A draft law proposing changes to Law No. 8116, dated March 29, 1996, “The Civil Procedure Code of the Republic of Albania,” has been submitted for approval to the Albanian Assembly. These amendments are part of a comprehensive initiative to enhance the efficiency of the judicial system and improve the overall quality of judicial proceedings in the country.

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.

Binder Groesswang has promoted Mona Holzgruber to Partner.

Former Binder Groesswang Partner Philipp Kapl has joined Kinstellar as a Partner.

Cerha Hempel has advised ODDO BHF on establishing its Austrian branch.

Contributed by Arzinger

The commercial legal markets of Central & Eastern Europe didn’t appear automatically. They didn’t develop in a vacuum. They were formed, shaped, and led, by lawyers – visionary, hard-working, commercially-minded, and client-focused individuals pulling the development of CEE’s legal markets along behind them as they labored relentlessly for their clients, their careers, their futures. 

Former iQR Asset Management Partner and Head of Legal and Compliance Dino Aganovic, Wiener Osiguranje Vienna Insurance Group Head Of Legal and Secretary Davor Majstorovic, and MTEL in-house counsel Vladimir Bjekic have joined forces to launch AMB Legal Group in Bosnia & Herzegovina.

BDK Advokati has entered North Macedonia via a cooperation agreement with a local qualified independent Attorney at Law Josif Filipovski. Moreover, the firm has expanded its presence in Bosnia & Herzegovina with the addition of Melika Basic.

On November 7, 2024, M&A experts from Austria, Bosnia & Herzegovina, Croatia, Greece, Hungary, Moldova, Romania, and Ukraine participated in a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the FDI screening regimes in their country and key developments in the area on the horizon.

The Bulgarian Parliament has recently adopted an Act to amend and supplement the Bulgarian Commercial Act[1] implementing the requirements of Directive (EU) 2019/2121 of the European Parliament and of the Council of 27 November 2019 amending Directive (EU) 2017/1132 as regards cross-border conversions, mergers and divisions.

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 keep our readers apprised of the latest developments impacting their respective practice areas.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. This time around we turn our attention to setting up new practices and ask: When launching a new practice, what is your go-to strategy – do you look at internal team members to spearhead it, or are you more likely to turn to lateral hires? Why?

CMS' Croatian affiliate Bardek, Lisac, Musec, Skoko, and Partners has advised Privredna Banka Zagreb as the leading mandated arranger, coordinator, and agent on a EUR 283 million club loan, which also included Erste & Steiermaerkische Bank, Zagrebacka Banka, and OTP Banka, for Podravka's acquisition of companies from the Fortenova Group. Podravka also received a EUR 50 million equity investment from the EBRD, following the acquisition. Miskovic & Miskovic, BDK Advokati, and Gugic, Kovacic & Krivic advised Podravka. Mamic, Peric, Reberski, Rimac advised Fortenova Group. Wolf Theiss advised the EBRD. DLA Piper reportedly advised Podravka as well.

Vukmir & Associates, working with Taylor Wessing, has advised Dertour on its acquisition of I.D. Riva Tours.

Kovacevic Prpic Simeunovic has advised Mlin i Pekare on its reverse takeover of Cakovecki Mlinovi. Vukina & Partners advised OTP Bank, which financed the transaction. Tus and Grzic advised PBZ Croatia Osiguranje on the sale of its stake. Mamic, Grgic, Vinter advised the management board of Cakovecki Mlinovi. Pesut, Matic, Galekovic, and Zgombic reportedly advised the sellers of the initial stake in Cakovecki Mlinovi. Gugic, Kovacic & Krivic reportedly advised AZ, a pension management company that sold its stake in Cakovecki Mlinovi.

Havel & Partners, working with Gomez-Acebo & Pombo, has advised the Czech Republic-based industrial group Advanced Industrial Technology Group on establishing a joint venture with the Spanish shareholders of Egile Corporation. Euskaltax reportedly advised the Egile Corporation.

Today, the Chamber of Deputies approved in the third reading an amendment to the Legal Profession Act. The amendment brings a number of significant changes to the practice of the legal profession in the Czech Republic.

Cerha Hempel has advised Sony Music Entertainment on its acquisition of Supraphon.

Bernitsas has advised AP Hermes Securitization on the acquisition of an NPL portfolio of unsecured and secured loans with a total legal claim of approximately EUR 700 million.

KLC has advised the National Bank of Greece on the project financing of Greece’s inaugural battery energy storage project sponsored by Elsewedy Electric SAE.

