The EU Listing Act, which is part of the European agenda to make public capital markets in the EU more attractive, was published in the Official Journal of the European Union on 14 November 2024. This initiative seeks to increase the number of company listings in the EU and simplify compliance with capital markets regulations under the Market Abuse Regulation (MAR). The legislative package includes amendments to the Prospectus Regulation and MAR, which will enter into force on 5 December 2024. Several provisions will be applicable at later stages, i.e. from 5 March 2026 or 5 June 2026.

In recent weeks, the Slovak Parliament has approved two laws that could substantially increase labour costs for employers in Slovakia. One amendment to the Minimum Wage Act raises the automatic determination rate of the minimum wage, while another introduces a new contribution to cover sports activities for employees' children.

Neither amendment has yet been signed by the president. However, given the current political situation in Slovakia, it is unlikely that he will veto these amendments.

In light of recent events involving the discovery of human tissue and blood in waste delivered to a waste treatment plant, it is crucial to review the regulations governing the management of medical waste in Bulgaria.

The Government of Hungary has overhauled the regulatory framework governing the district heating sector. The legislative changes are primarily aimed at supporting substantial new investments in district heating production by increasing the profit limits for new installations utilising renewable and geothermal energy.

The National Bank of Hungary (NBH) introduced a new guideline No. NBH's 9/2024, also known as the ESG (Environmental, Social and Governance) Guideline. This initiative aims to help financial institutions incorporate sustainability considerations into their risk management processes. The Guideline seeks to standardise the collection and assessment of ESG information, thereby enhancing predictability in legal compliance and reducing administrative burdens for businesses applying for credit.

Perspective of Serbia / non-EU country

Czech Class Actions Act already effective: pitfalls associated with publicity

Convertible loans have emerged as a pivotal financial instrument for start-ups navigating the challenging terrain of early-stage funding (pre-seed and seed), also called angel investment. These loans are a hybrid of debt and equity financing, offering a unique solution for companies that are not yet ready for a formal valuation or are seeking to bridge funding gaps between capital-raising rounds.

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.

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.

As of the 2024 financial year, companies in Hungary are facing new and stringent ESG (Environmental, Social, and Governance) reporting requirements under Act CVIII of 2023 (ESG Act). While large companies may already be familiar with the relevant EU directives (notably the CSRD and the CSDDD), the Hungarian regulations present unique challenges, especially for local subsidiaries of multinational corporations.

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.

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.

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.

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.

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.

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.

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.

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.

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 Act already effective: who are the subjects of class actions in the Czech Republic?

The AI Act was published in the Official Journal of the EU on 12 July 2024.

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.

A judgment of the Austrian Supreme Court of Justice published on 26 April 2024 (6 Ob 210/23k) requires website and platform providers to review their processes under the DSA.

Along with the NIS2 directive, the Digital Operational Resilience Act (DORA)[1] is an essential piece of European legislation aiming to bolster cybersecurity within the EU. Unlike the NIS2 directive, DORA aims specifically at enhancing the operational resilience of the financial sector, while establishing a comprehensive framework to ensure that all financial entities regulated under DORA can withstand, respond to, and recover from disruptions and threats related to information and communications technology (ICT).

The NIS2 directive[1] is a landmark piece of European cybersecurity legislation, significantly impacting the cybersecurity practices and responsibilities of European businesses and organisations

The Hungarian Parliament recently adopted amendments to the notarial procedure, introducing significant changes that affect the reading of documents during notarial acts from 1 January 2025.

Class Actions Act in force: a game-changer in consumer claims enforcement against businesses in the Czech Republic?

The development of the hydrogen economy has been recognised as one of the priorities for the implementation of the European Green Deal, the main goal of which is to achieve climate neutrality in Europe by 2050. Poland is Europe's third-largest producer of hydrogen; however, its production is done exclusively with fossil fuels for companies' own needs. The regulations currently in force in Poland do not provide adequate conditions for the effective implementation of the strategy for the development of the green (renewable) hydrogen market.

In his Legal Insight published on 2 May 2024, Schoenherr counsel Oliver M. Loksa discussed the draft bill aimed at increasing the contribution to legal costs for suspects not found guilty in criminal proceedings. Recently, the government has published its revised bill. 

Der Ministerrat hat eine Regierungsvorlage zum Wasserstoffförderungsgesetz (WFöG) beschlossen. Es soll der österreichischen Wasserstoffproduktion Starthilfe leisten, indem die Produktion von erneuerbarem Wasserstoff gefördert wird. Ein Anschub ist auch erforderlich, um bis 2030 die in der österreichischen Wasserstoffstrategie vorgesehene Installation von 1 Gigawatt Elektrolysekapazität zu erreichen. Das Mittelvolumen wurde gegenüber dem Ministerialentwurf mehr als verdoppelt. Insgesamt stellt der Bund 820 Millionen Euro für wettbewerbliche Auktionen in den Jahren 2024 bis 2026 bereit.

The first comprehensive Slovak foreign direct investment (FDI) screening regime entered into force on 1 March 2023. Now that the first year of this new FDI regime is behind us, below we summarise the key takeaways based on our practical experience with this law.

It has been a long time coming and is among the most requested changes in criminal procedure law. Finally, on 24 April 2024, the Austrian government presented a draft bill aimed at increasing the contribution to legal costs for suspects acquitted in criminal proceedings. While it is a giant step forward, serious doubts remain about whether it goes far enough.

