During the past year, the competition enforcement activities of the Albanian Competition Authority (ACA) have seen a considerable increase. The ACA approved 99 decisions, a record since its establishment 17 years ago, and fines during the year were the highest imposed in the last five years. Most of the ACA decisions were related to approvals of merger transactions, followed by decisions on market conduct investigations.

On 07.07.2023, the Council of Ministers of the Republic of Albania adopted the Decision "On the determination of entry, residence, and employment in the Republic of Albania of foreign nationals, employees of an IT company" (hereinafter referred to as the “Decision”).

On Friday 21 July 2023, the Albanian Parliament adopted a law which legalizes medical cannabis and industrial hemp (“Cannabis Law”). The Cannabis Law allows licensed companies to cultivate and process cannabis and determines the criteria which must be met to obtain such a permit, but also regulates the cultivation process of the plant and the production of its by-products for medical and industrial purposes.

E+H, working with Osborne Clarke, has advised the Funke Mediengruppe on its acquisition of a stake in High Five. Brandl Talos advised High Five.

Cerha Hempel, working with Gattai Minoli Partners and Arendt & Medernach, has advised SES Spar European Shopping Centers on its acquisition of Il Grifone shopping center in Bassano del Grappa, Italy, from a company belonging to US hedge fund Marathon. Binder Groesswang, working with Legance, advised the seller. Risk Finance Brokers, acting on behalf of UlysseRe, arranged the warranty and indemnity insurance for the buyer.

Former Counsels Zeno Grabmayr, Adelina Iftime-Blagean, Maciej Olszewski, Aleksandar Ristic, Bruno Stefanik, and Stefan Wartinger have all become Partners in Wolf Theiss’ respective offices across CEE.

Belarus's Revera law firm has teamed up with Adamante Management to open the firm's Cyprus office.

On July 9, 2021, substantial amendments to Belarusian currency legislation entered into force. We will briefly review the key amendments.

Economic optimism in the face of adversity, the introduction of English law instruments, and some new potential for growth are the highlights in Belarus, according to Aleinikov & Partners Senior Partner Denis Aleinikov.

Bosnia & Herzegovina has experienced a major government change leading to a focus on aligning with the EU, while a significant human rights ruling challenges the country’s ethnic-based voting system – potentially triggering constitutional reform and reshaping its political landscape – according to ODI Law Partner Mia Civic.

Critical legislative occurrences in Bosnia & Herzegovina – primarily focusing on the Constitutional Court, the electricity sector, as well as e-money – are the talk of the town, according to Dimitrijevic & Partners Partner Nina Vjestica.

A brief overview of value added tax and direct tax in Bosnia and Herzegovina, including specifics for direct tax in Federation of B&H, Republic of Srpska, and Brcko District of Bosnia and Herzegovina.

Djingov Gouginski Kyutchukov & Velichkov has advised Provitech Solutions on its new lease agreement for office premises located on the top floor of the Sofia Tower.

Wolf Theiss has advised India's automotive systems and components manufacturer Sona BLW Precision Forgings on the EUR 40.5 million acquisition of a 54% stake in Serbia's radar sensor and embedded systems company Novelic. Schoenherr, working with India's Priti Suri & Associates, advised Novelic's founders on the sale.

Under the current legislation, mediation as an alternative method of dispute resolution is voluntary. The amendments adopted in the State Gazette, No. 11 of 2023, which enter into force on 1 July 2024, introduced two categories of obligatory mediation in civil and commercial court proceedings:

Miskovic & Miskovic has advised Infinum on a EUR 10.8 million loan from the EBRD. Mamic, Peric, Reberski, Rimac reportedly advised the EBRD.

Complaints (under Croatian competition law also referred to as “initiatives”), through which different market players may inform the Croatian Competition Agency (CCA) of suspected infringements of competition laws, have been introduced in the Croatian Competition Act back in 2010 and are not a novelty. Complaints have proved to be a useful tool that brought certain competition law violations to the attention of the CCA and helped detect and correct discrepancies in the market.

During the Three Seas Initiative annual general meeting in Bucharest in September 2023, Austria's Dorda, Bulgaria's Boyanov & Co., Croatia's Divjak Topic Bahtijarevic & Krka, the Czech Republic's Kocian Solc Balastik, Estonia's Ellex Raidla, Hungary's Lakatos Koves & Partners, Latvia's Ellex Klavins, Lithuania's Ellex Valiunas, Poland's Wardynski and Partners, Romania's Nestor Nestor Diculescu Kingston Petersen, Slovakia's Barger Prekop, and Slovenia's Selih & Partnerji announced they formed the Three Seas Legal Alliance, in recognition of the progress made by the Three Seas Initiative.

