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Brexit and financial services
After the end of the transitional period on 01.01.2021, the provision of financial services by the United Kingdom (UK) will be subject to laws of the European Union (EU) for third countries. Regulations of the EU for “passporting”- rights within the EU will no longer apply to providers of financial services seated in the UK. A Free Trade Agreement (FTA) would not remove most of the potential disruption in the financial service sector; an FTA does not deal with “passporting”- rights. Financial services between the UK and the EU will be determined mainly based on equivalence decisions of the European Commission. The European Commission will determine, if a third country’s regulatory, supervisory and enforcement laws are equivalent to the relevant legal framework within the EU.
2020年12月4日
Relief for family reunification for children below the age of 18
The Austrian Administrative Court (Verwaltungsgerichtshof ; VwGH) changed its previous jurisprudence in one essential point in favor of family reunification. This point concerns the question of when a child of a person, who wants to reunite his/her family, needs to be below the age of 18. The VwGH has stated that it is sufficient if a child is at the age of 18 (or below) when the application is submitted. Therefore, it has no procedural consequences, if the child becomes 18 years old during ongoing proceedings (see VwGH Ra 2017/22/0021 dated 09.09.2020, referring to the judgement of the Court of Justice of the European Union (ECJ) dated 16.07.2020, B.M.M. et al., C-133/19; C-136/19 and C-137/19).
2020年10月30日
Monopoly on filing for bankruptcy by the FMA
According to the Austrian Banking Act, only the Austrian Financial Market Authority (FMA) may file an application to initiate insolvency proceedings over the assets of a credit institution. In a recent decision, the Supreme Court for Civil Matters decided that the competence of the FMA to file such applications remains in force even after the withdrawal of a banking license. As a credit institution in liquidation, the debtor in question can continue conducting banking affairs even after the withdrawal of its licence. Therefore, it is to be treated as a credit institution in this context (OGH dated 19.06.2020, 8 Ob 27/20h).
2020年8月14日
Privacy Shield does not provide adequate protection
The ECJ addressed the transfer of data from an EU country to a third country. The court decided that the EU-US Privacy Shield, an implementing act by the Commission, was invalid. The US surveillance measures are not limited to what is strictly necessary, do not guarantee the independence of an ombudsman, and do not guarantee authorization to make binding decisions against American intelligence agencies for an ombudsman (ECJ C 311/18 dated 16.07.2020).
2020年7月31日
The ECJ on the repayment of a loan agreement prematurely
In a significant decision, the ECJ addressed the premature repayment of a consumer loan. According to the ECJ consumers have a right to reduce all costs of a loan agreement if they repay the loan before the initially agreed time period. Among these costs are also administrative fees or commissions, which are paid initially regardless of the time period of the loan agreement. Relevant Austrian laws (Law on consumer loans, Mortgage and Real Estate Loan Act) will therefore be amended due to this decision (ECJ C 383/18 dated 11.09.2019).
2020年7月17日