Wed, Aug
52 New Articles

The amendments to the state aid schemes governed by G.D. 807/2014 on investment in assets and by G.D. 332/2014 on creation of workplaces that were proposed on 17 July 2020 by the Romanian Ministry of Public Finances (MoF) have just become enforceable.

Even though data localisation requirements were already introduced in Russia back in 2015, their effects on cross-border reporting channels in the whistleblowing systems of multinational companies have so far received relatively little attention. Due to the recent increase in the fines for violations, we have compiled the most important questions and answers below:

Following the formal adoption by the European Council of the directive to postpone the initial reporting deadlines for “DAC6” by six months, on 1 July 2020 the Romanian Government adopted Emergency Ordinance no. 107/2020 by which it extends the deadline for submission of reports regarding cross-border transactions under DAC6 rules.

After all initiatives for drastic countermeasures to respond to the US/EU sanctions (criminal liability for sanctions compliance, comprehensive import restrictions, liability for cross-border transfer of information relevant for sanctions) ground to a halt for one year, the legislator has now resumed the proposal to establish the jurisdiction of Russian courts over disputes with listed persons.

Prior to the pandemic caused by the spread of SARS-CoV-2, the Polish Commercial Companies Code permitted limited liability companies and joint-stock companies to hold shareholders’ meetings by means of electronic communication. However, virtual (remote) shareholders’ meetings were to be an exception to the general rule of physical meetings, and were required to have been explicitly permitted in the company’s articles of association. Preventive measures introduced into Polish law in response to COVID-19 by the “Act of 31 March 2020 amending the Act on special arrangements for preventing and combatting COVID-19, other infectious diseases and the crisis situations caused by them and certain other acts”, changed this principle. Below we present the current rules and requirements related to virtual shareholders’ meetings.

Bill no. 134/2020, which includes relief related to paying rent in the context of Covid-19, as analysed in the article “New regulations on the deferral of rental payments during the state of emergency” (the “Article”), entered into effect on 20 May 2020 by Presidential Decree no. 269/2020 as Law no. 62/2020 on the application of rent payment relief during the state of emergency (the “Law”) and was published in the Official Gazette of Romania, Part I, on 21 May 2020.

The COVID-19 outbreak has become a new type of challenge for the entire world. The conditions of everyday life and day-to-day business operations have fundamentally changed as countries have gone under lockdown, economies have been shut almost entirely down and global supply chains torn to pieces.

Following the establishment of the state of alert at national level, Law no. 55/2020 regarding some measures for preventing and combating the effects of the Covid-19 pandemic ("Law no. 55/2020") was adopted and entered into force on 18 May 2020. Please note that noncompliance with the measures imposed by the aforementioned law may lead to disciplinary, civil, administrative or even criminal liability, as the case may be.

Several measures adopted by the Romanian authorities related to the initiation of the state of alert. These include Resolution no. 24/2020 and Government Emergency Ordinance no. 70/2020, both of which entered into effect on 15 May 2020. Also, the Romanian Parliament adopted Law no. 55/2020, which will enter into force on 18 May 2020 and which provides the legal framework of the state of alert and consists of several other measures and obligations.

On Friday, 8 May 2020, a press release was published on the website of the Romanian Ministry of Public Finance stating that the government had approved the tax amnesty proposed by this ministry. The amnesty includes the waiver of interest, penalties and other charges payable by taxpayers, provided they pay the principal by 15 December 2020.

In the context of the state of emergency brought on by the Covid-19 pandemic, declared on Romanian territory since 16 March 2020, the Romanian authorities have tried to come to the aid of economic operators and certain categories of professionals. They have ordered a series of measures meant to balance the distribution of risks in their activities, so as to diminish the impact suffered.

Noerr at a Glance

Noerr stands for excellence and entrepreneurial thinking. With well-versed teams of strong characters, Noerr devises and implements solutions for the most complex and sophisticated legal matters. United by a set of shared values, the firm’s 500+ professionals are driven by one goal: the client’s success.

Listed groups and multinational companies, large and medium-sized family businesses as well as financial institutions and international investors all rely on the firm.

As one of the top European law firms, Noerr is also well established internationally with offices in eleven countries and a global network of top-ranked “best friends” law firms. In addition, Noerr is the exclusive member firm in Germany for Lex Mundi, the world’s leading network of independent law firms with in-depth experience in 100+ countries worldwide.

Firm's website.