Firm Profile > Moravcevic Vojnovic and Partners in cooperation with Schoenherr > Belgrade, Serbia
Moravcevic Vojnovic and Partners in cooperation with Schoenherr Offices
BULEVAR VOJVODE BOJOVICA 6-8
Moravcevic Vojnovic and Partners in cooperation with Schoenherr > The Legal 500 Rankings
Banking and finance Tier 1
'Outstanding in terms of productivity, experience and professionalism', Moravcevic Vojnovic and Partners in cooperation with Schoenherr's practice covers syndicated lending, energy and infrastructure project finance, property development, and investment grade corporate lending. It also has a strong track record in NPL sales, restructurings, capital markets, derivatives, and banking-related M&A. Nikola Babić, a banking and finance, capital markets and restructuring and insolvency specialist, and Petar Kojdić, who advises on cross-border and local financings, co-head the group. Jovan Barović, Jelena Arsić and Dušan Obradović are also key team members.
Nikola Babić; Petar Kojdić
Other key lawyers:
Matija Vojnović; Vojimir Kurtić; Jovan Barović; Jelena Arsić; Dušan Obradović
‘The lawyers in Schoenherr’s banking and finance practice group are always up to date with market developments, both internationally and locally. The team is well organised, professional and provides solution-oriented advice on any aspect of banking and finance.‘
‘The firm has a long-established practice in complex transactions; it is great at handling capital markets, financing and energy. Its service is also executed with care, very professionally and often sooner than expected.‘
‘The firm is always ready to make an extra effort to guarantee that clients are pleased with the service they receive and satisfied with their projects’ results.
‘I strongly recommend this firm. It is outstanding in terms of productivity, experience and professionalism, with its lawyers responding promptly to the various issues that arise in the banking sector on a daily basis.‘
‘They are probably the only firm on the market that is capable of advising on any banking and finance legal issue; I’ve co-operated with several law firms, but the service provided by Schoenherr’s lawyers is exceptional. They really stand out in the market for client service and availability.‘
‘I have been working with Petar Kojdić for years, and he is one of the best banking and finance lawyers on the market. He has a broad knowledge base, noteworthy experience, knows the banking industry well and (most importantly) I can always rely on him.‘
‘Nikola Babić is a brilliant lawyer that I have known for years – one of the very best finance experts in the entire region. He is very analytical and quick at finding easily applicable solutions to any complex situation. Although most of the time we work on opposite sides, I still really enjoy working with him.’
‘Attorney at law Jovan Barović is pragmatic, hardworking and extremely responsive.‘
Credit Suisse International
National Bank of Greece SA
HETA Asset Resolution
Bank Of Cyprus
The European Bank for Reconstruction and Development (EBRD)
International Swaps and Derivatives Association (ISDA)
ABN AMRO Bank N.V.
PNB Paribas (Suisse)
Magyar Export-Import Bank Zrt
Raiffeisen Bank International AG
Citigroup Global Markets Limited
VTB BANK (EUROPE) SE
Deutsche Bank AG
J.P. Morgan Securities plc
'With an excellent reputation in the market', key features of Moravcevic Vojnovic and Partners in cooperation with Schoenherr's practice include its significant TMT and automotive sector expertise. It also has a substantial track record in headline bank M&A transactions. 'A great lawyer with brilliant ideas', Matija Vojnović heads the corporate and M&A practice, alongside 'excellent corporate lawyer' Luka Lopičić, who is known for high-end deals. Also highly regarded are telecoms and energy sector specialist Slaven Moravčević; and 'highly specialised lawyer' Vojimir Kurtić, whose core practice is corporate and M&A work.
Matija Vojnović; Luka Lopičić
Other key lawyers:
Slaven Moravčević; Vojimir Kurtić
‘Schoenherr’s corporate team consists of lawyers who are experienced and who operate by international standards.‘
‘Their client service is at a very high level, which is impressive. They have an excellent reputation in the market and they are recognised for handling some of the most prominent transactions of the last few years.’
‘The team is very strong – probably the strongest group in the country and possibly the strongest regionally.‘
‘Highly professional and proactive – very practical as well.‘
‘Matija Vojnovićic is a great lawyer with brilliant ideas. He is well known for his professionalism and quick response times to any request. He thinks quickly and has a creative approach to problem solving. I have been very pleased with his work.’
‘Matija Vojnovićic did a great job in co-ordinating the team.’
