On 10 November 2020, the specific provisions on the Austrian Compliance Package (§ 5a of the Act on the Register of Ultimate Beneficial Owners – WiEReG) came into force. Legal entities through professional representatives may now voluntarily submit certain documents to the Register of Ultimate Beneficial Owners which will be stored electronically in a “package” for a period of 12 months.
The principle aim of the Compliance Package is to standardise and simplify KYC processes and thus reduce the administrative burden of legal entities in this respect.
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WiEReG – Austrian compliance package comes into force
On 10 November 2020, the specific provisions on the Austrian Compliance Package (§ 5a of the Act on the Register of Ultimate Beneficial Owners – WiEReG) came into force. Legal entities through professional representatives may now voluntarily submit certain documents to the Register of Ultimate Beneficial Owners which will be stored electronically in a “package” […]...
The shareholder rights and activism review: Austria
Shareholder activism remains a prominent, and likely permanent, feature of the global corporate landscape. Recent activism-related trends indicate that the Austrian corporate landscape is shifting, and companies’ strategies for dealing with activism should therefore also evolve. Sarah Wared’s contribution deals as a primer on these aspects of shareholder activism in Austria. Sarah Wared’s chapter on […]...
Amendment to the Czech business corporations act 2021 (Part I)
An amendment to the Czech Business Corporations Act will come into effect on 1 January 2021. This amendment will result in substantial changes to the duties and obligations of corporations and their bodies. This update, Part 1, relates to the impact on the position of members of executive bodies. Part II, which will be released […]...
Decision-making by shareholders of Slovenian companies during Covid-19
As a result of recently enacted COVID19-related legislation in Slovenia, referred to as “ZIUOPDVE”, companies are now permitted to carry out general meetings without the requirement of the physical presence of shareholders or their proxies. Shareholders can participate by electronic means or the general meeting can be held virtually. This applies for general meetings convoked […]...
Wolf Theiss advises BNP Paribas, UniCredit and another bank on Lenzing’s issue of EUR 500,000,000 undated subordinated resettable fixed rate notes
Vienna, 15. December 2020 – On 7 December 2020, Lenzing AG successfully completed the issue and listing of EUR 500,000,000 Undated Subordinated Resettable Fixed Rate Notes (XS2250987356). The notes in a denomination of EUR 100,000, each, are listed on the Luxembourg Stock Exchange MTF segment. The Wolf Theiss DCM team, consisting of Alexander Haas and […]...
Romania: Minimum network and information systems security requirements to be complied with by the operators of essential services in the next 6 months
On 26 November 2020, Romania adopted new technical rules on minimum requirements to ensure the security of network and information systems applicable to operators of essential services. The technical rules establish four security areas: governance, defence, cybersecurity and resilience. Operators of essential services must comply with the technical rules within 6 months of the date […]...
Slovenia – Are your business performance bonuses discriminatory?
A November 2020 judgment of the Slovenian Administrative Court, confirming a previous decision of the Advocate of the Principle of Equality, ruled that the widespread practice of tying the amounts of business performance bonuses to employees’ presence at work is discriminatory. The reasoning of the Advocate stems from the Protection Against Discrimination Act, which prohibits […]...
Wolf Theiss Holmbergs Safety Systems Holding AB in the acquisition of the Romanian company Te-Rox Prod S.R.L.
Bucharest, 10 December 2020 – Wolf Theiss assisted Holmbergs Safety Systems Holding AB (“Holmbergs”), a Swedish company with tradition in manufacturing fastening systems in vehicles and special applications, in the acquisition of Te-Rox Prod S.R.L. (“Te-Rox”), a family owned leading European producer of covers and safety belts for children car seats. Holmbergs supplies critical safety […]...
Let’s get digital – The role of Legal Tech in the Legal Industry
Legal industry without Legal Tech? That’s almost unthinkable nowadays! As one of the first law firms of the CEE/SEE region we started to implement our project management tool Wolf Theiss Space two years ago and simultaneously began to work with document automation tools. Since then we have actively used these tools, be it for internal […]...
Wolf Theiss partners with Belvedere in the “Support for Health Care” campaign
Warsaw, 9 December 2020 – In March 2020, in response to the growing number of COVID-19 infections and increased involvement of medical services in saving patients’ lives and health, Belvedere Catering by Design launched a project to deliver meals to Warsaw medical centres. During the second, autumnal wave of the illness, Wolf Theiss joined the […]...
The Wolf Theiss Guide To: Ultimate Beneficial Ownership Register in Central, Eastern & Southeastern Europe
Wolf Theiss carefully monitors the developments and challenges related to the increasingly complex legislation designed to fight money laundering and terrorism financing. One of the most talked about obligations recently imposed by Directive (EU) 2015/849 and transposed into national law by EU Member States is the requirement to register the ultimate beneficial owner (“UBO”) of […]...
Wolf Theiss advises MSD on the acquisition of the Austrian biotech company Themis Bioscience
Vienna, 27 May 2020 – Merck, known as MSD outside the United States and Canada, counts on the expertise of Wolf Theiss in the acquisition of Themis Bioscience GmbH. MSD, through a subsidiary, will acquire 100% of the Austrian biotech company in exchange for an undisclosed cash payment. Closing of the transaction is subject to […]...