You will be redirected to the website of our parent company, Schönherr Rechtsanwälte GmbH: www.schoenherr.eu
EU proposes to simplify CBAM: key takeaways for Balkan companies
The European Commission has published the Omnibus package of simplification measures aimed at reducing the burden of sustainability reporting on businesses. Most of the proposed changes pertain to the Corporate Sustainability Reporting Directive (CSRD), Corporate Sustainability Due Diligence Directive (CSDDD) and EU Taxonomy system. However, Omnibus also includes significant changes to the Carbon Border Adjustment Mechanism (CBAM).
Hungary to open doors for new power plant projects as new capacity allocation system takes shape
Let's start with the fundamentals: Hungary will need significant additional power plant and battery capacities, and it will need them soon. This necessity persists despite the gross amount of solar power capacity reaching 7.5 GW by the end of 2024, a target initially set for the 2030s. The drive for electrification, the goal to reduce energy imports, the high average age of the existing generator portfolio and the previous focus on solar energy necessitate at least 10 GW of new generation capacities, with a preference for baseload generation and/or storage solutions. The state-owned incumbent MVM is already developing 3x500 MW new combined cycle gas turbine (CCGT) installations and 2x1000 MW new nuclear blocks, but significant private investment is still required.
Romania one step closer to secondary FDI legislation
In an eagerly awaited development, Romania has taken a step forward in fostering more clarity on essential concepts relevant for foreign direct investment (FDI) screening, by publishing draft guidelines (the "Guidelines"), anticipated to enter into force in March 2025. While the Guidelines may not bring major surprises for practitioners who have been working in the FDI trenches since the regime came into force in April 2022, the formal codification of the authority's practice is a welcome step toward greater transparency and predictability
EU Gas-Hydrogen Package: On the Party Status in the Procedure for the Decommissioning of Natural Gas Distribution Networks under the Internal Gas Market Directive
As part of the EU Gas and Hydrogen Package, Directive (EU) 2024/1788 of 13 June 2024 ("Internal Gas Market Directive; IGMD") makes provisions for the first time on the phase-out of gas by network operators through the decommissioning of gas networks. Article 57 IGMD stipulates that gas distribution system operators ("DSO") must develop network decommissioning plans ("NDP") if a reduction in natural gas demand is foreseeable. The competent national authorities assess whether the NDP for the distribution network meets the principles set out in the IGMD.
Green Guarantees in Poland
The Export Credit Insurance Corporation (Korporacja Ubezpieczeń Kredytów Eksportowych; "KUKE") is the only export credit agency in Poland providing export insurance for trade security in high-risk markets guaranteed by the Polish State Treasury, regulated by the Polish Act of 7 July 1994 on Insurance Guaranteed by the State Treasury.
Mandatory AI training for employees in the EU: your guide to compliance
Starting 2 February 2025, Art. 4 of the AI Act will require businesses to ensure their workforce is equipped with a sufficient level of artificial intelligence (AI) literacy. With AI rapidly reshaping industries, this new regulatory obligation presents both a challenge and an opportunity. Here's everything you need to know about the new AI literacy requirements and how your company can successfully meet them.
Serbian Competition Commission submits four draft proposals to Government for block exemption regulations
On 21 January 2025, the Serbian Commission for Protection of Competition submitted draft proposals to the Government for four new regulations concerning the exemption of certain categories of agreements from the prohibition of restrictive agreements. The drafts were finalised following a public consultation and subsequent legal and technical revisions, which took place after their initial publication in July 2024.
Recent changes to Hungary's EPR system: new sanctions and a shift from environmental product fees to EPR
In 2023, Hungary introduced the Extended Producer Responsibility (EPR) system, which places the financial responsibility for the waste management of circular products on producers. The EPR system encompasses a wide range of product streams, including packaging, single-use and other plastic products, electrical and electronic equipment, batteries and accumulators, motor vehicles, tyres, office paper, advertising paper, cooking oil and fat, textile products and wooden furniture. Producers, or in the case of foreign manufacturing, the first domestic distributor of such products, are required to comply with registration, reporting and EPR fee payment obligations.
News Alert: Croatia set to introduce proper FDI screening mechanism
The Croatian Government is preparing to establish a comprehensive system for screening foreign direct investments (FDIs) by adopting the new Act on the Screening of Foreign Direct Investments (the "Act"). The Act will align the current Croatian legal framework with Articles 3 and 4 of EU Regulation 2019/452, ensuring compliance with European Union standards for investment screening. The draft Act is still not available to the public. According to the Croatian Government's plan of legislative activities for 2025, the new Act and its implementation are now in the hands of the Ministry of Finance, with finalisation expected in the first quarter of 2025 (available here)
Happy New Regulation - The beginning of 2025 fires the starting gun for the new Health Technology Assessment Regulation
Health technologies, such as pharmaceuticals, medical devices and in-vitro diagnostics, play a key role in the success and progress of our healthcare system. Therefore, it is important to ensure health protection when using these technologies and to promote innovation.
Poland: New technologies and food traceability
Today's food industry faces many challenges in ensuring food safety, quality and sustainability. As the demand for safe, healthy and organic food continues to grow, food traceability in the process of food making becomes a key element.
Legislative changes for joint-stock companies in Romania
Effective 6 December 2024, a series of amendments to the Companies Law 31/1990 have come into force, as introduced by Law 299/2024. These changes primarily aim to simplify the organisation and conduct of general shareholders' meetings and to eliminate excessive formalities related to articles of association across all types of companies.
What should employers expect from the EU AI Act?
Perspective of Serbia / non-EU country
Czech Class Actions Series – Part III
Czech Class Actions Act already effective: pitfalls associated with publicity
Czech labour law in flux: another "flexible amendment" to the Labour Code
The Chamber of Deputies of the Parliament of the Czech Republic has been presented with another draft amendment to the Czech Labour Code, which has been called a "flexible amendment". The amendment should come into force on 1 January 2025.
Regulating telemedicine and personalising healthcare: an overview of the latest revision to the Bulgarian Public Health Act
The amendments to the Bulgarian Public Health Act (PHA), introduced on 8 October 2024, are aimed at modernising the healthcare system, enhancing data management and improving patient care. They prioritise the transition to electronic health records (EHR), regulate telemedicine, and introduce a digital scheduling system for medical appointments. This article provides a high-level overview of the amendments.
AI regulation and development in Serbia
AI is developing rapidly in Serbia and numerous initiatives are emerging daily. Therefore, a working group, which includes our Schoenherr expert Marija Vlajković, is already in the process of drafting a new Law on Artificial Intelligence. The final draft is expected by spring 2025.
Privacy concerns in web scraping: a GDPR and Serbian privacy law perspective
When developing their models, AI providers use various data sets. Sometimes these are provided by their clients, as in the case of tailor-made chatbots, and sometimes the models are trained on licensed or even publicly available data. In both situations, the data sets almost always include personal data. Thus, AI developers should carefully consider their obligations under the GDPR as well as local privacy law, depending on what applies to them.
The status and future prospects of AI regulation and development in North Macedonia
North Macedonia currently lacks AI-specific regulations, lagging behind neighbouring countries that have implemented guidelines or laws. Although the Macedonian Fund for Innovation and Technology Development (FITD) and the government initiated efforts in 2021 to create a National Strategy for AI (National Strategy), progress has been slow due to challenges such as insufficient data, human resources, and technical capabilities. Despite this, there is a strong commitment, supported by organisations like the World Bank and UNDP, to develop a comprehensive AI strategy aligned with European Union (EU) standards.
Austria: EU Nature Restoration Law has come into force
The Regulation (EU) 2024/1991[1], known as the "Nature Restoration Law" ("NRL"), represents a significant EU initiative aimed at reversing ecosystem degradation. The NRL requires Member States to restore degraded ecosystems and enhance biodiversity and resilience across land and marine areas. Effective from 18 August 2024, the NRL imposes binding targets for ecosystem restoration, presenting both opportunities and challenges. This article analyses the NRL's potential impacts on the private sector, highlighting significant concerns and legal issues.
Czech Republic: Sustainability-Linked Loans: LSTA vs. LMA Frameworks
The sustainable finance sector has seen a surge, with Sustainability-Linked Loans (SLLs) hitting EUR 212 billion in early 2024[1], driven by a global emphasis on environmental responsibility and incentivizing ESG-compliant practices. This trend underscores the role of SLLs in corporate finance and global sustainability efforts.
Austria: Blood, tissue, cells and more – New EU Regulation on Substances of Human Origin
In Austria, almost 1,000 units of stored blood are needed every day; in Germany, it is around 15,000 units. Blood is an important emergency medication in the event of accidents, childbirth, surgeries or serious illnesses. It has a shelf life of only 42 days and cannot be produced artificially.
Romanian Competition Council conducts investigations of alleged abuse of superior bargaining position and alleged unfair trading practices. What does this mean for companies?
On 26 June 2024, the Romanian Competition Council (the "RCC") announced that it had conducted a dawn raid as part of an investigation concerning the possible abuse of a superior bargaining position by a company active in the supply of liquid medicinal oxygen against a public hospital. The investigation has been launched ex officio as a result of information received from public sources. The case is noteworthy as it marks the first time the RCC has launched a review regarding an alleged abuse of superior bargaining position, a relatively new type of infringement under Romanian competition rules.
Romania: FDI and antitrust regimes receive welcome clarifications under new law
The FDI and antitrust regimes are undergoing some significant changes, primarily aimed at standardising the gun-jumping regime. These changes seek to ensure a more consistent and predictable outcome for all investors, regardless of their nationality.
Austria: Can I claim that my product is climate neutral?
In a recent judgment, the German Federal Court of Justice (BGH) held that the claim "climate neutral" is ambiguous and often misleading unless the advertisement itself explains its specific meaning. This sets a trend for Austria, where courts have traditionally followed the standards set by the BGH in relation to environmental advertising when assessing such claims under unfair competition law. On an EU level, the restrictions regarding claims about greenhouse gas emissions are becoming even stricter, leaving advertisers with much to consider before making claims such as "climate neutral".
Czech Class Actions Series – Part II
Czech Class Actions Act already effective: who are the subjects of class actions in the Czech Republic?
AI Act published in the Official Journal of the EU
The AI Act was published in the Official Journal of the EU on 12 July 2024.
The EU's new Payments Services Package
The European Union (EU) is updating its regulatory framework governing payment services by introducing the "Payments Services Package". In June 2023, the European Commission published a set of legislative proposals designed to modernise and enhance the digital financial landscape within the EU.
Czech Class Actions Series – Introduction
Class Actions Act in force: a game-changer in consumer claims enforcement against businesses in the Czech Republic?
The revamped cash rebate system: a new promise for the Romanian film industry
"After all… tomorrow is another day." Scarlett O'Hara
The future of film productions appears brighter these days, as Romanian authorities have recently reaffirmed their commitment to boost the local film industry by revamping the cash rebate system available to it. As many of our readers may know, famous films such as Amen, Cold Mountain, Modigliani, Transporter 3, Le Concert and, more recently, Wednesday or Voyagers, were shot in Romania.
European Climate Justice: what does the recent ECHR judgement mean for private companies and potential civil liability?
Climate change litigation has been making waves, with companies and states facing legal challenges related to their environmental impact. Climate activists try to enforce their right to climate protection and a sustainable future through legal proceedings and are treading a fine line between environmental regulations, corporate responsibility, and inaction of their own states. Most companies are aware of these developments and do their best to balance business goals while enhancing sustainable practices.
Serbia: Diving into the CBAM Regulation: how does it function alongside the EU ETS?
As noted in our previous article on this topic, the CBAM is a new carbon tariff instrument introduced as part of the EU's Fit for 55 package, a strategy to reduce the EU's greenhouse gas emissions by at least 55 % by 2030. The CBAM applies to imports into the EU of certain products and is based on the emissions generated in their production outside of the EU. Currently, in the transitional phase of the CBAM, importers only have the obligation to report on the amount of emissions embedded in the products they import, but from 2026 onwards they will also be obliged to buy and surrender CBAM certificates to cover for these emissions. Therefore, under the CBAM, non-EU producers will not only have to assist their EU partners in the reporting process, but also potentially face significant impacts on their businesses as a result of the new financial burdens importers will encounter.
North Macedonia: Unlocking growth: leveraging long-term leases over private land for business development
For over 15 years, interested parties have been permitted to establish long-term leases on privately owned construction land for investment and building purposes. This opportunity for business expansion was formalised in 2008 with the Construction Land Act, following the adoption of the first Macedonian Construction Act, which prescribed long-term leasing as a legal basis for obtaining building permits.
New rules for telework in Bulgaria
Today, 2 April 2024, amendments to the Labour Code are coming into force, giving effect to new rules for telework in Bulgaria that enhance the existing legislation.
Serbia: CBAM Regulation and its effect on Balkan companies in iron and steel, cement, fertilisers, aluminium, hydrogen and electricity sectors
What is the CBAM?
The EU Carbon Border Adjustment Mechanism (the "CBAM") was established by the CBAM Regulation (EU) 2023/956 (the "CBAM Regulation"), which came into force in May 2023. It is a carbon tariff system introduced as part of the EU's goal to reduce greenhouse emissions by at least 55 % by 2030.
Hungarian webshops to offer delivery by Hungarian Post
From 28 March 2024, businesses operating in Hungary will be required to offer services by the state-owned enterprise Hungarian Post ("Magyar Posta") as a delivery option for consumers using their online stores. The text of the new provision is concise and has raised several questions.
Montenegro's evolving legal landscape: recent amendments and controversies in games of chance regulation
Montenegro's Law on Games of Chance (the "Law") was enacted in 2004 and has undergone multiple amendments since. The most recent ones came into effect on 1 January 2024. The aim of the amendments, as stated by the competent authorities, is to ensure a sustainable regulatory system for organising games of chance via the internet or other telecommunication means, as well as to generate additional revenue from these activities.
Revitalising healthcare: Austria's new healthcare reform
Austria's healthcare system got a long-anticipated makeover. After years of small-scale adjustments, a collective amendment – the "Vereinbarungsumsetzungsgesetz 2024" ("VUG 2024" or the "reform") – has brought a new wave of changes somewhere revolutionising healthcare in Austria. The VUG 2024 refers to a comprehensive and coordinated change made to a total of 13 legal matters, which are being modified together as a unified act for a more holistic approach. This happens to be one of the biggest reforms in the healthcare sector in recent decades.
Romania: CfD scheme for renewables to go live in 2024
In March the European Commission approved a EUR 3bln (RON 15.22bln) Romanian scheme to support installations producing electricity from onshore wind and solar photovoltaic. The approval relates to an initiative launched for consultations by the Ministry of Energy in August 2023, aimed at implementing a Contracts for Difference (CfD) support mechanism for low-carbon technologies (the "CfD Scheme").
New waste management legislation. Waste reporting obligations in Bulgaria. What are the key considerations for businesses?
Bulgarian and EU legislators have been focusing on waste reduction and reporting recently. We are using the latest acts of the European Parliament to
EU: Puma faces design protection hurdle after Rihanna's Instagram exposure
The publication of designs prior to filing for EU-wide protection can lead to invalidity. A sneaker design by Puma was declared invalid due to its prior publication by Puma creative director Rihanna on Instagram.
Romania: A simpler path for credit institutions to outsourcing arrangements
Exciting developments are on the horizon for the Romanian banking community, as efforts are underway to streamline the framework regulating outsourcing arrangements. The National Bank of Romania ("NBR") has introduced a new regulation (the "Draft Regulation"), which is up for public consultation on the NBR's website. This proposed regulation aims to transpose a wider set of obligations for credit institutions in this respect.
The contractor's liability for the wage claims of its subcontractors in the construction industry
On 1 January 2024, an amendment to the Labour Code came into force that introduces final liability of the construction contractor for wage claims filed by third parties against its subcontractors. This includes wage claims from any employment agencies, up to the amount of the statutory minimum wage for each employee engaged in activities for the subcontractor.
