CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
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.
An in-depth look at Roger Gladei of Gladei & Partners covering his career path, education, and top projects as a lawyer as well as a few insights about his as a manager at work and as a person outside the office.
In the context of global efforts to migrate towards a green economy, based on renewable energy, the Republic of Moldova aims to improve and complete the regulatory framework applicable to the use of energy from renewable sources.
One of the most important recent buzzwords in Moldova, at the intersection of legal services and IT, is GDPR compliance and its associated complications (and opportunities) – to strictly follow both the GDPR (where applicable extraterritorially in Moldova) and the Moldovan legal framework, which is partially aligned with the EU law.
The spring of 2023 brought a genuine spring mood into the Moldovan energy sector. The overall feeling is that Moldova came out of the winter that, by many predictions, should have frozen it solid and is now eagerly looking forward to bright, although still occasionally frosty, days ahead.
On June 23, 2022, the European Council granted Moldova the status of candidate country for EU accession. ACI Partners Legal Manager Carolina Parcalab, Bivol Sotchi & Partners Managing Partner Inna Sotchi, Efrim Rosca si Asociatii Managing Partner Oleg Efrim, and Gladei & Partners Managing Partner Roger Gladei explore the recent changes in Moldova resulting from its new status.
With the ongoing war in neighboring Ukraine, Bivol Sotchi & Partners Founding Partner Andrei Bivol, Gladei & Partners Partner Iulian Pasatii, and Efrim Rosca Asociatii Managing Partner Oleg Efrim look at how the conflict has affected Moldova’s economic growth.
The Legal Monitoring Report deals with amendments to the Law on Joint Stock Companies and the Compulsory Licensing Mechanism, ratification of the Agreement on the Transportation of Goods, and approval of Legal Framework on Cuber Security, the FISCALIS Agreement and Ecolabel Regulations.
Nicoara: First, congratulations on winning the Deal of the Year award in Moldova!
Contributed by Stratulat Albulescu
There is much optimism in Moldova, following the country being awarded EU candidate status, the adoption of a comprehensive digitalization package, and the investments in IT and energy driving the economy forward, according to Gladei & Partners Partner Iulian Pasatii.
Contributed by ACI Partners.
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.
