Deloitte Romania’s Corporate Finance Team Combines with Filipescu Visa to Strengthen Practice

Deloitte Romania’s Corporate Finance Team Combines with Filipescu Visa to Strengthen Practice

In an extremely dynamic business environment, Deloitte Romania has further invested in its growing Financial Advisory practice by combining its Corporate Finance team with well-known financial advisors and one of the most experienced independent consultancy companies FILIPESCU VIȘA. The … Read the rest more…
Romanian Legal Week: 22-28 August, 2016

Romanian Legal Week: 22-28 August, 2016

Anda-LauraTănaseThe completion of the Law on the Tax Code The Ministry of Public Finance has launched in public debate on Tuesday, 23rd August 2016, the draft of the Emergency Ordinance on the completion of Law no. 227/2015 … Read the rest more…

Implementation of Common Reporting Standards (CRS)

On 24 August 2016, the Ministry of Public Finance published the Order for implementing and applying procedures of the CRS. The new legislative act provides the actions/procedures for meeting the obligations provided by the Romanian Fiscal Procedure Code (article 62, … Read the rest more…
Romanian Legal Week: August 15-21, 2016

Romanian Legal Week: August 15-21, 2016

CosminaSimaHCCJ. What must be proved in case of a penalties clause that is part of a share sale and purchase agreement The High Court of Cassation and Justice has ruled that the court of appeal correctly stated that … Read the rest more…
Significant changes brought to Law no. 10/1995 on construction quality

Significant changes brought to Law no. 10/1995 on construction quality

Law no. 163/2016 for amending and supplementing Law no. 10/1995 on construction quality (“Law 163/2016” or “Amending Law”) was published in the Official Gazette no. 561 dated 25 July 2016 and will enter into force on 24th of August 2016. … Read the rest more…
Romanian Legal Week: August 8-14, 2016

Romanian Legal Week: August 8-14, 2016

IrinaHorodincăThe Government issued the methodological requirements concerning the adoption law The Government approved on 10.08.2016, during its session, the methodological requirements concerning the adoption law. The latter was previously modified and amended at the beginning of the year. … Read the rest more…

Submission deadline changed for form 394

Starting with the reporting period for July 2016, the legal deadline for submitting form 394 (the local sales and purchases list) is changed to the 30th of the month following the reporting period. If the reporting period is the calendar … Read the rest more…
Deloitte Grows Digital Practice in Romania

Deloitte Grows Digital Practice in Romania

In a move to offer solutions to meet ever changing needs of the market, Deloitte Romania is expanding its consulting practice by further focusing on Digital Transformation. Experienced consultant Cosmin Costea of Costeaconsulting.com with a strong background in digital business … Read the rest more…
Romanian Legal Week: August 1-7, 2016

Romanian Legal Week: August 1-7, 2016

AdinaOpreaEuropean funds for SMEs in agriculture The European Investment Bank (EIB) has provided on 29 July 2016, a loan of 15 million euro to the company Agricover Credit IFN for the purpose of financing small projects implemented by … Read the rest more…

CMS: Enactment of offshore regulations in Romania

On 28 July 2016, the “Law on the Safety of Offshore Oil Operations” (the “Offshore Law”) was published in the Official Gazette. The Law establishes the minimum requirements necessary to prevent major offshore related accidents and limit their … Read the rest more…

CMS: Romanian Energy law amendments affect electricity trading

On 28 June 2016, the Romanian Parliament adopted the “Law Amending and Supplementing the Romanian Energy and Natural Gas Law” (the “Law”). The Law modifies the legislative framework for electricity trading on the Romanian energy market. Despite the … Read the rest more…

Starting 1 August 2016, the reduced 9% VAT rate is applicable for specific goods /services used in the agricultural industry

Under Order 1155/ 868/2016, the reduced 9% VAT rate applies for the following categories of goods: – Fertilizers; – Pesticides; – Seeds and other agricultural products for seeding or planting. The Order specifically includes the NC codes for each of … Read the rest more…
Romanian Legal Week: July 25-31, 2016

Romanian Legal Week: July 25-31, 2016

Raluca-AndreeaTrînca-GavanThe completion of the Regulations regarding the fees for the services of notaries public| Draft The Ministry of Justice has launched in public debate Thursday, on 28th of July 2016, the Draft of the Order of … Read the rest more…

APS acquire €1,3 billion NPL portfolios in Romania assisted by ȚUCA ZBÂRCEA & ASOCIAȚII

