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Monthly Dose of Germany: March 2024
We would like to share some interesting insights into the German Legal market and recent developments as well as interesting events and publications with you. This edition of our "Monthly Dose of Germany" is presented by our Italian Desk, headed by Nikolaus Malottke.
Restructuring Report 2023/2024
Market conditions are growing increasingly difficult as the restructuring wave reaches Germany. Many German companies are struggling as they are faced with the challenge of structural changes and a necessity to adapt their processes and strategies. At the same time, significant change in the financing sector is adding to the pressure on borrowers: business models must be crisis-proof and costs reduced – while at the same time it is necessary to position oneself for the future. Add to the mix geopolitical uncertainties and overlapping crises that are also an almost constant part of business life. Against this backdrop, Deloitte has again invited restructuring experts throughout Germany to share their views and practical experiences in order to gain a clear picture from the perspective of those involved. One thing is apparent: the work of restructuring professionals is becoming more diverse and also more complex. What are the most important issues, the most vulnerable sectors and the most urgent fields of action? The experts' assessments and the corresponding classifications in our latest Restructuring Report offer fascinating insights.
Article by Stefan Sanne, Frank Tschentscher and Jens von Loos
Read full article and download report here.
CSDDD draft approved by EU member states
The CSDDD has been toned down compared to the original draft. The scope of application is narrower than the scope of the SCDD due to the additional turnover threshold. However, it goes well beyond the SCDD in terms of the supply chain and protected rights.
On March 15, 2024 the member states of the European Union have approved a draft of the Corporate Sustainability Due Diligence Directive (CSDDD). The scope of application is narrower than the scope of the German Supply Chain Due Diligence Act (SCDD) due to the additional turnover threshold. However, it goes well beyond the SCDD in terms of the supply chain and the protected rights.
BaFin comparison website for payment accounts
Ordinance entered into force, first reporting obligations from 1 to 30 September 2024
The new Ordinance on Reporting on Payment Accounts for the Comparison Website under the Payment Accounts Act (Vergleichswebsitemeldeverordnung – “VglWebMV”) came into force on 2 March 2024. The ordinance was issued by the BaFin at the end of February 2024 and is based on section 19 (5) in conjunction with (1) and (3) of the German Payment Accounts Act (Zahlungskontengesetz – “ZKG”) in conjunction with Section 1f of the Ordinance on the Transfer of Powers to Issue Ordinances to the Federal Financial Supervisory Authority. The previous Comparison Websites Ordinance was repealed by the Federal Ministry of Finance at the end of January 2024.
"Monthly Dose" Employment Law: 02/2024
The second edition of our Monthly Dose Employment Law in 2024 on current case law explains the judgments of the German Federal Labour Court (Bundesarbeitsgericht, BAG) dated (1) 22 September 2023 (8 AZR 209/21) on data protection law based requirements to collective agreements, (2) dated 18 October 2023 ((5 AZR 22/23) on on-call work and scope of the 20 working hours implication, (3) the judgement of the German Regional Labour Court (Landesarbeitsgericht) Mecklenburg-Vorpommern dated 09 May 2023 (2 Sa 146/22 on written form requirement of “turbo clauses” in court settlement agreements at dismissal lawsuits, (4) the judgement of the LAG Schleswig-Holstein dated 11 July 2023 (2 Sa 150/22) on legal implications of cut-off dates for target agreements in bonus agreements, (5) the judgements of the German Federal Social court (Bundessozialgericht, BSG) dated 20 July 2023 (B 12 BA 1/23 R, B 12 R 15/21 R, B 12 BA 4/22 R) on social security law-based status of shareholder-managing directors of corporates in service agreements with third parties, (6) and of the Court of Justice of the European Union (ECJ) dated 19 October 2023 (C-660/20) on discrimination effects of overtime work remuneration clauses with minimum total working hours requirements for both full time and part time employees.
Article by Dr. Lars Hinrichs, Elisa Ultsch, Frauke Heudtlaß, Rafael Hertz, Theresa Bayer and Daniela Wasseram.
Read full article here.
Company pension law – Case Law update 1/2024
Our Spring 2024 Client Alert on current case law covers the judgments (1) of the German Federal Labour Court of 10 October 2023 (3 AZR 250/23) and 21 November 2023 (3 AZR 14/23) on the dependency of occupational disability pension benefits on the legal termination of the employment, (2) of the German Federal Labour Court of 10 October 2023 (3 AZR 312/22) on the pensionable period of employment, (3) of the Higher Labour Court of Hamm of 27 September 2023 (4 Sa 163/22) on the replacement of pension schemes on the replacement of pension schemes in group context and (4) of the Lower Saxony Regional Labour Court of 24 April 2023 (15 Sa 125/22) on employer's obligation to assume liability for company pension benefits despite the statute of limitations vis-à-vis the external pension provider in external company pension schemes.
Deloitte Legal Webcast Series
In our German language Deloitte Legal Update webcast series, we address current legal issues and developments that are important for corporate practice.
In our upcoming "Legal Update" webcast we will discuss:
Legal Update Webcast #6/2024: Globally active - secure under labour and tax law - Employer of Record & Co.
Do you want to attract the best talent worldwide for your company?
Whether you use employees or service providers, the set-up should be carefully considered and well structured to avoid any unexpected surprises from an employment and tax perspective.
In terms of employment law, there is the risk of being accused of non-compliance with the German Act on Temporary Agency Work and other regulations, with the cross-border and cross-company employment of staff abroad posing particular challenges for companies.
Our employment law expert, attorney Rafael Hertz, and our tax law specialists, attorney and tax advisor Christoph Welter and tax advisor Tobias Kruse will guide you through this webcast.
Wednesday, 10 April 2024 | 11:00 - 11:45 a.m.
Register here (Webcast in German language)
You can download the presentations of our recent webcast here:
- Legal Update Webcast #5/2024 - Contract Metadata and Beyond: Our Legal Management Consulting expert, Klaus Gresbrand, provided a general introduction to the topic and then focus on the types of metadata, goals for contract metadata design, metadata strategies to improve data quality and user acceptance and the future of metadata.
- Legal Update Webcast #4/2024 - Successfully managing real estate transactions - stumbling blocks in the due diligence phase: Carina Fricke and Hagen Brasse, both lawyers specializing in real estate law, provide an overview of the German Federal Court of Justice decision regarding disclosure of documents (data room) and its most important consequences for transaction practice, especially in complex real estate transactions.
In our Webcast Archive, you can find a list of previous webcasts and also download the corresponding presentations.
Should you be interested in topics discussed during one of our German language webcasts, do not hesitate to contact the respective presenters – they will be delighted to provide you with additional information in the English language.
EMEA Dbriefs Legal Webcast Series
The Dbriefs Legal webcast programme for Europe, the Middle East and Africa help you gain insights on key legal trends and critical issues affecting your global business operations.
The upcoming "Dbriefs Legal" webcast will discuss:
Representative Actions Directive In Different Jurisdictions
Thursday 23 May 2024, 12.00 BST/13.00 CET
Register here (Webcast in English language)
Register here
