Tag Archive: Austria

Austria: Amendment of the Covered Bond Act

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

Austria: No state liability vis-à-vis bank customers

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.

Austria: Procedure under takeover law violates EU law

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