Austrian law requires foreign investment funds and real estate funds to appoint a fiscal representative that ensures compliance with Austrian tax law when the funds undertake business activities in Austria. This fiscal representative must be an Austrian credit institution or an Austrian chartered accountant.

The European Commission now considers these rules discriminatory since they do not apply to Austrian investment or real estate funds and form a disproportionate restriction to the freedom of services by barring foreign chartered accountants or credit institutions from becoming a fiscal representative in Austria.

In a reasoned opinion, the Commission has now requested Austria to adapt its legislation to avoid the case being referred to the European Court of Justice.