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Identity verification standards for credit institutions under the Consumer Payment Accounts Act

Implications of the Fourth Anti-Money Laundering Directive1. Access to payment accounts with basic features18 September 2016 saw the entry into force of the Austrian Consumer Payment Accounts ...

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Identity verification standards for credit institutions under the Consumer Payment Accounts Act

Target companies are no longer just passengers in merger control proceedings

Upon an application filed by fwp, the Austrian Supreme Court, in its capacity as higher anti-trust court, acknowledged that the target company shall have party status in merger control proceedings bro...

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Target companies are no longer just passengers in merger control proceedings

The importance of getting MAC clauses right

A current US case concerning a Material Adverse Change (MAC) clause illustrates how important it is for M&A transactions to provide just the right contractual regulations for the period between ...

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The importance of getting MAC clauses right

Are bitcoins electronic money as defined in the E Money Act?

We do live in the virtual age now: there is no way around the Internet. Almost all legal transactions we enter into in our everyday lives can be concluded in the digital world.A logical consequence of...

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Are bitcoins electronic money as defined in the E Money Act?

Commercial agents law: Indemnity upon disposal of a company

Concept of commercial agentThe Austrian Commercial Agents Act (Handelsvertretergesetz, HVertrG) regulates the contractual relations between principals and self-employed commercial agents.Commercial ag...

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Commercial agents law: Indemnity upon disposal of a company

ECJ introduces a new clear line as to merger control for joint ventures

In a preliminary ruling procedure instigated by the Federal Cartel Prosecutor, the ECJ (European Court of Justice) has now drawn a clear line regarding reviews of joint ventures under merger control l...

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ECJ introduces a new clear line as to merger control for joint ventures

Urban development contracts in Vienna

Introduced into the Vienna Building Code by its 2014 Amendment (Bauordnungsnovelle 2014), the instrument referred to as urban development contract (städtebaulicher Vertrag) provides for the right of ...

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Urban development contracts in Vienna

General Data Protection Regulation (‘GDPR’) – new rights and obligations for all actors

As from 25 May 2018, the GDPR will apply directly and replace current data protection legislation, viz. Directive 95/46/EC and the Austrian Data Protection Act of 2000 (Datenschutzgesetz 2000, DSG 20...

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General Data Protection Regulation (‘GDPR’) – new rights and obligations for all actors

Freedom of expression on the Internet

Discussions on the Internet can be very emotional and stormy; especially when it comes to topics such as politics, climate change or migration insulting posts seem inevitable. But also in case of user...

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Freedom of expression on the Internet

Mortgage and real-estate loans – new

The recent Austrian Mortgage and Real-Estate Loan Act (Hypothekar- und Immobilienkreditgesetz, HIKrG) provides a new legal basis for consumer credits which – broadly speaking – are securitised by ...

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Mortgage and real-estate loans – new

Land transfer tax is becoming an expensive pitfall

The 2016 reform of Austrian land transfer tax (Grunderwerbsteuer, GrESt) not only resulted in an increase of the tax being caused by the alteration of the assessment base. It also provided for complet...

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Land transfer tax is becoming an expensive pitfall

Instalment agreements – Potential risks for debt recovery agencies

Under the Austrian Consumer Loan Act (Verbraucherkreditgesetz, VKrG), businesses granting loans to consumers are required to comply with extensive(i) duties to provide pre-contractual information (e.g...

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Instalment agreements – Potential risks for debt recovery agencies

COVID-19 – M&A will not be spared either

The COVID-19 crisis has already hit economy and thereby also leads to uncertainties in the field of upcoming or already ongoing M&A transactions. Cross-border transactions, particularly large tran...

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COVID-19 – M&A will not be spared either

COVID-19 Update: Obligation to file for insolvency

Already at the beginning of the Corona crisis in March 2020, the legislator decided on various insolvency law measures to mitigate the consequences of the Corona pandemic for the Austrian economy. Sin...

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COVID-19 Update: Obligation to file for insolvency

Civil-law consequences of the coronavirus

I. General consequences II. New regulation on default interest and contractual penalties III. Consequences for the retail sector IV. Consequencers for building contracts V. Consequences in relation to...

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Civil-law consequences of the coronavirus

COVID-19 – Loss or reduction of rent for business premises due to COVID-19

1. Loss or reduction of rent for business premisesPursuant to section 1104 Austrian Civil Code (Allgemeines Bürgerliches Gesetzbuch, ABGB), a lessee/tenant is not obligated to pay rent if the l...

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COVID-19 – Loss or reduction of rent for business premises due to COVID-19

COVID-19: consequences for meetings of shareholders

Due to the COVID-19 pandemic, the government prohibited assemblies of more than five persons (www.sozialministerium.at). This article briefly outlines what consequences this might entail for Austrian ...

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COVID-19: consequences for meetings of shareholders

Impact of the corona virus: civil law

Dealing with the spread of the virus and the (global) government measures have a far-reaching impact also on the Austrian economy. From a legal perspective, companies are confronted with issues includ...

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Impact of the corona virus: civil law

COVID-19 consequences for civil-law proceeding

The measures taken to contain the spread of SARS-CoV-2 (coronavirus) have reached civil-law courts. Therefore, the following regulations apply to civil proceedings and to court´s opening hours for th...

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COVID-19 consequences for civil-law proceeding

COVID-19 - What will happen to currently running time limits in administrative proceedings?

Along with the Second COVID-19 Act, a COVID-19 Accompanying Act on Administrative Law (Verwaltungsrechtliches COVID-19-Begleitgesetz, COVID-19-VwBG) was adopted affecting, among other things, time-lim...

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COVID-19 - What will happen to currently running time limits in administrative proceedings?

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