banking & financial services regulatory news
Read through our banking & financial services regulatory news.
Take a look at our banking & financial services regulatory experts' articles, publications and news:
newsletter
What does the CSDDD mean for Hungary? Do Hungarian companies need to worry?
Introduction
CSR, CSRD and now CSDDD: so many abbreviations have appeared over the last years in the context of sustainability. Sometimes referred to as the "European Supply Chain Act", CSDDD stands for the "Corporate Sustainability Due Diligence Directive". It is commonly abbreviated as the "CSDDD", "CSDD directive" or "CS3D".
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Hungary aligns crypto-asset regulation with EU rules and enhances consumer protection
Good news for cryptocurrency investors: Hungary has adopted a new law on the market for crypto-assets. The new law aligns the national legal framework with the European Union's regulations and ensures consumer protection, financial stability and innovation in this emerging sector. The new law, which was adopted by the parliament on 10 April 2024, covers the issuance, offering and trading of crypto-assets, as well as the supervision and sanctions of crypto-asset service providers.
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to the point: financial regulation | 03/2024
Welcome to our to the point newsletter. Every month, we are looking back at the most relevant developments in the area of financial regulation in the CEE region.
press release
Austria: Schoenherr advises Joint Lead Managers on issuance of EUR 500m Subordinated Notes (Tier 2) by VOLKSBANK WIEN AG
Schoenherr advised Joint Lead Managers, among others Danske Bank, Erste Group, ING, NATIXIS and UBS, on the successful issuance of EUR 500m 5.750 % Fixed to Fixed 10.25NC5.25 Subordinated Notes (Tier 2) by VOLKSBANK WIEN AG.
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20 March 2024
M.Ebner C.Moser M.Schmiedinger M.Thorbauer N.Müllner V.Stark J.Böszörményi F.Terharen
Austria: Schoenherr advises neoom on structuring its customer financing scheme and project debt financing arranged by Solas Capital
Schoenherr provided comprehensive legal advice to Austrian green tech scale-up neoom on the structuring and implementation of its "impact invest" customer financing scheme as well as related project debt financing in an amount of up to EUR 30m arranged by Solas Capital. The financing enables neoom to offer its customers long-term instalment purchase contracts for equipment related to decentralised energy projects, thereby improving the accessibility of energy efficiency and self-consumption PV technology for neoom's clients in Austria and Germany. Schoenherr acted as lead counsel to neoom on all aspects of this transaction.
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Successful MiCAR licensing: FMA publishes roadmap for Crypto-asset service providers
As the regulatory landscape for crypto-assets undergoes a significant transformation with the European Union's implementation of the Markets in Crypto-Assets Regulation (MiCAR, Regulation (EU) 2023/1114), attention turns to the preparatory steps entities must take to comply with these new standards. Against this backdrop, the Austrian Financial Market Authority (FMA) has recently published preliminary guidance on the MiCAR licensing process for crypto-asset service providers (CASPs). These guidelines outline the steps CASPs need to consider and the FMA's expectations in the lead-up to full MiCAR applicability after 30 December 2024.
publication
to the point: financial regulation | 02/2024
Welcome to our to the point newsletter. Every month, we are looking back at the most relevant developments in the area of financial regulation in the CEE region.
press release
Austria: Schoenherr advises Erste Group on 300m share buyback and capital reduction
Schoenherr advised Erste Group Bank AG ("Erste Group") on its EUR 300m share buyback followed by a cancellation of treasury shares and the reduction of its share capital.
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Romania: Implementation of NPL Directive in Romania slowly advancing
Romania is currently taking steps to transpose Directive EU 2021/2167 on credit servicers and credit purchasers (the "NPL Directive") into national law. Credit institutions, non-banking financial institutions ("NBFIs") and debt recovery entities performing credit servicing activities are keeping a keen eye on two draft bills meant to implement the NPL Directive. Up for public debate in late 2023 and early 2024, these two normative acts shed light on some new obligations, while raising several practical questions.
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Romania: A simpler path for credit institutions to outsourcing arrangements
Exciting developments are on the horizon for the Romanian banking community, as efforts are underway to streamline the framework regulating outsourcing arrangements. The National Bank of Romania ("NBR") has introduced a new regulation (the "Draft Regulation"), which is up for public consultation on the NBR's website. This proposed regulation aims to transpose a wider set of obligations for credit institutions in this respect.