Austria: Neu im ElWG-Entwurf: Bestehende Netzanschlussverhältnisse in Gewerbe- und Industrieparks sollen (geschlossene) Verteilernetze werden
Hungarian competition law and enforcement trends
Significant amendments were implemented to the Hungarian Competition Act in 2023, with the Hungarian Competition Authority (HCA) exhibiting remarkable activity across diverse sectors. What can companies expect in 2024?
Competition outlook: will 2024 be a game-changing year for antitrust and foreign investment control in Romania?
As Carl Sagan aptly stated, "You have to know the past to understand the present." Furthermore, I would argue that knowing the past is also essential for trying to project the future. The historical landscape of antitrust and foreign direct investment ("FDI") control in Romania is, as some of you may expect, complex and, to a certain extent, even frustrating.
Poland amends its Zoning Act
An amendment to the Polish Zoning Act came into force on 24 September 2023. The general plan will replace the study of conditions and directions of spatial development of the commune. Unlike the study, it will be an act of local law. This means that its findings will serve as the foundation for the adoption of local zoning plans and the issuance of zoning decisions. It will need to define planning zones and municipal urban planning standards. It will also be possible to determine areas for supplementing development and areas for supplementing the development of the downtown core. The plans will have to be prepared by the end of 2025.
Navigating changes: key changes in labour and immigration law in 2023 in Hungary
2023 has brought about a series of changes that impact both employers and individuals seeking opportunities in the country. This round-up piece will explore the key developments that have shaped Hungarian employment and immigration law over the past year.
New restrictions on the sale of energy drinks in Poland
The sale of popular drinks containing taurine and caffeine, commonly referred to as "energy drinks", has been limited from 1 January 2024 in accordance with provisions introduced in the Act of 17 August 2023 amending the Public Health Act and certain other acts (Journal of Laws of 2023, item 1718). The prohibition of their sale to minors has been incorporated into Polish law and they cannot be sold in schools and other educational institutions such as kindergartens or school libraries or through vending machines.
Austria: A band-aid for the Brexit aftermath in cross-border litigation
The UK has not been a member of the European Union and thus of the comprehensive European framework for cross-border civil litigation since 1 January 2021. Within the EU, the Brussels I Recast-Regulation (Regulation [EU] 1215/2012) not only provides a set of common rules on the jurisdiction of the courts but also ensures rapid and simple recognition and enforcement of judgments in civil and commercial matters issued in the Member States. Under the Brussels I Regulation, judgments are enforceable without any declaration of enforceability. A judgment rendered in France or Romania can be enforced in Austria without much trouble and vice versa.
Serbia: Will FAC-1 resolve issues in FIDIC multiparty contracts in the Eastern Balkans?
In recent years we have seen major infrastructure projects in the Eastern Balkans, ordinarily based on International Federation of Consulting Engineers (FIDIC) standards, face significant delays and impediments due to complex decision-making processes. Such projects have for a long time exceeded a structure that encompasses only the contractor, employer and engineer. They now include financiers (international institutions or other funds), beneficiaries and authorities, so the project structure and procurement have become even more challenging.
Equal rights for wines and glasses: EU extends protection of Geographical Indications to craft and industrial products
We can all think of names like Champagne or Feta cheese that are intrinsically linked to the geographical origin of a product and the know-how of its producers, often passed on over many generations. While many of these Geographical Indications (short: GIs) concern wines, spirits, foodstuffs and other agricultural products, the qualities attributed to specific local skills and traditions can also relate to non-agricultural products, such as jewellery, cutlery, glass, porcelain, textiles, lace, natural stones, woodwork, or hides and skins.
Significant changes expected to Hungary's online accommodation booking market
The Hungarian Competition Authority (HCA) recently published a draft report on its findings based on an accelerated sector inquiry into Hungary's online accommodation booking market. The sector inquiry was launched on 24 August 2023 after the HCA received numerous complaints during the peak summer holiday season about the practices of Booking.com, a key market player, for withholding payments to accommodation providers.
Novelties in Hungarian competition law - 2023
Some significant amendments to the Hungarian Competition Act have entered into force. The Hungarian Competition Authority (HCA) has been very active recently in various sectors. This summary briefly describes the most important changes. Some of the changes require an update to the compliance materials for Hungary.
Offshore wind parks: a glimpse into Montenegro's future
The world has seen a significant shift towards sustainable energy sources in recent years. One of the most promising and rapidly growing sectors in the renewable energy industry is offshore wind parks. These structures that use the power of wind over the open seas are quickly gaining popularity as part of the global effort to combat climate change. This article will explore the global trend of offshore wind parks and shed light on Montenegro's potential in this eco-friendly energy source with a special focus on fixed-bottom wind parks.
Romania introduces massive tax changes
Unable to keep its budget deficit under control, Romania announced a comprehensive package of tax measures earlier this year aimed at ensuring the country's long-term financial sustainability. These much-debated changes, which have polarised public opinion and were subject to claims of unconstitutionality, were eventually passed in October.
Have ESG ratings hit the Polish market?
ESG ratings are all the rage these days, especially in the Polish banking sector. But there is still no one-size-fits-all methodology supervised by, for example, the European Banking Association. Instead, multiple rating institutions such as MSCI, Morningstar Sustainalytics, S&P Global and Sustainable Fitch, assess companies on their environmental, corporate governance and social attributes.
Romania: Who (else) can claim the nullity of a share transfer?
Can one or more of a company's shareholders claim that a transfer of shares to third parties by other shareholders is null, even if the claimants were not interested in acquiring those shares? And when faced with such a claim, would Romanian courts rule in favour of the claimant? A recent court ruling has answered both questions with a resounding "yes", opening new horizons in M&A-related matters in Romania.
Easier way to switch from litigation to arbitration in Poland
While we were all enjoying the summer, new legislation amending the civil procedure came into force in Poland. Among many procedural details, one should not overlook a significant change – it is now easier to convert a dispute from litigation to arbitration.
Amendment to the Labour Code
The publicly discussed amendment to the Labour Code introduces a number of changes, in particular in the area of teleworking (work from home), agreements on employment performed outside the workplace, extended information obligations and service of documents. The amendment is set to come into force on 1 October 2023; only a limited part (holiday for contract workers) is set to come into force on 1 January 2024.
What changes will the Czech Republic's new preventive restructuring act bring to debtors and creditors?
After a delay of more than a year, an act on preventive restructuring (the "Act") implementing the EU directive on preventive restructuring frameworks finally became effective in the Czech Republic on 23 September 2023. The long-awaited Act introduces a brand-new legal tool preventing the insolvency of viable enterprises in temporary financial distress.
Bridging the gap between Serbian regulations and the GDPR: Serbia's Data Protection Strategy unveiled
In late August 2023, at the initiative of Serbia's Data Protection Commissioner (the "Commissioner"), the Government of Serbia adopted the Data Protection Strategy for the 2023-2030 period (the "Strategy").
German Supply Chain Due Diligence Act: implications for Serbian companies and supply chain
The German Supply Chain Due Diligence Act is a major advancement in the supply chain network, improving international human rights and environmental standards across the board. It focuses on issues of child labour, health and safety standards, and the role of trade unions, and will have substantial effects on all relevant parties concerned due to its scope and importance. For instance, the Act bans all sorts of conduct from discrimination to forced labour. Serbia in particular will be considerably impacted, since Germany is the country's largest trade partner. This article will therefore examine the nature of the Act and its implications for Serbia's companies and supply chain.
Romania: Changes ahead for investment firms
The Romanian Financial Supervisory Authority (FSA) released for public consultation a draft regulation proposing amendments to its Regulation 5/2019 applicable mainly to investment firms and, in limited cases, to credit institutions providing investment services and/or activities and alternative fund managers.
Are gift cards money in Poland?
Gift cards have become more and more popular. They are bought as presents and some shops have a return policy where items bought physically can be exchanged only for a gift card of the equivalent amount. Are gift cards therefore to be regarded as money in Poland? If so, are the issuers required to obtain authorisation as a payment or electronic money institution?
Romania: DRS packaging to go live soon
The implementation of the deposit return system ("DRS") for bottled water, soft drinks, beer, cider, wine and spirits ("DRS products") in disposable plastic, glass or metal packaging of between 0.1l and 3l, will kick-off on 30 November 2023. As of that date, Romanians will be able to return the packaging of these beverages to the reverse vending machines provided by retailers or producers, as per the legal provisions.
Redefining Montenegrin Spatial Planning and Construction Regulations
Montenegro intends to implement a profound shift in its spatial planning and construction regulations with the pending adoption of three distinct legal acts that will regulate the country’s spatial planning, the construction of facilities, and legalisation procedures.
Romania: Flavoured heated tobacco products soon to become history
Two months from now, the sale of flavoured heated tobacco products will be banned in Romania. Recent legislative changes aimed at aligning the country's laws with those of the European Union extend the prohibition of flavoured tobacco products from cigarettes and roll-your-own tobacco to heated tobacco products. Producers and traders will thus need to review not only their stocks, but also their labelling obligations when placing heated tobacco products on the market.
Cutting Red Tape: Serbia's Simplified Permit Procedure for Foreign Employees
On 4 August 2023, the latest amendments to the Serbian Law on Foreigners and Law on Employment of Foreigners entered into force, with the most significant amendments taking effect starting from 1 February 2024.
Embracing Change: Serbia's Latest Amendments to the Planning and Construction Act
Change is a constant, and usually completely natural in the world of legislation. Serbia's recent amendments to the Planning and Construction Act are most definitely no different. These amendments were voted upon and adopted on 26 July 2023 and came into force on 4 August 2023.
Romania launches new renewables CfD support scheme targeting 5 GW of onshore wind and solar capacities
Romania is on the verge of introducing a much-awaited new support scheme for renewable energy. On 7 August 2023, the Romanian Ministry of Energy launched for public consultations a draft decision approving the legal framework for the implementation and functioning of the Contracts for Difference ("CfD") support scheme for low-carbon technologies ("CfD Scheme").
Rethinking EU-US personal data transfers and their effect on transfers from Serbia
The European Commission adopted a new system for EU-US personal data transfers, the Data Privacy Framework (DPF), on 10 July 2023. Its enactment, the "adequacy decision", is set to replace the invalidated Privacy Shield after it faced heavy criticism in the Schrems ll ruling. This will be the third attempt to devise an adequate method to protect personal data transfers from companies in the EU to the US, and we are yet to see any improvement in practice.
Romania: How does the Mobility Directive change the M&A framework?
EU Directive 2019/2121 (also known as the "Mobility Directive") aims to create a reinforced framework for cross-border operations while ensuring the protection of employees, creditors and minority shareholders in the internal market.
Third time's the charm? EU-US Data Privacy Framework revamped and reloaded
On 10 July 2023, the European Commission adopted an adequacy decision for a lawful data transfer from the EU to the USA for the third time. [1] This means that personal data may again be lawfully transferred to the US. This will facilitate the use of US service providers for EU companies.
Regulation of nicotine pouches in the Czech Republic
Nicotine pouches are small pouches or pads containing nicotine and no tobacco. They are placed under the lip so that the nicotine is absorbed into the body through the mucous membrane. This alternative to traditional tobacco products, especially cigarettes, has been growing in popularity in recent years.
Romania moves towards authorising cryptocurrency exchanges and digital wallet providers
Cryptocurrency, fiat currency exchange services and digital wallet providers could soon become authorised in Romania. This comes on the heels of the Ministry of Finance publishing a draft government decision that seeks to create the legal framework for the authorisation and operation of these service providers.
Hot off the press: Romanian FDI regime formally extended to EU investors
The Romanian FDI regime has formally shifted to a stricter approach, with EU (including Romanian) investors now being specifically covered. We refer to Law No. 164/2023 (the "FDI Law") aimed at implementing and amending Emergency Government Ordinance No. 46/2022 ("EGO 46"), which was published in the Official Gazette of Romania on 7 June 2023.
EU: CJEU lowers threshold for GDPR damages
Last Thursday the Court of Justice of the European Union ("CJEU") issued a long awaited ruling on damages resulting from a data protection infringement (C-300/21). Since the Regulation (EU) 2016/679 (General Data Protection Regulation; "GDPR") came into force on 25 May 2018, claims for damages under Art 82 GDPR due to alleged data protection violations like unlawful data processing or incompliance with the GDPR as well as in the context of data breaches or leaks have been steadily increasing. The CJEU's recent ruling clarifies essential issues but raises just as many questions.
Bulgaria: The new Whistleblower Protection Act enters into force
On 4 May 2023 the Bulgarian Act on the protection of persons who report or make public information on breaches (Закон за защита на лицата, подаващи сигнали или публично оповестяващи информация за нарушения, "Whistleblower Protection Act" or "WPA")1 adopted earlier this year enters into force, giving effect to the provisions of Directive (EU) 2019/19372 and imposing a number of obligations on employers in both the public and private sector.
EU Parliament approves new Emissions Trading System
On 18 April 2023, the EU Parliament approved the provisional political plan to reduce CO2 emissions in the EU agreed on by the Council and the European Parliament on 18 December 2022.
Serbia adopts ethics guidelines for artificial intelligence
On 23 March 2023, the Serbian government adopted Ethics Guidelines for the Development, Implementation and Use of Reliable and Responsible AI ("Guidelines"), which may be seen as yet another step in the process of harmonising Serbia's legislative framework with the European Union, following the Proposal for an AI Regulation announced by the EU Commission two years ago. The Guidelines largely rely on UNESCO's Recommendation on the Ethics of AI adopted in 2021, which Serbian representatives also helped create. Since the EU is awaiting its regulatory framework on AI, Serbia took the first step down this road as well.
Hungary's brand-new whistleblowing regime
On 11 April 2023, the Hungarian Parliament adopted a whistleblower protection act setting aside the previous one first adopted back in 2013. The new rules aim to finally transpose EU Directive 2019/1937 into the Hungarian legal system and impose substantial obligations on employers. The amendment will enter into force on the 60th day after its publication, which is expected in the upcoming days. This means that all employers concerned must be prepared to apply its new provisions during the summer.
HCA uses its powers to uncover roots of record-high food inflation
After the covid-19 pandemic, the EU economy is now being disrupted by the Russia-Ukraine conflict. The rising energy prices and disrupted supply chains have resulted in a further increase in inflation. According to the Hungarian Central Statistics Office, average inflation in Hungary was 24.5% in December 2022, the highest in the European Union. However, inflation of food products was even higher, reaching a staggering 44.8% year-on-year price increase by December 2022. This number is almost three times higher than the EU average.
Key developments in Austrian environment and climate change law in 2022: part two – case law
This article is part of a series on developments in Austrian environment and climate change law in 2022 and, in particular, focuses on case law developments. For further details on legislative developments see, "Key developments in Austrian environment and climate change law in 2022: part one – legislation".
Romania: Deadlock in sale of Romanian farmland outside buildable areas finally cleared
A two-and-a-half-year deadlock impeding the sale of Romanian farmland located outside buildable areas and acquired less than eight years ago seems to have been finally cleared. On 2 February 2023 a much-awaited normative act came into effect, filling a series of legislative gaps and allowing public notaries to authenticate sale agreements for certain types of farmland located outside buildable areas.
Erneuerbares-Gas-Gesetz (EGG) mit Déjà vu: Die Strafzahlung für Gasversorger und die daran anknüpfende Frage der Weiterverrechnung an Endkunden!