Zepos & Yannopoulos has advised Intertrade Hellas on a EUR 23 million financing to support its EUR 150 million investment plan.

Hungary introduced new regulations for employing guest workers from third countries. These updates specify eligible countries and permit requirements to align with Hungary’s labour market needs and compliance standards.

Eva Kovacs has joined Jalsovszky as a Managing Associate and the firm’s new Head of Real Estate Practice.

Jipyong Partner Ji Hye Lee has joined Oppenheim’s Korea desk in Budapest.

Cobalt has advised Apollo Group's Estonian subsidiary Treeland on increasing its ownership in the Latvian restaurant chain Lido AS to 96% via share acquisition from KE Projekti.

Ellex has appointed Counsel Merlin Liis-Toomela as its new Head of Data Protection & IT law in Estonia.

Cobalt has advised SmartCap on launching a EUR 100 million Defense Fund.

Kalo & Associates has advised the European Bank for Reconstruction and Development on a partnership with Raiffeisen Bank Kosovo under the Norway Western Balkans Growth Support Program.

The COVID-19 pandemic accelerated the shift toward remote work globally, including in Kosovo. While this new way of working offers flexibility and convenience, it also exposes gaps in labor regulations. Kosovo’s Labor Law, like many others, was primarily designed for traditional in-office work environments and has yet to fully adapt to the nuances of remote work. Remote work context has brought to attention legal gaps in areas such as work hours, digital privacy, employer responsibilities, and employee rights.

Bratschi has successfully represented Mabco Constructions in an ICSID investment arbitration against the Republic of Kosovo.

Cobalt has advised Apollo Group's Estonian subsidiary Treeland on increasing its ownership in the Latvian restaurant chain Lido AS to 96% via share acquisition from KE Projekti.

Ellex, working with Thommessen, has advised Accent Equity on the acquisition of Brimer from Entec Group. Wikborg Rein reportedly advised the Entec Group.

Cobalt, working with Dentons, has advised AirBaltic on the sale of a minority stake to Lufthansa Group. Eversheds Sutherland Bitans advised Lufthansa Group.

Dentons has advised the Republic of Lithuania on the issuance of two EUR-denominated benchmark bonds under its Euro Medium Term Note Program. TGS Baltic reportedly advised the Republic of Lithuania as well. Freshfields and Sorainen reportedly advised the underwriters.

Cobalt has advised German defense company Rheinmetall on a joint project with Lithuania’s EPSO-G Invest and Giraites Ginkluotes Gamykla to establish a 155-millimeter artillery ammunition manufacturing plant in Baisogala, Lithuania. TGS Baltic reportedly advised EPSO-G Invest. Sorainen reportedly advised Giraites Ginkluotes Gamykla.

Triniti Jurex has advised Nordic Minds on the sale of a majority stake in Tolimojo Keleivinio Transporto Kompanija to C Company. Motieka advised C Company on the matter.

On January 16, 2025, competition experts from Moldova, North Macedonia, and Romania, sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the evolving role of the regulatory authorities in their countries.

Recovering trade debts in North Macedonia can be challenging, especially when maintaining ongoing commercial relationships with local debtors. The recovery process entails a business creditor attempting to collect payment for an unpaid invoice for goods or services provided to a local customer who is legally obligated to pay what they owe.

The Government of North Macedonia adopted an updated version of the National Classification of Activities, NKD Rev. 2.1 (“New Classification”).

On January 16, 2025, competition experts from Moldova, North Macedonia, and Romania, sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the evolving role of the regulatory authorities in their countries.

The question of who owns intellectual property (IP) rights in the workplace has gained significant relevance, especially given that employees are involved in extensive creative activity nowadays. The Moldovan legal framework has well-defined rules on this subject, providing insight into the important question: who holds the rights over the creations, inventions, industrial designs, and utility models created by employees?

Hillmont Partners and Astraea have advised on a settlement between the Stati Parties and the Republic of Kazakhstan in a dispute concerning a 2013 USD 500 million SCC Award, bringing all related litigation to an end.

At the session held on December 19, 2024, the Government of Montenegro adopted the Bill of Law on Construction of Buildings and the Bill of Law on Spatial Planning. It was proposed that these laws should be adopted through an expedited procedure.

Montenegro’s real estate sector is undergoing significant transformations due to recent legislative changes and proposed reforms, particularly in the tourism sector. These novelties will impact investors, developers, and most certainly the entire economy of Montenegro, but it remains debatable if the impact will be positive.

