On June 1, 2022, Commission Regulation (EU) 2022/720 on the application of Article 101(3) of the Treaty on the Functioning of the European Union (TFEU) to categories of vertical agreements and concerted practices (EU VBER) entered into effect in all EU member states. The new EU-level rules were adopted, inter alia, to align the existing framework with the specifics of the online platform economy which plays an important role in the distribution of goods and services across the whole EU. Still, although the new VBER has significantly changed the rules on the application of Article 101(3) TFEU to vertical agreements, the existing Croatian Regulation on Block Exemption of Vertical Agreements between Undertakings (Croatian VBER) has not (yet) undergone a similar revision. 

On 1 January 2023, the Republic of Croatia will enter the eurozone and replace the Croatian kuna (HRK), the existing national currency, with the euro. Although the change has been welcomed by most stakeholders, it also leads to increased demands for regulatory compliance and additional expenses.

Nothing worse than something spoiling your party. Croatia had a perfect tourism season, with plenty of guests staying at hotels, resorts, camps, or yachts. Other industries are doing great as well. On top of everything – Croatia is admitted to the eurozone as of January 2023, and the National Bank reduced the required reserve ratio and abolished the minimum foreign currency liquidity, strongly increasing banks’ cash resources! Everything was ready for a 2023 party – plenty of funds within the banks, industry in its upward trend, the real estate sector developing, new unicorns ahead of us – it seemed like financing possibilities would be all around, with low interest rates and plenty of opportunities!

Legal markets, much like other markets, are susceptible to global tendencies and changes shaping the industry. CEELM sat down with Divjak Topic Bahtijarevic & Krka Partner Ema Mendjusic Skugor to discuss the Croatian legal market and its growing pains in keeping up with global trends.

On January 1, 2023, Croatia will finally gain a much-coveted place in the eurozone club. Making the switch is a massive undertaking that will impact every person living and working in the Adriatic country. Eight Croatian legal experts share their insights on how the market will adapt, how the legislative framework will change, and who will stand to gain the most.

Lovric Novokmet & Partners has advised the Koncar Group on Koncar Digital’s acquisition of Kodeks Sistemske Integracije and Exa Globe.

Vukmir & Associates has advised Zagrebacka Banka on the issuance of internal MREL notes to its majority shareholder UniCredit.

Ilej & Partners, in cooperation with Karanovic & Partners, has advised the MYTY Group on its acquisition of the 404 Group. Dominkovic & Osrecak advised the seller.

BDK Advokati has advised Croatia's Degordian on its acquisition of a 51% stake in Serbian e-commerce software development company Shopycode.

Aside from Croatia entering the Euro and Schengen zones, there have been numerous other legislative updates of note – primarily in the spheres of labor and land rights – according to Miroslav Plascar, Co-Managing Partner of Zuric i Partneri in cooperation with Kinstellar.

Kinstellar’s Croatian affiliate Zuric i Partneri has advised Angelina Yachtcharter Holding on its acquisition of 85% of the shares of Jadranka Yachting from Jadranka d.d. and Arman Percinlic.

Former Osborne Clarke CEO Simon Beswick has joined Kinstellar’s Board of Directors as a non-executive member.

Vukmir & Associates and BH Legal have advised CEFTA on a cross-border project titled CEFTA Intellectual Property and Related Rights 2021-03.

Kinstellar Croatian affiliate Zuric i Partneri has advised OTP Banka on the financing for Adria Dental Group’s acquisition of the Fiziodent Polyclinic. Batarelo Dvojkovic Vuchetich advised the Adria Dental Group on the acquisition and financing. Kramaric & Partners advised Karlo Sudarevic on the sale.

Vukmir & Associates Partner Tomislav Pedisic has been appointed as the firm’s new Managing Partner on January 1, 2023.

Law Office Korotaj and ODI Law have advised Croatian travel agency Gaveia on the acquisition of Slovenia's Avtokampi.

Vukmir & Associates and Fatur Menard have advised the Deimos Group on the acquisition of Croatian companies Nutrifit and Palco and their Palco and Nutrifit joint venture in Slovenia. Brescia Miccoli e Associati reportedly advised the Deimos Group as well.

Krehic & Partners, in cooperation with Deloitte Legal, has advised the Belfry Group on its acquisition of the majority shareholding in Pismorad. The joint law office of Lovro Zovko and Antonija Simonkovic reportedly advised the sellers.