While the war has caused extensive disruption to global shipping and is likely to intensify ongoing supply chain disruptions, port congestion, and crew crises caused by the COVID-19 pandemic, in a context where Russian ships are switching their flags amid sanctions in record numbers, an increased interest in local maritime and inland transportation has been noted, including ship registration in Romania, particularly that of barges. Thus, the Romanian registration provisions could be of interest to companies in the transportation field.
Reinforcement of Social Dialogue on the Radar in Romania Again
In the past years, social dialogue in Romania has decreased in significance within labor relationships, considering the quite old-fashioned framework, having no collective bargaining agreements in place at the industry level, the lack of impactful voices at the trade union level, and the lack of general awareness of the legal framework – and of its potential positive impact on how workplace representation and collective negotiations could contribute to better business performance.
Defying Uncertainty – The Romanian M&A Market in 2023
Aligned with global trends, Romania’s M&A market suffered an apparently steady slowdown in terms of deal numbers in 2022, and not much has changed in the first quarter of 2023. While experts were expecting 2023 to suddenly jump back to 2021 levels, in reality, the well-known global factors having contributed to the slowdown of the market are not dialing back just yet.
Key Enforcement Trends and Top Priorities of The Romanian Competition Council
The practice of the Romanian Competition Council (RCC) over the last few years can be summed up in a rather simple headline: many (more) cases and substantial fines.
The Year of “Green” Ratios
Building upon the key principles set out in the UN 2030 Agenda for Sustainable Development, which included 17 sustainable development goals and 169 associated targets to be met by 2030, as well as on the provisions of the Paris Agreement, regulators in the EU have published the plan for sustainable finance (Renewed Strategy on Sustainable Finance, published in 2021 and based on the action plan originally published in March 2018). Achieving the economic transformation envisaged under the above instruments requires extensive funding, estimated by the UN at about USD 2.5-3 trillion per year.
Assessing Romania’s Oil and Gas Market: Current Progress and Legislative Changes
Romania is a key player in the European oil and gas market, being the largest natural gas producer in Central and Eastern Europe. Romania has one of the largest processing capacities in Eastern Europe and recently progressed with the development of the Black Sea reserves, currently estimated anywhere between 42 to 84 billion cubic meters of natural gas.
Construction Works that Can Be Carried Out Without a Building Permit Under Draft Urbanism Code
The draft Code of Territorial Planning, Urbanism, and Construction (the Urbanism Code) has recently been approved by the General Secretariat of the Government, on March 29, 2023. Of course, the government’s approval is just one of the steps in implementing the new rules, as the Urbanism Code must also be approved by parliament, promulgated by the president, and then published in the Official Gazette.
A Bird’s-Eye View on the State of Arbitration in Romania
The Romanian Civil Procedure Code (CPC) explicitly regulates institutional arbitration within a discrete chapter named “Institutional Arbitration” (Title VII of Book IV) and includes six articles to that effect (Articles 616 – 621 CPC).
PE-ering into Romania
With most of Europe facing turbulent times, Romanian markets are experiencing vibrant PE fund activity across a wide plethora of sectors. Popovici Nitu Stoica and Asociatii Managing Partner Florian Nitu, Wolf Theiss Partner Ileana Glodeanu, and Schoenherr Partner Madalina Neagu take a deep dive into the markets and their drivers.
Spin-Off City No More
The Romanian legal market seems to indicate a substantial downturn in law firm spin-offs, of late. Musat & Asociatii Managing Partner Paul Buta, Popescu & Asociatii Senior Partner Gheorghe Buta, and Simion & Baciu Managing Partner Cosmina Maria Simion share their thoughts on this trend, the reasons behind it, and the likelihood of it continuing.
Kinstellar Advises Jantzen Renewables on Sale of 710-Megawatt PV Cluster in Romania to OMV Petrom
Kinstellar has advised Danish developer Jantzen Renewables ApS on its sale of the Helios 1 photovoltaic cluster in Romania to OMV Petrom. Schoenherr reportedly advised OMV.
RTPR and Dentons Advise on Sarmis Capital Acquisition of Majority Stake in BMF Grup
RTPR has advised private equity fund Sarmis Capital on its acquisition of a majority stake in the BMF Grup facility management company. Dentons advised BMF Grup.
Schoenherr Advises Catalyst on EUR 2 Million Investment in ESX
Schoenherr has advised the Catalyst Romania Fund II on a EUR 2 million transaction involving a sports subscription start-up by ESX.
The Personal Data Recipient's Perspective: A Finetuned Restatement of Breyer Case-Law
On 26 April 2023, the Court of Justice of the European Union ("CJEU" or the "Court") rendered an interesting new judgment that reopens the discussion about the problems posed by the legal protection of pseudonymized data. The Eighth Chamber, Extended Composition, of the General Court issued a judgment in case T-557/20 which involved the Single Resolution Board, as the central resolution authority within the European Banking Union ("Single Resolution Board" or "SRB") and the European Data Protection Supervisor ("EDPS").
Alexandru Coras Returns to Private Practice as Partner with Stalfort
Former Prime Kapital Development real estate development and M&A Lawyer Alexandru Coras has returned to private practice by joining Stalfort Legal-Tax-Audit in Romania as a Partner.
DLA Piper and Vlasceanu & Partners Advise on Phoenix' EUR 150 Million Investment in Photovoltaic Projects with Econergy
DLA Piper has advised the Phoenix group on its joint venture with Econergy resulting in a EUR 150 million investment by the Phoenix group in renewable energy projects in Romania and Poland. Vlasceanu & Partners advised Econergy.
Romania Moves Towards Authorising Cryptocurrency Exchanges and Digital Wallet Providers
Cryptocurrency, fiat currency exchange services and digital wallet providers could soon become authorised in Romania. This comes on the heels of the Ministry of Finance publishing a draft government decision that seeks to create the legal framework for the authorisation and operation of these service providers.
Stratulat Albulescu Advises Undelucram.ro on EUR 1 Million Late-Seed Funding Round
Stratulat Albulescu has advised Undelucram.ro on its EUR 1 million late-seed funding round led by Sofia Angels Ventures.