The Parliament of Albania has recently passed amendments to the Albanian Labour Code (“Code“), specifically regarding employee annual paid vacation entitlements.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. As partner departures are inherent to the workings of any law firm, and likely demand clear strategies for navigating, this time around we asked: What are the three most important items on your checklist when a Partner leaves your firm?

Albania, driven by its commitment to align with European Union standards, has embarked on a comprehensive journey to harmonize its financial legislation with EU directives, particularly in the realm of capital markets. At the forefront of this effort stands Law 56/2020 “On Collective Investment Undertakings” (Albanian CIU Law), a pivotal piece of legislation that encompasses the passporting of foreign investment funds into Albania. This landmark law, coupled with the recent enactment of Regulation no. 37 (Passporting Regulation) and Regulation no. 38 (Distribution Regulation) by the Financial Supervisory Authority (FSA), lays down the groundwork for the processes of passporting and distribution within the Albanian financial landscape.

CHG Rechtsanwaelte has launched a new practice group focusing on data and technology.

E+H has advised Baustoff + Metall, RPR Privatstiftung, and Stefan Schoenauer on the acquisition and refinancing of the Althan Quartier in Vienna. CMS advised the sellers – a banking consortium led by Raiffeisen Bank International and including Oberbank, Raiffeisenlandesbanken Steiermark and Oberoesterreich, Volksbank Wien, Sparkasse, VKB, and Hypo Vorarlberg.

CMS has advised TurboVolt on its sale to Eleport. Ellex advised Eleport and, reportedly, Schoenherr advised Eleport on Austrian, Croatian, and Slovenian law.

Contributed by Arzinger

Former Maric & Co Partner Slaven Dizdar has left the firm to launch Dizdar Law Office in Sarajevo.

Ibrahimovic & Co has advised Bimal on real estate plot acquisition via a special arrangement with the Government of Brcko District, Bosnia and Herzegovina.

EOS Matrix Bosnia and Herzegovina Executive Director for Legal Affairs Mirza Kahvedzic discusses his career path leading up to his current role, how his legal team operates, and current challenges faced due to slow court proceedings.

The Bulgarian energy regulator has proposed changes to the Grid Connection Ordinance No. 6, adopted earlier this year, which aim to provide flexibility in the application process, support for wind projects, and further regulation of battery energy storage systems (BESS).

Kinstellar has advised Peter Mitev and Big Orange Foundation on the joint venture with Raycho Raychev and Endurosat for the acquisition of a 17,000-square-meter office building in Sofia from Alpha Bank. CMS advised Alpha Bank on the sale of its former headquarters. Yonev Valkov Nenov reportedly advised Raycho Raychev and Endurosat.

CMS has advised Greenvolt Next Holding on its acquisition of Greenvolt Next Bulgaria JSCo from Greystone Bulgaria. Kambourov and Partners advised the seller.

Savoric & Partners has advised Kompare on its acquisition of the Progreso Group.

Marohnic, Tomek & Gjoic Partner Tena Tomek talks about the evolution of the firm’s energy practice and their role as legal advisors in energy projects in Croatia over the last 10 years.

CMS has advised TurboVolt on its sale to Eleport. Ellex advised Eleport and, reportedly, Schoenherr advised Eleport on Austrian, Croatian, and Slovenian law.

On September 2, 2024, A&O Shearman announced that Macquarie Asset Management's sale of GasNet to CEZ (reported by CEE Legal Matters on April 2, 2024) has now closed.

A&O Shearman has advised Tatry Mountain Resorts on its EUR 120 million offering which was simultaneously conducted in Slovakia, the Czech Republic, and Poland.

Kinstellar, working with Orrick, Herrington & Sutcliffe, has advised on the combination of KTP Kunststoff Palettentechnik and ConTeyor International. Soltysinski Kawecki & Szlezak advised on the merger as well.

Potamits Vekris has advised Fourlis on the license rights for the Foot Locker network in eight countries in Southeast Europe and the acquisition of the existing Foot Locker network in Greece and Romania.

Bernitsas, working with Bonelli Erede, has advised Guala Closures on the acquisition of Astir Vitogiannis Bros, with an enterprise value of EUR 136 million, from a company within the Ideal Group.

Following a prolonged financial crisis, Greece’s economic recovery has significantly progressed in recent years, leading to a resurgence in the real estate market. This revival is not just a mere uptick but a significant surge, evident in rising property prices, increased transaction volumes, and growing interest from foreign investors. Prominent areas such as Athens and Thessaloniki and popular islands like Crete, Mykonos, and Santorini have experienced a substantial increase in real estate activity.