Am 15.02.2023 wurde der Begutachtungsentwurf zum Bundesgesetz über die Einführung einer Versorgerverpflichtung für Gas aus erneuerbaren Quellen veröffentlicht ("Erneuerbares-Gas-Gesetz-Entwurf" – "EGG-Entwurf"). Der EGG-Entwurf sieht die Verpflichtung von Gasversorgern vor, einen bestimmten Anteil der von ihnen verkauften Gasmengen durch erneuerbare Gase zu ersetzen. Kommen Gasversorger dieser Verpflichtung nicht nach, drohen Strafzahlungen in Form eines Ausgleichsbetrags, der von der Regulierungsbehörde (E-Control) durch Bescheid vorgeschrieben wird. Die Strafzahlungen könnten nicht nur Versorger, sondern letztlich auch deren Endkunden zu spüren bekommen.
Simplified procedure for constructing photovoltaic systems on rooftops in Bulgaria
The latest amendments to the Bulgarian Spatial Development Act introducing the simplified procedure for constructing photovoltaic systems on rooftops entered into force on 20 January 2023, easing the regime for the installation of small power plants.
Neugestaltung der Risikokomponente fondsgebundener Lebensversicherungen – wirklich?
Seit Jahren stellt sich vor allem in ertragsteuerlicher Hinsicht die Frage, wann bei fondsgebundenen Lebensversicherungen ein Versicherungsvertrag vorliegt. In der Vergangenheit waren wiederholt ausländische Versicherungsprodukte zur ertragsteuerlichen Beurteilung, ob es sich bei der Veranlagung um versicherungsfremdes Geschäft handelt, im Fokus. Allerdings stellt sich dieselbe Frage auch für inländische Versicherer aufgrund der Gleichbehandlung in- und ausländischer Versicherungsprodukte.
Romania: New obligations under the deposit-return system for beverages packaging
As detailed in this article, in 2021 Romania adopted its new legislative framework introducing a deposit-return system applicable to non-refillable primary packaging made of glass, plastic or metal with volumes between 0.1l and 3l inclusive, containing water, juice or alcoholic beverages ("DRS").
Producătorii și comercianții de băuturi în ambalaje primare nereutilizabile au noi obligații legale
Producătorii, importatorii și comercianții de băuturi ambalate în ambalaje primare nereutilizabile au noi obligații în cadrul sistemului de garanție-returnare („SGR”). Până la 28 februarie 2023, aceștia trebuie să se înregistreze în baza de date gestionată de către administratorul SGR, pentru a evita amenzile cuprinse între 4.000 și 10.000 EUR.
Bulgaria: Amendments to the packaging waste legislation
New amendments to the packaging waste legislation were promulgated in the 100th issue of the Bulgarian State Gazette dated 16 December 2022. The amendments are in the Ordinance on Packaging and Packaging Waste (the "Ordinance") and are officially in force as of 20 December 2022. We have summarised the most important amendments below:
Key developments in Austrian environment and climate change law in 2022: part one - legislation
2022 was a busy year marked by the late effects of the covid-19 pandemic and the Russia-Ukraine conflict. The latter has led to the rethinking of energy matters. Austrian legislation in 2022 was, therefore, characterised above all by new developments and amendments in energy law, with a focus on the expansion of renewable energy. This article is part of a series on developments in Austrian environment and climate change law in 2022 and, in particular, focuses on legislative developments.
A closer look at the amended Czech consumer law: ban on "fake" consumer reviews
In recent months, we have seen several regulatory initiatives impacting the Czech online business environment. There is a lot to unpack, which is why we have prepared a series of Legal Insights to help you understand what will change in 2023.
Austria: FMA präsentiert Aufsichts- und Prüfungsschwerpunkte für 2023
Die FMA veröffentlichte mit Ende des Jahres 2022 im Rahmen ihres Ausblicks auf das Jahr 2023 auch ihre Prüfungsschwerpunkte für das Jahr 2023. Die Veröffentlichung der Aufsichtsschwerpunkte soll sowohl die Marktteilnehmer und Stakeholder informieren als auch beaufsichtigten Unternehmen die Möglichkeit geben, sich gezielt auf die risikoorientierten aufsichtlichen Schwerpunkte im Jahr 2023 vorzubereiten.
Czech Republic: Distribution agreements in the online world – what stays and what changes in 2023?
In recent months we have seen a number of regulatory initiatives with an impact on various aspects of the Czech online business environment go forward. There is a lot to unpack, so we have prepared a series of Legal Insights which will help you understand what will change in 2023. Through January, we are publishing three articles focusing on the most important legal developments. Today, our series continues with a second article focusing on B2B distribution agreements and their compliance with Czech and EU competition law. Specifically, we focus on online sales and changes relevant to Czech manufacturers, wholesalers and distributors.
Amendments to the Hungarian Competition Act in 2023: inflation has spilled over into the HCA's procedures
Crucial amendments to the Hungarian Competition Act entered into force on 1 January 2023, while others will on 1 February 2023. This article briefly describes the most important changes.
Strategische Aufsichtsprioritäten – der Umgang mit Verstößen bei IDD-Umsetzungen
Im Zuge der Implementierung der Versicherungsvertriebsrichtlinie (IDD) im Jahr 2018 in nationales Recht fand erstmals für Versicherungsunternehmen der § 129 Versicherungsaufsichtsgesetz (VAG) zum Thema Product Governance Einzug in das VAG.
EU: New year, new… EU design law?
On 28 November 2022, the European Commission published its proposals for a Regulation amending Community Design Regulation No 2/20061 as well as a proposal for an amendment of the Community Design Directive2.
Austria: The (new) provisions on unknown exploitation forms and the right of second exploitation in copyright contract law
Full FDI screening regime adopted in Slovakia
Since 1 March 2021, Slovakia had a limited FDI regime applicable only to critical infrastructure. However, right after it was adopted, the government started preparing comprehensive legislation that would apply not only to selected industries but to all foreign investments in general (in line with FDI regimes in other EU Member States). After many drafts and lengthy negotiations, this new regime was finally adopted in late November 2022.
New Supreme Administrative Court decision on Augarten lowering regarding specific rights of recognised environmental organisations
In a recent decision,1 the Austrian Supreme Administrative Court (SAC) addressed party status and the requirements for an eligible complaint by recognised environmental organisations (EOs)2 in permit procedures under water law.
Austria: The (new) transfer of rights by purpose in copyright contract law
The amendment to the Austrian Copyright Act introduces a whole range of new provisions on copyright contract law, strengthening the position of authors and performers1. In our first Legal Insight ("Austria: The (new) Copyright Contract Law") we provided some background information and an overview. In our second and third Legal Insights, we introduced the new remuneration provisions ("Austria: The (new) copyright remuneration rules for authors and performers") and the transparency obligation ("Austria: The (new) copyright transparency obligation"), which are based on the DSM Directive.
Now we want to have a look at the provisions adopted from the German Copyright Act, in this edition the transfer of rights by the purpose of the contract (Sec 31 para 5 German Copyright Act; Sec 24c para 1 Austrian Copyright Act).
ECJ ruling ends unlimited public access to UBO Register
Under Article 30 (5) (c) of Directive (EU) 2015/849 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing (AML Directive 2015), Member States are obliged to ensure that information on beneficial ownership is accessible by any person or organisation that can demonstrate a legitimate interest in obtaining it.
Transfer impact assessment in Serbia: Do you really have to comply?
As a consequence of the ECJ judgment, now widely known online as "Schrems II", the EU Commission has enacted new Standard Contractual Clauses introducing the Transfer Impact Assessment as an obligation for all data importers and exporters. This assessment is intended to show whether the government and authorities of the importing country can access the personal data that are being transferred. All organisations must align with the new Standard Contractual Clauses and prepare a Transfer Impact Assessment by 27 December 2022, so the clock is ticking.
Factoring and liquidity facilities: making the best of both worlds
Factoring volumes in Romania have seen a marked increase over the last year, up to EUR 3.68bln in the first half of 2022, according to public sources. While part of this 31.6 % year-on-year surge was driven by inflation rates, local businesses do appear to show a growing appetite for this type of financing product.
Austria: The (new) copyright transparency obligation
The amendment to the Austrian Copyright Act introduces a whole range of new provisions on copyright contract law, strengthening the position of authors and performers1. In our first Legal Insight ("Austria: The (new) Copyright Contract Law ") we provided some background information and an overview. In our second Legal Insight ("Austria: The (new) copyright remuneration rules for authors and performers"), we introduced the new remuneration provisions. However, in order to assess whether the remuneration remains appropriate and proportionate, some more information is needed.
This brings us to the transparency obligation (Art 19 DSM Directive; Sec 37d Austrian Copyright Act):
Hungary's new Integrity Authority: what is it and how could it benefit foreign investors?
Hungary's parliament passed a package of anti-corruption laws on 3 October 2022 as part of the commitments made by the government to the European Commission.
Bulgaria paves way for innovative businesses with new start-up visa
Country welcomes non-EU investors to boost local start-up ecosystem
After Decree No 318 of 7 October 2022 adopting the Ordinance on the conditions and procedure for issuing, extending and revoking a certificate for a high-tech and/or innovative project (the "Ordinance") was promulgated in issue 82 of the State Gazette of 14 October 2022, Bulgaria joins the almost half of EU countries that issue "start-up visas".
Erneuerbare-Wärme-Gesetz ante portas
Auf dem Weg zur Klimaneutralität gibt es in Österreich noch viele legistische Baustellen. Letztes Jahr wurde mit dem Erneuerbaren-Ausbau-Gesetz (EAG) ein bundeseinheitlicher förderrechtlicher Rahmen für die Umstellung auf Erneuerbare Energien geschaffen. Im Bereich der Wärmebereitstellung für Gebäude fehlt auf Grund der Kompetenzverteilung zwischen Bund und Ländern bislang ein einheitliches bundesrechtliches Regelungsregime. Dies könnte sich nun ändern: Am 02.11.2022 wurde im Ministerrat das Erneuerbare-Wärme-Gesetz (EWG) beschlossen.
Austria: The (new) copyright remuneration rules for authors and performers
The amendment to the Austrian Copyright Act introduces a whole range of new provisions on copyright contract law, strengthening the position of authors and performers1. In our first Legal Insight ("Austria: The (new) Copyright Contract Law") we provided some background information and an overview of the new provisions, which are partly based on the DSM Directive2 and partly adopted from German law. Now we want to examine what to expect from the provisions and what to look out for when drafting copyright agreements in the future.
Let's start with the new remuneration rules based on the DSM Directive:
The Digital Services Act: A tight timeline for compliance?
The Digital Services Act ("DSA")1 was published in the Official Journal of the European Union on 27 October 2022.2 This means that the Act, targeting numerous online services, will enter into force only 20 days later, on 16 November 2022.
Hungary: The jury is still out – is it lawful to incorporate taxes into flight tickets?
Hungary's parliament passed a package of anti-corruption laws on 3 October 2022 as part of the commitments made by the government to the European Commission ("EC").
Austria: The (new) Copyright Contract Law
The Amendment of the Austrian Copyright Act fundamentally revised the Copyright contract law. An entire series of new provisions for the protection of authors was implemented. But what does this mean for (future) license holders? Let us take a look!
ECJ ruling: Paid offer to join a group insurance scheme constitutes insurance mediation
In its decision C-633/20 of 29 September 2022, the European Court of Justice (ECJ) recognised that the concept of an insurance intermediary or insurance distributor also includes a legal person who offers voluntary membership in a group insurance policy that it previously concluded with an insurance company, for which it receives remuneration from its customers who in return are entitled to claim insurance benefits.
EuGH-Urteil: Entgeltliches Angebot zum Beitritt in eine Gruppenversicherung stellt Versicherungsvermittlung dar
In seiner Entscheidung C-633/20 vom 29.09.2022 erkannte der EuGH jüngst, dass unter den Begriff des Versicherungsvermittlers bzw des Versicherungsvertreibers auch eine juristische Person fällt, deren Tätigkeit darin besteht, eine freiwillige Mitgliedschaft in einer zuvor von ihr bei einer Versicherungsgesellschaft abgeschlossenen Gruppenversicherung anzubieten, für die sie von ihren Kunden eine Vergütung erhält und die die Kunden zur Inanspruchnahme von Versicherungsleistungen berechtigt.
New rules in Czech UBO law as of 1 October 2022. Immediate threat of sanctions
The Czech Act on Ultimate Beneficial Owners1 (the "UBO Act") has been effective since 1 June 2021. Not even a year and a half later, Czech lawmakers introduced an amendment to the UBO Act2 (the "Amendment") after significant pressure from the European Commission to comply with the Fifth Anti-Money Laundering Directive3 ("AMLD5").
NFT licences that "can't be evil": are they any good?
Licences connected to Non-Fungible Tokens (NFTs) are still far from being the norm. As a result, most NFTs still do not convey sufficient or appropriate IP rights to their underlying content. Moreover, they have to deal with practical difficulties inherent to the nature of NFTs. The need for licences tailored to the NFT market is therefore evident.
To overcome the practical difficulties and tackle these issues, publicly available NFT licence systems have emerged. But are they any good?
How to implement flexible work arrangements in Serbia in the post-Covid-19 era
During the Covid-19 pandemic, in every industry where it was possible employers transferred their employees to work from home.
Probationary period and discrimination in light of Czech case law
It is common for employers and employees to agree on a probationary period in the employment contract. The employee can check whether the type of work, place of work and the wage or other working conditions suit them, while the employer can use the probationary period to assess whether the employee is meeting its expectations. During the probationary period, each party can decide whether they wish to remain in the employment relationship or to terminate it.
Hungarian Competition Authority to propose sustainable product routes and boost domestic production in the insulation materials market
In August 2022 the Hungarian Competition Authority (GVH) closed its accelerated sector inquiry into the market for insulation materials, providing recommendations to manufacturers, the public, waste management operators and the legislator, aiming for a decrease in product prices.
Austria: No more mandatory quarantine. What should employers know?
New Covid regulations are in effect from 1 August 2022, raising many questions for employers. The biggest changes are that quarantine for SARS-COV-2 infected persons is no longer mandatory according to Austrian law and the reinstatement of the risk group exemption ("Risikogruppenfreistellung").
Österreich: UVP-Novelle 2022 in den Startlöchern
Eine Novellierung des UVP-G1 wurde vom BMK2 bereits seit längerem angekündigt. Nunmehr schickte das BMK den Novellenentwurf bis zum 19.09.2022 in Begutachtung. Medial stand vor allem die "Beschleunigung von Genehmigungsverfahren" im Vordergrund. Die Novelle umfasst aber weit mehr. Der gegenständliche Beitrag bietet eine erste Orientierung.
New EBA Guidelines on the limited network exemption under PSD2: Reevaluation and resubmission of existing notifications needed
EU: How to rescue a design
Have you ever wondered whether you can modify a registered community design ("RCD") that is challenged by an application for declaration of invalidity by removing certain prohibited design elements to maintain the registration?
New special taxes in Hungary to improve the state's income
On 4 June 2022 the Hungarian government issued a decree introducing special taxes affecting several sectors, among others banking, insurance, energy, telecommunications and airlines.
Nachhaltigkeit beim Vertrieb von Versicherungsprodukten
Rechtliche Konsequenzen der nicht (vollständigen) Abfrage von Kundenpräferenzen
Romania launches new renewables support scheme for wind and solar projects. Over EUR 450m up for grabs
How can Romanian companies hire Ukrainian refugees?
In response to the war in Ukraine, a series of measures were taken to make it easier for Ukrainian employees to access the Romanian labour market.
Russia's invasion of Ukraine, its impact on gas supplies procured by Austrian manufacturing companies and force majeure
Revised UTPs Act in Croatia becomes fully applicable in March. Have you aligned your agreements with suppliers?
Romania: Happy New Year, Happy New Tax Rules!
Romanian taxpayers had an exciting start to the year with the Government introducing changes to the country's main tax laws – the Fiscal Code and the Tax Procedural Code. These amendments, which follow others announced at the end of last year, were introduced in accelerated fashion, having been debated for only a few days prior to adoption.
Merger Control: Adjustment of the local nexus under the transaction value threshold in Austria
The Austrian Federal Competition Authority (FCA), together with the German Federal Cartel Office (FCO), has published an update to its guidelines on the application of the transaction value thresholds (Guidelines).
