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Recently, in the legal framework of Moldova was proposed a project regarding the modification of Standard Contractual Clauses (“SCCs”) for cross-border transmission of personal data that is meant to give a good refresh to the current regulation and ensure a better harmonization with the GDPR.

On November 21, 2023, corporate/M&A and private equity experts from Bulgaria, Greece, Hungary, Kosovo, Moldova, Romania, Serbia, Slovakia, Turkiye, and Ukraine sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the key developments in the field over the past decade.

Following its separation from the Soviet Union, the Republic of Moldova has pitched upon a rigid labor law system defined by overly protective conditions toward employees.

Moldova's legal and economic landscape is undergoing momentous transformations according to Efrim Rosca Asociatii Partner Oleg Efrim, from updates to the corporate sector and an ongoing digital transformation, to Moldova's path towards EU integration and the challenges and opportunities facing various business sectors amid geopolitical tensions.

This Legal Monitoring Report includes the latest and most relevant amendments to the national legislation for forward-looking businesses. This month, several amendments were made to the Law on State Aid, Law on Consumer Protection, Law of Protection of Trade Secrets, as well as to the Customs Code and Law on Energy. The Report also outlines changes to the IT parks activity, as well as recent adjustments to the minimum and average salary in the economy for 2024.

BDK Advokati, Dentons, and Nestor Nestor Diculescu Kingston Petersen have advised Invenio Partners on the segmentation – together with Accession Capital Partners – of the vocational education division of the Link Group. The Antonic law firm in cooperation with Deloitte advised the Link Group and its two shareholders on the sale. Gladei & Partners reportedly advised Invenio as well. Schoenherr and Norton Rose Fulbright reportedly advised ACP.

As of October 22, 2023, a number of significant legal amendments come into effect regarding the relationships between shareholders and founders of commercial companies in the Republic of Moldova. These amendments introduce essential reforms to the Limited Liability Company Law No. 135/2007 and aim to enhance the business environment, facilitate investments, and strengthen shareholder relationships.

Amendments to the law on gas, the corporate legal framework, as well as proposed amendments to the tax code all indicate the existence of a vibrant legislative landscape in Moldova, according to Dolea & Co Partner Sorin Dolea. To top it all off, Moldova also recently registered a financial market milestone: its first corporate bond transaction.

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.

By the middle of 2023, Moldova will likely have a modified Competition Law. The existing Competition Law dates back to 2012, and its material and procedural norms are almost intact in their original form. Since then, however, the Moldovan economy and society underwent profound changes.

Moldova's legislative landscape is undergoing a period of significant transformation driven by the government's efforts to align with EU acquis, with key developments including amendments to limited liability company laws, the introduction of contactless business legislation, data protection changes, and comprehensive judicial reforms, according to Stratulat Albulescu Partner Sabina Cerbu.

One of the main recent buzzwords in Moldova is AML compliance at the convergence of securities and banking which strictly follows the recommendations of the report from the fifth evaluation round of the MONEYVAL Committee of the Council of Europe, in order to transpose the provisions of Directive 2018/843 of the European Parliament and of the Council of May 30, 2018, as well as updated provisions of the Financial Action Task Force Recommendations.

In recent years, Initial Public Offerings on foreign exchange markets became a hot topic of discussion in Moldova. The Purcari Wineries Group, one of the biggest wineries in Moldova, got listed on the Bucharest Stock Exchange Market. Others are also tackling the prospects. An IPO on a reputable market means better corporate governance, transparency, prestige, and access to new sources of funding.

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ACI Partners is a leading law firm in Moldova with an expanding network of partners throughout Europe. ACI Partners was established in 2006 and since then has managed to build a very strong and competitive legal practice. Our business strategy strives to deliver a solid and reliable service, going beyond merely grasping the law, which the clients may turn to whenever they need. In reaching this goal, ACI Partners employs a personalized approach to each client, showing a genuine respect for their values and unqualified commitment to their interests and needs, steadily investing in knowledge and data management and ensuring a working environment consistent with our clients’ quality demands and high expectations.

ACI Partners is a one-stop shop law firm proficient in all possible legal matters a business might come across in Moldova, starting with incorporation of a business, and obtaining of all the necessary regulatory permits, continuing with various daily matters, such as contracts, labor, and migration, and finishing with dispute settlement, insolvencies, and criminal investigations. But we pride ourselves especially for our unmatched expertise in most innovative and complex areas for Moldova, as Modern Financial Products, Data Protection, Renewable Energy, Competition, Clinical Studies, Public Procurement, and Regulatory. In our work, we always involve a team of professionals with the relevant skill-mix, which enables us to provide our clients with an integrated and comprehensive advice, superior to our competitors.

ACI Partners has advised the Government of the Republic of Moldova, businesses, international organizations, and other institutions on most challenging transactions, assignments and projects.

ACI Partners is not just another law firm. Over the course of our existence and working in Moldova, and on the international stage for our non-Moldovan clients, we have developed a strong set of core values which, we believe, guide us in everything that we do and, moreover, gives us a competitive advantage – differentiating us from other firms on the market.

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