Under art. 90, par. 1 of the Bulgarian Contracts and Obligations Act, a party may refuse to perform its obligations if there is non-performance by the counterparty under the same transaction ("Statutory Retention Right").
Closing: Jade Power's Sale of Romanian Renewable Energy Portfolio to Enery Now Closed
On December 13, 2022, Schoenherr announced that Jade Power's sale of its Romanian renewable energy portfolio to Enery (as reported by CEE Legal Matters on September 9, 2022) had closed.
Full FDI Screening Regime Adopted in Slovakia
Since 1 March 2021, Slovakia had a limited FDI regime applicable only to critical infrastructure. However, right after it was adopted, the government started preparing comprehensive legislation that would apply not only to selected industries but to all foreign investments in general (in line with FDI regimes in other EU Member States). After many drafts and lengthy negotiations, this new regime was finally adopted in late November 2022.
New Supreme Administrative Court Decision on Augarten Lowering Regarding Specific Rights of Recognised Environmental Organisations
In a recent decision, the Austrian Supreme Administrative Court (SAC) addressed party status and the requirements for an eligible complaint by recognised environmental organisations (EOs) in permit procedures under water law.
Austria: The (New) Transfer of Rights by Purpose in Copyright Contract Law
The amendment to the Austrian Copyright Act introduces a whole range of new provisions on copyright contract law, strengthening the position of authors and performers. In our first Legal Insight ("Austria: The (new) Copyright Contract Law") we provided some background information and an overview. In our second and third Legal Insights, we introduced the new remuneration provisions ("Austria: The (new) copyright remuneration rules for authors and performers") and the transparency obligation ("Austria: The (new) copyright transparency obligation"), which are based on the DSM Directive.
Schoenherr Advises MET Group on Acquisition of 52-Megawatt PV Project in Romania
Schoenherr has advised the MET Group on its full acquisition of a solar photovoltaic project in Southern Romania currently in the late planning stages.
What's new in Polish corporate law?
What's new in Polish corporate law?
A Significant Amendment to the Czech Significant Market Power Act
An amendment to the Czech Significant Market Power Act (the "SMP Act"), which should harmonise Czech law with the EU directive on unfair business practices (the "Directive"), was recently signed by the President and will become effective as of 1 January 2023.
Foreign Subsidies Regulation: The New Kid on the Block
On 28 November 2022, the Council of the European Union gave its final approval to the Regulation on Foreign Subsidies distorting the Internal Market (FSR) following the adoption of the regulation by the European Parliament on 10 November 2022.
Did You Know: Five-Year Austrian Real Estate Leaderboard
Did You Know that, according to the Activity Rankings function of the CEELMDirect website, Dorda Partner Stefan Artner has worked on 14 reported Austrian Real Estate deals over the past five years – more than any other lawyer?
Cerha Hempel Advises ARE Austrian Real Estate on Acquisition of Green Worx Office Complex
Cerha Hempel has advised ARE Austrian Real Estate on its acquisition of Vienna's Green Worx office complex from the UniImmo Deutschland real estate mutual fund managed by Union Investment. Schoenherr reportedly advised the sellers.
Hungary's New Integrity Authority: What Is It and How Could It Benefit Foreign Investors?
Hungary's parliament passed a package of anti-corruption laws on 3 October 2022 as part of the commitments made by the government to the European Commission.
Schoenherr and KPMG Legal Advise on CA Immo’s Sale of Romanian Portfolio to Paval Holding
Schoenherr has advised CA Immobilien Anlagen Aktiengesellschaft on the sale of a Bucharest seven-office-building portfolio to Paval Holding. KPMG Legal Toncescu si Asociatii advised Paval Holding.
Unbundling of the Hydrogen Sector: A Commission Proposal in Breach of EU Law
Late last year, the European Commission ("EC") adopted a legislative package on hydrogen and decarbonised gas, which includes a proposal for a Directive on Common Rules for Internal Markets in Renewable and Natural Gases and in Hydrogen ("Draft Gas Directive"). On 9 September 2022, the EC published a revised version of this directive, the key objective of which is to regulate hydrogen as an independent energy carrier.
ECJ Ruling Ends Unlimited Public Access to UBO Register
Under Article 30 (5) (c) of Directive (EU) 2015/849 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing (AML Directive 2015), Member States are obliged to ensure that information on beneficial ownership is accessible by any person or organisation that can demonstrate a legitimate interest in obtaining it.
Schoenherr and Vukina & Partners Advise on Integral's Acquisition of Chips Way
Moravcevic Vojnovic and Partners in cooperation with Schoenherr has advised Integral Venture Partners on its acquisition of a controlling stake in Chips Way alongside co-investor and industrial partner Nelt Group. Vukina & Partners advised sellers Jagoda Bajevic, Dobroslav Barbaric, Ivana Vujcic, Matko Dropuljic, Vlatko Barbaric, Djordje Dragicevic, Ivana Einfalt, and Tomislav Bajevic.
Does Direct Marketing Require Specific Consent?
The Hungarian data protection authority (NAIH) fined Magyar Éremkibocsátó Kft, a limited liability company engaged in the numismatic business, HUF 30m (approx. EUR 73,000) for unlawful direct marketing activities.
Factoring and Liquidity Facilities: Making the Best of Both Worlds
Factoring volumes in Romania have seen a marked increase over the last year, up to EUR 3.68bln in the first half of 2022, according to public sources. While part of this 31.6 % year-on-year surge was driven by inflation rates, local businesses do appear to show a growing appetite for this type of financing product.