Austria, Schoenherr Attorneys at Law updates

Corporate Finance/M&A

Contributed by Schoenherr Attorneys at Law
Privacy-related representations in M&A agreements
  • Austria
  • 09 May 2018

Companies regularly store information about their customers, clients, employees, investors, partners and vendors. Privacy and data security are therefore important aspects of most M&A transactions. Although the risk of non-compliance with privacy laws may result in severe negative consequences, many M&A agreements still lack adequate privacy-related representations and warranties.

ECJ rules on subordinated loans and cross-border mergers
  • Austria
  • 07 September 2016

In 2014 the Austrian Supreme Court submitted a request to the European Court of Justice (ECJ) for a preliminary ruling on the interpretation of EU law regarding cross-border mergers. The ECJ recently ruled that in cases of merger by acquisition, all contracts entered into by the transferor company pass to the acquiring company without novation. Thus, the law applicable to the contracts before the merger also applies to the underlying contracts after the merger.


Energy & Natural Resources

Contributed by Schoenherr Attorneys at Law
Automatic permits for certain energy infrastructure projects
  • Austria
  • 03 September 2018

The proposed new Location Development Act aims to regulate a special selection procedure for individual, location-relevant projects (eg, electricity grids and power plants). While the economy rejoices over faster legal security, non-governmental organisations and lawyers have expressed doubts about the maintenance of the standard of other material laws and the legal admissibility of the government project.

Proposed amendments to gas ordinances and balancing system
  • Austria
  • 07 May 2018

To comply with the applicable EU regulations, E-Control recently published draft amendments to the Gas System Charges Ordinance 2018 and the Gas Market Model Ordinance. In response to international criticism, E-Control also proposed a redesign of the Austrian gas balancing system. In order to implement these amendments in the current Austrian gas market, a proposal to establish a virtual interconnection point at Baumgarten has also been drafted.

New government energy programme
  • Austria
  • 15 January 2018

The new government recently presented its government programme, which sets out its framework and indicates the legislative projects that it intends to implement over the coming five years. As part of the programme, the government hopes to have 100% of the national electricity supply come from renewable sources by 2030. However, as there are no details on how this goal will be achieved, it remains to be seen what changes the energy sector will face.

New rules for mismatched unbundled capacities at interconnection points
  • Austria
  • 21 August 2017

E-Control recently published a draft of the amendment of the Gas Market Model Ordinance 2017. The envisaged amendment – and especially the newly implemented capacity conversion service – resolves the capacity mismatch issue by compensating network users for the economic disadvantages that arise from having to buy double capacity due to the bundling regime at interconnection points.

Renewable energy: amendment to Green Electricity Act doubles funding
  • Austria
  • 24 July 2017

After four months of negotiations, the Austrian National Council has finally reached an agreement on the amendment of the Green Electricity Act. The required two-thirds majority was reached by a last-minute agreement between the coalition parties and the Green Party. The aim of the new legislation is to increase the percentage of green electricity and expand renewable energy in Austria.


Environment & Climate Change

Contributed by Schoenherr Attorneys at Law
Will new state targets lead to reduced environmental protection?
  • Austria
  • 03 September 2018

The Constitution provides so-called 'state targets', which are broadly diversified and include state targets on sustainability. The approval procedure for the third runway at Vienna International Airport has prompted the government to strengthen Austria as a business location. This should be achieved by amending the Federal Constitutional Law on Sustainability which, among other things, contains a state target on creating comprehensive environmental protection.

Right to clean air – latest developments
  • Austria
  • 07 May 2018

In general, the Austrian legal system does not give individuals the right to force the legislature to act in a specific way or pass concrete laws. Normally, only political pressure can combat inaction. However, when it comes to air quality, things are different. The Austrian Higher Administrative Court has declared that individuals who live in a territory where the air pollution limits are exceeded have the right to demand that measures under the Air Immission Protection Act be enacted or amended.

New outlines for water management and planning
  • Austria
  • 02 October 2017

The first update and review of Austria's national water management planning instrument has revealed that the objectives of the EU Water Framework Directive will be achieved neither to their full extent nor in a timely manner. Nonetheless, the National Water Management Plan 2015 is a useful and comprehensive document that contains extensive information for all stakeholders and sets out the next steps to achieve the ultimate goal of restoring Austria's water bodies.

Constitutional Court raises hope for third runway at Vienna International Airport
  • Austria
  • 17 July 2017

The Constitutional Court recently reached a landmark decision and overturned the Federal Administrative Court decision which had rejected the permit for a third runway at Vienna International Airport on the grounds of climate protection and land use. This decision is significant in that it has far-reaching consequences for many other projects beyond the scope of the third runway. It is also relevant to Austria as a business hub.

Climate impact: game changer for third runway at Vienna International Airport
  • Austria
  • 08 May 2017

The Federal Administrative Court recently hindered the plans for a third runway to be built at Vienna International Airport, explaining that the positive aspects of the project could not justify the extra carbon dioxide pollution. The decision was reached despite the court conceding to the fact that air traffic will increase in the future and thus a third runway is necessary. This may be the first time that any court worldwide has rejected a project due to climate protection.


IT & Internet

Contributed by Schoenherr Attorneys at Law
DPA's strict view on retention periods
  • Austria
  • 25 September 2018

The Austrian Data Protection Authority (DPA) recently published its first decision on retention periods following the enactment of the General Data Protection Regulation. The decision is final. The DPA had to decide how long a telecoms service provider must retain so-called 'master data' – that is, data required for the controller's legal relationship with the users of its services.

Privacy-related representations in M&A agreements
  • Austria
  • 15 May 2018

Companies regularly store information about their customers, clients, employees, investors, partners and vendors. Privacy and data security are therefore important aspects of most M&A transactions. Although the risk of non-compliance with privacy laws may result in severe negative consequences, many M&A agreements still lack adequate privacy-related representations and warranties.

Proposals to alter national Data Protection Act
  • Austria
  • 24 April 2018

Members of Parliament recently filed an application to amend the Data Protection Act 2018 in order to clarify certain aspects which have led to confusion over the past couple of months. In addition to several provisions relating to competence, the proposed act, among other things, contains a rephrased version of the fundamental right to data protection, introduces the mandatory appointment of data protection officers and suggests enabling the matching of images with explicit consent.

Draft Data Protection Amendment Act 2018 in appraisal
  • Austria
  • 30 May 2017

Approximately one year before the General Data Protection Regulation will come fully into force, the Austrian legislature has officially started a six-week consultation process for the national Data Protection Amendment Act 2018. If and to what extent the legislature will make use of the competencies provided for by the 'opening clauses' in the General Data Protection Regulation is highly relevant to companies, and the amendment act has answered this question.

Ban on most-favoured nation clauses in online travel sector – end of online booking services?
  • Austria
  • 01 November 2016

A draft law amending the Federal Act against Unfair Competition 1984 and the Price Labelling Act was recently published for public consultation. The draft law intends to introduce a ban on most-favoured nation clauses in contracts between online travel agencies and hotel operators. Commercially, the draft law puts online travel agencies' business model at risk and may even deter innovation and investments beyond this niche industry.


Insurance

Contributed by Schoenherr Attorneys at Law
FMA publishes new circulars concerning PRIIPS and remuneration policies
  • Austria
  • 13 March 2018

The Financial Market Authority (FMA) recently published a new circular concerning key information documents for packaged retail and insurance-based investment products. The FMA had already published a revised version of its circular on sound remuneration policies and practices on January 19 2018.


Current search

Refine search

Work area