"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.

The European Parliament adopted the Corporate Sustainability Due Diligence Directive (the "CSDDD") on 24 April 2024. This is a landmark piece of legislation that aims to ensure companies contribute to sustainable development by identifying, preventing and mitigating potential or actual adverse human rights and environmental impacts in their operations and value chains (see our newsletter of 20 March 2024 for more information). The directive now also needs to be formally endorsed by the Council, signed and published in the EU Official Journal, entering into force twenty days later. Member States must transpose the CSDDD into national law within two years of its entry into force. But companies are well advised to prepare for the new compliance obligations right away.

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.

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.

In April 2024, the Austrian government presented a draft of the Grace-Period-Act aimed at assisting family businesses and SMEs in the event of a business transfer within the family.

Introduction

CSR, CSRD and now CSDDD: so many abbreviations have appeared over the last years in the context of sustainability. Sometimes referred to as the "European Supply Chain Act", CSDDD stands for the "Corporate Sustainability Due Diligence Directive". It is commonly abbreviated as the "CSDDD", "CSDD directive" or "CS3D".

The Moldovan Parliament adopted the new Law on Trademarks No. 25 of 15 February 2024 (the "New Trademarks Act"). The law was published in the Moldovan Official Gazette on 2 April 2024 and will enter into force on 2 April 2027. It is envisaged that the New Trademarks Act will eliminate the discrepancies with the EU aquis in this respect. Accordingly, the law transposes Directive 2004/48/EC of the European Parliament and of the Council of 29 April 2004 on the enforcement of intellectual property rights, Directive (EU) 2015/2436 of the European Parliament and of the Council of 16 December 2015 to approximate the laws of the Member States relating to trademarks, and, partially, Regulation (EU) 2017/1001 of the European Parliament and of the Council of 14 June 2017 on the European Union trademark.

Good news for cryptocurrency investors: Hungary has adopted a new law on the market for crypto-assets. The new law aligns the national legal framework with the European Union's regulations and ensures consumer protection, financial stability and innovation in this emerging sector. The new law, which was adopted by the parliament on 10 April 2024, covers the issuance, offering and trading of crypto-assets, as well as the supervision and sanctions of crypto-asset service providers.

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.

Amendments to the Employment Contract Adjustment Act (Arbeitsvertragsrechtsanpassungsgesetz - AVRAG) and the General Civil Code (Allgemeines bürgerliches Gesetzbuch – ABGB) came into force in Austria on 28 March 2024 based on EU Directive 2019/1152 on transparent and predictable working conditions.[1] As a result, employers are now required to observe new regulations on informing employees about working conditions, multiple employments and employee training.

Die Kraftstoffverordnung 2012 (KVO 2012) unterwirft Personen, die fossile Kraftstoffe für den Straßenverkehr in Verkehr bringen, einer Substitutions- und Treibhausgas-Minderungspflicht. Am 1. Jänner 2024 trat mit einer Neufassung des § 11 KVO eine Bestimmung in Kraft, die der Dekarbonisierung des Verkehrssektors und dem Ausbau der E-Mobilität zusätzlichen Schub verleihen soll.

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.

Only a few years ago, the Hungarian National Energy Strategy set the then ambitious target of reaching 6 GW of solar power capacity by 2030. By early 2024, that target had already been achieved, as the gross capacity of PV installations doubled within only two years. The new target for 2030 is now set at 12 GW, and there is little doubt that it will be easily reached.

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.

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 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. This objective is to be achieved through measures aimed at establishing a variable concession fee for the organisation of online games of chance, a provision not envisaged in the prior legal framework in this area. Another measure to achieve the set goal is to introduce a ban on participation in foreign games of chance via the internet and other telecommunication means for which bets are paid on the territory of Montenegro.

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.

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").

Bulgarian and EU legislators have been focusing on waste reduction and reporting recently. We are using the latest acts of the European Parliament to

1. raise awareness among food, fashion and textile businesses about the expected legal developments;
2. remind businesses that annual waste reports for 2023 should be submitted by 31 March; and
3. summarise the latest Bulgarian secondary legal act, focusing on waste from ships.

Following heated debates among various political stakeholders and unprecedented back and forth, the EU Council ultimately endorsed a final compromise text on the Corporate Sustainability Due Diligence Directive (the "CSDDD") on 15 March 2024. Meaningful concessions were made to win the required majority of EU Member States. The EU Council's vote is a significant milestone in the legislative process. Today it is clear that the CSDDD is here to stay, and companies must adapt to the new obligations.

To address rising prices within its own economy, exacerbated by worldwide economic trends and inflationary pressures, North Macedonia has taken a significant legislative step. On 13 March 2024, the Assembly of North Macedonia adopted the Prohibition of Unfair Trade Practices in the Supply Chain of Agricultural and Food Products Act (the "Unfair Trading Act"). This legislation not only aims to mitigate the impact of these economic challenges but also aligns closely with European Union standards on unfair trading practices.

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.

As reported, last month the Bulgarian parliament adopted the final text of a bill to amend the Investment Promotion Act, implementing the screening mechanism outlined in Regulation (EU) 2019/452 (the "EU FDI Screening Regulation") (see here for our previous Legal Insight).

