Austria

The participant trainings on the new Clearing System have been successfully completed during the first half of March 2020

Participants tests:

The Austrian Financial Market Authority (FMA) has extended the ban issued on 18 March 2020 by means of a Regulation for the temporary prohibition of short selling of certain financial instruments listed on the Vienna Stock Exchange (Wiener Börse) in an amended form until 18 May 2020.

The Austrian Government has published an amendment to the legal framework of Annual General Meetings (AGM) of Austrian issuers. The new regulations came into force as of 23 March 2020.

As a reaction to the current COVID 19 pandemic situation and the prohibition of assemblies of any type, the Austrian Government has changed the framework for holding of AGMs. According to the new law, virtual AGMs are also possible. This, however is an additional option and not a mandatory change. Furthermore, the period after the end of business year within which an issuer has to hold the general meeting was extended from eight to twelve months. Both of these changes overrule any divergent specifications in the by-laws of the issuers.

As communicated yesterday evening, the Austrian Financial Market Authority (FMA) has prohibited short selling on the Vienna Stock Exchange (VSE) completely. While so far there was only a ban on naked short selling in the Austrian market, now covered short selling is also forbidden.

In January 1, 2019 a new tax reclaim procedure was introduced for the Austrian market requiring clients to create their tax reclaims directly via the Austrian Ministry of Finance webpage.

A new link to this webpage has been established with immediate effect:

English version:

A protocol amending the DTT between Austria and Russia becomes effective as of 1 January 2020:

Dividends (Article 10)

• 15%

• 5% of the gross amount of the dividends if the beneficial owner is a company (other than a partnership) which holds directly at least 10 per cent of the capital of the company paying the dividend

The full wording of the protocol is available in English under the following link:

A new DTT between Austria and the United Kingdom and Northern Ireland to be effective as of 1 January 2020.

The maximum withholding tax rates stipulated in the new tax treaty between Austria and UK are as follows:

Dividends (Article 10)

• 10%  of the gross amount of the dividend, except as provided in sub-paragraph a) ii) (see Article 10 (2))

• 15% where the dividend is paid by a relevant investment vehicle (see definition Article 10 (6)

• 0% if the beneficial owner of the dividend is: