In the context of the current labor shortage that Romania is facing, caused by the continuous flow of emigration, more and more Romanian employers find as a viable solution the employment of foreign citizens for the current development of their activity.
The Constitutional Court of the Czech Republic published its finding Ref. No. PL ÚS 25/19 that rejects the proposal of the Supreme Administrative Court to repeal Section 80 par. 1 and 2 of the Rules of Administrative Court Procedure (RACP). The Court declared that the existence of a one-year limit for the filing of an action against the inaction of an administrative body is not itself contrary to the domestic constitutional order. Concurrently, another exchange of arguments has taken place in Joštova Street. Petr Zábranský and Martin Mezenský comment on the latest findings of the Constitutional Court.
Generally, the responsibility for interpreting foreign laws lies with the state commercial court. Parties have a right, but are not obliged to, render assistance and provide the court with information concerning statutory provisions of foreign laws. However, if the content of the foreign law is not ascertained with reasonable expediency, Russian law applies.
Based on a bill submitted on 20 April 2021, the new law establishing the ultimate beneficial owner register (UBO) may enter into force on 15 May 2021. According to the bill, the UBO will be based on data obtained by banks in the course of the customer due diligence under the Hungarian Anti Money Laundering Act (AML Act), which data will be passed on to the body maintaining the UBO (i.e. the Hungarian tax authority). After the system is set up, each organization involved will receive a registration number and a TT index.
Increasing the share of renewable energy use is an essential pillar for Romania to meet its commitments under the European Green Deal. The country must scale up the deployment of renewable projects to achieve its 30.7 % target for 2030: some 6 GW of new wind power and solar PV capacities need to be installed over the next 10 years.
Law no. 83/2021 amending and supplementing Government Ordinance no. 51/1997 on the leasing operations and the leasing companies (“GO no. 51/1997”) was published on April 16, 2021 in the Official Gazette no. 401, Part I (“Law no. 83/2021”). Importantly, the provisions of Law no. 83/2021 may only be applied for leasing agreements concluded after its entry into force.
On 1 June 2021 a new Act No. 37/2021 Coll., on Registration of Ultimate Beneficial Owners (the "Act"), which significantly changes the rules for identifying and registering ultimate beneficial owners, will become effective. These changes are a result of EU harmonisation in the field of anti-money laundering based on the Fifth AML Directive (Directive (EU) 2018/843 of the European Parliament and of the Council).
Based on available data, 2019 saw a significant drop in Chinese investment in Europe. The latest estimates by Rhodium Group show that Chinese investments in Poland for 2020 amounted to $1 billion, which is significantly more when compared to 2019’s $338 million. However, this extraordinary outcome was made possible mostly due to the investments of GLP in CEE. As estimated by Rhodium, the value of GLP investments in Poland in 2020 amounted to approximately $800 million and covers 48 industrial buildings and warehouses acquired in Poland.
Before competent courts in Serbia, there is an increasing number of cases in the field of intellectual property rights that are run upon complaints for infringement of copyright related to the authors’ works whose content is embedded in the webpages of respondents (registered media or third person).
More than a year has elapsed since the outbreak of the COVID-19 pandemic, which has had a devastating impact on our economy. Due to the extraordinary measures of the Hungarian government to prevent the spread of the coronavirus, numerous services were suspended, many shops were closed, and travel is still restricted. Companies affected by these restrictions suffered huge losses, which may result in their insolvency.
On 20 April 2021 the Hungarian Government submitted a bill on the Land Register to the Hungarian Parliament. The Government decided on the implementation of the electronic land register project, which requires a new Act on the Land Register, as well as a related execution decree. The purpose of the new system is in particular to develop the land register to an electronic database, completely electronize the land register procedures, connect the land register with other public electronic registers of the state and decrease the time and costs of these proceedings.
On 30 March 2021, Government of the Republic of Serbia, submitted set of energy laws to the National Assembly for adoption, on the basis of which proposals of laws in various energy areas are rendered on 20 April 2021. One of these laws is completely new - Law on Utilization of Renewable Energy Sources (hereinafter referred to as: “Law on RES”).
With effect from 27 April 2021, the Ukrainian entities have been granted the right to make regular interest payments and final capital repayment under Eurobonds and other own debt securities traded on foreign stock exchanges in excess of a so called EUR 2 mln e-limit. In addition, the entities are now allowed to accumulate and periodically replenish foreign currency on the bank accounts in the amount of principal and interest due on the notes on the nearest repayment date.