Client Alerts
Ukraine: New investment and financial markets law
The Ukrainian capital market has been in poor condition for quite some time and could arguably be described as not existing at all. However, there may be a breakthrough, at least on the legal side, which could help the Ukrainian capital market, involving stocks, bonds, derivatives and other instruments, to make a significant leap forward […]...
Further tightening of foreign direct investment screening in Hungary
On 17 June 2020, the Hungarian Parliament reconfirmed in a new act the rules adopted by the Hungarian Government earlier in May 2020 which substantially expanded the requirements for all foreign investors to seek prior ministerial approval for their investments in Hungarian companies engaged in certain strategic industries. The strategic industries covered by the screening […]...
Potential changes concerning sale of agricultural land in Romania
The Romanian Parliament has recently passed a draft law which would amend Law no. 17/2014 concerning the sale of agricultural land located outside of the “built-up area” – in Romanian, extravilan – which will significantly impact future real estate transactions if this draft law is promulgated in its current form by the President. To learn […]...
CJEU invalidates EU-US privacy shield framework and introduces further restrictions on data transfers to non-EU countries
On 16 July 2020, the Court of Justice of the European Union (CJEU) issued a long-awaited decision in a dispute between Facebook Ireland, the Irish Data Protection Authority and the Austrian data protection activist Maximilian Schrems. Mr. Schrems filed a complaint in 2013 seeking to ban or restrict transfers of his personal data from the […]...
New EU regs on e-commerce likely to bolster transparency and innovation
ARE THE CRITICS WRONG? Although some observers have criticised the EU’s new regulations on e-commerce for being too soft on platforms of online intermediation services and online search engines, the changes will contribute to achieving the digital single market. Critics argue that the new regs do not impose restrictive enough standards on the platforms, which […]...
Potentially significant changes coming to spatial planning
In September 2017, the Ministry of Infrastructure and Development announced a project with the goal of modifying specific laws concerning the real estate investment process (project no. UD300). The bill is currently being evaluated by different committees of the Council of Ministers. The most impactful changes are those regarding the law on spatial planning and […]...
Vergaberecht – Neue Schwellenwerte ab 1.1.2018
Ab dem 1.1.2018 treten für Vergabeverfahren neue Schwellenwerte in Kraft. Diese wurden nun am 19.12.2017 im Amtsblatt der Europäischen Union (L 337) veröffentlicht. Für klassische Bauaufträge und solche im Sektorenbereich steigt der Schwellenwert von 5.225.000 auf 5.548.000 Euro. Für klassische Liefer- und Dienstleistungsaufträge liegt der Schwellenwert bei nunmehr 221.000 Euro. Im Sektorenbereich gilt für Liefer- […]...
Potential reforms in real estate law
The new Austrian government was sworn in on December 18, 2017 and thereby also presented its government program which deals, among other things, with real estate law. The issues of lease law, condominium law, social non-profit housing law and building law are touched upon under the title “Modernization of the Right of Residence.” In addition, […]...
Expected developments in the pension system
Introduction Of Employee Capital Plans In July 2016 the Polish Minister of Finance proposed the Capital Development Program; a comprehensive plan for developing a voluntarily funded pension system with long term saving products in Poland. It includes eight major pillars. In this alert we will describe one of the main pillars which aims to establish […]...
Amendments to the procurement laws entered into force on 22 December 2017
On 22 December 2017, the Romanian Government published in the Romanian Official Gazette no. 1022 the Government Emergency Ordinance no. 107/2017 ("GEO 107/2017"), which provides for significant changes to the procurement laws package that entered into force in 2016 and other related legislation, namely:...
Only few says left to register your UBO in Slovenia: Are you exempted or not?
The application for registrations of beneficial owners is now operational. Deadline to register beneficial owners is 19 January 2018....
New court decision confirms that enterprise pledges under Bulgarian law remain an efficient tool for lenders
In its decision of 3 January 2018, the Sofia City Court followed Wolf Theiss’ argumentation and confirmed that the privilege of first ranking creditors under enterprise pledges extends over each and every asset forming part of the pool without the need for enforcement. The amendments to the Bulgarian Registered Pledges Act1 (the “RPA“) introduced in […]...