Client Alerts
The new Austrian investment control act: A practical assessment
In mid-July, the Austrian legislature passed a new Investment Control Act – ICA (Investitionskontrollgesetz – InvKG) as proposed by the Austrian Federal Government. It is expected to enter into force and apply shortly after being signed by the Federal President and the Federal Chancellor and its publication in the Official Gazette (Bundesgesetzblatt – BGBl). By […]...
European commission adopts package of measures for the recovery of the capital markets
On 24 July 2020, the European Commission decided on a package of measures for the recovery of the capital markets. With respect to the Prospectus Regulation, the European Commission proposes temporary measures to address the economic impact of the COVID-19 pandemic and permanent changes to the information requirements and the right of withdrawal in connection […]...
Amendment of the Romanian anti-money laundering law & envisaged changes regarding know your client measures
The Romanian government issued a Government Emergency Ordinance which entered into force on 15 July 2020 in order to bring Romanian law in line with the provisions of AMLD 5, the most recent version of the EU’s Directive to combat money laundering and terrorist financing. The government ordinance aims to enhance “know your client” requirements, […]...
New system for distribution of companies’ dividends in Romania
As of 15 July 2018, Romanian companies are allowed to distribute dividends to shareholders either quarterly or annually. The new system regarding quarterly distribution of dividends was implemented by Law no. 163/2018 amending and supplementing Accounting Law no. 82/1991, the Companies Law no. 31/1990 as well as Law no.1/2005 on incorporation and operation of cooperative […]...
Resale price maintenance in the digital age
European commission issues its first resale price maintenance decisions in over a decade fining four consumer electronics manufacturers for fixing online resale prices – monitoring software and pricing algorithms played a role. On 24 July 2018, the European Commission (“Commission”) fined, in four separate decisions, consumer electronics manufacturers Asus, Denon & Marantz, Philips and Pioneer […]...
Romanian energy regulatory authority (“Anre”) has set the mandatory quota for the acquisition of green certificates
Order no. 158/2018 on the establishment of the estimated mandatory quota for the acquisition of green certificates for the period August-December 2018 (“Order no. 158/2018”), issued by the President of ANRE and published in the Official Journal no. 666 of 31 July 2018 came into effect on 1 August 2018. Order no. 158/2018 was issued […]...
Update zum WiEReG
Die gesetzliche Frist für die erstmalige Meldung zum Wirtschaftliche Eigentümer Register ist am 1.6.2018 abgelaufen. Mit Informationsschreiben vom 14.5.2018 (GZ.: BMF-460000/0010-III/6/2018) hat das BMF als Registerbehörde mitgeteilt, dass der erste Lauf des automationsunterstützten Zwangsstrafenverfahrens auf den 16.8.2018 verschoben wird. Faktisch war dies eine Verlängerung der Meldefrist für die erstmaligen Meldungen an das Register der wirtschaftlichen […]...
Austrian DPA issues blacklist
Regulation on Processing Operations for which a Data Protection Impact Assessment must be carried out On November 9th 2018, the Austrian Data Protection Authority issued a list stipulating data processing operations that in all cases require a data protection impact assessment (“DPIA”). Under the EU General Data Protection Regulation (GDPR) the controller must carry out […]...
GDPR – Six months after entry into force – Introduction of GDPR to Polish law
It has been more than half a year since the entry into force of “GDPR”, i.e., Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing […]...
Poland regulates the legal situation of certain financial market participants after a hard Brexit
The President of Poland signed the Act on the rules of conduct of business of certain financial market entities in relation to the withdrawal of the United Kingdom of Great Britain and Northern Ireland (the “UK”) from the European Union without agreement referred to in Article 50 section 2 of the Treaty on European Union […]...
E-Commerce platforms in the focus of the CJEU / E-Commerce Plattformen im Fokus des EUGH
E-commerce platforms are not obligated in all cases to make a telephone number available to consumers before the conclusion of the contract – there are other options. E-Commerce Plattformen sind nicht verpflichtet, dem Verbraucher vor Vertragsabschluss stets die Telefonnummer zur Verfügung zu stellen – es gibt auch andere Optionen. In its decision C-649/19 the CJEU […]...