Moravcevic Vojnovic and Partners in cooperation with Schoenherr > Belgrade, Serbia > Firm Profile
Moravcevic Vojnovic and Partners in cooperation with Schoenherr Offices
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Moravcevic Vojnovic and Partners in cooperation with Schoenherr > The Legal 500 Rankings
Serbia > Banking and finance Tier 1Moravcevic Vojnovic and Partners in cooperation with Schoenherr‘s ‘truly winning team‘ is sought out for its expertise in syndicated lending, restructuring-related financings, and energy, real estate and infrastructure project finance. It also has an enviable track record in bank M&A deals. Nikola Babić heads up the practice, which features capital markets and corporate finance specialist Matija Vojnovic; ‘great lawyer‘ Vojimir Kurtić; and recently-promoted Jovan Barović. Jelena Arsić and Dušan Obradović are experienced members of team. Former partner Petar Kojdić recently joined SOG in cooperation with Kinstellar.
Nikola Babić; Matija Vojnovic
‘The team is very responsive and client oriented. Its service is excellent, and it is always a pleasure to work with them.’
‘Schoenherr has a truly winning team. It offers a high level of service – outstanding knowledge of both the local and international market, and always available and looking to deliver the best service for the client.’
‘Matija Vojnovic is unique for his understanding and finding of solutions – a fixer and solution finder.’
‘Nikola Babić is a great lawyer – very sharp, knowledgeable, and very experienced in acting for financial institutions. He always gives the best advice for any issue.’
‘Nikola Babić and Jovan Barović always deliver.’
‘Vojimir Kurtić is a great lawyer, knowledgeable, and very attentive to detail.’
‘Attorney at law Dušan Obradović is an amazing lawyer with exceptional interpersonal skills. He is very responsive and has tailor-made solutions to any problem that may occur, which is very appreciated when dealing with highly complex issues.’
‘Attorney at law Jelena Arsić is a very reliable and a hardworking individual.’
Innovation Fund of the Republic of Serbia
Credit Suisse International
National Bank of Greece
HETA Asset Resolution
Bank Of Cyprus
The European Bank for Reconstruction and Development
International Swaps and Derivatives Association
ABN AMRO Bank
PNB Paribas (Suisse)
Magyar Export-Import Bank
Raiffeisen Bank International
Citigroup Global Markets
VTB Bank (Europe) SE
JP Morgan Securities
Oaktree Capital Management (UK)
Victoria Oil (Serbia)
- Advised the joint lead managers on the Republic of Serbia’s €1bn establishment of a green Eurobond.
- Advised Banca Intesa on a €21m green real-estate finance facility, for the development of a LEED- certified, class-A office building.
- Advised Eurobank on the issue and public offering of €300m sustainability-linked bonds by GEK Terna.
Matija Vojnović; Luka Lopičić
‘The team is always available and highly professional. It has strong skills and is very client oriented, which really helps clients achieve their commercial objectives.’
‘Matija Vojnović is an impressive lawyer – his performance is outstanding.’
‘Matija Vojnović is very knowledgeable and sharp, but also very pleasant, which is a winning combination.
‘Luka Lopičić has an outstanding practical approach to complex legal matters.’
‘Vojimir Kurtić is an extremely competent lawyer with very good commercial understanding.‘
‘Vojimir Kurtić gives great advice and clients really love working with him.‘
‘Attorney at law Bojan Rajić is a very dedicated lawyer, who understands clients’ business and expectations, and delivers good results.‘
‘Attorney at law Jelena Arsić is a very experienced and creative lawyer. She is easy to work with and very responsive.’
Brighton Park Capital
Greiner Packaging International
AMMA Import Export
Integral Venture Partners
Masdar Taaleri Generation
Shoppster DOO Beograd
TN Invest Anstalt
Opportunity Transformation Investments
Hleb & Kifle
- Advised Trans-Oil Group, and investment funds managed by Oaktree Capital Management (UK), on the acquisition of a trading business, two ports and a river port business from MK Group and Agroglobe.
- Advised Brighton Park Capital on its $140m investment in HTEC Group.
- Acted as local counsel to Eurobank on the merger of Eurobank ad Beograd and Direktna Banka ad Kragujevac.
Serbia > Competition Tier 1Moravcevic Vojnovic and Partners in cooperation with Schoenherr‘s competition team routinely acts for clients with competition law issues involving Albania, Bosnia and Herzegovina, Kosovo, Montenegro and North Macedonia. Key areas for the practice are antitrust investigations, merger control proceedings, damages actions, competition compliance, and state aid. The firm’s EU competition practice head for the Balkans, Srdjana Petronijević, is a go-to practitioner for multi-jurisdictional merger control proceedings; and Danijel Stevanović is a competition law and FDI control expert. The attorneys at law to note are Zoran Šoljaga and Minela Šehović.
‘Professionals who are experts in this field – well organised and punctual.’
‘A very experienced team with significant competition law expertise.’
‘Understands business, and knows how to handle specific issues involving sales and distribution policies.’
‘A very good reputation on the market – the team always acts in a responsive and professional manner. Clients are happy to work with such a team. ’
‘Schoenherr is a top law office in Serbia – outstanding in every sense, highly responsive and experienced, with a large, specialised team for competition law and state aid. A client-oriented team that clients can always call and consult with on any competition law topic – its expertise is unique in Serbia.’
‘Srdjana Petronijevic and attorney at law Zoran Šoljaga are experienced antitrust lawyers, who are easily approachable and provide clear advice.’
‘Srdjana Petronijevic is a leading lawyer in Serbia, and she always gives practical solutions and useful recommendations.’
‘Zoran Šoljaga’s experience at the Competition Authority is invaluable – it gives clients comfort regarding the compliance of business policies with the antitrust rules.’
Fiat Chrysler Automobiles
Apatinska pivara (Molson Coors)
Japan Tobacco International
Intesa Sanpaulo Bank
- Successfully assisted Goodyear with obtaining merger control approval from the Serbian Competition Authority for its acquisition of The Cooper Tire & Rubber Company.
- Successfully represented Nestle in merger control proceedings in Serbia (in addition to Albania, Montenegro and North Macedonia), which concerned its $5.7bn acquisition of The Bountiful Company.
- Ssuccessfully assisted Mercedes-Benz and Daimler Truck with obtaining merger control approvals from the Serbian and Macedonian competition authorities, in relation to the historic realignment of the former Daimler Group.
Serbia > Dispute resolution Tier 1Moravcevic Vojnovic and Partners in cooperation with Schoenherr‘s ‘very strong and brilliant‘ litigation and arbitration practice comprises specialists in construction project-related disputes, as well as insolvency, labour and energy law-related claims. Jelena Bezarević Pajić is an international commercial and investment arbitration expert; Nataša Lalatović Đorđević is ‘an outstanding litigation and arbitration specialist‘, and the track record of Slaven Moravčević, who ‘provides strong leadership‘, includes heavyweight investor-state and commercial arbitrations. Other key names include energy-related disputes partner Matija Vojnović, and attorneys at law Tanja Šumar, Vanja Tica and Dragana Nikolić.
Slaven Moravčević‘; Nataša Lalatović Đorđević; Jelena Bezarević Pajić
‘Clients’ interactions and professional relations with the firm are excellent. The team is very strong and brilliant, and it clearly understands how international legal systems work – the group handles the most complex arbitrations perfectly.’
‘The team’s extensive grasp of the law is a real strength. Another strength is its partners and associates – recommended to anyone.’
‘The firm compares very highly with other firms in both domestic and international jurisdictions.’
‘Slaven Moravčević is approachable and pleasant to engage with, and he provides strong leadership to the entire team.’
‘Nataša Lalatović Đorđević is an outstanding litigation and arbitration specialist. She has excellent skills which are very helpful during cases. Clients admire her approach and dedication.’
‘Clients commend Jelena Bezarević Pajić’s dedication, professionalism and meticulous attention to detail.’
‘Attorney at law Vanja Tica’s in-depth practical and theoretical understanding of the law is great.’
‘Attorney at law Tanja Šumar’s problem-solving skills are commendable.’
State of Montenegro
Adria Serbia Holdco
Serbia Broadband – Srpske kablovske mreže
APG SGA, Alma Quattro doo
Eurobank ad Beograd
Mera Investment Fund
Cooper Standard doo Sremska Mitrovica
Energoprojekt Oprema ad Beograd
- Acting as lead counsel to three claimants in an investment treaty claim against the Republic of Serbia and United Group (and its two affiliates, including Serbia Broadband).
- Represents APG SGA and Alma Quattro, as claimants, in a high-value investment treaty arbitration against Serbia before ICSID.
- Successfully acted for the State of Montenegro in seven major arbitrations (including five investor-state disputes and two high-value commercial arbitrations).
