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In Austria

Europe: The New European Restructuring Schemes – Update May 2022

by , , , , , , , and 1 Min Read

Through the EU Directive on Restructuring and Insolvency of 20 June 2019 (EUR 2019/1023, “Directive”), the European Union has imposed an obligation on its member states to offer a more attractive and flexible restructuring scheme in their respective local law. The initial deadline to do so had been 17 July 2021. Only a handful of countries (most notably Germany and The Netherlands) had implemented the Directive within the initial deadline, whilst the other countries made use of the possibility to ask for a one year extension.

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In Austria

The “End” for International Data Transfers?

by 1 Min Read

In our hybrid kick-off event of the newly founded – VUJ Expert Group on Data Protection Law on the topic “The “End” for International Data Transfers? Recent developments and practical advice” , shed light on the following topics:
• International data transfers in transition
• Google analytics and the international consequences
• Approaches and alternatives for practice

In Austria

Austria: Guideline on corporate sustainability obligations

by , and 1 Min Read

Just and sustainable economy: Commission lays down rules for companies to respect human rights and environment in global value chains
On 23 February 2022 the European Commission has adopted a proposal for a Directive on corporate sustainability due diligence. The proposal aims to foster sustainable and responsible corporate behaviour throughout global value chains. They will be required to identify and, where necessary, prevent, end or mitigate adverse impacts of their activities on human rights, such as child labour and exploitation of workers, and on the environment, for example pollution and biodiversity loss.

In AML & Financial Services Regulatory

Austria: SBERBANK Europe AG placed under moratorium by the Austrian FMA

by and 3 Mins Read

At the request of the Single Resolution Board (SRB) SBERBANK Europe AG, domiciled in Vienna, was placed under a moratorium by the Austrian Regulator, FMA, on 27 February 2022. Despite measures SBERBANK took to stem the outflow of funds the SRB decision finds it is likely to be unable to meet its payment obligations at maturity. SRB also held that current and future sanctions – US sanctions limiting access to USD supply by correspondent banks only take effect on 26 March 2022 – make it unlikely that SBERBANK’s liquidity situation will quickly recover. The FMA implemented the SRB’s decision of 27 February 2022 (SRB EES-2022-16), as per the provisions of the Austrian Act on Restructuring and Liquidation of banks (BaSAG) and Art 29 SRM Regulation.

In Austria

European Union: DAC7 Risk Test

by , , , , , , , , , , , , , , , , , , , , , , , , and 2 Mins Read

In March 2021, the EU approved new reporting rules in a directive known as DAC7. The directive will require the operators of online platforms for the sale of goods and certain services, to collect, verify and share data on their sellers and their transactions concluded on the online platform. EU member states have until 31 December 2022 to implement DAC7 into national law. Certain platform operators will become a reporting platform and will need to start collecting and verifying data points in compliance with the DAC7 reporting requirements. The collected data points must be reported to the tax authorities of the relevant EU member state annually.

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In Austria

Austria: Wage and Social Dumping Prevention Act — new developments

by , and 4 Mins Read

Against the background of the EU Posting Workers Directive and the ECJ case law, the Wage and Social Dumping Prevention Act (“Lohn- und Sozialdumping-Bekämpfungsgesetz”, “LSD-BG”) has been amended effective as of 1 September 2021. In summary, the scope of the Wage and Social Dumping Prevention Act was limited and the provisions regarding administrative penalties were mitigated. However, provisions for long-term postings are now stricter.

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