‘Luka Lopičić is an excellent corporate lawyer, who has both local and regional M&A experience.‘
‘Vojimir Kurtić is a highly specialised lawyer with excellent negotiation skills. He provides solutions to unique problems, and has strong commitment and high responsiveness levels. He listens very carefully in order to understand our needs, and even understands the business side, as well as legal, which makes communication much easier.‘
Swiss Auto Group
Smurfit Kappa Group
Competition Tier 1Advising on the full spectrum of competition law matters across all sectors, Moravcevic Vojnovic and Partners in cooperation with Schoenherr is consistently sought out for antitrust investigations, merger control proceedings, damages actions and competition law compliance. Heading the firm's 'outstanding' EU and competition and corporate investigations and crisis management practice groups, Srdjana Petronijević 'handles complex issues with ease and success'; Danijel Stevanović advises on high-profile global and regional merger control cases and antitrust damages actions; and 'incredibly talented' attorney at law Zoran Šoljaga focuses on competition and antitrust matters in Serbia.
Other key lawyers:
Danijel Stevanović; Zoran Šoljaga; Minela Šehović; Jelena Obradović
‘It is valuable to us to have one law firm/point of contact for the entire region and for all possible legal questions.‘
‘When it comes to competition law matters, the Schoenherr team is our first choice.‘
‘They are knowledgeable and experienced lawyers who provide high-quality legal advice. They are also always approachable, and deliver their service in a timely manner.‘
‘One of the key strengths of Schoenherr is that it covers the whole region, which is important for companies that are active in several markets. Having them as our competition law counsel provides us with the confidence that we are fully compliant in each jurisdiction. Regardless of the type of competition law matter, Schoenherr always manages to find the best practical solutions.‘
‘The whole team is outstanding and we only have positive impressions of their work.‘
‘Srdjana Petronijević is our trusted legal counsel. She is efficient and responsive, handling complex issues with ease and success. We recommend her and we will continue cooperating with her on all legal matters in the entire ex-Yugoslavia region.‘
‘Danijel Stevanović is an experienced competition lawyer. He knows the market very well, has excellent legal knowledge, and is always looking for the best possible solution. His negotiation skills and problem-solving ability are also particular strengths.‘
‘Attorney at law Zoran Šoljaga is an expert with vast experience and knowledge. He is incredibly talented and able to think strategically for our business.‘
Fiat Chrysler Automobiles
Zenith Electronics LLC
Luxoft USA, Inc.
Association of the Serbian Banks
The Association of Serbian Insurance Companies
Japan Tobacco International
Dispute resolution Tier 1
'Appreciated for its focus on the job, international experience, and ability to think beyond the normal solutions', Moravcevic Vojnovic and Partners in cooperation with Schoenherr stands out for its consistent success in commercial disputes, particularly in relation to multi-jurisdictional matters (including arbitrations). Jelena Bezarević Pajić is an international commercial arbitration and investment arbitration expert; Nataša Lalatović Đorđević specialises in commercial and corporate litigation, and arbitrations; and Slaven Moravčević and Matija Vojnović are the group's highly esteemed name partners. Attorney at law Tanja Šumar is 'a fabulous talent', who specialises in defending respondent states.
Slaven Moravčević; Nataša Lalatović Đorđević; Jelena Bezarević Pajić
Other key lawyers:
Matija Vojnović; Tanja Šumar; Vanja Tica; Hristina Todorovic
‘A leading firm for its organisational skills, professionalism and legal knowledge.‘
‘We consider their in-depth grasp of the law as a real strength.‘
‘Their understanding of all the key issues allows for a robust work product, and the working relationship allows for a very helpful open line of communication.‘
‘The MVP team is very flexible when it comes to stepping in, and it has impressively broad experience.‘
‘I appreciate their focus on the job, international experience, and ability to think beyond the normal solutions.‘
‘The practice provides superb and timely advice, as well as results.‘
‘One has to single out Jelena Bezarević Pajić, who is very dedicated to her clients. She acts promptly and precisely, and always has in mind the overall interests of the client.‘
‘Attorney at law Tanja Šumar is a fabulous talent and very dedicated to her work.‘
State of Montenegro
Serbia Broadband – Srpske kablovske mreže (part of United Group owned by BC Partners)
Getinge South East Europe d.o.o. Beograd
NEPI Real Estate Development (part of New Europe Property Investments plc)
Wolfin Bautechnik GmbH
Energoprojekt Oprema (part of Energoprojekt group)
Phoenix Pharma d.o.o. Bjeljina
Mera Investment Fund LTD
Fortuna Astrum (subsidiary of Bank of Cyprus)
Ludwig Pfeiffer Hoch & Tiefbau GmbH & Co KG
Halkbank a.d. Beograd and Turkiye Halk Bankasi A.S.
