The year could not have got off to a more eventful start from a company law perspective. The introduction of the flexible corporation, "FlexCo" for short, has been covered extensively in the media. So, it should come as no surprise that the provisions governing the sanctioning of members of a representative body of a corporation who have been convicted of criminal offences – which are just as relevant – came into effect almost unnoticed.
The "Markets in Crypto-Assets Regulation" (MiCAR) intends to close existing gaps in the EU's financial services legislation by creating a uniform system of standards for the regula-tion of cryptocurrencies within the EU. It was designed, in this context, as part of a more comprehensive regulatory effort (i.e. the EU's Digital Finance Package), which includes fur-ther initiatives such as the Digital Operational Resilience Act (DORA) and the Transfer of Funds Regulation (TFR).
The COVID-19 Corporate Law Ordinance (abbreviated in German to "COVID-19-GesV") expired on 30 June 2023. Its purpose was to enable corporations to hold meetings virtually. After initially being enacted in 2020, it has since been extended several times, and yet another extension did not appear to be the most effective solution going forward.
Increasing implementation of blockchain technology into business and everyday life eliminates the requirement for trusted third parties to act as intermediaries, for example, for financial transactions and introduces novel ways to raise capital.
The range of applications for blockchain technology is continuously expanding, with so-called "DAOs" being just one such example of this. DAO stands for decentralised autonomous organisation.
The EU has taken the initiative by adopting the Crowdfunding Service Provider Regulation (ECSP Regulation) at the EU level.
When the coronavirus crisis first started, the Austrian Federal Ministry of Economic Affairs unveiled details of a new investment control law intended to prevent a "sell-off" of Austrian companies. This law has now been passed by the Austrian National Council and Federal Council and will enter into force shortly after its ratification by the Federal President and subsequent announcement (publication) in the Federal Law Gazette. However, what changes will the new law introduce and what impact will it have on corporate transactions?
Austrian companies in need of capital often resort to bank loans in view of lacking adequate alternatives. In order to provide domestic companies with new and attractive options for equity financing, a more active risk capital market in Austria would be extremely helpful.
For a long time inter alia experts from AVCO are demanding a new venture capital fund law with the primary intent to create a legal framework meeting international standards, too.
Starting with immediate effect, applications for financial support can now be made by Austrian start-ups to the COVID-19 Start-Up Assistance Fund.
The Austrian start-up scene is demanding tailor-made solutions for start-ups, as existing aid measures such as the provision of guarantees do not adequately take into account the specific set of conditions that young, innovative companies on the market are faced with!