ȚUCA ZBÂRCEA & ASOCIAȚII assisted APS Holding a. s. (APS) to achieve the successful completion of the acquisition of two portfolios of non-performing loans (NPL) with the nominal value of €1.33 billion in Romania. The team of lawyers at ȚUCA … Read the rest more…

Deloitte, REFF & ASSOCIATES Assess Competiveness of Food Processing, Construction Industries

Deloitte Romania together with REFF & ASSOCIATES, the law firm representing the international network of law firms Deloitte Legal in Romania have conducted a report assessing the competiveness of the food processing and construction industries, two sectors that have … Read the rest more…

BONDOC & ASOCIATII assisted Mid Europa Partners on the Romanian law aspects pertaining to their acquisition of the full control over Waberer, one of the largest road freight transport operators in Europe

BONDOC & ASOCIATII assisted Mid Europa Partners, the leading private equity firm focused on Central and South Eastern Europe, in acquiring full control of the leading CEE road freight transport company Waberer’s International Nyrt (“Waberer’s”or the”Company”), by acquiring the shares … Read the rest more…

CMS: Romanian FSA withdraws Carpatica Asig SA’s licence and commences bankruptcy procedures

On 27 July 2016, the Board of the Romanian Financial Supervisory Authority (“FSA”) analysed the status of the Romanian insurance undertaking Carpatica Asig SA, considering several audit and assessment reports. The outcome of the FSA analysis was the … Read the rest more…

CMS: Romanian Competition Council Adopts Guidelines on Anti-Competitive Practices in Public Tenders

The Romanian Competition Council (the “RCC”) recently published new guidelines on detecting and preventing anti-competitive practices in public procurement procedures (the “Guidelines”). The issuance of the Guidelines is further evidence of the RCC’s focus on anticompetitive … Read the rest more…
Romanian Legal Week: July 18-24, 2016

Romanian Legal Week: July 18-24, 2016

Anda-LauraTanaseHCCJ. Breach of the ”tantum devolutum quantum apellatum” and ”non reformatio in pejus” principles The High Court of Cassation and Justice has decided that the appeals court did not respect the ”tantum devolutum quantum apellatum” principle and the … Read the rest more…

OECD releases guidance on the implementation of Country-by-Country reporting. Deloitte launched CDX tool

OECD’s guidance on the implementation of CbC reporting The OECD/G20 BEPS Project set out 15 key actions to reform the international tax framework and ensure that profits are reported where economic activities are carried out and value is created. One … Read the rest more…
Romanian Legal Week: July 11-17, 2016

Romanian Legal Week: July 11-17, 2016

IrinaHorodincăRaluca Prună participated in the informal meeting of the Justice and Home Affairs Council Raluca Prună, the Minister of Justice, participated between 7-8 July, in the informal meeting of the Justice and Home Affairs Council which took place … Read the rest more…

Customs guarantee treatment for special customs procedures or free zones

Amongst the new orders which transpose the provisions of the new Customs Code of the Union ( “CVU”) in the national legislation, we mention: – Technical norms for the authorization of special regimes; – Technical norms on the use of … Read the rest more…
Deloitte EMEA 360° Boardroom Survey: Agenda priorities across the region

Deloitte EMEA 360° Boardroom Survey: Agenda priorities across the region

Company boards appear to be adopting a more optimistic outlook for growth and competitiveness in the short to medium term compared to the recent past according to the first edition of the Deloitte Survey “EMEA 360° Boardroom Survey: Agenda priorities … Read the rest more…
Elimination or reduction of the tariff duties on certain codes of the Combined Nomenclature

Elimination or reduction of the tariff duties on certain codes of the Combined Nomenclature

By signing the Agreement on Information Technology (“ATI”), the European Union granted tariff concessions for products used in the Information Technology industry. By the EU Decision no. 971/2016, ATI agreement has been extended to a wider range of products. In … Read the rest more…

Significant amendments on the legal framework regarding the Romanian consumer financing market

The Romanian National Authority for Consumer Protection (“NACP”) recently published on its web site a legislative proposal to amend of the legal framework relating to credit agreements between Romanian based financial institutions and consumers (i.e. private individuals) (“… Read the rest more…

Alina Bilan, partner ONV LAW, talked about practical measures to unlock infrastructure projects in Romania, at the launching of CCIFER’s White Book of Constructions

