Wolf Theiss

Client Alerts

Newssquare CHANGES AND AMENDMENTS TO THE CONCESSION LAW IN THE REPUBLIC OF SRPSKA

The National Assembly of the Republic of Srpska (RS) enacted the Law on Changes and Amendments to the Concession Law which entered into force on 24 July 2020. The Law was published in the Official Gazette of RS no. 70/20.

To learn more, please download the file below.

Newssquare PHARMIG Code of Conduct amended

The Association of the Austrian Pharmaceutical Industry has amended the PHARMIG Code of Conduct, effective as of 1 July 2020. All PHARMIG members (currently more than 100 companies) must comply with the code. The new changes include a new prohibition on product branding, a ban on undue benefits for representatives of healthcare or patient organisations, restrictions regarding claims which are not sufficiently supported by scientific evidence, and more.

To learn more, please download the file below.

Newssquare SERBIA – NEW STATE SUPPORT MEASURES TO ALLEVIATE THE ECONOMIC IMPACT OF THE COVID-19 OUTBREAK

As the COVID-19 pandemic evolves in Serbia, many businesses and citizens have continued to experience financial hardships throughout this summer despite the financial assistance provided by the Government of Serbia ("Government") and the National Bank of Serbia ("NBS") at the beginning of the COVID-19 crisis.

In attempt to further mitigate the negative impact of COVID-19, the Government and the NBS decided to introduce yet another package of economic measures benefitting the private sector and citizens. The new assistance package, which largely mirrors the initial set of COVID-19 relief measures, is primarily designed to preserve employment, liquidity of market actors and financial...

Newssquare AMENDMENT OF THE ROMANIAN ANTI-MONEY LAUNDERING LAW & ENVISAGED CHANGES REGARDING KNOW YOUR CLIENT MEASURES

The Romanian government issued a Government Emergency Ordinance which entered into force on 15 July 2020 in order to bring Romanian law in line with the provisions of AMLD 5, the most recent version of the EU's Directive to combat money laundering and terrorist financing.

The government ordinance aims to enhance "know your client" requirements, increase transparency on beneficial owners, introduce stricter controls for transactions with customers in high-risk third countries, and more.

In the legislative review process of the government ordinance, a bill rejecting the ordinance was issued by the Romanian Senate on 11 August 2020. The Romanian Deputy Chamber will now debate the bill.

To...

Newssquare EUROPEAN COMMISSION ADOPTS PACKAGE OF MEASURES FOR THE RECOVERY OF THE CAPITAL MARKETS

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.

For more details, please download...

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.

 

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