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The new Investment Control Act ("ICA") was passed by the Austrian National Council on 8 July 2020. This law regulates the review of foreign direct investment holdings in Austrian companies. It was enacted in connection with the EU FDI Screening Regulation ("Regulation"), which will be fully applicable as of 11 October 2020.
The current events following the outbreak and spread of the corona virus raises numerous legal questions. SCWP Schindhelm has established a COVID- 19-Unit consisting of our experts in the legal fields most frequently affected.
According to Sec. 1118 ABGB (Austrian Civil Code), the lessor can terminate a lease unilaterally prematurely if the lessee makes a “considerably detrimental use” of the leased object. The scope and content of these legal provisions is a constant source of discussion. The mere performance of structural alterations by the lessee without the consent of the lessor does not in itself justify a good cause for the termination of the lease.
State aid is granted on the basis of various criteria. The region or the economic sector in which the investment is made is decisive, but also the strategic importance of the investment and the level of the investment volume. Investments in structurally weak regions receive higher subsidies than investments in industrial areas. For the award of grants, a distinction is made between six different regions.
“Whistleblower” - people who point out violations of the law - will be protected even more in the future. This is the aim of a new law that came into force a few months ago. The new regulation adds to already existing provisions on the protection of whistleblowers in the employment relationship.
The European Court of Justice (ECJ) recently ruled on the long-discussed question of whether and how website operators can integrate the Facebook Like button (so-called “social plug-in”) in accordance with data protection requirements.Th ECJ’s investigation results from a legal dispute between the Consumer Association of North Rhine-Westphalia and a subsidiary of Peek & Cloppenburg KG.
State and corporate compliance obligations to combat money laundering and terrorist financing remain an utmost priority for EU member states. Companies (“legal entities”) have therefore been obliged to disclose their “beneficial owners”, among other things, for quite some time. In Austria, a separate database - the “Beneficial Owners Register” - was set up for this purpose. In course of the implementation of the 5th EU Money Laundering Directive, further tightening measures have now been adopted.
The new “Law on Trade Secrets” now implements the so-called “EU Trade Secrets Directive”. This adopts the European legal requirements for the protection of confidential know-how and secret business information. Moreover, the new legal provisions contain limitation periods and important procedural provisions for the protection of trade secrets in court proceedings.
A new law on company crises has significantly changed the rules applicable to limited liability companies in this respect Among other things, the liability of the company’s management was tightened. Furthermore, the tasks of the supervisory body were expanded. The reform’s true impact remains to be seen: Will there be a change in corporate culture or will there be an increase in corporate crises?
The law 11/2018 dated 28 December has been in force since the beginning of the year. This selectively modifies the Commercial Code, the Stock Corporation Act and the Law on Auditing.
Justified by the goal of solving legal disputes in a fast and economical manner without filing lawsuits and thus relieving the overloaded Turkish courts, a mediation procedure is implemented as a mandatory pre-condition for filing a lawsuit according to Turkish labour and commercial law.
Five Legal Tech companies were selected by the LTHV jury on 26.02.2019 as part of a challenge and will now start the practice-oriented LTHV Accelerator Program on 27.02.2019. This consists of four modules with two days of Legal & Business Coaching, workshops and sparring sessions in Vienna.
Companies invest in know-how, from which there are important competitive advantages. Valuable information is the currency of the knowledge-based company. Maintaining confidentiality of business secrets is therefore a management instrument for competitiveness and research innovations. The loss of secrets can result in serious consequences, in particular, and generally can no longer be reversed.
The EU Directive on the regulation of confidential know-how and business information (know-how directive) was implemented in Hungary in July 2018.
In the budget planning for 2019, companies should prepare for the expected increase in Po-lish labour costs.
When a new shareholder list must be submitted in the commercial register due to a change, it must satisfy the requirements of § 40 I GmbHG [Limited Liability Companies Act] in the version of 23/06/2017 according to the decision of the BGH [Federal Supreme Court] dated 26/06/2018 – II ZB 12/16.
If a Gmbh makes payments after it becomes insolvent, the Managing Directors are personal-ly liable vis-à-vis the company, regardless of the internal allocation of responsibilities.
With the large-scale reform of the company law from the year 2003, Italian legislators had simplified the regulations on the Governance of limited liability companies.
Nestlé is a holder of a 3D EU trademark that corresponds to the "KitKat" bar marketed by it and protects its design.
Throughout Europe, approximately 80% of smartphones are equipped with the Google oper-ating system, Android...
At the end of 2017, in the legal case C-42/17, the ECJ issued a much publicised decision on the question of the primacy of application of Community Law.
