A draft law proposing changes to Law No. 8116, dated March 29, 1996, “The Civil Procedure Code of the Republic of Albania,” has been submitted for approval to the Albanian Assembly. These amendments are part of a comprehensive initiative to enhance the efficiency of the judicial system and improve the overall quality of judicial proceedings in the country.

Albania’s gambling industry has undergone significant transformations over the past decade, shifting from a thriving sector to one under stringent regulation. Lalaj & Partners Partner Sabina Lalaj explores the evolution of gambling in Albania, the impact of regulatory changes, its current status in the economy, and the future outlook of the industry.

On November 14, 2024, banking and finance experts from Albania, Austria, Bosnia and Herzegovina, Bulgaria, North Macedonia, and Poland sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss digitalization and the impact of tech on the banking sector in CEE.

Schoenherr has advised the managers involved on the Erste Group Bank’s issuance of EUR 1 billion 3% mortgage Pfandbriefe due 2032. Wolf Theiss advised the Erste Group Bank.

PHH has advised ATG Entertainment on establishing a new musical theater in Vienna together with the City of Vienna.

The Austrian Supreme Court (6 Ob 224/23v) recently determined the requirements for a partial transfer of a share if the articles of association expressly stipulate that shares cannot be divided.

Contributed by Arzinger

The commercial legal markets of Central & Eastern Europe didn’t appear automatically. They didn’t develop in a vacuum. They were formed, shaped, and led, by lawyers – visionary, hard-working, commercially-minded, and client-focused individuals pulling the development of CEE’s legal markets along behind them as they labored relentlessly for their clients, their careers, their futures. 

BDK Advokati has entered North Macedonia via a cooperation agreement with a local qualified independent Attorney at Law Josif Filipovski. Moreover, the firm has expanded its presence in Bosnia & Herzegovina with the addition of Melika Basic.

On November 7, 2024, M&A experts from Austria, Bosnia & Herzegovina, Croatia, Greece, Hungary, Moldova, Romania, and Ukraine participated in a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the FDI screening regimes in their country and key developments in the area on the horizon.

Unlike many neighboring countries, the Trademark Law of Bosnia and Herzegovina explicitly addresses bad faith trademark applications as both relative grounds for refusal and as a basis for contesting a trademark through court proceedings. In other words, trademark applications filed contrary to the principles of good faith and fair dealing can be challenged either through an opposition before the Institute for Intellectual Property or by filing a lawsuit before the competent court. While this dual system theoretically provides two distinct avenues of recourse, practical experience shows that both mechanisms tend to merge into a single, judicially driven process. Below, we analyze the key lessons drawn from recent case law concerning bad faith trademark filings.

The European Union’s Strategy for Cooperation in the Indo-Pacific, launched in October 2021, marked a significant shift in the EU’s foreign policy. It represented a comprehensive approach to engaging with the region of the Indo-Pacific, which is increasingly recognized as a global economic and strategic hub. Together, the Indo-Pacific and Europe hold over 70% of global trade in goods and services, as well as 60% of foreign direct investment (FDI) flows.

Spasov and Bratanov, working with Clifford Chance, has advised the International Finance Corporation and Raiffeisenbank International on the EUR 90 million financing for R Engineering to construct a solar power park. CMS advised R Engineering.

Attorney at Law Tsvetina Stefanova-Boyadzhieva has been promoted to Partner at Gugushev & Partners.

Divjak, Topic, Bahtijarevic & Krka, working with Massumi + Consoli, has advised Cuadrilla Capital on its acquisition of Repsly from Resolve Growth Partners. Goodwin Procter reportedly advised Resolve Growth Partners.

With the amendments to the Companies Act (the “Act”), which entered into force on 5 December 2024, Croatia has implemented EU Directive (EU) 2022/2381 on gender balance on corporate boards of listed companies (the “Directive”). The so called “Women on Boards” Directive aims to ensure that at least 40% of non-executive board seats or 33% of all board seats for listed companies are occupied by the “underrepresented sex” by the end of June 2026.

Mamic Peric Reberski Rimac, BDK Advokati, and Gorjup Law Office have advised Bosqar Invest on its acquisition of a 50.1% indirect stake in the Mlinar Group from MidEuropa Partners. Karanovic & Partners and Ilej & Partners in cooperation with Karanovic & Partners, working with Dechert, advised MidEuropa Partners. Gospic, Plazina, Stojs advised Mr. Skojo, the former owner of Mlinar and a current shareholder of SEE Bakery, the sole shareholder of Mlinar. Janezic & Jarkovic, and Van Campen Liem reportedly advised Bosqar as well. Gospic Plaznina Stojs reportedly also advised the sellers.

Havel & Partners has advised the Emeis/SeneCura Group on the sale of its Czech nursing home and Alzheimer center operations to the Penta Healthcare Group. Jan Evan Advokatni Kancelar advised the Penta Healthcare Group.

