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By Christian Wimpissinger
On September 27, 2011 the ministerial legislative proposal for the Budget Supplementary Act 2012 (Draft-BBG 2012) was published.
By Johannes Barbist, Thomas Schirmer
A glance at the website of the Austrian Federal Competition Authority confirms that private equity investors do not always observe competition law. Sanctions for non-compliance with competition law range from fines to ineffectiveness of the complete transaction.
By Andreas Hable, Christian Wimpissinger
The Budget Supplementary Act 2011, passed by the end of 2010, foresees the introduction of a withholding tax on capital gains that are realized regarding securities as of October 1, 2011.
By Emanuel Welten, Rainer Kaspar, Thomas Schirmer
In the context of secured financings, lending banks often require a pledgor to issue a sale power of attorney for the asset pledged (ie, shares, real property or other assets).
By Tibor Fabian, Bernhard Vetter Von Der Lilie
The EU Consumer Credit Agreement Directive (2008/48/EC) was implemented in Austria through the enactment of a new federal Consumer Credit Act.
By Fabian Tibor
The plaintiff in Case 1 Ob 38/03z -a banking corporation under Egyptian law with a Jordanian branch (the issuing bank)- has a long-standing business relationship with a Jordanian company. This Jordanian company ordered sanitary equipment from an Austrian company.
Austrian law expressly recognises and protects a bank's duty of confidentiality (sometimes referred to as 'bank secrecy') with respect to information received by or relating to its customers. This duty is primarily governed by s 38(1) to (4) (scope and exceptions) and s 101 (criminal liability) of the Banking Act (BWG) and supplemented by several provisions of a procedural nature such as the Revenues Penal Code and the Criminal Procedure Code.
Austrian law expressly recognises and protects a bank's duty of confidentiality (sometimes referred to as 'bank secrecy') with respect to information received by or relating to its customers. This duty is primarily governed by s 38(1) to (4) (scope and exceptions) and s 101 (criminal liability) of the Banking Act (BWG) and supplemented by several provisions of a procedural nature such as the Revenues Penal Code and the Criminal Procedure Code.