Albania’s gambling industry has undergone significant transformations over the past decade, shifting from a thriving sector to one under stringent regulation. Lalaj & Partners Partner Sabina Lalaj explores the evolution of gambling in Albania, the impact of regulatory changes, its current status in the economy, and the future outlook of the industry.

On November 14, 2024, banking and finance experts from Albania, Austria, Bosnia and Herzegovina, Bulgaria, North Macedonia, and Poland sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss digitalization and the impact of tech on the banking sector in CEE.

The long-anticipated initiative to establish a new legal framework for personal data protection in Albania is finally moving forward, as the Council of Ministers has approved a draft law that aligns closely with the European Union’s General Data Protection Regulation (GDPR). This proposed legislation promises to bring significance in this important but frequently underappreciated legal domain. With its comprehensive approach and alignment with EU standards, the new law aims to greatly improve privacy protection in the national context.

Schoenherr has advised Headwall Photonics on the acquisition of Austria-headquartered EVK DI Kerschhaggl. BPV Huegel advised the sellers.

Brandl Talos has advised Graph Therapeutics on a USD 3.1 million pre-seed financing round led by Squareone and Merantix Capital, with participation from NAVEC Investment Management and angel investors, including the Atomico Angel Program. Herbst Kinsky advised NAVEC. Schoenherr advised Squareone. Fladgate reportedly advised the Atomico Angel Program.

Wolf Theiss has advised Erste Group Bank on the successful issuance of EUR 750 million fixed to floating rate green preferred senior notes due 2033. CMS, working with Linklaters, advised the international banking syndicate working on the issuance including Danske Bank, Erste Group, Landesbank Baden-Wuerttemberg, Landesbank Hessen-Thueringen, Societe Generale, and TD Global Finance.

Contributed by Arzinger

The commercial legal markets of Central & Eastern Europe didn’t appear automatically. They didn’t develop in a vacuum. They were formed, shaped, and led, by lawyers – visionary, hard-working, commercially-minded, and client-focused individuals pulling the development of CEE’s legal markets along behind them as they labored relentlessly for their clients, their careers, their futures. 

BDK Advokati has entered North Macedonia via a cooperation agreement with a local qualified independent Attorney at Law Josif Filipovski. Moreover, the firm has expanded its presence in Bosnia & Herzegovina with the addition of Melika Basic.

On November 7, 2024, M&A experts from Austria, Bosnia & Herzegovina, Croatia, Greece, Hungary, Moldova, Romania, and Ukraine participated in a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the FDI screening regimes in their country and key developments in the area on the horizon.

Unlike many neighboring countries, the Trademark Law of Bosnia and Herzegovina explicitly addresses bad faith trademark applications as both relative grounds for refusal and as a basis for contesting a trademark through court proceedings. In other words, trademark applications filed contrary to the principles of good faith and fair dealing can be challenged either through an opposition before the Institute for Intellectual Property or by filing a lawsuit before the competent court. While this dual system theoretically provides two distinct avenues of recourse, practical experience shows that both mechanisms tend to merge into a single, judicially driven process. Below, we analyze the key lessons drawn from recent case law concerning bad faith trademark filings.

Spasov and Bratanov, working with Clifford Chance, has advised the International Finance Corporation and Raiffeisenbank International on the EUR 90 million financing for R Engineering to construct a solar power park. CMS advised R Engineering.

Attorney at Law Tsvetina Stefanova-Boyadzhieva has been promoted to Partner at Gugushev & Partners.

Tsvetkova Bebov & Partners, member of Eversheds Sutherland, has advised Allianz Bank Bulgaria on its issuance of EUR 50 million MREL notes due December 2028.

With the amendments to the Companies Act (the “Act”), which entered into force on 5 December 2024, Croatia has implemented EU Directive (EU) 2022/2381 on gender balance on corporate boards of listed companies (the “Directive”). The so called “Women on Boards” Directive aims to ensure that at least 40% of non-executive board seats or 33% of all board seats for listed companies are occupied by the “underrepresented sex” by the end of June 2026.

Mamic Peric Reberski Rimac, BDK Advokati, and Gorjup Law Office have advised Bosqar Invest on its acquisition of a 50.1% indirect stake in the Mlinar Group from MidEuropa Partners. Karanovic & Partners and Ilej & Partners in cooperation with Karanovic & Partners, working with Dechert, advised MidEuropa Partners. Gospic, Plazina, Stojs advised Mr. Skojo, the former owner of Mlinar and a current shareholder of SEE Bakery, the sole shareholder of Mlinar. Janezic & Jarkovic, and Van Campen Liem reportedly advised Bosqar as well. Gospic Plaznina Stojs reportedly also advised the sellers.

Vukmir & Associates, working with Taylor Wessing’s teams in Germany and Ireland, has advised Lightspeed Venture Partners on leading the EUR 5.8 million seed financing round in Orqa. Flynn O'Driscoll reportedly advised Orqa.

