CMS Partner Evis Zaja reports rapid legal and economic developments in Albania, including upcoming amendments in the competition sector, new cybersecurity laws, and the country's increasing appeal to international businesses.

Under Albanian law, employment intermediary activities are carried out by two types of agencies. The first type consists of “Recruitment Agencies,” which facilitate the hiring of individuals to work for a third party. The second type includes “Temporary Employment Agencies” (TEAs), which recruit and hire individuals for temporary assignments with host companies while keeping them on the agency’s payroll.

Hoxha, Memi & Hoxha has promoted Selena Ymeri, Ilir Johollari, and Dorant Ekmekciu to Partner.

Schoenherr has advised ImWind on the sale of two wind farms and one solar park to Wien Energie. E+H advised Wien Energie.

Schoenherr advises Tupperware Oesterreich on its restructuring proceedings without self-administration.

Schoenherr, working with McDermott Will & Emery and Latham & Watkins, has advised Verdane on its partnership with Cropster. Sole practitioner Robert Benedikt reportedly advised Cropster.

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. 

On 19 September 2024, BDK Advokati celebrated 20 years since its establishment. BDK Advokati Managing Partner Tijana Kojovic and Senior Partner and Head of the Montenegrin office Luka Popovic reflect on this milestone and discuss the journey of the firm, its evolution, achievements, and aspirations for the future.

ESG has long been considered a niche concept, especially in Bosnia and Herzegovina. However, over time the picture has completely changed and the market has not only mastered the meaning of ESG, but a large number of companies have adapted their business to all or rather most of environmental, social, and governance principles.

Former Maric & Co Partner Slaven Dizdar has left the firm to launch Dizdar Law Office in Sarajevo.

While economic indicators look solid for Bulgaria and there is considerable progress made in terms of its energy mix becoming more reliant on renewable energy, according to Kinstellar Partner Antonia Mavrova, the country faces ongoing challenges both in terms of keeping pace with decarbonization targets due to populist pushback and in terms of moving several projects past the finish line without a stable government.

Popov, Arnaudov and Partners has opened a representative office in Plovdiv with Partner Sibina Eftenova at the helm.

Djingov, Gouginski, Kyutchukov & Velichkov has advised the American University in Bulgaria on a campus development project aimed at "improving the student experience."

While legal professionals may not possess the solution for upcoming winter to the widely discussed problem of frozen Tesla door handles or expertise in selecting personalized lock sounds for electric vehicles (EVs), we do offer valuable advice for landlords aiming to integrate their current property infrastructure with the growing prevalence of EV charging stations.

Tus & Grzic has advised mandatory pension funds management company PBZ Croatia Osiguranje on its participation in a EUR 28 million mandatory takeover bid for Cakovecki Mlinovi with Mlin i Pekare and Allianz ZB participating as other bidders. Kovacevic Prpic Simeunovic advised Mlin i Pekare and its affiliate Plodinec. Gugic Kovacic Krivic advised Allianz ZB.

Stankovic & Partners has advised SuperPadel Alliance on a partnership agreement with the Croatian Padel Federation and the Diagonal Padel Pro Academy in Madrid. 

Kocian Solc Balastik, working with ODI Law, has advised Energo-Pro Group on the sale of Litostroj Group to Wikov Industry.

A&O Shearman has advised sole global coordinator, settlement agent, and joint bookrunner Wood & Company Financial Services and joint bookrunner Erste Group Bank on the placement of newly issued shares of Colt CZ Group SE through an accelerated book-building process targeted at selected investors. Havel & Partners advised Colt.

A creditor has forgiven part of a debtor's debt on the condition that the debtor will make every effort to avoid insolvency and repay at least the remaining, unforgiven part. However, the creditor also set a resolutive condition: if the debtor were to become insolvent (i.e. the court declared it bankrupt), the debt forgiveness agreement was to be void from the outset and the debtor would be obliged to repay the debt in full.

Karatzas & Partners has advised General Logistics Systems on its acquisition of a 20% stake in ACS Courier and Postal Services from Quest Holdings for EUR 74 million. As part of the transaction, GLS also secured a call option to acquire the remaining 80% of ACS’s share capital within the next two years for a consideration of EUR 296 million. Potamitis Vekris advised Quest Holdings.

Koutalidis, working with Milbank, has advised the underwriters on the EUR 200 million share capital increase of Cenergy Holdings.

Kyriakides Georgopoulos has advised Aviation Capital Group and Castlelake on the sale, transfer, and lease novation of one Airbus A320-214 aircraft under lease to Greek airline Sky Express, from ACG to Castlelake.