Bulgaria (Energy): Record high electricity prices lead to zero premium for RES producers and moratorium on the regulated market
Croatia: New Electronic Media Act brings changes to concentrations in electronic media sector
Croatian Parliament recently adopted the final draft of the new Electronic Media Act (the Act), which entered into force on 22 October 2021.
Hungary: Competition authority publishes results of the first accelerated sectoral inquiry into the national brick market
The Hungarian Competition Authority (HCA) has published its report of an accelerated sector inquiry into the national brick market at the end of September.
Similarity of single letter trademarks (GC T-399/20)
In its judgment on 14 July 2021 in Case T-399/20, the General Court assessed whether there is likelihood of confusion between figurative trademarks that depict two letters from different foreign alphabets.
Poland: Implementation of AMLD V – new KYC procedures and registers
The recent implementation of the AML V Directive to the Polish Act on Counteracting Money Laundering and Terrorist Financing will have a significant impact on business and the approach taken by state bodies to certain transactions.
Long-awaited bill on preventive restructurings finally released. What changes will it bring to Czech insolvency law?
NFT art: The most important (legal) questions for artists, buyers in general and museums
Croatia: Better late than never: Supreme Court upholds CCA's cartel decision after almost six years
The overall reform of the Austrian enforcement law ("GREx"). An approaching milestone after decades – Part 2
Enforcement packages, the enforcement administrator and other new procedural aspects
Romania: In-app orders, carried out by employees or self-employed individuals? The dilemma of digital platforms
Österreich: Die Tücken der neuen Restrukturierungsordnung
Am 16.06.2021 wurde von der Bundesregierung der Entwurf der neuen Restrukturierungsordnung (ReO), mit der die RL (EU) 2019/1023 (RestrukturierungsRL) umgesetzt wird, beschlossen (siehe hier). Die Regierungsvorlage wird nun im Parlament behandelt und soll im Juli 2021 in Kraft treten (siehe unseren Legal Insight als Übersicht).
Stricter liability of statutory body members (and others) in case of company insolvency
The amendment to the Business Corporations Act effective from 1 January of this year (the "Amendment") brings, among other things, a significant change in the liability of members of a statutory body, which will affect the current topic of insolvency.
Coming up Next: UBO Register in Hungary
Hungary was one of the last EU countries to introduce a register of ultimate beneficial owners. While the provisions of the Fourth and Fifth AML Directives were already implemented in the Hungarian AML Act, the technical conditions on the actual operation of the UBO register were only adopted by Act XLIII of 2021 ("UBO Register Act") and are in force as of 22 May 2021.
(Be)sicher(t) durch die Insolvenz?
Forderungen von Absonderungsgläubigern sind insgesamt auf den Wert der jeweiligen Sicherheit im Zeitpunkt der Bestätigung eines Sanierungsplans begrenzt. Damit ist der OGH in seiner aktuellen Entscheidung 17 Ob 12/20v von seiner bisherigen Rechtsprechung abgewichen.
The overall reform of the Austrian enforcement law on the government agenda ("GREx").
An approaching milestone after decades – Part 1 Overview and jurisdiction
Romania: International arbitration on the rise: record number of cases in the past year
Leading international arbitral institutions have announced record numbers in terms of the volume of new cases registered in 2020.
Corporate and commercial post-Covid
More than a year since the first lockdown (which was introduced in March 2020), the COVID-19 pandemic continues to shape and challenge the Romanian legal and business environment in ways difficult to predict a year ago.
Whistleblowing: what new duties will arise for employers? | Czech Republic
The Chamber of Deputies is currently discussing at first reading a bill on the protection of whistleblowers. This act should implement the European directive on whistleblowing1, and should therefore become effective within the implementation period, i.e. no later than 17 December 2021.
How to turn office space into residential units? Legal challenges
The COVID-19 pandemic has severely impacted several fields and industries, including the real estate sector. Many office buildings have been vacated as a precaution or because the companies went out of business.
Energy communities – is a business licence required?
Energy communities are the new model for a more decentralised energy supply (for further details please see "Sparking change: Renewable Energy Expansion Act published for evaluation"). An energy community can generate, consume, store, distribute and sell energy, with the focus being the use of the jointly generated energy by the community members. According to the draft Renewable Expansion Act (EAG), which will be passed shortly, energy communities may also actively participate in the electricity market and provide energy services.
New ruling expands environmental organisations' rights in nature conservation procedures
In December 2020 the Higher Administrative Court issued an interesting ruling regarding the party status of environmental organisations (EOs).1 Until now, the scope of EOs' participation rights in Austrian nature conservation proceedings was unclear. The court's ruling clarifies that EOs' party status is to be interpreted broadly.
The ECJ's VG Bild-Kunst case: Are there (legal) limitations to the use of links?
YES - In its previous case law, the court has recognised the importance of hyperlinks for the operation of the World Wide Web and for freedom of speech. On these grounds, the European Court of Justice (ECJ) generously allowed the use of links to make third-party content accessible via one's own website.
The newly amended Notice on Handling of Duplicate Marketing Authorisation Applications – during a pandemic, availability is all that matters
25 March 2021
Latest ECJ decision is no help for the expansion of renewables
The European Union is committed to the fight against climate change ("European Green Deal"). One of the pillars in this fight is the expansion of renewable energy sources.
EAG: Änderungen des ElWOG und GWG
Die am 17.03.2021 veröffentlichte Regierungsvorlage des EAG-Gesetzespakets umfasst neben dem neuen Erneuerbaren-Ausbau-Gesetz unter anderem auch Novellen des ElWOG und des GWG. Diese Novellen haben das Ziel, erneuerbare Energiequellen in das Energiesystem zu integrieren und die Systeminnovationen zu implementieren.
Czech Republic | How to: Collective Redundancies
The coronavirus pandemic has had a negative impact on employment in a number of sectors. At some point, an employer may decide to dismiss some or all its employees.
Bulgaria: Amendments to waste management legislation lead to new labelling requirements for prepacked goods
03 March 2021
austria bosnia & herzegovina bulgaria croatia czech republic hungary moldova montenegro north macedonia poland romania serbia slovakia slovenia türkiye ukraine
P.Madl L.Krüpl B.Brežan L.Çelepçi L.Fluşcă S.Hekelová T.Iurkovska V.Iurkovski M.Mitan I.Panić E.Todorova D.Vlaevsky
Impact of the Coronavirus Measures on the Real Estate Sector in CEE
Newsflash: Keine Macht dem hold-out – die neue Restrukturierungsordnung
Am 23.02.2021 wurde der lang erwartete Entwurf der Restrukturierungsordnung veröffentlicht. Mit dem Entwurf soll die Richtlinie (EU) 2019/1023 (RestrukturierungsRL) in Österreich umgesetzt werden.
Austria Newsflash: Corona-Tests und Maskentragen am Arbeitsplatz
Croatian Competition Agency examines legality of exclusivity clauses in lease agreements
Romania: FDI rules soon to be tightened
At the end of December 2020, the Romanian Competition Council (the "RCC") published an updated iteration of the draft Emergency Government Ordinance implementing the FDI Regulation (the "FDI Draft Law").
Bulgarian watchdog introduces pre-notification contacts in merger proceedings
As of 1 January 2021, Bulgaria's Commission for the Protection of Competition (the "CPC") will be available for pre-notification discussions. To this end, it has also published bylaws ("Rules") for such contacts (adopted by CPC decision 1005/10 December 2020).
The second Covid-related package changes insolvency law. What will it bring to corporate debtors and their creditors?
Czech Competition Authority imposed fine on retailer for abuse of significant market power
The Czech Competition Authority (CCA) announced in a press release1 that it had imposed a fine of CZK 32m (approximately EUR 1.2m) on the Czech retail chain HRUŠKA, spol. s.r.o., for an alleged abuse of significant market power. The decision is not final and an appeal has been filed.
Bulgaria: First legislative amendments introducing telemedicine/telehealth
On 16 December the Bulgarian Council of Ministers adopted a Decree amending the local Ordinance for exercising the right of access to medical care.
Cyber security: the last days for operators of essential services in Romania to notify CERT-RO
Operators of essential services are required to notify CERT-RO - the national competent authority for security of networks and information systems - for registration in the Register of operators of essential services by 17 December 2020. Otherwise, these companies risk fines of, in some cases; up to 5 % of their turnover.
Bulgaria: How safe is it to advertise a product as "homemade"?
On 19 November 2020 the Bulgarian Commission for Protection of Competition ("CPC") fined Olineza Premium OOD ("Olineza"), one of the biggest Bulgarian food producers, BGN 1,479,040 (approx. EUR 700,000) or 4 % of its 2019 turnover.
The role of competition law in moving towards a more sustainable world
Across the globe, more and more companies are looking into ways to strengthen their environmental, social and corporate governance ("ESG") profile as investors realise that a strong ESG profile is the key to safeguarding a company's long-term profit and growth.
Slovenia: Damages resulting from competition law infringements: Collective redress easing the way to compensation
The adoption of Directive 2014/104/EU ("Damages Directive"), which introduced a level playing field for the private competition law enforcement regime among EU Member States, has paved the way for private enforcement to gain more traction in the EU.
Romania: Amendments to fiscal legislation impacting employment relations
A series of fiscal measures were introduced in the Fiscal Code by Law No. 239/2020, amending and supplementing Law No. 227/2015 on the Fiscal Code.
06 November 2020
bulgaria czech republic hungary moldova poland romania serbia slovakia slovenia türkiye bosnia & herzegovina austria
M.Woller A.Radonjanin V.Tomov D.Vlahov Buhin* M.Kovács A.Guzun P.Klimek-Woźniak M.Lučivjanský A.Tipotsch
Status of Intellectual Property Offices in CEE
Serbia: European Commission comments on Western Balkan countries' level of harmonisation of antitrust rules
The European Commission recently adopted the 'enlargement package' for 2020, which encompasses reports on candidate and potential candidate countries' progress towards EU accession. The progress reports contain, among other things, an assessment of the level of harmonisation of the Western Balkan countries' national competition laws with EU competition law and practice.
Has Croatia implemented FDI screening mechanism?
On 2 October 2020 the Regulation on the Implementation of the EU Foreign Direct Investment (FDI) Screening Regulation (2019/452) (OJ L 79I, 21 March 2019) (the Implementing Regulation) entered into force.
Austria: FMA publishes guidance on ICOs and token classification
The Austrian Financial Market Authority (Finanzmarktaufsicht, FMA) has recently published guidelines on how it views Initial Coin Offerings (ICOs) from a financial services regulatory perspective.
Austria: Covid-19: Welche Unterstützungsleistungen der öffentlichen Hand kann ich beantragen?
Die durch die COVID-19 Pandemie verursachten wirtschaftlichen Auswirkungen betreffen eine Vielzahl von Unternehmen. Die Politik hat bereits mehrere Maßnahmen zur Erhaltung der Zahlungsfähigkeit und Überbrückung von Liquiditätsengpässen für die heimische Wirtschaft verlautbart.
EAG-Entwurf: Energiegemeinschaften als neue Marktteilnehmer!
Der mit Spannung erwartete Begutachtungsentwurf des Bundesgesetzes über den Ausbau von Energie aus erneuerbaren Quellen (Erneuerbaren-Ausbau-Gesetz – EAG) enthält ua Regelungen zu Erneuerbaren-Energie-Gemeinschaften. Damit soll die Bürgerbeteiligung an der Energiewende und eine verstärkte dezentrale Energieversorgung in Österreich gefördert werden.
Romania: New changes in labour law
Soon employers will have to amend their internal regulations in order to adapt them to the imminent labour law changes to be announced. At the same time, they should consider the opportunity of inserting new clauses into individual employment agreements, referring to the newly introduced conciliation procedure for labour disputes.
New Foodstuff Act in Bulgaria
To a large extent, the draft of the new Foodstuff Act1 (New Law or the Law) was developed in 2015. However, its adoption was long discussed with the European Commission and postponed several times.
City of Prague fined for unfair parking rules
In a first-instance decision, the Office for the Protection of Competition recently fined the City of Prague Kc980,000 (approximately €36,981) for creating anti-competitive parking conditions for hybrid vehicles.
Bulgaria: Competition analysis of production, transmission and supply of heating for household and non-household needs
The Commission for Protection of Competition (CPC) recently opened a sector analysis of the markets for the production, transmission and supply of heating for household and non-household needs and vertically connected markets.
Certain Romanian Competition Law provisions on hold (for now)
Several provisions of Competition Law no. 21/1996 (the "Competition Law") are currently suspended and may lose their legal effects beginning of September, following a recent decision issued by the Constitutional Court of Romania (CCR).
Czech Republic: Managing director and invalid employment contract, work injury
(from the decision of the Supreme Court of the Czech Republic 21Cdo 2124/2018)
The Supreme Court of the Czech Republic recently issued an interesting decision concerning the employment of a managing director and an accident at work.
23 July 2020
czech republic hungary poland romania slovakia slovenia türkiye austria
C.Haid F.Urlesberger V.Weiss H.Wollmann G.Petkova A.Turi P.Halwa G.Bădescu L.Çelepçi S.Petronijević
CEE: Competition Monthly Bulletin – July 2020
Czech Republic: Redundancies as an aftermath of the COVID-19 crisis and the financial context
16 July 2020
czech republic hungary poland romania serbia slovenia austria
V.Kobe I.Armașu M.Antczak A.Damaschin M.Ebner M.Florea P.Gorše W.Kapica K.Krušlin* D.Radwański M.Simsa
CFO Crisis Management Checklist – CEE edition
Energy: Bulgaria introduces licensing regime for natural gas traders
With a last-minute amendment of the Bulgarian Energy Act of 26 June 2020, natural gas trading becomes an activity subject to licensing by the Energy and Water Regulatory Commission (the "Energy Commission").
Hungary: Data protection authority imposes highest post-GDPR fine
The Hungarian National Authority for Data Protection and Freedom of Information (the "Authority" or "NAIH") recently imposed a fine of HUF 100m (approx. EUR 285,000) on one of the biggest electronic communication service providers Digi Távközlési Szolgáltató Kft. ("Digi").
Czech Republic: Extension of Antivirus Programme and Introduction of Scheme C
On 25 May 2020, the Government of the Czech Republic decided to extend the Antivirus Programme until the end of August 2020.
Hungary: The time needed for liquidation and forced deletion procedures has been extended due to coronavirus
On 28 May 2020, the Hungarian Government adopted amendments to the laws on company liquidation and forced deletion procedures to cushion the impact of the global coronavirus pandemic on the economy.
The Unfair Competition Law is changing: new focus on companies with superior bargaining position l Romania
A draft Emergency Government Ordinance recently published on the Romanian Competition Council's (RCC) website sets the stage for several significant changes to Law 11/1991 (the Unfair Competition Law).
Will the COVID-19 pandemic ramp up Romania's green ambitions?
The unprecedented economic crisis caused by the COVID-19 pandemic is severely impacting the electricity sector, with demand falling as much as 20 % in certain cases, according to data published by the International Energy Agency (IEA).
03 June 2020
CEE ramps up screening of foreign direct investments (FDI)
FDI screening was for a long time a blank spot on the regulatory landscape for most countries in Central Eastern Europe (CEE). Unlike Western European Member States, so far relatively few countries in Central Eastern Europe (Austria, Poland, Hungary, Romania) had instruments that allowed vetting foreign investments; albeit often with little practical relevance.
