Latest News By Country
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.
Schoenherr has advised Austrotherm GmbH on the merger control filings for the acquisition of the EPS insulation business unit of the Austrian insulation manufacturer Brucha.
Schoenherr has advised Funke Works on its acquisition of Freyspiel from Sonja and Jakob Frey. Griss & Partners advised the sellers.
EY Law has Promoted Martin Hanzl to Partner in Austria.
Contributed by Arzinger
Former Maric & Co Partner Slaven Dizdar has left the firm to launch Dizdar Law Office in Sarajevo.
Ibrahimovic & Co has advised Bimal on real estate plot acquisition via a special arrangement with the Government of Brcko District, Bosnia and Herzegovina.
EOS Matrix Bosnia and Herzegovina Executive Director for Legal Affairs Mirza Kahvedzic discusses his career path leading up to his current role, how his legal team operates, and current challenges faced due to slow court proceedings.
Boyanov & Co. has advised Generali CEE Holding in the acquisition of United Health Insurance Fund Doverie. Djingov, Gouginski, Kyutchukov & Velichkov advised the seller.
Reporting on the most interesting recent developments in Bulgaria Gugushev & Partners Law Office Senior Partner Dafinka Stoycheva shares her views on continuing political instability in the country, a major investment dispute, and significant legal and regulatory developments.
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?
Schoenherr has advised BlackPeak Capital and Catalyst Romania Fund II on a EUR 10 million Series B funding for Leanpay.
CMS, working with Herbert Smith Freehills, has advised IFC on its EUR 200 million blue and green sustainability loan loan for Maistra Hospitality. Dentons reportedly advised Maistra Hospitality.
Almost two years ago, I discussed in an article published in CEE Legal Matters the presence of “green” bonds and financings in Croatia. The thesis put forward in that article was focused on the necessity of companies and financial service providers to be more “green” in terms of the products they offer on the Croatian (capital) markets and goals on sustainability which should be accomplished.
Greenberg Traurig has advised CCC Group on the up to PLN 1.8 billion term and revolving facilities provided by a consortium of banks and finance institutions. Clifford Chance and Lakatos, Koves and Partners advised the lenders.
BPV Braun Partners has announced the re-election of Arthur Braun as its Managing Partner.
White & Case has advised a consortium of lenders consisting of Ceska Sporitelna, a.s., Raiffeisenbank a.s., and UniCredit Bank Czech Republic and Slovakia, a.s. on the up to CZK 150 million and EUR 123 million financing and refinancing of capital expenditures and acquisition costs for C-Energy s.r.o.
Papapolitis & Papapolitis has advised Arish Capital Partners on the acquisition of a property in Patras.
Papapolitis & Papapolitis has advised Intracom Holdings on the sale of its 27.6% shareholding in KLM SA for EUR 11.1 million to investors who will also participate in the share capital increase of Intracom Properties, a subsidiary of Intracom Holdings.
Papapolitis & Papapolitis has advised Hellinikon on the sale of five residential land plots in the Ellinikon Project totaling EUR 106 Million to Brook Lane Capital, Ten Brinke, Hellenic Ergon, and Daedalus Development.
Greenberg Traurig has advised CCC Group on the up to PLN 1.8 billion term and revolving facilities provided by a consortium of banks and finance institutions. Clifford Chance and Lakatos, Koves and Partners advised the lenders.
As of 1 August 2024, the maximum amount of the fine that can be imposed by the Hungarian Competition Authority (“HCA”) will increase from 13% to 15% during the state of war emergency.
In export-import trade transactions across Europe, sellers commonly protect their assets by retaining the title of ownership until the buyer has paid the full purchase price. Retention of title allows sellers to reclaim the assets in case of non-payment or the buyer’s bankruptcy before full payment. However, in Hungary, such an arrangement can present unexpected challenges for sellers.
TGS Baltic has advised Bondora AS on the process of obtaining a permit from the Estonian Financial Supervision Authority to establish a branch in Slovenia.
Ellex has advised Ergo International on the acquisition of ADB Gjensidige from Gjensidige Forsikring ASA.