Alina Bilan, partner ONV LAW, talked about practical measures to unlock infrastructure projects in Romania, at the launching of CCIFER’s White Book of Constructions, on July 7th, 2016. Alina focused on how to improve public procurement process and accelerate … Read the rest more…
Romanian Legal Week: July 4-10, 2016

Romanian Legal Week: July 4-10, 2016

AdinaOpreaThe Competition Council is analyzing a new economic concentration The Competition Council analyzes the envisaged economic concentration to be achieved through the takeover Romgreen Universal Limited (Cyprus) and some companies controlled by it by Gren Holdings Limited (Cyprus) … Read the rest more…

The Opinion no. 18 of Consultative Council of European Judges | Rodica Aida Popa

The Author: “The Opinion no. 18 of Consultative Council of European Judges was on the agenda of a round table meeting on June 10th 2016. ”The dialogue of the judicial authority of Romania with the other state authorities … Read the rest more…

Ireland and Spain lead the Eurozone charge for productivity growth

Productivity growth in Ireland and Spain – the top performing peripheral economies in the Eurozone – has outstripped that in Germany, France and the Netherlands, say PwC economists. The figure to the right shows that Eurozone real GDP per hour … Read the rest more…

New provisions regarding the management of packaging, electrical and electronic equipment, batteries and portable accumulators

Two emergency ordinances amending Order no. 196/2005 regarding the Environmental Fund and Law no. 249/2015 on the management of packaging and packaging waste were published in the Official Gazette last Thursday. Packaging and packaging waste Companies who place packed goods … Read the rest more…
Romanian Legal Week: June 27- July 3, 2016

Romanian Legal Week: June 27- July 3, 2016

Raluca-AndreeaTrînca-GavanVolkswagen refunds the clients in the emissions case As a result of the emissions problem, the costs for Volkswagen will be around 14 billion dollars, only in USA, much more than other producers paid because of the frauds.… Read the rest more…

Best Lawyers: repeated international acknowledgement for Maravela & Asociaţii lawyers

The founding partners of Maravela & Asociaţii have been once again listed by Best Lawyers International amongst the most prominent Romanian lawyers. Best Lawyers is one of the oldest and most respected international directories, being a peer based survey of … Read the rest more…

EY Romania wins the third Transfer Pricing Firm of the Year award in Central & Eastern Europe

EY Romania was awarded for the third time Transfer Pricing Firm of the Year in Central & Eastern Europe. The award was given by the International Tax Review (ITR) – one of the world’s leading magazines dedicated to international tax … Read the rest more…

Lawyr.it launches Open Call for new issue

Lawyr.it, the only student-powered legal publication focused on Central Eastern Europe, is starting off this hot summer with a warm invitation to law students from across Europe to submit creative and innovative articles by July 25 at editors@lawyr.it. If … Read the rest more…
Romanian Legal Week: June 20-26, 2016

Romanian Legal Week: June 20-26, 2016

Anda-LauraTanaseNew measures on the enforcement of posted workers providing services in EU Member States The Government approved in its meeting on June 16, 2016 the draft law on the posting of workers in the framework of services that … Read the rest more…

Uncollected VAT is costing the state budgets of five CEE countries over 28 billion Euro per year, according to PwC study

According to PwC estimations, the cost of uncollected VAT to the state budgets of five Central and Eastern European (CEE) countries amounted to over 28.2 billion Euros in 2015. The results of this study were presented today at a PwC… Read the rest more…
Romanian Legal Week: June 13-19, 2016

Romanian Legal Week: June 13-19, 2016

IrinaHorodincăThe European Commission supports high-end technology in Romania According to a press release issued on 10.06.2016, the European Commission has approved the second phase of project Extreme Light Infrastructure – Nuclear Physics (ELI-NP), currently being carried out … Read the rest more…

CMS: New legislation in the retail sector imposes a 51% ratio of marketed food products to consist of local products

On 8 June 2016, the Romanian Chamber of Deputies passed new legislation (“New Law”) amending Law no. 321/2009 on the trading of food products (“Law 321”). The New Law introduces more restrictive obligations for traders of … Read the rest more…

The Methodological Norms for application of the new laws on the award of public procurement and sectorial procurement agreements were enacted

The Methodological Norms, which are part of the new legal framework on public procurement and sectorial procurement, were published in the Official Gazette no. 422 and 423 on 6 June 2016, being approved through: – Government Decision no. 394/2016 for … Read the rest more…

