Romania is on the verge of introducing a much-awaited new support scheme for renewable energy. On 7 August 2023, the Romanian Ministry of Energy launched for public consultations a draft decision approving the legal framework for the implementation and functioning of the Contracts for Difference ("CfD") support scheme for low-carbon technologies ("CfD Scheme").
Green Loans May Be Hungary's Path to Sustainable Financing
In the world of finance, the rise of environmental, social and governance considerations has compelled bankers, investment professionals and banking and finance lawyers to reevaluate their mindset.
RTPR and Schoenherr Advise on Romcim Acquisition of Bauelemente
RTPR has advised Romcim on its acquisition of Bauelemente. Schoenherr advised Romcim on the merger and FDI clearance for the acquisition. Popovici Nitu Stoica si Asociatii reportedly advised the sellers.
Schoenherr, White & Case, and Karanovic Advise on E& Acquisition of PPF Telecom Bulgarian, Hungarian, Serbian, and Slovakian Assets
Schoenherr, working with Sullivan & Cromwell, has advised the Emirates Telecommunications Group Company – operating as E& – on its acquisition of a 50%-plus-one-share stake in PPF Telecom Group's assets in Bulgaria, Hungary, Serbia, and Slovakia. White & Case and Karanovic & Partners advised the PPF Group on the up to EUR 2.5 billion sale and the setup of a joint venture with E&.
Major Legislative Changes in Hungary's Pharma and Food Industry
Significant legal changes occurred in the Hungarian pharmaceutical and food industry in the summer of 2023. According to Government Decree No. 333/2023. (VII. 20.), as of 1 August 2023, the National Public Health Centre (NNK) and the National Institute of Pharmacy and Nutrition (OGYÉI) merged, establishing a new authority, the National Centre for Public Health and Pharmacy (Nemzeti Nepegeszsegugyi es Gyogyszereszeti Kozpont, NNGYK).
The Public Procurement Tool
The public procurement tool is intended to prevent foreign subsidies (as defined in Art. 3 FSR) from distorting competition in the internal market. This happens when companies are able to submit unduly advantageous bids that drive competitors unsupported by state funds out of the market, for example because they are subject to the strict prohibition of intra-EU State aid under Art. 107(1) TFEU. The need to counteract market-distorting subsidies from third countries is "particularly pronounced" in public procurement, since public contracts are financed with taxpayers' money.
Madalina Mitan Makes Local Partner at Schoenherr in Romania
Former Schoenherr Managing Attorney at Law Madalina Mitan has been appointed as a Local Partner with the firm's Bucharest office.
Dentons Advises Ursus Breweries on Virtual Power Purchase Agreement with Enery
Dentons has advised Ursus Breweries on its virtual power purchase agreement with Enery.
Did You Know: The Bulgarian Mid-Year Leaderboard
Did You Know that a total of 14 partners at Bulgarian law firms have worked on multiple client matters in that country so far this year? That group is led by Boris Teknedzhiev of Tokushev & Partners, who has worked on five reported Bulgarian client matters in 2023.
Schoenherr and Karanovic & Partners Advise on OTP Group's Project Financing for Pannonia Bio
Moravcevic, Vojnovic, and Partners in cooperation with Schoenherr has advised OTP Group members OTP Bank Plc Hungary and OTP Bank Serbia on project financing for Pannonia Bio. Karanovic and Partners advised Pannonia Bio.
Third Time's the Charm? EU-US Data Privacy Framework Revamped and Reloaded
On 10 July 2023, the European Commission adopted an adequacy decision for a lawful data transfer from the EU to the USA for the third time. This means that personal data may again be lawfully transferred to the US. This will facilitate the use of US service providers for EU companies.
Schoenherr and DLA Piper Advise on GfK's Sale of European Consumer Panel Business to YouGov
Schoenherr, working alongside Jones Day, has advised GfK SE on the EUR 315 million sale of its European Consumer Panel business to YouGov. DLA Piper advised YouGov.
New Law on Employment of Foreign Workers in Hungary
On 13 June 2023, the Hungarian Parliament adopted a new law regulating the employment of foreign workers. The law introduces the concept of guest workers (third-country nationals from countries outside the EEA and from non-neighbouring countries) and establishes guidelines for their employment in Hungary.
Schoenherr Advises SpeedValue on Acquisition of Codegil
Schoenherr has advised SpeedValue on its acquisition of Code Agile, operating under the Codegile brand.
Schoenherr Advises AkzoNobel on Sale of Insulation Materials Production to HIRSCH Porozell
Schoenherr has advised AkzoNobel on the sale of its extruded polystyrene insulation material production activities in Romania to HIRSCH Porozell.
Schoenherr Advises Bulstrad on Acquisition of AmeriMed Medical Center
Schoenherr has advised Bulstrad Life Vienna Insurance Group Bulgaria on the acquisition of AmeriMed medical center. Reportedly, Stanev & Partners advised the sellers.
Schoenherr Advises Tello Holding on Acquisition of VA Intertrading
Schoenherr has advised Tello Holding on the acquisition of a majority stake in VA Intertrading Aktiengesellschaft by taking over Kairos Industrie Holding from Hanno Baestlein. DSC Doralt Seist Csoklich reportedly advised the seller.
Did You Know: H1 CEE Law Firm Leaderboard
Did You Know that 12 firms in Central and Eastern Europe worked on more than 16 client matters reported by CEE Legal Matters in the first half of the year? According to the Activity Rankings function of the CEELMDirect website, two firms worked on more than 40 client matters reported by CEE Legal Matters in the first six months of 2023: Schoenherr, which worked on 42, and Clifford Chance, which worked on 41.