CMS has advised Werfen on its approximately USD 25 million acquisition of Omixon Biocomputing. Hogan Lovells advised Omixon.

The National Bank of Hungary (NBH) introduced a new guideline No. NBH's 9/2024, also known as the ESG (Environmental, Social and Governance) Guideline. This initiative aims to help financial institutions incorporate sustainability considerations into their risk management processes. The Guideline seeks to standardise the collection and assessment of ESG information, thereby enhancing predictability in legal compliance and reducing administrative burdens for businesses applying for credit.

Wolf Theiss has advised XPartners Samhallsbyggnad on its acquisition of Aqvila and its Hungarian subsidiary Aqvila Consult Hungary.

Presumably many of us have watched Bonanza when they were younger. Bonanza is an American Western TV series about the Wild West of the 1860s. It wasn’t an easy life – lawlessness reigned, and justice was only for the strong.However, in 2024, it’s a different story – the laws are in place and being effectively enforced. The development and use of artificial intelligence is no longer a lawless environment. Existing regulations remain in place, and now a new Artificial Intelligence Regulation has entered into force, carrying hefty fines of up to €35 million or up to 7% of a company’s global turnover. So, the answer to the question in the headline is already a pre-emptive 'no'.

Ellex has advised Infotark on reacquiring 14% of its shares from Finnish shareholders.

TGS Baltic has successfully represented Estonian fishing company Porgukass in a dispute concerning compensation for damaged fishing equipment.

The Assembly of the Republic of Kosovo approved the new Bankruptcy Law no. 08/L-256 on July 11, 2024, which was published in the Official Gazette on August 6, 2024, and will enter into force 15 days from the date of publication.

Baker McKenzie has successfully defended Kosovo Telecom in a Swiss Rules Arbitration against a Kosovar company reselling its mobile credit as well as in the subsequent challenge of the award at the Swiss Supreme Court.

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.

TGS Baltic has successfully represented Estonian fishing company Porgukass in a dispute concerning compensation for damaged fishing equipment.

TGS Baltic has advised Duck Republik on the acquisition of the Duck Slokas real estate development company. Sole practitioner Aleksejs Petrovs advised the sellers.

TGS Baltic has advised Latvenergo on its acquisition of SIA Laflora Energy to build a wind power plant with a total capacity of 108.8 megawatts in the former peat extraction area of Kaigu Bog in Livberze County. Sole practitioner Janis Junkers advised the sellers.

Dentons, reportedly working with TGS Baltic, has advised Siauliu Bankas on its EUR 50 million issuance of additional tier 1 notes with Goldman Sachs Bank Europe as the sole lead manager. Linklaters and Sorainen reportedly advised Goldman Sachs.

Cobalt has advised the 15min group on its placement of a EUR 16 million bond issue.

Ellex and Taylor Wessing have advised Vinted on a EUR 340 million secondary sale of shares to new investors, raising the company's valuation to EUR 5 billion.

JPM Partners has announced its expansion into North Macedonia via the integration of Tosic & Jevtic into its regional network.

On 19 September 2024, BDK Advokati celebrated 20 years since its establishment. BDK Advokati Managing Partner Tijana Kojovic and Senior Partner and Head of the Montenegrin office Luka Popovic reflect on this milestone and discuss the journey of the firm, its evolution, achievements, and aspirations for the future.

Gecic Law, working with sole practitioner Branko Radojcic, has successfully represented Telekom Srbija before the Commission for Protection of Competition in North Macedonia.

The topic of genetically modified organisms (GMOs) has lately become an actual and increasingly important aspect in Moldovan law. Until recently scarcely regulated, the activity involving GMOs was subject to significant legal loopholes. This led to the inherent risk pertaining to GMOs being difficult to control, especially with agriculture playing an important role in the national economy.

Bancassurance is a strategic partnership in which a bank collaborates with an insurance company to offer insurance products to the bank’s customers. This mutually beneficial arrangement not only allows banks to generate extra income through the sale of insurance policies, but also enables insurance companies to broaden their customer reach without the need to expand their sales teams.

Moldova is in the process of implementing substantive legislative changes, according to PwC Legal Head in Moldova, Ilona Panurco, who outlines the country’s efforts to align with EU acquis, including updates in digital, environmental, and financial regulations.

The new Waste Management Law of Montenegro (“the Law”), which came into force on April 12, 2024, represents a step further towards harmonizing Montenegrin legislation with the acquis communautaire, namely key European Union (“EU”) directives in the area of waste management.