As the regulatory landscape for crypto-assets undergoes a significant transformation with the European Union's implementation of the Markets in Crypto-Assets Regulation (MiCAR, Regulation (EU) 2023/1114), attention turns to the preparatory steps entities must take to comply with these new standards. Against this backdrop, the Austrian Financial Market Authority (FMA) has recently published preliminary guidance on the MiCAR licensing process for crypto-asset service providers (CASPs). These guidelines outline the steps CASPs need to consider and the FMA's expectations in the lead-up to full MiCAR applicability after 30 December 2024.

Note: The following is based on the final text of the bill on the amendment of the Investment Promotion Act as at the publication date and is subject to amendment pending the finalisation of the act.

North Macedonia is currently in the process of amending the Games of Chance and Entertainment Games Act (the "Gambling Act"). Earlier in February, the Macedonian Parliament adopted the amendments to the Gambling Act, but President Stevo Pendarovski declined to sign the Decree for entry of the amendments into force, consequently returning them for further redrafting.

Der Ministerrat hat sich zu einer Regierungsvorlage zum EGG durchgerungen. Dadurch rückt die Phase eines Investitionsbooms für Biomethananlagen in Österreich ein Stück näher. Österreich muss den Anteil erneuerbarer Gase bis 2030 schrittweise um den Faktor 50(!) erhöhen! Eine Herkulesaufgabe. Gegenüber dem Begutachtungsentwurf gibt es weitgehende Änderungen (ua einen neuen Fördermechanismus für Gasversorger).

The Austrian Federal Government plans to amend the Austrian Aviation Act (Luftfahrtgesetz; LFG) to allow for on-demand night-time marking of aviation obstacles, such as the beaconing of wind turbines.[1] This is intended to reduce light emissions, especially at night.

Romania is currently taking steps to transpose Directive EU 2021/2167 on credit servicers and credit purchasers (the "NPL Directive") into national law. Credit institutions, non-banking financial institutions ("NBFIs") and debt recovery entities performing credit servicing activities are keeping a keen eye on two draft bills meant to implement the NPL Directive. Up for public debate in late 2023 and early 2024, these two normative acts shed light on some new obligations, while raising several practical questions.

Seit 2016 beurteilte der OGH in ständiger Rechtsprechung die Vereinbarung einer Kreditbearbeitungsgebühr als zulässig, weil sie nicht der Inhaltskontrolle unterworfen sei und selbst wenn sie wäre: Kunden würden durch sie nicht gröblich benachteiligt.[1]

Against the backdrop of the gradual exhaustion of available grid capacity, the Romanian energy market watchdog ("ANRE") recently published a draft order contemplating an overhaul of the grid capacity booking method available to producers (the "Draft Order"). Departing from the current approach of grid capacity granted bilaterally on a first come first served basis, the new rules lay down a competitive mechanism, enabling producers to book grid capacity through auctions.

Most of us have likely encountered a situation where we bought our favourite chocolate at the grocery store, only to be surprised upon opening it at home to find that the size and weight of the chocolate had decreased, while the packaging and price remained unchanged.

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.

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.

Effective 1 January 2024, the Czech Energy Act (No. 458/2000 Coll.; "EA") mandates notification to the Ministry of Industry and Trade for both direct and indirect acquisitions of elements of energy critical infrastructure. The parties will be under a standstill obligation until the transaction is cleared. Notably, the triggering event is set to 10 % of shares or voting rights or even lower. Let's take a closer look at the new transaction review feature.

On 15 June 2021, the Hungarian Parliament passed Act C of 2021 on Land Registration that was supposed to enter into force on 1 February 2023. As this deadline neared, it became evident that neither private citizens, companies, lawyers nor authorities were adequately prepared for the change.

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?

EuGH 25.01.2024, C-810/21 Caixabank ua: Beginn einer zehnjährigen Verjährungsfrist für einen Anspruch auf Rückforderung geleisteter Zahlungen aufgrund missbräuchlicher Klauseln erst ab Kenntnis des Anspruchs.

The Czech Competition Authority (CCA) recently announced that it prepared a proposal to update the Czech Competition Act (the "Act"). While at present the proposal is just a set of ideas, it indicates how Czech competition enforcement may evolve in the years to come. Crucially, the CCA suggests deploying a "new competition tool" that will allow it to intervene even without proof of anticompetitive agreements or abuse of dominance. In addition, it wants to have call-in powers for under-threshold mergers.

Macedonian start-up ecosystem is in a state of constant evolution, driven by legal reforms fostering innovation and entrepreneurship. With the introduction of the simplified limited liability company, convertible loans, digital payment systems and expanded global market entry, these legal changes have played an important role in advancing the Macedonian start-up scene. Nonetheless, it is crucial to systematically address pertinent legislative updates to ensure continual growth and competitiveness in the dynamic global market.

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.

Am 12.01.2024 ist der Entwurf des neuen Elektrizitätswirtschaftsgesetzes (ElWG-Entwurf) in Begutachtung gegangen. Das ElWG wird das in die Jahre gekommene ElWOG 2010 ersetzen. Das ElWG ist eine "kleine" Revolution, weil es ua bestehende Marktrollen wie jene des Stromlieferanten neu definiert und bislang nur faktisch existierende Marktteilnehmer (zB Aggregatoren) gesetzlich reguliert. Der Strommarkt wird dadurch und durch viele andere im ElWG vorgesehenen Änderungen neu strukturiert. Eine große Chance, aber auch Herausforderung für alle Marktteilnehmer.

