Albania’s gambling industry has undergone significant transformations over the past decade, shifting from a thriving sector to one under stringent regulation. Lalaj & Partners Partner Sabina Lalaj explores the evolution of gambling in Albania, the impact of regulatory changes, its current status in the economy, and the future outlook of the industry.

On November 14, 2024, banking and finance experts from Albania, Austria, Bosnia and Herzegovina, Bulgaria, North Macedonia, and Poland sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss digitalization and the impact of tech on the banking sector in CEE.

The long-anticipated initiative to establish a new legal framework for personal data protection in Albania is finally moving forward, as the Council of Ministers has approved a draft law that aligns closely with the European Union’s General Data Protection Regulation (GDPR). This proposed legislation promises to bring significance in this important but frequently underappreciated legal domain. With its comprehensive approach and alignment with EU standards, the new law aims to greatly improve privacy protection in the national context.

New Joint Instruction No. 196/2024, “On cooperation between the Ministry of Internal Affairs, Ministry of Economy, Culture, and Innovation, and the State Intelligence Service regarding the issuance of residence permits for foreigners” (the “Instruction”), came into effect on 22 October 2024. This Instruction, aimed at clarifying and improving coordination among public institutions, does not amend existing residence or unique permit (i.e., a residence permit issued for employment purposes that combines both the residence and work permit) procedures for foreign nationals. Instead, it reaffirms the established process, ensuring that it remains consistent while improving transparency and efficiency.

CMS Partner Evis Zaja reports rapid legal and economic developments in Albania, including upcoming amendments in the competition sector, new cybersecurity laws, and the country's increasing appeal to international businesses.

Under Albanian law, employment intermediary activities are carried out by two types of agencies. The first type consists of “Recruitment Agencies,” which facilitate the hiring of individuals to work for a third party. The second type includes “Temporary Employment Agencies” (TEAs), which recruit and hire individuals for temporary assignments with host companies while keeping them on the agency’s payroll.

Hoxha, Memi & Hoxha has promoted Selena Ymeri, Ilir Johollari, and Dorant Ekmekciu to Partner.

Former Deloitte Legal Albania and Kosovo Local Legal Partner Sabina Lalaj has established her eponymous firm Lalaj & Partners in Tirana.

The Parliament of Albania has recently passed amendments to the Albanian Labour Code (“Code“), specifically regarding employee annual paid vacation entitlements.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. As partner departures are inherent to the workings of any law firm, and likely demand clear strategies for navigating, this time around we asked: What are the three most important items on your checklist when a Partner leaves your firm?

Albania, driven by its commitment to align with European Union standards, has embarked on a comprehensive journey to harmonize its financial legislation with EU directives, particularly in the realm of capital markets. At the forefront of this effort stands Law 56/2020 “On Collective Investment Undertakings” (Albanian CIU Law), a pivotal piece of legislation that encompasses the passporting of foreign investment funds into Albania. This landmark law, coupled with the recent enactment of Regulation no. 37 (Passporting Regulation) and Regulation no. 38 (Distribution Regulation) by the Financial Supervisory Authority (FSA), lays down the groundwork for the processes of passporting and distribution within the Albanian financial landscape.

Albania is going all in on harmonizing with European Union standards – especially in the realm of intellectual property, according to Boga & Associates Partner Renata Leka. Despite plenty of ground left to cover, the Boga Partner is optimistic the country will see "significant progress in the coming years."

A&O Shearman has advised the European Bank for Reconstruction and Development, the International Finance Corporation, and Intesa Sanpaolo Bank and its subsidiaries on a EUR 99 million financing to Karavasta Solar for the development, construction, and operation of a 140-megawatt power plant and a 19-kilometre overhead transmission line located in Fier municipality, Albania. Norton Rose Fulbright reportedly advised Karavasta Solar.

Selih & Partnerji, Polenak, Maric & Co, Kalo & Associates, and BDK Advokati have advised NLB Skladi on its acquisition of Generali Investments in North Macedonia. Papazoski and Mishev, an independent law firm in cooperation with PwC, advised Generali Investments.

Albania’s real estate market has undergone a significant transformation in the last decade, attracting global attention across the residential, commercial, and tourism sectors. This surge in interest is a result of the country’s economic and legislative reforms, political stability, successful justice reform implementation, and progress in the EU accession process. These factors collectively present investors with promising opportunities in Albania’s dynamic and evolving market.

On the evening of April 25, 2024, the Deal of the Year Awards Banquet brought together, under the same roof, top-tier lawyers from Central and Eastern Europe's leading law firms in the region in Warsaw.

On 15 February 2024, the Albanian Parliament adopted law no. 18/2024 “On some amendments and addendums on law no. 155/2015 ‘On gambling in the Republic of Albania’, as amended” (the “Gambling Law”). The amendment overturned a five-year ban on sports betting activities in Albania and entered into force on 27 March 2024.

In Albania, renewable energy, start-ups, and gaming all present significant market opportunities according to Partner Anisa Rrumbullaku of CR Partners in cooperation with Karanovic & Partners, with significant changes being implemented that stand to not only revitalize the economy but also create a hotbed for legal expertise.