There are specific foreign exchange (FX) restrictions set out in Serbian legislation. The FX rules envisage mandatory requirements with respect to cross-border loans, guarantees, assignment and set-off of cross-border claims and debt, the opening of bank accounts abroad, etc. As FX restrictions affect various aspects of transactions between Serbian residents and foreign parties, they are frequently a tumbling stone in cross-border transactions.
Crowdfunding – Moldovan Regulations on Participatory Financing
During the COVID-19 pandemic, one of the biggest challenges for Moldovan SMEs proved to be access to financing solutions. A financial gap spread nationally across different sectors and industries. Moldovan banking institutions became reluctant to finance SMEs and sole entrepreneurs, while the existing solutions often proved to be expensive and inaccessible.
Montenegro’s Financial Sector, Politics, and The Pandemic
Unprecedented times for the entire world, even more so for Montenegro. Apart from the pandemic that still firmly grips the globe, setting back the economies worldwide, Montenegro has witnessed a huge political shift, as the opposition came to power after narrowly winning the parliamentary election held last year. The victory was hailed by many as the beginning of a new era, expecting the new government to lead this Balkan country toward a more stable and prosperous future. Many changes have been announced, and the financial sector was one of the most talked-about topics.
The Bulgarian BEAM Market – New Growth Opportunities for SMEs
In 2018 the Bulgarian Stock Exchange (BSE) was granted approval by the Financial Supervision Commission (FSC) to create the new Small and Medium Enterprises (SME) Growth Market BEAM (Bulgarian Enterprise Accelerator Market), under the provisions of the Markets in Financial Instruments Directive 2014/65/EU (MiFID II). The new segment of the BSE aims to promote the development of small and medium-sized companies, which have a key role in the economic growth of the country.
Serbian Corporate Sector Is Going Online
The introduction of new e-services of the Serbian Business Registers Agency and the beginning of the application of online-based fiscalization are rapidly bringing the Serbian corporate environment to the corporate standards of developed countries.
Balancing Competing Interests in Mining in North Macedonia
Mining is significant for North Macedonia, a country with one of the longest mining histories in the Western Balkans and vast natural resources including iron ore, copper, zinc, gold, lead, and lignite. Hence, mining significantly contributes to the development of the Macedonian economy and, in particular, to the development of local governments. Specifically, a local government receives 78% of the fee paid for each concession on its territory. The regulatory framework governing mining is therefore critical for the sector’s future expansion and investment possibilities.
Croatia: Inadequate Legislation May Sow Uncertainty and Chill Investments in IT Infrastructure
The Croatian tech sector has been booming lately. With Rimac and Infobip achieving unicorn status, several other tech companies well on their way to a valuation above EUR 1 billion, and the recent successful listing of several IT companies, it seems like the Croatian tech party is going strong, and everyone is invited.
Domains in Bosnia and Herzegovina
According to the applicable legislation in Bosnia and Herzegovina (BH), domains are not considered as intellectual property rights (IP). The owner of the national domain .ba is the state of BH and any legal or natural person is considered a user of the registered domains, for as long as the yearly maintenance fees are paid regularly.
Hungary: Sanctions against the European Parliament for Data Transfers that Violated “Schrems II”
The European Data Protection Supervisor (“EDPS”) has issued a decision after a complaint was filed against the European Parliament (“Parliament”) due to unlawful data transfer to the US, a deceptive cookie banner and unclear data protection notices.
Turkey: How to Change Company Type
Companies, for various reasons such as tax benefits, liabilities and as may be required by authorities, may decide to change their legal types. Turkish corporate law allows companies to change their types in accordance with Article 181 of the Turkish Commercial Code No. 6102 (the “TCC”) which sets forth which company types are allowed to convert into another.
Admissible Evidence: Legal Approaches of Russian and English Courts
The modern legal system of the Russian Federation may be attributed to the Romano-Germanic legal family, and Great Britain is a part of the common law family. Each of these systems has its own identifying features. In this article, we are looking into different approaches of the countries to admissibility as a property of evidence.
Serbia Prepares for the First Market Premium Auction
Recently, the Serbian Government (“Government“) adopted a Regulation on the Quota in the Market Premium System (“Quota Regulation“), and soon after, the Regulation on Market Premium and Fid-In Tarif (“Tarif Regulation“) and the Regulation on the Model Agreement for the Market Premium for Renewable Energy Sources (“Model Agreement Regulation“). This package of by-laws has been adopted to create conditions for the organization of the first market premium auction in accordance with the Law on the Use of Renewable Energy Sources (“Law“).
Czech Republic: A Look Back at Important Court Decisions in 2021
We would like to present to you a summary of the most important court decisions regarding employment law handed down in 2021.
Protection of Architectural and Urban Values in Building Law
There are few people who have not experienced a situation where a builder implements a project that complies with the spatial planning documentation, but is highly incongruous with the prevailing character of the area in which the structure is to be built. Specifically, construction of buildings in the 1990s and early 21st century, which belong to the pseudo-style called “entrepreneurial baroque”, is evidence of grossly insensitive location of buildings, ignoring the character and nature of the existing neighbourhood. Nonetheless, the trend in Czech building legislation over the last decade and a half has been an increasing emphasis on the aesthetic features of new developments and their integration into the urban and architectural environment, whereas individual interests of the builder and his oftentimes wild ideas about the appearance of the structure tend to be sidelined. The key here is the concept of “urban and architectural values in the area”.
An Update on the Curious Case of the Romanian Thematic Tax Audit Campaign Related to Gift Vouchers
In a previous article we have analysed the dilemmas resulting from the thematic tax audit campaign aimed at auditing the tax treatment of purchased gift vouchers, in terms of income tax and social security charges. A very sought after extra-salary employee benefit, companies bought and offered gift vouchers amounting to over RON 1 billion (approx. EUR 200 million) in 2018 alone and we can only assume that these figures have only risen since then.
Turkish Data Protection Authority’s Draft Guidelines on Cookies
The Turkish Data Protection Authority (“DPA”) has published Draft Guidelines on Cookies (“the Draft Guidelines”) on January 11, 2022, providing explanations on cookies and practical advices for data controllers who process personal data through the use of cookies.
Hungary: Mandatory Vaccination as a Term and Condition of Employment
Government Decree 598/2021 (the Decree) has allowed employers to order their employees to be vaccinated against covid-19 since 15 November 2021. Since it came into force, the Decree has been the subject of much discussion and interpretation by legal practitioners and commentators.
Long Awaited Amendments to the Romanian Electricity (and Gas) Law
On 31 December 2021, Government Emergency Ordinance no. 143/2021 for the amendment of Law no. 123/2012 on electricity and natural gas, as well as for the amendment of other regulatory acts (“GEO 143/2021”) was published in Official Gazette of Romania no. 1259 and entered into force on the same date.