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In May 2020, a group of Romanian senators have proposed a legal enactment to prohibit the sale of shares owned by the Romanian state for a two-year period.

Despite the constant update of the public procurement legal framework, the Romanian authorities have signalled several issues related to the public procurement contracts granted to certain companies, in circumstances which are not able to comply, in all cases, with the general principles of transparency and equal treatment.

“Romania's Liberal government has recently announced a new program of investment," says Horea Popescu, CMS Partner and Head of Corporate M&A in CEE. “The goal behind the program is an economic relaunch. The government has only published a white paper so far, which is currently being debated and commented on.” 

In a recent warning, the European Union Commission sent infringement letters to Romania and seven other countries alerting them that they had failed to notify the EC of any implementation measures related to the transposition of the 5th Anti-Money Laundering Directive (EU Directive 2018/843, or AML 5) into national law, and instructing them to proceed with the transposition, which was supposed to have happened by January 10th, 2020, immediately.

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.

Clifford Chance Badea has advised the Kingspan Group, a company specialized in high-performance insulation and building envelope solutions, on the acquisition of TeraSteel SA, TeraSteel DOO Serbia, and Wetterbest SA. Schoenherr advised TeraPlast on the deal.

Stay informed about the latest developments in competition law in Central and Eastern Europe with Schoenherr's multi-jurisdictional newsletter. Each issue offers insight into developments in merger control, anti-trust, as well as public and private enforcement in the region.

On 12 July 2020 Regulation (EU) 2019/1150 on promoting fairness and transparency for business users of online intermediation services (Regulation 2019/1150) became applicable. The aim of the Regulation is to ensure the fair and transparent treatment of business users by online platforms.

A series of minor yet impactful amendments were introduced to the Romanian Companies Law through Law No. 102/2020, which came into force on 5 July 2020, making it easier for investors and entrepreneurs to set up a new company. The Romanian Parliament adopted the amendments in order to reduce the red tape around company incorporation and encourage investment in the Romanian economy.

Romanian Knowledge Partner

MPR Partners | Maravela, Popescu & Asociatii 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 & Asociatii 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 & Asociatii 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 & Asociatii can be found at www.mprpartners.com.

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