Client Alert

On March 14, 2018 the Romanian law for implementing measures on EU Regulation no. 2016/679 on the protection of individual rights with regard to the processing of personal data directive no. 95/46/GDPR was submitted to the Senate. This is the long awaited draft law regulating the GDPR requirements, especially the open clauses and the sanctions […]...

IMMOBILIENGESELLSCHAFT ALS AIF Wie durch eine kürzlich veröffentlichte Entscheidung des Bundesverwaltungsgerichts vom 27.11.2017 zu Gz W2102148720-1 bekannt wurde, hat die Finanzmarktaufsicht (FMA) im Jahr 2017 eine Immobiliengesellschaft (GmbH & Co KG) an der sich Anleger über KG-Anteile beteiligten und deren Zweck darin bestand, Immobilien in Österreich und Deutschland zu erwerben und anschließend wieder zu veräußern, […]...

To counteract tax evasion, Polish authorities have recently introduced legislation  (the Act) and digital systems allowing tax authorities to analyze banking systems, search for potential fraud, and block suspicious bank accounts. Effective 30 April 2018, the new rules may have an adverse effect on escrow accounts, M&A closings, and real estate transactions in Poland. This […]...

1. General Criminal Liability Of The Companies Under Romanian Legislation General Conditions of Criminal Liability of Companies All legal persons (with the exception of the state and public authorities) are liable for criminal offenses perpetrated while carrying out their main activity or when acting in the interest or on behalf of the legal person. Public […]...

AMENDMENTS TO THE BULGARIAN ENERGY ACT AND THE RENEWABLES ACT REPEAL THE RES AND CO-GENERATION SUPPORT SCHEMES...

Der österreichische Gesetzgeber hat am 20.04.2018 relativ unbemerkt Änderungen des im Jahr 2017 beschlossenen Datenschutz-Anpassungsgesetzes (1) vorgenommen. Aufgrund einer darin enthaltenen Bestimmung, wonach Ersttäter im Falle eines Datenschutzverstoßes angeblich straffrei bleiben, drang dieses Datenschutz-Deregulierungs-Gesetz (2) 2018 rasch an die Öffentlichkeit. Auch an anderen Stellen wurden noch Änderungen eingebaut, die für Unternehmen durchaus eine Erleichterung mit […]...

Wiener Regeln 2018 Nationale Verfahren Die neuen Wiener Regeln 2018 gelten grundsätzlich für alle Schiedsverfahren, die nach dem 31.12.2017 eingeleitet wurden. Eine wesentliche Neuerung betrifft ab 1.7.2018 die Durchführung nationaler Verfahren, dh wenn alle Parteien ihren (Wohn-)Sitz im Inland haben. Diese Kompetenz war bisher bei den Ständigen Schiedsgerichten der Wirtschaftskammern der Länder angesiedelt. “Alte” Schiedsklauseln, […]...

Vienna Rules 2018 (In Force as from 1 January 2018) Domestic Cases A major revision is the competence of VIAC to administer domestic cases (from 1 July 2018 onwards) even if all parties have their seat or domicile in Austria. The competence to administer international cases remains unchanged.    Electronic Database    The installment of an electronic […]...

Update on Hungary’s solar boom – significant benefit to photovoltaic projects licensed under mandatory offtake system upon applications submitted before 2017 Introduction While no more application for Micro PVPP licenses in the mandatory offtake system can be submitted anymore as of 26 April 2018, it seems that the Government acknowledged that the projects licensed under […]...

Kindly be informed that over the past days a Corrigendum Deed amending several provisions of EU Regulation No. 2016/679 on the protection of individual rights with regard to the processing of personal data Directive no. 95/46/GDPR was published on the European Union Council’s website. The corrigendum refers to all GDPR versions translated in EU members […]...

Renewal of the Procedural Regime The Hungarian civil procedural rules underwent a sweeping reform in 2017, affecting the entire dispute resolution area, including both litigation and arbitration. The brand new regime better reflects the requirements of the 21st century and thus may give rise to a modern, professional and effective handling of procedures. New Arbitration […]...

The latest amendment to the National Court Register Act ("Act") introduces many changes that will significantly affect its functioning and obligations of entrepreneurs. It is a part of the package of bills known as the "Constitution of Business", which aims to reform and simplify the regulations on conducting business activity and to prepare the National Court Register ("NCR") for integration with EU commercial registers.(*) As a result, the Act emphasizes improvements to the functioning of the NCR, including complete digitalization of proceedings. The solutions contained in the Act will be introduced in stages. The Act itself came into force on March 15, 2018, however some regulations, primarily those requiring major changes to the electronic system, will come into effect from April 9, 2018 to March 1, 2020. In this edition of Wolf Theiss' newsletter, we highlight the most important of these changes. (*) The Act implements the Directive of the European Parliament and of the EU Council of 14 June 2017 (2017/1132) relating to certain aspects of company law....