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Partly due to the Covid-19 pandemic, Russia’s legislative process has slowed down, says CMS Moscow Partner Anton Bankovskiy. “However,” he says, “the ‘regulatory guillotine,’ – the ongoing process of amending or eliminating the many laws remaining from the country’s Soviet past – has picked up pace.” In addition, he says, “the State Duma recently passed new laws introducing the ‘regulatory sandbox’ framework, which enables companies and entrepreneurs to implement innovative technologies, unrestricted by the current legal limits related to those technologies.” 

CMS has advised ACWA Power, Blackrock, and Crescent Capital on their sale of ACWA Power CF Karad PV Park and NOMAC Bulgaria, which operate the 60 MWp Karadzhalovo photovoltaic plant in Bulgaria, to Enery Development GmbH. Schoenherr advised the buyer on the deal.

Starting from 1 January 2019, Russia has been implementing a programme of “waste reform” to radically change its municipal waste-management system across the country. Many of the scheduled preparation and organisational arrangements have already been implemented or are in the pipeline.

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. This time around we asked firm Energy experts: What, in your view, is the most effective scheme currently in place in your jurisdiction to attract investments in renewable energy? If you had to pick one, what additional step from the regulators do you believe would have the most positive impact?

On 31 July 2020, the Russian President signed Federal Law No. 265-FZ* (the “Law”) enacting a tax manoeuvre for the Russian IT industry. How will this manoeuvre affect domestic and foreign market players in this field?

The Warsaw office of Wolf Theiss has advised the European Investment Bank on a EUR 10 million financing to Scope Fluidics S.A., a Polish medical technology company that designs diagnostic systems. CMS advised Scope Fluidics on the deal.

CMS has advised AFI Europe, a property investment and development group in Romania, on its share acquisition of six companies owning four Class A office projects in Romania from NEPI Rockcastle. Herbert Smith Freehills and Reff & Associates – the Romanian member firm of Deloitte Legal – advised NEPI.

On 6 August 2020, the Federal Tax Service of Russia (FTS) issued a Letter of long-awaited clarifications* on the taxation of services rendered to Russian taxpayers by interdependent foreign organisations that are part of the same international group of companies.

As Europe begins a tentative re-opening following several difficult months of quarantining, social distancing, and working-from-home, we spoke to CMS’s Warsaw-based Employment Partner Katarzyna Dulewicz and Vienna-based Dispute Resolution Partner Daniela Karollus-Bruner for their perspective on the process.

Government institutions in Turkey are continuing to take various measures to mitigate the economic impact of the ongoing COVID-19 pandemic. At its meeting on April 2, 2020, the Energy Market Regulatory Authority (EMRA) adopted a new decision (the “Decision”) accepting the COVID-19 pandemic as a “force majeure” event under Article 35 of the Electricity Market Licensing Regulation (the “Licensing Regulation”) and Article 19 of the Regulation on Unlicensed Electricity Production in the Electricity Market (the “Unlicensed Regulation”). The decision was published in the Official Gazette on April 4, 2020.

CMS at a Glance

Founded in 1999, CMS is a full-service top 10 international law firm, based on the number of lawyers (Am Law 2018 Global 100). With 70+ offices in 40+ countries across the world, employing over 4,800 lawyers, CMS has longstanding expertise both at advising in its local jurisdictions and across borders. CMS acts for a large number of Fortune 500 companies and the FT European 500 and for the majority of the DAX 30. Revenues totalled EUR 1.36bn in 2018.

In Russia, CMS has been supporting its clients since 1992. The Moscow office offers a full range of legal and tax services across 21 practice and sector groups. Over 50 lawyers qualified in Russian, English, French and German law advise international clients on all matters relating to doing business in Russia and CEE, and support Russian companies doing business in Europe and other countries.

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