Last summer, Romania’s Parliament adopted the controversial Law 175/2020 for the amendment and completion of Law 17/2014 on certain measures to regulate the sale of agricultural lands located outside the built-up area and to amend Law 268/2001 on the commercial companies’ privatization that hold in administration lands of public and private property of the State with agricultural destination and the establishment of the State Domains Agency.
Well past the imposed transposition deadline (i.e. 31 December 2020), on 29 April 2021, the Ministry of Energy published in transparency the draft law on the transposition into the national legislation of Directive (EU) 2019/944 of the European Parliament and of the Council on common rules for the internal market for electricity and amending Directive 2012/27/EU (the “Draft Law”).
As last year’s upheavals continue to influence finance markets in 2021, Erika Papp, CMS’s Head of Finance CEE/CIS, and CMS’s Regional Finance Partners Paul Stallebrass in Prague, Ana Radnev in Bucharest, and Elitsa Ivanova in Sofia offer their perspectives on what this year might hold for financing in CEE.
Romania lies on the historically and geographically significant crossroads between the East and the West and both its roads and its waterways provide important routes for commerce between continents. It is no wonder, then, that the transportation, logistics, and infrastructures sectors in Romania offer high potential for growth and profit. The prospect of harnessing this potential has attracted investors from around the world – and law firms positioned to help them succeed. Danilescu Hulub & Partners, founded by Partners Lucian Danilescu and Andreea Hulub in April, 2020, is one such firm.
BPV Grigorescu Stefanica and Kinstellar have advised Product Lead on a EUR 600,000 financing round led by Sparking Capital that also included investments from Bulgaria-based Eleven VC and Sweden-based Founders Bridge. CEE Attorneys/Boanta, Gidei si Asociatii advised Sparking Capital and ACT Legal Romania advised Founders Bridge.
Two recent ground-breaking court decisions are the main topics of conversation between lawyers in Romania, according to Vertis Legal Partner Grigore Pop – one involving how criminal courts should operate going forward and one involving another lawyer that raises "serious concerns over the legal profession as a whole."
Filip & Company and Linklaters have assisted Romania's Ministry of Public Finance in its two-tranche Eurobond issuance, which attracted EUR 3.5 billion from international markets. Clifford Chance advised BNP Paribas, Citigroup Global Markets Europe AG, HSBC Continental Europe, Raiffeisen Bank International AG, Societe Generale, and UniCredit Bank AG on the issuance.
Starting with 1 April 2021, the long-term electricity supply contracts will no longer be as long-term as they used to be. Following the entry into force of ANRE Order No. 26/2021(“Order 26/2021”), the concept of „long term electricity supply contract” was redefined as a „supply contract with a delivery period longer than or equal to one month”, compared to the previous definition which referred to „delivery period longer than one year”.