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The new Financial Market Money Laundering Act
The statutory due diligence obligations of credit and financial institutions concerning the combating of money laundering and terrorism financing are stipulated in Sec 40 seq of the Austrian Federal B...
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- The new Financial Market Money Laundering Act
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?
Limited party status of neighbours in the notification procedure under trade regulation law
In its ruling of 12 September 2016, Ro 2015/04/0018, the Austrian Administrative Court (VwGH) held that – in deviation from its prior rulings – neighbours shall have limited party status in a noti...
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- Limited party status of neighbours in the notification procedure under trade regulation law
“Hard” or “soft” accounts warranty and its consequences for the liability of the seller of a company
When agreements for the purchase and sale of a company – so-called “share purchase agreements” (SPAs) – are being negotiated, the assurances as to specific qualities of the sold company given ...
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- “Hard” or “soft” accounts warranty and its consequences for the liability of the seller of a company
Subordinated loans as a vehicle of public participation and crowdfunding – the end is near?
The development of the Austrian capital markets over the last few years has shown that, besides established stock exchange-listed companies, more and more “small” issuers (start-ups, SMEs) have di...
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- Subordinated loans as a vehicle of public participation and crowdfunding – the end is near?
New transaction-value-based test entails uncertainties for merger control
As of 1 November 2017, Austrian merger control will require the passing of a new test, based on the transaction value, in addition to complying with the – unchanged – turnover thresholds already e...
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- New transaction-value-based test entails uncertainties for merger control
Cartel Act amendment will strengthen private enforcement
The main purpose of the 2017 Act Amending Antitrust and Competition Law (Kartell- und Wettbewerbsrechtsänderungsgesetz 2017) is to transpose the EU Damages Directive, and it is also intended to provi...
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- Cartel Act amendment will strengthen private enforcement
Online GTC / Validity of choice of law
In proceedings concerning a collective action brought by Verein für Konsumenteninformation (Association for consumer information, “the VKI”) versus Amazon EU S.à.r.l. (“Amazon”), the Court o...
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- Online GTC / Validity of choice of law
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
No claim for compensation for brief illnesses of commercial agents
The Austrian Supreme Court recently decided that commercial agents are not entitled to claim compensation payments in the case of a termination of the contractual relationship due to merely temporary ...
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- No claim for compensation for brief illnesses of commercial agents
Flexibilization of working hours
Having agreed flexibilization of working hours under its government programme, the Austrian Federal Government instructed the social partners to find a solution to this issue by June 2017.Working-time...
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- Flexibilization of working hours
Equity investment and crowdfunding
Crowdfunding investment can take the form of debt investment or equity investment. Both types are alternative forms of business or project financing outside the traditional financial system. In a rece...
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- Equity investment and crowdfunding