Maravela | Asociatii has assisted Precision for Medicine in connection with Romanian law aspects of its multi-jurisdictional acquisition of contract research organization Argint International. Bird & Bird was lead counsel to Precision for Medicine on the deal. Kinstellar's advised the sellers on Romanian, Czech, and Hungarian aspects of the deal, working with lead counsel Osborne Clarke.
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.
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).
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.
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.
Restitution of Land – the Never-ending Saga
It is well known that, after emerging as democracies in the 1990s, Central and Eastern European States passed restitution legislation that covered property abusively taken over by the communist regimes. Some states have been more successful than others and Romania is not exactly on the top of the list.