Serbia > Employment Tier 1Moravcevic Vojnovic and Partners in cooperation with Schoenherr‘s ‘service is always at the highest level‘. The labour and employment practice is able to leverage the firm’s enviable corporate law and M&A expertise for transaction-related employment law issues. It also has notable industry expertise in the automotive, real estate and construction sectors. Team leader Marija Vlajkovic, who is ‘efficient, fast and precise‘, advises major corporate clients on both day-to-day employment matters, as well as labour disputes. Experienced attorney at law Bojan Rajic also has an active employment law practice.
Other key lawyers:
Bojan Rajic; Tijana Levakov
‘High levels of specialisation in different key areas, with clients feeling like they are the only client – the service is always at the highest level.’
‘Responsiveness and dedication to finding the best possible solution, even if it’s not the obvious one.’
‘Great and easy to work with, highly efficient and helpful.’
‘Such devotion that clients sometimes forget it is not an in-house legal team.’
‘The lawyers are always at clients’ disposal and try to find optimal solutions from every angle.’
‘Marija Vlajkovic is efficient, fast and precise – she thinks about all possible options, as well as all advantages and disadvantages. Unlike other lawyers, she gives explanations in language that is understandable to those who are not in the legal profession.’
‘Marija Vlajkovic provides answers in a short time and with a clear timeline on what needs to be done.’
‘Marija Vlajkovic and attorney at law Tijana Levakov explain everything in detail in language that clients can actually understand.’
RITTAL doo Beograd
Humania HRS Group
TOMRA Collection Srbija
SAP West Balkans doo
- Advising BlackRock on day-to-day employment law issues.
- Advises Adient Loznica on various day-to-day employment matters, including revisions of employment bylaws.
- Advising Entelo on its day-to-day employment issues.
Serbia > Projects and energy Tier 1Demonstrating ‘strong commitment to clients‘, Moravcevic Vojnovic and Partners in cooperation with Schoenherr‘s projects and energy team advises on a range of international and domestic energy matters. Its expertise covers transactions, large-scale development projects, M&A, PPPs, regulatory issues, public procurement, and dispute resolution. Miloš Laković heads the energy departments in Serbia, Montenegro and North Macedonia; Slaven Moravčević is experienced in international and domestic energy projects; and corporate and M&A head Matija Vojnović‘s experience includes energy projects. Attorney at law Aleksandra Petrović is an ‘up-and-coming energy law expert‘.
‘Accuracy, dedication to quick and smart solutions, and great expertise make this team unique on the market.’
‘Its advice always contains all the necessary information and is always relevant.’
‘Demonstrates strong commitment to clients in relation to the outcome of the work. Clients have no difficulties, delays or misunderstandings in relation to communication with the firm’s experts.’
‘Miloš Laković thinks outside of the box, is passionate about what he is doing, and provides creative ideas and solutions.’
‘Miloš Laković – excellent knowledge of mining and environmental law.’
‘It’s worth noting the depth and breadth of expertise of the team (attorney at law Aleksandra Petrović in particular) in relation to energy law and regulatory issues.’
‘With wide experience and great knowledge, Aleksandra Petrović is a highly appreciated up-and-coming energy law expert.’
‘Aleksandra Petrović is a rising star in this field. She has a clear view of the legal framework and gives an excellent service – she is super-efficient and has great response times.’
Government of Montenegro
Government of Serbia
European Federation of Energy Traders
Serbian Ministry of Mining and Energy
JP Elektroprivreda Srbije
Montenegrin power utility – Elektroprivreda Crne Gore
Shanghai Electric Power
City of Belgrade
New Power Generation International
University of Belgrade – Faculty of Transport and Traffic Engineering
Serbian Agency for Road Traffic Safety
- Assisted the Government of Serbia and the EBRD with designing a new legal and regulatory framework, in relation to the promotion of renewable energy in Serbia.
- Advised Alstom on various aspects of its involvement in the complex Belgrade Metro infrastructure project.
- Assisting the Government of Montenegro and the EBRD with designing a new legal and regulatory framework, in relation to the promotion of renewable energy in Montenegro.
Slaven Moravčević; Ivana Panić
‘Dynamic and full-service law firm that is proactive and client minded.’
‘Great understanding of law across the Balkans.’
‘Experienced real estate and construction lawyers who provide prompt responses and analysis based on their huge general knowledge from practice.’
‘Ivana Panić has considerable expertise in FIDIC contracts and negotiations, and provides excellent guidance.’
‘Ivana Panić has a great understanding of the principles of FIDIC.’
‘Ivan Pantović is a real estate and construction expert. Clients can always feel confident once they receive his advice.’
‘Miloš Laković ensures a fully client-oriented approach.’
‘Clients especially praise attorney at law Dijana Grujić, who proactively informs clients on the legal changes that could impact on their business. She is very responsive at any moment, and clients know they can rely on her for any issue they have.’
Naftna industrija Srbije
AmRest Holdings SE
The European Bank for Reconstruction and Development
Hidroelektrana Dabar doo Trebinje
- Advising Hyatt on the franchising arrangement with Montenegrin company Krolbay doo.
- Advised Alstom on various aspects of its involvement in the Belgrade Metro project.
- Advising Naftna industrija Srbije on day-to-day operational matters, including corporate and regulatory legal issues.
‘Full of practical knowledge on trade mark protection.’
‘Fast, and knows how to explain matters to lay persons, who have no previous IP knowledge, what should be done and how to do it.’
‘The team is incredibly flexible. Clients really like its creative approach to problem solving.’
‘Clients very much appreciate working with this team, as it is fast, quick to learn, proactive, knowledgable and results oriented.’
‘Andrea Radonjanin is a very competent, insightful and easy-to-work with attorney at law, who (through consistent support) enables clients to be successful in cases.’
‘Andrea Radonjanin is an expert in IP matters. She is very bright and knowledgeable, has excellent judgement, and really understands the industry.’
‘Andrea Radonjanin is an exceptional lawyer. She is very responsive, but more importantly very knowledgeable when it comes to IP. It is always a pleasure to work with her.’
‘Andrea Radonjanin and associate Andrej Zoric are to be recommended to all clients involved in trade mark protection – they instil clients with confidence.’
Brighton Park Capital
Alliance for Creativity and Entertainment
Laboratoires La Prairie
- Advised Brighton Park Capital on a proposed investment in regional IT company HTEC Group, which involved IP issues.
- Acted for Alliance for Creativity and Entertainment in a technically sophisticated online infringement case in Serbia.
- Assists Beiersdorf with the protection of its entire trade mark portfolio in Serbia and the region.
Other key lawyers:
Apatinska Brewery (Molson Coors)
UniCredit Bank d.d. Mostar
Unicredit bank a.d. Banja Luka
Elektroprivreda Republike Srpske
Siemens AG Group
- Advising Thales Group in approx. €35m worth proceedings challenging public procurements passport booklets, drivers’ licenses and ID cards.
- Advising Elektroprivreda Srbije (EPS) in relation to the construction of three hydro plants on the river Drina: HE Foča, HE Buk Bijela and HE Paunci (Upper Drina Project).
- Advising NIKE and Converse regarding distribution policy in the region (exclusive distribution agreement and monobrand concept stores) on a regular basis.
Other key lawyers:
‘The team always offers seamless cross-border solutions. They have a strong banking and finance practice with highly experienced and extremely capable lawyers who always provide innovative legal advice.’
‘I have been working with the team on various complex matters. I am very satisfied with their service, and I highly value their extensive knowledge when it comes to complex issues. It is always a pleasure working with them.’
‘Minela Sehovic is an experienced international lawyer qualified in Bosnia. She is responsible for the firm’s office in Sarajevo.’
Getinge Group (GETINGE AB Sweden and Getinge Group Southeast Europe)
VTB Bank (Europe) SE
Wiener Insurance Vienna Insurance Group a.d
- Advised Hydro Power Plant Dabar as borrower in connection with a €189m loan facility granted by the Export-Import Bank of China for the development of a 160MW hydropower plant.
- Advised United Group on Bosnian and Serbian law matters in connection with the issuance of €300m Senior Secured Notes due 2028 guaranteed by local subsidiaries.
Matija Vojnovic; Luka Lopicic
Auto Milovanovic d.o.o.
Hidroelektrana Dabar d.o.o. Trebinje
Javno preduzeće Elektroprivreda Republike Srbije (JP EPS)
Tom Tailor GmbH
DAW SE / Caparol d.o.o.
- Advising Elektroprivreda Srbije (EPS) in relation to the construction of the largest investment project in the energy sector of Bosnia and Herzegovina; three hydro plants on the river Drina.
- Advising Thales Group in approx. €35m worth proceedings challenging the public procurements passport booklets, drivers’ licenses and ID cards, that would enable Thales Group to enter the Bosnian market.
