securities trading are subject to state supervision.