Client Alerts
The Czech “Magnitsky Act”: creation of a legal basis for national sanctions
Concerned with what it perceives as a lack of proper unity and enforcement on the local level of EU sanctions against Russia and Belarus, the Czech government enacted a legal basis for national sanctions in what is being referred to as the Czech “Magnitsky Act”. On 7 December 2022, the Czech President Miloš Zeman signed […]...
GDPR international data transfers: Commission’s Draft Privacy Shield Replacement
Transition period for new Standard Contractual Clauses to expire on 27 December 2022 Earlier this week the European Commission published its draft adequacy decision for the USA (press release, draft). The proposal introduces a new EU-US Data Privacy Framework (DPF) permitting data transfers from the EU to the United States. Similar to and in continuation […]...
Changes in the Prospectus Regulation
*available in German below Prospectus Regulation: Expiry of facilitations at the end of 31 December 2022 in relation to (i) information requirements for financial intermediaries regarding supplements and (ii) continuous issues; and new proposal for the amendment of the Prospectus Regulation published The measures adopted by the European Commission to address the recovery of capital […]...
Ukraine: new developments in the employment regime for foreign citizens
Ukraine continues to gradually reform and streamline regulations regarding the employment of foreign citizens in Ukraine. On 15 October 2022, the Law of Ukraine “On Amendments to Certain Laws of Ukraine Concerning the Employment of Foreigners and Stateless Persons in Ukraine and the Provision of Employment Intermediary Services Abroad” (the “Law”) became effective. The Law […]...
The Insolvency Review 2022 – Austria & Hungary
The Insolvency Review offers an in-depth review of the most consequential features of the insolvency laws and procedures in key jurisdictions worldwide. It also examines the practical implications of recent market trends and insolvency case developments. This 10th edition of The Insolvency Review once again offers an in-depth review of market conditions and insolvency case […]...
Not your keys, not your coins
How safe are customers’ crypto assets in the insolvency of their crypto custodian? This article is also available in German below The bankruptcy of the crypto exchange FTX is a dramatic turn of events for the blockchain world and has further damaged confidence in the crypto market. Not only institutional investors have been affected. Many […]...
Verfassungsrechtliche Transparenzpflicht ab 1. Jänner 2023
Verfassungsrechtlich verankerte Transparenzpflicht trifft auch öffentliche Auftraggeber Mit 1. Jänner 2023 tritt eine durch den Nationalrat beschlossene verfassungsgesetzliche Transparenzpflicht des Art 20 Abs 5 Bundesverfassungsgesetz (“B-VG”) in Kraft, welche konkrete Veröffentlichungsverpflichtungen vorsieht. Studien, Gutachten und Umfragen samt deren Kosten sind zu veröffentlichen Die in Art 20 Abs 5 B-VG neu verankerte Transparenzpflicht legt fest, dass […]...
Slovenia – New rules on end-user agreements for electronic communications services
Electronic Communications Act 2 The new Electronic Communications Act has been adopted and is applicable as of 10 November 2022. The main reason for adopting the new Electronic Communications Act (ECA-2) is the transposition of the Electronic Communications Code (Directive (EU) 2018/1972). While ECA-2 has introduced numerous changes to the regulatory framework for electronic communications […]...
Romania: The single industrial license – one step closer to less bureaucracy
The Government Emergency Ordinance no. 140/2022 regarding the single industrial license (“GEO 140/2022”) was published in the Official Gazette on October 20, 2022 and entered into force on its publication date. As a general note, GEO 140/2022 sets out the legal framework regarding the issuance of the single industrial license and aims to simplify the […]...
New Slovenian Prevention of Restriction of Competition Act
The new Prevention of Restriction of Competition Act1 (“PRCA-2”) entered into force on 26 October 2022 and will apply as of 26 January 2023. PRCA-2 was adopted to ensure a more effective implementation of the tasks and competences of the Competition Protection Agency and in order to transpose Directive (EU) 2019/1 to empower the competition […]...
Slovakia: Labour Code amendment focuses on transparency & work life balance
Working conditions and work-life balance are the focus of new legislative trends The aim of the Labour Code amendment which imposes new obligations on employers is to secure transparent and predictable working conditions, and to bring about a better work-life balance for employees. This relatively extensive amendment transposes the EU Directive on transparent and predictable […]...
Slovenia – it’s time to revise your consumer protection compliance
Consumer Protection Act 1.0 The new Consumer Protection Act entered into force on 26 October 2022, and it is set to apply as of 26 January 2023 The main legislative changes brought by the new Consumer Protection Act (“CPA-1”) relate to the transposition of Directive 2019/771/EU (the Sale of Goods Directive), Directive 2019/770/EU (the Digital […]...