In the framework of the seminar series early bird, experts of different practice areas explain and discuss latest developments in law and commentary documentation and review their applicability and effects on everyday business.
On June 27th 2017 an Early Bird about the new Prospectus Regulation took place at Binder Grösswang.
A comprehensive amendment of the current prospectus regime was adopted recently at the European level: The new EU Prospectus Regulation is expected to be published in the European Official Journal in the second quarter of 2017 and most provisions will enter into force 24 months later. The new regulation introduces amendments in particular with regard to prospectus exemptions, the summary, risk factors, base prospectuses and the publication of the prospectus. [more]
On April, 27th an ‘early bird’ focusing on ‘The new Competition Law’ took place in the Binder Grösswang offices in Vienna.
The 2017 Amendment of the Austrian Cartel and Competition Acts has recently been approved by Austrian parliament. Whereas in parts it enters into force on May, 1st 2017, some aspects will apply retroactively as of the end of 2016. Aiming at facilitating the compensation for cartel damages, the new provisions contain revolutionary changes in tort and civil procedure law, e.g. a presumption that cartels cause damages... [more]
Europe’s future lies in a technology-based, knowledge-based economy with a high degree of innovation. However, in order to achieve this objective, undisclosed technological knowledge and confidential business information require an adequate level of legal protection that goes beyond traditional intellectual property rights (patent law, copyright law, etc.). In the context of the initiative to create an “Innovation Union”, the EU institutions have for some time been working on a directive “on the protection of undisclosed know-how and business information (trade secrets)... [more]
The Accounting Control Act (Rechnungslegungskontrollgesetz, RL-KG) empowers Austria’s Financial Market Authority (FMA) to act as an enforcement authority responsible for the accounting control of financial reports published by listed companies, either directly or with the assistance of the Austrian Review Panel for Financial Reporting, which examines the annual reports of capital market oriented companies to verify compliance with the International Financial Reporting Standards (IFRS). This new form of control comes into effect for the first time for annual accounts for the year ended 31 December 2013 or later, and is therefore currently being carried out, now that the first of these annual accounts have been published. [more]
The recently adopted 2014 Tax Amendment Act (Abgabenänderungsgesetz 2014) includes important changes affecting corporations as well as concerning company law. In addition, the bill for the 2014 Budget Accompanying Act (Budgetbegleitgesetz 2014) has been completed; it contains new provisions regulating real estate tax. [more]
Due to their proximity to the “State”, public enterprises are in the focus of EU state aid law, be it as providers of aid, as beneficiaries, or as entities otherwise concerned. Current cases in the Austrian banking sector demonstrate the legal, political and economic sensitivity of this field of law. [more]
The new real estate tax has been in effect since 1 April 2012. Under the new regulations, the 10-year holding period has been abolished; the tax rate is now 25% of the capital gain, regardless of the length of time between purchase and sale (previously: up to 50%). For real estate purchased before 1 April 2002 (so-called old real estate assets) there is a lower flat rate: either 3.5% or, if the land was converted into building land after 31 December 1987, 15%. [more]
The boom of investor lawsuits continues unabated. Whether it is a matter of ship funds, real estate shares, limited partnership interests or guarantee products: frustrated investors are attempting to recoup their losses from failed investments through claims for damages against issuers and financial intermediaries. One of the major targets of attack is marketing material. [more]
The integrity requirements of public companies are particularly high, and yet these companies – if media reports are to be believed –- are also especially prone to compliance violations. This makes it highly necessary to pursue an active and innovative policy of prevention and discovery of infringements.
In a keynote talk, Chief Compliance Officer Martin Schwarzbartl will begin the seminar by introducing the broad content and numerous instruments of the compliance management system in place at the ÖBB Group. [more]
On 1 March 2013, the powers of the Austrian Federal Competition Authority (Bundeswettbewerbsbehörde, BWB) were substantially strengthened with respect to requests for information and house searches. In the last two years, the BWB carried out a number of house searches on its own initiative. Some of these searches led to high administrative fines. Most of the house searches came about as the result of information from insiders and concerned a wide variety of business sectors. It is difficult to predict where the next such search will take place. [more]
Globalisation has opened up unsuspected possibilities for white-collar criminals to quickly spirit away gains from their fraudulent activities. However, worldwide networking, in particular its technological possibilities, and cross-border cooperation between authorities now offer victims a greater chance of tracking down and recovering their assets, even in the most remote corners of the world. [more]
The new real estate taxation rules came into effect on 1 April 2012. They include numerous changes: The ten-year speculation period was abolished; as of 1 April 2012, capital gains from real estate sales are always subject to taxation. The tax rate is now, in all cases, 25% of the gains realised by sale (previously: up to 50%). Of great significance in future are the flat rates for old real estate assets and the tax exemption provisions. [more]
In response to the financial market crisis of 2008 and 2009, the G-20 countries decided to thoroughly revamp the market infrastructure for over-the-counter derivative transactions. Alongside the USA, the EU is playing a leading role in the drafting of new regulatory requirements and has already presented numerous complex regulatory regimes dealing with the various aspects of trade with OTC derivatives: from the conclusion and central clearing of OTC derivatives contracts (EMIR) through trade (MiFIR) and capital requirements (CRD IV) to settlement (RCSD). The entire regulatory package is to be completed by the end of this year. [more]
In finance agreements, such as, for example, credit and loan agreements, swaps or bonds, companies are confronted with a large number of provisions that are quite difficult to understand. Moreover, such contracts are usually closely related to one another through "cross default" provisions, in consequence of which the violation of a clause in one contract can also lead to the termination of other contracts. [more]
"Update prospectus law” under the direction of capital markets partner Florian Khol marks the start for a series of seminars with subsequent panel discussions with the objective of explaining latest changes in law and commentary documentation as well as of reviewing their applicability and effects for the everyday business. In autumn 2010, after many years of discussion, the European Parliament and the EU Council have passed a directive amending the EU prospectus law and the transparency requirements for listed companies... [more]