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11 May 2018
Stephan Schmalzl Subordination agreements, revisited

Austria - Graf & Pitkowitz Rechtsanwälte GmbH

The Supreme Court recently confirmed the admissibility and validity of qualified subordination agreements included in general terms and conditions and with respect to consumer transactions. Further, the Supreme Court held that qualified subordination agreements – in particular, those relating to loan agreements – create a specific type of contract. This decision has a significant impact on standard bank loan transactions, especially in restructuring situations.

Author: Stephan Schmalzl
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Jelena Zjacic PSD2: business as usual or revolutionary framework?

Croatia - Macesic & Partners

The EU Payment Services Directive (PSD2) aims to enhance competition in otherwise traditional and closed industries. A draft of the new Payment System Act, transposing PSD2, was recently released for public consultation. The draft defines the information that banks must forward to third parties for each category of payment services and sets limits on forwarding more information than is expressly requested from a bank.

Author: Jelena Zjacic
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