Home / CMS Lawyers in Austria / Walter Gapp
Portrait ofWalter Gapp

Walter Gapp


CMS Reich-Rohrwig Hainz
Rechtsanwälte GmbH
Gauermanngasse 2
1010 Vienna
Languages German, English, French

Walter Gapp is a lawyer with many years of specialisation in Capital Market Law and financial market regulation. He regularly advises on the preparation of issuance programmes as well as the issuance of bonds and regulatory capital instruments. He also focuses on the structuring and support of securitisation transactions, new business models for financial service providers and comprehensive regulatory advice to banks, insurance companies and securities firms.

His clients include Austrian issuers, Austrian and international investment banks, commercial banks, insurance companies and securities firms, domestic and foreign funds as well as debt buyers and sellers.

more less

„Walter is detail-oriented and finds the mistake that nobody else finds. “

Client feedback, Chambers Global 2024

Memberships & Roles

  • Austrian Bankers’ Association (BWG)
  • Austrian Bar Association
more less

Awards & Rankings

  • Walter Gapp is repeatedly named as a leading lawyer in the field of capital markets law and banking supervisory law, and is “highly regarded” (IFLR1000) 
  • The German business newspaper Handelsblatt ranks Walter Gapp among the best lawyers in banking and finance law (Best Lawyers Ranking 2019, 2020).
more less


  • Payment moratoria under COVID-19 legislation - Impact on securitisation structures - EBA clarification, CMS Law-Now, 2020
  • Chapter on Securitization, in Dellinger/Blume, CRR-Kommentar (2019)
  • Chapter on Austria, in Zerey (Hrsg), Finanzderivate. Rechtshandbuch3 (Nomos, 2013).
  • Neues CET1-Instrument. Vom Partizipationskapital zur „Bankaktie“ und zurück? Eine erste Einordnung, ZFR 2013/7, 302.
  • Gapp/Lanschützer, Zahlungsdienstegesetz II: Informationspflichten, Rahmenvertrag und Zahlungsvorgänge ZFR 2009/5, 176.
  • Gapp/Lanschützer, Zahlungsdienstegesetz I: Aufsichtsrecht: Konzessionstatbestände, Eigenmittel, interne Organisation, ZFR 2009/5, 170.
  • Nach Basel II: Reform der Eigenmitteldefinition? – Aktuelle Rechtsfragen und Tendenzen, ZFR 2008/1, 29. 
  • Ebner/Gapp, Neuer Rechtsrahmen für Warenderivate, ecolex 2008/1, 20.
  • Gapp/Gfall, Transparenzpflichten nach MiFID, ecolex 2007/4, 228.
  • Internal Governance für Kreditinstitute und Wertpapierfirmen – Organisationsvorschriften nach Basel II, ÖBA 2007/3, 169.
  • Gapp/Gfall, Innovatives Tier I in Österreich – Die Emission hybrider Finanzinstrumente nach dem BWG, ÖBA 2005/1, 5.
  • Deposit Insurance Design – Einlagensicherung in Österreich und internationale „best practice“, ÖBA 2003/10, 70.
  • Gapp/Gfall, Grenzüberschreitende Bankgeschäfte ohne inländische Niederlassung – Internationale Anknüpfung und Konzessionspflicht, ecolex 2003/4, 244.
more less

Lectures list

  • Walter Gapp is a lecturer in securitisation in the LL.M. programme in banking and financial market law at the University of Liechtenstein.
more less


  • 2000 – LL.M., Droit Européen et Droit International Économique, Universities of Geneva and Lausanne
  • 1997-1998 – Scholarship, Swiss Confederation, University of Geneva
  • 1994-1995 – Institut Supérieur de Traducteurs et Interprètes ISTI, Brussels
  • 1999 – Mag. phil., translator and interpreter training (French/English), University of Innsbruck
  • 1998 – Mag. iur., Law, University of Innsbruck
more less


Popular investment vehicles in Austria
Updated on December 2023. Investment vehicle Real estate investment fund (ImmoInvF) 1. Form Contractual 2. Tax Treatment Exempt at fund levelTax at investor levelGains from sale/disposal of fund units...
EU legislative initiatives on recovery and resolution planning for insurance...
With the compromise proposal for an Insurance Recovery and Resolution Directive (IRRD) published by the EU Council in January 2024, EU legislative initiatives to establish a recovery and resolution framework...
Cross Border Financial Regulation
How to keep pace with the ever changing landscape of regulation?
CMS advises banking syndicate on the issuance of EUR 750,000,000 Additional...
CMS advised an international banking syndicate comprising BofA Securities, BNP Paribas, Erste Group, Goldman Sachs International, JP Morgan and UBS as Joint Lead Managers on the successful issuance of...
BRRD II - A capital view: M-MDA, creditor hierarchy and selling eligible...
On 13 October 2020, Austrian draft legislation implementing BRRD II was published. The draft proposed by the Austrian Ministry of Finance is still subject to review and potential changes under the usual...
Digital global notes for Austrian debt issuers
Up to present, securities (Wertpapiere) created under Austrian law had to be in paper-based form where those securities are intended to be settled in a securities settlement system and to benefit from...
Payment moratoria under COVID-19 legislation - Impact on se­cur­it­isa­tion...
Legislators in many jurisdictions have adopted payment moratoria as a debtor relief measure in view of the COVID 19 situation (please consult CMS Expert Guide to Coronavirus Related Loan Moratoriums on...
COVID-19 – ECB bank capital relief measures – Austrian legal perspective
In its press release of 12 March 2020, the ECB (in line with the EBA's statement of the same day) committed itself to two major capital related measures. According to the ECB, banks  •    can fully...
Capital markets law expert Walter Gapp joins CMS in Vienna as partner
The capital markets law team at CMS in Vienna welcomes an experienced expert: Walter Gapp has joined CMS in Vienna as partner. With a focus on debt capital markets, he has specialised in supporting investment...