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In the latest issue of BankArchiv, Martin Legath comments on a recent decision of the Supreme Court to initiate preliminary ruling proceedings before the ECJ (3 Ob 103/22a). The issue at stake is whether consumers are entitled to a right of withdrawal under the Consumer Rights Directive in the event of an "automatic renewal" of a distance contract for the sale of goods.
The outcome of the proceedings is also of interest to banks: there is a comparable right of withdrawal in distance contracts for the sale of financial services. In addition, the step to rescind "automatic" contract amendments by fictitious consent would only be a small one.
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The BankArchive - Journal for the Entire Banking and Stock Exchange Sector is the scientific journal for bank management, banking law and capital markets. The well-known publication is published by Linde Verlag / Bank Verlag.
The DSC Partner focuses on current developments.
The DSC Partner highlights the key provisions of stock corporation law.
The DSC Partner highlights key regulations governing the organized capital market.