Drones Law: EASA published Opinion on Standard Scenarios

Introduction The EASA recently published “Opinion 05/2019”. This opinion is proposing amendments to the two new European Drone Rules (EU) 2019/947 and (EU) 2019/945. The objective of this Opinion is to provide cost-efficient rules for low risk UAS in the “specific” category for drone operators, manufacturers and competent authorities as well as the improvement of […]

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Drones Law: Drone operations in the CERTIFIED category (part IV)

Introduction According to the Implementing Regulation 2019/947/EU drone operations in the “certified” category are the riskiest. This is not surprising, as this class is intended for big unmanned aerial systems (UAS; 3 m and more) and, among other operations, for the transport of people. Neither the Implementing Regulation nor the Delegated Regulation contain specific rules […]

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Drones Law: The “SPECIFIC” category of drone operations (part III)

Introduction In part II of our blog series we wrote about the “open” category of unmanned aircraft system (UAS) operations.  According to the EUs Implementing Regulation, this category is the most riskless. Nevertheless, there are a lot of new standards and requirements set by the EU legislative acts drone operators as well as regulatory authorities […]

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Throwback: Book launch “New Suits. Appetite For Disruption in the Legal World”

On 11 September 2019, PwC Legal invited for the book launch of “New Suits. Appetite For Disruption in the Legal World” co-edited by Michele DeStefano (Professor of Law at the University of Miami) and Guenther Dobrauz (Managing Partner of PwC Legal Switzerland) and published by Staempfli Verlag. More than 70 participants attended this premiere in […]

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Drones Law: “OPEN” category of UAS operations – Lower Risk, lower requirements? (part II)

In the future, UAS will be operated in three different categories. The risk level criteria as well as other criteria are used to establish these three categories of operations (see Blog All new? – The European Union (EU) regulations on drones (part I)). According to recital 8 of the Implementing Regulation, the UAS operation in […]

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Drones Law: All new? – The European Union (EU) regulations on drones (part I)

Unmanned aircraft, commonly called drones, have huge potential for the development of innovative and practical applications in a wide range of business areas. They will contribute to creating new businesses and jobs and will further develop existing industries and business sectors. Besides the huge advantages in the business world, drones developed to be a popular […]

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

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 sector were implemented in the Stock Exchange Act 2018 (more on this […]

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In light of SCA under PSD2, we compare smsTAN and pushTAN technologies

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 a smooth introduction […]

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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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