Firm Profile > Schoenherr si Asociatii SCA > Bucharest, Romania
Schoenherr si Asociatii SCA Offices
BLVD DACIA NR 30, ET. 7
Schoenherr si Asociatii SCA > The Legal 500 Rankings
Capital markets Tier 1
Schoenherr si Asociatii SCA's market-leading capital markets practice has been led by the highly rated Narcisa Oprea for over a decade. The team has strong experience across a range of of products, including high-yield bond issues, private placements, and equity-linked and hybrid equity listings. Its lawyers are also well versed in the full range of governance and compliance matters, including market abuse and disclosure requirements. Senior associate Veronica Das Alexeev is another key practitioner.
‘Perfect professionalism and client oriented.’
‘Narcisa Oprea, for her excellence, innovation, good faith, closeness to the client, availability at any time and her ability to find concrete solutions in crisis situations.’
Banca Comerciala Romana
BRD – Groupe Societe Generale
One United Properties
Sphera Franchise Group
WOOD and Company
Banking and finance Tier 2
Schoenherr si Asociatii SCA has a versatile practice with strong expertise across a range of related areas. Matei Florea's team has good experience of regulatory matters, as well as major banking disputes. Debt restructurings, acquisition finance and real estate finance also feature high on the agenda, where it acts for both borrowers and lenders.
B2Kapital Finance IFN
Banca Comerciala Romana
BRD – Groupe Société Générale
Erste Group Bank
European Investment Bank
Schoenherr si Asociatii SCA has an excellent foothold in the region, with the Bucharest office being one of the key players in the local market. The firm offers a seamless service on major cross-border deals in the CEE and beyond, and has a strong blend of international and local partners who are highly regarded by clients. Markus Piuk divides his time between Austria and Romania, and leads the team with local partners Madalina Neagu and Monica Cojocaru. Finance partner Matei Florea is also recommended.
‘The practice has a long experience in M&A which stands out in the quality of the technical documents produced. It has a flexible approach in dealing with both English and Romanian law rules. They work in a team in a non-hierarchical way, which bodes well for the atmosphere.’
‘The team is led by Markus Piuk, who splits his time between Vienna and Bucharest. This makes him have a clear idea of what foreign investors into Romania want – looking into Romanian matters from a broader perspective helps reaching solutions to problems which may appear insurmountable locally. In addition, the team has the necessary size and depth which made us comfortable giving also parallel assignments (ie in ECM and M&A) to them.’
‘Madalina Neagu always impresses with her pragmatic and professional approach to the legal matters. She is non-threatening to the other party and still assertive, which is a rare combination. Highly recommended.’
‘Monica Cojocaru is a strong, efficient lawyer who focuses on what really matters and communicates well. ‘
‘Matei Florea is exceptional, with commercial understanding, good knowledge of the banking scenery in the country and deep experience in M&A transactions.’
Jones Lang LaSalle Group
Shareholders of Frufru brand
Telefonaktiebolaget LM Ericsson
United Petfood Production
Waterland Private Equity NV
Dispute resolution Tier 2
Schoenherr si Asociatii SCA is a key name for high-stakes litigation and international arbitration, having been involved in approximately €2.5bn worth of disputes in the past year. These includes major administrative and tax disputes with various regulatory bodies, as well as insurance, shareholder, public procurement and contractual claims. Managing partner Sebastian Gutiu is very active in this area, as is Emeric Domokos-Hancu, for insolvency-related disputes, and Adina Jivan for regulatory litigation.
Energy and natural resources Tier 2
The Bucharest arm of Schoenherr si Asociatii SCA works closely with the firm's Vienna headquarters to provide a multi-faceted regional service to its energy clients. The team is led by Monica Cojocaru in Bucharest, and represents major clients in the oil and gas sector, such as several OMV Petrom subsidiaries, and electricity suppliers. High-value administrative disputes have featured prominently in its workload recently, though the firm is also strong in M&A and project financings, where it also represents the lenders. The team also has experience of mining and wastewater treatment projects.