New rules redefine concept of exporter

The exporter from customs and VAT perspective The new Union Customs Code (“UCC”) has amended the definition of exporter. From a customs perspective, the definition of exporter has been restricted to persons established in the EU who have the power … Read the rest more…
Romanian Legal Week: June 6-12, 2016

Romanian Legal Week: June 6-12, 2016

AdinaOpreaThe National Agency for Fiscal Administration. Statement 394 can be tested prior to August 1, 2016 A group of 25 firms, both large and small taxpayers, have expressed the desire to test the Statement 394 and to communicate … Read the rest more…
SCHOENHERR advises banking syndicate on Erste Group’s inaugural issue of EUR 500 million Additional Tier 1 notes

SCHOENHERR advises banking syndicate on Erste Group’s inaugural issue of EUR 500 million Additional Tier 1 notes

SCHOENHERR advised an international banking syndicate comprising Morgan Stanley (technical lead), UBS, J.P. Morgan and HSBC, as Joint Lead Managers on the successful issuance of a EUR 500 million undated and subordinated fixed to fixed resettable bond by Vienna-based Erste … Read the rest more…
New Double Tax Treaty between Romania and Bulgaria

New Double Tax Treaty between Romania and Bulgaria

Some terms used in the previous agreement have been clarified (e.g. enterprise, company). Two new criteria have been introduced in regards to the definition of residents – i.e. the place of registration / place of incorporation is considered a country … Read the rest more…

Amendments to the New Fiscal Code

The law contains amendments with respect to Law 227/2015 on the Fiscal Code for amending art. 477, line (7). As such, it has been clarified that the tax for advertising and publicity services will be declared and paid by the … Read the rest more…

4 out of 5 Romanian CEOs state that they focus more on long-term profitability instead of short term gains, according to the latest edition of the Romanian edition of the PwC Global CEO Survey

72% of Romanian CEOs state that the purpose of the companies they lead is to create value for all stakeholders, not just for shareholders, and 79% say that they focus more on long-term profitability rather than short-term gains, according to … Read the rest more…
Romanian Legal Week: May 30 – June 5, 2016

Romanian Legal Week: May 30 – June 5, 2016

Raluca-AndreeaTrînca-Gavan Guarantee limits for First Home program, supplemented by the Ministry of Public Finance The Ministry of Public Finance approved the allocation to supplement with 500 million lei the guarantee limits for First Home program, according to a press … Read the rest more…

CMS: Romanian Competition Council publishes Draft Guidelines on competition rules for consortia participation in public tenders

The Romanian Competition Council (the “RCC”) recently published its draft “Guidelines on competition rules for participation in public tenders” (the “Draft Guidelines”). The purpose of the Draft Guidelines is to offer guidance for compliance with competition … Read the rest more…
Deloitte Romania: State Support Boosts R&D Investment

Deloitte Romania: State Support Boosts R&D Investment

Greater support from authorities in the shape of cash grants and tax incentives will lead to an increase in research & development (R&D) investments, the fifth edition of Deloitte CE has revealed. In Romania, more than half of the respondents … Read the rest more…

Mirela Metea promoted as Partner with Maravela & Asociaţii

As of June 1, Mirela Metea was named Partner with Maravela & Asociaţii, this being the second partner promotion within the firm amidst its dispute resolution associates. Besides an increased volume of clients and entrusted mandates in this field, … Read the rest more…
Deloitte Romania Strengthens its Financial Advisory Leadership

Deloitte Romania Strengthens its Financial Advisory Leadership

Lars Wiechen takes over as Partner-in-Charge Team strengthens and services expand Radu Dumitrescu promoted as new partner Effective June 1, 2016  Effective June 1st, 2016, Lars Wiechen will take over the role of Partner-in-Charge for Deloitte Romania’s FA … Read the rest more…
Romanian Legal Week: May 23-29, 2016

Romanian Legal Week: May 23-29, 2016

Anda-LauraTanase HCCJ. Bilateral promise to sell. Legit refusal to contract The High Court of Cassation and Justice has ruled that, according to the disposals of Article 1669 Paragraph 1 Civil Code, when one of the parties that contracted a … Read the rest more…