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.

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.

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.

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.

In a landmark decision this year, [1] the European Court of Justice (ECJ) interpreted EU Directive 2003/88/EC on working time. The dispute on which the decision was based originated from Hungary and addressed the interplay between daily and weekly rest periods. It also set a precedent leading to a diversity of legal opinions and the need for legislative changes in Europe, particularly in Hungary.

In import-export transactions across Europe, it is common for sellers to protect the assets they have sold by retaining the ownership title until the buyer has paid the full purchase price. Retention of title allows sellers to reclaim the assets if the buyer fails to pay, and even if the buyer goes bankrupt before payment is made. In Hungary, however, such an arrangement can lead to unpleasant surprises for sellers.

Nach der letzten Anpassung im Jänner 2022 werden die Schwellenwerte für EU-weite Vergabeverfahren mit 1. Jänner 2024 neuerlich angehoben. Mit den am 16.11.2023 veröffentlichen delegierten Verordnungen der Europäischen Kommission "2023/2495", "2023/2496", "2023/2497" und "2023/2510" wurden folgende Anhebung der Schwellenwerte bekannt gemacht:

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.

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.

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.

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.

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.

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.

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.

Bulgaria is one of the few remaining EU countries that have not yet adopted a foreign direct investment (FDI) screening regime. This is about to change with the introduction in late June of a bill on the amendment of the Investment Promotion Act, implementing the screening mechanism under Regulation (EU) 2019/452 (the "EU FDI Screening Regulation"). See here for our previous Legal Insight.

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.

Today marks a turning point for the EU's anti-subsidy regime. The Foreign Subsidies Regulation (FSR) will now become fully operational. As of 12 October 2023, the European Commission (EC) can review deals and tenders under the FSR’s M&A and public procurement tools. Businesses are now also able and, where applicable, required to submit notifications on transactions and tenders in public procurement procedures. In this edition of our series, we explain why today is so significant. 

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.

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.

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.

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"). 

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.

Regulation 2022/2560 ("FSR") aims to ensure a level playing field in the internal market. Understandably, a fair chance to compete on the internal market is not only in the interest of the EU, but also of market participants. Those that are disadvantaged by subsidies granted to their competitors may be expected to look for avenues to ensure that the FSR is enforced to its full potential.

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.

Corporate reputation is an organisation's most valuable intangible resource and may be defined as the public perception of the company and how it operates. It has its monetary expression and influences financial and social capital as well as market share. It can be positive and negative. Reputation is an essential aspect of any business. In today's digital age, a company's reputation can be easily tarnished through websites, social media, online reviews and news articles.

Many local enterprises use ad management and marketing tools from tech giants like Meta (formerly known as Facebook), TikTok and Google (Meta Pixel, TikTok Pixel, Google Analytics), enabling them to reach their intended audience more effectively and track visitor activity on their websites. You cannot find a marketing professional today who would not suggest at least one of these services to their clients.

On 26 May 2023 the Parliament of Moldova passed Law No.°126, which among other things implements certain novelties to the Moldovan Law on Notarial Procedure. Those relating to electronic notarisation will enter into force when the technical conditions referred to in the law are in place, but not later than 23 June 2026.

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?

The European Court of Justice (CJEU) likely anticipated a wave of GDPR-related referrals. Few such matters receive as much attention from the public and lawyers as questions on GDPR damages.

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.

On 12 July 2023 the general or ex officio tool of the FSR became applicable. The tool empowers the European Commission (EC) to investigate cases where foreign subsidies are suspected of having a distortive effect on the EU's internal market, even if they do not fall within the scope of the other two FSR tools (M&A tool and public procurement tool). This gives the EC a powerful instrument to tackle market distortions from subsidies granted by third countries.

"Bulgaria transposed the Restructuring Directive's prohibition to terminate contracts via ipso facto clauses, but also (deviating from the Directive) prohibited contractual set-off in restructuring, thus rendering the preservation of many contracts performed via contractual set-off / netting of payment meaningless. So, in drafting ipso facto clauses the impossibility to perform contracts in restructuring, due to the contractual set-off prohibition, may be utilised as an additional trigger for termination, now".

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.

The European Union has adopted far-reaching reforms to the EU Emissions Trading System (EU ETS) to meet its ambitious target of reducing net greenhouse gas emissions by at least 55 % by 2030. These reforms are part of the "Fit for 55" package and are intended to play a central role in combating climate change. Below we provide a brief overview of the measures adopted and their national implementation.

Die Europäische Union hat weitreichende Reformen im EU-Emissionshandelssystem (EU-ETS) beschlossen, um ihr ehrgeiziges Ziel einer Reduktion der Netto-Treibhausgasemissionen bis 2030 um mindestens 55% zu erreichen. Diese Reformen sind Teil des "Fit for 55"-Pakets und sollen eine zentrale Rolle bei der Bekämpfung des Klimawandels spielen. Nachstehend geben wir einen kurzen Überblick über die beschlossenen Maßnahmen und die nationale Umsetzung.

On 14 August 2023 the Hungarian Government issued Gov. Decree 382/2023 ("Decree") establishing the legal framework for the implementation and functioning of the new Contracts for Difference ("CfD") support scheme for electricity storage operators ("Storage CfD Scheme").

