At the 120th session held on 7 April 2023, the Council of the Commission for Protection of Competition issued an Instruction on the content and method of submitting a request for imposing data protection measure (“Instructions“), which specifies in more detail the content and method of submitting a request for imposing a measure of protection of data source and/or certain data, in accordance with the Law on the Protection of Competition (“Law“).
A Closer Look: Zivkovic Samardzic's Igor Zivkovski on the Fifth Quarter Ventures Alternative Investment Fund in Serbia
On May 2, 2023, CEE Legal Matters reported that Zivkovic Samardzic had advised Fifth Quarter Ventures on the legal process for becoming an alternative investment fund in Serbia. CEELM reached out to Zivkovic Samardzic Partner Igor Zivkovski to learn more about the matter.
BDK Advokati Advises on Sale of Integrator to Meritus
BDK Advokati has advised Integrator majority shareholder Aleksandar Hangiman on the sale of the company to Meritus. Mamic Peric Reberski Rimac reportedly advised Meritus.
Serbian Business Registers Agency Introduces Electronic Registration with the Registry of Bidders
An administrative novelty comes early this year from the Serbian Business Registers Agency (“SBRA”) by introducing electronic registration with the Registry of Bidders.
AI and Competition Law: Threat or Solution
With technological advancements changing both how antitrust laws are enforced and how undertakings violate competition laws, the fourth industrial revolution and the rapid growth of AI continue to affect this area of law, as many others. It is impossible to ignore the potential for AI to conquer markets and its ability to spot and fix basic market balance violations. Despite the benefits of technology for customers, it also threatens their interests by distorting market dynamics and impacting competition.
Arm’s Length Interest Rates for 2023 Published in Serbia
Serbian Minister of Finance issued the Rulebook on interest rates that are considered to be in line with the arm’s length principle for the year 2023 (the Rulebook), which enters into force on 6 April 2023.
A Bid-Rigging in Public Procurement Proceedings
The Serbian Competition Commission initiated an infringement investigation. On 20 April 2023, the Commission for the Protection of the Competition (“Commission”) initiated one more infringement investigation and carried out a dawn raid, this time against KTG Solucije d.o.o. Subotica (“KTG”) and Eco-Sense doo Subotica (“Eco Sense”) for possible RPM (resale price maintenance) and sharing of markets or source of supply in public procurement proceedings related to the materials and means for maintaining hygiene in facilities.
Mandatory Submission of the Incorporation Application in Electronic Form for the Companies
The Ministry of Commerce of the Republic of Serbia has announced that the applications regarding the incorporation of companies (among others, limited liability companies and joint stock companies) can be submitted only in electronic form as of 18 May 2023 via a designated user application of the Serbian Business Registers Agency (“SBRA”).
Milica Pesteric, Milos Andrejevic, and Stefan Golubovic Make Partner at BD2P
Bojovic, Draskovic, Popovic & Partners Senior Associates Milica Pesteric, Milos Andrejevic, and Stefan Golubovic have been promoted to Partner.
Tax Incentives for Research and Development
Recent years have seen the amendment of multiple tax regulations that have introduced numerous incentives for a variety of taxpayers. These tax breaks have made Serbia a highly attractive country for foreign investment, which has in turn led to the development of a start-up ecosystem, job creation and more benefits for employees, and growth in several industries, most notably information technology (IT).
The Debrief: May 2023
In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and stay up to date with the latest developments impacting their respective practice areas.
Vulic Law Advises Cofis on Establishing New Hotel Operator in Belgrade
Vulic Law has advised Swiss hotel owner Cofis SA on the establishment of a new operator to manage a hotel in Belgrade.
SOG Advises PowerChina on Acquisition of Vetrozelena from CWP Europe
The SOG Law Firm has advised PowerChina Resources on its acquisition of a 51% stake in the Vetrozelena wind farm project from CWP Europe. Moravcevic Vojnovic and Partners in cooperation with Schoenherr reportedly advised the seller.
Serbia: Changing Key Drivers of Growth in Renewables
Serbia has been making great strides in expanding its use of renewable energy in recent years, focusing on reducing its dependence on non-renewable sources and ensuring sustainable growth for its energy sector. Although the country has a wealth of natural resources, by now, Serbia’s reached a renewable energy capacity of 3,490 megawatts, of which 2,342 megawatts are from hydropower plants and the rest are from other renewable resources. Serbia’s abundant wind and solar energy potential will enable substantial progress in transitioning to green energy in the years to come. The impact of renewables on the Serbian industry will be significant, leading to reduced energy costs for businesses and greater energy independence. The growth of the renewables sector will also create new employment opportunities, particularly in construction, maintenance, and engineering. The industry will become a significant catalyst for Serbia’s economic development.
White-Collar Crime in CEE: Expanding the Toolkit
Looking ahead to 2023, white-collar crime is likely to be a subject of close scrutiny by local and EU authorities across CEE. CMS CEE Partner Nedeljko Velisavljevic, from Serbia, and CMS Head of the Criminal Defense Practice in Romania Mihai Jiganie-Serban explore the current context, latest developments, and outlook of white-collar crime practices in CEE.
Proposed Changes Set to Ease Rules for Foreigners in Serbia
Migration is a phenomenon as old as humanity itself. In modern times, a good life today means a good job.
New Capital Market Law Started to Apply in Serbia
On 6 January 2023, the new Law on Capital Market started to apply in Serbia (except for certain provisions delayed further until the accession of Serbia to the EU). This law is adopted as a part of a comprehensive reform of the capital market legal framework in Serbia and introduces a completely new set of rules in line with the relevant EU regulations governing markets in financial instruments (MiFID I and MiFID II), prospectus, investor-compensation schemes, transparency, securities settlement, and market abuse.
Arm’s Length Interest Rates
The Ministry of Finance published, at the end of -March 2023, its eleventh Regulation on interest rates which are considered to be in line with the "arm’s length" principle. The Ministry of Finance, i.e. the Minister issues this Regulation every year and it pertains to the interest rates for that year.