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05 February 2024
K.Tupá M.Svoboda O.Havlíček W.Kapica M.Pressler M.Schmiedinger
to the point: financial regulation | 01/2024
Welcome to our to the point newsletter. Every month, we are looking back at the most relevant developments in the area of financial regulation in the CEE region.
roadmap
Consumer Credit Directive II: consumer credit legislation for the digital age
A 2020 review of the Consumer Credit Directive (2008/48/EC) ("CCD I") by the European Commission (EC) found that CCD I has been only partially effective in ensuring a high level of consumer protection.
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Trade creditor liability risks in arrangements with distressed companies in Austria
In our practice, we have found that the most common reason for distressed companies to initiate reorganisation measures is a severe liquidity squeeze.
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Moving lock, stock and barrel to the cloud: what banks need to know when negotiating with service vendors
Skimming through business journals from the last decade or so, it feels like the transition to cloud computing has been looming over the banking industry for a long time. But with so many industries now taking steps to digitalise, even the traditionally cautious banking industry is being swept up in the tide.
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Dispute resolution clauses in project finance transactions in the Western Balkans
Dispute resolution is a critical yet often overlooked aspect of international project finance. It is commonly considered a routine matter, briefly addressed in financing term sheets through the inclusion of a standard dispute resolution clause, whether it be arbitration or court proceedings. This cursory approach contrasts sharply with the complex realities of international projects. They involve a multitude of participants ranging from sponsors to lenders, contractors, off-takers and others, all from different jurisdictions, each engaged in several agreements.
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EuGH 25.01.2024, C-810/21 Caixabank ua | Schoenherr Financial Services Litigation News
EuGH 25.01.2024, C-810/21 Caixabank ua: Beginn einer zehnjährigen Verjährungsfrist für einen Anspruch auf Rückforderung geleisteter Zahlungen aufgrund missbräuchlicher Klauseln erst ab Kenntnis des Anspruchs.
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to the point: financial regulation | 12/2023
Welcome to our to the point newsletter. Every month, we are looking back at the most relevant developments in the area of financial regulation in the CEE region.
press release
Austria/Romania: Schoenherr advises Kommunalkredit on financing construction of solar power plants in Romania
Schoenherr advised Kommunalkredit Austria AG ("Kommunalkredit") on granting a EUR 25m loan to INVL Renewable Energy Fund I ("INVL") to finance the construction of solar power plants with a total capacity of 51 MW in Romania. This is the first Romanian project in INVL's pipeline to reach the ready-to-build phase.
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Rules on sales with retention of title: important legal information for Hungarian companies trading with Germany
In import-export transactions across Europe, it is common for sellers to protect the assets they have sold by retaining the ownership title until the buyer has paid the full purchase price. Retention of title allows sellers to reclaim the assets if the buyer fails to pay, and even if the buyer goes bankrupt before payment is made. In Hungary, however, such an arrangement can lead to unpleasant surprises for sellers.
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05 December 2023
O.Havlíček K.Tupá M.Svoboda T.Krumov K.Tsoncheva W.Kapica M.Pressler
to the point: financial regulation | 11/2023
Welcome to our to the point newsletter. Every month, we are looking back at the most relevant developments in the area of financial regulation in the CEE region.
publication
to the point: financial regulation | 10/2023
Welcome to our to the point newsletter. Every month, we are looking back at the most relevant developments in the area of financial regulation in the CEE region.
newsletter
Have ESG ratings hit the Polish market?
ESG ratings are all the rage these days, especially in the Polish banking sector. But there is still no one-size-fits-all methodology supervised by, for example, the European Banking Association. Instead, multiple rating institutions such as MSCI, Morningstar Sustainalytics, S&P Global and Sustainable Fitch, assess companies on their environmental, corporate governance and social attributes.
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to the point: financial regulation | 09/2023
Welcome to our to the point newsletter. Every month, we are looking back at the most relevant developments in the area of financial regulation in the CEE region.
press release
Austria: Schoenherr advises Erste Bank on implementation of first AI based financial tool in Austria
Schoenherr advised Erste Bank der oesterreichischen Sparkassen AG on the legal implementation of the 'Financial Health Prototype'. The 'Financial Health Prototype' is a text-based chatbot that combines Erste Bank’s financial expertise with AI technology from OpenAI and ChatGPT to answer 24/7 financial-related questions.
