The modern mentality concerning the relationship between employers and employees has led to the creation of mechanisms aimed at increasing the loyalty of the latter. One such mechanism that has become very popular in recent years is the Stock Option Plan.
Post-Pandemic Rebound – Boards Taking the Lead in Financial Restructuring
We are now one year on from the first lockdown, and although many worried in the early days of the pandemic that Romania’s court system might not be able to cope with the large number of insolvencies that were expected, in fact the highly-anticipated wave of restructurings is yet to happen, as the debt moratorium which was enacted and then extended and the availability of the state aid package as well as the generally supportive approach of the lenders have helped companies manage their debt service and need for liquidity. While there is no shortage of funding, the uncertainty of the lockdown period and its impact on future developments have resulted in more amend-and-increase or amend-and-extend transactions, with borrowers adding to their existing lender groups rather than seeking a full refinancing.
New Perspectives, Same Challenges: A Snapshot of Some Conflict of Law Issues in Cross-Border Employment Contracts
From an economic and social point of view, throughout Europe, the COVID-19 pandemic period could be summarized in two words: digitalization and flexibility. These words were also key to employment matters, with a tendency for both employers and employees to be more open to establishing cross-border employment relationships, switching to remote work performed from a different EU Member States or, in case of expatriates, returning to their country of origin while continuing to work remotely for the same employer.
Five Pandemic-Driven Litigation Trends
One year into the COVID-19 pandemic, the “new normal” is as fluid and unexpected as ever. The aftermath of the health crisis and its economic impact has not matched the initial expectations for dispute resolution: the Romanian market has not been flooded with insolvencies and commercial disputes.
Romanian Competition Law: Reshaping Policy to Protect Consumer Well-Being
Some time ago, a merger control case I was working on, involving the gambling sector (among other things), raised an interesting problem regarding the role of competition law.
Impact of Bucharest PUZ Suspension on Ongoing Transactions
Navigating the maze of zoning, planning, and land-use-approval processes can result in significant delays and escalating costs, which may spell the difference between a development project’s success and failure. With the economic growth of Romania over the last few years having generated investor interest in developing new real estate projects, particularly in well-established urban areas like the country’s capital, the authorities have repeatedly expanded and amended the country’s urban planning laws.
How is Romania Preparing for a New Wave of Investment in the Renewables Sector?
Economic, policy, and legislative factors have revived investors’ interest in Romania’s renewables sector over the last year. As the second-largest market in Central and Eastern Europe, Romania managed to attract about EUR 8 billion in renewables investments in the first wave from 2008-2016 – mainly in solar (over 1.5 GW) and wind (over 3 GW) – benefitting from the green certificate support scheme, although Romania reached its 2020 target for green energy and investments slowed down significantly over the last five years.
Romania Rebounding: A CEELM Round Table
On April 8, 2021, CEE Legal Matters sat with senior partners from four of Romania’s leading law firms for a Round Table conversation.
Guest Editorial: Romania – Quo Vadis?
The COVID-19 pandemic has brought a lot of practical and legislative changes. Still, even if the virus complicated the overall environment (to which other factors contributed, such as elections followed by a change of government), Romania remains a place with significant business opportunities.
The Corner Office: Childhood Dreams
In “The Corner Office” we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. The question this time: “What did you most want to be when you were little?”
The Buzz in Romania: An Interview with Lucian Danilescu of Danilescu Hulub & Partners
Despite a bit of political uncertainty, Lucian Danilescu, Partner at Danilescu Hulub & Partners, is excited over Romania's macro-economic indicators and its potential upcoming infrastructure projects.
Romania: Updates on Transfers of Personal Data to Third Countries
The European Data Protection Supervisor has published a case-law digest on the transfer of personal data to third countries¹. The case-law digest aims to clarify the structure of the analysis carried out by the Court of Justice of the European Union (“CJEU”) in judgments concerning the transfer of personal data to third countries, in particular by highlighting the steps followed and the jurisprudential acquis in relevant case law.
Deal 5: Coca-Cola HBC Romania Legal Manager Raluca Alexandru on Acquisition of Stockday from Heineken
On April 19, 2021, CEE Legal Matters reported that Tuca Zbarcea & Asociatii had advised Coca-Cola HBC Romania on its acquisition of 50% of the share capital in the Stockday b2b e-commerce platform from Heineken Romania. CEE In-House Matters spoke with Raluca Alexandru, Legal Manager at Coca-Cola HBC Romania, to learn more about the deal.
EU Taxonomy and ESG Requirements – “How Good Is Good Enough” and Are We There Yet?
The first part of July 2021 marks an important step at the level of the EU in its road towards the European Green Deal objectives. On July 14, 2021, the European Commission (EC) announced the rather complex set of reforms under the Fit for 55 package. Only a week before, the EC issued the Renewed Sustainable Finance Strategy setting forth the main steps going forward towards placing ESG-disclosures and sustainability matters at the heart of financing system and economy in the EU.
Hategan Attorneys Reconfigures Structure
Hategan Attorneys has announced that it had internally reconfigured from what the firm describes as a pyramidal structure to a horizontal one.
ICC International Court of Arbitration Appoints Malgorzata Surdek-Janicka as Vice-President
CMS' Malgorzata Surdek-Janicka has been appointed as Vice-President of the International Court of Arbitration at the International Chamber of Commerce in Paris. Aside from Surdek-Janicka, 33 lawyers from CEE were appointed as members and alternate members of the court.
Romania: The Close Link Between GDPR Compliance and Cyber Security Breaches Is Often Disregarded
The close relationship between data protection and cyber security results from Art. 5 of the European Union’s (EU) General Data Protection Regulation (“GDPR”) which outlines one of the most important principles relating to processing of personal data: “integrity and confidentiality”.
Foreign Direct Investment in Central Europe: Romania
The global pandemic has impacted all markets, with subsequent ramifications for M&A. Investors are now seeking greater protection against general lock-downs and supply-chain disruptions, while governments aim to protect critical supplies and services by imposing new regulations on foreign investment in crucial or strategic industries.