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Legal market overview
Romania’s economy remains stymied by a lack of economic competitiveness, underdeveloped transport and ICT infrastructure, and an uncertain legal and regulatory environment. However the country (and its legal sector) has experienced a boom in the renewable energy sector, although legislative changes concerning the awarding of green certificates in the summer of 2013 placed a number of high-value projects on hold.
The lion’s share of mandates is still handled by a core of domestic and international heavyweights. Musat & Asociatii, Nestor Nestor Diculescu Kingston Petersen and Tuca Zbarcea & Asociatii are large and well established, and distinguished firms such as Peli Filip, Popovici Nitu & Asociatii and Voicu & Filipescu SCA are increasingly challenging the dominance of these firms. International firms such as CMS, Clifford Chance Badea, Kinstellar, RTPR Allen & Overy (Radu Taracila Padurari Retevoescu SCA in association with Allen & Overy LLP) and Schoenherr si Asociatii SCA have significant practices in Romania.
White & Case, Pachiu SCA has become Bondoc and Asociatii SCA in alliance with White & Case after the international law firm withdrew from the market in January 2014. Gide Loyrette Nouel also left the market and its former Bucharest office now trades as Leroy şi Asociaţii.
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Disputes in Romania are settled in court in the vast majority of cases, under procedures regulated mainly by the new Civil Procedure Code (CPC). The CPC entered into force on 15 February 2013, has carried out a systemic and extensive overhaul of the Romanian dispute resolution model. With a specific focus on acceleration of trial proceedings, the new regulation has reformed both the schedule and the content of proceedings taking place in various phases of the lawsuit, while attempting to clarify many of the controversies raised by interpretable provisions in the former regulation.
Initiated late November 2013 and adopted by the Romanian Parliament on 17.12.2013 (to be published upon the President's confirmation), the law regarding purchase of agricultural lands by non Romanian EU Citizens is setting the ground rules expected for the past 7 years, since Romania's accession to EU.
Before 1989, when the Communism regime fell, mineral resources in Romania were exploited by state-owned companies. Although these exploitations were advertised as big economic successes of the communist governments, in reality, most of them were using outdated technology and some caused significant pollution in the mining perimeters. Moreover, in the context of Romania's negotiations to join the European Union, some of the mining exploitations had to be shut down as they were far from being compliant with the European environmental standards.
September 2013 - Projects, Energy and Natural Resources. Legal Developments by Buzescu Ca. More articles by this firm.
In the Legal Insights edition of 18 March 2013, we presented the potential changes to the Romanian renewable energy scheme, resulting from an unofficial working draft Government Emergency Ordinance (GEO) circulated on the market. This Tuesday (2 April 2013), a draft Government Emergency Ordinance on the amendment of Law no. 220/2008 was officially published on the website of the Ministry of Economy. The public is invited to submit comment within the next 30 days, to the e-mail address firstname.lastname@example.org .
Romania seems to be one of the most attractive CEE jurisdictions for renewable energy investments, due to the generous support scheme which generated increasing enthusiasm over the past few years. Implemented in 2005, the support scheme for renewable energy (RES) consisting of tradable green certificates (GCs) combined with mandatory acquisition quotas was improved in 2008 and subsequently in 2010, but was only applicable as of mid-2011, upon state aid clearance from the European Commission (EC).
Although its stability over time represents the essence of the Romanian Constitution (the “Constitution”) and of any constitution, such fundamental law within the Romanian legal system should at the same time, at any moment, represent both a frame of reference for the Romanian social, political and economical life and a reflection of such. Given the accelerated changes within the society, in order for the Constitution to be brought in line with the overall social, political and economical evolution and perspectives, a procedure for its revision and also the limitations in what regards the possibility for the Constitution to be revised are established by this fundamental law itself. .
Government emergency ordinance no. 8/2013 for the amendment and supplementation of Law no. 571/2003 regarding the Fiscal Code and the regulation of certain financial and fiscal measures (published in the Official Gazette no. 54/23.01.2013) enters into force starting from 1 February 2013. GEO 8 introduces a number of important amendments and supplementa-tions in the fiscal legislation. We shall further present some of the amendments related to di-rect taxation, respectively to social insurance.
1. Background The Romanian Competition Law no. 21/1996 (the " Law ") has been adopted and amended on various occasions so that it reflects the evolution of the competition law provisions in the EU. On 6 July 2010 the Law has been substantially amended, introducing among other institutions the commitments procedure for anticompetitive practices. Previously, the commitments were available only in merger cases under the form of remedies. The commitments procedure has been detailed in RCC guidelines issued in December 2010 (the " Guidelines "), which have been amended at the end of year 2012.
The final act of the market abuse court case involving representatives of Bank of Cyprus and Banca Transilvania. Which lawyers defended the representatives of Bank of Cyprus? What is the relevance of this case in the context of the Romanian Capital Market and what are the aspects to be considered by the regulators, investors, brokers and issuers in the overall European context of enhanced enforcement of market abuse rules?
Romania: Buzescu Ca wins victory for Wizz Air in court case regarding commercial and state aid issueRomania : Buzescu Ca wins victory for Wizz Air in court case regarding commercial and state aid issues
Romania: Buzescu Ca wins victory for Wizz Air in court case regarding commercial and state aid issueBuzescu Ca is pleased to announce that it obtained victory for Wizz Air, the leading Central and Eastern European low cost airline. The case, pending in courts since 2011, involved a claim filed against Timisoara Airport regarding non-payment of outstanding multimillion marketing fees for the marketing and promotion of Timisoara Airport as a flight destination. The High Court dismissed the appeals filed by Timisoara Airport, and Carpatair which contested the validity of the Marketing Agreement, and alleged respectively that this represents state aid.
With business becoming global, many companies engage daily in cross-border commercial transactions. Security is commonly used as a risk management instrument in such dealings. Therefore, familiarity with the specifics of cross-border taking and enforcing of security in various jurisdictions can help companies safely conduct businesses outside their home countries.
Reff & Associates assisted New Europe Property Investments (NEPI) in the acquisition of City Park Constanta, a shopping center developed by Neocity and financed by Eurobank (Bancpost) and National Bank of Greece (Banca Romaneasca). The transaction, labelled as the most important 2013 real estate transaction in Romania, involved a complex process of legal reviews and assessments, structuring, drafting and negotiation of complex contractual documentation. The team coordinated by Partner Alexandru Reff and Managing Associate Ruxandra Macelaru worked in close connection with the Deloitte Tax team, which provided tax services for the buyer.
Global Arbitration Review (GAR), a publication launched in 2006 and which is currently "recognised as the leading resource on international arbitration news and community intelligence", has recently revealed its lists of winners at a ceremony held in Paris on February 12th.
Bucharest, December 17th, 2013: Ţuca Zbârcea & Asociaţii has made up three partners as part of a 13-strong promotion round. The appointments are effective from January 1st, 2014.
Romanian independent outfit Ţuca Zbârcea & Asociaţii advised US giant Electronic Arts Inc. on the largest transaction in the office market in Romania so far.
Buzescu Ca advised Beach Energy Ltd. with regard to the acquisition of a second Participating Interest in a Black Sea offshore block.
Bucharest, November 5th, 2013: Ţuca Zbârcea & Asociaţii acted for the Polish financial group Getin Holding as it sealed its first deal in the Romanian market.