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CRD VI explained: What the new EU bank M&A rulebook means for Austria
CRD VI (Directive (EU) 2024/1619) introduces a new harmonised EU regime requiring EU credit institutions and licensed (mixed) financial holding companies to obtain prior approval and to notify supervisors before carrying out material acquisitions, mergers, divisions, or material transfers of assets and liabilities. The existing regime governing acquisitions or disposals of qualifying holdings in a credit institution will continue to apply in parallel, with some amendments. The new unified regime replaces today’s patchwork of Member State national rules and extends supervisory involvement well beyond the existing qualifying holdings framework. Until now, many Member States (including Austria) required approval only for
Kinstellar advises shareholders of ROFA Industrial Automation on the sale of ROFA Group to SPIE
Kinstellar is advising the shareholders of ROFA Industrial Automation on the sale of the German ROFA Group to the listed French SPIE Group. ROFA Industrial Automation (ROFA), headquartered in Bavaria, is a leading provider of automation technology, intralogistics solutions, and special‑purpose machinery with operations in China, Austria, Hungary, Romania, the Netherlands, Poland, and the United States. ROFA’s portfolio covers the full project lifecycle, from consulting and software/hardware engineering to manufacturing, commissioning, and after-sales services. By acquiring ROFA, SPIE aims to strengthen its strategic position in the German industrial services market. The transaction remains subject to antitrust
Europe recalibrates: AI copyright and GDPR scope under pressure
Two parallel developments suggest that Europe is drawing clearer boundaries around both AI ownership and data protection. One comes from the Council and the other from a German court, and both signal a more cautious approach toward redefining legal fundamentals in the name of innovation or administrative simplification. 1. Digital omnibus leak: Member States cut the core of the proposed GDPR reform A leaked Council compromise draft removes entirely the proposed redefinition of “personal data” under the GDPR, and that alone underscores how controversial the Digital Omnibus has become. What happened? In November 2025, the European Commission launched the Digital Omnibus, with one of its central ambitions
Understanding the legal landscape of private credits
Private credit has become one of the fastest‑growing segments of modern finance, offering flexible alternatives to traditional lending. Our cross‑border overview brings together the key legal questions that arise across 12 jurisdictions, helping investors, lenders, and borrowers navigate an increasingly complex regulatory environment. This guide highlights the most important considerations—including licensing, security, financial assistance, tax aspects, and insolvency implications—to support more informed decision‑making in private credit transactions throughout Emerging Europe and Central Asia. Partner Tomáš Melišek drove the preparation of the material with the support of local teams of legal experts
Europe’s AI rulebook is taking shape, but the technology is not waiting
Artificial intelligence is entering a decisive phase in Europe. Despite the EU’s ambitious AI Act framework, key guidance remains pending while enforcement scrutiny intensifies and AI adoption accelerates. 1. EU AI Act: a strict framework struggling to keep pace While Europe’s ambition to regulate AI is unquestioned, recent developments signal that the legal framework is struggling to keep pace with both the rapid evolution of the technology and its own aspirations. 1.1. Missed Guidance and Growing Uncertainty The European Commission missed a key deadline on 2 February, when it failed to publish a comprehensive list of use cases to help businesses distinguish between high-risk and non-high-risk
Kinstellar Capital Markets series: Shareholder activism in Austria – Outlook 2026
Austria has not historically been regarded as a primary venue for aggressive shareholder activism. Activist engagement has traditionally been less confrontational and has typically taken the form of shareholder proposals, counter motions, open letters and active participation at annual general meetings (AGMs), rather than hostile campaigns. This comparatively moderate landscape is largely attributable to the concentrated ownership structure of many Austrian-listed companies, which are frequently controlled by a core shareholder or shareholder group. Notwithstanding this structural backdrop, an increase in both the frequency and sophistication of activist campaigns can be observed and is expected to continue. Although