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Austria: Schoenherr advises Wienerberger on the successful issue of EUR 350m Sustainability-Linked Bonds
Schoenherr advised Wienerberger AG as issuer's counsel in connection with the successful, oversubscribed issue of EUR 350,000,000 4.875 % Sustainability-Linked Bonds 2023-2028. The bond is the first sustainability-linked-bond with a KPI-link by an Austrian issuer placed among international institutional investors as well as Austrian retail investors.
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Romania: Changes ahead for investment firms
The Romanian Financial Supervisory Authority (FSA) released for public consultation a draft regulation proposing amendments to its Regulation 5/2019 applicable mainly to investment firms and, in limited cases, to credit institutions providing investment services and/or activities and alternative fund managers.
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to the point: financial regulation | 08/2023
Welcome to our to the point newsletter. Every month, we are looking back at the most relevant developments in the area of financial regulation in the CEE region.
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Are gift cards money in Poland?
Gift cards have become more and more popular. They are bought as presents and some shops have a return policy where items bought physically can be exchanged only for a gift card of the equivalent amount. Are gift cards therefore to be regarded as money in Poland? If so, are the issuers required to obtain authorisation as a payment or electronic money institution?
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to the point: financial regulation | 07/2023
Welcome to our to the point newsletter. Every month, we are looking back at the most relevant developments in the area of financial regulation in the CEE region.
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Green loans may be Hungary's path to sustainable financing
In the world of finance, the rise of environmental, social and governance considerations has compelled bankers, investment professionals and banking and finance lawyers to reevaluate their mindset.
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Hungary: Financing for Agriculture
Hungary’s agricultural sector has a rich historical tradition but faces challenges due to insufficient financing. The European Union’s Common Agricultural Policy (CAP) provides funding for farm restructuring and market support, while Hungarian farmers can seek financing from banks and cooperatives. The Hungarian government has also established various programs to provide financing for agriculture, including subsidies or machinery and technology investments and funding for training.
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Serbia: Schoenherr advises OTP Group on project finance facilities for development of six biogas power plants in Serbia
Moravčević Vojnović and partners in cooperation with Schoenherr advised OTP Group members, OTP Bank Plc Hungary and OTP Bank Serbia, in a biogas project finance transaction. The financing will be used by three special-purpose vehicles (SPVs) that acted as borrowers to develop six biogas power plants in Serbia. The project's sponsor, Pannonia Bio, is among the largest biorefinery operators in Europe.
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Payment Services Directive 3 – Shaping the path for future payments in the EU
On 28 April 2023 the European Commission ("Commission") put forth a proposal (Link) to revise Directive (EU) 2015/2366 (Payment Services Directive, "PSD2"), which was adopted on the EU level in 2015 and transposed into Austrian law by the Payment Services Act (Zahlungsdienstegesetz 2018 – ZaDiG 2018).
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Austria: Schoenherr advises Joint Lead Managers on issuance of a EUR 500m mortgage covered bond by Raiffeisen-Landesbank Steiermark
Schoenherr advised the Joint Lead Managers Erste Group Bank AG, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale, Raiffeisen Bank International AG and UniCredit Bank AG on the successful issuance of a EUR 500m 3.75 % mortgage covered bond (Hypothekenpfandbrief) due 26 June 2026 by Raiffeisen-Landesbank Steiermark AG.
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Romania moves towards authorising cryptocurrency exchanges and digital wallet providers
Cryptocurrency, fiat currency exchange services and digital wallet providers could soon become authorised in Romania. This comes on the heels of the Ministry of Finance publishing a draft government decision that seeks to create the legal framework for the authorisation and operation of these service providers.
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Sustainability-linked loans in Hungary
Sustainability is crucial for ensuring the long-term wellbeing of the planet and future generations. It encompasses responsible practices that preserve natural resources, mitigate climate change, and promote social and economic balance, ultimately creating a harmonious and sustainable world for all.
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MiCAR: Final steps towards the legal framework for crypto-assets
On 20 April 2023 the European Parliament ("EP") finally approved the regulation on markets in crypto-assets ("MiCAR").
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News from the Czech and European regulation of financial institutions for April 2023
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Austria: Schoenherr advises Joint Lead Managers on issuance of EUR 1bln Hypothekenpfandbriefe (Mortgage Pfandbriefe) by Erste Group Bank AG
Schoenherr advised Joint Lead Managers Erste Group Bank AG, Intesa Sanpaolo S.p.A., Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale, NATIXIS and TD Global Finance unlimited company on the successful issuance of EUR 1bln 3.125% Hypothekenpfandbriefe (Mortgage Pfandbriefe) – due 14 October 2027 – by Erste Group Bank AG.