In the Hungarian Gazette of 8 August 2024, four long-awaited decrees were published, which supplement and detail the provisions of the Hungarian ESG Act.

As in every year, the Hungarian tax administration has published its yearly summary with the most important trends and numbers regarding taxation in Hungary during 2023. In the last year it seemed that, while the tax authority was still increasing its efforts to entice the taxpayers’ voluntary compliance, fines have also soared to unprecedented heights. The statistics also show that it remains worthwhile to take the case to the courts if one finds the National Tax and Customs Administration’s decisions unlawful.

Default penalty amounts generally has been doubled in Hungary as of 1 August 2024. According to the Governmental Decree published in the Hungarian Gazette on 8 July 2024, overwriting the Act on the Rules of Taxation, the increase is due to the Ukrainian war and is theoretically effective by the end of the emergency period.

Cobalt, working with Watson Farley & Williams, has advised NORD/LB and Swedbank on the EUR 87 million financing for Aidu Wind Park’s development of 67.5 megawatts of the 75-megawatt Aidu wind farm in Estonia.

CMS has advised TurboVolt on its sale to Eleport. Ellex advised Eleport and, reportedly, Schoenherr advised Eleport on Austrian, Croatian, and Slovenian law.

Ellex has advised Hansa Medical on its acquisition of Weissmed.

Baker McKenzie has successfully defended Kosovo Telecom in a Swiss Rules Arbitration against a Kosovar company reselling its mobile credit as well as in the subsequent challenge of the award at the Swiss Supreme Court.

On January 25, 2024, the Office of the Prime Minister of the Republic of Kosovo published a list of concept notes anticipated for drafting and adoption by the Kosovo Government in the present year. The concept note, a regulatory prerequisite to the enactment of legislation within a specified domain, specifies the objectives of prospective governmental policy and the optimal modalities for their implementation.

Legal changes abound in Kosovo with contested advocacy laws and ongoing judicial reform, says Hodaj & Partners Managing Partner Taulant Hodaj, who highlights that despite challenges, favorable tax laws and investor-friendly policies persist in attracting businesses.

On 1 September 2024, the National Cyber Security Law came into force, replacing the Law on the Security of Information Technologies. 

Cobalt has promoted former Specialist Counsl Edgars Pastars to Partner in its office in Latvia. Pastars will also Head the firm's Financial Regulatory and Compliance Practice.

When importing goods from third countries into the European Union (EU), you must adhere to EU and national laws regarding importing, declaring, and applying customs duties (such as import duty, value-added tax, and excise duty on certain products).

TGS Baltic has advised a shareholder of UNA retail park on the sale of shares to EfTEN.

TGS Baltic has advised Delamode Baltics on funding from ACP Credit.

Cobalt has advised Aquila Clean Energy-managed project company Windfarm Akmene Two on securing a EUR 125 million green loan from SEB Bank.

North Macedonia currently lacks AI-specific regulations, lagging behind neighbouring countries that have implemented guidelines or laws. Although the Macedonian Fund for Innovation and Technology Development (FITD) and the government initiated efforts in 2021 to create a National Strategy for AI (National Strategy), progress has been slow due to challenges such as insufficient data, human resources, and technical capabilities. Despite this, there is a strong commitment, supported by organisations like the World Bank and UNDP, to develop a comprehensive AI strategy aligned with European Union (EU) standards.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

Summer is traditionally a slower period for many, including the legal sector, but, if used right, the time can pay dividends for law firms.

The Law on Personal Data Protection (LPDP) significantly influences the development and deployment of Artificial Intelligence (AI) systems in the Republic of Moldova. As companies increasingly adopt AI technologies, awareness and understanding of LPDP requirements application is crucial to ensure compliance and protect the rights of individuals.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With managing firm clients being a critical aspect of firms’ operations, we asked: What are the three most important elements when onboarding a new client?

In light of Moldova’s recent candidacy for European Union membership, significant political and legal reforms have been undertaken to align the country’s laws with EU standards. Among these changes, the data protection legal framework has seen notable upgrades to mirror the General Data Protection Regulation, with Gladei & Partners Partner Iulian Pasatii emphasizing the introduction of contractual clauses for data transfers and the new concept of subprocessors. According to him, these changes aim to reduce bureaucratic burdens, particularly benefiting Moldova’s IT sector, while presenting opportunities for clearer guidelines and enhanced data protection practices. However, challenges remain as Moldova strives to balance stringent EU-aligned regulations with the flexibility needed for business growth.