- Advised Dejan Milovanovic on a share sale in Auto Milovanovic doo Banja Luka, a seller of automotive parts and equipment in Bosnia and Herzegovina.
Hidroelektrana Dabar d.o.o. Trebinje
Azvirt Limited Liability Company
- Advising Hydro Power Plant Dabar as borrower in connection with a €189m loan facility granted by the Export-Import Bank of China for the development of a 160MW hydropower plant.
- Advising Elektroprivreda Srbije (EPS) in relation to the development of one of the largest investment projects in the energy sector of the country, the construction of three hydro plants on the river Drina.
- Advising Thales Group on approx. €35m worth proceedings challenging public procurements passport booklets, drivers’ licenses and ID cards.
Other key lawyers:
‘The firm helped prepare a number of extremely informative and high-quality reports surrounding the requirements in Montenegro. The relocation programme would probably not have been successful without its efforts; and the larger challenge of helping employees integrate into a new country and culture has, to a material degree, been made much easier by the contributions of the team.‘
‘The team has been an excellent partner – always accessible, willing to help find solutions to problems, and an excellent bridge between cultures and legal frameworks.‘
‘The team was instrumental in helping understand the local requirements and processes, in order to get work permits, set up bank accounts, and manage tax compliance for the company and relocated employees, as well as connecting with other service providers, such as accountants, in the region.‘
‘Highly efficient and always puts clients’ interests first.‘
‘Great collaboration and communications skills.‘
‘Always polite, and no question is too trivial or too difficult to be dealt with.‘
‘Clients’ queries are answered in a timely manner, and receive professional and detailed results – definitely recommended.‘
State of Montenegro
Shanghai Electric Power
ICBC Austria Bank
Mozura Wind Park doo Podgorica
Elektroprivreda Crne Gore AD Nikšić
Enel Global Trading
Citigroup Global Markets
Erste Group Bank
Merrill Lynch International
The Ministry of Transport and Maritime Affairs of Montenegro
UNIQA Insurance Group
UNIQA Österreich Versicherungen
Raiffeisen Bank International
Hydra Brokerage DMCC
- Advising hotel operator Hyatt on the franchising arrangement with Montenegrin company Krolbay.
- Advising Novi Volvox and Leitner on a €25m investment project that involves the design, financing, construction, operation, maintenance and transfer of a cable car facility.
- Advising EBRD and the Government of Montenegro on the framework for the development of PPP and concessions projects in Montenegro.
The ‘client oriented‘ team at Schoenherr North Macedonia has a particular specialism in environmental and infrastructure law, leveraging the international resources of the wider firm to advise international clients seeking to invest in the North Macedonian market. Slaven Moravčević leads the team alongside with the ‘fast, confident, co-operative, dedicated, and very professional‘ Andrea Lazarevska, whose main areas of activity are in the regulatory, corporate, finance, real estate, and energy spheres.
Slaven Moravčević; Andrea Lazarevska
‘They work in various fields, they have great communication inside the team, and also throughout their international network. They have dedicated individuals, they solve problems quickly, and do thorough research.’
‘I have been working with Andrea Lazarevska. Apart form her being fast, confident, co-operative, dedicated, and very professional in the overall work and communication throughout the whole process, she is also very thorough and willing to research and read on topics that are not well addressed and understood in my field of work. She is a good listener, gives valuable comments, gives me the confidence I need; these will always be the reasons why I will choose her over any other lawyer and consultant.’
‘They are very good for foreign clients, with perfect English and knowledge of the local environment.’
‘Andrea Lazarevska was our main contact, and she is an excellent lawyer with a great attitude towards clients.’
LIDL MAKEDONIJA DOOEL Skopje
OSM SOLAR DOOEL Skopje
Solarpro Holding AD Sofia
Balkan Renewable Investments
Brighton Park Capital
ENSCO ENERGY SERVICES COMPANY AG
Liechtenstein Beteiligungs GmbH
VAMED Standortentwicklung & Engineering GmbH
Alpiq Energy SE
Siemens Healthineers AG
Generali CEE Holding B.V.
Worldwide Clinical Trials Macedonia DOOEL Skopje
Gallup International Association
Fiat Chrysler Automobiles N.V.
Blue Torch Credit Opportunities Fund II
- Advising LIDL on all aspects of its business operations in North Macedonia, especially in relation to real estate matters.
- Advising OSM SOLAR DOOEL Skopje on project development and licencing requirements, including advising on obtaining permits for photovoltaic plant construction, grid connection, and substation construction.
- Advising Solarpro Holding AD Sofia on the development of a 180MWh solar park and battery storage facility in North Macedonia.
Moravcevic Vojnovic and Partners in cooperation with Schoenherr > Firm Profile
The firm: Schoenherr is a leading full service law firm, with 15 offices and several country desks in the Central and Eastern Europe. As one of the first international law firms to move into CEE/SEE, the firm has grown to be one of the largest firms in the region.
Moravcevic Vojnovic and Partners in cooperation with Schoenherr has been active on Serbian market since 2002. With a team of more than 50 lawyers, it is among the largest law firms in Serbia. In addition to the Serbian practice, Moravcevic Vojnovic and Partners in cooperation with Schoenherr is frequently engaged in Bosnia and Herzegovina and Montenegro and North Macedonia. This combination makes the firm exceptionally well suited for cross-border or multi-jurisdictional investments and transactions in the West Balkan countries.
Areas of practice: The firm’s main practice areas are corporate, mergers and acquisitions, banking and finance, real estate, dispute resolution, competition, compliance and white collar crime, labour and employment, intellectual property IT and life sciences, insolvency and restructuring, insurance, regulatory and energy.
Among the firm’s frequent clients are companies from the telecommunication, banking, insurance, construction, oil and gas retail, real estate development and IT industries. The firm acts for governments and governmental bodies, investors/contractors, sellers/buyers, employers, developers, engineers, architects and other stakeholders and thus has experience in handling and protecting these different interests, giving the firm’s lawyers particular insight into the opportunities and risks relevant to any project. The firm has played a major role as legal advisor in many of the high profile deals of recent years in Serbia, Bosnia and Herzegovina, Montenegro and Macedonia.
|Banking, finance and capital markets||Nikola Babic|
|Compliance and white collar crime||Srdana Petronijevic|
|Dispute resolution||Jelena Bezarevic Pajic|
|Dispute resolution||Nataša Lalatovic Dordevic|
|EU and competition||Srdana Petronijevic|
|Insolvency and restructuring||Nikola Babic|
|IP, IT and life sciences||Andrea Radonjanin|
|Labour and employment||Marija Vlajkovic|
|Labour and employment||Nataša Lalatovic Dordevic|
|Real estate||Slaven Moravcevic|
|Real estate||Ivan Pantovic|
|Regulatory and energy||Miloš Lakovic|
Staff FiguresNumber of lawyers : 52
LanguagesBosnian Croatian English German Macedonian Serbian
OtherOther offices : Austria (HQ) Other offices : Belgium/EU Other offices : Bulgaria Other offices : Croatia Other offices : Czech Republic Other offices : Hungary Other offices : Moldova Other offices : Montenegro Other offices : Poland Other offices : Romania Other offices : Slovakia Other offices : Slovenia Other offices : Turkey Other offices : Albania Other offices : Bosnia & Herzegovina Other offices : North Macedonia Other offices : Ukraine
Press Releases1st December 2023 Schoenherr advises Borealis AG, a leader in advanced and circular polyolefin solutions, on the contemplated acquisition of Integra Plastics, a Bulgarian polyethylene and polypropylene recycler.
29th November 2023 Schoenherr won the CEE M&A Legal Adviser of the Year award presented by Mergermarket at the European M&A Awards Gala on 28 November 2023.
27th November 2023 Schoenherr advised EHL Immobilien GmbH on the sale of the entire share in EHL Immobilien Management GmbH to PMV Holding GmbH, a member of the IMV Immobilien Management Group.
Poland: Schoenherr advises Joachim Exner, insolvency administrator of Dr. Schneider’s Group, on EUR 118.3m sale of its business to Samvardhana Motherson Group24th November 2023 Schoenherr advised Joachim Exner, the insolvency administrator of Dr. Schneider's Group, a German key supplier for electronic components and polymer systems,
23rd November 2023 Schoenherr advised ABC Automotive Poland, a Polish subsidiary of ABC Technologies Holdings, Inc., a global automotive equipment supplier, on the sale of its business to a subsidiary of ETM International GmbH, a group providing designing and manufacturing services to OEMs in the automotive industry.
16th November 2023 Schoenherr advised proPellets Austria, an association of the Austrian wood pellet industry, in connection with a dawn raid by the Austrian Federal Competition Authority (FCA) and its subsequent investigation into the Austrian pellets market.