PRK Partners, working with Hengeler Mueller, has advised XXXLutz Deutschland on its acquisition of the Porta Group from Porta Westfalica.

Kinstellar, working with Luxembourg-based Brouxel & Rabia, has advised Genesis Growth Equity Fund I on the acquisition of a majority stake in LLP Group from Adam Bager, Tim Smulders, Barbara Dreska, and Jiri Stiller. Wolf Theiss, working with Ashurst, advised the sellers.

Koutalidis has promoted Senior Associates Dora Karagiorgou and Manolis Kasotakis to Partner as part of its latest promotion round.

Drakopoulos has advised Guy Carpenter on the acquisition of the remaining 51.5% stake in Carpenter Turner from Noorstar Investments. Apostolos Georgiades & Associates reportedly advised the sellers.

Reed Smith has advised Phoebe Energy on securing non-recourse financing of EUR 341.4 million from Eurobank and Piraeus Bank for a 550-megawatt photovoltaic project in Ptolemaida, Western Macedonia, Greece.

Eniko Uveges has been promoted to Lead Legal Counsel at Grundfos.

In 2023, Hungary introduced the Extended Producer Responsibility (EPR) system, which places the financial responsibility for the waste management of circular products on producers.

By passing the proposed bill on 25 November 2024, the Hungarian Government enacted significant changes to the taxation of company vehicles, set to take effect in 2025 and beyond. These modifications aim to increase tax revenues and promote the adoption of environmentally friendly vehicles.

TGS Baltic has advised IVC Evidensia on its acquisition of Tartu Loomakliinik. Ristal Keba Partners and Sirel & Partners advised the sellers, Karerin OU and Kersti Paju.

Ellex has appointed Counsel Anneli Krunks as the Head of the Fintech practice in Estonia.

Ellex has advised Trigon Capital on its acquisition of Estonia Farmid.

Bratschi has successfully represented Mabco Constructions in an ICSID investment arbitration against the Republic of Kosovo.

Kosovo has recently adopted Law No. 08/L-265 on the Register of Beneficial Owners, a key piece of legislation aimed at enhancing transparency and preventing financial crimes. Officially published on November 22, 2024, in the Official Gazette of Kosovo, this law not only addresses regulatory gaps but also lays the foundation for a transparent and trustworthy business environment in Kosovo, aligning it with the practices of European Union member states. 

RPHS Law has advised Swinto on the sale of the majority of its shares to Virtus Invesco Partners. ICL Legal advised the buyers.

Walless has advised Indexo Real Estate Fund on its acquisition of the Olimpia shopping center in Riga for over EUR 40 million. 

TGS Baltic has advised the Latvian Electronic Public Media Council on the merger of Latvian Radio and Latvian Television creating a single national public media entity known as Latvian Public Media.

TGS Baltic has advised Colonna on the sale of a portfolio of 11 Rimi grocery stores across Latvia to Lumi Retail Property Fund. Walless advised the buyers.

Walless, working with Reynolds Porter Chamberlain, has advised Ebury on the acquisition of Lithuania-based ArcaPay. TGS Baltic advised ArcaPay.

TGS Baltic has advised Zalvaris on its EUR 5 million Siauliu Bankas-arranged public bond issuance and the subsequent admission of those bonds to trading on the Nasdaq Baltic First North market by Nasdaq Vilnius.

Fort Legal has advised on the sale of Zalgirio Verslo Centras to an Aggressive Capital-managed fund.

Intellectual property is a broad concept that covers several types of legally recognized rights originating from some type of intellectual creativity or that are otherwise related to ideas. Intellectual property rights are rights to intangible things, i.e., ideas as expressed (i.e. copyrights) or as embodied in a practical implementation (i.e. patents). Fundamentally, intellectual property rights are rights in ideal objects, distinguished from the material substance in which they are instantiated. In today’s legal systems, the key forms of intellectual property are (i) copyrights, (ii) trademarks and (iii) patents.

On 27 December 2024, the Parliament of North Macedonia adopted the new Law on Minimum Global Corporate Income Tax (“Law”).

BDK Advokati has entered North Macedonia via a cooperation agreement with a local qualified independent Attorney at Law Josif Filipovski. Moreover, the firm has expanded its presence in Bosnia & Herzegovina with the addition of Melika Basic.

Hillmont Partners and Astraea have advised on a settlement between the Stati Parties and the Republic of Kazakhstan in a dispute concerning a 2013 USD 500 million SCC Award, bringing all related litigation to an end.

Labor shortages have emerged as a pressing issue across CEE, prompting diverse responses from governments, businesses, and the public as they navigate the challenges of workforce gaps and economic sustainability.

Gladei & Partners has advised the Trans-Oil Group on refinancing its USD 500 million, senior secured Eurobond due 2026.