Cobalt has advised Elektrum Eesti on its acquisition of Solarpark Kuusalu from Justkull.
On January 25, 2024, the Office of the Prime Minister of the Republic of Kosovo published a list of concept notes anticipated for drafting and adoption by the Kosovo Government in the present year. The concept note, a regulatory prerequisite to the enactment of legislation within a specified domain, specifies the objectives of prospective governmental policy and the optimal modalities for their implementation.
Legal changes abound in Kosovo with contested advocacy laws and ongoing judicial reform, says Hodaj & Partners Managing Partner Taulant Hodaj, who highlights that despite challenges, favorable tax laws and investor-friendly policies persist in attracting businesses.
Taking a deep dive into the most interesting recent developments in Kosovo, Vokshi & Lata Partner Florin Lata discusses a projected 4% GDP growth for the year, significant legal reforms across several sectors, as well as key business and economic drivers for the small Balkan market.
Ellex has advised agricultural services cooperative society Latraps on an agreement with Pfeifer & Langen International to develop an ASNS ingredient pea protein isolate plant in Jelgava.
Ellex has advised Ergo International on the acquisition of ADB Gjensidige from Gjensidige Forsikring ASA.
TGS Baltic has advised AB Agathum on its EUR 2 million bond issuance and listing on the Nasdaq Vilnius Baltic First North market in Lithuania and Latvia.
Walless has advised Eika Asset Management on the establishment of the Eika Co-Living fund.
Ellex has advised Ergo International on the acquisition of ADB Gjensidige from Gjensidige Forsikring ASA.
TGS Baltic has advised AB Agathum on its EUR 2 million bond issuance and listing on the Nasdaq Vilnius Baltic First North market in Lithuania and Latvia.
In the wake of a recently concluded election cycle in North Macedonia, businesses and investors are closely monitoring the new government's policy directions, according to Papazoski and Mishev Law Firm's Attorney at Law Ivan Mishev.
The recent elections in North Macedonia marked a shift in government, as reported by Lalicic & Boskoski Partner Angela Andonova, with the transition including the establishment of new ministries and a restructuring of current ones, setting the stage for upcoming legislative actions.
For our Checking In feature, we reach out to partners and heads of practice across CEE to learn how specific practice areas are faring in their jurisdictions. For this piece, we asked firm Labor experts: Have whistleblowing regulations been implemented in your jurisdiction and would you advise companies to use an external solution or an in-house one? Why?
ACI Partners Managing Partner Igor Odobescu, Nagy es Trocsanyi Founding Partner Peter Nagy, Kinstellar Partner Radovan Grbovic, Law Office Vujacic Partner Sasa Vujacic, and Tuca Zbarcea & Asociatii Partner Robert Rosu discuss recent litigation trends across CEE, driven by the impact of economic shifts and regulatory changes in their jurisdictions.
On February 29, 2024, energy experts from Bulgaria, Croatia, Moldova, Turkiye, and Ukraine sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the key developments in the field of oil & gas over the past few years.
On December 29, 2023, Law no.429/2023 on amendments of the Law on natural gas no.108/2018 entered into force. The amendment contains some provisions regarding the creation and maintenance of natural gas stocks. Thus, the government will undertake the necessary measures to ensure the use, until November 1 of each year, of the natural gas storage capacity in the storage facilities of other countries that are part of the Energy Community and of the member states of the European Union.
At its session held on June 6th of this year, the Parliament of Montenegro adopted, as part of a set of seven so-called IBAR laws, a new Lobbying Act regulating the conditions and manner of conducting lobbying activities, rules, and other significant matters related to lobbying.
The Montenegrin Ministry of Internal Affairs recently implemented a Rulebook on Ultimate Beneficial Owner (“UBO”) Registration, effective from 27 July 2024. It introduces significant changes in how legal entities in Montenegro must manage their UBO information as part of the country’s effort to strengthen its fight against money laundering.
ACI Partners Managing Partner Igor Odobescu, Nagy es Trocsanyi Founding Partner Peter Nagy, Kinstellar Partner Radovan Grbovic, Law Office Vujacic Partner Sasa Vujacic, and Tuca Zbarcea & Asociatii Partner Robert Rosu discuss recent litigation trends across CEE, driven by the impact of economic shifts and regulatory changes in their jurisdictions.
