This diploma thesis deals with the compensatory payment for investors according to the Securities Supervision Act (WAG). Generally, the aim of such a compensatory payment is to protect the investors from the fraud of securities firms. In case of the insolvency of such a securities service company the claims of the harmed investors should be guaranteed up to ? 20,000. In order to grant such a compensation, the Austrian legislator had to develop a compensatory payment system for investors, according to the requirements of the AERL, with a compulsatory membership for all securities service companies. The Austrian legislator realized this in the §§ 75-78 WAG with the installation of a limited liability company whose name is ?Anlegerentschädigung von Wertpapierfirmen GmbH (AeW)?.One of the most controversial issues of the compensation for investors is the financing of this programme. In order to reduce the risks for investors, a four-column model was created. This model was realized in § 76 (1-3) WAG. The basic structure includes the obligation to provide an annual contribution payment (first column); the investment of contributions in an insurance (second column); the payment of special contributions (third column) and a possible federal liability (fourth column).This compensation programme is obliged to compensate an investor, if a securities company is not capable anymore to refund or return the owed money or financial instruments to their customer (§ 75 (3) Z1 and Z2 WAG).The fact, that a securities firm ist not allowed to become the debtor of its customers due to a lack of concession, makes it necessary, that a securities firm keeps the money or financial instruments, in order to realize a compensation duty through the programme for compensation of investors. The maximum amount of the compensation to be made is ? 20,000 per harmed investor. The programme for compensation of investors is obliged to compensate its investors within a period of three months.