29 May 2020
bulgaria czech republic hungary poland slovakia türkiye austria
M.Gabrovska V.Mandarić* P.Halwa K.Pawlak S.Hekelová T.Šilhánek M.Kutluğ
The effects of COVID-19 on distribution of dividends in selected CEE countries
20 May 2020
czech republic hungary romania slovakia slovenia türkiye austria
C.Haid H.Wollmann G.Petkova A.Turi P.Halwa G.Bădescu L.Çelepçi F.Urlesberger V.Weiss S.Petronijević
CEE: Competition Monthly Bulletin – May 2020
Czech Republic: Constitutional Court upholds Act on Significant Market Power but declares 3% limit on marketing payments unconstitutional
In a recent decision, the Constitutional Court upheld the Act on Significant Market Power, despite demands for its repeal by a group of senators almost four years ago.
Further COVID-related employment law measures in Hungary
The Government of Hungary adopted further government decrees – which were promulgated in the Official Gazette on 10 April 2020 - in respect of employers with regards to the coronavirus disease.
Czech Republic: Top ten most common mistakes in terms & conditions for e-shops (not only) in the time of coronavirus
Czech Constitutional Court upholds Act on Significant Market Power but declares 3% limit on marketing payments unconstitutional
30 April 2020
bulgaria czech republic hungary poland romania serbia slovakia slovenia türkiye austria
Labour & Employment-related measures in combatting the consequences of COVID-19 in CEE
Find an overview of labour & employment-related measures in combatting the consequences of COVID-19 in the CEE region – status as of 5 May.
Czech Republic: Competition authority seeks to obtain data from mobile phone operators
COVID-19: state aid scheme sets maximum prices and margins for certain goods I Poland
On 8 April 2020 the European Commission approved a state aid scheme worth Zl3.5 billion (approximately €700 million) for loans and guarantees to support the Polish economy in the context of the COVID-19 outbreak.1
Czech Republic: LEX COVID – Changes to insolvency proceedings
The coronavirus pandemic has made life complicated for almost all businesses, especially from the financial point of view. Businesses thus face an increased risk of bankruptcy and subsequent insolvency proceedings.
Czech Republic: Dismissals due to the coronavirus crisis
The economic hardship caused by the global outbreak of COVID-19 will inevitably lead many businesses to dismiss employees.
Romania: Are Romanian companies ready for post-pandemic tax audits?
As part of the preventive measures taken to mitigate the impact of the COVID-19 pandemic, the Romanian tax authorities have limited the number of tax audits at taxpayers' premises for the duration of the state of emergency.
22 April 2020
bulgaria czech republic hungary poland romania serbia slovakia türkiye austria
M.Pressler K.Pawlak W.Kapica C.Tudoraș V.Kobe M.Lučivjanský L.Çelepçi A.Lazarevska
COVID-19 – Effects on regulatory approvals in financial sector M&A transactions
M&A and corporate transactions (including mere group-internal restructurings) in the financial sector often not only require profound corporate law documentation, but also financial regulatory approvals from the competent authorities/regulators.
COVID-19 and investment protection
As the world grapples with COVID-19, we are seeing some of the most unprecedented State measures of our time.
Bulgaria: Working remotely during the COVID-19 crisis - Is the risk for your trade secrets remote?
As the COVID-19 pandemic has rapidly spread across Europe, more and more companies have been forced to implement remote working arrangements for their employees.
17 April 2020
czech republic hungary poland romania slovakia türkiye austria
C.Haid F.Urlesberger V.Weiss H.Wollmann G.Petkova A.Turi P.Halwa G.Bădescu L.Çelepçi S.Petronijević
CEE: EU & Competition Monthly Bulletin – April 2020
Stay informed about the latest developments in competition law in Central and Eastern Europe with Schoenherr's multi-jurisdictional newsletter.
Hungary: Employment contracts and COVID-19
COVID-19 has created completely new challenges in the employment sector. As there is significant uncertainty and a need for detailed information about the situation, this article provides a timeline of employment-related measures that have been introduced to combat COVID-19 in Hungary.
Corona Crisis: Amendment of the obligation to file for insolvency in CEE
With the fourth law on COVID-19, the Austrian legislator has suspended the obligation of an overindebted debtor to file for insolvency until 30 June 2020, irrespective of the cause of the over-indebtedness.
Serbia: Antitrust in the time of COVID-19 – Is close cooperation between competitors permitted?
Croatia: The impact of COVID-19 on employment from the employer's perspective
Given the situation caused by the coronavirus pandemic in Croatia, the National Civil Protection Committee (Stožer civilne zaštite) has put in place numerous restrictive measures to protect the lives of all citizens.
State aid scheme to support Romanian SMEs in the context of the COVID-19 pandemic in light of the new amendments via GEO no. 42/2020
The Romanian government has finalised and adopted a state aid scheme to support SMEs in the context of the economic downfall generated by the global COVID-19 pandemic.
Austria: Fragen, Antworten und Praxisbeispiele zu den COVID-19 Sonderverfahrensvorschriften für Verwaltungsbehörden, VwG, VwGH und VfGH
Austria: Fragen, Antworten und Praxisbeispiele zu den COVID-19 Sonderverfahrensvorschriften für Verwaltungsbehörden, VwG, VwGH und VfGH (einschließlich Update zum 4. COVID-19-Gesetz)
Aus Anlass der aktuellen COVID-19 Epidemie hat der österreichische Gesetzgeber knapp eine Woche nach dem 1. COVID-19-Gesetz (BGBl I 2020/12) ein weiteres Sammelgesetz (2. COVID-19-Gesetz, BGBl I 2020/16, in Kraft getreten am 22.03.2020) beschlossen.
The impact of COVID-19 on M&A
The COVID-19 pandemic is expected to impact the process, timeline and documentation of M&A transactions in the turbulent times ahead of us.
Bulgaria: Are employers immune to the state of emergency? Which employers are entitled to receive financial aid and other key labour law and data protection matters
Is Italian coffee really from Italy? What about the origin of Belgian chocolate? It will be clearer for consumers soon
Italian coffee, Belgian chocolate… Everyone apparently knows that coffee is not grown in Italy.
Selected provisions of terms & conditions for e-shops
Terms and conditions are an indirect arrangement that entrepreneurs and consumers both encounter when engaging in transactions.
Czech Republic: State supports actions to mitigate the impact of the pandemic
Czech businesses and citizens have recently been affected by the adverse effects of the state of emergency declared due to COVID-19 and related emergency measures taken by the government or the Ministry of Health.
Bulgaria: healthcare & life sciences in a global pandemic
Healthcare and life sciences have a special status as a type of legal practice. The debate about what this specialisation entails, and to what extent it even qualifies as legal work, is endless. However, as a crisis is also an opportunity, the coronavirus pandemic has defined the areas where law, healthcare and the life sciences overlap.
Business in Bulgaria under the new State of Emergency Law of 13 March: Suspended and postponed, but no actual economic support
Over the last few weeks, world leaders have likened the fight against COVID-19 to a war. Urgent measures are required to protect health and lives, justifying a wide range of economic measures, irrespective of their consequences.
Coronavirus – Auswirkungen auf die Insolvenzantragspflicht?
Das Coronavirus stellt Unternehmen vor große Herausforderungen unterschiedlicher Art. Der eingeschränkte Betrieb, Stornierungen und das Ausbleiben von Kunden können auch bei sonst gesunden Unternehmen zu Liquiditätsproblemen führen und im Extremfall die Pflicht auslösen, einen Insolvenzantrag zu stellen. Zwar hat der Staat Hilfsmaßnahmen angekündigt, die Frage ist aber, wie rasch diese Maßnahmen kommen, wie schnell sie greifen und ob sie ausreichend sind.
Czech Republic: Obstacles to work on the part of the employer in connection with the coronavirus
Many employers currently find themselves in a precarious position, faced with deciding how to deal with the obstacles to work arising from the coronavirus crisis, irrespective of whether these obstacles are the result of government measures (total or partial restrictions on operations) or due to real operational reasons (difficulties in the supply of materials for production, drop in sales).
News Alert Austria: Implications of legislative measures taken for merger control clearances in Austria
The Austrian Parliament has passed a series of further legislative measures to meet the Covid-19 crisis last week. These measures include a general stay of deadlines in administrative and court proceedings. The law is in force as of 23 March 2020.
COVID-19 Sonderverfahrensvorschriften für Verwaltungsbehörden, VwG, VwGH und VfGH
Der Nationalrat hat am 20.03.2020 auf Grundlage eines Initiativantrags der beiden Regierungsparteien einstimmig das 2. COVID-19-Gesetz beschlossen (BGBl I 2020/16). Neben zahlreichen wirtschafts-, sozial- und gesundheitspolitischen Maßnahmen wurde im Rahmen dieses Sammelgesetzes auch ein eigenes Bundesgesetz über Sonderverfahrensvorschriften für Verwaltungsbehörden, VwG, VwGH und VfGH beschlossen, um die (mittelbaren) Auswirkungen der Coronavirus-Krise auch in diesem Bereich einzudämmen (im Folgenden COVID-19-VerfG).
Hungary: Information notice on the conditions of employment with regards to the appearance and spread of the coronavirus
Trade associations must pay attention to competition rules! The risk of fines is real, even during the COVID-19 pandemic
Information conveyed recently via various communication channels in Romania suggests that joint measures and decisions are being adopted at the level of trade or employers' associations to respond to the challenges that the COVID-19 pandemic has raised.
Czech Republic: What changes will impact your business in connection with COVID-19?
Czech Republic: Coronavirus from the employer's perspective
With regard to the current situation related to coronavirus, below we provide information on (i) the latest measures adopted by the Czech authorities, (ii) recommended prevention, (iii) possible measures to be taken by employers, and (iv) where to find relevant information provided by public authorities.
Exportverbote für Arzneispezialitäten
Am 01.04.2020 tritt die Verordnung über die Sicherstellung der Arzneimittelversorgung ("AMVS-VO") in Kraft. COVID-19 war zwar nicht der Grund für die Erlassung der Verordnung, die Auswirkungen der Corona-Pandemie könnten jedoch schnell zum ersten größeren Anwendungsfall der AMVS-VO werden.
Export bans for medicinal products
On 1 April 2020, the Ordinance on Ensuring the Supply of Medicinal Products (Verordnung über die Sicherstellung der Arzneimittelversorgung, "AMVS-VO" or the "Ordinance") will enter into force.
New regulation of real estate agencies | Czech Republic
A new Act No. 39/2020 Coll., on Real Estate Brokerage, came into effect in the Czech Republic on 3 March 2020.
What's new for Polish companies in 2021? | Poland
2021 will be a year of changes for companies in Poland. With the recent postponement of the already announced innovations and the new obligations for joint-stock companies and joint-stock partnerships, companies have time to prepare for what's to come.
Serbia introduces opposition system: A major leap towards more harmonised trademark law | Serbia
Bulgaria: Approaching Deadline for Inactive Companies | Bulgaria
Pursuant to the Bulgarian Accountancy Act (Закон за счетоводството), companies must publish their annual financial statements in the Commercial Register and Register for Non-profit Legal Entities ("Commercial Register") by 30 June of the calendar year following the reported period.
Net & the City: Key takeaways for dominant companies and holders of essential facilities stemming from a recent fine imposed by the Romanian Competition Council
A recent fine imposed by the Romanian Competition Council (the "RCC") set off the alarm bells for companies holding essential facilities (and enjoying a dominant position on the market) and local authorities interested or involved in developing infrastructure projects.
The four-eyes principle: Joint representation of executive directors and proxyholders | Czech Republic
The four-eyes principle is an effective way for companies to control management dealings. It is based on the idea that the company must be represented by two people acting jointly, usually two members of the statutory body.
Bulgaria: New Legislation in the Rose Cultivation Sector
Bulgaria is well-known for its roses, more precisely its oilseed roses (маслодайни рози). Oilseed roses are famously used to produce rose oil, which is one of the most expensive oils, commonly referred to as "liquid gold".
Bulgaria: Deadline for Update of AML Internal Rules
Under Bulgarian anti-money laundering law, all obliged entities must adapt their internal rules in accordance with Article 101 of the Bulgarian Anti-Money Laundering Act ("AMLA") within six months following the publication of a national assessment of the risks related to money laundering and terrorism financing ("National Risk Assessment") on the website of the State Agency for National Security ("SANS").
New Regulation for Derivatives Transactions with Sovereign Counterparty in Serbia | Serbia
According to the Public Debt Act (Zakon o javnom dugu) of the Republic of Serbia, the Minister of Finance manages the country's public debt by (i) entering into transactions that would reduce or eliminate currency risk, interest rate risk and other risks, (ii) deciding on the sale and purchase of foreign currencies, and (iii) managing cash balances on the Republic of Serbia's treasury accounts.
New Labour Act in Montenegro
The new Labour Act (OGM, no. 74/19) (Zakon o radu) ("Labour Act") entered into force in Montenegro on 8 January 2020, replacing the 2008 Labour Act (OGM, nos. 49/08, 26/09, 88/9, 26/10, 59/11, 66/12, 31/14, 53/14 AND 4/18) ("2008 Labour Act").
Bulgarian watchdog introduces simplified and more extensive merger filing in new merger filing guidelines l Bulgaria
From 1 January 2020, the Bulgarian Commission for the Protection of Competition (the "CPC") has been applying new merger filing guidelines (the "Guidelines").
Fourth round of Croatian tax reforms takes effect l Croatia
In late November 2019 the Croatian Parliament passed a series of laws amending Croatian tax legislation. The new laws, in the most part, came into effect on 1 January 2020.
New changes to the Romanian Food Trade Law: what can retailers and suppliers expect?
The new Law 28/2020, recently promulgated by the President of Romania and pending publication in the Official Gazette, squeezes in several amendments to the Food Trade Law 321/2009.
Payment Services Directive 2 (PSD2) – Paving the way for Open Banking
The revised Payment Services Directive (PSD2), applicable since 13 January 2018, has paved the way for Open Banking. Open Banking describes a shift from a closed model of banking to one in which customer data is shared between different members of the banking ecosystem.
Financial institutions in Romania: Ready for the new outsourcing rules?
The revised European Banking Authority ("EBA") Guidelines on outsourcing arrangements (the "Guidelines") have recently come into force. They change the rules for outsourcing by credit institutions and investment firms subject to the Capital Requirements Directive* as well as by payment and electronic money institutions ("Financial Institutions").
CEZ Bulgaria not for sale l Bulgaria
CEZ Bulgaria is not for sale. This seems to be the (hidden) conclusion when reading the decision of the Bulgarian competition authority (the "CPC") prohibiting the acquisition of CEZ Group's entire assets in Bulgaria by Eurohold Bulgaria AD.
Directors' confidentiality obligations l Romania
Under the Companies Law, directors are prohibited from disclosing confidential information and trade secrets to which they have access in their capacity as a director. Further, the law states that the scope and duration of a director's confidentiality obligations must be agreed by the director and their company in the applicable mandate agreement.
Austria: Pre-emptive right on shares unenforceable in insolvency proceedings?
Shareholders of Austrian limited liability companies usually want to have influence over whom they are associated with. That's why shareholders often agree on a pre-emptive right (Aufgriffsrecht) to purchase existing shares in certain cases, e.g. in case of insolvency proceedings against a shareholder.
Electric filling station: no operation of an electricity company - Austria
In its decision of 18 September 2019, the Austrian Higher Administrative Court ("VwGH") found that the operation of an electric filling station does not constitute the operation of an electricity company and is thus subject to the rules of the Austrian Trade Act ("GewO").1
Supreme Court finds insolvency related avoidance claims assignable - Austria
The Austrian Supreme Court has recently found that insolvency related avoidance claims can be sold. This may open a whole new business segment and will most certainly have a material impact on defendants in avoidance proceedings.
Amendments to Competition Act on horizon - Slovenia
The Ministry of Economic Development and Technology (the Ministry) is contemplating significant amendments to Slovenia's antitrust and merger control proceedings and has prepared a draft amendment1 to the Prevention of Restriction of Competition Act.2
Private companies must now declare their beneficial owners - Romania
Failure to comply with the recently introduced obligation to declare beneficial owners for registration purposes with the Central Register of Beneficial Owners of Private Companies can mean fines of up to RON 10,000.