Member companies of Alpiq Group
European Bank for Reconstruction and Development
Member companies of OMV Group
PATRES – the Renewable Energy Producers Organisation in Romania
EU and competition Tier 2
Schoenherr si Asociatii SCA is a popular choice for contentious and non-contentious competition matters. Recently, the firm has represented clients in several significant investigations into the financial leasing, construction materials, and insurance industries. Practice head Georgiana Bădescu has a strong reputation for compliance and regulatory issues, as well as state aid matters.
‘They have a great and dedicated team that provides professional and efficient advice even in very complex matters such as our competition litigation in Romania.’
‘An excellent understanding of client needs, flexibility and transparency in terms of fee structure.’
‘Georgiana Badescu always provides a high level of engagement, with high efficiency and proficiency in delivering the tailored legal advice as per her exceptional knowledge of our industry.’
Eurobank Ergasias SA
PHOENIX Pharmahandel GmbH & Co. KG
PPP and procurement Tier 2
Schoenherr si Asociatii SCA assists clients will the full spectrum of public procurement mandates. Construction companies, industrial manufacturers, and transport logistics companies form the majority of the group's client base, and the team also represents lenders on related issues including regulatory matters. The public procurement team is led by Oana Vodă, while Matei Florea heads up the PPP and projects group.
Real estate and construction Tier 2
Real estate is a key area for Schoenherr si Asociatii SCA, and the Bucharest's team importance to the firm's wider network was demonstrated by managing partner Sebastian Gutiu's appointment as firm-wide real estate head. The team handled over €2.4bn worth of real estate projects over the past year, acting for developers, investors, lenders and major lessors and retail companies. Lawyers are also experienced in related areas such as environmental law and construction litigation. Eva Hegedüs-Brown is also noted for her real estate expertise.
Restructuring and insolvency Tier 2
Schoenherr si Asociatii SCA is commended for its strong advisory and contentious insolvency service. The firm has a good track record advising creditors, including major banks, on debt restructurings and recovery procedures. The firm's capacity for debtor work was demonstrated by its assistance to Nortel networks with its ongoing liquidation. Emeric Domokos-Hancu leads the practice, which also includes experienced duo Matei Florea and Adina Jivan.
‘I appreciate their strategic approach and their ability to provide various practical options. They do a great balancing act between transaction advisory and management, and pragmatic, practice-based legal proceedings advice (enforcement and insolvency). I think their strength comes from how they put together a mixed ‘banking & finance transactions’ and ‘Insolvency/restructuring’ team to handle our projects.’
‘Matei Florea is without a doubt one of the best banking & finance lawyers in Romania, with strong focus on special situations/insolvency projects. He is technically excellent and he is always available and present. In dispute resolution and insolvency/restructuring, Adina Jivan is a true fighter. You want her on your side in court. She is very engaged, very well prepared on procedural aspects and has a good mind for details.’
AIG Europe Limited
Banca Comerciala Romana SA
Creditreform Wirtschaftsauskunftei Kubicki KG
KTM Kimyevi Maddeler
Nortel Networks Inc.
Tax Tier 2
Schoenherr si Asociatii SCA provides specialist tax advice through a standalone team led by Theodor Artenie. The group works closely with the firm's administrative litigators in numerous high-value tax disputes. The practice is also noted for transfer pricing issues, where it regularly assists its multinational clients, as well as for VAT and transaction-related tax structuring.
‘Schoenherr is an international firm, yet they manage to be quite flexible when it comes to ensuring partner-contact and providing tailored solutions. A particularly unique feature in the Romanian market is that they have an all-inclusive approach, with real estate and general legal advice being delivered together with tax advisory.’
‘They are a good option in the market for high-quality integrated legal and tax advice of an international level. I enjoyed working with them, they are responsive and provide high quality advice. Would definitely recommend Theodor Artenie and his team for tax advice.’
‘Theodor Artenie is a very capable and very practical tax advisor. He is very aware of our realities and understands our business and this is visible in how applied his advice is.’
White-collar crime Tier 2
Schoenherr si Asociatii SCA is one of the few international firms in Romania that has a dedicated compliance and criminal defence team. The firm has defended several companies against criminal claims, including tax evasion, and also advises companies on compliance, internal investigations and crisis management. Criminal law specialist Magdalena Roibu is especially well regarded in the market.
