On 28 June 2023, the European Commission published the proposals for the legislative package on payment services (“Revised Payments Legislative Package”) that will replace the Directive (EU) 2015/2366 on payment services in the internal market (“PSD 2”) and Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions (“EMD”) and merge the legal frameworks applicable to payments and electronic money services.
Schoenherr Advises AkzoNobel on Sale of Insulation Materials Production to HIRSCH Porozell
Schoenherr has advised AkzoNobel on the sale of its extruded polystyrene insulation material production activities in Romania to HIRSCH Porozell.
PNSA Advises Banque Banorient France Romania Branch on Real Estate Financing
Popovici, Nitu, Stoica & Asociatii has advised Banque Banorient France Romania Branch on a EUR 22 million financing granted to an undisclosed real estate developer.
Bondoc si Asociatii Advises RetuRO on RON 426 Million Green Financing
Bondoc si Asociatii has advised RetuRO Sistem Garantie Returnare on a RON 426 million (approximately EUR 85.7 million) green financing from ING Bank N.V. Amsterdam – Bucharest Branch.
Bright-Eyed Romania: A Buzz Interview with Iustinian Captariu of Kinstellar
There is still room for optimism in Romania, as the economy is seeing continued investments across a number of sectors, with the energy transition and renewables, automotive, defense, and infrastructure projects driving growth, according to Kinstellar Partner Iustinian Captariu.
Bulboaca & Asociatii and Kinstellar Advise on EUR 100 Million Revolving Credit Facility for Canpack Group
Bulboaca & Asociatii, working with Morgan, Lewis & Bockius, has advised the Canpack Group on contracting a new EUR 100 million revolving credit facility from a consortium of banks led by BNP Paribas Bank Polska. Kinstellar, working with Linklaters, advised the banks.
Tuca Zbarcea & Asociatii Successful for BMC Truck & Bus on 100 Electric Bus Procurement Contract for Bucharest
Tuca Zbarcea & Asociatii has successfully represented BMC Truck & Bus in two challenge proceedings arising from Bucharest Municipality's tender for the delivery of 100 electric buses and the related charging infrastructure.
PNSA Successful for Auchan in Profit Tax Dispute Before Romania's Supreme Court
Popovici Nitu Stoica & Asociatii has successfully represented Auchan Import Export Roumanie before Romania's High Court of Cassation and Justice in a dispute against the country's National Agency for Fiscal Administration regarding approximately EUR 2 million in additional profit taxes.
Country-by-Country Public Reporting Implemented by Romania Starting 1 January 2023
By Order no. 2.048/2022 amending accounting regulations applicable to economic operators (“the Order”), published in Official Gazette no. 878/07.09.2022, the Romanian authorities have transposed into national law the provisions of EU Directive 2021/2101 of the European Parliament and of the Council of 24 November 2021 (“the EU Directive”) amending Directive 2013/34/EU as regards the disclosure of income tax information by certain undertakings and branches.
Clifford Chance, Filip & Company, and Dentons Advise on Hidroelectrica RON 9.3 Billion IPO
Clifford Chance has advised the underwriters of Hidroelectrica's RON 9.3 billion initial public offering. Filip & Company advised Fondul Proprietatea on the sale of its entire shareholding during the IPO. Dentons advised Hidroelectrica on the issuance and listing on the Bucharest Stock Exchange.
AI, Copyright, and Legal Battles: Lawsuits Pave the Way for a New Legal Frontier
The realm of artificial intelligence (AI) has recently found itself entangled in legal disputes revolving around copyright infringement. These legal battles have raised important questions about the boundaries of AI training data and the implications for copyright protection.
RTPR Advises Piletilevi Group on Acquisition of Bilete.ro
RTPR has advised Baltic company Piletilevi Group on its acquisition of Departamentul Logistic Event in Romania, the owner of the bilete.ro website.
Ijdelea & Associates Advises BSOG on 3-Gigawatt Offshore Wind Project in Romania
Ijdelea & Associates has announced it is advising Black Sea Oil & Gas on the development of an offshore wind farm in the Black Sea targeting a capacity of three gigawatts.
Schoenherr and DLA Piper Advise on DDM Acquisition of Intrum's NPL Portfolio in Romania
Schoenherr has advised DDM Holding on the acquisition of a non-performing loan portfolio with a face value of over EUR 1 billion from Intrum. DLA Piper advised Intrum on the sale and its exit from the Romanian market.
RTPR and Allen & Overy Advise Innova Capital on Acquisition of EMI
RTPR and Allen & Overy have advised Innova Capital on the acquisition of a majority stake in EMI Equipement Maintenance Industrie from Morphosis Capital, Belemi, and founder Jerome France.
Clifford Chance Badea and Stoica & Associates Successful for Orange Romania on EUR 13.5 Million Competition Fine
Clifford Chance Badea and Stoica & Associates have successfully represented Orange Romania before the High Court of Cassation and Justice in a dispute with Romania's Competition Council concerning a EUR 13.5 million fine it had issued the company in the investigation of an alleged abuse of dominant position.
Esquires Helps Platipus Obtain Gaming Supply License
Esquires has helped Platipus Trading and Platipus SRL obtain a gaming supply license from the Malta Gaming Authority and the Romanian National Gambling Office.
Romania: Cross-Border Financial Services and Reverse Solicitation
This article addresses the regulatory and legal issues which arise in the provision of financial services by a financial institution located in one country (the “home country”) to a Romanian customer, without the establishment of a local presence, such as a branch or subsidiary in Romania.