Elektroprivreda Crne Gore AD Nikšić
Employment Tier 1
Moravcevic Vojnovic and Partners in cooperation with Schoenherr's 'lawyers are knowledgeable, and always ready to think outside the box and propose creative solutions'. The practice advises on all aspects of employment law, from the beginning of the employment relationship to its end. Highly rated partner Marija Vlajkovic advises a number of major clients on their daily employment matters, as well as on labour law-related disputes. Providing notable support is attorney at law Bojan Rajic, who assists international clients with employment law issues when entering the Serbian market.
Other key lawyers:
‘Highly competent and engaged team of experienced professionals.‘
‘They are not just legal advisers, but also a real partner to our business; and they take great care of clients’ interests.‘
‘Great partners with different legal expertise.‘
‘A quality and very precise service when compared with other law firms.‘
‘They will never advise on the commencement of litigation that will not have a high chance of winning.‘
‘Its lawyers are knowledgeable, and always ready to think outside the box and propose creative solutions.‘
‘They are always available, and quick in their responses.‘
‘High levels of knowledge and experience, with a personal but professional approach; and they deal with stressed and urgent matters in a relaxed but serious way.‘
SAP West Balkans d.o.o.
Projects and energy Tier 1
'The strongest project development team on the market', Moravcevic Vojnovic and Partners in cooperation with Schoenherr's team specialises in international and domestic energy-related transactions, developments, M&A and privatisations, along with PPPs, regulatory matters, competition, and dispute resolution. Energy department head Miloš Laković is particularly focused on renewable energy projects; Slaven Moravčević has longstanding experience in international and domestic energy projects; and corporate and M&A head Matija Vojnović's is noted for headline energy projects in Serbia. Attorney at law Aleksandra Petrović's experience includes wind and solar parks, and hydro and thermal power plants.
Other key lawyers:
Slaven Moravčević; Matija Vojnović; Aleksandra Petrović
‘The strongest project development team on the market!‘
‘The team is capable of handling all aspects of large-scale projects; international aspects and industry knowledge are its biggest strengths.‘
‘With its excellent provision of services, this is a unique projects and energy practice team in the Serbian market.‘
‘The ability to deliver useful and extremely competent advice on time, as well as being extremely available for additional Q&As, are their main strengths in this not-so developed legal area in Serbia.‘
‘Miloš Laković is one of the best energy and project lawyers in the SEE region.‘
‘Miloš Laković is an extremely dedicated and professional lawyer.‘
‘Slaven Moravčević is a strategic thinker, and we highly value him for his extraordinary negotiation skills.‘
‘Attorney at law Aleksandra Petrović is a real expert and a valuable member of the team.‘
Siemens Wind Power
Montenegrin power utility – Elektroprivreda Crne Gore
Government of Montenegro
Shanghai Electric Power
City of Belgrade
New Power Generation International
University of Belgrade – Faculty of Transport and Traffic Engineering
Real estate and construction Tier 1
Moravcevic Vojnovic and Partners in cooperation with Schoenherr 'definitely stands out from the competition in the Serbian market'. The real estate department advises on some of the most prominent commercial property transactions in Serbia and the region, in relation to shopping and retail centres, office buildings and infrastructure construction. Ivan Pantović's longstanding client list includes retail sector powerhouses in Serbia; Slaven Moravčević is experienced in major real estate development projects; and Ivana Panić is a construction law specialist. Dijana Grujić is the attorney at law to note.
