In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With 2023 marching to an end, we looked ahead and asked about strategies for next year: As the budgeting period is around the corner, compared to 2023, what are the main budgeting lines you expect to increase for 2024 and why?

The sweeping digital transformation has significantly changed the economic and financial landscape, and at the heart of this change is the emerging phenomenon of cryptocurrencies. With this innovative fusion of finance and technology, the pertinent question of how to tax these new assets arises. Bulgaria, like its global counterparts, is grappling with the complexities of this issue. Dive in for an in-depth look at Bulgaria’s approach to taxing crypto assets.

CMS has advised Rezolv Energy on the licensing of its 229-megawatt St. George photovoltaic project before the Bulgarian Energy and Water Regulatory Commission.

Simeon Hinkov has been appointed as an Associated Partner with Sofia-based law firm Stankov Todorov Hinkov & Spasov.

Norton Rose Fulbright has advised Inter Cars on the extension, increase, and reorganization of its senior facilities in the aggregate amount of approximately PLN 2.54 billion (USD 642 million). Kinstellar, Magnusson, Kelemenis, and Glimstedt reportedly advised on the matter as well.

KDP has advised the Bulgarian Geothermal Energy Association (BAGE) on the preparation of new geothermal energy legislation in Bulgaria.

Hristov & Partners Partner Dragomir Stefanov talks about the evolution of the practice and their role as legal advisors in Bulgaria over the last 10 years.

Schoenherr Partner Tsvetan Krumov talks about the evolution of the banking sector and their role as legal advisors in Bulgaria over the last 10 years.

CMS Bulgaria Managing Partner Kostadin Sirleshtov talks about the evolution of the energy sector and their role as legal advisors in Bulgaria over the last 10 years.

Schoenherr Counsel Elena Todorova and Attorney at Law Dimitar Vlaevsky talk about the evolution of the real estate sector and their legal advisor roles in Bulgaria over the last 10 years.

ACI Partners Legal Manager Carolina Parcalab, Avellum Senior Partner Glib Bondar, Gecic Law Counsel Miodrag Jevtic, Vujacic Law Office Partner Sasha Vujacic, and Schoenherr Bulgaria Local Partner Tsvetan Krumov discuss the current status of capital markets in CEE.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. Shifting our focus to the financial aspects of legal work, we asked: What percentage of your issued bills end up being overdue, what percentage end up never paid, and what is your firm’s/office’s standard methodology to handle both cases?

In light of the constantly and rapidly changing world climate, there was a need for changes to provisions in labor law that have not been updated for years, namely on minimum wages and payment of salary.

Schoenherr has advised Borealis AG on the agreement to purchase Bulgarian polyethylene and polypropylene recycler Integra Plastics. Boyanov & Co and CMS reportedly advised on the deal as well.

CMS has advised Astronergy on the acquisition of the Karlovo and Novi Pazar greenfield solar projects in Bulgaria, with a combined capacity of 120 megawatts. Schoenherr reportedly advised the sellers.

Eversheds Sutherland member Tsvetkova Bebov & Partners, working with Clifford Chance, has advised the Republic of Bulgaria on a dual-tranche EUR 2.3 billion sovereign bond issuance. Linklaters and DGKV reportedly advised joint lead managers BNP Paribas, Credit Agricole CIB, Deutsche Bank Aktiengesellschaft, and JP Morgan.

We're sending off 2023 with the news that by the beginning of next year at the latest we will finally have a new European regulation on artificial intelligence (AI) coming into force within two years (the EU AI Act). On 14 June 2023, the European Parliament approved its negotiating position on the EU AI Act and since then, the talks have begun with EU countries in the Council on the law's final form. The EU AI Act is intended as a fundamental and harmonizing legislative text. But is it really so and what do we read between the lines in the new regulation?

Djingov Gouginski Kyutchukov & Velichkov has advised Sofia Airport operator SOF Connect on the expansion of the airport's open parking area and refurbishment of the covered parking.