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.

The public procurement tool is intended to prevent foreign subsidies (as defined in Art. 3 FSR and outlined here) from distorting competition in the internal market. This happens when companies are able to submit unduly advantageous bids that drive competitors unsupported by state funds out of the market, for example because they are subject to the strict prohibition of intra-EU State aid under Art. 107(1) TFEU. The need to counteract market-distorting subsidies from third countries is "particularly pronounced" in public procurement, since public contracts are financed with taxpayers' money.

Significant legal changes occurred in the Hungarian pharmaceutical and food industry in the summer of 2023. According to Government Decree No. 333/2023. (VII. 20.), as of 1 August 2023, the National Public Health Centre (NNK) and the National Institute of Pharmacy and Nutrition (OGYÉI) merged, establishing a new authority, the National Centre for Public Health and Pharmacy (Nemzeti Népegészségügyi és Gyógyszerészeti Központ, NNGYK).

In the world of finance, the rise of environmental, social and governance considerations has compelled bankers, investment professionals and banking and finance lawyers to reevaluate their mindset.

Hungary’s agricultural sector has a rich historical tradition but faces challenges due to insufficient financing. The European Union’s Common Agricultural Policy (CAP) provides funding for farm restructuring and market support, while Hungarian farmers can seek financing from banks and cooperatives. The Hungarian government has also established various programs to provide financing for agriculture, including subsidies or machinery and technology investments and funding for training.

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.

On 13 June 2023, the Hungarian Parliament adopted a new law regulating the employment of foreign workers. The law introduces the concept of guest workers (third-country nationals from countries outside the EEA and from non-neighbouring countries) and establishes guidelines for their employment in Hungary.

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.

In this edition in our series on the Foreign Subsidies Regulation (FSR), we focus on the significance of today's date – 12 July 2023. As of today, the FSR is applicable. But what does that actually mean?

The so-called M&A tool is probably the most impactful element of the Foreign Subsidies Regulation (FSR), affecting many global and even local transactions. A first read of the FSR's provisions may give the incorrect impression that the tool covers only few large transactions, but its impact may be much more significant than this. Let us take a closer look at what to keep in mind when engaging in an M&A transaction process.

Effective from 1 July 2023, a new foreign direct investment ("FDI") regime will come into effect in Slovenia, bringing significant changes to the scope and procedures surrounding FDI notifications.

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.

The 11^th sanctions package with amendments to Regulation 269/2014 (here and here) and Regulation 833/2014 (here) was published in the Official Journal (here) on Friday.

The German Supply Chain Due Diligence Act (Lieferkettensorgfaltspflichtengesetz; "LkSG") is effective from 1 January 2023 for companies and branches based in Germany with more than 3,000 employees, with further extension to companies with more than 1,000 employees from 1 January 2024. Although a German law, the LkSG also affects the business partners of German companies under the scope of the LkSG located beyond the country's borders. As Czech companies are often primarily export-oriented – with Germany being the most important market – many Czech companies are already affected. This number will further increase in 2024.

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.

Last week, the Czech Competition Authority ("CCA") blocked an acquisition of part of První novinová společnost a.s. ("PNS") by Česká pošta, s.p. ("Czech Post"). While it is impossible to foresee the exact future of merger control enforcement in the Czech Republic, what is clear is that the CCA with this decision, whether intentionally or not, has sent a message to the market that it is ready to take the hardest line on a merger if it raises competition concerns. We summarize main details of the case and additional thoughts on its impact below.

Sustainability is crucial for ensuring the long-term wellbeing of the planet and future generations. It encompasses responsible practices that preserve natural resources, mitigate climate change, and promote social and economic balance, ultimately creating a harmonious and sustainable world for all.

Regulation (EU) 2022/2560 on Foreign Subsidies (the "FSR") aims to address distortions caused by foreign subsidies in the single market. In this part of our FSR Insight Series, we explain the fundamental notion of what constitutes a "foreign subsidy" within the meaning of the FSR. You will find a basic definition in Article 3 FSR, with some further considerations in recitals 11 to 16 of the Regulation.

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.

Starting on 22 May 2023, it will be possible to establish and register family foundations in Poland. The Polish legal system will thus be expanded by a new institution that allows assets to be accumulated and managed, and profits to be distributed to beneficiaries. The legislature wished to provide the means for family-owned businesses and their owners to engage in intergenerational wealth management and to grow their wealth over time while protecting it from dispersal to unrelated entities and persons. Hence, family foundations may serve as a means to retain and multiply a family's wealth, independent of inheritance law.

Mit 30.06.2023 enden in Österreich die letzten Covid-Maßnahmen, virtuelle Versammlungen von Gesellschaften soll es aber auch in Zukunft noch geben.

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.

The mandatory fee-based publication in the print medium of the Official Journal of the Wiener Zeitung (Amtsblatt der Wiener Zeitung) ("Official Journal") is going to be replaced by free-of-charge publication on the new Electronic Announcement and Information Platform of the Federation ("EVI").

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.

On 20 April 2023 the European Parliament ("EP") finally approved the regulation on markets in crypto-assets ("MiCAR").

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.

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.  

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 60^th 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.