New developments in the Czech competition authority's decision-making practice: whistleblowers and appointed guardians
The Czech Office for the Protection of Competition recently found two companies guilty of bid rigging in a public tender.
Funeral agency fined for not complying with earlier CPC decision
On 27 June 2019 the Commission on the Protection of Competition (CPC) issued a decision in which it penalised funeral agency Elida MG EOOD (formerly Pokoy-1945 EOOD) for failing to comply with an earlier CPC decision.
Are you ready for the tax and employment authorities' dawn raids? - Romania
A wave of dawn raids from mixed teams of the Romanian tax and employment authorities (ANAF and ITM) is expected this August. As per public declarations, these measures target tax evasion and "black market" labour.
Growing cannabis in Bulgaria: Legal but still stigmatised
Bulgarian legislation on the legal cultivation of cannabis makes for interesting reading. Some readers might feel that the regulations and definitions are the most hilarious things ever, and this article aims to shed light on why this may be, while running you through some legalities.
Management's liability for payments upon onset of insolvency
A financial crisis and situations where insolvency is imminent are not only challenging for a company and its management, but also entail significant liability risks for management in the case of subsequent insolvency proceedings.
New EU Restructuring Directive: A game changer for restructurings?
The list of successful restructurings outside insolvency proceedings is as long as it is confidential. Every year, companies of all sizes are stabilised and sustainably restructured without the stigma of insolvency proceedings.
Say on pay and related party transactions: implementation of EU Shareholder Rights Directive II
The EU Shareholder Rights Directive II (2017/828) (SRD II), amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement, must be transposed into national law by 10 June 2019.
Public liability based on incorrect land register entries is limited
Incorrect land register entries may trigger public liability. But in a recent decision the Austrian Supreme Court (1 Ob 198/18a) held that incorrect land register entries can only constitute public liability claims for a certain group of people.
Exit strategies: registering a share transfer when target shares are encumbered by third parties
The stock market's flexibility is its greatest selling point for publicly traded companies, as it allows a fast flow of capital while still enabling majority shareholders to implement fundamental corporate changes should they wish to exit the market.
Legal Alert for Approaching Deadline of UBO Registration
Bulgarian anti-money laundering law requires that companies and other entities having their seat in Bulgaria register their ultimate beneficial owner(s).
CPC clears Domuschievi brothers' acquisition of Nova TV
In March 2019 the Commission for the Protection of Competition (CPC) cleared the acquisition of Nova Broadcasting Group AD (Nova TV) by Advance Media Group EAD, which is owned by the well-known Bulgarian businesspeople Kiril and Georgi Domuschievi.
A second chance for the renewables sector?
The Romanian Ministry of Energy recently finalised the public debate of a document outlining a new mechanism for supporting low-carbon electricity generation, in the form of a Contract for Difference (CfD) scheme.
Bulgarian Courts and the Deepest Recesses of Marketing
Some local interpretations of the concepts of clean labelling and claims related to children's development and health
Austria: What does "limited space" mean under the Act on Distance Contracts and Off-Premises Contracts?
Directive 2011/83/EU of 25 October 2011 on consumer rights (the "Directive") and the Fern- und Auswärtsgeschäfte-Gesetz (the "FAGG") impose many information obligations on traders before the consumer is bound by a distance or off-premises contract, or any corresponding offer.
Czech Republic: Health products distributor fined for resale price maintenance
The Office for the Protection of Economic Competition recently fined Czech health products supplier TCM Herbs Kc853,000 (approximately €33,500) for resale price maintenance (RPM).(1)
Good news for creditors: Austrian Supreme Court strikes down significant impediment to creating valid collateral in Austria
The Austrian Supreme Court has abolished its former line of decisions on the recognition of collateral granted by way of security transfer (Sicherungsübereignung) under foreign jurisdiction. From now on, Austrian courts will have to recognise such collateral even if it does not comply with Austrian publicity requirements (Pubilzitätserfordernissen).
Bulgaria: Proposal for EU Directive on unfair trading practices in business-to-business relationships in the food supply chain
Can European farmers be certain that a bottle of milk or a kilo of apples will remain more expensive than a bottle of mineral water?
Croatia: Agrokor's administration proceedings are entering the final stage
After almost two years, the extraordinary administration proceedings over Agrokor and 77 of its Croatian group companies is entering its final stage.
Austria | EBA publishes new guidelines on outsourcing for institutions applicable from 30 September 2019
Bulgaria: Metro penalised for unfair comparative advertising campaign
The Commission for the Protection of Competition (CPC) recently penalised Metro Cash & Carry Lev14,972,320 or 2% of its 2017 turnover for conducting an unfair comparative advertising campaign. The CPC ordered Metro to terminate the campaign immediately and inform two national newspapers of the decision.
Serbia: Extended application of GDPR to non-EU countries in accordance with the Guidelines 3/2018 on the territorial scope of GDPR
Austria: Vienna Stock Exchange: quarterly reports for equity issuers no longer mandatory
Following some other European stock exchanges, the Vienna Stock Exchange (VSE) announced today, 22 February 2019, that it will no longer require issuers, the shares of which are admitted to trading on its regulated market, to publish quarterly reports.
Gun jumping in Hungary - the authority imposes another fine amidst stricter enforcement tendencies
Yet another decision indicates that the Hungarian Competition Authority (HCA) is among the more rigorous competition authorities in Europe. It has once again imposed a fine for gun jumping, i.e. the acquisition of control over the target in a transaction already prior to competition law clearance. The HCA imposed the first ever gun jumping fine in March 2016, marking a new era of stricter enforcement of merger control rules in Hungary. Six other gun jumping decisions have followed since then. Meanwhile, the authority has also sanctioned undertakings for flaws in their notifications.
Romania: Environmental permits and integrated environmental permits now need to be endorsed every year
Environmental permits ("EP") and integrated environmental permits ("IEP") are now subject to annual endorsement, according to the new procedure adopted by the Ministry of the Environment. Permitholders will have to apply every year for endorsement to maintain the validity of the permits.
The procedure for the annual endorsement of EP and IEP was approved by Order No. 1171/2018 ("Order 1171") issued by the Ministry of Environment in line with the latest amendments to the GEO No. 195/2005 on environmental protection regarding the validity of EP and IEP. Order 1171 entered into force on 15 November 2018.
Austria: Efficient Arbitration - Part 5: The Prague Rules: An Inquisitorial Alternative
The most recent article in our Efficient Arbitration Series looked at how document production, when handled properly, could save time and costs in arbitration proceedings.
Hungary: HCA publishes digital consumer protection strategy
The Hungarian Competition Authority (HCA) recently published a strategy paper presenting its views on consumer protection in the digital age. The paper subtly indicates that the HCA will continue to follow the European Commission's guidance in this regard. The paper highlights the measures which the HCA deems necessary to protect consumers and keep up with the developments and companies central to this process.
Bulgaria: Competition authority penalises A1 Bulgaria EAD for cancelling agreement
With Decision No. 1308 of 22 November 2018, the Commission for the Protection of Competition (the "CPC") fined A1 Bulgaria EAD ("A1") BGN 840,340 for cancelling a partnership agreement with its main commercial representative. The CPC decided that the cancellation was effectively a violation of Article 37a (1) of the Protection of Competition Act (the "PCA"), which prohibits abuse of dominant position when contracting.
Romania: Is the new PPP legislation giving a boost to infrastructure projects?
This seems to be a hot year-end for Romanian infrastructure, with the government recently launching the first public procedure for the award of a strategic infrastructure project under the new Romanian PPP legislation: the construction of the Ploiesti-Brasov motorway.
Bosnia and Herzegovina (BiH) Competition Council introduces new tariffs
The Bosnia and Herzegovina (BiH) Competition Council will apply new tariffs as from November 2018. Among these, the most significant are the increased merger control clearance fees, which have doubled.
Serbia: "Baby-boom" and other RPM cases before the Competition Authority
The Serbian Commission for Protection of Competition (the "Commission") is taking steps to encourage the birth rate in Serbia, one of the country's primary political objectives. Its contribution to achieve that objective is current antitrust investigation on the baby care product market, which could ultimately lead to a price decrease and reduction of costs of raising a child in Serbia.
Austria: Parliament adopts comprehensive environmental package
On 25 October 2018 Parliament adopted a new comprehensive environmental package comprising:
Several other environment-related legislative initiatives are also underway at present (see, for example, "Will new state targets lead to reduced environmental protection?").
Although the amendments have yet to be published in the Federal Law Gazette, the new environmental package is expected to come into force by the end of 2018.
Bulgaria: High time for companies to register their beneficial owner
Companies have until 31 May 2019 to register their beneficial owners in the Bulgarian Commercial Register and Register for Non-profit Legal Persons (the "Commercial Register"). This obligation comes as a result of the adoption of a new Law on the measures against money laundering in March this year (the "AML Law").
The Oil & Gas Offshore Law: A Romanian Odyssey
Debate is raging about the Romanian "offshore" law setting out the legal framework for oil & gas exploration and production in the Black Sea offshore perimeters (the "Offshore Law" or the "Law"), fuelling political turmoil and deterring investment. After a failed attempt to pass the Offshore Law in summer, there are signs of much needed stability.
Bulgaria: Case Law Developments Around Real Estate Financing
The Supreme Court of Bulgaria has clarified important aspects of enforcement over real estate assets that form part of an enterprise pledge.
Czech Republic: Office for the Protection of Competition gets tougher on fines for competition law infringements
In April 2018 the Office for the Protection of Competition adopted new guidelines on the method of setting fines for competition law infringements,(1) noting that the need for a revision of the previous guidelines had emerged in the wake of developing case law, as well as amendments to the Act on the Protection of Competition.
Österreich: Ab 2019 vereinfachter Kapitalmarktzugang für KMU, Wachstumsunternehmen und Startups durch Öffnung des Dritten Markts
Am 25.10.2018 hat der Nationalrat die seit langem erwartete Änderung des Aktiengesetzes beschlossen, die den Zugang von österreichischen Gesellschaften, insbesondere von KMU, Wachstumsunternehmen und Startups, zum Kapitalmarkt erleichtern soll.
Bulgaria: CPC penalises Speedy AD for failing to provide complete and accurate information
In Decision 1046 of 20 September 2018, the Commission for the Protection of Competition (CPC) approved the acquisition of Rapido Express and Logistics OOD by its competitor Speedy AD in accordance with Article 26(1) of the Protection of Competition Act. However, at the same time, the CPC penalised Speedy AD for failing to provide in its concentration notification complete and accurate information which the commission deemed materially and substantially important for evaluating the deal.
Romania: All board decisions made by delegation of powers can be challenged in court
To enable decisions to be passed efficiently, the Companies Law (31/1990) created flexible mechanisms and procedures allowing specific shareholder powers to be delegated to a company's management.
New Act on the Control of Investments Detrimental to the Interests of Hungarian National Security
The Hungarian Government recently adopted Act no. LVII of 2018 on the Control of Investments Detrimental to the Interests of Hungarian National Security (the "Act").
Health and safety at work in Romania: What companies need to know to be safe
Failure to take or observe the mandatory measures for health and safety at work may entail, among other types of liability (e.g. civil, administrative), potential criminal liability for employers.
Romania: How to implement the new internship rules
The internship contract is an alternative tool by which a company provides a student or trainee the opportunity to work in the company to gain theoretical and practical knowledge in a specific field, with a view to possible employment after the internship is complete. The template documents necessary to put into practice the recent rules introduced to Romanian legislation in August 2018, have been approved and can now be used by companies active in Romania.
Bulgaria: Speedy AD sanctioned by competition authority for failure to provide complete and accurate information
With Decision No.1046 issued on 20 September 2018, the Bulgarian Commission for the Protection of Competition (the "CPC") gave the green light to the acquisition of Rapido Express and Logistics OOD by its competitor Speedy AD, in accordance with Article 26(1) of the Act for the Protection of Competition (the "APC").
Hungary: HCA's recent practice: cooperation and commitments
In recent years, the Hungarian Competition Authority (HCA) has seemingly aimed to foster cooperation between itself and market participants. Recent case law shows that the HCA strives for cooperation even when market participants allegedly commit grave infringements of the competition rules.
Austria: Commercial agent's trial for trial period compensation
Earlier this year, the ECJ ruled that commercial agents are generally entitled to compensation, even if the distribution agreement was terminated during a trial period.
How will new EU directive on work-life balance affect family-related leave in Hungary?
Gender equality may be a core EU principle, but it will not become a reality without effective legal action. To meet the EU objective of reaching a 75% employment rate for both men and women by 2020, the European Commission aims to change the existing legal framework.
The Romanian Competition Council never rings twice. Not even when abroad
"To our big surprise representatives from the Romanian Competition Authority arrived at our offices in Brussels on [date] and were joined by the Belgian police and the Belgian Competition Authority", reads the press release of a foreign-based investigated party raided by the Romanian authority.
Austria: Automatic permits for certain energy infrastructure projects
Proposed new legislation would introduce automatic permits for certain energy infrastructure projects (eg, electricity grids and power plants). According to the federal minister for digital and economic affairs, in order to maintain Austria's attractiveness as a business location and ensure sustainable development, comprehensive investment in its infrastructure is required.
Romania: Significant changes to the payment of contravention fines
The payment methods of contravention fines have been simplified as of 24 August 2018 by Act No. 203/2018, on the measures to increase the efficiency of the payment of contravention fines, published in the Official Gazette, Part I, no. 647 of 25 July 2018 (the "Law"). The Law sets forth measures aimed at facilitating the payment of contravention fines.
Romania: Companies can now distribute dividends on a quarterly basis - but will they?
Until recently, Romanian companies could distribute dividends to shareholders only on an annual basis and on approval of their annual financial statements at the end of each financial year. This paradigm has changed and companies can now opt to distribute their dividends annually or quarterly.
Major changes in trade secret protection are coming to Hungary
Shortly after the expiry of the 9 June 2018 deadline, the Hungarian parliament has finally adopted the new act on the protection of trade secrets ("Trade Secrets Act") which will transpose the Trade Secrets Directive EU 2016/943 into national law
Amendments to the Hungarian Data Protection Act
The Hungarian Parliament has recently adopted legislation with the aim of harmonising the national data protection rules with the rules of the GDPR, and supplementing the national rules in areas not regulated by the GDPR. The Parliament adopted Act XXXVIII of 2018 ("Amendment") in an extraordinary session and the new regulations entered into force on 26 July 2018.
First decisions prohibiting concentrations issued in Bulgaria
On 19 July, 2018 the Bulgarian Commission for the Protection of Competition (the "CPC") prohibited two concentrations. The first being the sale of the second largest media conglomerate in Bulgaria, Nova Broadcasting Group AD ("Nova Broadcasting"), (owner of Nova TV), to PPF Bidco, (owned by Czech businessman Petr Kellner), and secondly the sale of CEZ's assets in Bulgaria, which include its energy distribution business, trade business and some small renewable energy parks to a Bulgarian company, Inercom, which maintains three solar power stations in the country.
Danube port legislation: building a bridge across various jurisdictions
The Danube is the longest river in Central Europe, and thus has significant economic potential. However, the full potential of the Danube as a major transport route has not yet been exploited. A reason for this is the fact that the Danube crosses ten countries, and there are, as a result, ten different applicable port legislations in the Danube region.
Romania: One step closer to enforcing Fourth AML Directive: changes for private companies regarding ownership transparency
Following the entry into force of the Fourth Anti-money Laundering (AML) Directive (2015/849) in 2015, Ireland, Greece, the Netherlands and Romania are still in the process of passing appropriate implementation measures into national law. As such, they have exceeded the 26 June 2017 transposition deadline by one year.
