Client Alerts
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Bulgaria – Energy regulator’s decision adverse to wind RES producers repealed by court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 […]...
Criminal liability of companies under Romanian legislation
1. General Criminal Liability Of The Companies Under Romanian Legislation General Conditions of Criminal Liability of Companies All legal persons (with the exception of the state and public authorities) are liable for criminal offenses perpetrated while carrying out their main activity or when acting in the interest or on behalf of the legal person. Public […]...
RES/COGEN producers forced to the free market
AMENDMENTS TO THE BULGARIAN ENERGY ACT AND THE RENEWABLES ACT REPEAL THE RES AND CO-GENERATION SUPPORT SCHEMES...
DSGVO – Straffreiheit in Österreich?
Der österreichische Gesetzgeber hat am 20.04.2018 relativ unbemerkt Änderungen des im Jahr 2017 beschlossenen Datenschutz-Anpassungsgesetzes (1) vorgenommen. Aufgrund einer darin enthaltenen Bestimmung, wonach Ersttäter im Falle eines Datenschutzverstoßes angeblich straffrei bleiben, drang dieses Datenschutz-Deregulierungs-Gesetz (2) 2018 rasch an die Öffentlichkeit. Auch an anderen Stellen wurden noch Änderungen eingebaut, die für Unternehmen durchaus eine Erleichterung mit […]...
Neue Schiedsordnungen in der Region
Wiener Regeln 2018 Nationale Verfahren Die neuen Wiener Regeln 2018 gelten grundsätzlich für alle Schiedsverfahren, die nach dem 31.12.2017 eingeleitet wurden. Eine wesentliche Neuerung betrifft ab 1.7.2018 die Durchführung nationaler Verfahren, dh wenn alle Parteien ihren (Wohn-)Sitz im Inland haben. Diese Kompetenz war bisher bei den Ständigen Schiedsgerichten der Wirtschaftskammern der Länder angesiedelt. “Alte” Schiedsklauseln, […]...