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06 March 2023
austria romania poland hungary slovenia
M.Schmiedinger W.Kapica A.Fischer F.Buta C.Gavric A.Goławska M.Pressler P.Gorše
to the point: finance l Q1/2023
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Factoring & Co. Juggling multiple short-term financing solutions
Breakfast with Schoenherr | 25 May 2023 | 9:00 – 11:30 am EET | Marmorosch Bucharest Hotel | 2 Doamnei Street, 1st District, Bucharest
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Austria: FMA präsentiert Aufsichts- und Prüfungsschwerpunkte für 2023
Die FMA veröffentlichte mit Ende des Jahres 2022 im Rahmen ihres Ausblicks auf das Jahr 2023 auch ihre Prüfungsschwerpunkte für das Jahr 2023. Die Veröffentlichung der Aufsichtsschwerpunkte soll sowohl die Marktteilnehmer und Stakeholder informieren als auch beaufsichtigten Unternehmen die Möglichkeit geben, sich gezielt auf die risikoorientierten aufsichtlichen Schwerpunkte im Jahr 2023 vorzubereiten.
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Bulgaria: Practical problems of repurchase and securities lending transactions
"Repos and securities lending in Bulgaria are regarded as financial collateral, thus ensuring their enforceability. But some important contractual arrangements must be agreed upon by the parties wishing to avail themselves of such enforceability."
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Factoring and liquidity facilities: making the best of both worlds
Factoring volumes in Romania have seen a marked increase over the last year, up to EUR 3.68bln in the first half of 2022, according to public sources. While part of this 31.6 % year-on-year surge was driven by inflation rates, local businesses do appear to show a growing appetite for this type of financing product.
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Changing the oil in the debt management machinery
As part of a comprehensive EU strategy to tackle non-performing loans, the European Parliament and the Council adopted a directive on credit servicers and credit purchasers, which Member States have until 29 December 2023 to transpose into national law.
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New EBA Guidelines on the limited network exemption under PSD2: Reevaluation and resubmission of existing notifications needed
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EU: Commission Proposal to implement the FATF Travel Rule: Speed bumps ahead for crypto-asset transfers?
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CZ: Schoenherr Journal Edition 12
The Schoenherr Journal, published by Schoenherr's Prague office, examines the latest important legal developments in the Czech Republic.
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Bulgaria: Schoenherr advises RGREEN INVEST on unique EUR 15m green bond to finance photovoltaic plant in Bulgaria
Schoenherr advised RGreen Invest, a French management company representing a fund for green energy projects, on a EUR 15m bond to finance the construction of a photovoltaic plant near the town of Razlog in southwestern Bulgaria, as well as on a standard security package for it. The bond's issuer is a member of the Renalfa group, a leading Bulgarian clean energy and e-mobility provider with a focus on renewable energy generation assets.
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Cross-border distribution of funds Directive finally implemented in Austria
An act implementing the cross-border distribution of funds Directive (the "CBDFD")1 into Austrian law (the "Act")2 finally entered into force on 11 December 2021. The Austrian legislator was already late with the implementation, since EU Member States were required to transpose the CBDFD into national legislation by 2 August 2021.
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Legal aspects of non-performing loan transactions in Bulgaria
The market for non-performing loan (NPL) transactions is expected to grow, as a result of the COVID-19 pandemic. This article outlines some of the most important legal aspects around NPL transactions in Bulgaria.
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FMA permits automated biometrical customer identification – a game changer for the KYC process?
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Limited network exemption under PSD2 – EBA consults on Draft Guidelines
In summer 2021 the European Banking Authority (EBA) published Draft Guidelines on the limited network exemption (LNE) under the Payment Service Directive 2 (PSD2) for consultation (available here). The Draft Guidelines are meant to foster supervisory convergence amongst the EU's national competent regulators (NCAs).
