09
Thu, Jul
63 New Articles

Cobalt Riga has created Patents, Trademarks, and Designs and Data Protection, IT, and Media subgroups within its IP&IT Practice Group, "to address ever-growing demand for legal services in the fields of intellectual property, data protection, information technology, pharmaceuticals, and life sciences."

It is with great pleasure that we announce the 2019 CEE Deal of the Year Award winners – the most important, complicated, significant, and valuable deals across Central and Eastern Europe.

In accordance with statistical data from 2018 and 2019, Latvia’s State Agency of Medicines concluded that there is a high risk of unavailability of state-reimbursed medicines in the Latvian pharmaceutical market, mainly as a consequence of the behavior of the wholesalers. The same conclusion was reached by the Competition Council of the Republic of Latvia which, in late 2018 and 2019, published two reports on the availability of medicines. Accordingly, it was concluded that the existing regulatory framework was unable to provide an effective market protection mechanism to reduce the risk that patients in Latvia might not have access to state-reimbursed medicines, because after these medicines are made available in Latvia by producers or importers, they are exported to third countries or other EU member states by other market participants.

Many commercial businesses are suffering under the current circumstances and are looking to re-negotiate the terms of their lease. Below is a short overview of the opportunities provided by Latvian law to assist tenants with this kind of negotiations.

Kronbergs Cukste Levin has advised environment management group Eco Baltia on the sale of a controlling stake in the company to INVL Baltic Sea Growth Fund. Vilgerts and Primus Derling reportedly advised the buyers on the deal, which remains subject to regulatory approval from the Lithuanian Competition Council.

Although amendments to the Commercial Law regarding the possibility for shareholders to participate in meetings using electronic means of communication have been discussed for a long time, the state of emergency due to COVID-19 in Latvia and social distancing restrictions require the legislator to act immediately.

A new opportunity for Latvian entrepreneurs was presented on 5 March at The Nasdaq Riga bell ceremony – the European Union (EU) funding program to attract capital on the stock exchange. The new instrument offers a wide range of funding opportunities for the issuance of shares and corporate bonds by small and medium-sized enterprises.

Governments in each of Baltic countries has adopted a special temporary laws on measures for companies to manage the consequences of the spread of coronavirus. See summarized legislation amendments concerning support to enterprises and tax solutions which were implemented by Latvia, Lithuania and Estonia.

The same as the majority of the European countries, Latvia also, first of all, thinks about solidarity between the state and entrepreneurs on the prevention of the immediate unemployment situation. In order to motivate entrepreneurs affected by the crisis not to discharge employees, having idle-time, and to try to wait for the transfer from the crisis and restrictive measures, the state offers to pay out idle-time benefit for employees of the companies, temporarily not being able to employ and pay out a salary to them during the period of idle-time as a result of the crisis. Since the Cabinet of Ministers extended emergency situation until 9 June, idle-time benefit will be available until 30 June.

Latvian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

All News about Cobalt can be found here.

 

Our Latest Issue