A draft law proposing changes to Law No. 8116, dated March 29, 1996, “The Civil Procedure Code of the Republic of Albania,” has been submitted for approval to the Albanian Assembly. These amendments are part of a comprehensive initiative to enhance the efficiency of the judicial system and improve the overall quality of judicial proceedings in the country.

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.

Fellner Wratzfeld & Partner has advised German battery manufacturer Varta in StaRUG restructuring proceedings.

Herbst Kinsky has advised Mavoco on its EUR 11 million series A+ financing round led by 3TS Capital Partners, red-stars.com, and additional investors. Cerha Hempel advised red-stars.com. Dorda reportedly advised 3TS.

Taylor Wessing has advised Art of Mobility on its acquisition of KTM’s 50.1% stake in MV Agusta Motor. Pedersoli Gattai reportedly advised MV Agusta Motor. Oberhammer reportedly advised KTM.

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. 

Former iQR Asset Management Partner and Head of Legal and Compliance Dino Aganovic, Wiener Osiguranje Vienna Insurance Group Head Of Legal and Secretary Davor Majstorovic, and MTEL in-house counsel Vladimir Bjekic have joined forces to launch AMB Legal Group in Bosnia & Herzegovina.

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.

Kinstellar has advised TSH Investment on the acquisition of the Park Center shopping mall in Sofia from Revetas Capital Advisors. Schoenherr advised Revetas on the deal.

At the beginning of each year Bulgarian Competition Protection Commission announces (the “CPC”) its priorities. The priorities for 2025 do not differ very much from those set in the previous years and show consistency.

Kinstellar has advised UniCredit Bulbank as the lead manager on the private placement of a EUR 25 million corporate bond issuance by Minimart. Djingov, Gouginski, Kyutchukov & Velichkov advised Minimart.

Divjak, Topic, Bahtijarevic & Krka has advised on the concentration notification for a joint venture between Koncar and Siemens Energy Group, resulting in the formation of Koncar - Transformatorski Kotlovi.

Cytowski & Partners has advised Hypefy and Interactive Brokers on a USD 1.75 million seed round for Hypefy that also saw Euroventures and Intercapital participate.

CMS' Croatian affiliate Bardek, Lisac, Musec, Skoko, and Partners has advised Privredna Banka Zagreb as the leading mandated arranger, coordinator, and agent on a EUR 283 million club loan, which also included Erste & Steiermaerkische Bank, Zagrebacka Banka, and OTP Banka, for Podravka's acquisition of companies from the Fortenova Group. Podravka also received a EUR 50 million equity investment from the EBRD, following the acquisition. Miskovic & Miskovic, BDK Advokati, and Gugic, Kovacic & Krivic advised Podravka. Mamic, Peric, Reberski, Rimac advised Fortenova Group. Wolf Theiss advised the EBRD. DLA Piper reportedly advised Podravka as well.

Allen Overy Shearman Sterling has advised Doosan Skoda Power on its CZK 2.53 billion initial public offering on the Prime Market of the Prague Stock Exchange. Clifford Chance advised the joint global coordinators Raiffeisen Bank and Wood & Company.

Eversheds Sutherland has advised Orbian on its acquisition of Platebni Instituce Roger from KB SmartSolutions and other shareholders. BPV Braun Partners advised one of the selling shareholders, Echilon Capital.

With preparations for the 2025 CEE General Counsel Summit in full swing, PRK Partners’ Partner Roman Pecenka shares his thoughts about the upcoming event and what he’s looking forward to the most.

Koutalidis has advised Piraeus Bank on a secured bond loan issuance of up to EUR 275 million by Aktor Concessions, with Piraeus Bank acting as both bondholder agent and paying agent, and subscribing to the full amount.

Bernitsas has advised CVC and Hellenic Healthcare Group on the disposal of a 60% stake in HHG to PureHealth Holding PJSC in a transaction that values HHG at EUR 2.2 billion.

Bernitsas has advised AP Hermes Securitization on the acquisition of an NPL portfolio of unsecured and secured loans with a total legal claim of approximately EUR 700 million.

