Serbian National Parliament adopted Act on the Protection of Whistleblowers (“Official Gazette of RS”, no. 128/2014, hereinafter “APW”) on December 4th, 2014, rightfully recognizing that whistleblowers are essential elements of an ethical social and economic environment and hence deserve additional institutional protection (especially because of their exposure to employers’ retaliation).

BDK Advokati has advised Eldorado Gold on the sale of its two Serbian mining companies, Tara Gold and South Danube Metals, to Ibaera Capital, an Australian PE focused on exploration and project development. Ibaera Capital was advised by PWC Legal.

Serbia's Doklestic Repic & Gajin has announced that it has established a correspondent law office in Bosnia and Herzegovina, in the form of that city's Karabdic Law Office.

On October 10, 2019 the National Assembly of the Republic of Serbia adopted the Law on Alternative Investment Funds and Law on Open-Ended Investment Funds with a Public Offering, where both of the laws came into force on October 19, 2019 and will become applicable on April 20, 2020.

Milica Savic, a former Senior Associate at Karanovic & Partners, has been promoted to Partner in the firm's Belgrade office.

Karanovic & Partners has advised NIBE Industries AB on its acquisition of the TIKI Group, Gorenje’s Serbian subsidiary. The TIKI Group was advised by the Zdolsek law firm.

On 12 November 2019 in Belgrade, Ministry of Justice signed a cooperation agreement with EUROJUST, an EU agency dealing with judicial co-operation in criminal matters among agencies of the member states. The signing of the agreement took place in Belgrade after Serbia fulfilled the prerequisite by adopting the new Act on personal data protection, which was the final step in complete harmonization with EU regulations and directives. Eurojust has cooperation agreements with 12 countries, 3 of which are Western Balkan countries: Montenegro, North Macedonia, and Albania.

Some might say that Serbia’s banking sector is blooming and steadily consolidating. Others may argue that actual consolidation is still far away. Either way, players on the local market are changing. This is clear now following the exit of Societe Genarale, BNP’s Findomestic, and two Greek banks, followed by the bold revamp of Hungary’s OTP and the strengthening of domestic investors such as AIK and Direktna Bank.

The new Serbian Act on State Aid Control ("SAA")¹ has entered into force. Its implementation, apart from the provisions on organisation of the Commission on State Aid Control ("Commission"), will begin on 1 January 2020.

Karanovic & Partners has advised family-owned automotive industry supplier Brose on the acquisition of 23 hectares of land from the Republic of Serbia for the construction of a plant and a research center that will produce automotive equipment.

BDK Advokati has advised Labiana Group on the acquisition of all issued shares in the Veterinary Institute of Subotica (Vetzavod), a Serbian animal vaccine producer. Labiana acquired 67.05% of Vetzavod shares from Victoria Group AD and 32.95% from Sojaprotein AD. Jankovic Popovic Mitic advised the sellers on the deal.

The State Secretary of the Ministry of Labor, Employment, Veteran and Social Policy of the Government of the Republic of Serbia announced the new Act on health and safety at work, which is to be adopted by the end of the year. The new Act is intended to enhance the level of protection at work and to impose a general standard of safety which would lead to a better and healthier work environment.

On its way to becoming an EU Member State, Serbia has been harmonizing its law with the EU acquis. Within the Negotiating Position of the Republic of Serbia for Chapter Nine – “Financial Services”, the RS undertook, inter alia, to transpose Directive 2011/61/EU of the European Parliament on management of alternative investment funds in the national legal framework of the RS by adopting a separate law governing alternative investment funds.

Former Wolf Theiss Poland Co-Managing Partner Ron Given has joined Deloitte Legal as its CE Senior Legal Counsel, responsible for all of the firm’s offices in 19 Central and Eastern European countries.

Ministry of Finance adopted the new Rulebook on 31 October 2019 related to the determination of Telecommunication and Electronic Services. The new rulebook will be applicable from 1 January 2020.

Double taxation treaty between the Republic of Serbia and Israel has entered into force.

At the moment, there is no generally applicable obligation to report a personal data security breach in Serbia. This type of obligation is currently envisaged only by certain sector specific laws such as the Law on Electronic Communications.

In “The Corner Office” we ask Managing Partners across Central and Eastern Europe about their unique roles and responsibilities. The question this time around: What was the most difficult or unpleasant experience you had terminating someone’s employment?”