BBH has advised the Kaprain Group on its acquisition of a 53,000-square-meter brownfield site next to Prague's O2 arena.

Glatzova & Co. has advised the municipality of Poricany on the approximately CZK 160 million agreement with a Hecht Group project company for the sale of development land near the D11 highway. Baroch Sobota reportedly advised the Hecht Group.

With a delay of over a year, Czech Act no. 284/2023 on preventive restructuring implemented the EU Restructuring Directive 2019/1023 into Czech law with effect as of 23 September 2023. This publication explains some of the key choices made by the Czech Republic upon the Directive’s implementation.

“Everyone may merge with everyone; everyone may absorb everyone; everyone may divide into everyone; everyone may benefit from everyone; everyone may convert to everyone.” This phrase, included in the Explanatory Memorandum of Greek Law 4601/2019 (Law), sums up the rationale of the Greek lawmakers with respect to the legal framework on corporate transformations currently in force.

Greece is consistently ranked among the top tourist destinations in the world, with the Aegean islands being at the center of the hype. But few wonder what it takes to actually conceive, design, and construct a hotel in this gorgeous part of the world. There are so many restrictions and obstacles that one thing is certain: investing in the Aegean is certainly not for the faint-hearted.

An in-depth look at Mika Lalaouni of Drakopoulos covering her career path, education, and top projects as a lawyer as well as a few insights about her as a manager at work and as a person outside the office.

Former Hungarian Ambassador to Austria Andor Nagy has moved into private practice by joining the Public Law and Regulatory practice of Dentons’ Budapest office as a Partner.

DLA Piper has advised the RV Ingatlan Befektetesi Alap fund on its acquisition of the Roseville office building in Budapest from Atenor.

Kinstellar has advised the Electrolux Group on the sale of its manufacturing facility in Nyiregyhaza, Hungary, to Qvantum for EUR 38 million. CMS reportedly advised Qvantum.

PwC Legal has advised Green Estonia on its acquisition of a majority stake in local furniture industry company Standard AS.

Cobalt has advised the Nordic Secondary Fund II on its acquisition of a 10% stake in Cleveron AS. Eversheds Sutherland reportedly advised the sellers.

Cobalt has advised Karma Ventures on its additional investment in its portfolio company and traffic ecosystem solution provider Commsignia, part of the company's USD 15 million Series B round led by PortfoLion Capital Partners, Inventure, Day One Capital, and Inference Partners, together with Partech, and Credo Ventures.

The recent establishment and practice of its Commercial Court – along with other legal developments and the government's push on energy – signify a shift towards impartiality, transparency, and investor-friendly policies in Kosovo, according to Sejdiu & Qerkini Managing Partner Korab Sejdiu.

On May 13, 2022, the Assembly of Kosovo passed Law No. 08/L-056 on Protection of Competition, replacing the previous law that had been in effect since October 2010. The new law aims to align the legal framework with EU rules and enhance the efficiency of the Kosovo Competition Authority (KCA). In the context of mergers, acquisitions, and other forms of concentration, the KCA aims to scrutinize concentration filings to assess potential threats to competition in the Kosovo market.

Kosovo has recently adopted a new law to regulate the pricing of medicinal products (Law on Pricing of Medicinal Products). This marks the first time that Kosovo has taken steps to regulate the pricing of medicinal products, and it is a significant milestone in an upcoming major reform within the healthcare and pharmaceutical sector. The reform also includes new laws on medicinal products and medical devices, health insurance, and related areas.

Cobalt has advised Italian company Italferr on its successful participation in the EUR 141.5 million Rail Baltica public procurement process for the provision of engineering consultancy and construction supervision services for the construction of the mainline in Latvia.

TGS Baltic has advised the Modus Asset Management-operated Clean Energy Infrastructure Fund on the acquisition of a 55-megawatt portfolio of solar projects in Latvia from developer Evecon, via the Clean Energy Investments special purpose vehicle. Sorainen reportedly advised Evecon on the deal.

Ellex Klavins has advised Merito Partners on the set up of its first alternative investment fund – the Merito Sustainable Energy Fund I AIF – and on its acquisition and development, together with Saules Energy, of seven photovoltaic power generation projects, two of which became operational in July and August 2023.

Lithuania's Ilaw Lextal has announced the promotion of four of its Attorneys to Associate Partner positions – Inga Neniske, Egle Visinskiene, Ramune Saikuviene, and Neringa Gylyte – effective September 2023.

