Client Alert
Updated EBA report on monitoring Additional Tier 1, Tier 2 and TLAC/MREL eligible liabilities instruments
On 21 July 2023, the European Banking Authority (“EBA”) published its “EBA Report on the monitoring of Additional Tier 1 (AT1), Tier 2 and TLAC/MREL eligible liabilities instruments of European Union (EU) institutions – Update” (EBA/Rep/2023/23) (the “EBA Report”). The EBA Report merges and updates the content of the two previous separate reports of the […]...
Beyond VLOPs and Gatekeepers: Countdown to the full application of the EU Digital Services Act (DSA)
The Digital Services Act (DSA) is set to overhaul and expand the EU’s regulatory framework for online intermediary services. While very large online platforms and search engines (VLOPS / VLOSES), such as Amazon Store, Facebook or Google Search, have been subject to the new rules since August 2023, the DSA will become fully applicable for […]...
Der Mietpreisdeckel kommt
Die österreichische Regierung hat ein Mietrechtliches Inflationslinderungsgesetz vorgelegt. Mit 1. Oktober 2023 soll die Mietpreisbremse gesetzlich (als Verfassungsbestimmung!) festgelegt werden. Für die nächsten drei Jahre, somit in den Jahren 2024, 2025 und 2026, soll eine Indexierung der Mieten jährlich maximal um fünf Prozent angehoben werden. Ab 1. April 2027 können Mieten dann jährlich um […]...
Stolen time – He who gains time, gains everything.
The Government Decree on the winter administrative break is out. Here’s what to expect. This Client Alert is available in both English and Hungarian. Although summer is now over, it is worth taking a look back at the legislation adopted during the summer months, such as the provisions on the (winter) administrative break, which may […]...
ECJ ruling impacts Romanian statute of limitations in certain criminal cases
This article discusses the interplay between the primacy of European Union law and the expected new practice in criminal law cases in Romania. The following article aims to briefly introduce the ruling of the European Court of Justice (the “ECJ”) regarding, among other things, the applicability of the statute of limitation in the Romanian criminal […]...
New set of energy laws adopted in the Federation of Bosnia and Herzegovina (FBiH)
On 31 July 2023, the FBiH adopted a set of reform energy laws aimed at harmonising domestic energy legislation with the European Union and Energy Community acquis, i.e. the following: The Law on Electricity of the FBiH and the Law on Energy and Regulation of Energy Activities in the FBiH have been published in the […]...
ESMA’s Public Statement on ESG in Prospectuses
This Client Alert is also available in German. On 11 July 2023, the European Securities and Markets Authority (“ESMA”) published a public statement (“ESMA Statement”) regarding sustainability-related disclosure requirements in prospectuses for both equity and non-equity securities. 1. Introduction ESMA emphasises that a material sustainability-related disclosure is expected to be included in prospectuses and in […]...
Czech Republic: The Whistleblowing Act finally in effect
Whistleblowing channels must be in place from 1 August 2023 Although the deadline for transposing Directive (EU) 2019/1937 on the protection of persons who report breaches of Union law (the Whistleblowing Directive) into national law passed on 17 December 2021, the Czech Republic has been among those Member States struggling to adopt a corresponding act […]...
ESMA Statement zu ESG Angaben in Prospekten
This Client Alert is also available in English. Am 11. Juli 2023 veröffentlichte die Europäische Wertpapier- und Marktaufsichtsbehörde (European Securities and Markets Authority – “ESMA”) eine öffentliche Erklärung (“ESMA Statement”) zu nachhaltigkeitsbezogenen Offenlegungspflichten in Prospekten für Dividendenwerte und Nichtdividendenwerte. 1. Einführung Die ESMA betont, dass wesentliche nachhaltigkeitsbezogene Angaben gemäß Artikel 6 Abs 1 der Prospektverordnung in Prospekten und […]...
The transposition of the Collective Redress Directive in Austria: What to expect
By 25 June 2023, the transitional provisions of the Collective Redress Directive should have been applicable throughout the EU. Austria – like several other EU Member States – did not meet this deadline. The following article deals with potential transposition options, for the Collective Redress Directive, by the Austrian legislator. 1. Collective redress in Europe […]...
The Foreign Subsidies Regulation: Application of the regime as at 12 July 2023
The Regulation (EU) 2022/2560 on Foreign Subsidies Distorting the Internal Market (FSR) formally entered into force on 12 January 2023, but the regime did not apply until 12 July 2023. On the same day, the respective Implementing Regulation (EU) 2023/1441 was published in the Official Journal. The FSR empowers the European Commission to investigate financial […]...
GDPR international data transfers: EU Commission adopts new US adequacy decision
With the new EU-US Data Privacy Framework in place, personal data may again be transferred from the EU to any US-based commercial organization participating in the Framework free of further restrictions or authorizations. On July 10, 2023 the European Commission (EC) adopted its adequacy decision for the EU-US Data Privacy Framework (DPF) (see EC’s press […]...