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Legal Briefing
Austria: New EU M&A framework in the banking, insurance and investment sectors
Practice Area: Corporate Financing
Sector: Commercial and Retail Banking
Jurisdiction: Austria
Published: 27 April 2010
Law Firm: Schoenherr
Overview
With a view to putting potential acquirers on an equal footing by harmonizing procedural aspects and substantive criteria, the European Commission, following up on previous attempts of convergence made by the CEBS(the banking sector Level 3 Committee) and CEIOPS (the insurance sector Level 3 Committee), has drawn up a new directive intended to uniformly cover the regulatory aspects of M&A transactions in the banking, insurance and investment firm sectors. Austrian implementing legislation entered into force on 1 April 2009.
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