Wolf Theiss, working with Freshfields Bruckhaus Deringer, has advised Raiffeisen Bank S.A. on its issue of RON 500,850,000 Senior Non-Preferred Eligible Sustainability Notes. Clifford Chance advised the joint lead managers.

Deloitte Legal affiliated firm Reff & Associates has advised Bank of Cyprus on the sale of a portfolio of non-performing loans and repossessed properties in Romania with a face value of EUR 147 million to an entity part of the APS group. Tuca Zbarcea & Asociatii advised the buyer.

While notoriously intimidating to navigate, even for locals, real estate usage and ownership is essential for the two most common basic needs and concerns of every person, housing and work. The Romanian real estate system is largely aligned and similar with that existing in most European countries, nonetheless there are certain regulatory or market driven particulars which are of interest when looking for housing, accommodation, as well as for a place of setting up business. The below aims to break down the basics and provide tips & tricks for newcomers so that their experience is as streamlined and positive as possible.

This article provides an up-to-date overview of the currently existing FDI regimes in Romania.

Energy is the major topic in Romania, with updated regulations on energy trading and offshore gas production already being in place, and the business sector hoping for a legal framework on hydrogen projects, according to Ijdelea & Associates Managing Partner Oana Ijdelea.

Recently, the Bucharest Tribunal cancelled the general zoning plan (PUG) of Bucharest. This may have severe implications on new developments in Bucharest.

If one can indirectly deduce some sensitive characteristics about a person from some general categories of personal data that are being made available through publication, that personal data would qualify as special categories of personal data.

DLA Piper has advised 2Ride on its acquisition of Casco. BNT Gilescu Valeanu & Partners and Tiefenbacher reportedly advised the seller.

Former Ionescu & Sava Partner Costin Teodorovici has joined MassMutual Romania as its Chief Legal Officer.

Radu Taracila Padurari Retevoescu has advised Catalyst Romania Fund II on the acquisition of a minority stake in Evolution Prest Systems, which owns the Evomag e-commerce website. DLA Piper advised the seller.

Radu Taracila Padurari Retevoescu and TGS Baltic have advised GreenGroup on its acquisition of Lithuanian recycling company Ecso.

On July 26, 2022, Law no. 265/2022 regarding the Trade Registry and for amending and supplementing certain legal enactments impacting the registration in the Trade Registry has been published in the Official Gazette of Romania (“Law 265/2022”). 

Filip & Company has advised Alesonor Real Estate Development on obtaining a EUR 21 million financing from Banca Transilvania for the development of the Amber Forest project.

Havel & Partners, Savoric & Partners, ODI Law, and Hillbridges have advised a syndicate of banks on the approximately EUR 196 million syndicated cross-border refinancing loan to the CCC Group. Linklaters, Lakatos Koves & Partners, and Filip & Company reportedly advised the lenders as well.

Tuca Zbarcea & Asociatii has advised Speedwell on the EUR 60 million sale of a 75% stake in the Miro office building to Hili Properties. Musat & Asociatii advised the buyer.

The legal framework regarding representative offices of foreign companies in Romania was recently amended with the publication in the Official Gazette of Romania, Part I, no. 779 of 4 August 2022, of Ordinance no. 18/2022 on the authorisation and operation in Romania of representative offices of foreign companies and business entities (“Ordinance”).

Filip & Company has advised Bucharest Stock Exchange-listed One United Properties on its share capital increase.

On August 4, 2022, Ordinance no. 18/2022 on the authorization and functioning of representative offices of foreign companies and economic organizations in Romania (“GO 18/2022”) adopted by the Romanian Government has been published in the Official Gazette.