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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

 

Legal Developments Worldwide

Articles contributed by Binder Grösswang Attorneys-at-Law

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Foreign investors face new barrier when acquiring Austrian companies

December 2011 - Corporate & Commercial. Legal Developments by Binder Grösswang Attorneys-at-Law .

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On December 8, 2011 an amendment of the Foreign Trade Act 2011 (Außenwirtschaftsgesetz 2011, until then Außenhandelsgesetz 2011, “FTA 2011”) entered into force imposing a substantial new barrier on foreign investors when acquiring shares in Austrian companies that operate in areas of public security and order. This amendment came as a surprise as part of the Budget Consolidation Act 2012 (Budgetbegleitgesetz 2012), governing different topics. The key points of the new barrier for foreign investors are the following:

Disclosure of financial statements - New Austrian Legislation Tightens Penalties

February 2011 - Finance. Legal Developments by Binder Grösswang Attorneys-at-Law .

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Together with adopting the 2011 budget the Austrian legislator amended a variety of laws and regulations. One amendment concerns the penalties for not disclosing the annual financial statements with the companies' register (Firmenbuch), which are considerably tightened. Until 28 February 2011,so far missed disclosures may be made without triggering the new penalties…

Austrian Bank Secrecy Reduced in Certain Cross-Border Situations

January 2010 - Tax & Private Client. Legal Developments by Binder Grösswang Attorneys-at-Law .

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Since September 9, 2009 a new law is in force in Austria that allows for a wider exchange of information than before if a double tax treaty, an ECDirective or international agreements provide for it. Since September 18, 2009 Austria is no longer on the OECD's Grey List of countries that are considered to not fully implement OECD tax standards.

Austrian Bank Stability Update - State Aid (17.10.2008)

March 2009 - Finance. Legal Developments by Binder Grösswang Attorneys-at-Law .

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On 13 October 2008 the Austrian government announced coordinated stability measures for the financial markets following the joint declaration on the concerted European action plan of the euro area countries last Sunday. The stability measures approved on Monday by the Austrian cabinet (Ministerrat) aim at protecting banks and insurance companies swiftly and decisively from the possibly serious effects of the international financial crisis.

New Austrian Shorting Rules (22.10.2008)

March 2009 - Litigation & Dispute Resolution. Legal Developments by Binder Grösswang Attorneys-at-Law .

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On September 18, 2008 the US Securities and Exchange Commission took temporary emergency action to prohibit short selling in 799 financial companies to protect the integrity and quality of the securities market and strengthen investor confidence. Other securities regulators around the world, such as UK’s FSA, Germany’s BaFin and Spain’s CNMV took similar action during the following days.

Austrian Bank Stability Update II (03.11.2008)

March 2009 - Finance. Legal Developments by Binder Grösswang Attorneys-at-Law .

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On 13 October 2008 the Austrian government announced coordinated stability measures for the financial markets following the joint declaration on the concerted European action plan of the euro area countries on 12 October 2008.

Übernahmen an der Börse werden erst im Frühjahr attraktiv

March 2009 - Finance. Legal Developments by Binder Grösswang Attorneys-at-Law .

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Der Standard, Wirtschaft & Recht, Ausgabe vom 19.11.2008