On August 4, 2022, Ordinance no. 18/2022 on the authorization and functioning of representative offices of foreign companies and economic organizations in Romania (“GO 18/2022”) adopted by the Romanian Government has been published in the Official Gazette.
The last few years have brought incredible leaps in technology, all fields seeing new and impressive heights that could only be imagined twenty years ago. But the rapid developments in technology came with greater risks in terms of cybersecurity. Romania plays an important role in terms of resources and capabilities in the cybersecurity field and makes ensuring a safe cyberspace a top priority for the country.
MPR Partners has advised GreenVolt subsidiaries V-Ridium Solar 45 and V-Ridium Renewables on their EUR 83 million acquisition of a photovoltaic project from the Samsung C&T Corporation. Schoenherr and, reportedly, Herbert Smith Freehills advised the seller. CMS reportedly advised a consortium of banks on financing the acquisition.
MPR Partners has successfully represented insolvent electricity supplier Getica 95 Com in a dispute with three Auchan Group companies – Auchan Romania S.A., Coresi Business Park S.A., and Ceetrus Romania S.R.L.
MPR Partners has represented the Bacau Municipality in a dispute with CET SA over the Bacau district heating plant.
With inflation making its way through Europe, Romania was hit as well but the economy is still developing steadily, with energy, real estate, and infrastructure the sectors to look out for, according to MPR Partners Partner Dana Radulescu.
Romania is a European Union member state located in the south-eastern part of Europe, with a surface of 38,397 square kilometres and a population of 19.41 million. Romania is positioned in the vicinity of several large markets, including the European Union, the CIS states and the Middle East, and is crossed by three pan-European transport corridors: no. 4 linking Europe from West to East, no. 9 from North to South and no. 7 facilitating inland water transportation on the Danube.
Digitalization and technology have seen incredible evolutions over the past years worldwide. This development has fostered the perfect environment for the gig economy to be able to sustain incredible growth. Short-term working agreements between companies and workers, which are paid after every undertaken task, are at the foundation of the gig economy and they seem to be more popular with every passing day. The COVID-19 pandemic has proven to have been yet another factor that allowed this market sector to reach new heights, with more and more people turning to online platforms as an additional source of income. These people are generally labeled as ‘platform workers.’
On January 18, six leading real estate lawyers in Romania sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea. The conversation focused on the current state of affairs in the real estate sector, looking at who the main players are, the hottest assets, deal-making trends in the sector, and more.
Daniel Alexie and Anca Baitan have been promoted to Partner at MPR Partners, "giving a new impetus to its corporate, financial services, dispute resolution, as well as IT teams."
Starting with December 10, 2021, the customs activity currently under the auspices of the National Tax Administration Agency (“ANAF”) will be developed by the Romanian Customs Authority, founded by way of Law no. 268 of November 10, 2021, on the establishment of the Romanian Customs Authority and for the amendment of certain normative acts (“Law no. 268/2021”).
MPR Partners has advised Aegean Airlines on the acquisition of a majority stake in Romanian operator Animawings from the Memento Group. Bohalteanu & Asociatii advised the seller.
The pandemic context and its economic implications prompted in 2020 and 2021 several legislative measures to alleviate fiscal burden both through tax facilities, such as amnesties or regulation of new cases and conditions for debt rescheduling, and through amendments concerning deductibility for tax purposes. This type of measures fall under the scope of the newly enacted Government ordinances nos. 8 and 11, published on August 31, 2021 in the Romanian Official Gazette.
Being the country with the highest growth rates in the EU, Romania is going strong despite the global pandemic conditions, according to MPR Partners Co-Founder and Co-Managing Partner Alina Popescu.
Regional periodical league tables ranking M&A activity through the lens of the law firms advising on the deals are often dominated by Baltic law firms, with the CEELM Index special issue of the CEE Legal Matters magazine reflecting the same trend. To better understand why that is so, we spoke with several Partners – from both Baltic firms and other CEE jurisdictions.
Starting this August, the fiscal unity system concerning the corporate income tax becomes functional in Romania, further to the enactment of the procedure for the implementation and management of such system through Order no. 1191 issued on August 6, 2021 by the National Agency for Fiscal Administration.