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Newssquare THE NEW AUSTRIAN INVESTMENT CONTROL ACT: A PRACTICAL ASSESSMENT

In mid-July, the Austrian legislature passed a new Investment Control Act – ICA (Investi-tionskontrollgesetz – InvKG) as proposed by the Austrian Federal Government. It is expected to enter into force and apply shortly after being signed by the Federal President and the Federal Chancellor and its publication in the Official Gazette (Bundesgesetzblatt – BGBl).

By way of introducing an approval requirement connected to a statutory condition precedent, the ICA establishes a rigid national foreign direct investment control regime. It will affect a broad range of M&A transactions that, directly or indirectly, involve control rights in Austrian companies active in defined industry sectors.

In...

Newssquare Corporate Digital Compliance: Four steps to paperless legal communication

Legal communication in Croatia is moving online, including with the courts. By 1 September 2020, companies should register their email address in the court registry and implement the new e-communication system with the courts. The companies can also learn how to comply with e-signature requirements and how to complete contracts online.

In order to learn more, please download the file below.

Newssquare International Comparative Legal Guides - Corporate Governance 2020

Wolf Theiss is pleased to announce its contribution to the prestigious International Comparative Legal Guides publication "Corporate Governance 2020 (13th Edition)". This global overview of corporate governance "hot issues" and trends is authored by top law firms and legal practitioners from multiple countries, with Wolf Theiss lawyers providing valuable insight from its team of lawyers in the countries of Czech Republic, Poland and Romania.

 

Newssquare 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 EU to third countries, specifically to the United States. Like many other internet service providers, Facebook had based data flows on the "EU-US Privacy Shield" Framework ("Privacy Shield") and EU model clauses for data transfers (Standard Contractual Clauses, "SCC"). The CJEU now invalidated "Privacy Shield" and clarified the requirements when employing...

Newssquare New Entry Restrictions to Hungary

On 18 June 2020, the state of emergency in Hungary was terminated. Accordingly, the travel rules eased, as (i) Hungarian citizens, (ii) citizens of EU and EEA Member States (iii) and the family members of the listed citizens could enter Hungary without any restrictions. As the number of people infected by the coronavirus is increasing in Hungary's neighbouring countries, new legislation on travel restrictions came into effect as of 15 July 2020 [Government Decree 341/2020. (VII. 12.) ("Government Decree").

 

For more details, please download the file below.

Newssquare Austria: New Depreciation Rules as part of Covid-19 relief package under review

On 15 July 2020, a draft bill for a law aimed at strengthening the economy in 2020 (Konjunkturstärkungsgesetz 2020) was approved by the second chamber of the Austrian parliament. Publication in the official gazette is now imminent. Part of the draft bill is an investment and relief package for entrepreneurs.

 

Two measures are particularly noteworthy for acquirers of Austrian real estate: (i) the introduction of an accelerated form of straight-line depreciation for buildings; and (ii) the introduction (for other assets) of the declining balance depreciation method as an alternative to the current straight-line depreciation.

 

For more details please download the file below.

 

Newssquare New EU regs on e-commerce likely to bolster transparency and innovation (are the critics wrong?)

Although some observers have criticized 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 often have a dominant position in the market.

However, the regulations are expected to generate indirect benefits as a result of greater transparency and improvements in innovation and data access policies. Nonetheless, only in practice will we truly know whether these regulations will fulfil their intended purpose.

 

For more details please download the...

Newssquare Serbia: Rulebook on preventive measures for safe and healthy work for the prevention of the occurrence and spread of the infectious disease epidemic

In Serbia, a new rulebook for employers and employees has been issued to fight the spread of COVID-19 and similar infectious diseases in the workplace. The rulebook, which entered into force on 11 July 2020, was issued by the Ministry of Labor, Employment, Veterans and Social Affairs. Among other requirements, employers must adopt an "implementation plan" for the prevention and spread of infectious diseases by 10 August 2020.

 

For more details from our lawyers in Belgrade, please download the file below.

 

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