Citizens of Tomorrow

Law-related education contest “Citizens of Tomorrow” – The Final of the Competition – National High School “Gh. Şincai” vs. National High School “Sf. Sava” 2016, June 1st, time: 5:00-7:00 pm Place: Aula Magna, Universitatea Titu Maiorescu, Calea Văcăreşti nr. … Read the rest more…
The new legislative framework on public procurement and concession of works and services was published in the Official Gazette

The new legislative framework on public procurement and concession of works and services was published in the Official Gazette

The legislative framework, which repeals Government Emergency Ordonnance no. 34/2006, is comprised of the following laws: – Law no. 98/2016 on public procurement; – Law no. 99/2016 on procurement in the water, energy, transport and postal services sectors (sectorial procurement);… Read the rest more…

CMS: Implications of Romania’s new public procurement package on the energy sector

As previously reported, on 10 May 2016, the Romanian Parliament adopted a public procurement legislative package intended to transpose EU public procurement directives. The most important change in the legislative package is the exclusion of oil and gas exploration … Read the rest more…

Next generation of family business leaders ambitious to drive change but struggle with getting their voices heard

• Only 41% of next gens believe that their firm has a strategy fit for the digital world • 88% of next gens want to leave their stamp and do something special with the business • 70% of next gens … Read the rest more…
Romanian Legal Week: May 16-22, 2016

Romanian Legal Week: May 16-22, 2016

IrinaHorodincăThe establishment of the National Agency for Protected Natural Areas Law no. 95/2006 establishing the National Agency for Protected Natural Areas and amending the Emergency Ordinance no. 57/2007 concerning the regime of protected natural areas, conservation of natural … Read the rest more…

CMS: Romania, New Double Tax Treaties

On 18 March 2016, Romania ratified four double tax treaties (“DTT”) with Italy, United Arab Emirates, Norway and Bulgaria, which as of May 2016 have all been ratified by the corresponding country. The DTTs provide the following withholding tax relief:… Read the rest more…

CMS: Romanian Ministry of Energy publishes draft law on minimum crude oil reserves

On 28 April 2016, the Ministry of Energy published the Draft Law on the establishment and maintenance of a minimum level of crude oil and petroleum product reserves (“Draft Law”). The Draft Law is necessary to replace current … Read the rest more…
Romanian Legal Week: May 9-15, 2016

Romanian Legal Week: May 9-15, 2016

AdinaOprea Amending and supplementing Regulation no. 17/2012 of the National Bank of Romania on certain credit conditions | Draft The National Bank of Romania launched for public debate, on Wednesday, 11 May, 2016, the draft of the Regulation for … Read the rest more…
Deloitte Legal Dbrief. Drafting Intercompany Agreements on Intangibles in the BEPS Environment: From a Legal Perspective

Deloitte Legal Dbrief. Drafting Intercompany Agreements on Intangibles in the BEPS Environment: From a Legal Perspective

REFF & ASSOCIATES, the law firm representing Deloitte Legal in Romania, is delighted to invite you Thursday, 19 May, 12:00 – 1:00 PM CEST to participate in the next Dbrief, focused on Drafting Intercompany Agreements on Intangibles in the … Read the rest more…

CMS: Romanian Courts decide on land access in favour of petroleum companies

For the last few years, Romanian landowners have unjustly prevented titleholders from conducting petroleum operations on blocks and land, claiming that the easement rights granted to titleholders under the Petroleum Law represent expropriation. The landowners’ denial of access has mostly … Read the rest more…

Employers will no longer have the possibility to suspend the individual employment contracts during the disciplinary investigation of employees

On 05.05.2016, the Constitutional Court ruled that art. 52 Para (1) letter a) of Law no. 53/2003 on the Labor Code (”Labor Code”), which regulates the employer’s right to suspend the individual employment agreement during the prior disciplinary investigation is … Read the rest more…

CMS: The Debt Discharge Law

A law which has proved controversial and been heavily criticised by the banking community in Romania as well as by the National Bank of Romania and European Central Bank, was published in the Romanian Official Gazette on 28 April 2016 … Read the rest more…
Romanian Legal Week: May 2-8, 2016

Romanian Legal Week: May 2-8, 2016

Raluca-AndreeaTrînca-GavanCommissioning pay back law published in the Official Journal In the Official Journal of Romania, part I, no. 330 from 28th April 2016 has been published Law no. 77/2016 regarding the commissioning pay back of some immovable … Read the rest more…
Deloitte Legal Dbrief. Cross-Border Relocation of Companies within the EU:  A Chance for Your Company? – Opportunities, Challenges and Potential Pitfalls

