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CERHA HEMPEL Newsletter December 2023

Keep up to date with the latest legal developments in Austria, Bulgaria, the Czech Republic, Hungary and Romania with our CEE newsletter.


The New Austrian Flexible Company (FlexCo)

Drawing up complex articles of association, opening a separate bank account as well as mandatory registrations with courts, financial and trade authorities, and the Austrian social security system – all of this can easily deter aspiring founders from choosing Austria as their base. In line with international legal structures (such as the British limited), the intro-duction of the “flexible company” (“Flexible Kapitalgesellschaft”, “FlexCo” or “FlexKapG”) from 1 January 2024 aims to make Austria more appealing to start-ups looking for interna-tional investors by creating a tailored regulatory framework with fewer formal requirements that enables the flexible allocation of employee and investor shares.

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Digitalization of employment relations in Bulgaria

With amendments to the Labour Code adopted in October 2023, Bulgaria has taken steps to put an end to paper employment records and is moving towards the digitalization of employment relations. The new rules will take effect in June 2025, except for certain provisions that will apply from June 2026.

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New amendment aims to accelerate the development of strategically important infrastructure

The Czech Parliament approved an amendment to the so-called Linear Act, which was originally intended to transpose Directive (EU) 2021/1187 (on the trans-European transport network) only, but during the course of the legislative process it became a complex amendment that now aims to accelerate the authorisation procedures for strategic infrastructure.

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Hungary’s Public Works Projects Act has taken effect

Hungary’s Act LXIX of 2023 on Public Works Projects (hereinafter: “Act”) took effect on 8 November 2023. The Act creates a new and unified framework for public works projects. Many rules that apply to various elements throughout the entire lifecycle of public works projects, from pre-design to completion and operation, have been revised.

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Extended application of Law no. 361/2022 on the protection of whistleblowers in the public interest

Law no. 361/2022 on the protection of whistleblowers in the public interest entered into force on 22 December 2022 and transposed Directive 1937/2019 of the European Parliament and of the Council of 23 October 2019 on the protection of persons reporting infringements of Union Law. It aims to facilitate whistleblower reporting of breaches of the law within private entities, as well as public authorities and institutions.

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