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Milan Lomic is the General Counsel Adria & Balkan at L’Oreal, a company that he joined in October 2012. Prior to that he worked for Metro Cash & Carry as a Legal Advisor and Antitrust Officer. He has also worked as a Legal Advisor at Unicredit Bank Serbia and as an Assistant to the Judge at the Fifth Municipal Court in Belgrade.

The Serbian Market

There was some disagreement about the state of the Serbian economy, perhaps based on the report by Tijana Kojovic, Managing Partner of BDK Advokati, that, in Serbia, “it is risky to make economic projections” since the market is not always fully transparent and, as a result, it is not always easy to see trends developing.

Schoenherr is reporting that, on September 30, 2016, Michael Lagler was elected as the new Managing Partner at the firm, where he will take over from Christoph Lindinger, who has led the Central and Eastern European law firm for the past 16 years. Lagler's term will begin at the start of the firm’s next fiscal year, on February 1, 2017.

New Minimum Salary

New minimum salary amount has been adopted at the state level and set to RSD 130.00 net per working hour (approx. EUR 1.04 net). The new minimum amount will be in force as of 1 January 2017 until 31 December 2017.

The Serbian Commission for Protection of Competition (the “Commission”) announced that on August 29, 2016, it had initiated an investigation procedure against Inter Turs Plus (“ITP”), a transportation company from Arandjelovac, in order to determine the assumed abuse of its dominant position.

"We simply don’t want to see a Bar that is owned by a handful of firms," was the explanation offered by Aleksandar Cvejic, Board Member and Secretary of the Board of the Belgrade Bar Association in support of the controversial draft bylaws submitted for a vote at the upcoming assembly of the Belgrade Bar on September 24, 2016.

NSTLaw and BDO have advised Copper Mining and Smelting Complex Bor (the "RTB Bor Group") on the largest pre-packaged restructuring plan in Serbian history. According to NSTLaw, the commercial court in Zajecar, Serbia, adopted the PPRP involving the four companies of RTB Bor, with a value of restructured debt exceeding EUR 1.2 billion.

The Government of the Republic of Serbia enacted a new package of energy-related bylaws in June 2016, which, inter alia, regulate acquiring the status of privileged power producer and temporary privileged power producer, incentives granted to privileged power producers and the content of power purchase agreements between guaranteed suppliers and privileged power producers.

On 11 July 2016, The National Bank of Serbia adopted amendments to three by-laws of the Law on Banks (Risk Management Decision, Decision on the Classification of Bank Balance Sheet Assets and Off-balance Sheet Items and the Decision on Reporting Requirements for Banks), and in doing so, took a significant step towards effectuating the implementation of the strategies on resolving non-performing loans and the action plan rendered by the Government of the Republic of Serbia and the National Bank of Serbia in cooperation with the IMF, World Bank and EBRD – adopted at the end of last year.

Introduction

Following David Cameron’s resignation and establishment of the new cabinet, it has become almost certain that the United Kingdom will eventually activate the Treaty on the European Union’s Article 50 mechanism and withdraw from the EU.

The Negotiation Chapter 23 (hereinafter: “Chapter 23”) for Serbia’s accession to the European Union was finally opened on 18 July 2016. This Chapter is part of the acquis communautaire and it is dedicated to the Judiciary and Fundamental Rights, which is strongly related to the issue of consistency of courts’ practice in Serbia.

Serbia Knowledge Partner

Karanović & Nikolić is a leading international legal practice in South East Europe that offers unrivalled regional and sector specific coverage to investors. As a market leading practice, our dedication, quality legal service, and in-depth understanding of the needs of our clients stands out as a differentiating factor. With over 100 advisors across the region, our original values remain an integral part of our philosophy and approach to client work. Karanović & Nikolić has been involved in many of the largest and most complex transactions in the region and we take pride in our reputation as a regional transactional and corporate/commercial legal powerhouse.

Because we have an active business presence in Bosnia & Herzegovina, Croatia, Macedonia, Montenegro, Serbia and Slovenia, we operate seamlessly across all of these jurisdictions, providing regional services to our clients, while taking into consideration local particularities in order to provide the best legal advice under competitive terms. Renowned for the quality of our lawyers and our commercial approach to solving problems, Karanović & Nikolić advises many of the leading companies, banks, investors and government institutions doing business in the SEE region.

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