First one: Coronavirus & competition – any potential link? Second one – close related with the first one: Breach of Competition Law? “Price gouging” or not?
Since its outbreak in November, 2019 in China, COVID-19 has rapidly spread across Europe, the general opinion being that the peak is yet to come. The aggressive rate of spreading of COVID-19 has marked the financial markets, which now indicate a decrease of the earnings expectations.
According to the latest interpretation by the Romanian Trade Registry, all companies registered prior to 21 July 2019 (i.e. the date on which Law no. 129/2019 on the prevention of money laundering and terrorist financing (”Law no. 129/2019”) entered into force) must file an ultimate beneficial owner (”UBO”) statement by 15 days after the approval of their annual financial statements for 2019 or by 21 July 2020, whichever comes first.
COVID-19 not only represents a worldwide health security issue, but it also triggers significant negative economic consequences as businesses all over encounter disruptions in their activity.
The Romanian Parliament has recently adopted a new law providing that one parent can have paid leave when a child’s educational institution is temporarily shut down by authorities due to extreme circumstances. The law was sent to the President for enactment.
Arcliffe has advised Italian energy company Alerion on the acquisition of a 100 MW wind energy project in Romania from unnamed Romanian sellers.
In a world where air travel is becoming more frequent and affordable, Regulation (EC) no. 261/2004 of the European Parliament and of the Council of 11 February 2004 establishing common rules on compensation and assistance to passengers in the event of denied boarding and of cancellation or long delay of flights, and repealing Regulation (EEC) no. 295/91 („Regulation 261/2004”) ensures that the rights of passengers are respected in case of flight schedule incidents.
Parents will now be entitled to an allowance for nannies.
Musat & Asociatii has advised the EBRD on a EUR 16 million facility granted to TeraPlast Group, a Romanian producer of materials for installation, construction, and design markets.
Contributed by Ijdelea Mihailescu
Worried about COVID-19? During the outbreak, it is challenging for patients to seek in-person medical care. Self-quarantine is an important tool in managing disease transmission, especially among patients who are vulnerable to the risk of infection. This is where telemedicine becomes essential to ensure that patients have access to medical care and to boost community support. In times of a global public health emergency like the COVID-19 outbreak, healthcare systems should lean on remote medical check-ups, e-prescriptions and postal delivery of medicines in situations of quarantine and to tackle the further spread of the disease. Healthcare systems should expand beyond traditional healthcare tools and leverage existing telehealth tools to direct people to the proper level of healthcare for their medical needs (both to address their medical condition and to screen for COVID-19). Moreover, state administrations should make a historic effort to at least temporarily lift restrictions on telehealth usage (where such exist) to assist in the efforts to reduce patients' exposure to the virus and to ensure public health and safety.
Between what he describes as the "madness surrounding the coronavirus," Romania's pending elections, and the current stage of the economic cycle, Stefan Damian, Deputy Managing Partner at Tuca Zbarcea & Asociatii is rather pessimistic about the upcoming months.
Law no. 129/2019 for the prevention and combating of money laundering and terrorism financing, and for the amendment and supplementation of certain legislative acts (“Law 129/2019”) requires Romanian companies subject to registration with the Romanian Trade Registry (with the exception of national companies and companies fully or majority owned by the State) to submit statements on their ultimate beneficial owners with the Romanian Trade Registry.
Kinstellar has advised First Farms on the acquisition of agricultural land from NCH Capital in Romania.
Alexandru Aparaschivei has been promoted to Tax Partner at Nestor Nestor Diculescu Kingston Petersen.
Leaua Damcali Deaconu Paunescu and LALIVE have successfully represented the interests of Romania before ICSID, which on March 5 rejected claims against Romania amounting to over RON 9 billion brought by Ioan and Viorel Micula.
In November 2019, the newly-appointed Romanian government decided to operate certain operational changes.
BPV Grigorescu Stefanica has successfully represented the Municipality of Bucharest in a dispute with two private companies involving the failure by its General Council to approve a Zonal Urban Plan.