From September 2024, the Montenegrin Parliament passed a series of tax legislative amendments aligned with the country’s Fiscal Strategy for 2024-2027. Set to take effect on January 1, 2025, these reforms aim to increase budget revenues to offset recent reductions in labor taxes and improve the business environment. The changes affect the Corporate Income Tax Law, Personal Income Tax Law, VAT Law, Law on the Write-off of Interest on Outstanding Tax Liabilities, and Excise Law, focusing on modernizing the tax system and stimulating investments primarily in the agricultural sector.

Greenberg Traurig has advised Diagnostyka on its initial public offering and admission to trading on the regulated market of the Warsaw Stock Exchange. White & Case advised the underwriters. Baker McKenzie advised Diagnostyka's majority shareholder Mid Europa.

CMS has advised HB Reavis on Alior Bank's headquarters relocation to Varso Place in Warsaw. WKB advised Alior Bank.

White & Case has advised Orlen on its issuance of USD 1.25 billion in unsecured bonds on the US Rule 144A bond market. Clifford Chance advised the banks.

Filip & Company has elected its new management team which will be led by Co-Managing Partners Cristina Filip and Alexandru Birsan for a period of four years.

Remote work has transformed from an emergency measure during the pandemic into a mainstream practice, with profound implications for Romania's employment landscape. However, the legal and practical challenges associated with remote work continue to evolve, requiring employers to stay agile and informed.

Popescu & Asociatii has successfully represented the Romanian Academy in a restitution dispute concerning 4,500 hectares of forest land.

Contributed by Clifford Chance.

Contributed by Alrud.

The commercial legal markets of Central & Eastern Europe didn’t appear automatically. They didn’t develop in a vacuum. They were formed, shaped, and led, by lawyers – visionary, hard-working, commercially-minded, and client-focused individuals pulling the development of CEE’s legal markets along behind them as they labored relentlessly for their clients, their careers, their futures. 

Belgrade’s history is a testament to its resilience and adaptability. Over centuries, the city has been a crossroads of civilizations, with each era bringing new rulers, new ideas, and new architectural styles.

On 10 January 2025, the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury’s issued a Determination pursuant to Section 1(a)(i) of Executive Order 14024 (“the EO 14024 Determination”) and a Determination pursuant to Section 1(a)(ii) of Executive Order 14071 (“the EO 14071 Determination”).

ZSP has advised NLB Komercijalna Banka on a EUR 45.5 million facility for Delta Real Estate for the refinancing of Crowne Plaza Belgrade.

Allen & Overy Shearman Sterling has advised on the approximately EUR 3.6 billion refinancing of Slovenske Elektrarne. Clifford Chance advised the UniCredit Bank-led banking club.

Nechala & Partners has announced it successfully represented Zdruzenie Realitnuch Kancelarii Slovenska and software provider BackOffice in their complaint before the Slovak Antimonopoly Office regarding United Classifieds.

Kinstellar has advised Mitiska REIM fund First Retail International 2 on the acquisition of land in Bratislava for the construction of the Podunajska Brana retail park via a joint venture between Mitiska Group and Asset Services.

Recent rulings of the Slovenian Supreme Court on the permissibility of including contractual penalties in employment contracts highlight that when assessing the permissibility of applying the concept of a contractual penalty, one must consider the subordinate and dependent position of the employee relative to the employer both when concluding the employment contract and during the employment relationship.

Rojs, Peljhan, Prelesnik & Partners has promoted Polona Fink to Partner.

Former Skupina Zito Director of Legal Affairs and General Services Tamara Mohoric Selak has joined LON as its new Head of Compliance.

Lexist has advised Birlesim Grup Enerji on its initial public offering on Borsa Istanbul, which raised approximately TRY 1.4 billion.

Lexist has promoted Duygu Ozturk Dincer to Partner.

Abcoo has represented Eczacibasi Holding on a promise-to-sell real estate agreement in return for revenue sharing with Mia Ordinary Partnership. Sole practitioner Fatih Yildirim reportedly advised Mia Ordinary Partnership.

The Agreement on Conformity Assessment and Acceptance of Industrial Products ("ACAA") is an intermediary step for Ukraine to benefit from the mutual recognition of product quality between the EU and Ukraine until our country becomes a full EU Member State.

Eversheds Sutherland has advised the Foreign Expansion Fund 2 FIZAN of Polski Fundusz Rozwoju on debt financing to Euvic for the acquisition of stakes in five companies operating in the IT sector in Lviv, Kyiv, Kharkiv, and Vinnytsia.

Dentons has advised Guris on the connection of its solar power plant to the connection grid of its wind farm in Ukraine.