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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 Dorda

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AUSTRIAN DATA PROTECTION AUTHORITY ISSUED THE "BLACK LIST"

December 2018 - Intellectual Property. Legal Developments by Dorda.

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Processing operations subject to the requirement of a data protection impact assessment.

Following the "White List", the data protection authority has now also issued the long-awaited "Black List" in form of a binding regulation. This provides greater clarity as to when Data Protection Impact Assessments ("DPIA") are actually to be carried out in practice in Austria. As already in the draft, the regulation does not provide an exhaustive list of processing operations that are subject to the requirement. Rather, the regulation specifies criteria - some of which require further interpretation - which shall make it necessary to carry out a detailed examination.

Rien ne va plus!

August 2018 - Real Estate & Property. Legal Developments by Dorda.

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Austrian Real Estate and Construction Law

On 30 June 2018 an amendment to the Vienna Building Code entered into force rendering it more difficult to demolish historic buildings in the Austrian capital. Is this the beginning of a new and hostile approach to owners of historic buildings? No! The Austrian Constitutional Court had already confirmed in 2017 that the rent based on the reference value (Richtwertmietzins) and the prohibition to request higher rent in certain areas of the city (Lagezuschlag) were in line with the constitution. In addition, the Supreme Court had redefined the rent control system in leading judgments in 2017. Despite massive impacts on owners of historic buildings, the federal legislator has not provided viable solutions.

 

 

DORDA advises on the acquisition of Austrian office properties Denk Drei

June 2018 - Real Estate & Property. Legal Developments by Dorda.

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Stefan Artner, Partner and Head of the Real Estate Practice Group, and real estate attorney Klaus Pfeiffer of DORDA advised Austrian Real Estate Development GmbH (ARE, a subsidiary of Bundesimmobilien-Gesellschaft, the Austrian privatization agency) on the acquisition of the Denk Drei office properties from IC Development. The successful closing of the forward purchase transaction took place on April 30, 2018. The parties have agreed not to disclose the purchase price.

Austrian "White List"

June 2018 - TMT ( Technology, Media & Telecoms). Legal Developments by Dorda.

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Exceptions from the OBLIGATION TO CARRY OUT A data protection impact assessment

Immediately on 25 May, the GDPR-day, the Austrian Data Protection Authority published its White List brining some clarity concerning the obligation to carry out a data protection impact assessment. As expected, especially standardized data processing activities and already registered processing operations that have to be approved by the authority in advance do not require an impact assessment.

 for Austria and we can only hope that it will be issued soon as well.

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.

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.

NEW AUSTRIAN DATA PROTECTION ACT IMPLEMENTING GDPR PASSED THE AUSTRIAN PARLIAMENT

July 2017 - TMT ( Technology, Media & Telecoms). Legal Developments by Dorda.

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After some last-minute amendments, the new Austrian Data Protection Act, implementing and supplementing the EU General Data Protection Regulation, was finally adopted by the Austrian Parliament on 30 June 2017. The new provisions provide for some local specialties that must be considered by all companies active in Austria. All changes become applicable from May 2018 but the new obligations require complex internal amendments that should be reflected in the course of the GDRP implementation to avoid the increased penalties. [read more here]

Liability for "LSD"

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

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On 1 January 2017 the Austrian Wage and Social Dumping Prevention Act (Lohn- und Sozialdumping-Bekämpfungsgesetz – abbreviated to "LSD-BG") came into effect. An enhanced liability regime for the principal shall reduce and ultimately eliminate the undercutting of wages, in particular in the construction sector. The last six months have shown increased awareness of potential liabilities by principals and workers.

Significant adjustments to Insolvency Law in Austria

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

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The Insolvency Law Amending Statute of 2017 (Insolvenzrechtsänderungsgesetz 2017, IRÄG 2017) was adopted by the Council of Ministers at the end of March and is currently in the process of being reviewed. The reform is due to enter into force on 1 July 2017 and contains significant innovations. Its primary objective is to facilitate the debt relief of natural persons.

Increased Liability for Real Estate Agents in Austria

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

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Pursuant to the Austrian Broker Act (Maklergesetz), a broker has to fairly and diligently protect their principal's interest. Until a very recent judgment of the Austrian Supreme Court (Oberster Gerichtshof), courts have taken a very lenient stance on the liability of real estate agents. The judgment of the Supreme Court of 24 Jan 2017, however, might permanently divert existing case law.

First Draft for the New Austrian Data Protection Act Published

May 2017 - TMT ( Technology, Media & Telecoms). Legal Developments by Dorda.

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The long-awaited first draft for the new Austrian Data Protection Act, implementing and supplementing the EU General Data Protection Regulation, was finally published on 12 May 2017. 

Premium Payment Clauses – Surcharges need to be transparent

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

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The implementation of clauses on short-term premium instalments

In its ruling (7 Ob 5/16k) of 17 February 2016, the Austrian Supreme Court determined that a clause on "short-term premium instalments" (Unterjährigkeitsklauseln) contained in the general terms and conditions for life insurance contracts with premium refund was non-transparent. The clause provided that premiums may be paid in semi-annual, quarterly, or monthly instalments.

Survey of Austrian insolvency law and its current developments

June 2009 - Finance. Legal Developments by Dorda.

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Austrian law distinguishes between composition proceedings in accordance with the Composition Code (Ausgleichsordnung-AO) and bankruptcy proceedings in accordance with the Bankruptcy Code (Konkursordnung-KO).

Bankruptcy proceedings have to be opened if the debtor is unable to pay. In particular, inability to pay must be assumed if the debtor suspends payments. Inability to pay does not require that creditors are actively seeking payment.

Bankruptcy proceedings are also opened in the event of overindebtedness in relation to commercial companies if no personally liable partner is a natural person, in relation to the assets of legal entities and in relation to the estates of deceased persons.

Access to cartel evidence as a key to enhanced private enforcement: The Austrian example

January 2009 - Corporate & Commercial. Legal Developments by Dorda.

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In its recently published "White Paper on Damages actions for the breach of EC antitrust rules" the European Commission identified access to cartel evidence as one of the key elements for enhancing private enforcement actions against anti-competitive practices.

Austria: Chances and changes after sub-prime crisis

September 2008 - Real Estate & Property. Legal Developments by Dorda.

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Facing the situation on the international financial markets, the Austrian real estate market has stood up well against the sub-prime crisis and remains a stable investment haven.

Stefan Artner MRICS, head of the real estate desk at DORDA BRUGGER JORDIS, reports on current developments on the Austrian and CEE real estate market.

Austrian Corporate Taxation: Mechanics of the Use of Cross-Border Losses

June 2008 - Tax & Private Client. Legal Developments by Dorda.

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Austrian corporations have been allowed to integrate non-Austrian corporations into an Austrian tax consolidation group since 2005. This opportunity has proven to be an effective tool in achieving a crossborder use of losses between separate corporate entities and is widely used by internationally active groups with operations in Austria.

Stricter Rules for Austrian Companies

April 2008 - Corporate & Commercial. Legal Developments by Dorda.

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Amendments for auditors, supervisory boards and capital markets-oriented companies

Several accounting scandals in the recent past caused the EC to adopt both the Directive 2006/43/EC (Statutory Audit Directive) and Directive 2006/46/EC (Company Reporting Directive). The directives will improve the credibility of financial information and strengthen protection against financial scandals. These directives will be implemented in Austria with the legislative proposal for a Business Law Amendment Act 2008 (Unternehmensrechts-Aenderungsgesetz 2008, "URAeG 2008"). The amendments will be applicable for business years starting after 31 December 2008. However, some of the amendments will be in effect by 1 June 2008.