‘Schoenherr is one of the few large firms active in Romania that has a stand-alone white-collar crime practice. From what I understand, they also have an internal investigation and compliance unit, which helps them assist multinationals with keeping an eye on what their subsidiaries are doing over here. I guess their main stronghold is that they are able to deliver international-level services in a field that is otherwise fundamentally local, such as criminal law.’
‘Magdalena Roibu stands out among the white-collar crime practitioners who are currently working in large business law firms. She owes this to her professional standing, experience and the fact that she has a good name among practitioners. I would recommend her to anyone who faces a white-collar crime case.’
Employment Tier 3
Schoenherr si Asociatii SCA provides contentious and non-contentious support thanks to the expertise of employment specialist Mara Moga-Paler. Recent highlights include advising several companies on high-end management agreements, running compliance programmes, and assisting with restructurings and related redundancies.
‘I was impressed by Mara Moga-Paler’s realistic approach, she offers not only theoretical advice, but she also describes how such advice would work in practice (especially when involving courts of law). I think she is not only very knowledgeable, but she also has a deep understanding of how employment law works in real life.’
Intellectual property Tier 3
Schoenherr si Asociatii SCA has a good track record advising clients on trade mark protection and registrations, as well as coordinating actions against counterfeit goods. The firm is notably strong in the manufacturing and consumer goods sectors. Associate Sorin-Eduard Pavel leads the team.
‘What makes Schoenherr special is the combination of professionalism together with the friendly approach towards their partners/clients, which enhances the relationship and feeling of wanting to do business together.’
Schoenherr si Asociatii SCA > Firm Profile
The firm: Schoenherr’s Bucharest office opened in 1996 and has ever since been one of the most renowned international firms active in Romania and a top market player. The 60-lawyer team advises clients operating in various industries, including financial services, energy, manufacturing, real estate and constructions, retail, manufacturing, IT&C, pharmaceuticals and healthcare.
Areas of practice: Schoenherr si Asociatii SCA advises on the complete range of business law issues, with a strong experience on corporate and M&A, banking & finance and capital markets, real estate, dispute resolution. Other major practices include competition, compliance and white collar crime, employment, insolvency and restructuring, data protection, projects/ concessions/ PPP/ public procurement, intellectual property, as well as tax consultancy. The corporate and M&A team has developed an impressive track record in local and regional transactions. The banking & finance team enjoys an excellent reputation in transactional and regulatory finance and capital markets work. The real estate team regularly acts on the largest property transactions and development projects in the country. The dispute resolution practice has expanded significantly over the past years, assisting on some high-profile, complex cases.
|Banking & finance||Matei Floreaemail@example.com|
|Capital markets||Narcisa Opreafirstname.lastname@example.org|
|Real estate and constructions||Sebastian Gutiuemail@example.com|
|Real estate and constructions||Simona Chiricafirstname.lastname@example.org|
|Real estate and constructions||Oana Constantinescuemail@example.com|
|Real estate and constructions||Eva Hegedues-Brownfirstname.lastname@example.org|
|Dispute resolution||Sebastian Gutiuemail@example.com|
|Dispute resolution||Emeric Domokos-Hancufirstname.lastname@example.org|
|Restructuring and insolvency||Emeric Domokos-Hancuemail@example.com|
|White collar crime||Sebastian Gutiufirstname.lastname@example.org|
|White collar crime||Emeric Domokos-Hancuemail@example.com|
|EU & competition||Georgiana Badescufirstname.lastname@example.org|
|Data protection||Carmen Stirbuemail@example.com|
|Projects/ concessions/ PPP/ public procurement||Matei Floreafirstname.lastname@example.org|
|Public procurement||Carmen Stirbuemail@example.com|
|Intellectual property||Sorin-Eduard Pavelfirstname.lastname@example.org|
|Technology & digitalisation||Madalina Neaguemail@example.com|
Staff FiguresNumber of lawyers : 60 Worldwide : Over 300
LanguagesEnglish French German Hungarian Italian Polish Romanian Russian Spanish
OtherOther offices : Austria 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 : Serbia Other offices : Slovakia Other offices : Slovenia Other offices : Turkey Other offices : and 4 country desks in: 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.
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...
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...
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 …