Client Alert
Newest EU sanctions against Russia target military capabilities, propaganda tools and more
Discussions also underway on even enactment of criminal offences for sanctions violations In addition to other areas, the EU’s 9th sanctions package adopted on 16 December 2022 aims at impacting the Russian military industry in order to weaken the offensive force and military capabilities of its invasion in Ukraine. This alert follows our team’s previous […]...
EU sanctions on the Russian Federation and Belarus
*This list is regularly updated. Current as of 21 December 2022. The below list shows an overview over the EU sanctions recently introduced as a reaction to the current situation in Ukraine. With respect to Russia, note that other sanctions measures which have been introduced in the past might be applicable in certain cases (e.g., […]...
Polish Financial Supervision Authority confirms credibility of WIBOR
The Polish benchmark reform, i.e. the change of the primary interest rate benchmark from the existing WIBOR rate (Warsaw Interbank Offered Rate) to a new rate WIRON (Warsaw Interest Rate Overnight) is progressing: since 2 December 2022, WIRON can be applied as a reference interest rate index. Banks and other institutions are preparing for this […]...
Hungary: Further tightening of grid connection rules – existing grid connection rights could also be at risk
*available in Hungarian below A new government decree on the application of Act No. LXXXVI of 2007 of Hungary on electricity during emergency situations was published in the National Gazette of Hungary (see Government Decree No. 526/2022. (XII. 16.) in Hungarian Gazette No. 208/2022.), the main purpose of which is to further tighten the rules […]...
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 […]...