13th November 2023 Schoenherr has named four new partners and one new counsel effective February 2024. Specialising in various practice areas and coming from different markets, the new partners and counsel reflect Schoenherr's commitment to being the natural firm of choice for Central Eastern Europe.
13th November 2023 Schoenherr has advised Lufthansa on the sale of its stake in Silver Wings Bulgaria OOD, a joint venture catering business in Bulgaria, to Truffle UK Bidco Three Limited, an active private limited company in the UK.
7th November 2023 Schoenherr advised Davis-Standard, LLC ("Davis-Standard"), a global leader in the extrusion equipment and services sector, alongside Kirkland & Ellis, on the acquisition of Extrusion Technology Group ("ETG") from Dutch investor Nimbus. The acquisition is subject to customary closing conditions.
Serbia: Schoenherr advises CWP Europe on partnership with PowerChina Resources for 300 MW Vetrozelena wind farm7th November 2023 Moravčević Vojnović and partners in cooperation with Schoenherr advised CWP Europe, a leading renewable energy project developer in Southeast Europe,
6th November 2023 Schoenherr advised Czech agri-food group Agrofert on the acquisition of a majority stake in East Grain, a Romanian trader of cereals and oilseeds, and its Hungarian subsidiary.
Czech Republic/Slovakia: Schoenherr advises BHM Group on acquisition of major production and logistics centre in Slovakia23rd October 2023 Schoenherr advised BHM Group, an important investment group on the Czech market, in connection with the acquisition of one of the largest production and logistics centres in Slovakia, Trenčín Industrial Park, by the acquisition of a 100 % share in ZNO Slovakia s.r.o. (now BHM Trenčín s.r.o.).
Austria: Schoenherr advises Erste Bank on implementation of first AI based financial tool in Austria11th October 2023 Schoenherr advised Erste Bank der oesterreichischen Sparkassen AG on the legal implementation of the 'Financial Health Prototype'.
Austria: Schoenherr advises Wienerberger on the successful issue of EUR 350m Sustainability-Linked Bonds6th October 2023 Schoenherr advised Wienerberger AG as issuer's counsel in connection with the successful, oversubscribed issue of EUR 350,000,000 4.875 % Sustainability-Linked Bonds 2023-2028.
6th October 2023 Schoenherr advised BHS Private Equity Fund ("BHS PE Fund"), whose general partner is Versute Investments a.s., on the acquisition of Altran CZ a.s., renamed Tiyo a.s. ("Tiyo"), a leading provider of research, development and testing services, from Capgemini group.
5th October 2023 Schoenherr advised the EIC Fund, the venture investment arm of the European Innovation Council (EIC), on its investment in the EUR 12m Series A financing round of Kern Tec, an Austrian food tech company, led by Belgian firm Telos Impact.
3rd October 2023 Moravčević Vojnović and partners in cooperation with Schoenherr advised shareholders of Maxbet, Serbia’s #2 omni-channel sports betting and gaming operator,
25th September 2023 Schoenherr advised the sellers of Austrian digital signage integrator Peakmedia on Peakmedia's acquisition by ZetaDisplay AB, a Swedish service and software company.
18th September 2023 Moravčević Vojnović and partners in cooperation with Schoenherr advised the founders of the Serbia-based company Novelic – Messrs.
18th September 2023 Schoenherr advised, alongside lead counsel Kirkland & Ellis, London, Thoma Bravo's portfolio company J.D. Power, a global leader in data analytics, on the acquisition of the leading pan-European and Australian automotive data, analytics and industry insights provider Autovista Group.
13th September 2023 Schoenherr advised Process Sensing Technologies ("PST") (UK), a leading provider of measurement and monitoring solutions for process-critical applications, on the acquisition of Sensore Electronic GmbH ("Sensore").
11th September 2023 Schoenherr advised the shareholders of Austrian software company Usersnap on their acquisition by saas.group, a company active in the business of acquiring promising software as a service (SaaS) companies.
10th August 2023 Schoenherr advised NEVEON Holding GmbH ("NEVEON"), a member of the Greiner Group, on the sale of the automotive division, consisting of Greiner Perfoam GmbH and its subsidiaries ("Perfoam Group"), to Trèves S.A.S. ("Trèves").
Schoenherr advises Enery on signing long-term virtual power purchase agreement for renewable energy with Ursus Breweries9th August 2023 Schoenherr advised Enery on signing a multi-year virtual power purchase agreement (VPPA) with Ursus Breweries, part of Asahi Europe & International, to provide green energy and guarantees of origin for the production at their brewing facilities in Romania.
8th August 2023 Schoenherr Romania advised ROMCIM, a CRH Company ("ROMCIM") on merger clearance and FDI filing regarding its acquisition of Bauelemente Reinvest and its branch, Bauelemente.
Schoenherr advises Emirates Telecommunications Group Company on acquisition of a controlling stake in PPF Telecom Group’s assets in Bulgaria, Hungary, Serbia and Slovakia3rd August 2023 Schoenherr advised Emirates Telecommunications Group Company ("e&") alongside Sullivan & Cromwell London on the acquisition of a controlling stake in PPF Telecom Group's assets in Bulgaria, Hungary, Serbia and Slovakia.
Serbia: Schoenherr advises OTP Group on project finance facilities for development of six biogas power plants in Serbia20th July 2023 Moravčević Vojnović and partners in cooperation with Schoenherr advised OTP Group members, OTP Bank Plc Hungary and OTP Bank Serbia, in a biogas project finance transaction.
Romania: Schoenherr advises AkzoNobel on sale of its insulation materials production to HIRSCH Porozell12th July 2023 Schoenherr Romania advised AkzoNobel on the sale of its extruded polystyrene (XPS) insulation material production activities in Romania to HIRSCH Porozell.
Austria: Schoenherr advises VERBUND AG on acquisition of Solarpower Holding GmbH and its subsidiaries10th July 2023 Schoenherr advised VERBUND AG, via its subsidiaries VERBUND Energy4Business GmbH and VERBUND Thermal Power GmbH,
6th July 2023 Schoenherr advised SanusX GmbH, a UNIQA Group company, on the acquisition of a participation in Biome Diagnostics GmbH in a capital increase transaction.
Austria: Schoenherr advises Joint Lead Managers on issuance of a EUR 500m mortgage covered bond by Raiffeisen-Landesbank Steiermark28th June 2023 Schoenherr advised the Joint Lead Managers Erste Group Bank AG, Landesbank Baden-Württemberg,
26th June 2023 Schoenherr advised the Audiotonix Group, a global market leader in the design, engineering and manufacture of professional audio mixing consoles, on the acquisition of sonible GmbH,
22nd June 2023 Schoenherr Romania advised Catalyst Romania Fund II, a key venture capital fund in Southeast Europe, on a EUR 2m transaction involving a sports subscription start-up by ESX,
20th June 2023 Schoenherr advised Rhône Capital ("Rhône") on a public cash offer for up to 29.9 % of the share capital in RHI Magnesita N.V. ("RHI Magnesita").
14th June 2023 Schoenherr Romania advised BlackPeak-backed euShipments.com, one of the fastest-growing ecommerce logistics platforms in the region, on the acquisition of a majority stake in Romanian e-fulfilment provider Helpship.
Schoenherr advises cargo-partner on sale of shares in multiple subsidiaries to Nippon Express Holdings25th May 2023 Schoenherr advised Cargo-Partner Group Holding AG and its subsidiaries Multi Transport und Logistik Holding AG, Safer Overseas Transport Holding GmbH, Cargo-Partner GND GmbH, and CARGO-PARTNER US HOLDINGS INC. ("cargo-partner") on the sale of substantially the entire cargo-partner Group to Nippon Express Holdings Inc., a global logistics company based in Japan.
Schoenherr advises Joint Bookrunners on the successful issue of EUR 250m convertible bonds by voestalpine AG9th May 2023 Schoenherr advised BNP PARIBAS and Citigroup Global Markets Europe AG (Joint Global Coordinators and Joint Bookrunners) as well as UniCredit Bank AG (Joint Bookrunner) as to Austrian law in connection with the successful, oversubscribed issue of convertible bonds by voestalpine AG.
5th May 2023
Schoenherr advised Seven Refractories GmbH on the sale of its European, Indian and US operations to RHI Magnesita for a cash consideration of approximately EUR 93m. Closing is expected in the second half of 2023 and is subject to the fulfilment of customary regulatory approvals.
4th May 2023 Schoenherr advised the Carrier Global Corporation (Carrier), a provider of intelligent climate and energy solutions, on its acquisition of Viessmann Climate Solutions, alongside Linklaters. The cash and stock transaction is valued at EUR 12bln and is the largest transaction in the German M&A market to date this year.