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15 June 2021
austria vienna
R.Perner M.Marschall S.Aichhorn-Wöss G.Ebner M.Pressler M.Thorbauer T.Hayden
Austria: Schoenherr advises Credendo on the cross-border merger of their Austrian stock company into a Belgian group company
media coverage
Lückenfüller für das Mauerwerk
Wenn in der Krise Bankkredite für Immobilienprojekte knapp werden, sind alternative Finanzierungsformen wie Mezzaninkapital gefragt
press release
Austria: Schoenherr advises Raiffeisen on EUR 538m securitisation of leasing receivables
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Bulgaria and Croatia join ERM II and the Banking Union
On 10 July 2020 the Bulgarian lev and the Croatian kuna were included in the Exchange Rate Mechanism II (ERM II). In the short term this means that the inclusion would support the confidence and credit ratings of the two countries while in the long term – this is an important milestone in Bulgaria and Croatia's efforts to join the euro area.
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The simplified restructuring proceeding: A new restructuring tool in Poland
The year 2020 will no doubt be remembered for COVID-19. The pandemic has shaken our societies and profoundly affected our lives.
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The European Central Bank adapts its own funds and liquidity coverage ratio rules to COVID-19
Already at an early stage of the COVID‑19 crisis the European Central Bank (ECB) adopted several supervisory relief measures to allow banks to absorb losses and keep lending to the real economy.
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Austria: FMA publishes guidance on ICOs and token classification
The Austrian Financial Market Authority (Finanzmarktaufsicht, FMA) has recently published guidelines on how it views Initial Coin Offerings (ICOs) from a financial services regulatory perspective.
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Another promotion at Schoenherr: Matthias Pressler becomes Counsel
Matthias Pressler, member of Schoenherr's banking, finance and capital markets practice in Vienna, was promoted to counsel as of 1 October 2020. Pressler joined Schoenherr in 2015, and is an expert in financial services regulation, covering both transactional work as well as contentious and non-contentious regulatory advisory matters and administrative (criminal) proceedings.
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Bulgaria: Schoenherr advised major multinational banks on a EUR 90m syndicated credit facility to leading Bulgarian agribusiness company Oliva
Schoenherr advised BNP PARIBAS (Suisse) S.A. ("BNP") as a facility agent and lender; Citibank NA, London Branch as a lender; and Black Sea Trade and Development Bank as a lender, on the Bulgarian legal aspects of a EUR 90m syndicated credit facility extended to Oliva AD ("Oliva") and Buildcom EOOD ("Buildcom"), as well as on the establishment of a Bulgarian security package for the facility.
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Austria: Schoenherr advises UNIQA on successful placement of EUR 600m senior and EUR 200m tier 2 green notes
Schoenherr advised UNIQA Insurance Group AG, one of the leading insurance groups in Austria and CEE, on its EUR 800m in aggregate notes issuances that closed on 9 July 2020.
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22 April 2020
bulgaria croatia czech republic hungary poland romania serbia slovakia türkiye bosnia & herzegovina north macedonia montenegro austria
M.Pressler M.Šehović K.Pawlak W.Kapica C.Tudoraș V.Kobe M.Lučivjanský L.Çelepçi
COVID-19 – Effects on regulatory approvals in financial sector M&A transactions
M&A and corporate transactions (including mere group-internal restructurings) in the financial sector often not only require profound corporate law documentation, but also financial regulatory approvals from the competent authorities/regulators.
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Business: suspended and postponed with new emergency legislation, but without actual economic support
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Bulgaria: Deadline for Update of AML Internal Rules
Under Bulgarian anti-money laundering law, all obliged entities must adapt their internal rules in accordance with Article 101 of the Bulgarian Anti-Money Laundering Act ("AMLA") within six months following the publication of a national assessment of the risks related to money laundering and terrorism financing ("National Risk Assessment") on the website of the State Agency for National Security ("SANS").
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New Regulation for Derivatives Transactions with Sovereign Counterparty in Serbia | Serbia
According to the Public Debt Act (Zakon o javnom dugu) of the Republic of Serbia, the Minister of Finance manages the country's public debt by (i) entering into transactions that would reduce or eliminate currency risk, interest rate risk and other risks, (ii) deciding on the sale and purchase of foreign currencies, and (iii) managing cash balances on the Republic of Serbia's treasury accounts.
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PSD2: FMA publishes circular on limited network exemption, including new details on the notification obligation | Austria
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Analiză: ASF anunţă măsuri mai stricte de cunoaştere a clientelei
First published on Ziarul Financiar, 25.10.2019
După BNR, şi ASF vine cu măsuri mai stricte de cunoaştere a clientelei, de formalizare a procedurilor interne şi de derulare a evaluării riscului de spălare a banilor şi finanţare a terorismului, arată o analiză.
