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On 24 July 2020, the European Commission decided on a package of measures for the recovery of the capital markets.

With respect to the Prospectus Regulation, the European Commission proposes temporary measures to address the economic impact of the COVID-19 pandemic and permanent changes to the information requirements and the right of withdrawal in connection with the publication of prospectus supplements. The proposal also provides for an increase in the threshold for the permanent issuing privilege of banks from EUR 75 million to EUR 150 million and the introduction of a 30-page EU reconstruction prospectus for share issues, both limited to 18 months.

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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.


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.

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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").


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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.


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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.


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