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On November 10, four Banking & Finance experts from Croatia, Hungary, Romania, and Serbia sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss banking consolidation, financing availability, the effects of high interest rates, bank capitalization, green financing, the specter of loan restructuring, and the other challenges the sector is facing.

In the last two months, the Commission for the Protection of Competition (“Commission”) initiated several different proceedings i.e., 3 gun-jumping cases, one for abuse of a dominant position and one case regarding restrictive agreements. It is necessary to pay attention to these proceedings, because they are not coincidences but rather are initiated due to Commission’s reasonable doubt that market participants have breached the Law on Protection of Competition of Republic of Serbia (“Law“).

Moravcevic Vojnovic and Partners in cooperation with Schoenherr has advised Integral Venture Partners on its acquisition of a controlling stake in Chips Way alongside co-investor and industrial partner Nelt Group. Vukina & Partners advised sellers Jagoda Bajevic, Dobroslav Barbaric, Ivana Vujcic, Matko Dropuljic, Vlatko Barbaric, Djordje Dragicevic, Ivana Einfalt, and Tomislav Bajevic.

Continuing our series on opportunities for investment in Serbia, we discuss the real estate sector.  Historically, countries have been reluctant to allow foreigners to acquire real estate. In the past, real estate (primarily lands) symbolized its owners’ power, and today apartments, buildings, houses, properties, mines, and fields have significant worth. Nevertheless, globalization has increased the dynamics of “international” real estate trade. Real estate has thus become an important segment in international investment, both as a secondary part of the project (leasing or even buying space for the investors’ regular business operations) and as the very purpose of the investment (real estate construction, exploitation of mineral resources, construction of roads, etc.). As discussed in our previous articles, Bilateral Investment Treaties (“BITs”) play a crucial role in encouraging and securing foreign investors to invest in a foreign country, this time in real estate.

Karanovic & Partners, working alongside Baker McKenzie, has advised Colt Technology Services on its acquisition of Lumen Technologies’ Europe, Middle East, and Africa business for USD 1.8 billion. Bryan Cave Leighton Paisner reportedly advised Lumen Technologies.

On November 10, 2022, the European Parliament finally adopted the Corporate Sustainability Reporting Directive (“CSRD“). The CSRD intends to expand the application of corporate sustainability standards across the market by including an even larger specter of business entities compared to the application scope of the Non-financial Reporting Directive (“NFRD“).

An updated version of the Technical Guideline for Administrative and Technical Overview of Functionalities of ESIR or L-PFR – Version 1.14 (“Technical Guideline”) was published on the website of the Tax Administration on October 25, 2022.

If one takes into account the applicable Law on Companies of the Republic of Serbia, every branch office, including a branch office of a foreign legal person, represents a separate organizational unit of a company through which such company conducts its business activities in Serbia. A branch office does not hold the status of legal person, it only acts in the name and on behalf of the company that founded it, in the respective legal transactions of the company.

The latest amendments to the Companies Act (“Act“) from 2021 specify the mandatory elements of the headquarters of each enterprise. Each registered office address must contain information related to the city, municipality, street or square, house number, floor, and apartment number.

Commercial disputes, especially complex commercial cases, are increasingly present in modern regional and Serbian arbitration practices. There are more and more international and local business contracts in which the contracting parties fully trust international and domestic arbitrations to resolve all disputes arising from such contracts.

Serbia Knowledge Partner

SOG in cooperation with Kinstellar is a full-service business law firm in Serbia that provides foreign and domestic clients with premium-quality legal advice and assistance across a wide range of key areas of corporate law. The firm was founded in 2015 by a group of seasoned, internationally-trained lawyers. SOG has developed a distinctively dynamic culture, bringing together top talent, fostering entrepreneurship, and maintaining exceptional relationships with its clients.

SOG has achieved consistent growth in the volume of its business, accompanied by an exponential increase in the number of hired associate lawyers and the firm’s network of business contacts. SOG has a robust client base of multinationals, investment and private equity firms, and financial institutions. Clients praise SOG for being commercially minded, very responsive and knowledgeable.

Establishing permanent cooperation with Kinstellar is part of realising SOG's long-term development strategy to be the leading provider of legal services in the Western Balkans market.

Firm's website: https://www.kinstellar.com/

 

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