Austria/Romania: Schoenherr advises HS Timber Group on sale of HS Timber Productions Sebeș SRL to Ziegler Group28th April 2023 Schoenherr advised HS Timber Group on its sale of HS Timber Productions Sebeș SRL as part of a share sale. With more than 600 employees HS Timber Productions Sebeș SRL operates a sawmill and other industrial wood processing activities at the Sebeș site.
Schoenherr advises Joint Lead Managers on issuance of EUR 1bln Hypothekenpfandbriefe (Mortgage Pfandbriefe)27th April 2023 Schoenherr advised Joint Lead Managers Erste Group Bank AG, Intesa Sanpaolo S.p.A., Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale, NATIXIS and TD Global Finance unlimited company on the successful issuance of EUR 1bln 3.125 % Hypothekenpfandbriefe (Mortgage Pfandbriefe) – due 14 October 2027 – by Erste Group Bank AG.
20th March 2023 Schoenherr advised OMV on the establishment of a geothermal energy joint venture with Wien Energie, the largest regional energy provider in Austria.
16th February 2023 Schoenherr Romania advised Eurobank S.A. Greece ("Eurobank") on the sale of a real estate asset in Iasi, Romania. The commercial space, which has a sales area of approx. 8,000 m2 and houses a Brico Depot do-it-yourself ("DIY") store, was sold to the real estate division of Radacini Group.
16th February 2023 Schoenherr advised allmyhomes on the establishment of a joint venture with allmyhomes Venture Partner AT GmbH, a consortium of Austrian real estate experts. The newly founded AMH AT GmbH marks allmyhome's entry to the Austrian market, where it has already secured projects with a total volume of EUR 161m.
7th February 2023 Schoenherr is further strengthening its leadership ranks by appointing new partners and counsels across CEE, effective 1 February 2023. The promotion round builds up the partner ranks (four new partners, five new local partners) and strengthens the counsel level with two promotions. The new partners and counsels are experienced experts from various practice areas and Schoenherr offices.
7th February 2023 Schoenherr advised the Vienna-headquartered property technology scale-up GROPYUS on its ongoing Series B financing round led by Vonovia, Europe's largest residential real estate company. The volume of this financing round is at around EUR 100m, bringing GROPYUS' total funding to date to more than EUR 200m.
25th November 2022 Schoenherr advised Vienna-based property company CA Immobilien Anlagen Aktiengesellschaft ("CA Immo") on the sale of its Romanian portfolio to Romanian investment entity Paval Holding.
14th September 2022 Schoenherr in cooperation with Moravčević Vojnović and partners advised Greiner Packaging International GmbH (Greiner) on all legal aspects of its 100 % acquisition of Serbian PET flake producer ALWAG DOO NOVA GAJDOBRA from ALING-CONEL d.o.o. Gajdobra (Serbia) and REIWAG Facility Services GmbH (Austria).
Austria/CEE: Schoenherr advises on the sale of significant parts of Kontron Group’s IT services business in eleven countries for EUR 400m15th August 2022 Schoenherr advised stock exchange listed technology group Kontron AG (formerly S&T AG) on the sale of significant parts of Kontron Group’s IT services business to VINCI Energies S.A. in the course of a competitive auction process for a purchase price of approx. EUR 400m.
Schoenherr advises NEXI on signing agreement with Intesa Sanpaolo regarding merchant acquiring business in Croatia6th July 2022 Schoenherr advised NEXI S.p.A. ("NEXI") on reaching an agreement with Privredna banka Zagreb d.d. ("PBZ Bank") and PBZ Card d.o.o. ("PBZ Card"), a Croatian company indirectly controlled by Intesa Sanpaolo S.p.A., to purchase PBZ Card’s merchant acquiring business in the Croatian market, for consideration of EUR 180m.
4th July 2022 Schoenherr advised Caverion Österreich GmbH on acquiring all shares in PORREAL GmbH in Austria, also including its subsidiary ALEA GmbH (together "PORREAL Group").
9th June 2022 Schoenherr advised ARZ Allgemeines Rechenzentrum GmbH (ARZ), a technology service provider focused on the banking sector in Austria, on its acquisition by Accenture.
Austria: Schoenherr advises MedAustron in EIA milestone of fourth treatment room at centre for ion therapy and research and receiving operating permit24th May 2022 Schoenherr advised the Austrian cancer treatment and research centre MedAustron in the environmental impact assessment for the commissioning of a fourth treatment room.
20th May 2022 Schoenherr advised the Austrian scale-up Storyblok on its Series B financing worth USD 47m, one of several major transactions in the Austrian start-up scene on which Schoenherr has advised in the recent past.
9th May 2022
Schoenherr advised Austrian HS Timber Group on the acquisition of Luvian Saha Oy, one of the largest private sawmills in Finland, from private owners. The transaction closed on 29 April 2022.
4th May 2022 Schoenherr won the "CEE Wide Law Firm of the Year" award at this year's Chambers Europe Awards Gala hosted by the renowned legal publisher Chambers and Partners.
Schoenherr advises HS Timber Group and Blue Minds on the sale of Interfloat to Borosil Renewables, Limited, India4th May 2022 Schoenherr advised Austrian HS Timber Group and Blue Minds on the sale of Interfloat Corporation and GMB Glasmanufaktur Brandenburg GmbH to Borosil Renewables Ltd, listed on the Indian Stock Exchange. The transaction agreement was executed on 25 April 2022. Closing is expected in the first half of 2022 and is still subject to the fulfilment of customary regulatory approvals.
29th April 2022 Schoenherr advised S&T AG, an Austrian company listed on the Frankfurt Stock Exchange, in connection with the voluntary partial public takeover offer by grosso tec AG (Germany) on issues of Austrian law. Hogan Lovells advised S&T AG on German law issues.
5th April 2022 Schoenherr was awarded the "Austria M&A Legal Adviser of the Year" by Mergermarket at the European M&A Awards Gala on 31 March 2022.
Schoenherr advises IMMOFINANZ supervisory board in bidding contest between CPI Property Group and S IMMO9th March 2022 Schoenherr advised the supervisory board of Austrian IMMOFINANZ AG in connection with the two competing takeover bids by CPI Property Group SA and S IMMO AG.
8th February 2022 Schoenherr has advised the board of the Austrian pharmaceutical wholesaler Herba Chemosan Apotheker-AG (Herba Chemosan) on the recent management buy-out (MBO).
Schoenherr advises RGREEN INVEST on unique EUR 15m green bond to finance photovoltaic plant in Bulgaria7th February 2022 Schoenherr advised RGreen Invest, a French management company representing a fund for green energy projects, on a EUR 15m bond to finance the construction of a photovoltaic plant near the town of Razlog in southwestern Bulgaria, as well as on a standard security package for it. The bond's issuer is a member of the Renalfa group, a leading Bulgarian clean energy and e-mobility provider with a focus on renewable energy generation assets.
3rd February 2022 Schoenherr advised Chaos, a global leader in photorealistic rendering technology, on the Bulgarian law aspects of its merger with Enscape, a leading developer of real-time rendering and design workflow technology for the Architecture, Engineering and Construction (AEC) industries.
2nd February 2022 Schoenherr supported the Austrian Mayr-Melnhof Holz group in the financing of its acquisition of Swedish sawmill group Bergkvist Siljan.
2nd February 2022 Schoenherr recently announced the promotion of three equity partners and two contract partners effective 1 February 2022. This round of promotions has now been extended to include four new counsels: Sara Khalil, Iliyana Sirakova, Marco Thorbauer and Bojana Vareskic.
24th January 2022 Schoenherr has, yet again, been named top M&A legal advisor in the Austrian market by Mergermarket. For over a decade, Schoenherr has been leading the Austrian Mergermarket M&A league tables.
20th January 2022 Schoenherr advised the Austrian high-tech company Easelink, a provider of automated electric vehicle charging solutions, on its EUR 8.3m Series A financing round.
Schoenherr advises Austrian unicorn Bitpanda on expansion of its product portfolio to include exchange traded cryptocurrencies20th January 2022 Schoenherr advised the Austrian fintech Bitpanda on the expansion of its product portfolio to include exchange traded cryptocurrencies. This product provides investors with easy access to crypto assets via a liquid financial instrument traded on a regulated exchange.
17th January 2022 Schoenherr advised Mirova and RP Global on the sale of two onshore wind farms in Dalmatia, Danilo (44MW) and Rudine (34MW), to Professio Energia d.d. (DLPR, Zagreb Stock Exchange). Before the closing of this transaction, Privredna Banka Zagreb d.d., a member of Intesa Sanpaolo Group, refinanced loans provided by the IFC and UniCredit. Schoenherr acted as lead counsel to Mirova and RP Global on both the sale and refinancing transactions.