Újdonság a cégjegyzékben: a képviseleti jog nélküli vezető tisztségviselő
A magyar jog eddig is megengedte, hogy egy társaság tagjai korlátozzák a vezető tisztségviselő (ügyvezető) képviseleti jogát. Ebből kifolyólag olyan vezető tisztségviselő kinevezése is megengedett, aki egyáltalán nem jogosult a társaság képviseletére.
Hungary: Introducing the managing director without representation rights
Hungarian law has always permitted shareholders of a company to limit the power of the company's managing director(s). Thus, it has also been allowed to appoint a managing director without any right to represent the company.
Czech Republic: Competition Authority fines firm for restrictive clauses in lease agreements
Restrictive clauses are common in commercial lease agreements.
Romanian companies will be able to distribute dividends on a quarterly basis
The Romanian Parliament recently approved the Law on the Amendment and Completion of the Accounting Law No. 82/1991, Amendment and Completion of the Companies Law No. 31/1990 and Amendment and Completion of Law No. 1/2005, on the organisation and functioning of cooperative companies.
Bulgaria: CPC deems minimum hotel accommodation prices anti-competitive
The Ministry of Tourism recently proposed the introduction of minimum prices for sites categorised as 'accommodation places'. In Decision 529/10.05.2018, the Commission for Protection of Competition (CPC) opined on the proposal's compliance with competition rules.
Austria: Are you still buying or already mining? Mining cryptocurrencies as a permanent establishment
The taxation of cryptocurrency transactions is a hot topic. The Austrian Ministry of Finance recently issued an interesting ruling outlining when mining for cryptocurrencies in Austria by a non-resident taxpayer may trigger a permanent establishment.
Österreich: FMA veröffentlicht Leitfaden zu IT-Sicherheit in Kreditinstituten
Am 8.5.2018 veröffentlichte die FMA einen Leitfaden, der die Risiken in Zusammenhang mit Informations- und Kommunikationstechnologien (IKT) in Kreditinstituten adressiert (der "Leitfaden"). Der Leitfaden ist auf der Homepage der FMA abrufbar.
Hungary: New Arbitration Rules of the HCCI
Following the entry into force of the new act on arbitration (Act LX of 2017 on Arbitration, the “Act”) this year, the Arbitration Court attached to the Hungarian Chamber of Commerce and Industry (“HCCI”) adopted its new procedural rules (“Arbitration Rules”) effective and applicable as of 1 February 2018.
EU: New Deal for Consumers - A Proposal to Strengthen Collective Redress
The European Commission has just published its comprehensive proposal for the so-called "New Deal for Consumers", which aims to strengthen EU consumer rights and enforcement. This includes the proposal for a new Directive enabling certain qualified entities to seek redress on behalf of consumers who have been harmed by an unlawful commercial practice.
Begutachtungsentwurf zu Harmonisierung und Vereinfachung des Prospektrechts veröffentlicht
Am 27.4.2018 wurden ein Begutachtungsentwurf zu Harmonisierung und Vereinfachung des Prospektrechts für Wertpapiere und Veranlagungen versandt.
Hungary: Equal pay for equal work in the case of a business transfer
Fighting discrimination and enforcing the principle of equal treatment has a great importance in employment relationships. Fighting the gender pay gap is an important facet of this problem, but not the only one.
Austria: Responsibility to investigate - an update on avoidance risks
Following the opening of insolvency proceedings, the insolvency receiver typically tries to enlarge the insolvency estate by asserting voidance claims. Legal acts that occurred within certain suspect periods prior to the opening of insolvency proceedings might be declared void. Creditors may mitigate certain avoidance risks by investigating the debtor's financial situation when conducting legal transactions.
Hungary: Use of electronic documents in employment relationships
With the constant development and advancement of digital technologies, the use of paper-based documents is gradually decreasing in all areas of life. This has affected the form of legal documents used in public administration and court procedures, as well as for contracts.
European Union: VAT Regime 2.0 - Will the Empire Strike Back?
The European Commission proposed fundamental changes to the current Value Added Tax (VAT) regime, aimed at delivering a definite pan-European VAT system in order to tackle tax fraud as well as to unify and simplify VAT requirements for companies while lessening red tape.
Slovenia becomes next country to introduce restrictions on trans-fatty acids in foodstuffs
Among the constantly evolving measures aimed at consumer protection and health is the introduction of maximum permitted levels of trans-fatty acids ("TFA") in foodstuffs. Slovenia has joined certain other (EU) countries, which already restricted the content of TFA in food, by adopting new rules laying down maximum permitted levels of TFA in foodstuffs (Pravilnik o največji dovoljeni vsebnosti transmaščobnih kislin v živilih, "TFA Rules").
Bulgaria: Submitting the ESPD in electronic form - facilitation or a hurdle for ongoing public procurement procedures?
As of 1 April 2018, applicants in tender procedures must submit the European Single Procurement Document ("ESPD") in electronic form using a template provided by the European Commission.
Österreich: Exit-Szenarien ausarbeiten und Finanzen managen: Was Start Ups vorab tun können um Krisenstimmung zu vermeiden
Schönherr lud vergangene Woche gemeinsam mit dem Branchennetzwerk primeCROWD ein, die Schattenseiten des Start Up-Unternehmertums zu diskutieren. Das Fazit: Wie in jeder Beziehung, ist ein offener und ehrlicher Dialog wichtig, um Krisen zu vermeiden oder zumindest gestärkt aus Krisen hervorzugehen. Zahlreiche Start Ups und Investoren waren in die Wiener Kanzlei gekommen um sich Expertenmeinungen und Tipps zu Gesellschafterstreitfälle, Verstimmungen zwischen Start Ups und Investoren sowie zum Thema Insolvenz zu holen.
New Gas Market Act - Croatian gas market reform continues in 2018
The new Gas Market Act came into force on 3 March 2018 (Zakon o tržištu plina)[1], with the primary aim of regulating the rights and obligations of participants in the Croatian gas market pursuant to the Third Gas Directive (2009/73/EC). In short, the Croatian gas market was legally liberalised in 2008, and de facto opened in the 2012/2013 gas season with a further gas market reform in 2014 and 2017. A brief outline of the latest amendments to the Gas Market Act adopted in February 2017 can be found here. Despite efforts to open up the Croatian gas market, in 2015 and 2017 the European Commission initiated two distinct infringement proceedings against Croatia for noncompliance with the above Directive.
Bulgaria: Private damages directive implemented in law
On January 3 2018 the Act for Amendment and Supplementation of the Competition Protection Act was promulgated in the State Gazette. The new act implements EU Directive 2014/104 (November 26 2014) on certain rules governing actions for damages under national law for infringements of national or EU competition law (the Damages Directive).
Will amendments to the Serbian Labour Act prevent illegal work?
A recent series of amendments to the Labour Act adopted by the National Assembly of the Republic of Serbia entered into force on 25 December 2017.
European Commission adopts rules clarifying requirements for traceability and security systems for tobacco products
On 15 December 2017, the European Commission adopted secondary legislation clarifying the requirements for EU-wide tracking and security systems for tobacco products, the implementation of which is presumed by Articles 15 and 16 of the new Tobacco Products Directive.
Hungary: Compliance and compensation in consumer protection cases: the Vodafone example
A recent Hungarian Competition Authority (HCA) decision concerning Vodafone (Case Vj/12/2016) demonstrates that a reasonable cooperative approach may significantly affect the level of fine imposed on an undertaking.
Bulgaria: Commission fines Laptop.BG for video blog content
The Commission for the Protection of Competition fined Laptop.BG Lev47,265 (approximately €24,160) for unfair practices in the form of contradicting genuine practices. The penalty represents 0.5% of the net income of Laptop.BG sales.
Bulgaria has liberalised the legal requirements on mixtures containing 1,4-Butanediol and y-Butyrolactone
On 20 December 2017, the Bulgarian parliament voted on a legislative amendment that will allow the marketing of risky substances containing mixtures intended for industry use.
Bulgaria: Substantial changes for non-profit legal entities from 1 January 2018
A number of laws regulating the establishment, activities and termination of non-profit legal entities in Bulgaria have been reformed. The most important changes are:
Serbia: Competition Authority's regional cooperation
In November 2017 the Competition Authority intensified its activities regarding regional cooperation. Representatives of the authority met with colleagues from the Competition Council of Bosnia and Herzegovina and attended conferences organised by the competition authorities of Romania and Croatia.
Bosnia and Herzegovina: Competition Council – no concentration when company takes over competitor's premises
The Competition Council recently took a stand regarding whether a situation in which a food retail company takes over a competitor's business premises and continues the same business activity in those premises constitutes a concentration. The council concluded that such situations should be notified as they are not considered concentrations according to the Competition Act.
Albania: Technology Transfer Block Exemption Regulation
The Competition Authority recently prepared the draft Technology Transfer Block Exemption Regulation. The draft regulation is aligned with EU Regulation 316/2014 on the Application of Article 101(3) of the Treaty on the Functioning of the European Union to Categories of Technology Transfer Agreements (March 21 2014). The authority put the regulation forward for public debate and is awaiting comments.
The authority recently celebrated the 14th anniversary of the Competition Act. On December 1 2003 the first modern competition law – aligned to a certain extent with acquis communitaire – entered into force in Albania. This was shortly followed by the entry into force of the Competition Act and the establishment of the Competition Authority in March 2004.
This article was first published on www.internationallawoffice.com
Bosnia and Herzegovina: New Competition Act expected in 2018
The Competition Council of Bosnia and Herzegovina recently set out its objectives and priorities for 2018 in its 2018 Work Programme.
Hungary: A New Era of Collective Claims
On 1 January 2018, a new Act on civil court procedures will come into force, bringing a 50-year-long era to an end. The new law reforms existing shortcomings, such as lengthy and tedious procedures, and introduces mechanisms already widespread in Western and common-law jurisdictions, such as collective redress.
Hungary: HCA uses new investigative tool under merger control regime
Following a recent amendment to the Competition Act, the Hungarian Competition Authority (HCA) was given significant new investigative powers under the framework of its merger control duties.
Impact of the GDPR on the West Balkans
The General Data Protection Regulation ("GDPR"), which is expected to create a high-level and uniform framework for data protection in the European Union, becomes applicable on 25 May 2018.
Under the conditions set by the GDPR, its application will extend to non-EU West Balkan countries as well.
Austria Adopts Statutory Outsourcing Regime for Credit Institutions
The Austrian parliament recently passed an amendment to the Austrian Banking Act (Bankwesengesetz – BWG), introducing a new statutory outsourcing regime for credit institutions applicable from 3 January 2018.
Hungarian Competition Authority assumes jurisdiction over a merger - the new investigative tool in action
The recent amendments to the Hungarian competition act not only raised the turnover thresholds for an obligatory merger control filing, but introduced the possibility of a voluntary filing if the parties achieved a combined domestic turnover of more than EUR 16 million in the preceding business year, and the transaction has the potential to restrict competition significantly.
Österreich führt gesetzliche Regelungen für Auslagerungen von Kreditinstituten ein
Das österreichische Parlament hat eine Novelle zum Bankwesengesetz (BWG) verabschiedet, die erstmals rechtsverbindliche Regelungen für die Auslagerung bankbetrieblicher Aufgaben vorsieht. Die Bestimmungen treten mit 3. Jänner 2018 in Kraft.
Poland: New Rules on Confiscation to Fight Crime
On 27 April 2017, an amendment to the Polish Criminal Code and the Criminal Procedure Code implementing Directive 2014/42/EU of the European Parliament and of the Council of 3 April 2014 on the freezing and confiscation of instrumentalities and proceeds of crime in the European Union came into force (the "Amendment").
Croatia: Adoption of a new Money Laundering and Terrorism Financing Prevention Act
On 27 October 2017, the Croatian Parliament enacted a new Money Laundering and Terrorism Financing Prevention Act (Zakon o sprječavanju pranja novca i financiranja terorizma; the "AML Act"). The main reason behind it was the transposition of the 4th AML Directive (Directive (EU) 2015/849) into the Croatian legal system.The most notable change in relation to the current Money Laundering and Terrorism Financing Prevention Act in force is the establishment of the Beneficial Owner Register as the central electronic database on the beneficial owners of legal entities (the "Register"). Despite pressure from public organisations, the Register remained inaccessible to the public.
EU: Lex "Nord Stream 2" in the pipeline
The European Commission has proposed an amendment to the Third Gas Directive 2009/73/EU ("Gas Directive") in order to extend the common gas rules to import pipelines. This will ensure the coherent applicability of the core principles of EU energy legislation (third-party access, tariff regulation, ownership unbundling and transparency) to all gas pipelines to and from third countries.
New Legislative Framework for Class Actions in the Czech Republic
The Ministry of Justice's proposal to introduce collective redress mechanisms in the Czech Republic was published on 26 September 2017. If approved by the Czech Government, the Ministry will proceed to draw up a legislative bill before the end of 2018.
Competition: Restrictive definition of the geographic market - food retail
The Romanian Competition Council (the "RCC") will amend the review of geographic market when assessing mergers in the food retail sector, due to behavioral changes of companies active on the market and of consumers – as disclosed in a study prepared by the RCC.
Romania to Introduce New Oil & Gas Royalties Regime
The Romanian government recently opened discussion on a long-awaited draft law aimed at redefining the existing oil & gas royalties system.
What is Fit&Proper? Challenges Under the New Joint Fit&Proper Guidelines of ESMA and EBA
On 26 September 2017, the European Banking Authority ("EBA") and the European Securities and Markets Authority ("ESMA") published the final report of their joint guidelines on the assessment of the suitability of members of the management body and key function holders in accordance with Article 91 (12) of Directive 2013/36/EU ("CRD IV") and Article 9 of Directive 2014/65/EU ("MiFID II") (the "Fit&Proper Guidelines").
The Fit&Proper Guidelines aim to harmonise and improve suitability assessments within the European financial sector, and to ensure sound governance in financial institutions in line with CRD IV and MiFID II.
Competition Authority begins work on new Competition Act and block regulations
The Competition Authority, together with the Ministry for Trade, Tourism and Telecommunications, has lodged an initiative for the new Competition Act, which will replace the Competition Act 2009 (amended in 2013).
Competition Authority to monitor mobile phone retail market
In September 2017 the Competition Authority officially closed the investigation into the mobile phone retail market which it opened earlier in 2017 following three complaints regarding alleged coordinated practices and potential abuse of dominant position.
Competition Authority imposes first fine for pre-implementation
The Competition Authority recently launched ex officio proceedings to investigate an acquisition of sole control by Prointer IT Solutions and Services doo over Alti doo.
Sketching the Setting Aside of Arbitral Awards in Serbia
For many doing business in Serbia, the local legal framework, including for arbitration, is the great unknown. However, a short introduction to this legal culture should suffice to reveal that when it comes to arbitration-related matters, Serbian laws are not so different from those in countries hosting some of the most popular arbitral seats.
Czech Republic: New Developments in Contract Registration
The Act No. 340/2015 Coll., on special conditions for the effectiveness of some contracts, the publication of these contracts and the register of contracts (the "Act") has been in effect since 1 July 2016, from which date contracts concluded with certain subjects, such as the state (the Czech Republic), state fund, etc., if the amount of the contract is above CZK 50,000, need to be published in the register of contracts (the "Register").
Romania: Environmental Protection through Criminal Law – Excesses, Omissions and other Flaws
The issue of environmental crime has been addressed in international and European fora for many years. The most recent international event dedicated to environmental protection was the 5th EELF Annual Conference "Sustainable Management of Natural Resources – Legal Instruments and Approaches" held from 30 August to 1 September 2017 at the University of Copenhagen.
New law implementing EU Damages Directive
On September 1 2017 the new Act on Damages in the Field of Competition (Damages Act)(1) came into force. The Czech Republic has thus finally joined the list of EU countries that have implemented the EU Damages Directive,(2) which establishes common EU rights for cartel victims seeking damages.(3) The Damages Act introduces many novelties into national law, which aim to improve the procedural status of citizens and businesses that claim compensation before the national courts for damages caused by an infringement of EU or national antitrust rules.
