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The announcement that the retirement age in Russia for both men and women will increase – from 60 to 65 for men by 2028 and from 55 to 60 for women by 2028 – have led to quite an outcry, says Stefan Weber, Head of Noerr’s Moscow Office, including recent demonstrations by thousands of protesters across the country.

The demand for residential real estate is currently experiencing an unprecedented boom in Slovakia. According to official market surveys, the average price of flats has already exceeded the levels recorded before the outbreak of the world financial crisis, and further price increases are expected due to lagging supply and readily available sources of cheap funding from domestic banks. Not surprisingly, these conditions have resulted in a significant increase in the indebtedness of private households, which are currently the highest in the CEE region.

Romanian authorities have been busy this year putting forward several pieces of legislation affecting the construction field, including, most importantly: (i) a draft of a new law on authorizing construction; (ii) a draft proposal for amending the current application norms for the existing Construction Law; and (iii) preliminary theses for a long-awaited Urban Planning and Construction Code. These proposals were all designed to further the ambitious aim of unifying all the regulations on town planning and construction.

The European Union’s General Data Protection Regulation is, according to the EU-hosted GDPR website, “the most important change in data privacy regulation in the past 20 years.” The Act, which was approved by the EU Parliament on April 14, 2016 and will become fully effective on May 25, 2018, was designed “to harmonize data privacy laws across Europe, to protect and empower all EU citizens’ data privacy, and to reshape the way organizations across the region approach data privacy.”

Noerr, Ellex Raidla, Jeantet, and Bowman Gilfillan have advised Daimler AG on a USD 175 million investment in Estonian startup Taxify. Sorainen Estonia advised Taxify on the successfully concluded funding round that brought its valuation to the USD 1 billion mark.

CMS Prague has announced that Libor Prokes was promoted to Partner on May 1, 2018. Prokes focuses on real estate transactional work, including property sales and acquisitions, as well as leasing and constructions matters.

The Warsaw office of Noerr has advised PFR Life Science, a subsidiary of the Polish Development Fund, which supports infrastructure and advanced technology projects, on its PLN 38.3 million investment in Mabion S.A., a biotechnology company in Poland. Mabion was represented by White & Case.

Noerr has advised Work Service S.A. on the PLN 178.6 million sale of all its shares in Exact Systems companies to funds managed by Cornerstone Partners and Oaktree Capital Management, L.P. Crido Legal assisted Exact Systems Management Board members Leslaw Walaszczyk and Pawel Gos, and Weil, Gotshal and Manges office advised both Cornerstone Partners and Oaktree Capital Management on the acquisition.

1. Government Emergency Ordinance no. 25/2018 regarding the amendment of the Fiscal Code and other laws was published in the Official Gazette no. 291/30 March 2018

After the regulation on the commissioning of construction works received a (to a certain extent welcome) facelift in 2017, the Romanian legislator has turned its attention once again to the fundamental regulations regarding the authorization and execution of construction works.

Noerr was lead counsel to Union Tank Eckstein in relation to its acquisition of 51% of the shares of Polish company Timex Card, a franchisee and distributor of UTA service cards for car fleets issued by Union Tank Eckstein. Ellex advised UTA on Estonian, Latvian, and Lithuanian matters, Nobles advised UTA on Ukrainian law, and Stelios Americanos advised it on Cypriot law issues. The sellers depended on their in-house counsel, Agnieszka Slowiak.

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