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Romanian authorities have been busy this year putting forward several pieces of legislation affecting the construction field, including, most importantly: (i) a draft of a new law on authorizing construction; (ii) a draft proposal for amending the current application norms for the existing Construction Law; and (iii) preliminary theses for a long-awaited Urban Planning and Construction Code. These proposals were all designed to further the ambitious aim of unifying all the regulations on town planning and construction.

Without going into too much detail, having seen the recent turmoil regarding the implementation of the General Data Protection Regulation and the fact that the subject has been more than widely debated, we wish to point out that, from our point of view, record keeping of data processing activities is a key aspect in a proper GDPR implementation scheme.

The European Union’s General Data Protection Regulation is, according to the EU-hosted GDPR website, “the most important change in data privacy regulation in the past 20 years.” The Act, which was approved by the EU Parliament on April 14, 2016 and will become fully effective on May 25, 2018, was designed “to harmonize data privacy laws across Europe, to protect and empower all EU citizens’ data privacy, and to reshape the way organizations across the region approach data privacy.”

The winners of the 2017 CEE Deal of the Year Awards were announced at the first ever CEE Legal Matters Deal of the Year Awards Banquet last night in Prague. The biggest smiles in the joyous and music-filled celebration of CEE lawyering, perhaps, were on the faces of Partners from Avellum and Sayenko Kharenko, which, along with White & Case and Latham & Watkins, won the award both for Ukrainian Deal of the Year and CEE Deal of the Year for their work on the 2017 Ukraine Eurobond Issue (a story initially reported by CEE Legal Matters on October 2, 2017).

In The Corner Office we ask Managing Partners at law firms across the region important questions about their unique roles and responsibilities. The question this time around: What was your favorite course in law school, and why?

On January 2, 2018, CEE Legal Matters reported that Czech pharmacy chain Dr. Max acquired the entire A&D Pharma network in Romania, in a transaction that has been shortlisted for CEE Deal of the Year 2017 in the country. While the transaction awaits approval from authorities, we reached out to Ivo Senkyrik, Head of Group M&A at Dr. Max, to find out how his team made the deal happen.

One of the most controversial parts of corporate reorganization operations planning in Romania involves the use of share capital contributions or share swaps as a means to transfer company control – operations that fall into a legislative and administrative grey area. 

Keeping track with the( hundreds of) changes to the Romanian tax legislation has never been an easy endeavor. This year things have been taken to a whole new level, as fiscal predictability, scarce as it was before, has disappeared entirely.

French lawyer Bruno Leroy is the Founding Partner of the highly-regarded Leroy si Asociatii law firm in Bucharest. Leroy, who is a member of the Paris and Bucharest Bar Associations, has been working in Romania for almost twenty years, specializing in M&A and real estate transactions and on sensitive European law and competition matters.

On July 29, 2017, a new regulation regarding the reception of construction projects (the “New Regulation”) was enacted by means of Government Decision no. 343/2017. The New Regulation, which replaced the former procedure (which was regulated by Government Decision no. 273/1994) in its entirety, provides a number of notable changes impacting the real estate and construction industry in Romania.

On July 29, 2017, a new regulation regarding the reception of construction projects (the “New Regulation”) was enacted by means of Government Decision no. 343/2017. The New Regulation, which replaced the former procedure (which was regulated by Government Decision no. 273/1994) in its entirety, provides a number of notable changes impacting the real estate and construction industry in Romania.

A number of modifications to Romanian fiscal legislation implemented on January 1, 2016, have had significant effects on both taxpayers and competent authorities. The most important of these modifications target the transfer pricing policies and the VAT payment mechanism and have had a direct effect on fiscal litigations.

Romanian Government Ordinance no. 23/2017 regarding split VAT payment entered into force on October 1, with its provisions being optional until the end of 2017. On January 1, 2018, the Ordinance becomes mandatory. 

The Deal:  In July 2017, CEE Legal Matters reported that Romania’s Leroy si Asociatii law firm had advised France’s Lactalis group on its acquisition of Romania’s Covalact S.A. dairy producer from the SigmaBleyzer private equity firm, with Schoenherr advising SigmaBleyzer on the deal.

Recent years have seen a remarkable increase in the number of international arbitration disputes involving Romanian parties. In light of its flexibility, of the freedom parties have in constituting the arbitral tribunal and choosing the seat and language of the arbitration, and the perceived speedy and effortless enforceability of arbitral awards, international arbitration has become a widely-used dispute settlement mechanism. 

Traveling the region on legal business I sense a lot of buzz surrounding law firms in CEE. Headline transactions are numerous and deal-pipelines appear to be well-fueled. With the tailwind of news about solid economic growth in the European Union there are good chances that this trend will last. The future for law firms in the region looks brighter than ever. But there are also challenges ahead of us as the legal industry, in CEE as everywhere else, is headed for some turbulent times. 

Since Romania’s accession to the European Union in 2007, the European Commission has set up a Cooperation and Verification Mechanism (CVM) in order to monitor, among other strategic points, the progress of Romania’s fight against corruption.

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

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