The Central Bank of Hungary (MNB) is encouraging the banking sector to increase the level of green loans. To this end, significantly reduced capital requirements have been put in place when applying for loans, and green company bonds were introduced in summer 2020 as part of the MNB bond funding for growth scheme. The Hungarian government is now ready to intervene to achieve climate neutrality.

As of 15 March 2023, a new regulation on the sale of certain types of foods in schools was introduced by Decree of the Ministry of Health of the Slovak Republic No. 75/2023 Coll., on details of requirements for facilities for children and adolescents (the "Decree"). The aim of the regulation is to provide a nutritionally valuable range of food in school catering establishments, mainly fresh vegetables and fruit.

Gender equality in the workplace refers to the fair and equal treatment of individuals of different genders in all aspects of employment, including hiring, promotion, pay and job duties. Achieving gender equality is essential to creating a diverse, inclusive workplace that supports all employees.

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.

The 10^th sanctions package with amendments in Regulation 269/2014 (here and here) and Regulation 833/2014 (here) was published in the Official Journal (here).

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".

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.

The Czech Competition Authority just announced that it will open a fast-track sector inquiry focused on the prices of four basic food items. While the items remain undisclosed, it is generally presumed that the inquiry follows political pressure regarding price increases of items like sugar, flour, butter, bread or milk. The focus of the inquiry will be on margins in all stages of the food supply chain. The Authority aims to identify why price increases in the four food items have even exceeded the latest inflation rates and whether there are unjustified margin increases on any level of the supply chain.

Crucial amendments to the Hungarian Trademark Act entered into force on 1 January 2023. This Legal Insight briefly describes the most important changes.

A spectre is haunting Europe – the spectre of… the Unitary Patent. With Germany having deposited its ratification document on 17 February 2023, this spectre is finally coming to life: the European Patent with Unitary Effect ("Unitary Patent") and the Unified Patent Court ("UPC") system will enter their preparatory phase. The actual launch date (the date as of which Unitary Patents will be in effect and actions can be filed with the UPC) is set for 1 June 2023.

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.

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.

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.

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, 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.

Die in § 12 bzw § 185 Bundesvergabegesetz 2018 ("BVergG 2018") normierten Schwellenwerte stellen die Grenze ("Schwelle") zwischen dem sog Oberschwellenbereich ("OSB") und dem Unterschwellenbereich ("USB") dar.

New amendments to the packaging waste legislation were promulgated in the 100^th 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:

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.

The new Slovenian Consumer Protection Act (Zakon o varstvu potrošnikov; ZVPot-1; "CPA-1") became applicable on 26 January 2023. The act implements three EU directives, specifically Directive (EU) 2019/2161¹, Directive (EU) 2019/770² and Directive (EU) 2019/771.³ CPA-1 repeals not only the previously applicable Consumer Protection Act, but also the Consumer Protection from Unfair Commercial Practices Act (Zakon o varstvu potrošnikov pred nepoštenimi poslovnimi praksami).

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.

On 15 December 2022, the Slovenian Parliament finally adopted the Data Protection Act (Zakon o varstvu osebnih podatkov, ZVOP-2, "ZVOP-2"), a national law implementing the EU General Data Protection Regulation ("GDPR"). The act had been several years in the making, with the earliest draft released for public consultation back in 2017.

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.

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.

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.

"Repos and securities lending in Bulgaria are regarded as financial collateral, thus ensuring their enforceability. But some important contractual arrangements must be agreed upon by the parties wishing to avail themselves of such enforceability."

There will be a significant number of tax changes in Romania in 2023. While companies may welcome some of them, others will bring them additional tax costs this year or next.

The German Supply Chain Act (Lieferkettensorgfaltspflichtengesetz; "LkSG"), which applies to companies seated in Germany or operating a German branch with 3,000 or more employees, entered into force on 1 January 2023.

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.

A new Consumer Protection Act (the "Act") entered into force in North Macedonia on 15 November 2022.

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.

After several delays, the revision of the NIS Directive was published in the Official Journal of the European Union on 27 December 2022 in the form of Directive (EU) 2022/2555 ("NIS 2").

Recent years have brought significant progress in terms of formalities for the incorporation of legal entities that carry out economic activities.

The ninth package of sanctions was published in the OJ (L 322I; here). Get an overview of the changes it introduces.

Under art. 90, par. 1 of the Bulgarian Contracts and Obligations Act, a party may refuse to perform its obligations if there is non-performance by the counterparty under the same transaction ("Statutory Retention Right").

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.

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.

The Polish Commercial Companies Code (the "CCC") contains new:

An amendment to the Czech Significant Market Power Act (the "SMP Act"), which should harmonise Czech law with the EU directive on unfair business practices (the "Directive"), was recently signed by the President and will become effective as of 1 January 2023.

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).

On 28 November 2022, the Council of the European Union gave its final approval to the Regulation on Foreign Subsidies distorting the Internal Market (FSR) following the adoption of the regulation by the European Parliament on 10 November 2022.

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.

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 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.

The Hungarian data protection authority (NAIH) fined Magyar Éremkibocsátó Kft, a limited liability company engaged in the numismatic business, HUF 30m (approx. EUR 73,000) for unlawful direct marketing activities.

The Czech Competition Authority (the "CCA") held an annual conference on 9 and 10 November, which usually provides a good overview of both its current practice and expectations for the near future. This year the representatives of the CCA presented news and practical insights on a wide range of topics, the most important of which are summarised below.