13th January 2022 Schoenherr advised the Managers on the successful issue of EUR 750m 0.01 %. Mortgage Pfandbriefe due 2028 (AT0000A2UXM1) and EUR 750m 0.50 %. Mortgage Pfandbriefe due 2037 (AT0000A2UXN9) by Erste Group Bank AG.
4th January 2022 Schoenherr advised Palfinger AG, a leading provider of innovative crane and lifting solutions, on the reversal of the cross-shareholding with the SANY Group, a Chinese equipment manufacturing group.
Schoenherr advises UNIQA on successful issue of new EUR 375m green tier 2 notes and notes repurchase16th December 2021 Schoenherr advised UNIQA Insurance Group AG, one of the leading insurance groups in Austria and CEE, on its successful issue of new EUR 375m green tier 2 notes and concurrent repurchase of existing subordinated notes in the same principal amount.
14th December 2021 Schoenherr advised the RegTech start-up 360kompany AG and its shareholders on the sale to Moody’s Corporation, on what is purported to be one of the biggest exits in Austria's start-up scene to date.
3rd December 2021 Schoenherr advised Sanofi, a global leader in healthcare, on the acquisition of 100 % of the shares in Origimm Biotechnology GmbH, a private Austrian biotechnology company.
26th November 2021 Schoenherr advised Slate Asset Management, a global alternative investment platform focused on real estate, on the acquisition of a portfolio of essential real estate assets in Austria and Slovakia for approximately EUR 90m.
24th November 2021 Schoenherr advised the Liechtenstein Group on its investment in Tesvolt GmbH, a technology leader for energy storage in the commercial and industrial sector.
19th November 2021 Schoenherr Romania advised Aquila Part Prod Com on the successful completion of an initial public offering ("IPO") for the sale of some 66.6m new shares, for a total price of approx. EUR 74m.
Schoenherr to strengthen leadership across Austria and CEE by appointing new equity and contract partners5th November 2021 Schoenherr will substantially strengthen its leadership by appointing new equity and contract partners across Austria and CEE effective 1 February 2022.
22nd October 2021 Schoenherr advised the leading French-based all-in-one digital marketing platform Sendinblue SAS on the acquisition of Metrilo OOD ("Metrilo"), a Bulgarian e-commerce metrics company, from its founders and several investors such as Speedinvest II International GmbH, LAUNCHub Fund Coöperatief U.A. and Eleven Capital AD. The advising team in Schoenherr's Bulgarian office advised on all major legal aspects of the transaction, including due diligence and negotiation of transaction documents.
Schoenherr advises Nice & Green S.A. on innovative convertible notes funding programme with Marinomed Biotech AG18th October 2021 Schoenherr advised Swiss investment firm Nice & Green S.A. on an innovative convertible notes funding programme (CNFP) with Vienna Stock Exchange listed Marinomed Biotech AG.
Schoenherr advises Joint Lead Managers on issue of EUR 250m covered bank bonds by Kommunalkredit Austria AG6th October 2021 Schoenherr advised the Joint Lead Managers on the successful issue of EUR 250m 0.01 % covered bank bonds due 2028 by Kommunalkredit Austria AG.
28th September 2021 Schoenherr advised ZECH Bau Austria GmbH, a German owner-managed construction company, on the acquisition of Implenia Baugesellschaft mbH's building construction business in Austria by virtue of an asset deal. The closing of the transaction is currently subject to merger control clearance.
22nd September 2021 Schoenherr advised P&I Personal & Informatik GmbH on the acquisition of 100 % of the shares in VRZ Informatik Gesellschaft mbH (Dornbirn) and its sister company ThinkCreateAct AG (Switzerland). The transaction is currently subject to the condition precedent of regulatory clearance. With the acquisition of the VRZ Group, P&I AG is expanding its presence in Austria and Switzerland.
17th September 2021 Schoenherr advised the owner and CEO of Dentatechnica EOOD, the largest distributor of dental equipment and consumables in Bulgaria, on a transaction with Dentotal (Romania), a subsidiary of Abris Capital Partners. Subject to competition authorities' approval, Dentatechnica will become part of Dentotal Group with the aim of creating a regional leader through organic growth and further consolidation of local markets in Romania and Bulgaria.
Schoenherr advises Wienerberger AG on the successful placement of 2.5 million treasury shares through accelerated bookbuilding8th September 2021 Schoenherr advised Vienna Stock Exchange listed Wienerberger AG, a leading international supplier of building materials and infrastructure solutions, on the EUR 81.25m placement of treasury shares with institutional investors.
31st March 2020 Once again, Schoenherr has advised on a billion-euro transaction in the CEE region: An international Schoenherr team assisted UNIQA on the acquisition of AXA subsidiaries in the Czech Republic, Poland and Slovakia for a purchase price of around EUR 1bln.
31st March 2020 Schoenherr is strengthening the ranks of equity partner, contract partner and counsel with new promotions effective as of 1 February 2020. With Pawel Halwa and Thomas Kulnigg, Schoenherr promotes two longstanding Schoenherr experts to equity partners. Constantin Benes, Leon Kopecký, Günther Leissler, Laurenz Schwitzer, Manuela Zimmermann, Georgiana Bădescu, Mădălina Neagu and Miloš Laković are promoted to contract partners, and at counsel level, Dominik Hofmarcher and Clemens Rainer have moved up in the ranks.
Legal Developments26th September 2017
A landmark decision was issued yesterday (Judgement Bărbulescu v. Romania), a source of debate in the media, in which the European Court of Human Rights clarified the restrictions on monitoring employees in the workplace.
22nd September 2017
The Hungarian Ministry of the Interior recently submitted a legislative proposal to the Hungarian Government to amend the Act on Hungarian National Security Services (the "Proposal"). The Proposal suggests an amendment pursuant to which investors from non-EU and non-EEA countries who wish to invest in Hungary would have to obtain prior permission from the minister responsible for national security (the " Minister.
If adopted, investors from outside the EU and EEA would need to apply and obtain such permission if they intend to acquire more than a 25 % interest in an existing or yet to be established company with its registered seat in Hungary, provided that this company pursues activities that are deemed sensitive for national security.
11th August 2017
On 13 July 2017, the High-Level Expert Group ("HLEG") on Sustainable Finance published its interim report ("Interim Report") setting out concrete steps to create a financial system that supports sustainable investments.
This Legal Insight is part of our dedicated newsletter series on the European Capital Markets Union ("CMU").
The growing awareness of environmental challenges and sustainability risks as well as the adoption of the UN 2030 Agenda and the conclusion of the Paris Climate Agreement by the EU in 2015 call for an EU strategy on sustainable finance.
Establishing an EU strategy on sustainable finance is a priority action of the CMU. In December 2016, the HLEG was established to advise on the development of such an EU strategy. The recently published HLEG Interim Report was recently presented in a public hearing on sustainable finance on 18 July 2017. At the same time, the HLEG presented an online questionnaire on the Interim Report aimed at obtaining targeted feedback until 20 September 2017, which would be reflected in the final report of the HLEG scheduled for publication by the end of 2017.
11th August 2017
The Serbian Commission for Protection of Competition (the "Commission") recently intensified its antitrust activities before the new Administrative Act came into effect. In one week alone the Commission initiated four antitrust cases and conducted two dawn raids.
1. What/who will be on the Commission's radar?
11th August 2017
One of the core principles of the EU-US Privacy Shield ("Privacy Shield") is its Joint Review mechanism, which obliges the European Commission, the US Department of Commerce and the Federal Trade Commission to jointly review the functioning of the Privacy Shield on an annual basis, together with its national security and law enforcement aspects. The very first Joint Review is scheduled for September 2017. This first review is considered especially important, as it will be the first opportunity for US and EU regulators to closely analyse the operation of the Privacy Shield, address possible concerns about its functioning, and seek to ensure that the Privacy Shield continues to be a valid legal basis for transfers of personal data from the EU to the US.
21st July 2017
On 10 July 2017, the Commission announced the public consultation on the development of secondary markets for non-performing loans (NPLs) and distressed assets. Following the commencement of this public consultation, the Council introduced its Action Plan for NPLs.
21st July 2017
For the second time in less than five years, the Bulgarian Commission for the Protection of Competition ("Commission") has opened investigation proceedings regarding prohibited agreements and concerted practices against the major fuel companies in Bulgaria and closed them without issuing penalties.
21st July 2017
The Hungarian Parliament recently passed new legislation on arbitration (Act LX of 2017 on Arbitration, the “2017 Act”) that will reform Hungarian arbitration law as of 1 January 2018.
The 2017 Act, considering both the shortcomings of the current Hungarian legislation (Act LXXI of 1994 on Arbitration, the “1994 Act”) and the amendment of the UNCITRAL Model Law on International Commercial Arbitration adopted in 2006 (the “Model Law”), repositions arbitration by reforming the choice of arbitrators, the institutional system of Hungarian arbitration panels, and the power of the panels ordering interim measures and preliminary orders. read more...