Potential Hurdle for Acquisitions in Hungary by Non-EU and Non-EEA Investors
The Hungarian Ministry of the Interior recently submitted a legislative proposal to the Hungarian Government to amend the Act on Hungarian National Security Services (the "Proposal").
European Court of Human Rights: Employers have limited rights to monitor employee communications at work
A landmark decision was issued yesterday (Judgement Bărbulescu v. Romania), a source of debate in the media, in which the European Court of Human Rights clarified the restrictions on monitoring employees in the workplace.
Austria: New rules for mismatched unbundled capacities at interconnection points
The Gas Market Model Ordinance 2012 introduced a new gas market model in Austria. The ordinance regulates network access, capacity management and the balancing system in the three Austrian gas market areas: East, Tyrol and Vorarlberg.
Hungary: HCA steps up against bid rigging in public procurement
Public procurements are often targets for bid rigging. The harm that a rigged public procurement can cause does not need explaining. Therefore, the Hungarian authorities and legislature have made extra efforts to fight this kind of behaviour.
Automotive industry again under scrutiny by Competition Protection Agency
The Competition Protection Agency is once again looking into the automotive sector by opening an antitrust proceeding against Renault (which operates as RENAULT NISSAN SLOVENIJA, doo) on July 13 2017.
Czech Republic: Fifth Anniversary of Mediation in the Czech Republic
Mediation as an alternative to classic dispute resolution in other than criminal matters was formally incorporated into the Czech legal system in September 2012.
Serbian Competition Authority Steps Up Antritrust Enforcement
The Serbian Commission for Protection of Competition (the "Commission") recently intensified its antitrust activities before the new Administrative Act came into effect. In one week alone the Commission initiated four antitrust cases and conducted two dawn raids.
Legality of large retail chains' use of rebates remains dubious
In Hungary, as in most countries, the main players on the food and fast-moving consumer goods retail market are a handful of big supermarket chains. Their buyer power – and the alleged abuse of this power – has been the subject of numerous competition law investigations.
Bulgaria: Remedies imposed on fuel companies following cartel investigations
For the second time in less than five years, the Bulgarian Commission for the Protection of Competition ("Commission") has opened investigation proceedings regarding prohibited agreements and concerted practices against the major fuel companies in Bulgaria and closed them without issuing penalties.
Serbia: Competition authority fines two breweries €8.5 million
The Commission for the Protection of Competition recently issued a decision determining that two breweries – Pivara Skopje ad Skopje (from December 17 2012) and Pivarnica Prilep ad Prilep (from November 13 2010) – were engaged in resale price maintenance.
Austria: Update on Austrian-German single electricity market
For nearly 15 years Austria and Germany have shared a single electricity market, under which traded power market flows and cross-border capacity are not formally matched, and thus there is no congestion management on the Austrian-German interconnector. The German and Austrian electricity wholesale markets have since constituted a single bidding zone for electricity; thus, the same wholesale electricity price applies in both countries.
Austria: Avoid Expensive Mistakes As Startup Employer
As violations may lead to enormous liabilities, start-up employers are advised from the outset to comply with the applicable laws pertaining to their personnel.
Serbia: Competition Authority fines manufacturers of edible sunflower oil
On March 13 2017 the Competition Authority determined that two edible sunflower oil market competitors (Vital and Victoriaoil) had concluded a restrictive agreement that limited the production of edible oil and inhibited competition on the market.
Renewable Energy: Amendment of the Austrian Green Electricity Act Doubles Funding
After four months of negotiations, the Austrian National Council has finally reached an agreement on the amendment of the Green Electricity Act ("Ökostromnovelle").
The EU Capital Markets Union – New Prospectus Regulation Finally Published in Official Journal
On 30 June 2017, Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market – the new Prospectus Regulation (the "Prospectus Regulation") – was published in the Official Journal of the European Union.
What does the 22nd Amendment to the Czech Copyright Act Mean for Businesses?
Act No. 102/2017 Coll., amending Act No. 121/2000 Coll., the Copyright Act, entered into force on 20 April 2017, while some changes will only take effect on 1 July 2017. One of the main purposes of the new legislative framework is to implement Directive 2014/26/EU on collective management of copyright and related rights and multi-territorial licensing of rights in musical works for online use in the internal market. The amendment also responds to some practical issues in relation to the licensing of copyrighted works, and generally aims to make the Copyright Act more coherent.
The following summary focuses on changes having immediate implications for typical legal issues that arise in corporate transactions and in day-to-day commercial arrangements.
Recast of the EU Regulation on Insolvency Law Applicable as of Today
The EU Regulation on Insolvency Law 1346/2000 (EIR) was considered a milestone in the cross-border coordination of national insolvency proceedings. The recast of the EU Regulation on Insolvency Law 2015/848, applicable to insolvency proceedings opened after 26 June 2017, considers substantial developments in national insolvency laws.
Serbia: Competition authority receives honourable mention in Competition Advocacy Contest
The Commission for the Protection of Competition was the 2017 recipient of an honourable mention at the 2016-2017 Competition Advocacy Contest: Innovative Advocacy Strategies to Address Market Challenges, launched by the International Competition Network (ICN) and the World Bank Group. The commission is one of more than 140 ICN members.
The article which brought the commission this recognition deals with implementing competition advocacy in government policymaking. Specifically, the commission's activities were aimed at amending statutory provisions that favoured public enterprises and foreclosed access to other categories of undertaking on the utilities market.
This article was first edited and first published on www.internationallawoffice.com
Non-Financial Reporting in Slovenia (ZGD-1J)
Slovenia recently adopted a number of amendments to the Commercial Companies Act. Besides modifying the existing cross-border mergers legislation and introducing new regulations for the use of the word "Slovenia" in company names, the amendments oblige public-interest companies to provide certain non-financial (corporate governance and other) statements in their annual reports.
The EU Capital Markets Union - Mid-term Review of the Capital Markets Union Action Plan
In September 2015 the European Commission ("Commission") adopted an action plan on building a capital markets union (the "CMU") (the "CMU Action Plan").
New Rules for Issuing Pharmacy Permits in Poland
On 15 May 2017 the President of Poland executed the Act of 7 April 2017 amending the Pharmaceutical Law (the "Amending Act"), which changes the current regulations of the Act of 6 September 2001 Pharmaceutical Law (Journal of Laws of 2016, items 2142 and 2003) regarding the issuance of permits to operate public pharmacies.
New Developments in Czech Insolvency Law
An extensive amendment to Act No. 182/2006 Coll., on Insolvency (the "Insolvency Act") will come into effect on 1 July 2017 (the "Amendment").
Slovakia: Disclose Your Beneficial Owner - or Forget about Doing Business with the State
ECB Publishes Practical Fit and Proper Assessments Guide for Board Members of Credit Institutions
On 15 May 2017, the European Central Bank ("ECB") published a guide on fit and proper assessments (the "Fit and Proper Guide"), which reflects the result of a public consolidation launched by the ECB on 16 November 2016.
Call Recording by Customer Services under Montenegrin Law
As customer service call recording concerns personal data protection, under what conditions is it allowed in Montenegro?
Romania: EUR 100 Million State Aid for the Development of Niche Renewable Sources
On 14 April 2017, Government Decision No. 216/2017 approving a state aid scheme for investments promoting energy production from less exploited renewable energy resources, namely biomass, biogas and geothermal energy (the "Decision"), was published in the Romanian Official Gazette.
Focus on Czech Republic, Slovenia and Bulgaria: Competition and antitrust in the digital age
In this Legal Insights, our Bulgarian, Czech and Slovenian offices look at competition and antitrust in the digital age, emphasising that competition authorities need to adapt to meet the challenges of the rapidly changing digital market.
Rome Wasn’t Built in a Day: Progress Report on the Creation of a UNCITRAL Convention on Enforcement of Conciliated Settlement Agreements
Over the past few decades, alternative dispute resolution (“ADR”) has become the preferred method of conflict management in the commercial world.
Hungary: New Arbitration Legislation?
The Ministry of Justice has circulated its initiative for improving the legal environment with the aim of increasing Hungary's competitiveness by amending certain regulations and institutions. Among other things, the initiative concerns cross-border mergers and operation of trustees, and generally aims to lighten administrative burdens. Most notably, if adopted in its current form, it will reform the Hungarian arbitration regulation.
Romania: Tenant's Insolvency in Lease Agreements
From an economic perspective, especially in the current business environment, contractual freedom is the best legal method to satisfy the legitimate interests of individuals and to ensure the general benefit and, consequently, social progress.
New Incentives for Foreigners Investing in Turkish Real Estate
In the wake of the failed coup attempt in Turkey on 15 July, and despite rising global security concerns due to a wave of terror attacks in 2016, the Turkish real estate market, especially the housing sector, is proving resilient. The Turkish market remains one of the best performing in the world, with home prices doubling in five years and rising by 12.22 % in 2016.
Turkey continues to work to boost the housing sector. Recently, the parliament and the government passed a number of new laws foreseeing new incentives to the market mainly aimed at creating more investment opportunities for foreigners. Among these incentives are stamp duty adjustments in respect of various types of agreements commonly used by land owners, developers and buyers; reduced land registry fees and VAT exemptions for foreigners who purchase real estate in Turkey.
Such incentives coupled with the hard drop in the value of the Turkish lira might offer the perfect time for foreign investors to benefit from such an environment.
Slovenia Adopts New State Aid Legislation
Slovenia adopted a new law regulating rescue and restructuring state aid, which entered into force in mid-February. When notified to the European Commission as a state aid scheme, it will allow the Republic of Slovenia to support companies and cooperatives in difficulty without having to notify support mechanisms in accordance with the provisions of the law as an individual aid measure to the European Commission.
Bulgaria: Commission for Protection of Competition Takes a Negative View of COOL Bill
In October 2016, a group of MPs submitted a short draft amendment of the Bulgarian Foodstuffs Act to Parliament. The draft follows the Romanian example of promoting local food by requiring food retailers to stock their shelves with certain percentages of domestic products.
Bulgaria: Opening the gas market for foreign traders!
Most recently, the Bulgarian Energy Regulator has taken significant steps towards the full liberalisation of the natural gas market: In December 2016, the Bulgarian Energy Regulator adopted legislative amendments to the Rules for Trading of Natural Gas (Правила за търговия с природен газ, "Trading Rules") and the Rules for Access to the Gas Transmission and/or Gas Distribution Networks and the Natural Gas Storage Facilities (Правила за предоставяне на достъп до газопреносните и/или газоразпределителните мрежи и за достъп до съоръженията за съхранение на природен газ, "Access Rules"). Moreover, it adopted new Rules for Balancing of the Natural Gas Market (Правила за балансиране на пазара за природен газ, "Balancing Rules").
Hungary: Registration Fees for Company Establishment Abolished
In an aim to simplify state administration and support economic growth, the Hungarian Parliament adopted a new law abolishing the registration fee and the publication cost for incorporating limited liability companies ("LLC") (korlátolt felelősségű társaság), limited partnerships (betéti társaság), general partnerships (közkereseti társaság), and sole entrepreneurships (egyéni cég). The new law becomes effective on 16 March 2017.
When Arbitration Meets Insolvency in Montenegro - Can They Coexist?
Even at first blush, it is apparent that arbitration and insolvency make strange bedfellows.
The reason they make such an odd couple is the different underlying policies, objectives, and purposes they stand for. The heart of arbitration lies at the privity of contract and the existence of party autonomy independent from the state. In contrast, insolvency reflects a centralized and to a certain extent state-managed procedure that holds all creditors equal, within a set system of ranking – a transparent and accountable process governed by mandatory substantive and procedural law provisions.
However, with insolvency on the rise, parties to arbitration agreements may find themselves increasingly often considering a claim against a counterparty who is insolvent or becomes insolvent during the dispute. This is no different in Montenegro.
When arbitration meets insolvency or insolvency meets arbitration in Montenegro, can they coexist? Does insolvency affect the arbitrability of claims in Montenegro? Is there exclusive jurisdiction of Montenegrin courts for all disputes against or with an insolvent party?
Legislative vacuum filled: Czech Republic introduces comprehensive new national legislation on e-cigarettes
New legislation regulating e-cigarettes in the Czech Republic entered into force on 1 March 2017, introducing specific safety and quality requirements on e-cigarettes in the country for the first time.
Bulgaria: Amendment to the pricing and reimbursements process for pharmaceuticals
The amendment aims at alleviating the existing regime for pricing of pharmaceuticals for home treatment of chronic, genetic and/or rare diseases and paid by the National Health Insurance Fund (NHIF).
The EU Capital Markets Union - Recent developments on Venture Capital
On 16 December 2016, the Council of the European Union announced agreement on its negotiating stance in relation to the proposed regulation amending the European Venture Capital Funds ("EuVECA") Regulation (Regulation (EU) No 345/2013) and the European Social Entrepreneurship Funds ("EuSEF") Regulation (Regulation (EU) No 346/2013), which is now at the European Parliament's ECON committee, scheduled to be voted on, on 22 March 2017.
No Smoking: After a long battle in Parliament, the Czech Republic finally adopts smoking ban
One last hurdle – the signature of Czech President Miloš Zeman –before the so called Anti-Smoking Bill enters into force on 31 May 2017.
On 19 January 2017, the Senate of the Parliament of the Czech Republic approved the government bill of the Act on Protection from the Harmful Effects of Addictive Substances (the "Bill"), which is due to enter into force on 31 May 2017, subject to signature by the President.
The Bill follows lengthy political debates and battles pitting the interests of various stakeholders (politicians, lobbyists, corporations and health-protection institutions) against each other, which for many years have hindered any reasonable progress at the legislative level. As a result, the general public has become frustrated and sceptical about the real chances of the Czech Republic ever becoming smoke-free. Although the President has yet to sign the Bill, he has expressed support for it (despite himself being an avid smoker), and it is already perceived by many as a pleasant surprise and a historical victory.
Czech Republic: Anti-competitive agreements in telecoms sector
Following a protracted dispute, on December 22 2016 the Office for the Protection of Competition imposed fines on Czech mobile operators Vodafone Czech Republic as and O2 Czech Republic as totalling Kr99 million (approximately €3.6 million).
Facilitation or Liability Trap for Foreign Employers? - The Revised Austrian Law against Wage and Social Dumping
On 1 January 2017, the revised Austrian Law against Wage and Social Dumping ("Lohn- und Sozialdumping Bekämpfungsgesetz" or "Revised LSD-BG") came into force. The Revised LSD-BG applies to matters arising after 31 December 2016.
Amendments to the Criminal Code - criminalization of restrictive agreements in Serbia. Who should be concerned?
The recent amendments to the Criminal Code, which will take effect on 1 March 2018, introduce the criminal offence of conclusion of restrictive agreement. The new Article 229 of the Criminal Code provides as follows:
These provisions have multiple consequences:
Freeze! Securing a debtor's assets in a foreign country can be a difficult and lengthy exercise - a new EU Regulation will change this.
Suppose you were a German bank lending to a Spanish debtor under a loan agreement governed by German law. Once your Spanish debtor stops paying, the bank would have to obtain a German legal judgment and would then have to enforce it in Spain.
Austria: Court rules on rights in environmental impact assessment
If there are two or more conflicting water use projects (eg, hydroelectric power stations), the Water Act provides for a special conflict procedure. A pending conflict procedure suspends decisions in all underlying approval procedures. As a result of the conflict procedure, the project which serves public interests best will take priority over the inferior project.
2016 brought some substantial changes in Austria's Criminal Law provisions - A Review
In 2016, Austrian Criminal Law experienced some substantive legal developments in both, procedural and material aspects. The following overview reflects the most relevant developments in Austrian Criminal Law in 2016.
This week, we are honouring and prioritising the achievements of our female colleagues by putting their content first! Content from our other colleagues remains of course available and can be found in the authors' profiles or via the search function.
