Startups are keen to use motivational tools like the Employee Stock Option Plan (ESOP). These programs do not burden the company with the economic cost of paying additional cash compensation. This way, startups can preserve their cash flow, which is especially sensitive during the initial stages of business development. Simultaneously, such programs effectively motivate employees, who have an interest in increasing the value of the company, as they become its co-owners. For this reason, the cap table of almost every startup today includes an entry for an option pool. However, not every founder wants or can commit to permanently transferring part of the company to employees. In such cases, the Phantom Stock Option Plan (PSOP) presents an interesting alternative.

In a bid to enhance legal competitiveness, a new legislative proposal aims to streamline regulations in environmental protection, waste management, consumer rights and workplace safety, boosting the competitiveness of domestic businesses. The proposal is currently under public consultation, but it already highlights several key changes that may be of interest to various sectors.

As someone leading my firm's digital transformation efforts over the past five years, together with the firm’s Senior Partners, I've been involved in the adoption of artificial intelligence and other advanced technologies. It has been a challenging yet stimulating journey, and I want to share my insights into what drove this transformation.

The way in which resolutions are adopted in limited liability companies (“LLC”) with a sole shareholder who is a legal person, has given rise, in practice, to contradictory views, underscoring several relevant legal aspects. We will explore below some of these aspects.

From 1 August 2024, the maximum fine that can be imposed by the Hungarian Competition Authority equals 15% of the undertaking’s net turnover. According to the Authority’s statement, its primary objective is not to impose fines, however, the increase in the potential financial penalty is a strong deterrent. In any case, it can be observed that the Authority is becoming more and more stringent concerning fines: while in 2023 it imposed fines totalling HUF 2.2 billion, the total amount of fines imposed this year exceeded HUF 2 billion by August.

The MICA (Markets in Crypto-Assets) Regulation was formally adopted by the European Parliament on 20 April 2023 and approved by the Council of the European Union on 16 May 2023. The adoption of MICA is in response to the growing need for regulation in the rapidly evolving world of crypto-assets and represents an important step towards building a stable and secure financial system in the EU.

Neither Polish nor European legislation explicitly specifies how an influencer should publish their content on social media, and what they should avoid in order not to run the risk of violating Polish consumer protection rules.

In recent weeks, the Slovak Parliament has approved two laws that could substantially increase labour costs for employers in Slovakia. One amendment to the Minimum Wage Act raises the automatic determination rate of the minimum wage, while another introduces a new contribution to cover sports activities for employees' children.

A new draft regulation was put to public consultation until 27 September 2024 that could bring significant changes to the operation of district heating systems in Hungary. The aim of the regulation is to increase the use of renewable energy sources such as geothermal and biomass in district heating, thus reducing dependence on natural gas and costs.

In the past few years, North Macedonia has made significant strides in developing its infrastructure. Attracting foreign investors is the main strategy to finance, construct, develop, and manage essential infrastructure projects. The government also engages in PPPs, recognizing their potential to leverage private sector expertise and capital in public service delivery.

The spring of 2024 marked a pivotal shift in the Macedonian financial market, with significant reforms on the horizon. As of March 2024, the related legislative framework has come under intense scrutiny, aiming to align more closely with European directives and capital market regulations. This effort has culminated in the adoption of the new Law on Financial Instruments (LFI) and the Law on Prospectus and Transparency Obligations of Securities Issuers (LPTOSI). The primary objective of these reforms is to enhance market efficiency and strengthen the stability of the financial system.

North Macedonia, strategically located in the heart of the Balkan Peninsula, south-eastern Europe, is a landlocked country with a unique advantage. Its position between two main European corridors, coupled with political and democratic stability and a favorable tax and regulatory framework, makes North Macedonia a promising destination for potential foreign investors. The country offers abundant possibilities, especially in greenfield investments, renewable energy, software, IT services, logistics, construction, cannabis production, agriculture, food services, tourism, etc.

On October 10, 2024, the Serbian Commission for the Protection of Competition (Commission) launched an investigation against four large retail chains – Delhaize Serbia, Mercator-S, Univerexport, and DIS – over possible anti-competitive practices, i.e., alleged retail price-fixing and coordination. The four major retailers account for over 50% of the Serbian retail market.

The advancement of technologies, particularly artificial intelligence (AI), inevitably affects our daily lives and raises important questions regarding privacy protection. This article explores the key aspects of the relations between artificial intelligence and personal data protection, with a particular focus on the European Regulation on Artificial Intelligence (AI Act) in relation to the General Data Protection Regulation (GDPR), as well as the legislation of Serbia.

Serbia’s renewable energy market is in the midst of transformation, driven by domestic reforms and international partnerships – most recently, with the governments of France and the USA in the field of energy efficiency.

Excitement was high when, just over three years ago, the Law on Digital Assets came into effect, positioning Serbia as a pioneer among countries recognizing the development opportunities of advanced technologies that lacked a regulatory framework to reach their full potential. This was followed by a protracted period of enacting secondary legislation, alongside global macroeconomic turbulence, which inevitably impacted the development of industries and markets, especially those that are “young” and insufficiently mature. Despite the enthusiasm and efforts of the local Web3 community and advocates for using digital assets as a tool to boost the national economy, these hurdles appear to have significantly slowed the anticipated growth.

The Serbian financial sector is undergoing significant changes, with recent and upcoming legislative reforms set to reshape its landscape. The Payment Services Law, adopted on July 31, 2024, introduces key regulatory updates aimed at modernizing payment systems and aligning them with European standards. Additionally, amendments to the Banking Law and the new Financial Consumer Protection Law are expected to be adopted soon, further strengthening the regulatory framework. Together, these changes are expected to have a profound impact on market participants, from traditional banks to fintech companies, as well as consumers, who stand to benefit from enhanced protections and greater transparency.

By the spring of 2025, Serbia will likely have a new cybersecurity law. The law is aimed at bringing the national legal framework in line with that in Europe as expressed in the NIS2 Directive (2022). The draft law that passed the process of the public consultation in 2023 and underwent minor additional changes in 2024 (Draft Law) nevertheless differs from NIS2 in certain important aspects.