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Payment Services Directive (PSD2) – Strong Customer Authentication and additional migration period for e-commerce businesses
The revised Payment Services Directive (PSD2), applicable since 13 January 2018, brought significant changes to the payment markets in the EU. In particular, PSD2 requires certain payment services providers (PSPs) to apply strong customer authentication (SCA, also referred to as two-factor authentication) in remote electronic transactions.
media coverage
Austritt mit Hindernissen
First published on Der Standard, 17.10.2019
Die Turbulenzen in den Brexit-Verhandlungen sind auch eine Folge der Komplexität des Außenhandelsrechts. Ein britischer Austritt aus der Zollunion und dem Binnenmarkt schafft zahlreiche Probleme für Politik und Wirtschaft, vor allem wenn London und Brüssel doch keinen Deal erzielen.
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Interview with Narcisa Oprea from Schoenherr Bucharest
First published on BizLawyer, 17.07.2019
Directiva europeană privind drepturile acționarilor trebuia transpusă în legislația românească până la jumătatea lunii iunie 2019 | Narcisa Oprea, Partener Schoenherr: Chiar dacă directiva nu a fost transpusă încă, existând doar un proiect de lege în acest sens, clienții noștri se pregătesc din vreme pentru conformare, dată fiind anvergura schimbărilor
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Austria | EBA publishes new guidelines on outsourcing for institutions applicable from 30 September 2019
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Schoenherr announces new firm-wide heads of banking, finance & capital markets and real estate practice groups
Schoenherr promotes Sebastian Gutiu (managing partner, Romania) and Matei Florea (partner, Romania) to new firm-wide heads for real estate, and banking, finance & capital markets, respectively.
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Austria: Schoenherr advises listed German Aves One AG on financing of NACCO/CIT acquisition
Schoenherr, acting as lead counsel for the financing, successfully advised Aves One AG ("Aves") on the financing of the acquisition of the NACCO/CIT Group.
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Global Legal Insights to: Blockchain & Cryptocurrency Regulation 2019 - Chapter Austria
The Global Legal Insights series provides essential insights into the current legal issues, providing readers with expert analysis of legal, economic and policy developments through the eyes of the world's leaders.
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Austria: Schoenherr advises listed German Aves One AG on a EUR 155 million senior facility refinancing
Schoenherr successfully advised Aves One AG ("Aves One") on its EUR 155m senior facility refinancing by entering into a new facility agreement with significantly improved commercial terms arranged by a consortium of leading German banks.
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Schoenherr advises UniCredit on strategic Bancassurance partnerships with Allianz and Generali in CEE
Schoenherr has advised the UniCredit Group on establishing two exclusive strategic partnerships with Allianz and Generali for the distribution of insurance products for individuals and small-businesses in Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Serbia, Slovakia, and Slovenia announced on 5 June 2018 (see here)
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Austria: Are you still buying or already mining? Mining cryptocurrencies as a permanent establishment
The taxation of cryptocurrency transactions is a hot topic. The Austrian Ministry of Finance recently issued an interesting ruling outlining when mining for cryptocurrencies in Austria by a non-resident taxpayer may trigger a permanent establishment.
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Schoenherr advises EVO Payments on strategic payments partnership with MONETA Money Bank
Schoenherr's financial services team in Prague advised EVO Payments International ("EVO") on the creation of a long-term strategic alliance with MONETA Money Bank ("MONETA") for payment acceptance services to the bank's retail customers.
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Österreich: FMA veröffentlicht Leitfaden zu IT-Sicherheit in Kreditinstituten
Am 8.5.2018 veröffentlichte die FMA einen Leitfaden, der die Risiken in Zusammenhang mit Informations- und Kommunikationstechnologien (IKT) in Kreditinstituten adressiert (der "Leitfaden"). Der Leitfaden ist auf der Homepage der FMA abrufbar.
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Austria: Schoenherr represents Austrian Core Shareholders on sale of majority shareholding in listed C-QUADRAT to HNA
Schoenherr has advised and represented the core shareholders of Cubic (London) Limited ("Cubic"), including San Gabriel Privatstiftung, and T.R. Privatstiftung, as indirect controlling stockholders in C-QUADRAT Investment AG ("C-QUADRAT"), on the sale of the majority shareholding in Cubic, and thus C-QUADRAT, to the HNA Group (International) Asset Management Co., Limited, Hong Kong ("HNA"). HNA is part of the HNA Group, a leading Chinese diversified industrial group. C-QUADRAT is an independent asset management company listed on the Vienna stock exchange.