Montenegro’s financial sector is experiencing growth with record-high deposits and increasing trust in the banking system while advancing infrastructure projects and tapping into renewable energy opportunities, according to Keker, Bujkovic & Pejovic Partner Milan Keker.

Recently, the Parliament of Montenegro has amended the labour regulations by adopting two amendments to the Labour Law in August and September 2024, and by adopting the amendments to the Law on Contributions for Mandatory Social Insurance in September 2024.

DWF has advised Worldline on the acquisition of the remaining 45% of shares in SoftPos from minority shareholders leaving Worldline as the sole shareholder.

White & Case has advised PKO Bank Hipoteczny on its PLN 500 million issuance of mortgage-covered bonds due October 24, 2028.

DWF Poland has successfully represented Mostostal Warszawa in a commercial dispute against one of its contractors.

Schoenherr has advised Trans-Oil Group on the acquisition of Frial Terminal located in the Port of Constanta, Romania.

As Environmental, Social and Governance (ESG) standards continue to dominate business conversations, the European Union (EU) drives the momentum by placing the ‘energy efficiency first’ principle at the heart of its energy policy. These efforts further aim to enhance governance, transparency and strengthen the link between climate change mitigation and environmental protection measures.

REITs (Real Estate Investment Trusts), the investment structure focused on real estate assets and related revenues generated by them has been implemented and used around the world due to the advantages brought to its investors.

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. 

In Montenegro the Law on Amendments to the Law on Copyright and Related Rights came into force and it aims to harmonize Montenegrin legislation with EU legislative, particularly in the part that facilitates broad access to copyrighted works by enabling the sharing of online content through various platforms.

Stankovic & Partners has advised SuperPadel Alliance on a partnership agreement with the Croatian Padel Federation and the Diagonal Padel Pro Academy in Madrid. 

Wolf Theiss has advised GreyLion Partners on its equity investment in Birdseye Security Solutions. Lazarevic & Prsic advised Birdseye Security Solutions.

From 1 April 2025, Slovakia will introduce a new financial transactions tax (daň z finančných transakcií) as part of the government´s consolidation package. This is not an early April fools' day joke.

Dentons, working with E+H, has advised a club of senior lenders, led by Tatra Banka as the global coordinator, on financing for Tatry Mountain Resorts consisting of a EUR 180 million senior facility and a EUR 110 million junior facility. Kinstellar advised J&T Banka as the junior lender. A&O Shearman advised Tatry Mountain Resorts.

Earlier in 2024, DLA Piper published its Medical Devices Advertising: CEE Comparison Guide, which reviews advertising regulations for medical devices in Austria, Croatia, the Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia. Life sciences team members who worked on the guide spoke with CEE Legal Matters about some of the regulatory differences across CEE and the practical implications for businesses.

Kocian Solc Balastik, working with ODI Law, has advised Energo-Pro Group on the sale of Litostroj Group to Wikov Industry.

Ketler & Partners, member of Karanovic, has advised Gunnebo Safe Storage on its acquisition of the Primat Group. Lah, Jambrovic & Partners and Podjed, Kahne & Partners advised the sellers.

Schoenherr has advised GA Adriatic, formerly Renault Nissan Slovenija, on the settlement negotiations with the Slovenian Competition Protection Agency. Zidar Klemencic reportedly advised GA Adriatic in auxiliary proceedings. Cad, and reportedly Fatur Menard, advised Avtohisa Malgaj; Podjed, Kahne & Partners advised Avtohisa Real; Fasun, Melihen, Milac, Strojan reportedly advised Plesko Cars; and Tadej Kalan reportedly advised Avtoservis Kalan, all of which were involved in the proceedings as well.

Paksoy, working with Ashurst, has advised Samsung C&T, Korea Overseas Infrastructure & Urban Development Corporation, and KDB Infrastructure Investments Asset Management on the financial closing of the Nakkas-Basaksehir section of the Northern Marmara Highway Project.

White & Case's Turkish affiliate GKC Partners has advised the IFC on its subscription of QNB Turkiye's blue and green bond issuances.

Paksoy has advised on the USD 750 million inaugural sukuk issuance of the Turkiye Wealth Fund.

Kinstellar has advised Orbico Group on its acquisition of a controlling stake in SAV 92 from Asnova Holding.

Avellum has advised the Ministry of Finance of Ukraine on a CAD 400 million concessional loan from Canada. 

Sayenko Kharenko has advised Getin Holding on the sale of JSC Idea Bank to TAS Group.