Client Alert
Bucharest: New electricity trade regulations in Romania
New electricity trade regulations were put into force. Market participants that were already registered with the centralized market for bilateral electricity sale-purchase agreements will have to sign new participation conventions. This deadline for carrying out these formalities is set until 27 February 2015....
Austrian act on recovery and resolution of banks entered into force
On 1 January 2015, the Austrian Act on the Recovery and Resolution of Banks entered into force. The BaSAG (Bundesgesetz über die Sanierung und Abwicklung von Banken - BaSAG) transposes the Bank Recovery and Resolution Directive (BRRD) into national law which provides relevant resolution authorities with common tools and powers to address banking crises pre-emptively to ensure financial stability....
Amendments to pension insurance act
New deadlines for submitting mandatory pension insurance applications to the Croatian Pension Insurance Institute The Pension Insurance Act (Official Gazette No. 157/13) was amended by an Ordinance of the Government of the Republic of Croatia (Official Gazette No. 151/14) effective 1 January 2015. The most significant change relates to the deadlines under which employers, as mandatory contribution payers, need to report the beginning of mandatory pension insurance for their employees to the Croatian Pension Insurance Institute (“HZMO”)....