Other key lawyers:
Slaven Moravčević; Ivana Panić; Dijana Grujić
‘Certainly one of the best firms in the Serbian market; the team manages to maintain a high level of competency and proficiency, and its expertise, technical knowledge and dedication to the client make them one of a kind.‘
‘Having a well-organised team structure, they are capable of handling various issues smoothly on a daily basis.‘
‘The strength and breadth of the team across all the offices is helpful as there is co-ordination between their lawyers around the world, as well as the Serbian office being a centre of excellence in its own right.‘
‘They are well-organised, and combined with incredible professionalism and a client-oriented attitude, they are truly amazing. They really have international capacities and an excellent network and reputation on the market.‘
‘Definitely stands out from the competition in the Serbian market because of the many national and international projects they are involved in. Also, they understand the market very well – it is a first-class law firm with a remarkable team of experts, and when it comes to responsiveness and availability for clients, they are unique in the market.‘
‘Ivan Pantović is responsive and has a practical approach to resolving issues. He always shows an understanding of new industry developments, adapts quickly and gives clear advice.‘
‘With an outstanding track record in construction law, Ivana Panić has significantly contributed to the overall project implementation. Her ability to adapt to various, unpredictable situations, combined with her problem-solving skills have been of remarkable value for us.‘
‘Ivana Panić is always available and ready to respond promptly to any request.‘
City of Belgrade
The European Bank for Reconstruction and Development (EBRD)
Municipality Herceg Novi/Implementation Unit [development of utilities and infrastructure]
Intellectual property Tier 2
Moravcevic Vojnovic and Partners in cooperation with Schoenherr's 'practice is unique because of the high-quality advice, which is hard to match'. It stands out for its assistance to major media players in the region with their IP-related matters, which ranges from trade mark registrations to highly complex areas, including illegal streaming, online infringements and significant IP litigation. IP team head Andrea Radonjanin 'has vast and practical IP knowledge', while Magdalena Petreska is the associate to note.
Other key lawyers:
‘An excellent blend of different expertise.‘
‘They can be fully entrusted with clients’ IP problems.‘
‘This practice is unique because of the high-quality advice, which is hard to match on the market. Its key strengths include expertise and matter management skills.‘
‘They are very reliable; with Schoenherr, I feel confident that all our legal issues will be taken care of; even if I am not aware that a certain matter is a problem, they will point this out and take the initiative to solve it.‘
‘They are very professional, detailed, dedicated to their work, full of practical knowledge and act fast! In addition, they are very pleasant to work with.‘
‘Andrea Radonjanin has vast and practical IP knowledge, particularly in relation to trade marks. She is also a fast thinker and trustworthy.‘
‘Andrea Radonjanin is valued for her knowledge, understanding of business, co-operative personality, solution-oriented approach, and pragmatic advice. I was also impressed with her communications skills.‘
‘Andrea Radonjanin is very knowledgeable and provides practical advice.‘
United Media S.a.r.l.
Maggie Sottero Designs
Rhythm & Blue Inc.
The 'excellent' banking team at Moravcevic Vojnovic and Partners in cooperation with Schoenherr demonstrates strong capabilities in complex, cross-border banking mandates. It is notably prominent in the energy and real estate sectors. Matija Vojnović in Belgrade works closely with Sarajevo-based practitioner Minela Šehović; the latter is highlighted by clients for her 'reliable and precise' advice. The team's work includes project finance transactions and syndicated lending transactions, among other matters.
‘They did an amazing job and helped us a lot. The quality of their work was excellent, not only technically, but also from a business point of view. They are well experienced and have a profound knowledge of all aspects of law, not only in Bosnia, then in the entire Balkan region. Their main strength is their cooperation with the other offices, that enables them to always provide and cover different aspects of the matter and they always deliver important recommendations regarding how to complete matters in the most efficient way.’
‘Matija Vojnovic is a high-quality lawyer, with over 15 years of experience within all the aspects of law in the region. Matija is well known for his numerous energy projects in the country, as well as for advising on corporate matters. He always has a solution and brings the answers to our business, does not matter how complex the issue is. I really enjoy working with him.
‘Minela Sehovic is reliable, precise and very client-oriented. She sees the whole picture and she did very well in explaining and communicating in a simple way. With great organization skills and a practical approach, she did an amazing job in incredibly short deadlines. Jelena Arsic is detail-oriented and she has a good sense for structuring the deals, takes ownership and follows up. She is a proactive, clever, and highly dedicated lawyer. What is great about her is her ability to explain complex legal matters in a simple way.’
GETINGE GROUP (GETINGE AB Sweden and Getinge Group South East Europe)
VTB Bank (Europe) SE
At Moravcevic Vojnovic and Partners in cooperation with Schoenherr, practitioners in Sarajevo and Belgrade work closely together to advise longstanding local and regional clients that are active in the energy, technology and real estate sectors. Under the joint leadership of Matija Vojnovic and Luka Lopičić in Belgrade, the team handles complex transactions across the CEE region. In Sarajevo, Minela Šehović advises global and regional companies on their entry into the local market, day-to-day corporate issues and merger control matters.
Matija Vojnović; Luka Lopičić
Other key lawyers:
Bojan Rajić; Minela Šehović
‘Schoenherr is a well-experienced law firm with high-level client service. They will examine all the options to make the deal come through in the easiest and the safest way. I was impressed by their capability to provide quality advice in short time frames. They are reliable, responsive, and always available to us. I also value their international experience as we have been advised by Schoenherr over the past years not only in Bosnia and Herzegovina but also in other jurisdictions.’
