Client Alert
Only few says left to register your UBO in Slovenia: Are you exempted or not?
The application for registrations of beneficial owners is now operational. Deadline to register beneficial owners is 19 January 2018....
New court decision confirms that enterprise pledges under Bulgarian law remain an efficient tool for lenders
In its decision of 3 January 2018, the Sofia City Court followed Wolf Theiss’ argumentation and confirmed that the privilege of first ranking creditors under enterprise pledges extends over each and every asset forming part of the pool without the need for enforcement. The amendments to the Bulgarian Registered Pledges Act1 (the “RPA“) introduced in […]...
Bulgaria: Private damages directive implemented
On 3 January 2018, a new Law for Amendment and Supplementation ("New Law") of the Competition Protection Act ("CPA") was published in the Bulgarian Official Gazette. The New Law implements the European Directive 2014/104/EU of 26 November 2014 on certain rules governing actions for damages under national law for infringements of national or EU competition law (the “Damages Directive”). EU Member States were required to implement the Damages Directive in their national legal systems by 27 December 2016....
The Polish personal data protection act is closer to completion
On Monday, January 15th, 2018, in the Column Hall of the Polish Parliament, the Ministry of Digitalization organized a meeting to summarize the public consultations on the package of legislative changes required for implementation of “GDPR”, the Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC....
New rules for summarized calculation of working time In Bulgaria
On 1 January 2018 important amendments to the Ordinance on working time, breaks and holidays (the ‘Ordinance’) concerning the summarized calculation of the working time (‘SCWT’) entered into force. SCWT allows flexible structuring of the working time of employees and provides options for work on shifts with working hours in a given day longer than […]...
Bulgarian competition protection commission launches a sector inquiry into the banking sector
On 7 March 2018 the Bulgarian Competition Protection Commission (“CPC”) announced a sector inquiry into the banking sector in Bulgaria covering the period from 2015 to end of 2017. The sector inquiry will focus on the competitiveness and transparency in the banking sector and the conditions of banking services in Bulgaria. The CPC will review […]...
New draft law for teleworking activities In Romania
Draft law regarding teleworking activities is currently in the process of being approved by the Romanian government. The Draft Law has been submitted to the General Secretary of the Government in order for it to review the law’s constitutionality. According to this Draft Law, teleworking will allow employees to work voluntarily and on a regular […]...
Bulgaria – Energy regulator’s decision adverse to wind RES producers repealed by court
On February 23 2018, the Administrative Court–City of Sofia (“ACCS”) rendered a Judgment repealing two chapters of Decision P-1/31.07.2015 (“Decision SP-1”) of the Bulgarian Energy and Water Regulatory ommission (“EWRC”), which had considerable adverse effects on producers of electricity from wind energy, commissioned before the July 1 2011. This long waited positive development has the […]...
Bulgaria joins the EU ‘AMLD IV Implementation’ club
Yesterday, the Bulgarian Parliament adopted the Anti-Money Laundering Act (in Bulgarian: Закон за мерките срещу изпирането на пари). The Act transposes Directive (EU) 2015/848 on the prevention of the use of the financial system for the purposes of money laundering and terrorist financings (AMLD IV). The final text of the law is expected to be […]...
Romanian law implementing the GDPR has been submitted to the senate
On March 14, 2018 the Romanian law for implementing measures on EU Regulation no. 2016/679 on the protection of individual rights with regard to the processing of personal data directive no. 95/46/GDPR was submitted to the Senate. This is the long awaited draft law regulating the GDPR requirements, especially the open clauses and the sanctions […]...
Verwaltungsstrafe – Immobiliengesellschaft als AIF
IMMOBILIENGESELLSCHAFT ALS AIF Wie durch eine kürzlich veröffentlichte Entscheidung des Bundesverwaltungsgerichts vom 27.11.2017 zu Gz W2102148720-1 bekannt wurde, hat die Finanzmarktaufsicht (FMA) im Jahr 2017 eine Immobiliengesellschaft (GmbH & Co KG) an der sich Anleger über KG-Anteile beteiligten und deren Zweck darin bestand, Immobilien in Österreich und Deutschland zu erwerben und anschließend wieder zu veräußern, […]...
The impact of the new tax evasion regulations on escrow agreements
To counteract tax evasion, Polish authorities have recently introduced legislation (the Act) and digital systems allowing tax authorities to analyze banking systems, search for potential fraud, and block suspicious bank accounts. Effective 30 April 2018, the new rules may have an adverse effect on escrow accounts, M&A closings, and real estate transactions in Poland. This […]...