Deloitte Legal Dbrief. Cross-Border Relocation of Companies within the EU: A Chance for Your Company? – Opportunities, Challenges and Potential Pitfalls

REFF & ASSOCIATES, the law firm representing Deloitte Legal in Romania, is delighted to invite you Wednesday, 11 May, 12:00 – 1:00 PM CEST to participate in the next Dbrief, focused on Cross-Border Relocation of Companies within the EU: … Read the rest more…
Romanian Legal Week: April 25 – May 1, 2016

Romanian Legal Week: April 25 – May 1, 2016

Anda-LauraTanaseHCCJ. The existence of the moral damage The High Court of Cassation and Justice has decided that, when determining the existence of the moral damage, it must be taken into consideration the character and the importance of the … Read the rest more…

New EU Data Protection Regulation has been approved

On 14 April 2016 the European Parliament approved the new General Data Protection Regulation. It replaces the current data protection directive, i.e. Directive 95/46/EC on the protection of individuals with regard to the processing of personal data and on … Read the rest more…

NOERR advised Nidec to acquire ANA IMEP S.A. from George Copos

The law firm NOERR advised Nidec Corporation (NYSE: NJ, “Nidec”) on the acquisition of approximately 94.8% of the shares of ANA IMEP S.A. (“IMEP”), a company owned by George Copos and having as main business activity the development, manufacturing and … Read the rest more…
Romanian Legal Week: April 18-24, 2016

Romanian Legal Week: April 18-24, 2016

IrinaHorodincăThe Superior Council of Magistracy. Notice regarding the renewal of Laura Andrei’s investiture with the function of Romania’s representative at the Joint Supervisory Authority of Eurojust The Plenum of the Superior Council of Magistracy gave its advisory notice … Read the rest more…
SCHOENHERR named Leading Law Firm in Austria and Romania by Chambers

SCHOENHERR named Leading Law Firm in Austria and Romania by Chambers

SCHOENHERR has been recognized as “Austrian Law Firm of the Year” (2016) and “Romanian Law Firm of the Year” (2016) by the renowned legal publisher Chambers and Partners. For the first time, SCHOENHERR has been awarded with … Read the rest more…

CLIFFORD CHANCE appoints 24 new partners. Promotion round includes Bucharest partner, Ioana Țălnaru, specialized in Corporate M&A, Private Equity and Energy

Leading international law firm CLIFFORD CHANCE has today announced the promotion of 24 lawyers to its partnership, including Bucharest-based lawyer Ioana Țălnaru. With over 14 years of experience and a solid portfolio in the field, Ioana Țălnaru specializes in Corporate … Read the rest more…

BONDOC & ASOCIATII assisted E-Mag in relation to the acquisition of PC Garage

BONDOC ȘI ASOCIAȚII is one of the most active law firms in the market, including in the M&A area, assisting E-Mag, among others, in several transactions. In the recent time period, it has been working in some of the largest … Read the rest more…

CLIFFORD CHANCE BADEA: The new Covered Bonds Law – a financing alternative for credit institutions in Romania

Covered bonds bring several benefits for both issuers and investors – the possibility of obtaining high credit rankings and ensuring access to a large pool of potential investors (from the issuers’ point of view), more accessible investment thresholds, favourable regulatory … Read the rest more…
Romanian Legal Week: April 11-17, 2016

Romanian Legal Week: April 11-17, 2016

AdinaOpreaThe Competition Council has authorized the takeover of Credit Europe Insurance Reinsurance by Ergo Austria International AG The Competition Council has authorized the merger through which Ergo Austria International AG takes over Credit Europe Insurance Reinsurance SA, according … Read the rest more…

The total number of cars in circulation in Romania increased by 21% after 2008, however most of the increase came from second-hand cars

• More than half of the national auto fleet is made up by cars older than 10 years; • The average age of the national auto fleet reached 12,9 years, 4,6 years older than the EU average; • The share … Read the rest more…

CLIFFORD CHANCE: Competition, a globalized theme amid increased complexity and internalization of antitrust enforcement

Competition investigations are getting ever more complex and interconnected, as more and more jurisdictions consolidate their regulatory framework, and related authorities work closer together at international level. As a result, companies see greater risks and regulatory requirements. The most recent … Read the rest more…

Legal 500: ȚUCA ZBÂRCEA & ASOCIAȚII has been recommended as a Top-Tier Firm in 10 practice areas

