January 20, 2019
Hungary has recently amended its labour code in order to increase permissible overtime levels. On an annual basis, permissible overtime has increased from 250 hours per year to 400 hours per year. Such overtime overrides any collective labour agreements in place. The new legislation leaves the 48 hours/week work limit unchanged but raises the overtime banking period to 3 years from 1 year. In practice, it will be possible for an employer to pay the employee for overtimes in one…
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January 5, 2019
As of the close of 2018, Serbia has now established its central register of ultimate beneficial owners. Henceforth, Serbian companies, institutions, as well as branches and representative offices established by foreign investors in Serbia are required to register their UBOs with the central register no later than 31 January 2019. The register has established an online portal in order to facilitate quick and efficient UBO registration. While disclosure is required, actual documentary support underlying UBO disclosure is not. Nevertheless, entities…
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December 15, 2018
In early November, the Austrian Data Protection Authority issued a directive that data processing operations in all cases requires a data protection impact assessment (DPIA). Under Europe’s new General Data Protection Regulation (GDPR), DPIA is required during data collection. The Austrian rule changes are bringing effect to GDPR into the national regime. Please note that failure to carry out a DPIA can result in fines up to EUR 10m or 2% of worldwide annual turnover. DPIA Examples Some examples include:…
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November 5, 2018
Just this past October, Government Emergency Ordinance GEO 8/2018 was published, which set out certain new amendments to Romania’s insolvency regime. The ordinance amends: (i) Law no. 85/2014, regarding Romania’s insolvency law itself; (ii) ordinance no. 2/2000 regarding judicial application; (iii) ordinance no. 90/2017 regarding fiscal budgetary matters; and (iv) ordinance no. 86/2006 regarding the insolvency practitioner profession. Essentially, GEO 88/2018 was adopted in order to improve mechanisms for the recover of state receivables from insolvent companies, and to take…
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October 10, 2018
On October 4, 2018, ESMA (the European Securities and Markets Authority) updated its view on the applicability Directive 2011/61/EU on alternative investment fund managers (AIFMs). The update provides guidance with respect to the cross-border management of alternative investment funds (AIFs), which have an umbrella structure with multiple compartments, or sub-funds, via the EU passport regime. Henceforth, AIFMs that wish to engage in cross-border management of AIFs must notify their respective national competent authority regarding the general umbrella fund as well as the names and…
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September 19, 2018
Recently in August, Germany moved forward with a proposal directed against VAT avoidance relating to supplies of goods with a German nexus over online marketplaces. The bills expected to pass parliament in late fall and become effective as of January 1, 2019. Key elements entail: operators of online marketplaces shall be obliged to fulfil new documentation duties regarding providers of goods; documentation requirements shall apply to any goods that touch Germany – if the shipment starts or ends in Germany;…
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