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):

As part of a comprehensive EU strategy to tackle non-performing loans, the European Parliament and the Council adopted a directive on credit servicers and credit purchasers, which Member States have until 29 December 2023 to transpose into national law.

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.

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".

The Commission for Protection of Competition of the Republic of Serbia ("Commission") recently imposed a EUR 460,000 fine on companies in the hazardous waste management market for forming a consortium to participate in a public procurement procedure.

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.

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:

What happened?

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'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").

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!

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. 

Following the tendency among EU states to improve labour legislation, through its 28 July 2022 law ("Law 243/2022"), the Moldovan Parliament passed certain amendments to the Labour Code. These were motivated by the need to align the existing legislation to current realities and the recommendations of the International Labour Organization.

Law 243/2022 entered into force on 26 August 2022.

Get an overview of the changes introduced by the 8^th sanctions package that your business needs to consider.

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.

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").

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?

During the Covid-19 pandemic, in every industry where it was possible employers transferred their employees to work from home.

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.

The Czech foreign direct investment screening regime entered into force on 1 May 2021. The Ministry of Industry and Trade ("MIT"), which is responsible for the screenings, has now published its first annual report. The report takes stock of the first year of enforcement. Below we discuss the enforcement trends that have emerged from the report.

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.

Historically speaking, uncertainty always existed in Romania regarding the meaning of abstention in general meetings of shareholders. What is at stake is the means to calculate the majority required for the adoption of resolutions of ordinary general shareholders meetings, in which case the Romanian Companies Law (Law no. 31/1990) provides that resolutions are adopted by the "majority of expressed votes".

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").

The 7^th sanctions package of the EU was published in the Official Journal. Both Regulation (EU) 269/2014 (individual financial sanctions) and Regulation (EU) 833/2014 (trade restrictions, capital market restrictions, etc.) have been modified.

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?

The 6^th sanctions package was published. Find out more about the changes introduced.

Rechtliche Konsequenzen der nicht (vollständigen) Abfrage von Kundenpräferenzen

The Supreme Court confirmed parties' freedom to contractually modify any of the prerequisites for set-off under Bulgarian law, thus permitting various quasi-security arrangements in commercial and financial contracts that creditors may avail themselves of.

Seit 9. April gilt das mit der Verordnung (EU) 2022/576 erlassene 5. Sanktionen-Paket gegen Russland. Erstmals werden damit auch öffentliche Auftraggeber unmittelbar in die Pflicht genommen.

The truth is rarely pure and never simple. But in the case of Russia's military operation in Ukraine, it just might be.

The 4^th sanctions package was published today.

On 11 November 2021, the Moldovan Parliament passed a series of legal amendments ("Law 175/2021"), including to the existing Law on Personal Data Protection. Law 175/2021 entered into force on 10 January 2022 and partially transposes the European Union's General Data Protection Regulation ("GDPR").

Inzidenzen, (Intensiv-)Bettenbelegungen, COVID-19-Virus(varianten), eine Durchimpfungsrate von 90 %, nicht zuletzt die Omikron-Variante sind seit Monaten aus dem Wortschatz der medialen Berichterstattung über die omnipräsente und themenbestimmende COVID-19-Pandemie kaum wegzudenken.

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).

An act implementing the cross-border distribution of funds Directive (the "CBDFD")¹ into Austrian law (the "Act")² finally entered into force on 11 December 2021. The Austrian legislator was already late with the implementation, since EU Member States were required to transpose the CBDFD into national legislation by 2 August 2021.

Last week two key regulatory changes took place that will have important implications for future development of the Croatian renewable energy market.

Through its 11 November 2021 law ("Law 174/2021"), the Moldovan Parliament approved the rules on control of investments into sectors important for the security of the state. Law 174/2021 applies equally to local and foreign investors and entered into force on 19 November 2021.

Croatian Parliament recently adopted the final draft of the new Electronic Media Act (the Act), which entered into force on 22 October 2021.

According to a recently published ruling, the German Federal Labour Court says you can. Here is how.

The Hungarian Competition Authority (HCA) has published its report of an accelerated sector inquiry into the national brick market at the end of September.

In summer 2021 the European Banking Authority (EBA) published Draft Guidelines on the limited network exemption (LNE) under the Payment Service Directive 2 (PSD2) for consultation (available here). The Draft Guidelines are meant to foster supervisory convergence amongst the EU's national competent regulators (NCAs).

On 2 September 2021, the Court of Justice of the European Union (CJEU) issued the much awaited judgement in the Komstroy vs Moldova case (C-741/19).

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.

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.

Blockchain technology has – so far – not lead to a transfer of the world's land registers onto this technology or to a "tokenization" of title (documents). The only significant exception in this respect is Georgia where a purchaser's title to real property can be registered by execution of a smart contract.

Enforcement packages, the enforcement administrator and other new procedural aspects

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). 

The story of our NFT self-experiment does not end with the selling of the token. To the contrary, it is only the start: The buyer – in our case the Museum Francisco Carolinum in Linz – wants to use the artwork for their purposes. In general, what legal considerations should a museum keep in mind?

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.