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Schoenherr advises Slovenian ENI subsidiary on acquisition of Mestni Plinovodi
Schoenherr has advised Adriaplin d.o.o. ("Adriaplin"), the Slovenian subsidiary of Eni S.p.A., on the acquisition of Mestni Plinovodi d.o.o. ("Mestni Plinovodi"), a local natural gas distribution network operator and gas supplier, from a consortium of sellers consisting of gas distributors Ireti and ACSM-AGAM from Italy and Istrabenz Plini from Slovenia.
roadmap
2018
austria bulgaria croatia czech republic hungary poland romania serbia slovakia slovenia bosnia & herzegovina türkiye montenegro
L.Schwitzer T.Krumov M.Gabrovska N.Rosová P.Halwa W.Kapica S.Hekelová V.Kobe L.Çelepçi J.Barović
Banking secrecy in CEE - one region, different rules
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Schönherr berät B&C bei Gewährung einer Hybridkapital-Linie an Semperit AG Holding
Schönherr hat die B&C Holding GmbH ("B&C") bei der Gewährung einer Hybridkapital-Linie an die börsenotierte Semperit AG Holding ("Semperit") von bis zu EUR 150 Mio beraten.
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Schoenherr advises Deutsche Private Equity on acquisition of Euro-Druckservice
Schoenherr advised Deutsche Private Equity Management III ("DPE") on its acquisition of leaflet printing business Euro-Druckservice ("EDS") from a consortium of three company shareholders.
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Austria Adopts Statutory Outsourcing Regime for Credit Institutions
The Austrian parliament recently passed an amendment to the Austrian Banking Act (Bankwesengesetz – BWG), introducing a new statutory outsourcing regime for credit institutions applicable from 3 January 2018.
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Österreich führt gesetzliche Regelungen für Auslagerungen von Kreditinstituten ein
Das österreichische Parlament hat eine Novelle zum Bankwesengesetz (BWG) verabschiedet, die erstmals rechtsverbindliche Regelungen für die Auslagerung bankbetrieblicher Aufgaben vorsieht. Die Bestimmungen treten mit 3. Jänner 2018 in Kraft.
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What is Fit&Proper? Challenges Under the New Joint Fit&Proper Guidelines of ESMA and EBA
On 26 September 2017, the European Banking Authority ("EBA") and the European Securities and Markets Authority ("ESMA") published the final report of their joint guidelines on the assessment of the suitability of members of the management body and key function holders in accordance with Article 91 (12) of Directive 2013/36/EU ("CRD IV") and Article 9 of Directive 2014/65/EU ("MiFID II") (the "Fit&Proper Guidelines").
The Fit&Proper Guidelines aim to harmonise and improve suitability assessments within the European financial sector, and to ensure sound governance in financial institutions in line with CRD IV and MiFID II.
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Romania: Schoenherr wins three awards from leading financial journal Ziarul Financiar
Schoenherr si Asociatii was honoured by Romania's leading financial journal Ziarul Financiar with three awards during the eight edition of the Business Lawyers' Gala organised by the newspaper on 27 September in Bucharest.
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Österreich: Schönherr berät EVN bei Verkauf ihrer Pensionskasse an VBV-Gruppe
Schönherr hat die börsennotierte EVN AG ("EVN") beim Verkauf ihrer betrieblichen Pensionskasse, der EVN Pensionskasse AG ("EVN Pensionskasse"), an die VBV-Betriebliche Altersvorsorge AG ("VBV") beraten.
newsletter
Lessons Learned over Three Years: Amendment of the Hungarian Trust Regulation
The Hungarian Parliament passed an act in June 2017 with the aim of improving Hungary's business competitiveness. Among other things, the amendment has changed the regulation of trusts and their management, hopefully for the better, since the past three years have shown that a lack of such experience still exists.
press release
Czech Republic/Hungary/Poland/Slovakia: Schoenherr advises AG FOODS and Coöperatief Avallon on settlement of minority shareholders' disputes and management buyout
Schoenherr advised AG FOODS Group ("AG FOODS") and Coöperatief Avallon MBO U.A. ("Coöperatief Avallon") on the settlement of minority shareholders' disputes and on a subsequent management buyout.
newsletter
ECB Publishes Practical Fit and Proper Assessments Guide for Board Members of Credit Institutions
On 15 May 2017, the European Central Bank ("ECB") published a guide on fit and proper assessments (the "Fit and Proper Guide"), which reflects the result of a public consolidation launched by the ECB on 16 November 2016.