14th July 2017
The EU Regulation on Insolvency Law 1346/2000 (EIR) was considered a milestone in the cross-border coordination of national insolvency proceedings. The recast of the EU Regulation on Insolvency Law 2015/848, applicable to insolvency proceedings opened after 26 June 2017, considers substantial developments in national insolvency laws. read more...
14th July 2017
The Hungarian Parliament passed an act in June 2017 with the aim of improving Hungary's business competitiveness. Among other things, the amendment has changed the regulation of trusts and their management, hopefully for the better, since the past three years have shown that a lack of such experience still exists. The legal concept of trust was introduced into Hungarian law in 2014, when the new Civil Code entered into force. Contrary to expectations, however, potential market players were hesitant to launch their businesses, mainly due to crippling bureaucracy and the vague regulation of trusts. read more...
14th July 2017
As violations may lead to enormous liabilities, start-up employers are advised from the outset to comply with the applicable laws pertaining to their personnel. In addition to being an underestimated factor when it comes to financial liabilities, employment-law-related mistakes may also result in difficulties in the course of a company's sales process. For a better understanding of what can go wrong in employment relationships, three of the most common mistakes that employers make are listed below. read more...
14th July 2017
After four months of negotiations, the Austrian National Council has finally reached an agreement on the amendment of the Green Electricity Act ("Ökostromnovelle"). The required two-thirds majority was reached by a last minute agreement between the coalition parties and the Green Party. The aim of the new legislation is to increase the percentage of green electricity and to achieve an expansion of renewable energy in Austria. read more...
Austria: Slightly Lower Fees, a Little More Liberalisation – The 2017 Amendments to the Austrian Tra14th July 2017
Following a year of intense political discussion, the Austrian Parliament adopted numerous amendments to the Austrian Trade Act 1994 (Gewerbeordnung 1994, "GewO") at the end of June. While the reform falls significantly short of the outgoing government's original announcements last July with the aim to liberalise market access and to cut red tape for businesses, it nevertheless introduces several material changes to business activity in Austria. read more...
11th July 2017
On 28 June 2017 the Austrian Parliament passed the government's legislative proposal on insolvency law (Insolvenzrechtsänderungsesetz 2017). After lengthy negotiations, the government finally agreed to shorten personal insolvency proceedings to a maximum five years and to abolish the minimum insolvency quota of 10 % under certain conditions. The amendments will be applicable as of 1 November 2017. read more...
5th July 2017
The newly adopted Government Emergency Ordinance No. 39/2017 (the "Ordinance") introduces significant changes to Romanian competition rules. For example, it implements the provisions on actions for damages resulting from competition law infringements, as regulated under Directive 2014/104/EU (the "Damages Directive") and sets out new provisions impacting the food/non-food retail sector, as well as the dawn-raid procedure and fines applicable by the Romanian Competition Council (the "RCC") to non-resident undertakings. read more...
The Austrian Law on the Responsibility of Associations: New tendency to prosecution authorities to t21st June 2017
The Austrian Law on the Responsibility of Associations (Verbandsverantwortlichkeitsgesetz, "VbVG") came into effect in 2006, stipulating that a company can be held criminally liable for certain criminal acts committed by its employees and decision-makers. According to new tendencies of prosecution authorities, the practical scope of the VbVG could expand in the future. read more...
31st May 2017
Lex Agrokor – behind the scenes
The hottest topic in Croatia right now is the Agrokor situation and the newly enacted Act on Compulsory Administration Procedure in Companies of Systemic Importance for the Republic of Croatia (Zakon o postupku izvanredne uprave u trgovačkim društvima od sistemskog značaja za Republiku Hrvatsku; the "Act"). The Act was immediately nicknamed "Lex Agrokor" because of what appears to be its main purpose.
22nd May 2017
On 15 May 2017, the European Central Bank ("ECB") published a guide on fit and proper assessments (the "Fit and Proper Guide"), which reflects the result of a public consolidation launched by the ECB on 16 November 2016.
22nd May 2017
National Room for Manoeuvre Despite the GDPR
About a year before the General Data Protection Regulation (GDPR) comes into full effect, the Austrian legislator officially started a six-week consultation process for the national Data Protection Amendment Act 2018 (Datenschutz-Anpassungsgesetz 2018). The GDPR will harmonise the EU's data protection laws, but numerous so-called "opening clauses" allow national leeway. Besides, EU Directive 2016/680 requires implementation into national law and provides specific regulations on data processing by security authorities for the purpose of law enforcement. The published draft implements the Directive's provisions in a separate chapter (Hauptstück). read more...
European Commission Proposes EMIR Reform that will Minimise the Clearing Obligation for NFC and Cert16th May 2017
On 4 May 2017, the European Commission published its proposal for an amendment of the European Market Infrastructure Regulation (EMIR). The Commission calls the proposed amendment a good example of "better regulation in practice" which is "essential to the creation of the Capital Markets Union (CMU)".
2nd May 2017
The Ministry of Justice has circulated its initiative for improving the legal environment with the aim of increasing Hungary's competitiveness by amending certain regulations and institutions. Among other things, the initiative concerns cross-border mergers and operation of trustees, and generally aims to lighten administrative burdens. Most notably, if adopted in its current form, it will reform the Hungarian arbitration regulation. read more...
7th April 2017
On 6 April 2017, the Austrian Parliament adopted significant amendments to Austrian competition law, as set forth in the Austrian Cartel Act ("KartG") and the Act on the Austrian Federal Competition Authority ("WettbG"). The amendments concern three main areas: (i) implementation of the EU Damages Directive; (ii) introduction of an additional transaction value test in merger control; and (iii) certain adjustments to strengthen public enforcement of antitrust infringements. read more...
7th April 2017
Employers may prohibit their employees from wearing Islamic headscarves and other religious or political symbols, subject to certain conditions. On 14 March 2017, the European Court of Justice (the "ECJ") adopted a corresponding ruling in Luxembourg and decided on two cases in this respect, one dealing with a receptionist from Belgium and the other with a software designer from France. read more...
7th April 2017
Slovenia adopted a new law regulating rescue and restructuring state aid, which entered into force in mid-February. When notified to the European Commission as a state aid scheme, it will allow the Republic of Slovenia to support companies and cooperatives in difficulty without having to notify support mechanisms in accordance with the provisions of the law as an individual aid measure to the European Commission. read more...
30th March 2017
What previously was impossible and not foreseen by local legislation is now possible. Starting 1 January 2017, the Tax Code of Moldova (the "Tax Code") was amended by Law 281/2016 to include a separate norm (Art. 136¹) on individual tax rulings ("ITR") for the benefit of entrepreneurs. Within the limits of its scope and in respect of a concrete beneficiary, an issued ITR is binding on the State Tax Service (the "STS"). The Government and the Ministry of Finance are expected to approve the secondary legislation to regulate the details of the procedure. read more...
20th March 2017
Most recently, the Bulgarian Energy Regulator has taken significant steps towards the full liberalisation of the natural gas market: In December 2016, the Bulgarian Energy Regulator adopted legislative amendments to the Rules for Trading of Natural Gas (Правила за търговия с природен газ, "Trading Rules") and the Rules for Access to the Gas Transmission and/or Gas Distribution Networks and the Natural Gas Storage Facilities (Правила за предоставяне на достъп до газопреносните и/или газоразпределителните мрежи и за достъп до съоръженията за съхранение на природен газ, "Access Rules"). Moreover, it adopted new Rules for Balancing of the Natural Gas Market (Правила за балансиране на пазара за природен газ, "Balancing Rules"). read more...
20th March 2017
Even at first blush, it is apparent that arbitration and insolvency make strange bedfellows.
The reason they make such an odd couple is the different underlying policies, objectives, and purposes they stand for. The heart of arbitration lies at the privity of contract and the existence of party autonomy independent from the state. In contrast, insolvency reflects a centralized and to a certain extent state-managed procedure that holds all creditors equal, within a set system of ranking – a transparent and accountable process governed by mandatory substantive and procedural law provisions. read more...
20th March 2017
On 7 March 2017, the Hungarian parliament adopted a law that increases the minimum sale price of a residential property in the enforcement procedure from the current 70% of its market value to 100% (market value to be understood as the price set by the appraisal of the bailiff), provided that (i) the claim to be enforced stems from a consumer contract; (ii) the real property is the debtor's only real property; and (iii) the debtor resided in that real property for at least six months prior to the initiation of the enforcement procedure. read more...
