CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
On 26 July 2022, Law No. 265/2022 regarding the trade registry and amending and supplementing other legal instruments applicable to the registration with the trade registry (“Law No. 265/2022”), including the Companies Law No. 31/1990 (“Companies Law”), was published in the Official Gazette No. 750/2022.
On July 12, four leading lawyers from Croatia, Lithuania, Poland, and Romania sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the latest in ESG developments with a focus on green financing, its regional and local drivers and roadblocks, its impact on non-financial reporting, and what it all means for the legal profession.
Former Senior Managing Associate Diana Fejer has been promoted to Partner at the Deloitte Legal-affiliated firm Reff & Associates as of September 1, 2022.
Wolf Theiss has advised the Sunman Group on its acquisition of Noriel Impex, Intertoy Zone, and Toys & Games Industry from Jonagold CEE Holding. Radu Taracila Padurari Retevoescu advised the sellers on the deal.
Radu Taracila Padurari Retevoescu, working with Reed Smith, has advised the EBRD on a loan of up to EUR 12.5 million to Dona company Calihory Group.
Dentons has advised private investment firm B-Flexion and the Affidea Group on the sale of Affidea to Groupe Bruxelles Lambert. Kirkland & Ellis reportedly advised the buyer.
Popovici Nitu Stoica & Asociatii has advised Meta Estate Trust on its IPO and listing of shares on the AeRO market of the Bucharest Stock Exchange. The IPO was brokered by the BRK Financial Group.
The numerous political, economic and social uncertainties of the last period, coupled with a significant increase in the prices of consumer goods, have led the Romanian Government to amend the existing legal framework and to regulate the commercial behaviour of companies in a stricter manner, aiming to combat potential speculative actions, but also unfair competition practices.
Here is some good news for the renewable energy industry:
On 11 July 2022, the Romanian DPA announced it sanctioned a courier services company with a EUR 3,000 fine for breaching its obligations regarding the level of security that must be ensured with respect to personal data.
SSW Pragmatic Solutions has advised the Avallon MBO PE Fund on the full disposal of its stake in Novo Tech to Isosport Verbundbauteile Gesellschaft of the Constantia Industries group. Masiota advised the buyers. Filip & Company and MVVP reportedly also advised Avallon. SRG Stock Rafaseder Gruszkiewicz and Maruta Wachta reportedly also advised the buyers.
EY Romania affiliated law firm Bancila Diaconu si Asociatii Managing Partner Radu Diaconu has become a Partner with EY Romania, within the Tax and Legal consultancy department.
On July 15, 2022, in the Romanian Official Gazette No. 716, Ordinance No. 16/2022 for the amendment of Law No. 227/2015 regarding the Tax Code, abolishment of certain normative acts and other fiscal-financial measures (“Ordinance 16/2022”) was published, through which multiple amendments were brought to the fiscal framework.
EY-associated firm Bancila, Diaconu si Asociatii has announced that former Ratiu si Ratiu Senior Lawyer Andra Iftemie has joined the firm to develop and coordinate its new climate change, sustainability, and transportation practice.
On July 18, 2022, Radu Taracila Padurari Retevoescu announced that Resource Partners and World Class Romania's sale of World Class to the African Industries Group (reported by CEE Legal Matters on April 27, 2022) has now closed.
Popovici Nitu Stoica & Asociatii has advised Romanian Business Consult on its acquisition of SmartPay Software. Tudorache & Associates reportedly advised SmartPay Software on the deal.
Filip & Company has advised the Holcim Group on the acquisition of General Beton Romania. Antico & Partners and Gianni & Origoni reportedly advised the seller.
Government Ordinance no. 16/2022, published in Official Gazette no. 716/15.07.2022 on 15 July 2022, entails important amendments to the Romanian Fiscal Code.
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.
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