FIIA 2019 – Best Execution MasterClass & Workshop for Internal Auditors in Financial Institutions, 07 - 08 February 2019, Vienna, Austria
The most recent article in our Efficient Arbitration Series looked at how document production, when handled properly, could save time and costs in arbitration proceedings. In this article, we continue to add tools to our efficiency box by considering a new set of procedural rules that will soon become available: The Prague Rules on the Efficient Conduct of Proceedings in International Arbitration ("Prague Rules").
Binder Groesswang has advised Austrian electricity provider Verbund AG in connection with the world's first Environmental Social Governance-linked syndicated loan, the interest rate of which is not determined by reference to the financial rating but by reference to a sustainability rating established by the ESG rating agency Sustainalytics. Signing and closing of the EUR 500 million loan took place on December 10, 2018.
With uncertainties surrounding a "no deal" Brexit meanwhile culminating in fears of a "super hard" Brexit, financial institutions in the UK, the EU27 and beyond are eager in search of solutions that preserve continuity of contracts and that contain the numerous legal and regulatory risks for institutions on both sides of the Channel.
As in all EU member states, the EU General Data Protection Regulation (GDPR) came into effect in Austria on 25 May 2018. The centrepiece of Austria's GDPR implementing legislation was the Data Protection Amendment Act 2018 (for further details please see "Draft Data Protection Amendment Act 2018 in appraisal" and "Proposals to alter national Data Protection Act").