Greenberg Traurig has advised CCC Group on the up to PLN 1.8 billion term and revolving facilities provided by a consortium of banks and finance institutions. Clifford Chance and Lakatos, Koves and Partners advised the lenders.
DLA Piper has advised bValue Growth on its investment in Polish sports e-commerce brand Sportano.
Former LSW Partner Aleksandra Polak has joined Billtrust as a Director and Assistant General Counsel.
Greenberg Traurig has advised CCC Group on the up to PLN 1.8 billion term and revolving facilities provided by a consortium of banks and finance institutions. Clifford Chance and Lakatos, Koves and Partners advised the lenders.
Nestor Nestor Diculescu Kingston Petersen has advised Aaylex One on a EUR 20 million loan facility granted by a syndicate of banks.
Albota Law Firm has advised OX2 on the construction contracts with two undisclosed contractors of the company's first wind farm in Romania as well as on permitting and regulatory matters.
Contributed by Clifford Chance.
Contributed by Alrud.
In accordance with the Law on Charges on Usage of Public Goods (“Law“), the Government of the Republic of Serbia, in April 2024, adopted the Regulation on Criteria for Determining Activities that Impact the Environment and the Amounts of Fees (“Regulation“).
Serbian law firm DNVG Attorneys has joined the Visegrad Legal network.
Schoenherr has advised Austrotherm GmbH on the merger control filings for the acquisition of the EPS insulation business unit of the Austrian insulation manufacturer Brucha.
BPV Braun Partners has announced the re-election of Arthur Braun as its Managing Partner.
Kocian Solc Balastik and Hillbridges have advised J&T Banka on Discovery Group’s Centro Nitra refinancing. DLA Piper reportedly advised Discovery Group.
Former CMS Associate Martin Balaz has joined Fairsquare in Bratislava as Partner.
Schoenherr has advised BlackPeak Capital and Catalyst Romania Fund II on a EUR 10 million Series B funding for Leanpay.
Fatur Menard has advised KGAL Group-affiliate Katera Beteiligungs-Verwaltungsgesellschaft P11 mbH on its successful takeover bid following its acquisition of 87.58% of shares in Nama from Zavarovalnica Triglav and Generali (originally reported by CEE Legal Matters on May 9, 2024).
In recent years, we have been seeing that real estate developers are starting to turn to debt capital markets to raise capital for their real estate development projects in Slovenia. When issuing bonds for real estate development projects, investors usually expect to have security on the real estate property that is being developed. Similar to other finance transactions, collateral can take various forms. This article examines the possibilities of establishing collateral on real estate property for bonds in Slovenia.
Baker McKenzie and its Turkish affiliated firm Esin Attorney Partnership have advised Eregli Demir ve Celik T.A.S. (Erdemir) on its issuance of USD 950 million 8.375% senior notes due 2029. White & Case and its Turkish affiliated firm GKC Partners advised the managers.
On July 29, 2024, in the Official Gazette No. 32616, Türkiye’s International Direct Investment (‘‘IDI’’) Strategy for the period 2024-2028 was announced to the public. This strategy aims to move Turkey to a stronger position on the global investment map by setting Turkey’s goals and priorities in the field of international direct investments and targets to create a comprehensive support mechanism to reduce the obstacles faced by investors in Turkey and to provide solutions to their needs.
AECO Law has advised Aluflexpack AG on its acquisition of the remaining 20% stake in Teko Aluminyum Sanayi A.S. Egemenoglu advised the seller.
A summary of recent legislative developments in the fields of energy and natural resources in Ukraine.
Integrites, working with Holman Fenwick Willan, has advised Nibulon on reprofiling a USD 80 million pre-export credit facility extended by a syndicate of banks, including ING Bank NV, Credit Agricole CIB, the European Bank for Reconstruction and Development, and FMO, the Dutch entrepreneurial development bank. CMS advised the lenders.
Sayenko Kharenko has advised the Export and Investment Fund of Denmark on a EUR 12.8 million secured term loan facility to Nibulon Agricultural.