For the past five years the financial market in Slovenia has been characterized by a process involving the selling of non-performing loan and leasing receivables (“Receivables”), mostly to foreign investors. According to information published by the Bank of Slovenia, Slovenian banks still have approximately EUR 1.5 billion of non-performing loans on their balance sheets, and we expect to see more of these loans being sold in the next two years.
The EU has always acknowledged the positive effects of foreign investments into member states and thus has one of the most open regimes in this regard. But in light of recent security issues in Western countries, the EU’s view on foreign investments has slightly changed, and out of concerns for both security and public order direct foreign investments could soon become subject to a so-called “screening mechanism,” in which they would be reviewed by the member state where the investment is planned, by the European Commission, and by other member states.
On Thursday, November 30th, leading legal practitioners from across Central and Eastern Europe gathered in Prague to help CEE Legal Matters celebrate its fourth successful year as the leading chronicle of the legal industry in the region, participating in an expert Round Table conversation about the year just concluded and enjoying an evening of dinner, drinks, and bonhomie.
The National Assembly of Slovenia has adopted the new Transnational Provision of Services Act regarding the posting of workers (the “Act”). The Act, which is scheduled to come into force on January 1, 2018, implements European Enforcement Directive 2014/67/EU and imposes new conditions for employers posting workers to and from Slovenia.
On-site inspections conducted by the Market Inspectorate of Slovenia in the last decade have shown that approximately 9% of all software installed on company computers lack the necessary permission of the rightful copyright holders. At the same time, over 40% of inspected companies had at least one unlawful computer program installed when inspected. Results show that SMEs are especially prone to such practices.
The 2017 CEE Legal Matters General Summit took place at the Intercontinental Hotel in Warsaw on June 1-2, 2017, once again bringing together well over a hundred General Counsel and Heads of Legal from across Central and Eastern Europe for two full days (and one entertaining evening) of seminars, panel discussions, best practices review, and networking. This year’s event — the third annual, following the 2015 GC Summit in Budapest and the 2016 GC Summit in Istanbul — was the biggest and most successful yet.
Currently, one of the main issues in Slovenia is the ruling in late October 2016 of the Constitutional Court of Slovenia regarding constitutional rights violations suffered by investors in five major Slovenian banks when both their equity capital and the subordinated instruments were written off as a result of extraordinary measures exercised by the Bank of Slovenia between December 2013 and December 2014 as a result of the systemic banking crisis.