Harrisons, working with Bird & Bird, has advised the EBRD on a EUR 20 million loan to Serbia and Montenegro Air Traffic Services SMATSA.

Montenegro-based Jovovic, Mugosa & Vukovic and Serbia-based Zivkovic Samardzic have joined the South East Europe Legal Group.

Moravcevic, Vojnovic and Partners in cooperation with Schoenherr has advised Agri Europe Cyprus on its acquisition of a 74.94% stake in Hipotekarna Banka Podgorica. Komnenic & Partners advised a group of corporate, family, and individual sellers.

DWF has advised Eiffage Immobilier Polska on the forward sale of a build-to-rent residential project in Warsaw’s Praga-Polnoc district to Heimstaden Bostad. Dentons advised Heimstaden Bostad.

JDP has advised Trei Real Estate on EUR 38 million financing from Munich-based Deutsche Pfandbriefbank AG. BNT Attorneys advised Deutsche Pfandbriefbank.

Poland is becoming more and more interesting for foreigners looking to invest. This is due to Poland’s central location in Central and Eastern Europe and the country’s continuous economic development, making it a place with potential for becoming a focal point for Central European business on the Old Continent.

Bogdan Cordos has been promoted to Partner at RTPR.

Popescu & Associatii has promoted Adina Vlaicu, Andreea Mihalache, and Mirel Radescu to Partner.

Tuca Zbarcea & Asociatii has promoted Serban Paslaru to Equity Partner.

Contributed by Clifford Chance.

Contributed by Alrud.

The commercial legal markets of Central & Eastern Europe didn’t appear automatically. They didn’t develop in a vacuum. They were formed, shaped, and led, by lawyers – visionary, hard-working, commercially-minded, and client-focused individuals pulling the development of CEE’s legal markets along behind them as they labored relentlessly for their clients, their careers, their futures. 

Although more than six years have passed since the adoption of the new Personal Data Protection Law (the “Law“), there are still practical uncertainties about when data controllers and processors must appoint a Data Protection Officer (DPO). Additionally, many foreign data controllers and processors subject to the Law have yet to fulfill their obligation to appoint a representative for personal data protection. This lack of compliance makes it harder for individuals to exercise their rights when it comes to the processing of their personal data.

The German Law on the Corporate Due Diligence Obligations for the Prevent of Human Rights Violations in Supply Chains introduces for the first time the obligation for German companies to comply with certain procedures and rules, implement due diligence obligations and appropriate measures, in supply chains, with the aim of preventing human rights violations and damages to the environment. The mentioned German Law does not have a direct impact on companies in Serbia, so the sanctions prescribed by that Law cannot be enforced in Serbia, however, there is a certain influence on Serbian companies that will need to comply with, for reasons of further cooperation with German companies.

The Serbian Commission for Protection of Commission ("Commission") has announced that it will conduct a sector inquiry of the state and conditions of competition in the pharmaceutical industry. This move by the Commission was expected, given the announcements made by the Government of the Republic of Serbia last year.

Squire Patton Boggs has successfully represented the Slovak Republic in an investment treaty claim originally worth USD 2.11 billion.

Dentons has advised Photoneo on the sale of its business to the Chicago-based Zebra Technologies. A&O Shearman's London office reportedly advised Zebra.

On 5 January 2025, the Real Estate Register in the Slovak Republic (the “Register”) was subject to a ransomware cyberattack.

Rojs, Peljhan, Prelesnik & Partners has promoted Polona Fink to Partner.

Former Skupina Zito Director of Legal Affairs and General Services Tamara Mohoric Selak has joined LON as its new Head of Compliance.

In this article, we highlight the most relevant changes to Slovenia’s tax laws, from the perspective of corporate income tax, VAT, personal income tax and tax procedure that enter into force on 1 January 2025.

White & Case Turkish affiliate law firm GKC Partners has advised Koni Teknik Muhendislik on its acquisition of all of the share capital of Socar Turkiye. Kilinc Law & Consulting advised Socar and its affiliates Bursagaz and Kayserigaz.

Dentons and its Turkish affiliate Balcioglu Selcuk Ardiyok Keki have advised Grand Games on its USD 30 million series A led by Balderton Capital with participation from existing investors Bek Ventures and Laton Ventures. Kinstellar's Turkish affiliate KST Law advised Balderton. Baker McKenzie Turkish affiliate Esin Attorney Partnership reportedly advised BEK Ventures.

TurkNet has appointed Merve Oney Barlas as its new Chief Legal, Compliance, and Regulation Officer.

Asters has launched a new Forensic practice headed by Counsel Sviatoslav Ogreba.

Doubinsky & Osharova has announced that Partner and Co-Founder Irina Osharova has passed away.

Sayenko Kharenko has advised Piraeus Bank on an agreement with the U.S. International Development Finance Corporation on the provision of a USD 20 million portfolio guarantee to the bank.