Montenegro lacks specific legal regulations or national strategies for AI, with current AI activities governed by general legal principles from existing laws. Despite the absence of detailed regulations or strong government support, public awareness of AI is relatively high, with 59.1 % of citizens familiar with the technology. Several initiatives are actively promoting the safe development and use of AI, reflecting a growing public interest in influencing future AI regulations.

The Parliament of Montenegro passed the Law on the Use of Energy from Renewable Sources, which was published in the Official Gazette of Montenegro on August 23rd, 2024. The Law will enter into force on the eighth day from the day of its publication in the Official Gazette of Montenegro.

In August 2024, Montenegro’s government took a significant step towards modernising the country’s gambling industry by adopting the Fiscal Strategy for 2024-2027. This ambitious plan, aimed at ensuring macroeconomic stability and responsible governance, includes substantial changes to the gambling framework that could reshape the sector’s future.

Former Panattoni Legal Director Kamila Dutkowska-Wawrzak has joined Atlas Ward as Legal Director and Board Advisor.

Dentons has appointed Partner Mark Segall as the new co-head of the Banking and Finance practice in Poland. He will lead the department alongside Partner Bartosz Nojek.

Gide has advised Qemetica on obtaining financing from BNP Paribas Bank Polska for the acquisition of the precipitated silica business of PPG. White & Case advised BNP Paribas Bank Polska. Hogan Lovells reportedly advised PPG.

Potamits Vekris has advised Fourlis on the license rights for the Foot Locker network in eight countries in Southeast Europe and the acquisition of the existing Foot Locker network in Greece and Romania.

Buju Stanciu & Associates has advised Humans.ai on its acquisition of Starfish Technologies.

Clifford Chance has advised Nofar Energy on the acquisition of Aviv Renewable Investment.

Contributed by Clifford Chance.

Contributed by Alrud.

Harrisons has advised the French Development Agency (Agence Francaise de Developpement, AFD) on a credit facility to Serbian electric transmission system operator Elektromreza Srbije (EMS).

Vulic Law has advised Cofis on its sale of the Holiday Inn Express in downtown Belgrade to an undisclosed buyer.

As we wrote in our earlier article, according to the decision made by the German data protection authority at the end of last year, the use of the “pay-or-okay” principle is generally allowed. This model involves a cookie notice (via a so-called cookie banner) on a website, giving the user the choice between:

A&O Shearman has advised Tatry Mountain Resorts on its EUR 120 million offering which was simultaneously conducted in Slovakia, the Czech Republic, and Poland.

Clifford Chance has advised KKCG's IT pillar on the integration of the acquisition debt, following the acquisition of Avenga Group, into the group's umbrella financing.

Summer is traditionally a slower period for many, including the legal sector, but, if used right, the time can pay dividends for law firms.

CMS has advised TurboVolt on its sale to Eleport. Ellex advised Eleport and, reportedly, Schoenherr advised Eleport on Austrian, Croatian, and Slovenian law.

In recent months, Slovenia’s real estate market has experienced significant shifts driven by economic, technological, and regulatory factors, with more changes expected.

On June 15, 2024, the long-awaited Act on the Judicial Protection Procedure for Former Holders of Qualified Liabilities of Banks (ZPSVIKOB 1) entered into force in the Republic of Slovenia.

Former Verdi Partner Ayse Demirel Atakan has joined Paksoy as a Partner in the firm's corporate law, M&A, and private equity practice.

Clifford Chance has advised arrangers and dealers Emirates NBD Capital and Standard Chartered Bank on the establishment of Albaraka MTN Ltd.'s Shari’a-compliant trust certificate issuance program with Albaraka Turk Katilim Bankasi as the obligor.

Aksan Law Firm has advised Gundogdu Gida on its IPO.

On 16 August 2024, the Resolution of the Cabinet of Ministers of Ukraine as of 9 August 2024 No. 925 ("Amending Resolution") became effective and introduced amendments to the Resolution of the Cabinet of Ministers of Ukraine as of 18 March 2022 No. 314 "On Certain Issues of Ensuring of Carrying Out Commercial Activities During Martial Law" ("Resolution on Simplified Licensing Procedure").

Integrites, working with Hughes Hubbard & Reed, has successfully represented Ukrenergo in an investment treaty arbitration against Russia.

Integrites has advised the Ukrainian subsidiary of Peikko Group Corporation's agreement with Industrial Park Bila Tserkva 1, part of UFuture Group, on launching production in Ukraine.