The Bank of Albania has introduced a new regulatory framework on marketing and advertising by financial institutions, significantly enhancing consumer protection and transparency in the financial sector. The changes, enacted through Decision No. 11, dated 5 February 2025, amend the Regulation “On Transparency for Banking and Financial Products and Services” and enter into force on 1 May 2025.
The Corner Office: The Next Big Thing
In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. This time around, we asked: For 2025, what is the one sector or industry in the country that shows the most promise for growth, and why?
Ilej & Partners and Wolf Theiss Advise on Cirtuo's Sale to Coupa
Ilej & Partners, in cooperation with Karanovic & Partners, has advised Cirtuo on the sale to Coupa. Wolf Theiss, working with Kirkland & Ellis, advised Coupa on the deal.
New Amendment Eases Data Transfer Rules from North Macedonia to NATO Nations
On 14 May 2025, significant changes were made to North Macedonia’s personal data protection legislation. The Assembly of the Republic passed an amendment to expand the nations where personal data can be shared freely, without facing third-country transfer restrictions.
Hot Practice in Slovenia: Minu Anamaria Gvardjancic on Ketler & Partners' Dispute Resolution Practice
Consumer-focused litigation, especially relating to Swiss loan credit contracts, has driven significant growth in dispute resolution practices in Slovenia since 2022, according to Ketler & Partners, member of Karanovic Partner Minu Anamaria Gvardjancic. With the courts adopting a very proactive stance and wide interpretation of the impact of EU case law increasingly asserting consumers’ rights, disputes are expected to continue expanding in the coming months.
Macedonian Competition Commission Stepping Up Its Enforcement Efforts
In the last few months, the Commission for Protection of Competition of the Republic of North Macedonia (the “Commission”) has stepped up its enforcement efforts of antitrust rules and food supply chain practices in the country.
Karanovic & Partners and Harrisons Advise on BIG CEE's EUR 72 Million Financing from the EBRD
Karanovic & Partners has advised BIG CEE on a EUR 72 million financing – part of a EUR 100 million package from the European Bank for Reconstruction and Development – to expand its retail portfolio across the Balkans. Harrisons advised the EBRD.
RTPR, Karanovic & Partners, White & Case, and Kinstellar Advise on Sale of Regina Maria Group to Mehilainen
RTPR and Karanovic & Partners have advised MidEuropa on the sale of Regina Maria Group to Mehilainen. White & Case advised Mehilainen. Kinstellar advised Blue Sea Capital on the sell-side as well. Reportedly, A&O Shearman's London office also advised MidEuropa while Bondoc & Asociatii also advised Mehilainen.
North Macedonia Becomes a Member of SEPA: Changes in Financial Payments and Transactions
On 6 March 2025, the European Payments Council officially accepted North Macedonia’s application and included North Macedonia in the Single Euro Payments Area (“SEPA”). With this, North Macedonia became the 39th member of SEPA.
Montenegro Enacts New Laws on Investment Funds to Align with EU Standards
Montenegro has enacted two new laws that significantly reform its investment fund sector.
Albania Moves Forward with Draft Law to Establish the Development Bank of Albania
The Minister of State for Entrepreneurship and Business Climate has introduced a draft law for the establishment of the Development Bank of Albania (“DBA”), a specialised public financial institution designed to facilitate financing for small and medium enterprises, start-ups, and underfinanced sectors. The bank is also envisioned as a key player in promoting exports of domestic products and services, as well as supporting public projects and various infrastructure developments.
Karanovic & Partners Advises EFSE and GGF on MREL-Compliant Loans to AIK Banka
Karanovic & Partners has advised the European Fund for Southeast Europe’s Regional Sub-Fund and the Green for Growth Fund on providing two MREL-compliant loans to Serbian AIK Banka.
Ketler & Partners Advises Hocevar on Sale of Lambergh Chateau & Hotel
Ketler & Partners, a member of Karanovic, has advised Hocevar on the sale of the Lambergh Chateau & Hotel in Radovljica, Slovenia, to Orthos Nepremicnine.
The Constitutional Court of the Republic of North Macedonia Votes to Annul Solidarity Tax Law
On 5 February 2025, the Constitutional Court of the Republic of North Macedonia (“Court”) annulled the Solidarity Tax Law (“Law”), ruling that it violated several key constitutional principles.
Karanovic & Partners Advises GGF on EUR 3 Million Loan to Lovcen Bank Podgorica
Karanovic & Partners has advised the Green for Growth Fund on a EUR 3 million loan to Lovcen Bank Podgorica.
Milica Filipovic, Marko Culafic, and Sava Draca Make Partner at Karanovic & Partners
Karanovic & Partners has promoted Milica Filipovic, Marko Culafic, and Sava Draca to Partner.
Freshfields, BDK Advokati, and Baker McKenzie Advise on Midea's Acquisition of Arbonia Climate Division
Freshfields has advised Midea Group subsidiary Midea Electrics Netherlands on its EUR 750 million acquisition of the climate division from Arbonia AG. BDK Advokati advised Midea on the local aspects of the acquisition of Serbian company Termovent, as part of the broader transaction. Baker McKenzie advised Arbonia.
Croatia’s Upcoming Real Estate Tax Reform
As Croatia prepares to implement a new real estate tax, Ilej & Partners in cooperation with Karanovic & Partners Partner Franka Baica, BDV Legal Partner Vladimir Batarelo, and CMS Partner Tamara Jelic Kazic talk about its objectives, potential impacts, and how property owners and investors should respond.