On 15 July 2020, the Austrian Parliament decided to set up a Regulatory Sandbox, which will enter into force on 1 September 2020. The Sandbox is a supervisory concept designed to enable the testing of innovative business models in line with regulatory requirements. The goals are to promote innovation, strengthen Austria as a business location,…

» » Read More » »

In the case Data Protection Commissioner (Ireland) v. Schrems, Facebook Ireland (Case C-311/18; “Schrems II”) the ECJ ruled on 16 July 2020 that the EU-US Privacy Shield is invalid with immediate effect and EU standard contract clauses (SCCs) are valid, but it must also be assessed on a case-by-case basis whether adequate and enforceable rights and…

» » Read More » »

In its decision (Ro 2019/04/0229) of 12 May 2020, the Administrative High Court (Verwaltungsgerichtshof, VwGH) clarified that for a fine against a legal entity based on a violation of the GDPR, the names of those natural persons whose violation is attributed to the legal entity must be mentioned both in the prosecution and in the verdict.

» » Read More » »

Whether receivables are to be acquired as collateral or otherwise, the question of the applicable law in the case of cross-border assignments or pledges is essential for enforceability. The ECJ clarifies that the Rome I Regulation does not designate the law relevant for third party-effects of assignments.

» » Read More » »

Since 15 January 2018, the Economic Owners Register Act (Wirtschaftliches Eigentümer Registergesetz, WiEReG) has been in force. Under this act, beneficial owners of Austrian companies must be identified and entered in a register by means of a notification. However, that is not the end of the story. Changes must be notified within 4 weeks of becoming known. In addition, affected legal entities must also determine at least once a year whether the information in the register is still up to date.

» » Read More » »

Dr. Martin Geiger has written the Austrian chapter of the international guide “Getting The Deal Through: Aviation Finance and Leasing” for the third time in a row.

» » Read More » »

Irena Gogl-Hassanin, attorney at law at Benn-Ibler and member of our aviation team, answered some of the most frequently asked questions in the field of aviation law in Austria for ICLG.

» » Read More » »