Investment firms, which operate in financial markets and provide investment services to third parties, were subject to the same organizational regulations as credit institutions, despite their different business and risk profiles. Their activities are regulated by MiFID II, which was transposed by the Austrian Securities Supervision Act 2018.

The CEELM Top 10 series looks back over the past ten years and celebrates the milestones we have achieved together. First up: most-read Briefings, with each article featuring a short description reflecting the authors’ opinion at the time.

E+H and Wardynski & Partners have advised Coveris on its acquisition of Polish packaging film company D.K. Lamin. SSW Pragmatic Solutions advised the sellers.

Schoenherr has advised HS Timber Industrieinvest on establishing a joint venture with Hat Trick to build a sawmill in Argentina and produce and trade logs worldwide. PHH advised Hat Trick.

Herbst Kinsky has advised Austria's Storylution on the entry of Thalia Buecher into the company through the acquisition of a minority stake as part of a capital increase. Heuking Kuhn Luer Wojtek advised Thalia.

Schoenherr, working with the UK's Marriott Harrison, has advised the professional audio mixing console manufacturer Audiotonix Group on its acquisition of Austrian start-up Sonible. Held Berdnik Astner & Partner and RafterMarsh reportedly advised the sellers.

Schoenherr has advised the joint lead managers on Raiffeisen-Landesbank Steiermark’s EUR 500 million issuance of mortgage-covered bonds. Wolf Theiss advised the issuer.

Binder Groesswang has advised Austria Wirtschaftsservice on the launch of its new venture capital fund, AWS Gruenderfonds II, focusing on initial growth investments in innovative and sustainable technologies in Austria.

CMS Reich-Rohrwig Hainz has established a dedicated, separate competence center for English law – to serve its operations across CEE and SEE countries – with members including Vienna-based Partners Marcell Clark, Alexander Rakosi, and David Kohl and Solicitor Anna Freund.

Freshfields Bruckhaus Deringer has advised Roehm on its acquisition of SABIC's Functional Forms business. 

Schoenherr, working alongside Sullivan & Cromwell, has advised Rhone Capital on its public cash offer for up to 29.9% of the share capital of RHI Magnesita.

On April 20, 2023, the European Commission ("Commission") adopted a merger simplification package ("Package") aimed at simplifying the Commission's review of concentrations under the EU Merger Regulation. The core of the Package is the expansion of the categories of cases which can be treated under the Commission's simplified procedure. In addition, the Package aims to streamline the review of simplified and non-simplified cases by introducing new notification forms.

Cerha Hempel has advised IRMA Investments on Raiffeisen Beteiligung's acquisition of a 50% stake in Austrian photovoltaic module manufacturer Energetica Industries. Dorda advised the Raiffeisen-Landesbank Oberoesterreich subsidiary on its investment.

Struggling with high inflation, tough questions are being asked of the Austrian M&A market lately, and the government responded by planning a new, more flexible corporate form with reduced capital requirements, according to Graf Patsch Taucher Partner Bernd Taucher.

Austrian law firm Vavrovsky Heine Marth has opened a new office in Linz, in addition to the firm's operations in Vienna and Salzburg.

Securing e-evidence and establishing efficient procedures is key.

Cerha Hempel has advised Raiffeisen Property Holding International on the sale of an office building in the Neu Marx area in the third district of Vienna to the European Handball Federation via a forward purchase. Reportedly, Joklik, Katary, Richter advised the buyers on the deal.

Regulation (EU) 2022/2560 on Foreign Subsidies (the "FSR") aims to address distortions caused by foreign subsidies in the single market. In this part of our FSR Insight Series, we explain the fundamental notion of what constitutes a "foreign subsidy" within the meaning of the FSR. You will find a basic definition in Article 3 FSR, with some further considerations in recitals 11 to 16 of the Regulation.