Borrower protection in times of COVID-19

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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The New Swiss Rules for International Financial-Services Providers having Clients in Switzerland and Producers of Financial Instruments for the Swiss Market

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 services to clients in Switzerland, […]

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2nd Shareholders’ Rights Directive – Implementations in the Stock Exchange Act 2018

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 Austrian Stock Exchange Act […]

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Securitisation reloaded – Simple, Transparent, Standardised – (STS) – The new regulatory framework for securitisations: Regulation (EU) 2017/2402

At a glance: A new designation of securitisations as simple, transparent, standardised (“STS”) shall give assurance to investors that sufficient information on the underlying exposures is provided. A register with the European Securities and Markets Authority (ESMA) will be set up, in which securitisations may be registered as STS. The originator, sponsor or securitisation special […]

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