20th March 2017
In an aim to simplify state administration and support economic growth, the Hungarian Parliament adopted a new law abolishing the registration fee and the publication cost for incorporating limited liability companies ("LLC") (korlátolt felelősségű társaság), limited partnerships (betéti társaság), general partnerships (közkereseti társaság), and sole entrepreneurships (egyéni cég). The new law becomes effective on 16 March 2017. read more...
20th March 2017
Policyholders of unit-linked life insurance products pay an agreed sum for the unit-linked insurance to the insurance company, as a regular premium, or in one lump sum. These payments cover the life insurance component as well as the investment, administrative costs, contracting fee and the commissions. The "total cost charged" ("TCC") is an indicator – calculated in line with the rules of Hungarian insurance regulations – showing all costs charged on life insurance policies having a savings element, reflected as a percentage value. The regulation of the TCC in Hungary has been amended effective 1 January 2017.
Legislative vacuum filled: Czech Republic introduces comprehensive new national legislation on e-cig9th March 2017
New legislation regulating e-cigarettes in the Czech Republic entered into force on 1 March 2017, introducing specific safety and quality requirements on e-cigarettes in the country for the first time. read more...
6th March 2017
The amendment aims at alleviating the existing regime for pricing of pharmaceuticals for home treatment of chronic, genetic and/or rare diseases and paid by the National Health Insurance Fund (NHIF). It affects the interests of individuals with health insurance and the activities of more than 290 authorisation holders, of the wholesalers of pharmaceuticals, and of pharmacies (as retailers). read more...
27th February 2017
2016 has seen a surprising level of deal activity in the (private) Austrian hospital sector: in Vienna, PremiQaMed, a 100 % subsidiary of UNIQA insurance group, acquired a 75 % stake in the renowned private hospital "Goldenes Kreuz", and the hospitals Hartmannspital and St. Elisabeth announced a merger to form the new "Franziskus" hospital. In Linz (Upper Austria), the "Elisabethinen" and the hospital operated by the Sisters of Charity agreed to combine to form a regional player with approx. 1,200 beds. read more...
27th February 2017
Most start-ups are founded by first-time founders directly after graduation, with the founding team consisting, also in most cases, of not more than two members. Such founders are naturally not equipped for all of their business challenges. Founders thus often make mistakes, especially at the very beginning of their activities, e.g. in relation to developing and distributing their products, when and how to raise capital and developing or moving into new markets. read more...
27th February 2017
On 16 December 2016, the Council of the European Union announced agreement on its negotiating stance in relation to the proposed regulation amending the European Venture Capital Funds ("EuVECA") Regulation (Regulation (EU) No 345/2013) and the European Social Entrepreneurship Funds ("EuSEF") Regulation (Regulation (EU) No 346/2013), which is now at the European Parliament's ECON committee, scheduled to be voted on, on 22 March 2017. On 31 January 2017 the call for expression of interest for selecting a fund manager of the Pan-European Venture Capital Fund-of Funds closed; and tax incentives for venture capital and business angels are expected to be proposed in the course of 2017 to foster investment in SMEs and start-ups, close the funding gap and thereby remove obstacles to economic growth in Europe. read more...
22nd February 2017
Albania has one of the highest percentages of electricity produced from renewable energy sources (RES) in its electricity mix – more than 95 % of electricity generated in Albania comes from hydropower generation. In spite of that (or maybe because of that), Albania has not had a comprehensive policy on the support of RES in place to date. read more...
17th February 2017
One last hurdle – the signature of Czech President Miloš Zeman –before the so called Anti-Smoking Bill enters into force on 31 May 2017.
On 19 January 2017, the Senate of the Parliament of the Czech Republic approved the government bill of the Act on Protection from the Harmful Effects of Addictive Substances (the "Bill"), which is due to enter into force on 31 May 2017, subject to signature by the President. read more...
Facilitation or Liability Trap for Foreign Employers? – The Revised Austrian Law against Wage and So3rd February 2017
On 1 January 2017, the revised Austrian Law against Wage and Social Dumping ("Lohn- und Sozialdumping Bekämpfungsgesetz" or "Revised LSD-BG") came into force. The Revised LSD-BG applies to matters arising after 31 December 2016.
23rd January 2017
If there are two or more conflicting water use projects (eg, hydroelectric power stations), the Water Act provides for a special conflict procedure. A pending conflict procedure suspends decisions in all underlying approval procedures. As a result of the conflict procedure, the project which serves public interests best will take priority over the inferior project. read more...
17th January 2017
In 2016, Austrian Criminal Law experienced some substantive legal developments in both, procedural and material aspects. The following overview reflects the most relevant developments in Austrian Criminal Law in 2016.
1. Material changes
1.1. Breach of trust
With effect from 1 January 2016, the offence "breach of trust" in sec 153 of the Austrian Criminal Code ("ACC") has been fundamentally revised. At first glance, sec 153 of the ACC is not a very complex provision. It states, quite simply, that whoever knowingly abuses the authority conferred to him or her shall be liable, if he or she intends to cause and eventually causes financial harm to his or her principal (eg the company). Thus, sec 153 ACC has three prerequisites: (i) an abuse of authority, (ii) financial harm and (iii) criminal intent. With the reform of sec 153 ACC the Austrian legislator finally addressed the concern that the scope of what constitutes an "abuse of authority" is not always easy to assess: read more
Austrian Supreme Court Establishes New Standards as Regards the Decisive Underlying Reasoning of Arb3rd January 2017
The decisive underlying reasoning ( motifs, Begründung) is, without doubt, an essential part of any arbitral award and as such bears the potential of frustrating parties and arbitrators alike. On the one hand, elaborate reasoning in arbitral awards more often than not comes at the price of long waiting periods for the issuance of the awards, and periods of meticulous drafting on the part of the arbitrator(s). On the other hand, a lack of elaborate reasoning may likewise be a headache, since it exposes the arbitral award to setting aside. read more...
The Czech Republic joins other European countries in regulating the sale and advertising of unhealth19th December 2016
From January 2017, selling and/or advertising chips, soft drinks or mayonnaise-filled sandwiches to children in schools will be illegal.
The Constitutional Court of Moldova has spoken: No Need for Acquirer of a Share Stake to Obtain Shar6th December 2016
Through its 27 September 2016 decision ("Decision 27/2016"), the Constitutional Court of Moldova ("Constitutional Court") has declared certain provisions of the local Law on Limited-Liability Companies ("Law 135/2007") unconstitutional. In particular, it ruled that the operation of amendments to constitutive acts cannot constitute a condition and impediment to an acquirer registering its property right over a share stake in the State Register of Companies. read more...
6th December 2016
On 30 November 2016 the European Commission published its "Winter Package" containing proposals for new rules for a consumer-centered clean energy transition. The 500 page Winter Package had been eagerly awaited by the energy industry since it was to contain the major energy regulations for 2020 onwards. As expected, the most substantial measures and amendments proposed concern renewables and energy efficiency in the European Union. In addition, the electricity market design is proposed to be amended. read more...
Protection of new and interim financings in restructuring? – The European Commission’s proposal on e2nd December 2016
Since the European Commission adopted the recommendation on restructuring and second chance in 2014, it has been working on the evaluation of its initiative and the introduction of a European legal framework. In 2015 the Capital Markets Union Action Plan included the announcement of a legislative initiative on early restructuring and second chance. Finally, on 22 November 2016, the European Commission published its proposal for a European Directive on preventive restructuring frameworks and a second chance for entrepreneurs. The proposal includes, inter alia, provisions protecting new and interim financing in restructurings. read more...
22nd November 2016 The Austrian Federal Government agreed in its 2013-2018 work programme, on the implementation of a nationwide ban on speculative financial transactions for the Federation, the Austrian Federal States, Austrian Municipalities, and other public bodies. read more...
The EU Capital Market Union – European Commission establishes expert group to develop strategy on su16th November 2016
On 28 October 2016, the European Commission decided to establish a High Level Expert Group on sustainable finance, one of the European Commission's primary objectives within the EU Capital Markets Union ("CMU").
This Legal Insight is the first part of our dedicated newsletter series on the CMU. We will provide regular updates on CMU-related topics.
16th November 2016
The Slovenian courts were recently asked to rule on companies' right to be heard during unannounced investigations (so-called 'dawn raids') by the Competition Protection Agency. read more...
11th November 2016
As of 20 October 2016, new legal provisions are in place in Romania setting out how consumers should be informed of products that use frozen foods in their preparation. In this respect, the consumer protection authority enacted Order 183/2016 ("Order 183") published in the Official Gazette on 20 September 2016. read more...
Hungary – discouraging litigation?Since 2018, Hungary has a new act on civil court procedures (Act CXXX of 2017 – the Act) which has brought about significant reforms after 50 years. The reforms were aimed at healing previous shortcomings, such as lengthy and tedious procedures, and making court cases concise, yet professional in quite a tight structure. As almost …
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