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Legal Developments by:
Dorda

  • NEW AUSTRIAN DATA PROTECTION ACT IMPLEMENTING GDPR PASSED THE AUSTRIAN PARLIAMENT

    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 ]
    - Dorda

Legal Developments in Austria

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  • Hungary: Are Interim Measures Hard to Enforce?

    The Hungarian Parliament recently passed new legislation on arbitration ( Act LX of 2017 on Arbitration , the ‚Äú2017 Act‚ÄĚ) that will reform Hungarian arbitration law as of 1 January 2018.
  • EU: Council Introduces Action Plan for NPLs

    On 10 July 2017, the Commission announced the public consultation on the development of secondary markets for non-performing loans (NPLs) and distressed assets. Following the commencement of this public consultation, the Council introduced its Action Plan for NPLs.
  • Bulgaria: Remedies imposed on fuel companies following cartel investigations

    For the second time in less than five years, the Bulgarian Commission for the Protection of Competition ("Commission") has opened investigation proceedings regarding prohibited agreements and concerted practices against the major fuel companies in Bulgaria and closed them without issuing penalties.
  • Recast of the EU Regulation on Insolvency Law Applicable as of Today

    The EU Regulation on Insolvency Law 1346/2000 (EIR) was considered a milestone in the cross-border coordination of national insolvency proceedings. The recast of the EU Regulation on Insolvency Law 2015/848, applicable to insolvency proceedings opened after 26 June 2017, considers substantial developments in national insolvency laws. read more...
  • Lessons Learned over Three Years: Amendment of the Hungarian Trust Regulation

    The Hungarian Parliament passed an act in June 2017 with the aim of improving Hungary's business competitiveness. Among other things, the amendment has changed the regulation of trusts and their management, hopefully for the better, since the past three years have shown that a lack of such experience still exists. The legal concept of trust was introduced into Hungarian law in 2014, when the new Civil Code entered into force. Contrary to expectations, however, potential market players were hesitant to launch their businesses, mainly due to crippling bureaucracy and the vague regulation of trusts. read more...
  • Austria: Slightly Lower Fees, a Little More Liberalisation - The 2017 Amendments to the Austrian Tra

    Following a year of intense political discussion, the Austrian Parliament adopted numerous amendments to the Austrian Trade Act 1994 ( Gewerbeordnung 1994 , " GewO ") at the end of June. While the reform falls significantly short of the outgoing government's original announcements last July with the aim to liberalise market access and to cut red tape for businesses, it nevertheless introduces several material changes to business activity in Austria. read more...
  • Austria: Avoid Expensive Mistakes As Startup Employer

    As violations may lead to enormous liabilities, start-up employers are advised from the outset to comply with the applicable laws pertaining to their personnel. In addition to being an underestimated factor when it comes to financial liabilities, employment-law-related mistakes may also result in difficulties in the course of a company's sales process. For a better understanding of what can go wrong in employment relationships, three of the most common mistakes that employers make are listed below. read more...
  • Renewable Energy: Amendment of the Austrian Green Electricity Act Doubles Funding

    After four months of negotiations, the Austrian National Council has finally reached an agreement on the amendment of the Green Electricity Act (" √Ėkostromnovelle "). The required two-thirds majority was reached by a last minute agreement between the coalition parties and the Green Party. The aim of the new legislation is to increase the percentage of green electricity and to achieve an expansion of renewable energy in Austria. read more...
  • Austria: Major Changes in Personal Bankruptcy Law

    On 28 June 2017 the Austrian Parliament passed the government's legislative proposal on insolvency law ( Insolvenzrechtsänderungsesetz 2017 ). After lengthy negotiations, the government finally agreed to shorten personal insolvency proceedings to a maximum five years and to abolish the minimum insolvency quota of 10 % under certain conditions. The amendments will be applicable as of 1 November 2017. read more...
  • NEW AUSTRIAN DATA PROTECTION ACT IMPLEMENTING GDPR PASSED THE AUSTRIAN PARLIAMENT

    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 ]
    - Dorda