Since May 2014, ownership rights for land and soil can only be acquired by natural and legal persons who have resided or been established in Bulgaria for longer than five years.
In the business world, situations often arise in which the only existing managing director wants to leave the company.
In Romania, law no. 190/2018, and thus the national implementation of the GDPR, took effect as of 31/07/2018. In comparison with other EU countries, law no. 190/2018 was rather short.
Due to the low unemployment rate in Slovakia, employers have recently been confronted with a lack of available workers.
In the Czech Republic, as of 01/07/2019, employees should already be entitled to sick leave from the first day of their inability to work.
In view of the rapid growth of online trade, the Chinese government adopted the first e-commerce law on the comprehensive regulation of online business on 31/08/2018, which will enter into force on 01/01/2019.
The presidential decree no. 32 issued on 12/09/2018 to protect the value of the Turkish cur-rency ("Decree") sets the limitation of foreign currency and foreign currency indexed contracts and stipulates that these contracts must be converted within 30 days into Turkish Lira (“TL”).
The residual debt discharge (RDD) was introduced in 2015 as an exception from the princip-le of general asset liability of the debtor in the insolvency code.
In October 2018, SCWP Schindhelm together with the law firms Dorda, Eisenberg & Herzog, Herbst Kinsky, PHH, Schönherr and Wolf Theiss founded the Legal Tech Hub Vienna. An unique cross-firm initiative to lead the legal consulting industry proactively, client oriented and innovatively into the digital future.
The electronic transmission of tenders in the award procedure is nothing new and was already standardised in the Federal Procurement Act 2006 both for the classical area and for the area of sector contractors.
As in the past, in the case of company sales, the seller has repeatedly neither paid salaries due nor paid social security contributions due for employees, the Bulgarian Commercial Code was amended accordingly by three successive amendments in December 2017, February and March 2018.
On June 14th and 15th the 10th edition of the Balkan Legal Forum took place in Vienna. SCWP Schindhelm is honored to have been an important part of this year's agenda. This year's Balkan Legal Forum focused on the future of the legal sector and changes in legal advice in South Eastern Europe. Senior Partner Dr. Immanuel Gerstner moderated the expert discussion on "Difficult issues for lawyers and clients in the 2020s as a result of technological change".
International business transactions often involve cross border transfer of personal data. This is the case for instance where the data is stored on a server located in a third country (a country outside the EEA) or a third country IT service provider has access to the data processed by a company within the EU. If personal data is to be transferred to a third country specific provisions of the GDPR will apply.
SCWP Schindhelm won the award "Beste Legal Tech Innovation im Rechtsbereich 2018" for SimpLEx Doks at the first edition of "Promoting the Best Award" presented by the Association of Austrian Corporate Lawyers (Vereinigung Österreichischer Unternehmensjuristen - VUJ) and Women in Law.
As of 25 May 2018, the General Data Protection Regulation (GDPR) introduces harsh sanctions for data breaches with extended scope of applicability.Companies and other data processing entities become potential subjects not only to the data subjects’ claims for damages, the enforceability of which has been enhanced, but also to increased administrative fines to be imposed by supervisory authorities.
The General Regulation on Data Protection (GDPR) which will apply from 25th May 2018, introduces the position of the Data Protection Officer (DPO).The DPO shall be the contact person for and shall be involved in all data protection related issues of the given entity. The DPO is an organ within the company which liaises with the authority, the company and the data subjects.
The General Data Protection Regulation (GDPR) adopted by the EU Parliament in 2016 provides a higher standard of protection of personal data for EU citizens. The GDPR will have direct effect in all member states as of May 25, 2018 and it will affect businesses all around the world that are engaged in activities with individuals in the EU.
The General Data Protection Regulation (GDPR) adopted by the EU Parliament in 2016 provides a higher standard of protection of personal data for EU citizens. The GDPR will have direct effect in all member states as of May 25, 2018 and it will affect businesses all around the world that are engaged in activities with individuals in the EU.
The General Data Protection Regulation (GDPR) of the EU will come into force on 25 May 2018 and it will affect organisations worldwide working with or within the EU. The GDPR promotes accountability and governance. Organisations are required to put into place comprehensive governance measures to ensure compliance. Non-compliance can lead to heavy fines up to EUR 20 million or 4 % of the global annual turnover, whichever is higher.
The General Data Protection Regulation (GDPR) adopted by the EU Parliament in 2016 provides a higher standard of protection of personal data for EU citizens. The GDPR will have direct effect in all member states as of May 25, 2018 and it will affect businesses all around the world that are engaged in activities with individuals in the EU.
On 25.05.2018 new data protection regulations will come into force...
Above all, the constant terror attacks since September 2001 and the expansion of organised crime have created a situation...
