Prof. Dr. Patrick C. Leyens, LL.M. (London)
Smart Contracts promise to entail substantial efficiency gains for transactions in the B2B context, which rely on simplicity, promptness, and legal certainty. In an article written in German, Patrick C. Leyens, Stefan Heiss, and Lukas Soritz analyze an important question for B2B transactions: Whether and to what extent is existing law capable of enabling the digital transformation of the economy regarding Smart Contracts. First, increased personal responsibility of the participants makes private autonomy a central interest, and especially considering it gives greater leeway to self-enforcing arrangements. Second, the improved possibility of information processing leads to a restrained control of general terms and conditions. To conclude, Smart Contracts have the potential to be the main driver of a self-written law by B2B actors in the digitalized economy.
Open-Access download: https://doi.org/10.33196/jbl202203013701
Date: May 5, 2022
In a recent paper, Stefan Heiss analyzes the European Parliament’s draft regulation on new liability rules for Artificial Intelligence. Since insufficient liability rules might lead the development of the technology into an inadequate direction, further assessment of the draft regulation’s consequences is needed. In conclusion, reciprocal damages between AI-systems are not addressed appropriately by the European proposal. The reason, in essence, is that when two high-risk AI Systems cause harm to each other none would in fact bear the total amount of losses. This is due to the inherent nature of tort law’s reciprocal compensation. In order to close this gap a scheme of “strict liability to the state” is outlined. AI operators involved are strictly liable, but instead of compensating the other party, payments of the caused damage are made to the state. The paper was published by Hastings Science and Technology Law Journal.
Open-Access download: https://repository.uchastings.edu/hastings_science_technology_law_journal/vol12/iss2/4
Based on the research above, a German article has been published in the European Journal of Business Law (EuZW) by Stefan Heiss. In addition, the paper discusses the significant changes introduced by the European Commission's proposal on AI and includes comparisons with European and German law.
Date: Nov. 8, 2021
The edited volume „Smart Regulation: Vertrag, Unternehmung und Markt“ [Smart Regulation: Contract, Corporation and Market] contains the contributions to the same titled symposium, which took place on October 2, 2020 at the Karl-Franzens-University Graz, Austria. Smart Regulation focusses on innovative approaches to regulation. The interdisciplinary research on it gathered in this volume addresses the challenges and opportunities of new technologies, takes into account novel insights into human behavior, and helps to unlock forward-looking regulatory techniques. The volume has been edited by Patrick C. Leyens, Iris Eisenberger and Rainer Niemann.
Print: ISBN 978-3-16-160734-8, DOI 10.1628/978-3-16-160734-9
eBook (Open Access): eISBN 978-3-16-160734-9
Stefan Heiss received the Linda Rauter Award for his diploma thesis. The Linda Rauter Award is awarded for outstanding achievements to law graduates in terms of their diploma thesis. Stefan‘s thesis deals with the establishment of an autonomous European concept of res judicata based on the Brussels Ia Regulation. He was supervised by Prof. Thomas Garber at the Karl-Franzens-University of Graz. The main findings of the thesis will be presented as a short paper in an edited volume by Prof. Walter Doralt at Manz Verlag.
See here for further information.
Date: June 30, 2021
In a recent European Corporate Governance Institute law working paper, Prof. Dr. Dr. Dr. h.c. mult. Klaus J. Hopt and Prof. Dr. Patrick C. Leyens analyze board structures in the US, the UK and Germany (with references to France and Italy). The authors conclude that the solution to core problems of corporate governance does not depend on the choice of a one-tier board of directors or a two-tier supervisory board model. Rather, the decisive factor is specific governance strategies that can be used in both models.
Read more on Harvard Law School Forum on Corporate Governance
Stefan Heiss received the award “AK-Förderung wissenschaftlicher Arbeiten“ for his diploma thesis. The research project deals with the establishment of an autonomous European concept of res judicata based on the Brussels Ia Regulation. He was supervised by Prof. Dr. Thomas Garber during the summer term 2019 at the Karl-Franzens-University of Graz. See here for further information.
In the academic year 2018/19, he was admitted into the Honorary Book of the Faculty of Law, Karl-Franzens-University of Graz and awarded with the GRAWE High Potential Award for graduating among the top 15 graduates. See here for further information.
Date: Nov. 26, 2020
Lukas Soritz published an article in the November issue of the Austrian business law journal "ecolex" together with Sebastian Cortolezis. They discuss the issue regarding the violation of information requirements for distance and off-premises contracts where a right of withdrawal is not provided for as well as the decision of the ECJ C-208/19 on information requirements of architects.
The article can be found here.
Date: Nov. 5, 2020