Kinstellar welcomes Sebastian Reiter as Partner, further strengthening its capabilities in Austria
February 2025 – Kinstellar is pleased to announce that Sebastian Reiter, a highly regarded competition and dispute resolution lawyer, has joined the firm’s Vienna office as a Partner. His arrival further strengthens Kinstellar’s Austrian team, expands its competition capabilities, and enhances the firm’s ability to deliver full-service legal advice in Austria. Sebastian advises clients on Austrian and EU competition law, Austrian foreign direct investment (FDI) control, and regulatory matters across various sectors. He also represents clients in complex disputes, including civil litigation and arbitrations. Sebastian joins Kinstellar from a leading Austrian law firm and brings broad experience gained across top-tier practices
Digital Product Passports: The regulatory shift fashion brands need to plan for
Fashion and luxury brands selling into the EU should prepare for a regulatory shift that will directly affect how products are documented, traced and placed on the market. Regulatory work is now intensifying on implementing measures, including the rollout of Digital Product Passports (DPPs). DPPs are becoming a central instrument in the EU’s strategy to advance circularity, transparency and sustainability. For the fashion industry, DPPs represent not only a compliance obligation, but a shift in how product data and supply chains are managed. DPPs as a new regulatory standard A Digital Product Passport will function as a product’s digital identity, containing information on origin, material composition
EU Pay Transparency Directive: CEE transposition status
The EU Pay Transparency Directive marks a significant shift in how organisations approach pay equity and transparency. Its core objective is to strengthen the principle of equal pay for equal work and work of equal value. EU Member States must transpose the Directive into national law by 7 June 2026, which means the clock is ticking for employers to prepare. Our Employment & Labour Law team prepared an overview summarising the transposition status of the Directive in the CEE as of January 2026. Click on the image below or use this link to read our overview in English.
Navigating the MiCA landscape: Considerations for forum shopping in CEE and beyond
As the European financial market undergoes a major digital transformation, the implementation of the Markets in Crypto-Assets Regulation (MiCA) stands out as a defining milestone. By introducing a harmonised legal framework, the EU is transforming from a frag mented regulatory landscape into the world’s largest single market for regulated digital assets. For crypto-asset service providers (CASPs) and institutional investors, this shift offers a “single passport”, legitimising the industry and enabling growth. Yet the practical application of these rules varies across Member States, influenced by differences in administrative capacity, supervisory culture, and national legal traditions. Choosing a “home” jurisdiction
Kinstellar advises Rivean Capital on Austrian-law aspects of its majority investment in Engelmann Sensor
Kinstellar has provided legal advice to Rivean Capital in connection with its acquisition of a majority stake in Engelmann Sensor (“Engelmann”) from funds managed by DPE Deutsche Private Equity. Engelmann, headquartered in Germany, is a leading international provider of smart submetering solutions for heat, cooling and water consumption. With Rivean Capital as its new strategic partner, Engelmann aims to further expand its international footprint, drive product innovation and strengthen its operational capabilities. Kinstellar advised Rivean Capital on all Austrian-law aspects of the transaction. The team was led by Philipp Kapl (Partner, M&A) with key support from Agnes Lackenberger (Senior Associate
Austria publishes ministerial draft regarding AIFMD II implementation. A new loan origination framework for funds is introduced.
Directive (EU) 2024/927, commonly referred to as AIFMD II, marks the most significant reform of the Alternative Investment Fund Managers Directive (AIFMD) since its original adoption in 2011. Member States are required to transpose AIFMD II into national law by 16 April 2026. On 22 January 2026, the Austrian Federal Ministry of Finance has published a ministerial draft regarding the implementation of AIFMD II by amending the Austrian Alternative Investment Fund Managers Act (Alternative Investmentfonds Manager-Gesetz, AIFMG). The key objectives are a stronger liquidity risk management, a harmonised EU legal framework for loan originating funds, greater transparency and reporting obligations, as well as stricter