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Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Stop! Wait! Move! – No longer Stamp Duty for Residential Homes

October 2017 - Real Estate & Property. Legal Developments by Dorda.

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On 12 October 2017, right in a last minute attempt to win undecided voters for one of the political parties, the leaving members of parliament enacted a new tax law. While fundamental changes to the Austrian Tenancy Law had been vividly discussed between the socialist and the conservative parties in recent years, the new law on the abolition of stamp duty falls completely short of what could have been achieved.

European Court of Human Rights: Employers have limited rights to monitor employee communications at

September 2017 - Employment. Legal Developments by Schönherr.

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A landmark decision was issued yesterday (Judgement Bărbulescu v. Romania), a source of debate in the media, in which the European Court of Human Rights clarified the restrictions on monitoring employees in the workplace.

Potential Hurdle for Acquisitions in Hungary by Non-EU and Non-EEA Investors

September 2017 - Corporate & Commercial. Legal Developments by Schönherr.

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The Hungarian Ministry of the Interior recently submitted a legislative proposal to the Hungarian Government to amend the Act on Hungarian National Security Services (the "Proposal"). The Proposal suggests an amendment pursuant to which investors from non-EU and non-EEA countries who wish to invest in Hungary would have to obtain prior permission from the minister responsible for national security (the " Minister.

If adopted, investors from outside the EU and EEA would need to apply and obtain such permission if they intend to acquire more than a 25 % interest in an existing or yet to be established company with its registered seat in Hungary, provided that this company pursues activities that are deemed sensitive for national security.

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EU: High-Level Expert Group on Sustainable Finance delivers early recommendations

August 2017 - Finance. Legal Developments by Schönherr.

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On 13 July 2017, the High-Level Expert Group ("HLEG") on Sustainable Finance published its interim report ("Interim Report") setting out concrete steps to create a financial system that supports sustainable investments.

This Legal Insight is part of our dedicated newsletter series on the European Capital Markets Union ("CMU").

Background

The growing awareness of environmental challenges and sustainability risks as well as the adoption of the UN 2030 Agenda and the conclusion of the Paris Climate Agreement by the EU in 2015 call for an EU strategy on sustainable finance.

Establishing an EU strategy on sustainable finance is a priority action of the CMU. In December 2016, the HLEG was established to advise on the development of such an EU strategy. The recently published HLEG Interim Report was recently presented in a public hearing on sustainable finance on 18 July 2017. At the same time, the HLEG presented an online questionnaire on the Interim Report aimed at obtaining targeted feedback until 20 September 2017, which would be reflected in the final report of the HLEG scheduled for publication by the end of 2017.

 

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Serbian Competition Authority Steps Up Antritrust Enforcement

August 2017 - EU & Competition. Legal Developments by Schönherr.

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The Serbian Commission for Protection of Competition (the "Commission") recently intensified its antitrust activities before the new Administrative Act came into effect. In one week alone the Commission initiated four antitrust cases and conducted two dawn raids.

1. What/who will be on the Commission's radar?

First Annual Privacy Shield Review to take place in September 2017

One of the core principles of the EU-US Privacy Shield ("Privacy Shield") is its Joint Review mechanism, which obliges the European Commission, the US Department of Commerce and the Federal Trade Commission to jointly review the functioning of the Privacy Shield on an annual basis, together with its national security and law enforcement aspects. The very first Joint Review is scheduled for September 2017. This first review is considered especially important, as it will be the first opportunity for US and EU regulators to closely analyse the operation of the Privacy Shield, address possible concerns about its functioning, and seek to ensure that the Privacy Shield continues to be a valid legal basis for transfers of personal data from the EU to the US.

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The role of the supervisory board in investor relations

August 2017 - Corporate & Commercial. Legal Developments by Dorda.

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1.Abstract

Contrary to common law jurisdictions such as the US or UK, the laws of civil law jurisdictions Germany and Austria provide for a two-tier structure for stock companies (Aktiengesellschaft), thereby strictly distinguishing the tasks, duties and responsibilities of the Management Board (Vorstand) from those of the Supervisory Board (Aufsichtsrat). Under the Austrian Stock Companies Act (Aktiengesetz), the Management Board has the sole competence to represent the company vis-Ă -vis third parties. There are only limited exceptions in which the Supervisory Board may act for, in the name of and on behalf of the company.

Constitutional Court's Recent Judgments on Rent in Austria

August 2017 - Real Estate & Property. Legal Developments by Dorda.

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The Constitutional Court has recently provided two judgments on 28 June 2017 on the rent control legislation in Austria ruling that the current system for flats complies with Austrian Constitutional Law and the European Convention on Human Rights. The Constitutional Court visibly failed to take the opportunity to initiate a change to the current legislation. Further appeals to the Constitutional Court are likely and worthwhile with the Austrian parties currently involved in their campaigns for the general election in October 2017.

Buy-to-Let Schemes in Austria

July 2017 - Real Estate & Property. Legal Developments by Dorda.

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Buy-to-let schemes reached the Austrian market several years ago and have gained increased popularity in the scenic alpine regions of Tyrol, Vorarlberg or Salzburg. Investors acquire condominium ownership in newly constructed hotel facilities and rent out the properties to hotel operators at – ideally – attractive rates. While buy-to-let-schemes can be very lucrative investments, they also raise complex legal and tax questions. With the economic and financial crisis falling into oblivion, investors, however, have become more and more willing to sail these waters.

Hungary: Are Interim Measures Hard to Enforce?

The Hungarian Parliament recently passed new legislation on arbitration (Act LX of 2017 on Arbitration, the “2017 Act”) that will reform Hungarian arbitration law as of 1 January 2018.

The 2017 Act, considering both the shortcomings of the current Hungarian legislation (Act LXXI of 1994 on Arbitration, the “1994 Act”) and the amendment of the UNCITRAL Model Law on International Commercial Arbitration adopted in 2006 (the “Model Law”), repositions arbitration by reforming the choice of arbitrators, the institutional system of Hungarian arbitration panels, and the power of the panels ordering interim measures and preliminary orders. read more...

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Giving the in-house community greater insight to the law and regulations in different jurisdictions.

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