The Legal 500 EMEA edition has been recently released in London, providing researched coverage of 81 countries and over 2,700 ranked law firms. The following practice areas were covered in the editorial for Romania: Banking, finance and capital markets; Commercial, … Read the rest more…

WOLF THEISS has new partner for competition law

WOLF THEISS recruits new Partner Adrian Șter in 2016. This year, the local office of Austrian law firm WOLF THEISS expands its competition and state aid practice by adding new Partner Adrian Șter to its team. Adrian Șter graduated from … Read the rest more…
Deloitte: Romania dominates the NPLs market in the CEE

Deloitte: Romania dominates the NPLs market in the CEE

With loan portfolio sales increasingly recognised as an effective method of deleveraging, this continues to be a crucial element in banks’ strategies. In this context, the non-performing loans market (“NPLs”) in the region has gained momentum in 2015 and Romania … Read the rest more…

Ursus Breweries Receives Green Frog Award 2015 Distinction in the CEE competition | Czech-based Plzeňský Prazdroj Wins Competition

Deloitte Romania announces that Ursus Breweries has received a distinction in the 2015 Deloitte Central European Sustainability Report Award known as the Green Frog Award (GFA). The Ursus Report was distinguished among the best reports in the region out of … Read the rest more…

CMS: Romania – New rules for the assessment of shareholders and investors in non-banking markets

The Romanian Financial Supervisory Authority (“FSA”) recently adopted a new regulation addressing the criteria and procedure for the FSA’s assessment of acquisitions and shareholding increases in entities regulated by the FSA (the “Regulation”). The Regulation addresses … Read the rest more…

ONV LAW introduces new Managing Associate role

ONV LAW promotes 3 to newly created Managing Associate role, covering all 3 legal departments of the firm. ONV LAW introduced the new role with the appointment of Sînziana Bărbieru, Cătălina Lazăr and Magda Barbu-Preda as Managing Associates. “I would … Read the rest more…

CMS: Romania – First steps to national and European transportation interconnectivity

In order to simplify and accelerate the implementation of infrastructure projects included in the 2014-2020 Large Infrastructure Operational Programme approved by the European Commission, the Romanian Government recently adopted an emergency ordinance for projects related to the construction of roads, … Read the rest more…
Romanian Legal Week: April 4-10, 2016

Romanian Legal Week: April 4-10, 2016

Raluca-AndreeaTrînca-Gavan NAFA increases the minimum debt amount to the budget that will be published The National Agency for Fiscal Administration increased the minimum amount of debt the budget that will be published on the institution’s website at the end … Read the rest more…

BONDOC & ASOCIATII Expands Its Team with Three More Lawyers

BONDOC ȘI ASOCIATII expands its team with other three lawyers, Oana Coanda, Alexandru Multescu and Diana Savu, to support mainly the activities of the Life Sciences, Compliance, Dispute Resolution and IT&C/Data Privacy practices.… Read the rest more…
Deloitte Legal Dbrief. Workforce-on-Demand: A New Era for Employment?

Deloitte Legal Dbrief. Workforce-on-Demand: A New Era for Employment?

REFF & ASSOCIATES, the law firm representing Deloitte Legal in Romania, is delighted to invite you Tuesday, 12 April, 12:00 – 1:00 PM CET (Rescheduled from 16 March) to participate in the next Dbrief, focused on Workforce-on-Demand: A … Read the rest more…

CMS: Romania to speed up enforcement of DAB decisions related to trans-European transport infrastructure projects

On 18 March 2016, the Romanian government published Governmental Emergency Ordinance No. 7/2016 (“GEO 7”) in the Romanian Official Journal. GEO 7 applies to the trans-European railway, road, maritime and air transport infrastructure projects in Romania (“TETI … Read the rest more…

Order no. 1105 of 29 March 2016 for amending the 394 statement on transactions carried out on the national territory

ANAF Order no.1105/ 2016 for the amendment of Order no. 3769/ 2015 on the reporting of transactions carried out on national territory by persons registered for VAT purposes as well as the content of informative 394 statement was published in … Read the rest more…
Romanian Legal Week: March 28 – April 3

Romanian Legal Week: March 28 – April 3

Anda-LauraTanase International Law – Romania is supporting the Republic of Moldavia in implementing the unique system for 112 urgent calls Raed Arafat, the state secretary of the Ministry of Foreing Affairs in Romania, affirmed that Moldavia will be supported … Read the rest more…

