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Newssquare Coronavirus - FAQs for lenders: Impact on financing Update on current situation in CEE / SEE

The coronavirus and the drastic measures to curb cases of the novel COVID-19 pandemic have serious macroeconomic consequences. Closed production facilities, collapsing retail and tourism industries, disrupted supply chains, cancelled major events and trade fairs, turbulence on the stock markets, the fall in oil prices and border closures are just a few examples of the threats to the economy. All of these can have an impact on financing and raise questions for lenders (hereafter limited to business loans and civil law aspects). In order to learn more, please download the file below.

Newssquare Changes to Austrian and European Competition rules amid COVID-19 pandemic

The coronavirus and the effort to slow its spread have affected our lives in various ways: our health of course, our social contacts, the economy, and also competition law. On 13 March 2020, the Austrian Federal Competition Authority ("FCA") suspended its office hours. In recent days, the FCA has been working on the technical possibilities for electronic merger filings. Meanwhile, the legislator has also been active and the 2nd COVID-19 Act provides for prolonged review periods in merger control. On the European level, competition authorities agreed on a joint approach to competition law enforcement during the pandemic and issued a statement in that regard. Finally, the European Commission...

Newssquare Finance Related Measures in the Czech Republic - COVID-19 legal update

As of 12 March 2020, a state of national emergency has been declared in the Czech Republic by a decree of the Czech Government (No. 69/2020 Coll.) for a period of 30 days in response to the COVID-19 epidemic. Additional emergency measures were taken by the Czech Government on 16 March 2020 in order to slow down the spread of the epidemic such as restricting the free movement of people and the reintroduction of border surveillance.

In addition to these government measures, several measures have been adopted and proposed by the Czech National Bank (“CNB”) and other bodies to cope with the financial consequences of the epidemic. In order to learn more about the finance related measures which...

Newssquare HUNGARY PROPOSES RELAXATION OF CORPORATE GOVERNANCE AND COMPLIANCE RULES

In a new draft act, the Hungarian government proposes to introduce a relaxation of some corporate governance and compliance rules applicable to Hungarian registered legal entities. These proposals are in response to the difficulties the management as well as shareholders of those entities face in running their corporate processes because of the crisis. In order to learn more about the most important relaxation measures under the Hungarian Civil Code, please download the file below.

Newssquare COVID-19 Logbook: Romanian Legal Updates – Day 10-11 – 26th-27th March: Healthcare/Banking and Finance/Dispute resolution/Competition

As the emergency status continues in Romania: (i) the Judges section of the Supreme Council of Magistrates ("CSM") has decided to step in to unify the practice in Romania and regulate which matters shall be judged in court during the actual COVID-19 epidemic; (ii) the Ministry of Economy, Energy and Business Environment ("ME") has regulated the procedure for obtaining the emergency status certificates; (iii) the Ministry of Health ("MS") has amended the 6 month export ban and biocides are also banned from export; (iv) the Supervisory Board of the National Bank of Romania has issued a press release regarding crediting activities; and (v) the Romanian Competition Council ("RCC") has issued...

Newssquare POLAND: COVID-19 RESCUE PACKAGE ADOPTED BY THE LOWER HOUSE OF PARLIAMENT – ENERGY

29.03.2020, Poland – During the historic, first session held partially online, the Lower House of the Polish parliament adopted amendments to the Act on counteracting COVID-19. The amendments implement certain measures with the goal of supporting Polish businesses. The bill is subject to voting by the Upper House (Senate) early next week and approval by the President. In order to learn more, please download the file below.

Newssquare POLAND: COVID-19 RESCUE PACKAGE ADOPTED BY THE LOWER HOUSE OF PARLIAMENT – EMPLOYMENT

29.03.2020, Poland – During the historic, first session held partially online, the Lower House of the Polish parliament adopted amendments to the Act on counteracting COVID-19. The amendments implement certain measures with the goal of supporting Polish businesses. The bill is subject to voting by the Upper House (Senate) early next week and approval by the President. In order to learn more, please download the file below.

Newssquare POLAND: COVID-19 RESCUE PACKAGE ADOPTED BY THE LOWER HOUSE OF PARLIAMENT – TAXES

29.03.2020, Poland – During the historic, first session held partially online, the Lower House of the Polish parliament adopted amendments to the Act on counteracting COVID-19. The amendments implement certain measures with the goal of supporting Polish businesses. The bill is subject to voting by the Upper House (Senate) early next week and approval by the President. In order to learn more, please download the file below.

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