Law 39/2023, which was published in Official Gazette No. 40/13.01.2023, contains important amendments to the Romanian Fiscal Code.

It’s been four years since we sat down with Octavian Popescu, Managing Partner at Popescu & Asociatii, and discussed what was at that time the new firm’s perspective and its future plans. We reached out again, on the firm’s Fourth Anniversary, to see how those plans have been progressing and chart the firm’s development.

In 2019, Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019 on the protection of persons who report breaches of Union law (the "Directive") was adopted at the European Union level.

Former Osborne Clarke CEO Simon Beswick has joined Kinstellar’s Board of Directors as a non-executive member.

Cytowski & Partners has advised Romanian start-up Digitail on its USD 11 million series A financing round with Atomico and the participation of byFounders, Partech Ventures, and Gradient. US-based Stradling Yocca Carlson & Rauth and the UK's Fladgate reportedly advised Atomico.

Vlasceanu & Partners has advised Econergy Renewable Energy on the acquisition of a 40-megawatt project under development and a 44-megawatt ready-to-build project in Teleorman county, Romania.

There will be a significant number of tax changes in Romania in 2023. While companies may welcome some of them, others will bring them additional tax costs this year or next.

Recent years have brought significant progress in terms of formalities for the incorporation of legal entities that carry out economic activities.

Stratulat Albulescu has advised Vectr Fitness – the main shareholder of the World Class fitness chain in Romania – on the acquisition of Nextfitness & Wellness from Sergiu Irimescu and Sergiu Dan Serban. Solo practitioner Zoltan Nemeth advised the sellers.

PwC Legal Romanian affiliate D&B David si Baias has advised Memorial Healthcare on its acquisition of the Monza Oncology Hospital within the Enayati Medical City in Bucharest.

On 13 December 2022, Law No. 357/2022 (“Law 357/2022”) on the approval of Emergency Ordinance No. 119/2022 amending Emergency Ordinance No. 27/2022 (“GEO 27/2022”) on measures applicable to final customers in the electricity and natural gas market in the period between 1 April 2022 and 31 March 2023, as well as for amending certain regulatory acts in the energy field (“GEO 119/2022”) was published in the Official Gazette of Romania no. 1198. Law 357/2022 entered into force on 16 December 2022, except for certain provisions which will enter into force at a later date. Below is a selection of some of the more relevant provisions set forth under Law 357/2022.

Lately, the tech industry seems to have taken a major hit, with more and more companies deciding to lay off hundreds or even thousands of employees and/or implementing a hiring freeze until next year. When we see FAANG (Facebook, Amazon, Apple, Netflix, Alphabet) announcing such massive layoffs, there is no point asking whether this will affect the entire tech industry. However, the question remains whether this will trigger a domino effect in the market, or even if it is the start of a new HR layoff trend and how companies should approach this situation.

Romania benefits from being one of the EU countries with lower cinematographic production costs, and that is why it is on the radar of many international studios. The cumulative annual turnover of the film industry in Romania is approximately EUR 53 million, derived mainly from foreign productions in Romania.

Cytowski & Partners has advised GoodLegal on a EUR 1.2 million pre-seed investment led by the Earlybird Digital East Fund. Cohen & Ostler reportedly advised Earlybird.

Stratulat Albulescu has advised Keys REIM on its EUR 13.5 million sale of an unfinished building in Bucharest to One United Properties. The Law Chamber advised the buyer.

Clifford Chance Badea has advised UniCredit Bank in Romania on its RON 488.5 million corporate bond issuance.

Bulboaca & Asociatii has supported Investimental in obtaining its financial investment services authorization from the Romanian Financial Supervisory Authority.

BDK Advokati has advised Sandberg Capital on its EUR 20 million investment in Quantox. Nestor Nestor Diculescu Kingston Petersen and Polenak reportedly advised Sandberg as well.