CMS: ECJ addresses meaning of “consumer” under the EU Unfair Contract Terms Directive

In a recent case, Horatiu Ovidiu Costea v. Volksbank Romania, the Court of Justice of the European Union (the “ECJ”) clarified the meaning of “consumer” under the EU directive on unfair terms in consumer contracts (Directive 93/13/EEC, the “Unfair Contract … Read the rest more…

A Survey regarding the Approach of the Romanian Courts to the Notion of Public Policy in the Context of Recognition and Enforcement of Foreign Arbitral Awards and in Proceedings for Setting Aside Arbitral Awards

Dr. Cosmin Vasile, Partner ZAMFIRESCU RACOȚI & PARTNERS and Violeta Saranciuc, Senior Associate ZAMFIRESCU RACOȚI & PARTNERS have published in Revista de Note și Studii Juridice (RNSJ) the article A Survey regarding the Approach of the Romanian Courts … Read the rest more…

Țuca Zbârcea & Asociații leads on Swiss media group Ringier’s acquisition of top Romanian online real estate portal

Dragoș Apostol Țuca Zbârcea & Asociații acted for Ringier, one of the largest international media groups operating in Romania, on the acquisition of a majority stake in Imobiliare.ro from Broadhurst Investments. Imobiliare.ro is Romania’s leading online advertising portal for real … Read the rest more…
Centre of Main Interests and Forum Shopping: Moving Insolvency Proceedings to a Friendlier Jurisdiction

Centre of Main Interests and Forum Shopping: Moving Insolvency Proceedings to a Friendlier Jurisdiction

CENTRE OF MAIN INTERESTS As a general rule, insolvency proceedings fall under the jurisdiction of the national courts in the state where the debtor’s head office is registered (“State of Incorporation“). Such jurisdiction is reasonably practical, as most … Read the rest more…

The OECD released the electronic support for the automatic exchange of information between jurisdictions as part of the Country-by-Country (CbC) reporting

As part of Action 13 issued by the OECD in the final BEPS Package released last year, Guidance on the Implementation of Transfer Pricing Documentation for Country-by-Country Reporting, the CBC XML scheme was developed, providing the electronic standardized format in … Read the rest more…

Decision regarding the automatic exchange of information adopted by the Romanian Senate

Considering that The European Council has welcomed OECD’s ongoing efforts made to develop a global standard for automatic exchange of financial information, on the 21st of March 2016, the Romanian Senate adopted the Decision on the Proposal for a Council … Read the rest more…

Neil McGregor works with The Ministry of Justice on Romania’s new Anti-corruption Strategy, as BRCC representative

Following the launch of consultations by the Romanian Ministry of Justice on Romania’s new Anti-corruption Strategy, Neil McGregor, managing partner of McGregor & Partners and Vice-Chairman of the British Romanian Chamber of Commerce (BRCC) met senior officials in the Ministry … Read the rest more…

BONDOC & ASOCIATII Obtain an Important Confirmation in Administrative Litigation Area: Nullification of Documents Issued Based on Provisions of Government Ordinances Declared Unconstitutional in Other Cases

The Administrative and Tax Litigation Division of the High Court of Justice ordered the nullification of some administrative documents, namely claw-back payment notifications, issued in 2012, prior to the Constitutional Court’s Decision no. 39/2013, whereby the provisions of Government  Emergency … Read the rest more…
PwC Romania launches this year’s edition of the PwC Career-Boosting Game

PwC Romania launches this year’s edition of the PwC Career-Boosting Game

Up to 150 students and graduates will be selected through this programme. PwC Romania launched this year’s edition of the PwC Career-Boosting Game an innovative approach to the recruitment and selection process based on the gamification concept, which proposes the … Read the rest more…
Romanian Legal Week: March 21-27, 2016

Romanian Legal Week: March 21-27, 2016

IrinaHorodincăThe Superior Council of Magistracy – reestablishment of tutelage courts at the request of the Chamber of Notaries Public Bucharest Commission no. 1 of the Superior Council of Magistracy, Independence and accountability of justice, the streamlining of its … Read the rest more…

Corporate compliance conference

TRACE International, Wolf Theiss, the US Embassy in Romania and EY Romania hosted the Corporate Compliance Conference on 24 March 2016 in Bucharest. The event provided participants with an invaluable opportunity to learn the latest practices to effectively … Read the rest more…
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