Constitutional Court: Limitation of Liability regarding former Hypo Alpe Adria Bank (German Language)

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Constitutional Court: Limitation of Liability regarding former Hypo Alpe Adria Bank (German Language)

Der Rückkauf der Schuldtitel der früheren Kärntner Hypo Alpe-Adria-Bank-International AG (nunmehr HETA ASSET RESOLUTION AG) erfolgte im Herbst 2016. Eine qualifizierte Mehrheit der Gläubiger (99,55 % der Inhaber vorrangiger Schuldtitel, 89,42 % der Inhaber nachrangiger Schuldtitel) nahm das Angebot an, während die nunmehrigen Antragsteller vor dem VfGH die Rückkaufangebote des Kärntner Ausgleichszahlungs-Fonds (KAF) ablehnten.

Auch sie sind allerdings von der Beschränkung des § 2a Abs 5 FinStaG betroffen: Die Durchsetzbarkeit auch ihres Haftungsanspruchs ist auf die im Angebot genannte Ausgleichszahlung beschränkt.

In case of questions: GL@GEORGESLESER.COM

 

(c) LexisNexis (Barbara Tuma), VfGH 14. 3. 2018, G 248/2017, G 2/2018, G 55/2018, G 56/2018

VIRTUAL CURRENCIES – INITIAL COIN OFFERING (ICO) / INITIAL TOKEN OFFERING (ITO)

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VIRTUAL CURRENCIES – INITIAL COIN OFFERING (ICO) / INITIAL TOKEN OFFERING (ITO)

Similar to IPOs potential investors of ICOs/ITOs are offered “Coins” or “Tokens” in return for their (virtual) capital. While Tokens are based on an already existing Blockchain (Smart Contracts) Coins are based on a newly developed Blockchain.

In case a company intends the issuance of Coins or Tokens various aspects have to be considered. Such aspects may be divided into (1) Technology; (2) Legal; (3) Business and (4) Marketing.

In our current blog we will deal with “Legal” and “Marketing”. The reason for combining those two subjects is that under Austrian/European capital market regulations marketing (brochures, internet, TV, etc) for investments is restricted to some extent.

Issuers must check whether the respective ICO/ITO is to be regarded as a public offer which requires a capital market prospectus. While the Austrian Financial Market Authority currently does not qualify Coins/Tokens as securities/financial instruments in general, they already have intervened with previous ICOs/ITOs.

Irrespective of the qualification of Coins/Tokens as securities by the Austrian FMA issuers also have to consider legal aspects on Austrian civil law. For instance, from a civil law perspective Whitepapers could be qualified as capital market prospectuses with respect to prospectus liability.

Hence, particularly liability regulations with respect to prospectus liability should be considered. Due to our extensive experience we can help you to examine and reduce risks regarding ICOs/ITOs.

We would be happy to assist you by:

  • Review and Examination of your business model regarding current banking and capital market regulations comprising statement on potential future regulation risks.
  • Support regarding discussions on the business model with the Austrian Financial Market Authority;
  • Legal Advisory of your company during the ICO-/ITO-process including our network of auditors, IT-specialists, PR-consultants.
  • Support in potential supervisory-, civil or criminal proceedings with a team of domestic and foreign specialized lawyers (e.g. commercial criminal law), auditors and litigation-media-experts.

In case of individual questions, we would be happy to invite you to a personal meeting to discuss your needs and to show you how we can assist you.

Simply send us an e-mail to: GL@GEORGESLESER.COM

DIGITAL / VIRTUAL CURRENCIES

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DIGITAL/VIRTUAL CURRENCIES –Regulatory Approaches of Authorities

The classification of Virtual Currencies (VC) in Austria is not clear yet. However, approaches of the FMA as competent authority seem to come up. The Swiss FINMA emphasizes the respective qualifications of the Tokens with regard to ICOs. The German BaFin discusses different services with regard to VCs and verifies under certain circumstances its responsibility on a case-by-case-basis. Based on that a potential qualification of VC as financial instruments in Austria as well as the qualification of the FMA as competent Authority is likely.

We would be happy to assist you by:

  • Review and Examination of your business model regarding current banking and capital market regulations comprising statement on potential future regulation risks.
  • Support with regard to discussions on the business model with the Austrian Financial Market Authority;
  • Support in potential supervisory-, civil or criminal proceedings with a team of domestic and foreign specialized lawyers (e.g. commercial criminal law), auditors and litigation-media-experts.

In case of questions: GL@GEORGESLESER.COM

DIGITAL CURRENCIES – Regulatory Approaches

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DIGITAL CURRENCIES – Regulatory Approaches

The business newspaper “Economist” recently wrote an article about the efforts of Switzerland to reinvent itself as a financial and banking centre. Therefore, the Swiss Financial Market Authority FINMA has got an economic liberal approach towards Bitcoins and Digital Currencies in general. Quite the contrary the European Commission is rather sceptical with regard to Digital Currencies and intends to regulate them in the near future.

On this occasion we would like to show various aspects of the legal qualification of digital currencies in the next blogs. The following article is available in German language on:

http://georgesleser.com/german/digitale-wahrungen-regulierungsansatze

We would be happy to assist you by:

  • Review and Examination of your business model regarding current banking and capital market regulations comprising statement on potential future regulation risks.
  • Support with regard to discussions on the business model with the Austrian Financial Market Authority;
  • Support in potential supervisory-, civil or criminal proceedings with a team of domestic and foreign specialized lawyers (e.g. commercial criminal law), auditors and litigation-media-experts.

In case of questions: GL@GEORGESLESER.COM