A valid admin­is­trative act is, for example, a decision by the Federal Financial Super­visory Authority (Bafin), the Austrian Financial Market Authority (FMA), FINMA or a cartel authority. This admin­is­trative act cannot be repealed by legal means.

BaFin — Federal Financial Super­visory Authority (Germany)

FINMA — Swiss Financial Market Super­visory Authority (Switzerland)

FMA — Financial Market Authority (Liecht­en­stein)

FMA — Financial Market Authority (Austria)