PRK Partners has announced a partnership with Quantera Global.

Nedelka Kubac Advokati has advised Energeticky a Prumyslovy Holding on its acquisition of a 50% stake in West Burton Energy from TotalEnergies.

Conducting legal due diligence on the target company is standard practice before completinga transaction. Even today, eight years after the GDPR came into effect, some companies still fail to implement basic data protection principles in their internal policies or in their relationships with business partners and suppliers. Some even claim not to process any personal data at all.

Drakopoulos has advised Guy Carpenter on the acquisition of the remaining 51.5% stake in Carpenter Turner from Noorstar Investments. Apostolos Georgiades & Associates reportedly advised the sellers.

Reed Smith has advised Phoebe Energy on securing non-recourse financing of EUR 341.4 million from Eurobank and Piraeus Bank for a 550-megawatt photovoltaic project in Ptolemaida, Western Macedonia, Greece.

Lambadarios, working with Reed Smith, has advised Sony Music on its acquisition of Cobalt Music from its founder. CJA Entertainment Legal reportedly advised the sellers.

Several amendments to pharmaceutical promotional laws in Hungary came into effect on 1 January 2025, with others following on 1 February 2025. Some of these amendments have long been urged by the pharmaceutical industry.

Dentons has advised Photoneo on the sale of its business to the Chicago-based Zebra Technologies. A&O Shearman's London office reportedly advised Zebra.

CMS has advised K&H Bank on the refinancing of the solar portfolio consisting of Obton Group PV plants situated on 15 different locations across Hungary, with a total installed DC capacity of 71.107 megawatts. Forgo, Damjanovic & Partners reportedly advised Obton Group.

TGS Baltic has advised IVC Evidensia on its acquisition of Tartu Loomakliinik. Ristal Keba Partners and Sirel & Partners advised the sellers, Karerin OU and Kersti Paju.

Ellex has appointed Counsel Anneli Krunks as the Head of the Fintech practice in Estonia.

Ellex has advised Trigon Capital on its acquisition of Estonia Farmid.

Kosovo has recently adopted Law No. 08/L-265 on the Register of Beneficial Owners, a key piece of legislation aimed at enhancing transparency and preventing financial crimes. Officially published on November 22, 2024, in the Official Gazette of Kosovo, this law not only addresses regulatory gaps but also lays the foundation for a transparent and trustworthy business environment in Kosovo, aligning it with the practices of European Union member states. 

RPHS Law has advised Swinto on the sale of the majority of its shares to Virtus Invesco Partners. ICL Legal advised the buyers.

Kalo & Associates has advised Starlink on establishing its business in Kosovo.

Walless has advised Indexo Real Estate Fund on its acquisition of the Olimpia shopping center in Riga for over EUR 40 million. 

TGS Baltic has advised the Latvian Electronic Public Media Council on the merger of Latvian Radio and Latvian Television creating a single national public media entity known as Latvian Public Media.

TGS Baltic has advised Colonna on the sale of a portfolio of 11 Rimi grocery stores across Latvia to Lumi Retail Property Fund. Walless advised the buyers.

Walless has advised InMedica on its sale to Mehilainen. Cobalt advised Mehilainen.

Walless has advised KJK Fund III and GS Invest on the acquisition of Metalas ir Mediena from Rosizeil Importing. Sorainen reportedly advised the sellers.

Fort Legal Partner Mindaugas Zolynas has become the firm’s new Managing Partner.

On 27 December 2024, the Parliament of North Macedonia adopted the new Law on Minimum Global Corporate Income Tax (“Law”).

BDK Advokati has entered North Macedonia via a cooperation agreement with a local qualified independent Attorney at Law Josif Filipovski. Moreover, the firm has expanded its presence in Bosnia & Herzegovina with the addition of Melika Basic.

Labor shortages have emerged as a pressing issue across CEE, prompting diverse responses from governments, businesses, and the public as they navigate the challenges of workforce gaps and economic sustainability.

Hillmont Partners and Astraea have advised on a settlement between the Stati Parties and the Republic of Kazakhstan in a dispute concerning a 2013 USD 500 million SCC Award, bringing all related litigation to an end.

Labor shortages have emerged as a pressing issue across CEE, prompting diverse responses from governments, businesses, and the public as they navigate the challenges of workforce gaps and economic sustainability.

Gladei & Partners has advised the Trans-Oil Group on refinancing its USD 500 million, senior secured Eurobond due 2026.

Harrisons, working with Bird & Bird, has advised the EBRD on a EUR 20 million loan to Serbia and Montenegro Air Traffic Services SMATSA.

Montenegro-based Jovovic, Mugosa & Vukovic and Serbia-based Zivkovic Samardzic have joined the South East Europe Legal Group.