‘Minela Šehović is the point of contact for our matters in Bosnia. She is quick in finding appropriate solutions and has proven to be a great support to us. She is a valuable and dedicated legal professional, hard-working and smart. Very pleasant to work with.’
‘My impression is that they are always looking for a smart and safe way to make the deal happen. I would say the firm operates by high international standards and their cross-border capabilities are very positive. They collaborate with the other offices in the region and have the advantage of having the best possible people in the team from their international network’
‘Minela Šehović is an expert in her area of work. She is combining experience and bright intellect and always comes up with a great idea. Also, she is a great communicator.’
Mtel a.d. Banja Luka
Hidroelektrana Dabar d.o.o. Trebinje
Javno preduzeće Elektroprivreda Republike Srbije (JP EPS)
RIDG Holding s.r.o
Tom Tailor GmbH
Salvado Investment Corp
Moravcevic Vojnovic and Partners in cooperation with Schoenherr's team combines 'excellent industry knowledge' with extensive experience of merger control, behavioural investigations and compliance matters. Belgrade-based practitioner Srdjana Petronijević leads the team with support from Matija Vojnović. In Sarajevo, Minela Šehović is highlighted for her 'high-quality service'.
Other key lawyers:
Matija Vojnović; Minela Šehović
‘We cooperate with Schoenherr regarding different competition matters in Bosnia and Herzegovina. Schoenherr has one of the biggest competition teams in the region. This team is unique in that its competition lawyers do not only possess in-depth expertise and highly specialized knowledge of competition law, but also broad and deep practice experience in other legal areas. Based on our experience with the firm, Schoenherr’s team understands the needs of our business and provides high-quality service. They showed excellent industry knowledge and a great capability to come up with pragmatic solutions. Their client service is on the highest level in the market. All the lawyers have been very devoted to each of our cases.’
‘Srdjana Petronijevic is one of the best and widely recognized competition lawyers in the region. She is a technically excellent lawyer who thinks ahead, provides practical and effective advice, and makes our business possible. She has tremendous experience in all aspects of competition law, from antitrust to merger control, and always provides an extra value to everything she works on. Also, she delivers under short deadlines, which I really appreciate.
‘Minela Sehovic is an intelligent, creative lawyer who knows the particularities of competition law. She can see the situation from the other perspective, pays attention to details, and always asks the right questions. She is very proactive, responsive, dependable, and gets the job done in a prompt and professional way.’
‘The advantages of Schoenherr are: they have regional competition team; all specializations within the team (antitrust, merger control, compliance, distribution, state aid); they have great work ethics (confidentiality, work around the clock, availability) and very important for us, they understand pharma sector and they can follow us throughout the region. It is challenging to apply competition law rules in such a strict regulatory framework’
‘Whenever there is a competition related questions, we contact always Srdjana Petronijevic. She is available, proactive, understands what we need, and provides swift, business-oriented, advise. It is easy and very useful to work with her. She is our trusted partner for competition law related matters. Depending on the question and the country, she forms the team for us. When it comes to antitrust matter, Srdjana is supported by Zoran Soljaga (a profound knowledge and expertise in antitrust law; used to work with the competition authority), when it comes to merger control, she is supported by Danijel Stevanovic (he has expertise in merger control in the entire region). ’
‘They are unique because they are one of the few law firms in the country with an international network. They also have exceptional expertise when it comes to certain practices, including competition.’
‘Srdjana is exceptional competition lawyer with vast experience in the entire region. She is very pragmatic and solution-oriented. Minela is an excellent lawyer who is solution oriented. She always goes an extra mile and is truly devoted and committed to what she does.’
‘We expected legal advice to be delivered in the most efficient yet detailed way and Schoenherr completely met our expectations. The process of delivering work was managed in a very professional way with full focus and commitment to our case. They are great to work with and we really felt that we were in good hands. I am sure that we can rely on them in every situation.’
UniCredit Bank d.d. Mostar, Unicredit bank a.d. Banja Luka
Hidroelektrana Dabar d.o.o. Trebinje
Teva Pharmaceutical Industries
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|
|Banking, finance and capital markets||Petar Kojdic|
|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|
|Insolvency and restructuring||Petar Kojdic|
|IP, IT and life sciences||Andrea Radonjanin|
|Labour and employment||Marija Zdravkovic|
|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 Releases31st 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
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...
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.
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...
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...
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
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
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
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. 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...
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
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...
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...
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. read more...
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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