Loredana Coras has joined PKO Bank Polski as a Legal Expert in Romania.

In terms of recent updates, on 25 February the Council of the European Union adopted the tenth package of economic and individual sanctions against Russia in response to the armed conflict in Ukraine, coinciding with the one-year anniversary of Russia's full-scale invasion of Ukraine.

Noerr has advised Saint-Gobain on its acquisition of plasters, paints, and coatings producer Revco Hungary. CEE Attorneys advised the sellers.

PwC Legal Romanian affiliate D&B David si Baias has advised the Greek Public Power Corporation on its acquisition of Enel Group’s electricity production, supply, and distribution assets in Romania. Milbank and Legance reportedly advised the PPC as well. Clifford Chance reportedly advised the seller.

2022 was a year of significant legislative changes in the field of competition, and 2023 is set to present several challenges for the business environment. This article discusses three of the most significant competition law challenges faced by Romanian companies in 2023: no-poaching, foreign direct investment (FDI), and abuse of superior bargaining position.

It has recently been noted that social actors show a growing interest in concluding collective agreements at various levels, the justification being manifold: this either represents a way to retain employees, or it is an attempt to align to market practices, etc.

In December 2022, the European Parliament and the Council adopted Regulation (EU) 2022/2554 on digital operational resilience for the financial sector and amending Regulations (EC) no. 1006/2009, (EU) no. 648/2012, (EU) no. 600/2014, (EU) no. 909/2014 and (EU) 2016/1011 (the “Digital Operational Resilience Act” or “DORA”).

When the Russian military launched its invasion of Ukraine in February 2022, many countries in Central and Eastern Europe (CEE) responded immediately by amending their legal framework to provide shelter for Ukrainian refugees. These neighboring nations not only provided immediate humanitarian help, but also changed their immigration law to allow Ukrainian refugees to work and live in their country.

Nyerges & Partners has advised Shikun and Binui Energy on a EUR 40.5 million loan from Raiffeisen Bank International AG and Raiffeisen Bank Romania for a 70-megawatt photovoltaic project in Satu Mare. CMS reportedly advised Raiffeisen Bank.

Clifford Chance has advised Exigent Property Investment on its EUR 57.8 million financing agreement with OTP Bank Romania and OTP Plc. Nestor Nestor Diculescu Kingston Petersen advised OTP Bank.

Nyerges & Partners has advised the Solarpro Holding on the engineering, procurement, and construction contract concluded for the development of six photovoltaic projects with a total capacity of approximately 35 megawatts-peak in Mures, Romania.

Suciu Popa has successfully represented the Libra Internet Bank before a court of law by securing the rejection of garnishment validation for money held in Revolut accounts. 

CMS has advised DPE Deutsche Private Equity on the sale of its stake in the VTU Group to winning bidder Altor Fonds. Milbank and E+H advised Altor Fonds.

Corporate investigations, though a relatively new concept in Romania, are increasingly becoming common among large companies operating in the country.

Radu Taracila Padurari Retevoescu has advised Zarea on its acquisition of a 70% stake in the Domeniile Dealu Mare Urlati group. The Carmen Medar Law Office advised the seller.

Deloitte Legal Romanian affiliate Reff & Associates has successfully represented NEPI Rockcastle’s Promenada Mall Bucharest before the Bucharest Court in an urban planning-related administrative dispute resulting in the end of the suspension of the Urban Plan for Bucharest's Second District.

Former Senior Privacy & Technology Consultant Cristina Cretu has been promoted to a Partner position with MPR Partners in London on March 1, 2023.

On February 16, 2023, CEE Legal Matters reported that Dentons had advised a banking consortium on their EUR 155 million financing for the 103.3-megawatt Krivaca wind farm project co-owned by Serbia’s MK Group and Slovenia’s ALFI Green Energy Fund. CEELM reached out to Dentons Partner Simon Dayes to learn more about the financing.