During the Three Seas Initiative annual general meeting in Bucharest in September 2023, Austria's Dorda, Bulgaria's Boyanov & Co., Croatia's Divjak Topic Bahtijarevic & Krka, the Czech Republic's Kocian Solc Balastik, Estonia's Ellex Raidla, Hungary's Lakatos Koves & Partners, Latvia's Ellex Klavins, Lithuania's Ellex Valiunas, Poland's Wardynski and Partners, Romania's Nestor Nestor Diculescu Kingston Petersen, Slovakia's Barger Prekop, and Slovenia's Selih & Partnerji announced they formed the Three Seas Legal Alliance, in recognition of the progress made by the Three Seas Initiative.

Former Lithuanian Competition Council Chairman Sarunas Keserauskas has returned to Ellex Valiunas as a Partner, after spending 12 years as the head of the competition watchdog.

In the era of digital technology, it is natural to contemplate the potential effects of the digital revolution on various aspects of life. Generative AI, although still in its development stage, is already causing the anticipated revolution in the markets. Generative AI is beginning to revolutionize the delivery of services and products and has already made significant strides in transforming how markets operate. It is not yet clear whether generative AI will cause competition law issues; however, based on experience with digital revolutions, it is worth noting that a few scenarios are possible that will disrupt the current competition law framework everywhere, including in North Macedonia.

Clifford Chance has advised KKCG Group's Technology pillar on the complete refinancing of its existing bank indebtedness and the further recapitalization of its members, including those in Bulgaria, North Macedonia, Poland, and Serbia.

The summer slowdown in North Macedonia has not dented interest in the energy sector, with several renewable energy initiatives on the docket, while a new law on expert findings and data protection fines are making a splash, according to Apostolska Aleksandrovski & Partners Partner Svetlana Trendova.

On 26 May 2023 the Parliament of Moldova passed Law No.°126, which among other things implements certain novelties to the Moldovan Law on Notarial Procedure. Those relating to electronic notarisation will enter into force when the technical conditions referred to in the law are in place, but not later than 23 June 2026.

By the middle of 2023, Moldova will likely have a modified Competition Law. The existing Competition Law dates back to 2012, and its material and procedural norms are almost intact in their original form. Since then, however, the Moldovan economy and society underwent profound changes.

Moldova's legislative landscape is undergoing a period of significant transformation driven by the government's efforts to align with EU acquis, with key developments including amendments to limited liability company laws, the introduction of contactless business legislation, data protection changes, and comprehensive judicial reforms, according to Stratulat Albulescu Partner Sabina Cerbu.

The Work Program of the Government of Montenegro for 2023 envisages the preparation of a set of draft laws that are in final phase.

If one were to glance over the website of the Montenegrin Agency for Protection of Competition (Agency), one may reach what will turn out to be a premature conclusion that the Agency is not an overly active enforcer, especially when it comes to merger control-related infringements. One will also not be able to learn much about the Agency’s fining practices. To gain a more realistic picture of its track record with gun-jumping cases, a deeper dive into publicly available data is required. Reasons for this lie mostly with how the Montenegrin legal system for the levying of competition fines is set up.

Montenegro intends to implement a profound shift in its spatial planning and construction regulations with the pending adoption of three distinct legal acts that will regulate the country’s spatial planning, the construction of facilities, and legalisation procedures.

Former Banasik Wozniak i Wspolnicy Partner Joanna Bernat has joined Crido in Warsaw as a Partner and the firm's Head of Energy.

Former Linklaters Counsel Klaudia Krolak has joined Greenberg Traurig’s Poland office as a Partner.

Dentons has advised Enterprise Investors on the acquisition financing from Bank Pekao for its purchase of a significant minority share in Advanced Protection Systems. SSW Pragmatic Solutions reportedly advised the bank.

The Romanian Financial Supervisory Authority (FSA) released for public consultation a draft regulation proposing amendments to its Regulation 5/2019 applicable mainly to investment firms and, in limited cases, to credit institutions providing investment services and/or activities and alternative fund managers.

Romania's tax framework changes impacting the IT sector and a potential investment slowdown are balanced out by foreign venture capital funds increasingly participating in funding rounds for Romania-linked companies, signaling cautious optimism according to Ventures-n-Law Co-Founder Tudor Stanciu.

What is corporate crime prevention and why is it a necessary "cost"? Depending on the industry in which a company operates in Romania, it is subject to legal obligations whose violation can result in legal liability.

