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At a global scale, trends in the financial sector are undoubtedly oriented towards digitalization. By employing new technologies, financial institutions are striving to meet clients’ surging demand for contracting financial services via digital channels. In other words, the spotlight is turning from branch-proximity to digital-technology, as the use of paper-based documentation and the need for clients to be present in person when contracting financial services are shrinking.

Debate is raging about the Romanian "offshore" law setting out the legal framework for oil & gas exploration and production in the Black Sea offshore perimeters (the "Offshore Law" or the "Law"), fuelling political turmoil and deterring investment. After a failed attempt to pass the Offshore Law in summer, there are signs of much needed stability.

The Romanian Parliament recently passed a piece of legislation in view of transposing Directive 2016/680 on the protection of physical persons with regard to the processing of their personal data by competent authorities for the purposes of the prevention, investigation, detection or prosecution of criminal offences or the execution of criminal penalties, and on the free movement of such data (“Directive 2016/680”). The legislation is currently pending entry into force.

In The Corner Office we ask Managing Partners across Central and Eastern Europe about their unique roles and responsibilities. The question this time around: Who was your mentor, and what was the most important lesson you learned from him or her?

Reff & Associates, the Romanian member of Deloitte Legal, has advised Patria Bank on the sale of a portfolio of non-performing loan receivables with a nominal value of approximately RON 245 million to InvestCapital LTD, a part of the KRUK Group.

To enable decisions to be passed efficiently, the Companies Law (31/1990) created flexible mechanisms and procedures allowing specific shareholder powers to be delegated to a company's management. Such mechanisms have been successfully implemented by a vast number of companies and have enabled them to expedite corporate changes concerning their main characteristics (eg, corporate seat, scope of business and share capital).

CMS and Karatzas & Partners have advised ALPLA, a global provider of plastic packaging, on the acquisition of Argo S.A. Binder Groesswang in Austria and Kyriakides Georgopoulos in Greece advised the the sellers on the deal. The transaction closed on October 1, 2018, after obtaining regulatory and competition approvals. Financial terms of the transaction were not disclosed.

The internship contract is an alternative tool by which a company provides a student or trainee the opportunity to work in the company to gain theoretical and practical knowledge in a specific field, with a view to possible employment after the internship is complete. The template documents necessary to put into practice the recent rules introduced to Romanian legislation in August 2018, have been approved and can now be used by companies active in Romania.

Emergency Ordinance no. 88 / 02.10.2018 on amending and supplementing certain normative acts in the field of insolvency and other acts, published in the Official Gazette of Romania, Part I, no. 840, starts with a number of reasons, circumstances and situations that the Romanian Government invokes to justify their action.

Popovici Nitu Stoica & Asociatii has advised WDP, a Belgian developer and owner of logistics and warehousing, on the acquisition of two logistics parks in Romania: Dunca Logistics Centre from Dunca Imobiliare and CTPark Cluj I from CTP Group. Dunca Imobiliare was represented by Moroianu & Associates, while the CTP Group was advised by Romania's The Law Chamber.

“Over the past few months we have witnessed a serious decline in the number of arbitration cases in Romania,” reports Sebastian Gutiu, Managing Partner at Schoenherr Bucharest, who adds that the recent introduction of local arbitration rules and other legislative changes may help reverse the trend.

At a time when in Romania's business environment there are more than 6,000 companies with a number of approximately 64,000 employees undergoing the insolvency observation period procedure, the Government considers it opportune to take urgent measures to amend the legislation in the field, with the aim of facilitating the recovery of the difficult economic situations that these companies face.

Romanian Knowledge Partner

MPR Partners | Maravela, Popescu & Roman is an internationally recommended and repeatedly awarded Romanian law firm providing integrated legal, tax advisory and insolvency services in all areas of interest for businesses and public administration. 

MPR Partners | Maravela, Popescu & Roman covers all major Romanian regions as well as the Republic of Moldavia, either directly or through carefully selected and closely coordinated correspondent offices. In addition, the firm has the infrastructure required to coordinate advice in multiple countries through highly reputed international networks of specialists ensuring high end services. 

Firm’s clients (multinational corporations, sound Romanian companies, private investors, public authorities and State companies) recommend MPR Partners | Maravela, Popescu & Roman as “A reliable team providing a high standard of work.” (quote by Chambers and Partners), having consistently endorsed the outstanding quality of services provided, flexible approach, responsiveness as well as the friendly working climate. 

More client feedback and further information on MPR Partners | Maravela, Popescu & Roman can be found at www.mprpartners.com.

All News about MPR Partners | Maravela, Popescu & Roman can be found here.

 

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