Even though the Austrian green bond market has not been very active, issuers like Uniqa, Hypo Noe, Verbund, and the Republic of Austria have taken the first steps toward the new asset class. The main feature of such bonds is the intention and/or commitment to invest the proceeds of the issue in green projects. Most issuers initially established stand-alone green bond frameworks based on voluntarily applied market standards. An Austrian green bond standard has not yet been developed. Frameworks used in Austria are usually based on published guidelines, like the International Capital Market Association's (ICMA) Green Bond Principles. Issuers do consider the upcoming standards of the European Union, too – particularly, the EU Green Bond Standards (EUGBS) and the so-called EU Taxonomy.
GDPR Fine of 1,1 Million Euro Imposed on Volkswagen
In a decision published on 26 July 2022, Austrian data protection authority established that Volkswagen was in violation of Articles 13, 28, 35 and 30 of the GDPR.
Shiny and New Tax Legislation in Austria: A Buzz Interview with Michaela Petritz-Klar of Taylor Wessing
Tax legislation updates are the zeitgeist in Austria right now, according to Taylor Wessing Partner Michaela Petritz-Klar, with the energy sector, cryptocurrencies, and online platforms being at the forefront of overhaul efforts.
Stefan Adametz Makes Equity Partner at FWP
Former Junior Partner Stefan Adametz has been promoted to Equity Partner with Fellner Wratzfeld & Partner.
Schoenherr Advises Red Bull on Joint Venture with Marcel Hirscher and Dominic Tritscher and Acquisition of Augment Ski
Schoenherr has advised Red Bull on the establishment of a joint venture with Van Deer-Red Bull Sports Equipment founding shareholders Marcel Hirscher and Dominic Tritscher and the subsequent acquisition of Augment Ski by Van Deer-Red Bull Sports Equipment.
Schoenherr Advises Altstoff Recycling on Cooperation with DSD and Bernegger
Schoenherr has advised Austria's Altstoff Recycling on a cooperation agreement for the construction of a new sorting plant in Upper Austria with Duales System Deutschland and Bernegger.
Brandl Talos Advises Sportradar on Joint Venture with Ringier
Brandl Talos has advised Sportradar Group AG on the formation of a joint venture with Ringier AG. Reportedly, Bowmans and Baer & Karrer also advised the Sportradar Group, and Webber Wentzel advised Ringier on the deal.
Herbst Kinsky Advises Mait on Acquisition of Nittmann & Pekoll
Herbst Kinsky, working with Watson Farley & Williams’ Munich office, advised software and IT service provider Mait on its acquisition of enterprise resource planning specialist Nittmann & Pekoll. The Wiener Advocatur Bureau reportedly advised sellers Christian Nittmann and Angelika Pekoll-Sarica.
Dorda Among Plethora of Firms Advising on DigitalBridge's Acquisition of GD Towers
Dorda has advised the DigitalBridge Group on its joint acquisition with Brookfield Infrastructure and its institutional partners of a 51% stake in GD Towers from Deutsche Telekom. E+H and Latham and Watkins advised the bidding consortium of GIP, KKR, and Stonepeak. Reportedly, Allen & Overy and Morgan Lewis also advised DigitalBridge, Freshfields and Weil, Gotshal & Manges advised Brookfield Infrastructure, while, on the sell side, Gleiss Lutz, Noerr, CMS, Schoenherr, Cuatrecasas, and Freshfields advised Deutsche Telekom on the deal.
New EBA Guidelines on the Limited Network Exemption Under PSD2: Reevaluation and Resubmission of Existing Notifications Needed
Earlier this year the European Banking Authority (EBA) published the final Guidelines on the limited network exemption (LNE) under the Payment Service Directive 2 (PSD2). Following the consultation phase initiated by the draft, further clarifications were added which are relevant to all service providers who plan to rely on the exclusion as well as those who already do.
E+H and EY Law Advise on STC and RoomBuus Sale of High Five Lighthouse to ZBI
E+H has advised the joint venture of STC Development and RoomBuus Baudienstleistungs on the development and sale of the Linz High Five lighthouse project to the Zentral Boden Immobilien Group. EY Law's Pelzmann Gall Groess Rechtsanwalte advised ZBI.
CMS Advises Alpla on Acquisition of Apon
CMS has advised Austria's Alpla on its acquisition of Polish pharmaceutical packaging producer Apon.
EU: Commission Proposal to Implement the FATF Travel Rule: Speed Bumps Ahead for Crypto-asset Transfers?
On 29 June 2022, the Council and the European Parliament reached a provisional agreement on the text regarding the European Commission's proposal for a recast of Regulation (EU) 2015/847 (also referred to as the Transfer of Funds Regulation ("TFR")).
Philipp Zumbo Joins Taylor Wessing as Partner in Vienna
Philipp Zumbo has joined Taylor Wessing's corporate team in Vienna as a Partner.
Wolf Theiss Advises Bain Capital Tech Opportunities on USD 150 Million Investment in Ataccama
Wolf Theiss, working with Ropes & Gray, has advised Bain Capital Tech Opportunities on its USD 150 million investment in Ataccama, a unified data management platform provider. Deloitte Legal reportedly advised Ataccama.
Austria: PPP & Infrastructure Projects Going Digital and Green
Public infrastructure projects in Austria and in particular PPPs are undergoing several changes. In the last few years, the focus of PPPs was on social infrastructure like schools, hospitals, and other clinics. Many of them have been structured as so-called Betreibermodelle, i.e., a form of build, finance, and operate models. However, the focus is clearly shifting towards infrastructure for digitalization and climate change.
Schoenherr Advises Caverion on Acquisition of Porreal
Schoenherr has advised Caverion Oesterreich on the acquisition of Porreal and its subsidiary Alea. Beira Rechtsanwaelte reportedly advised Porr AG on the sale.
Manuela Maurer-Kollenz and Simone Maier-Huelle Join PwC Legal Austria
Mueller Partner Rechtsanwalte has announced the departure of the Heads of its Real Estate practice, Partners Manuela Maurer-Kollenz and Simone Maier-Huelle, to join PwC Legal together with their team on July 1, 2022.