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Legal market overview
Burdened by huge debts racked up by its state-owned banks in the years prior to the credit crisis, Slovenia’s economy remains in a parlous condition. The Slovenian Central Bank recently forecast that it expects gross domestic product to contract 2.6% in 2013 and slip a further 0.7% in 2014, and some economists fear it could be the latest EU member to seek an international bailout. Against this backdrop it is hardly surprising that much of the transactional work handled by the country’s law firms relates to restructuring and that many M&A mandates have been of a distressed nature. Looking forward, the recent proposal to privatise 15 state-owned companies, in an effort to shore up government finances, should provide a range of mandates for law firms.
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On 12 April 2013, Slovenia's new Employment Relationship Act ( Zakon o delovnih razmerjih ; " ERA-1 ") and the Act on the Amendments to the Labour Market Regulation Act ( Zakon o spremembah in dopolnitvah Zakona o urejanju trga dela ; " ZUTD-A ") entered into force, introducing labour market reforms as a result of long-lasting negotiations among the country's social partners. The reforms aim to establish (maintain) adequate protection of workers and their employment relationships by simultaneously implementing more effective and flexible means of adapting to current market conditions (thus reducing labour market segmentation and increasing the flexibility of employment relationships).
The start of 2013 was marked by the long-awaited introduction of a new antitrust authority - the Competition Protection Agency - which will be led by Andrej Krašek. The internal organisation of the agency differs from the structure of the Competition Protection Office (for further information please see "Competition authority reorganised: finally, again and forthe last time?"). The senate and the president of the senate will be responsible for adopting decisions in individual cases and the agency will be run by the director and the council. The agency has been reinforced with 13 employees from other ministries and public bodies, which should enable quicker resolution of proceedings.
This guide provides corporate counsel and international practitioners with a comprehensive worldwide legal analysis of the laws and regulations of mergers and acquisitions. This article appeared in the 2013 edition of The International Comparative Legal Guide to: Mergers & Acquisitions; published by Global Legal Group Ltd, London. www.iclg.co.uk.
This guide provides the international practitioner and in-house counsel with a comprehensive worldwide legal analysis of the laws and regulations of real estate. This article appeared in the 2013 edition of The International Comparative Legal Guide to: Real Estate; published by Global Legal Group Ltd, London.
Implementation of the Directive 2005/56/EC on cross-border mergers has for the first time enabled Slovenian companies to merge with companies from other member states. But Slovenian courts have little practical experience with cross-border mergers.
Implementation of the Directive 2005/56/EC on cross-border mergers has for the first time enabled Slovenian companies to merge with companies from other mem-ber states. But Slovenian courts have little practical experience with cross-border mergers. And the complex interaction of the relatively newly harmonised EC legisla-tion and the older local rules requires a sound knowledge of both regimes. It is particularly important to know how the local rules are applied in practice.
The Slovenian legislation includes the following types of in rem securities relating to: (i) real properties – mortgage (hipoteka), land debt (zemljiški dolg), real encumbrance (stvarno breme); and (ii) movables and property rights, respectively – pledge (zastavna pravica), retention of title (pridržek lastninske pravice), transfers by way of security (prenos v zavarovanje), and assignment by way of security (odstop v zavarovanje).
A practical cross-border insight into business crime
The Competition Protection Office recently initiated ex officio merger control pro-ceedings against the Federation of Slovenian Retired Persons' Societies. According to the office, the federation had acquired control over Vzajemna Zdravstvena zava-rovalnica dvz, a Slovenian mutual health insurance company, but failed to notify the concentration within the statutory 30-day time limit.
A practical insight to cross-border Mergers and Acquisitions.
The Exempted Limited Partnership Law, 2014 (the New ELP Law ) has replaced the Exempted Limited Partnership Law (2013 Revision) (the Previous Law ). The New Law includes significant changes to the Cayman Islands' statutory framework regulating exempted limited partnerships ( ELPs ) that will increase the attractiveness of ELPs and will be appreciated by managers, investors and creditors alike. Private equity sponsors in particular will notice substantial improvements that are indicative of Cayman's continuing commitment to balanced and commercially sensible legislation. Read more...
RESTRUCTURING - COURT PROCEDURES
On 23 May 2014, the States of Jersey passed the Companies (Amendment No. 11) (Jersey) Law 201- (the Amendment Law ). This will now be sent to the UK Privy Council for consideration, then laid before the States of Jersey for a final time before coming into force. The latest information we have is that the Privy Council will be approving the law on 19 July 2014 and it may come into effect as soon as 4 August 2014.
The Hague, 4 July 2014 - BarentsKrans has appointed Joost Fanoy as a partner in the Antitrust & Public Procurement department, effective as of July 1, 2014. Joost specializes in European law in general with a particular focus on European and Dutch competition, public procurement and state aid law and is the head of the Antitrust and Public Procurement Practice Group. Joost is also a member of the Cartel damages team of BarentsKrans.
PineBridge Investments Middle East, a global multi-asset class investment manager with regional headquarters in Bahrain, and nearly 60 years of experience in emerging and developed markets, has acquired a 50% equity stake in Romatem, the leading physical therapy and rehabilitation services chain in Turkey.
Isbank issued 750 million USD notes under its GMTN programme established in 2013. The notes are listed on the Irish Stock Exchange and bear interest at the rate of 5 % with a maturity date 2021. Mr. Omer Collak (partner) and Mr. Baris Kencebay (head of tax practice) have acted for the joint lead managers Barclays, Citigroup, HSBC, National Bank of Abu Dhabi and The Royal Bank of Scotland.
Halkbank issued five-year term fixed interest rate US currency notes, with a total amount of USD 500 million with an interest rate of 4.765 % and an annual coupon rate of 4.750 %. The notes offered the lowest borrowing rate in the first five-month period of 2014, and total demand rose nearly nine-fold due to high investor interest. The note issuance drew great interest from international investors settled in the Middle East and Asia, as well as those investors based in the US and Europe. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised the joint lead managers.
Turkiye Finans issued the first ringgit sukuk originating from Turkey. The bank initially raised MYR 1 billion with a five-year commodity sukuk on June 30, with an annual return of 6 %. The sukuk under the programme will have tenure of one to 20 years. Funds raised will go towards general corporate purposes. The sukuk will be issued through TF Varlik Kiralama A.S., a wholly-owned subsidiary of Turkiye Finans. Malaysia's RAM Ratings has accorded the programme an indicative long-term rating of AA3. HSBC Amanah Malaysia and Standard Chartered Saadiq were the joint advisers. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised Turkiye Finans and the issuer TF Varlik Kiralama A.S.
Ziraat Bank, the largest state owned bank of Turkey, established GMTN programme on 21 May 2014, for the notes to be issued up to USD 2 billion listed on Irish Stock Exchange. The notes are unconditional, unsubordinated and unsecured obligations, and rank pari-passu with Ziraat Bank's other senior unsecured obligations.
Vakifbank issued EUR 500 million 5-year unsecured and unsubordinated notes under the first GMTN programme of Turkey established in 2013. The notes are listed on Irish Stock Exchange and bear interest at the rate of 3.5 % p.a. with a maturity date 17 June 2019. This is the very first EUR denominated RegS offering of a Turkish entity.