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. In the course of so-called "ownership control proceedings" the regulators assess the suitability of the proposed acquirer based on encompassing information and documents which need to be submitted to the regulator by the proposed acquirer. Read more here.
Real estate measures in combatting the consequences of COVID-19 in CEE
Real estate measures in combatting the consequences of COVID-19 in CEE - status as of 29 April 2020 - read more here.
Country-specific updates
AUSTRIA
Sanierungsinstrumente in der Krise
Gerade in aktuellen Krisenzeiten stellt sich für viele Unternehmer die Frage, wie sie ihr Unternehmen bestmöglich sanieren können, um so das Fortbestehen des Unternehmens zu sichern. Dafür stehen in der Praxis eine Vielzahl an rechtlichen Sanierungsinstrumenten zur Verfügung. Hier weiterlesen.
New rules for your customer area
Under Section 2 of the "COVID-19-Lockerungsverordnung" (VO BGBl II 197/2020) ordinance, customers are allowed to enter your customer area under certain conditions. This means you can reopen your shop, but you must comply with certain conditions. Read more here.
Austria: Virtuelle Versammlungen nach dem COVID-19-GesG
Aktuell wird die Bedeutung flexibler Mechanismen zur Willensbildung im Gesellschaftsrecht spürbar. Denn in Zeiten von Ansteckungsrisiko und Ausgangsbeschränkungen ist die Abhaltung von Versammlungen mit physischer Anwesenheit vielfach nicht möglich. Der Gesetzgeber hat rasch reagiert und virtuelle Versammlungen im Gesellschaftsrecht generell für zulässig erklärt. Hier weiterlesen.
BULGARIA
CPC activity during COVID-19 crisis
On 13 March 2020 the government declared a national state of emergency as a result of the ongoing COVID-19 crisis. The state of emergency is currently in force until 13 May. This article outlines the impact of this declaration on Commission for the Protection of Competition (CPC) activities. Read more here.
CROATIA
Intervention measures regarding insolvency and enforcement proceedings
On 23 April 2020 the Croatian Government adopted a Proposal for an Act on Intervention Measures in Enforcement and Insolvency Proceedings During Special Circumstances (the "Draft Intervention Act"). The Draft Intervention Act states that its purpose is to alleviate the position of citizens subject to the enforcement proceedings, to help companies which may be facing bankruptcy during the special circumstances, as well as to help the recipients of national and/or EU grants and recipients of the governmental aid due during the special circumstances. Read more here.
CZECH REPUBLIC
Competition authority seeks to obtain data from mobile phone operators
To facilitate the detection of anti-competitive behaviour, the Office for the Protection of Competition has proposed an amendment to the Act on Electronic Communication. Based on the amendment, the office would be entitled to request individual activity and location data (ie, date, time, mode of communication and duration) from mobile phone operators. Read more here.
LEX COVID - Changes to insolvency proceedings
The coronavirus pandemic has made life complicated for almost all businesses, especially from the financial point of view. Businesses thus face an increased risk of bankruptcy and subsequent insolvency proceedings. To help with this challenging situation, an amendment to the Insolvency Act as part of the "Lex Covid" was adopted. Lex Covid became effective on 24 April 2020. Read more here.
Dismissals due to the coronavirus crisis
The economic hardship caused by the global outbreak of COVID-19 will inevitably lead many businesses to dismiss employees. In this article we summarise basic information regarding dismissals in the context of the coronavirus crisis. Read more here.
HUNGARY
Further COVID-related employment law measures in Hungary
The Government of Hungary adopted further government decrees - which were promulgated in the Official Gazette on 10 April 2020 - in respect of employers with regards to the coronavirus disease. Read more here.
What to consider in competition law with COVID-19
In this Hungarian article, Anna Turi and Márk Kovács discuss the relevant developments in competition law in light of COVID-19. Specifically, they give an overview of the parameters surrounding the prohibition of cartels, products prohibited from having high prices set, and look at the limits of consumer deception. Read more here.
POLAND
COVID-19: state aid scheme sets maximum prices and margins for certain goods
On 8 April 2020 the European Commission approved a state aid scheme worth Zl 3.5 billion (approximately ? 700 million) for loans and guarantees to support the Polish economy in the context of the COVID-19 outbreak. Read more here.
ROMANIA
Are Romanian companies ready for post-pandemic tax audits?
As part of the preventive measures taken to mitigate the impact of the COVID-19 pandemic, the Romanian tax authorities have limited the number of tax audits at taxpayers' premises for the duration of the state of emergency. Once the restrictions are lifted, however, we expect not only tax audits to be resumed, but in fact expanded. Read more here.
SLOVENIA
Holding a remote General Meeting in a Slovenian limited liability company
The Covid-19-related measures restricting movement and travel make general meetings ("GM") difficult to hold - particularly when foreign shareholders are involved - as the GM is typically held with shareholders being physically present. Read more here.
Recently updated articles
COVID19 Overview on moratoria
Find the CEE overview here.
Status of Intellectual Property Offices in CEE
Due to the impact of COVID-19, several Intellectual Property Offices (IPOs) have announced adapted guidelines and information on the current status of proceedings and deadlines. Find the full information here.
Labour & Employment-related measures in combatting the consequences of COVID-19 in CEE
Find an overview of labour & employment-related measures in combatting the consequences of COVID-19 in the CEE region here.
EU Level Covid-19 support measures in banking and capital markets
Find the overview - status as at 05/05 - here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
