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Abstract of Presentation on “The market for legal translation in Austria: the financial markets supervision perspective” presented at EULITA Conference, in Sofia, March 2018

Two primary reasons exist for the burgeoning demand for translation in financial market supervision. Firstly, increasing Europeanisation of financial market supervision, following the advent of the Single Supervisory Mechanism in banking supervision, the establishment of European Supervisory Authorities in banking, insurance and occupational pensions, and securities and markets supervision, and bank resolution within the Single Resolution Mechanism, and their language regimes have created increased demand in the national language to English combination. Secondly, the cross-border nature of activities of supervised entities, particularly those whose cross-border activities are not restricted only to other EU Member States, also presents particular challenges with regard to legal translation in relation to ongoing supervisory activities. In addition, the constantly evolving language services market also presents considerable challenges for both translators and consumers of legal translation services. Finally, while technology increases productivity, its use also affects charging models, which can in turn complicate the procurement of legal translation.

Keywords: Europeanisation, cross-border supervision, Austria, language services, procurement, productivity