MiFID II – WAG Ministerialentwurf – Massive Änderungen
Der Ministerialentwurf (ME) zur Umsetzung des Market in Financial Instruments Directive 2014/65/EU (MiFID II) Paketes in Österreich ist am 31.3.2017 im Nationalrat eingelangt. Die Begutachtungsfrist läuft bis 24.4.2017. Mit dem ME wird die MiFID II in nationales Recht umgesetzt. Kern der Umsetzung ist ein neues BörseG 2018 und ein neues WAG 2018....
Energy efficiency in the Federation of Bosnia and Herzegovina
The Law on Energy Efficiency (hereinafter: the Law) was for the first time enacted in the Federation of Bosnia and Herzegovina on 2 February 2017. The purpose of the Law is, inter alia, to achieve sustainable energy development, mitigate adverse environmental impacts and, also, increase the security of the energy supply. The Law defines energy efficiency as the relationship between the usage of energy and achieved effect in services, goods or energy. The Law entered into force on 1 April 2017....
Draft law to watch: mandatory electronic mailboxes for professionals
The Romanian Senate adopted a draft law regarding the "electronic headquarters of economic operators" (the "Draft Law"). The Draft Law regulates the mandatory use by professionals of predefined electronic mailboxes (e-mails), as identification element and means of receiving correspondence....
The national bank of Ukraine continues easing exchange control regulations
The end of winter brought a number of measures promoted by the National Bank of Ukraine (the "NBU") and aimed at easing and deregulating exchange control regulations. In particular, Ukrainian individuals have been de jure permitted to make foreign investments and freely use foreign bank accounts using funds other than those transferred from Ukraine. Even though the measure by the NBU is not a full scale liberalisation measure, the market still considers it to be a positive trend toward deregulation....
New warranty regulations for online shops ante portas
Under the current legal situation regarding cross-border business transactions, operators of online shops must provide individual platforms for each EU member state to fulfill all specific national legal requirements. Notwithstanding the technical capabilities of the internet today, it is still not possible to provide just one general online shop for the whole European area. According to the "Flash Eurobarometer 396, 2015" survey, 39% of businesses selling online but not cross-border quote different national contract laws as one of the main obstacles to cross-border sales....
New hurdles for consumers buying real estate?
Developers initially claimed that the government’s concerns about the market were misplaced and its pro-consumer approach would negatively influence their business. Experts differed, however, emphasizing that the lack of specific regulations was not only harmful for consumers but was also an exception among European legal systems. Prior to the Developers Act, when a developer was declared bankrupt consumers had to stand in the line of regular creditors and wait years for reimbursement (usually only a part) of their invested funds....
Is the internet killing retail lease agreements?
Since the digital age began, models for computing the rent for retail spaces have remained basically unchanged: lease agreements provide for a base rent while high-traffic locations as in, for example, shopping centres, provide an additional component dependent on revenue....
The end of unilateral changes of interest rates by Slovak banks?
By 2016, interest rates set by the European Central Bank reached historic lows. For this reason, a mortgage loan has become a more common way of financing the purchase of real estate. However, it is to be expected that, at some point, the current interest rates will be subject to alteration. Consequently, mortgage loan agreements usually contain a provision authorizing the bank to unilaterally increase the respective interest rate. Hence, it is particularly significant that one of the most frequently used banking products on the Slovak market is the mortgage with variable interest rates, with their possible fixation during the subsequent 3-5 year period....
Betriebsanlagenverfahren neu
Elektronische Aktenführung hat auch in den Verwaltungsverfahren Einzug gefunden und unter anderem zu einer Verfahrensbeschleunigung beigetragen. Dem soll in der Novelle der Gewerbeordnung (GewO) Rechnung getragen werden:...
New ICC rules effective as of 1 March 2017
Arbitration is becoming more efficient and transparent and less expensive thanks to recent revisions to the ICC Rules of Arbitration. The ICC Court has introduced rules for expedited arbitration procedures for small claims. Venus Valentina Wong of Wolf Theiss is co-editor and co-author of a new publication that includes a commentary on the new ICC Rules and what they mean for arbitrators, counsel and other interested parties....
The Bulgarian commerce act amended to prevent falsification of documents
On 2 January 2017, amendments to the Bulgarian Commerce Act (the "Act") entered into force in Bulgaria. Amongst the aims of the Act is to prevent falsification of documents by introducing new formal requirements for certain agreements and shareholders' resolutions....
Das neue BVergG 2017 – Begutachtungsentwurf veröffentlicht!
Der Begutachtungsentwurf für das Bundesvergabegesetz 2017 ("BVergG"), mit dem das EU-Richtlinienpaket 2014 (siehe ABl Nr. L 94 vom 28.3.2014) nun (endlich) umgesetzt werden soll, liegt nun vor....