When we started our NFT self-experiment, it did not take long before questions relating to energy consumption came up. According to our estimates, the two transactions (i) minting of the token and (ii) authorisation of an eventual sales processing, produced a CO₂-footprint of over 100 kg of CO_2EQ.

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.

Non-fungible tokens (NFTs) aren't new, in fact they've been around for years. However, it took the auction of an NFT linked to an image by Christie's Auction House and the fall of the hammer at a spectacular USD 69 million to create worldwide attention and interest in NFTs.

An approaching milestone after decades  – Part 1 Overview and jurisdiction

Leading international arbitral institutions have announced record numbers in terms of the volume of new cases registered in 2020.

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.

On 21 April 2021, the European Commission (ECOM) published measures aimed at fostering sustainable investment and steering finance towards the European Green Deal.

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.

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.

Over the last couple of years, more and more countries have deployed technologies that allow them to match digital images of a person (e.g. from a surveillance camera) against a database of pictures.

In April 2021, the Serbian Competition Authority ("SCA") issued an opinion on the fundamental merger control notion of a "concentration" in cases involving interrelated transactions (the "Opinion").¹

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.

In recent years there has been an increased use of technologies that match a person's digital image (eg, from a surveillance camera) to a picture database. These technologies facilitate various tasks, including:

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.

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.

In Schönherrs Erneuerbaren-Ausbau-Gesetz Infocorner werden die wesentlichen Eckpunkte des EAG-Pakets dargestellt und praxisrelevante Rechtsfragen behandelt. Bleiben Sie zudem über aktuelle Veranstaltungen und Webinare informiert.

Am 17.03.2021 wurde der mit Spannung erwartete Entwurf des Bundesgesetzes über den Ausbau von Energie aus erneuerbaren Quellen (Erneuerbaren-Ausbau-Gesetz – EAG) im Ministerrat beschlossen. Um die Investitionssicherheit für bestehende und zukünftige Anlagen zu gewährleisten, bringt der Entwurf bedeutende Änderungen des Fördersystems für Photovoltaikanlagen – ein erster Überblick!

Am 17.03.2021 wurde die Regierungsvorlage zum geplanten Bundesgesetz über den Ausbau von Energie aus erneuerbaren Quellen (Erneuerbaren-Ausbau-Gesetz – EAG) veröffentlicht. Diesem lang ersehnten Schritt geht ein Begutachtungsverfahren mit über 100 Stellungnahmen voraus. Mehr als 6 Monate wurde am Begutachtungsentwurf gearbeitet. Für die geplanten Energiegemeinschaften gibt es einige wesentliche Änderungen.

On 1 March 2021 a new Act on Labour Inspection, Employment Services and Grants will enter into force in Hungary, which replaces the "old" Act on Labour Inspection from 1996. While the new Act contains similar rules, there are some novelties too. Below we summarise the most important ones.

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.

On 1 February 2021, the Slovak Ministry of Economy submitted an investment screening proposal to the government. This proposal was approved by the National Council (with amendments) on 5 February 2021 and is scheduled to enter in force on 1 March 2021.

Die wichtigsten Fragen und Antworten zum neuen Generalkollektivvertrag

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").

The Digital Markets Act proposal (DMA) is a collection of complex obligations imposed on certain digital service providers. We previously described the salient features of the DMA here.

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).

On 16 December 2020 the European Commission (ECOM) presented its strategy to prevent a future build-up of non-performing loans (NPLs).

On 16 December the Bulgarian Council of Ministers adopted a Decree amending the local Ordinance for exercising the right of access to medical care.

Supply chains have been in focus throughout 2020, and not only thanks to COVID-19. Earlier this year, the European Commissioner for Justice, Didier Reynders, announced that in 2021 the Commission would propose legislation on mandatory corporate due diligence covering human rights and environmental risks across a business's supply chain.

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.

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.

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.

Law 223/2020, which came into effect on 5 November 2020, has introduced a series of important changes to the Companies Law 31/1990.

On 20 March 2015 the Hungarian Competition Authority ("HCA") imposed a staggering fine on Auchan for abusing its significant market power.

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.

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.

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.

On 16 September 2020 the eagerly awaited draft Renewable Energy Expansion Act (EAG) was published for evaluation.

The Hungarian Competition Authority (HCA) has initiated an investigation against TikTok, the popular social media platform.

As of 11 October 2020 the EU FDI Screening Regulation is in force, ending the long wait for a Union framework to screen foreign direct investments.

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.

In early September 2020, the United Kingdom (‘UK’) Secretary of State for Northern Ireland, Brandon Lewis, conceded in no uncertain terms that the UK Internal Market Bill would violate public international law, albeit only in “a very specific and limited way“.

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.

Following the European Commission's approval of Romania's state aid scheme to support small and medium-sized enterprises ("SMEs") and certain large enterprises affected by the COVID-19 pandemic, the Ministry of European Funds adopted the state aid scheme through a ministerial order, in the context of the economic crisis generated by the pandemic.

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.

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.

The digitalisation of the Croatian court system is proceeding and e-communication is expanding. Snail mail and "paper" communication are on the verge of extinction. As of 1 September 2020, all legal entities will have to use e-communication with the court.

On 3 October 2019 merger control proceedings were opened for the purchase of CEZ by Eurohold Bulgaria AD.

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.

After a record-breaking decade of M&A activity, the COVID-19 pandemic has caused the market to face unprecedented circumstances.