Moravcevic, Vojnovic and Partners in cooperation with Schoenherr has advised Agri Europe Cyprus on its acquisition of a 74.94% stake in Hipotekarna Banka Podgorica. Komnenic & Partners advised a group of corporate, family, and individual sellers.

Greenberg Traurig has advised Resource Partners-backed Buglo Play on its acquisition of Elverdal and LeikkiSet.

Former DLA Piper Senior Associate Dawid Krakowiak has joined Deloitte Legal as Partner and Head of Energy and Environment.

Partner Anna Partyka-Opiela has become the new Head of the ESG practice at Rymarz Zdort Maruta.

Former BRD - Groupe Societe Generale Deputy CEO and Head of Legal & Administrative Mihai Selegean has joined Rizoiu & Asociatii as Of Counsel and the firm’s new Head of Financial and Banking Law practice.

Filip & Company has advised Credit Europe Bank Romania on a cross-border merger by absorption into Credit Europe Bank.

Former Schoenherr Managing Attorney at Law Andrei Muresan has joined the Tiriac Group as its new Head of Legal - Special Projects.

Contributed by Clifford Chance.

Contributed by Alrud.

The commercial legal markets of Central & Eastern Europe didn’t appear automatically. They didn’t develop in a vacuum. They were formed, shaped, and led, by lawyers – visionary, hard-working, commercially-minded, and client-focused individuals pulling the development of CEE’s legal markets along behind them as they labored relentlessly for their clients, their careers, their futures. 

AP Legal has advised Inn-Flex on its acquisition of Parir Print. Sole practitioner Tomislav Stankovic reportedly advised the sellers.

Andrej Jelenkovic has been promoted to Partner at Karanovic & Partners.

On 27 June 2024, the Constitutional Court of Serbia issued a Decision initiating proceedings to assess the constitutionality of the Gender Equality Act. This decision implies that all activities undertaken based on the said Act, including executing individual acts and actions, are suspended until a final decision on its constitutionality is rendered.

Dentons has advised Photoneo on the sale of its business to the Chicago-based Zebra Technologies. A&O Shearman's London office reportedly advised Zebra.

On 5 January 2025, the Real Estate Register in the Slovak Republic (the “Register”) was subject to a ransomware cyberattack.

Havel & Partners has advised Photoneo on USD 12 million debt and equity financing from the European Bank for Reconstruction and Development for Brightpick. Bird & Bird advised the EBRD.

Former Skupina Zito Director of Legal Affairs and General Services Tamara Mohoric Selak has joined LON as its new Head of Compliance.

In this article, we highlight the most relevant changes to Slovenia’s tax laws, from the perspective of corporate income tax, VAT, personal income tax and tax procedure that enter into force on 1 January 2025.

Mamic Peric Reberski Rimac, BDK Advokati, and Gorjup Law Office have advised Bosqar Invest on its acquisition of a 50.1% indirect stake in the Mlinar Group from MidEuropa Partners. Karanovic & Partners and Ilej & Partners in cooperation with Karanovic & Partners, working with Dechert, advised MidEuropa Partners. Gospic, Plazina, Stojs advised Mr. Skojo, the former owner of Mlinar and a current shareholder of SEE Bakery, the sole shareholder of Mlinar. Janezic & Jarkovic, and Van Campen Liem reportedly advised Bosqar as well. Gospic Plaznina Stojs reportedly also advised the sellers.

Former Novo Nordisk Regional General Counsel and Vice President for legal, compliance, and quality in the Asia Pacific region Meltem Ozker Gunduz has joined GE HealthCare as its new General Counsel.

White & Case’s Turkish affiliate law firm GKC Partners has advised Gulermak Heavy Industries Construction & Contracting on its TRY 4.845 billion IPO on Borsa Istanbul.

CCAO, working with Linklaters, has advised J.P. Morgan Securities on a USD 400 million loan to Petkim Petrokimya Holding. Vinson & Elkins reportedly advised Petkim Petrokimya Holding.

Markiyan Malskyy has returned to Arzinger as Partner and the firm’s new Head of the West Ukrainian Branch as well as the Co-Head of the International Dispute Resolution and Arbitration Practice. 

Amid the daily disruptions of war, Ukraine’s legal market has shifted focus to urgent areas like military law, sanctions compliance, and damage compensation, while adapting to workforce shortages and declining revenues, according to Asters Senior Partner Armen Khachaturyan.

On 26 December 2024, the Law “On Amendments to the Criminal Code of Ukraine, the Criminal Procedure Code of Ukraine, and Other Legislative Acts of Ukraine to Improve Mechanisms for Holding Legal Entities Accountable for Bribery of Foreign Officials” No. 4111-IX entered into force. It is meant to implement the OECD Council’s Recommendation on Combating Bribery of Foreign Public Officials in International Business Transactions.