The truth is rarely pure and never simple. But in the case of Russia's military operation in Ukraine, it just might be. Russia breached Article 2(4) of the UN Charter, which prohibits the use of force against the territorial integrity or political independence of any state. Russia's acts have prompted the EU, the UK and the US to impose economic sanctions, such as freezing assets and disconnecting Russian banks from the SWIFT international payments network. Whilst the number of private businesses that are halting their activities in Russia is steadily growing, Russia has adopted a law paving the way for expropriations of assets of foreign firms that leave the country following economic sanctions. But what can foreign companies do if Russia proceeds to take their assets, if they are unable to freely transfer returns from investments out of Russia or if their profits collapse?

Baker McKenzie and DLA Piper have joined the plethora of firms announcing their exit from the Russian market.

Debevoise & Plimpton, Dentons, Dechert, and CMS have announced they are closing their Russian offices and exiting the market.

Corporate reputation is an organisation's most valuable intangible resource and may be defined as the public perception of the company and how it operates. It has its monetary expression and influences financial and social capital as well as market share. It can be positive and negative. Reputation is an essential aspect of any business. In today's digital age, a company's reputation can be easily tarnished through websites, social media, online reviews and news articles.

BDK Advokati has advised Vision Gaming Holding and the other Digital Revolution shareholders on the sale of Digital Revolution to Singapore-based Fibers PTE.

Serbia is experiencing positive economic growth driven by strong foreign direct investments, while developing a growing focus on energy security and the transition to renewable energy sources, according to Gecic Law Partner Hristina Kosec.

Wolf Theiss, working with Bryan Cave Leighton Paisner, has advised South Korean waste management company IS Dongseo on its acquisition of Slovakia's BTS Technology.

Former Counsels Zeno Grabmayr, Adelina Iftime-Blagean, Maciej Olszewski, Aleksandar Ristic, Bruno Stefanik, and Stefan Wartinger have all become Partners in Wolf Theiss’ respective offices across CEE.

Clifford Chance has advised Ceska Sporitelna and UniCredit Bank Czech Republic and Slovakia on their financing for the Oriens holding's Moravia Containers in relation to the acquisition of Steelmart. Havel & Partners advised the borrower.

The rising interest rates in Slovenia are reshaping the banking sector, while the renewables sector is looking at potentially clear skies and the M&A sector is experiencing vibrant SME activity on account of a generational change, according to Sibincic Krizanec Novak Partner Matic Novak.

To introduce a permanent foreign direct investment (FDI) screening mechanism, an amendment to the Investment Promotion Act (Amendment) is expected by the end of June 2023, and the new Prevention of Restriction of Competition Act now foresees a simplified merger review.

During the Three Seas Initiative annual general meeting in Bucharest in September 2023, Austria's Dorda, Bulgaria's Boyanov & Co., Croatia's Divjak Topic Bahtijarevic & Krka, the Czech Republic's Kocian Solc Balastik, Estonia's Ellex Raidla, Hungary's Lakatos Koves & Partners, Latvia's Ellex Klavins, Lithuania's Ellex Valiunas, Poland's Wardynski and Partners, Romania's Nestor Nestor Diculescu Kingston Petersen, Slovakia's Barger Prekop, and Slovenia's Selih & Partnerji announced they formed the Three Seas Legal Alliance, in recognition of the progress made by the Three Seas Initiative.

Aksan has advised APY Ventures on its new investment in Poliark.

Paksoy has advised Turkish baby goods retailer Ebebek Magazacilik on its TRY 1.86 billion IPO.

On 21 October 2022, the Banking Regulatory and Supervisory Authority (“BRSA”) published BRSA Decision No. 10389 (“Tightening Decision”) to tighten the restrictions set forth under the BRSA Decision No. 10250 dated 24 June 2022 (“Restriction Decision”), which introduced Turkish lira borrowing restrictions for non-financial institutions that are subject to independent audit and BRSA Decision No. 10265 dated 7 July 2022 (“Decision No. 10265” and together with Tightening Decision and Restriction Decision, “Decisions”), which in turn aims to clarify and ensure the effective application of the Restriction Decision.

On 12 September 2023, the President of Ukraine signed Law No. 5431 "On Amendments to Certain Legislative Acts of Ukraine to Improve the Activities of the Antimonopoly Committee of Ukraine" ("Law"), which launches a reform of Ukrainian competition law. The Law will enter into force on 1 January 2024.

On 16 September 2023 the Resolution of the Cabinet of Ministers of Ukraine "On Amendments to the Procedure for Payment of Fees for Actions Related to the Protection of Intellectual Property Rights" ("Resolution") will enter into force. The Resolution introduces new fees, provides additional reductions and clarifies existing ones.

This article explains the tools available under Ukrainian competition law that allow interested third parties (customers, suppliers, competitors, etc.) to participate in the merger review process and protect their rights and interests. It also addresses merging parties’ potential risks associated with the involvement of third parties.