Karanovic & Partners has advised Canadian precious and base metals exploration company Tethyan Resource Corp on its acquisition of ten percent of the shares and management control over the of the Serbian geological company EFPP. NKO Partners advised EFPP on the deal.
Serbian Parliament Terminates State of Emergency – Impact on Deadlines Before the Competition Commission
The Serbian Parliament terminated the state of emergency on 6 May 2020, following the flattening of the epidemic curve and the creation of conditions for the gradual attainment of collective immunity. Since the introduction of the state of emergency, the Serbian Government issued 44 regulations that were aimed at combating the COVID-19 crisis, including the health, safety, and economic measures, as well as to maintain the functioning of the judicial system and administrative authorities.
Back to Life – Back to Reality
After almost two months, the state of emergency instituted because of the COVID-19 outbreak was revoked in the Republic of Serbia on 6 May 2020. Unlike the Decision on declaration a state of emergency from 15 March 2020, the Decision on revoking the state of emergency was adopted by the National Assembly. The Decision determined it will enter into force on the day of its publication in the Official Gazette of the Republic of Serbia, which means that as of 6 May, state of emergency is no longer in effect in the Republic of Serbia.
Expedited Liquidation Procedure in the Republic of Srpska
The Republic of Srpska’s much-anticipated Law on Liquidation Procedure (the “Law”) entered into force in October 2019. The Law was adopted three years after the reform of the Republic of Srpska’s bankruptcy procedure and is part of ongoing reforms targeted at cutting costs and improving the overall efficiency of business management by providing new and simpler ways of conducting business.
Extended Deadline for Tax Exemptions Application for Newly Engaged Employees
The Government of the Republic of Serbia issued the decree on the extension of the deadline for local companies that employ new individuals on 24 April 2020, in order to prolong their possibility to apply for tax exemptions introduced at the end of last year.
New COVID-19 State Guarantee Scheme for EUR 2 Billion Loans
As part of a package of economic measures worth EUR 5.1 billion, the Serbian Government adopted a decree on 16 April 2020 establishing a guarantee scheme for loans to be provided by local banks to businesses to reduce the effects of the COVID-19 pandemic (the “COVID-19 Guarantee Scheme”).
Dentons, DGKV, Karanovic & Partners, and Schoenherr Advise on Optima's Acquisition of Majority Stake in Globe Trade Centre
Dentons, DGKV, Karanovic & Partners, and Ilej & Partners in cooperation with Karanovic & Partners advised Hungary's Optima Befektesi Alapkezelo on its acquisition of a 61.49% share in Globe Trade Centre S.A. from Lone Star Funds. Schoenherr advised the sellers on the deal.
Capital Markets in Bosnia & Herzegovina
Contributed by Karanovic & Partners.
Capital Markets in Montenegro
Contributed by Karanovic & Partners.
Capital Markets in Serbia
Contributed by Karanovic & Partners.
Serbia Proposes a Set of Economic Measures in Response to the COVID-19 Outbreak
The Government announced on 1 April 2020 its proposal of a Program of economic measures to reduce the negative effects caused by the COVID-19 pandemic and an attempt to support the economy of Serbia, split into four categories.
Status of Foreign Citizens in the Republic of Serbia During the COVID-19 Pandemic
The Republic of Serbia has officially closed its border crossings for passengers in road, rail, air and water traffic at 8.00 a.m. on 20 March 2020. The passing of humanitarian aid and crossings of national importance that are approved by the competent authority are still allowed. International passenger traffic to and from the Nikola Tesla Airport has been suspended in accordance with the Government of Serbia’s decision on 19 March 2020 from 12.00 p.m. onwards.
Serbia: Rebranding the Trademark Law
Serbia recently reworked its Law on Trademarks, coming into force on 1 February 2020. What has changed? In local parlance: “Everything and nothing”. The changes are not extensive, but concern key features of the local trademark rules.
Karanovic & Partners Advises Backer on Acquisition of Stake in Elektrotermija
Karanovic & Partners has advised Sweden's Backer AB on the acquisition of shares in Serbia's Elektrotermija d.o.o.
Dragan Karanovic Takes Over as Managing Partner at Karanovic & Partners
Dragan Karanovic has been made the new Managing Partner of Karanovic & Partners, taking over from Rastko Petakovic, who served as Managing Partner for the past three years.
Mortgage Extension with Special Reference to the Montenegrin Supreme Court’s Legal Position
Claims from Loan Agreements are generally secured by establishing a mortgage over a certain property on the basis of a Mortgage Agreement or a Pledge Statement.
Expat on the Market: Alexander Poels, Director of International Relations, Karanovic & Partners
CEELM: Run us through your background, and how you ended up in your current role with Karanovic & Partners.
Is the Market for Medical Devices in Slovenia and Within the EU Becoming More Significant?
The significance of medical devices is most certainly on the rise, considering not only its importance to patients, for whom medical devices represent life enhancing products, but also developments in innovation, economics, and in the regulatory and legal sphere. Issues such as data privacy in the field of medical devices were not noticeable until connectivity became a trend in medical devices and the GDPR was adopted. Similarly, the possibility of a cyber-attack on a medical device connected to the Internet became a possibility. Even though the question of product liability has always been present, recent decisions by the European Court of Justice provided new interpretations of existing legal terms and, importantly, introduced product batch liability.