press release
Austria: Schoenherr advises Erste Group on Frauscher Sensortechnik leveraged buyout financing
Schoenherr has advised Erste Group Bank AG ("Erste Group"), one of the leading financial service providers in Central and Eastern Europe, on the financing of the leveraged buyout of Austrian sensor technology manufacturer Frauscher Sensortechnik GmbH ("Frauscher Sensortechnik") by New York-based Greenbriar Equity Group LLC ("Greenbriar").
press release
Austria: Schoenherr advises on first Austrian Equity Capital Markets transaction in 2017
Schoenherr has advised publicly traded, global sugar, starch and fruit processor AGRANA Beteiligungsverwaltungs-Aktiengesellschaft ("AGRANA") as issuer on its successful rights offering of 1,420,204 new shares, combined with a secondary offering of 500,000 existing AGRANA shares held by Südzucker AG, one of AGRANA's core shareholders.
This is the first equity capital market ("ECM") transaction in the Austrian market in 2017, and the first deal of its kind in Austria following the entry into force of the European Market Abuse Regulation. The transaction had an overall deal volume of approximately EUR 192m.
roadmap
Austria: New Court Decisions on Banks' Own Funds Instruments
A bank suffering losses (and which may even be in the process of wind-down) may not be in a position to repay loss absorbing instruments in full, which it has issued in the past. Court decisions handed down in 2016 (one by the European Court of Justice and three by the Austrian Supreme Court) provide insight into questions of calculation of loss sharing, and how holders of certain loss absorbing instruments shall be treated in the event of a merger or demerger (which is often also a restructuring measure in the course of a wind-down)
roadmap
Austria: The EU Capital Markets Union – What Lies Ahead
In the European Commission’s recently published Communication regarding the Capital Markets Union (“CMU”), it urges other institutions to accelerate completion of a true single market for capital across all EU Member States, and announces its work programme for 2017.
roadmap
Slovakia: Bank vs. Consumer - Latest Legal Developments on Consumer Protection of Bank Clients
Slovak Banks are currently subject to legislative restrictions and consumer claims, mainly for charges and arbitration clauses.
roadmap
Stepping forward: Hungary Starts Dealing with Non-Performing Loans
The sale of NPLs has always been difficult in Hungary as purchasing of loan receivables is considered as lending activity; therefore, a prospective buyer is expected to have a valid Hungarian banking licence.
roadmap
Austria: Bad Bank and Own Funds Instruments
What is the situation regarding own funds instruments issued by a bank, if such institution is converted into a wind-down company or becomes a bad bank? May investors who subscribed to instruments issued by a bank terminate those instruments (for good cause or due to changed circumstances) and request repayment? What happens with participation capital in the event of a reduction of share capital? In the aftermath of the financial crisis, the Austrian Supreme Court has answered some of these questions in recent decisions.
roadmap
Czech Republic: Financial Guarantee as a New Type of Corporate Guarantee
The new Civil Code has introduced a financial guarantee as a new type of guarantee similar to a bank guarantee, which may be provided by any natural or legal person.
roadmap
Austria: New Disclosure Requirements for Shareholdings in Listed Companies – Five Things Investors Should Know
The Austrian Stock Exchange Act (Börsegesetz; BoerseG) has recently been amended to significantly extend disclosure obligations for shareholdings in listed companies. The main objective is to capture arrangements, in particular derivatives, which previously escaped major shareholding disclosure rules, even though they could – and were – used for stake building purposes in Austrian listed companies. The changes are effective from 1 January 2013 and are expected to create challenges for investors, fund managers, credit institutions and securities firms.
roadmap
State Aid Schemes and EU Funds – Instruments for Financing Projects in Romania
Over the past years, banks operating in the Romanian market have been approached with an increasing number of financing projects that aim to benefit from financial support from either state aid schemes or EU financing programmes.
roadmap
The Montenegrin Financial Collaterals Act: Carving Out a New System for Banks and Financial Institutions
The Montenegrin Parliament enacted the Financial Collaterals Act (FCA) in July 2012, as part of the EU integration process. The FCA was drafted using the EU Directive 2002/47/EC of 6 June 2002 on Financial Collateral arrangements (Directive) as its basis. Its greatest contribution is providing a high-quality legal basis for establishing and realising collateral more easily – which also contributes to the stability of the financial system in Montenegro.