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Managing budgets in big companies could be seen at the same time as art and as a challenge. And art should never be under pressure.

With the Whistleblowing Directive implemented into local legislation, whistleblowing has become an essential topic in companies. As national interpretations of the directive on whistleblowing have made it mandatory for organizations to introduce reporting channels and protective measures, businesses must navigate a more stringent and complex legal landscape.

Romania’s National Office for the Prevention and Control of Money Laundering has recently published a draft of an Emergency Ordinance amending and supplementing Law no. 129/2019 on the prevention and control of money laundering and terrorist financing (the Emergency Ordinance) in order to harmonise domestic legislation with the provisions of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing (the Fifth AML Directive), as amended by Regulation (EU) 2023/113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets (the MiCAR).

We have begun our analysis of how to calculate the five-calendar day period specified in Art. 10 para. (7) of the Emergency Ordinance 120/2021 on the management, operation and implementation of the national e-invoicing system RO e-Factura[1] (“GEO 120/2021”) in the context of the Ministry of Finance’s LinkedIn post of August 2024, namely:

With a growing economy but significant structural deficits, Romania’s healthcare system struggles with underfunding, slow approval processes, and high taxes, making access to new therapies a slow and challenging endeavor, according to Tuca Zbarcea & Asociatii Managing Associate and Head of Pharma and Medical Devices Dominic Morega.

The business transfer inevitably impacts on employment relationships, a context in which the identity of the economic entity has been the subject of exhaustive analysis in recent case-law of the Court of Justice of the European Union (CJEU).

Dentons has advised Resource Partners on its acquisition of an 80% stake in Interactive Travel Holdings, the parent company of the Romanian brand Vola.ro and Polish brand FRU.pl, which also operates in Bulgaria and Moldova, from 3TS Capital Partners and the Polish co-founders of FRU.pl. CMS and DLA Piper reportedly advised the sellers.

Suciu Popa has announced it is rebranding as Suciu Partners following former Partner Luminita Popa's departure. Founding Partners Cleopatra Leahu and Dan Ciobanu were appointed as Deputy Managing Partners alongside Managing Partner Miruna Suciu. The firm also appointed Partner Mihai Caragui as its new leader of the corporate and advisory departments, Partner Radu Chiran – as its new coordinator of the litigation and arbitration practices, and promoted Noemi Siman to Partner.

The exclusion of shareholders has been seen over the years as a specific procedure aimed at safeguarding companies, in case of a serious breach of the legal and contractual obligations of the shareholders or in case of events with legal effects on some shareholders – resulting in the loss of the “unanimous” consent expressed as affectio societatis (consisting in the shareholders’ intention to cooperate in running the business to achieve and share the benefits).

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

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