According to a non-binding opinion delivered on September 20, 2022, by Athanasios Rantos, influential adviser to the European Court of Justice, antitrust authorities may also assess infringement of personal data protection rules during their investigations.
Increased Activity of the Serbian Competition Commission– Five Initiated Proceedings in Few Weeks
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“).
Startup Alternative Investment Funds - Law Regulation
Keeping investments in or out of line with the development of the IT sector.
Schoenherr and Vukina & Partners Advise on Integral's Acquisition of Chips Way
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.
Investing in the Real Estate Market in the Republic of Serbia
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.
CMS Advises UGT Renewables on Joint Solar Energy Project with Montenegro’s EPCG
CMS has advised UGT Renewables on the cooperation agreement with the Electric Power Utility of Montenegro for the joint development of a large-scale solar energy project in the country.
Karanovic & Partners Advises Colt Technology Services on Acquisition of Lumen Technologies’ EMEA Business
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.
Dragan Lupsic Joins Heineken as Corporate Affairs Director
Former PwC Director Dragan Lupsic has joined Heineken Srbija as Corporate Affairs Director.
Electronic Signatures, Contracts, and Archiving in Serbia
Contributed by Zivkovic Samardzic.
European Parliament Adopts CSRD
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“).
Removed Uncertainties about the Issuance of Fiscal Invoices
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.
Foreign Legal Person and Branch Office in the Republic of Serbia
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.
Serbia: It’s Time to Harmonize Your Business Seat Address with Prescribed Elements!
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.
Serbian Competition Authority Imposes EUR 460,000 Fine for Formation of a Consortium
The Commission for Protection of Competition of the Republic of Serbia ("Commission") recently imposed a EUR 460,000 fine on companies in the hazardous waste management market for forming a consortium to participate in a public procurement procedure.
Harrisons Advises EBRD on EUR 15 Million Loan to Banca Intesa Beograd
Harrisons has advised the EBRD on its EUR 15 million loan to Banca Intesa Beograd.
Petar Orlic Moves to Serbia To Join NKO Partners
Former London-based JMW Solicitors Real Estate Partner Petar Orlic has joined NKO Partners in Belgrade as a Partner.
Serbia: Criminal Acts and Arbitration Proceedings – A Challenge to Arbitration or Not
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.
In Search of a New Home: Business Relocation Trends in CEE
With the war in Ukraine raging for more than six months, law firms across the region have reported increased workloads in corporate and M&A, tax, employment, immigration law, and inquiries on the sanctions regimes in relevant jurisdictions, noting that companies from Ukraine, Russia, and Belarus are variously looking for a new home. Whether to avoid sanctions or escape the war, those companies consider a variety of factors in determining where to go.