The restriction of public life and economic activity to combat COVID-19 is increasingly impacting borrowers, mainly due to the fact that many borrowers generally repay their financial obligations from current or earned income. As the economy is confronted with widespread to complete loss of revenue however, individuals are now being faced with the loss of […]
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Autoren: Dr. Dominik Kurzmann; Dr. Lukas Röper; Matthias Konrad, LL.M. The coronavirus has Austria firmly in its grip. The further spread of COVID-19 can have grave effects on the business and subsequently on the liquidity of domestic companies, confronting them with previously unimagined financial and liquidity challenges, which may threaten their existence. Currently, an obligation […]
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Authors: Dr. Silvia Wandl; Dr. Matthias Trummer MSc; Mag. Katharina Seethaler, LL.M. With the Stock Corporation Amendment Act 2019, Federal Law Gazette I No. 63/2019 of 23 July 2019 (AktRÄG 2019), the corporate law provisions of the 2nd Shareholders’ Rights Directive (2nd SRD) were implemented into Austrian law. The provisions attributable to the financial services […]
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Autor: Stefan Paulmayer On 14 September 2019, banks and payment service providers are due to introduce 2-factor authentication (2FA) in light of the implementation of Strong Customer Authentication (SCA) under PSD2. The Austrian banking regulator FMA has recently made use of its power to temporarily exclude merchants from the SCA application in order to facilitate […]
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Co-author: Dr. Martin Liebi, LL.M. Austrian credit institutions and other financial services providers rely heavily on the possibility of passporting their services to other member states of the European Union (EU) respectively European Economic Area (EEA) under the European freedom of establishment and freedom of services. When it comes to the cross-border provision of financial […]
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Co-author: Dr. Silvia Wandl During a marathon session of the Austrian Parliament on 3 July 2019, the changes to the Austrian Stock Exchange Act 2018 proposed in the corresponding government bill, were adopted. As had widely been hoped for, and in line with demands by the banking industry in particular, Section 179 (7) of the […]
read moreAutor: Stefan Paulmayer Crypto currencies and tokens are still among the trending topics. While the hype from 2016 to 2018 has focused mainly on so-called Utility Tokens, so-called Security Tokens are now “the next big thing”. Security Tokens offer investors the opportunity to invest in actual values. This distinguishes Security Tokens from Utility Tokens that […]
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Author: Dr. Silvia Wandl The Shareholders’ Rights Directive (EU) 2017/828 of 17 May 2017 (EU Official Journal L-132/1), in accordance with its title, aims at “the encouragement of long-term shareholder engagement”. This objective is to be achieved in particular by enhancing transparency and by enhancing an investors’ influence on processes in the company. The Directive […]
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Autor: Stefan Paulmayer We had informed you in July about the proposal for an EU crowdfunding framework. Pursuant to this proposal, crowdfunding service providers would be entitled to the cross-border offering of crowdfunding-projects to investors throughout the European Union. As alternative to existing national and usually not harmonised crowdfunding rules, this new regime would serve […]
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Autor: Stefan Paulmayer While fundraising on the capital market will be simplified for issuers under Austrian law, the European Commission has in spring 2018 introduced its own plans for a crowdfunding framework. The cornerstone of the new framework is the proposal for a Regulation on European Crowdfunding Service Providers (ECSP) for Business (the “Crowdfunding Regulation”). […]
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