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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:

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newsletter

27 September 2021

M.Pressler

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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newsletter

Hungary: A New Era in Crowdfunding Begins: The Single European Regulatory Framework

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publication

Non Fungible Token (NFT) – ein Fall für die Finanzregulierung?

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press release

Austria: Schoenherr advises Credendo on the cross-border merger of their Austrian stock company into a Belgian group company

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newsletter

CRD V finally implemented into Austrian law

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media coverage

15 April 2021

austria

L.Schwitzer

Lückenfüller für das Mauerwerk

Wenn in der Krise Bankkredite für Immobilienprojekte knapp werden, sind alternative Finanzierungsformen wie Mezzaninkapital gefragt

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press release

Austria: Schoenherr advises Raiffeisen on EUR 538m securitisation of leasing receivables

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roadmap

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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roadmap

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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roadmap

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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newsletter

25 January 2021

hungary

G.Szalóki V.Palguta

Coronavirus measures in Hungary: Extension of payment moratorium

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publication

20 January 2021

austria

C.Moser

BörseG 2018/MAR

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publication

19 January 2021

austria

C.Moser S.Stegbauer

Kuratorengesetz | Kuratorenergänzungsgesetz Kommentar

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newsletter

22 December 2020

M.Pressler H.Bellando

Austria: FMA präsentiert Aufsichts- und Prüfschwerpunkte für 2021

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newsletter

08 October 2020

austria

U.Rath T.Kulnigg

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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press release

01 October 2020

austria

M.Pressler M.Lagler

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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press release

03 September 2020

bulgaria

T.Krumov

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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press release

13 July 2020

slovakia austria

U.Rath

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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newsletter

Austria: Regulatory Sandbox ab September 2020 auch in Österreich

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newsletter

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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blog

25 February 2020

romania

Romanian fintech start-ups combine powers and create the first Romanian fintech association

For the last couple of years, the fintech industry has become of great interest in the Romanian entrepreneurial scene. Numerous Romanian start-ups or long-existing financial and IT companies have switched focus on what fintech means and on what it can bring to the table.

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newsletter

11 February 2020

bulgaria

M.Gabrovska

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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newsletter

06 February 2020

serbia

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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newsletter

24 January 2020

austria

M.Pressler H.Bellando

PSD2: FMA publishes circular on limited network exemption, including new details on the notification obligation | Austria

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roadmap

cee overview - banking, finance & capital markets

Balancing opportunities and challenges together

The CEE/SEE banking & finance market was quite busy in 2019 and we expect continued strength in 2020, with several areas standing out.

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media coverage

07 November 2019

romania

C.Tudoraș

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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newsletter

04 November 2019

austria

M.Pressler

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. 

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media coverage

17 October 2019

austria

U.Rath

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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media coverage

22 July 2019

romania

N.Oprea

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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newsletter

01 March 2019

austria

U.Rath M.Pressler

Austria | EBA publishes new guidelines on outsourcing for institutions applicable from 30 September 2019

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press release

25 February 2019

romania

M.Florea S.Guţiu

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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newsletter

15 November 2018

bulgaria

T.Krumov

Bulgaria: New legal framework for repo transactions and derivatives with pension funds

The amendments provide new business opportunities to banks to enter into repo transactions and derivatives with Bulgarian pension funds.

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press release

17 October 2018

austria

U.Rath P.Feyl

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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press release

02 October 2018

romania

S.Guţiu

Romania: Schoenherr awarded by leading business journal Ziarul Financiar

choenherr si Asociatii was recognised for its outstanding transaction advice in the financial services sector in 2017 by Romania's leading business journal Ziarul Financiar. 

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publication

18 September 2018

austria

U.Rath T.Kulnigg

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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press release

11 September 2018

austria

P.Feyl U.Rath

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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newsletter

26 July 2018

hungary

G.Szalóki

Hungary reconsiders the banking transaction tax to promote electronic payments

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press release

07 June 2018

austria

R.Bachner

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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newsletter

29 May 2018

austria

C.Grassinger

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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press release

28 May 2018

slovenia

Schoenherr advises on Avia Prime's strategic partnership with Hartenberg

Schoenherr has advised alongside Polish lead counsel Gessel on establishing a strategic partnership between Avia Prime and Czech investment firm Hartenberg Holding ("Hartenberg"). 

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press release

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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newsletter

11 May 2018

austria

U.Rath M.Pressler

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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press release

27 April 2018

austria

C.Herbst

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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press release

23 March 2018

slovenia

B.Brežan

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.

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press release

08 February 2018

romania

S.Guţiu

Schoenherr Bucharest scoops 5 ILO Client Choice Awards 2018

Schoenherr Bucharest received five out of nine Client Choice Awards from the International Law Office ("ILO") in 2018. 

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press release

20 December 2017

austria

P.Feyl

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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press release

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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newsletter

22 November 2017

austria

U.Rath M.Pressler

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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newsletter

19 November 2017

austria

M.Pressler U.Rath

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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newsletter

25 October 2017

austria

U.Rath

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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press release

03 October 2017

romania

S.Guţiu

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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press release

19 July 2017

austria

U.Rath

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.

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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. 

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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.

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newsletter

18 May 2017

austria

U.Rath

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.

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press release

18 May 2017

austria

M.Ebner

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").

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press release

Austria: Schoenherr advises RBI on merger with RZB - one of the largest corporate reorganisations in the Austrian banking sector

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press release

23 February 2017

austria

U.Rath

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.
 

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press release

Slovakia/Hungary/Poland: Schoenherr strengthens its CEE capabilities with three promotions

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