22 September 2022
September 2022 – Austria – TAIYO Legal An Italian woman, still a minor, whose mother was already an Austrian citizen, applied for Austrian citizenship. The applicable provision (Sec 12 para 1 no 3 StbG) requires, inter alia, that the applicant be a minor. During the application process, the applicant came of age. The application was…
5 May 2022
May 2022 – Austria – TAIYO Legal In order to circumvent the capital raising requirements of the Austrian Limited liability company (GmbH), it was common practice for Austrian businesses to establish a Limited Liability Company in the UK. Once the LLC was established for a few Euros, a branch office was set up in Austria. The main business then…
6 April 2022
April 2022 – Austria – TAIYO Legal In a recent decision, the Austrian Supreme Court dealt with contractual clauses in building savings contracts. As a rule, these contracts were concluded for a term of six years. An account management fee was charged for each calendar year started. If the agreed term was not adhered to…
5 April 2022
March 2022 – Austria – TAIYO Legal When cash value life insurance policies are taken out, the insurer has a duty to provide information. In the event of violations, policyholders could still demand a refund years later – usually when the insurance performed poorly. To stop this practice, the law was amended in 2018. Under the new rule, one only got…
14 February 2022
February 2022 – Austria – TAIYO Legal In order to provide financial relief to consumers who had become unemployed or were on short- time work as a result of the pandemic, a statutory deferral of loan installments for consumer credit agreements was passed at the beginning of 2020 (cf. Section 2 2nd COVID-19-Justice Accompanying Act). Nevertheless, some banks continued…
20 January 2022
January 2022 – Austria – TAIYO Legal As of 08.07.2022 and implementing the EU Covered Bonds Directive (EU-CB-Directive), Austria’s new Covered Bond Act (PfandBG) will enter into force. The amendment is intended to increase the attractiveness of the Austrian covered bond market and eliminate distortions of competition within the EU. The regulations on covered bonds…
20 January 2022
January 2022 – Austria – TAIYO Legal The Austrian Constitutional Court ruled that the Republic of Austria is not liable for damages suffered by customers of an insolvent bank even if these damages were caused by poor supervision by an authority. Around 30 customers of Commerzialbank Mattersburg had filed for damages against the federal government….
10 December 2021
Characteristics of a closed-end real estate fund are a limited investment volume, a few investment objects, long terms, and very limited exit options. The Austrian Constitutional Court (VfGH) confirmed that if consumers do not receive any investor confirmation or receive an incomplete one, there is an unlimited right of withdrawal; the relevant provisions in the…
1 December 2021
The Austrian Takeover Commission is an independent authority, not subject to directives, established at the Vienna Stock Exchange. In accordance with the Austrian Takeover Act, it reviews major transactions on the capital market. However, the European Court of Justice sees a lack of legal protection in the current legal situation. The Austrian Takeover Commission is…