In 2024, EU data protection authorities imposed a total of EUR 1.2 billion in fines. This brings the total value of fines to EUR 5.88 billion since the GDPR became applicable, DLA Piper's latest report reveals.* The technology sector has been hit the hardest, with data protection focusing on managerial responsibility and privacy issues in AI tools.

Schoenherr, working with Argo, has advised Group Vandamme on the sale of its Hungarian activities to ADM. Baker McKenzie advised the buyer.

The Hungarian Government has made a significant amendment just weeks into 2025 by increasing the VAT exemption threshold for small and medium-sized enterprises (SMEs). Despite the autumn tax package for 2025 remaining silent on this matter, the new limit has been set at HUF 18 million, up from the longstanding HUF 12 million. This increase applies retroactively from 1 January 2025. Taxpayers have until the end of February to opt in for the exemption.

TGS Baltic has advised the management team of Verge Eesti on acquiring the company’s Estonian business from its Norwegian parent. Schjodt reportedly advised the sellers.

Cobalt has advised Apollo Group's Estonian subsidiary Treeland on increasing its ownership in the Latvian restaurant chain Lido AS to 96% via share acquisition from KE Projekti.

Ellex has appointed Counsel Merlin Liis-Toomela as its new Head of Data Protection & IT law in Estonia.

Kalo & Associates has advised the European Bank for Reconstruction and Development on a partnership with Raiffeisen Bank Kosovo under the Norway Western Balkans Growth Support Program.

The COVID-19 pandemic accelerated the shift toward remote work globally, including in Kosovo. While this new way of working offers flexibility and convenience, it also exposes gaps in labor regulations. Kosovo’s Labor Law, like many others, was primarily designed for traditional in-office work environments and has yet to fully adapt to the nuances of remote work. Remote work context has brought to attention legal gaps in areas such as work hours, digital privacy, employer responsibilities, and employee rights.

Bratschi has successfully represented Mabco Constructions in an ICSID investment arbitration against the Republic of Kosovo.

Cytowski & Partners has advised Latvian Trace Space on its USD 4 million seed round with Berlin-based Cherry Ventures. Goodwin Procter reportedly advised Cherry Ventures.

Cobalt has advised Linstow Baltic on an agreement with Snabb to operate parking services at the Origo shopping center, Radisson Blu Latvija, Radisson Elizabete, and several open-air locations in central Riga.

Cobalt has advised Apollo Group's Estonian subsidiary Treeland on increasing its ownership in the Latvian restaurant chain Lido AS to 96% via share acquisition from KE Projekti.

Dentons has advised the Republic of Lithuania on the issuance of two EUR-denominated benchmark bonds under its Euro Medium Term Note Program. TGS Baltic reportedly advised the Republic of Lithuania as well. Freshfields and Sorainen reportedly advised the underwriters.

Cobalt has advised German defense company Rheinmetall on a joint project with Lithuania’s EPSO-G Invest and Giraites Ginkluotes Gamykla to establish a 155-millimeter artillery ammunition manufacturing plant in Baisogala, Lithuania. TGS Baltic reportedly advised EPSO-G Invest. Sorainen reportedly advised Giraites Ginkluotes Gamykla.

Triniti Jurex has advised Nordic Minds on the sale of a majority stake in Tolimojo Keleivinio Transporto Kompanija to C Company. Motieka advised C Company on the matter.

On January 16, 2025, competition experts from Moldova, North Macedonia, and Romania, sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the evolving role of the regulatory authorities in their countries.

Recovering trade debts in North Macedonia can be challenging, especially when maintaining ongoing commercial relationships with local debtors. The recovery process entails a business creditor attempting to collect payment for an unpaid invoice for goods or services provided to a local customer who is legally obligated to pay what they owe.

The Government of North Macedonia adopted an updated version of the National Classification of Activities, NKD Rev. 2.1 (“New Classification”).

On January 16, 2025, competition experts from Moldova, North Macedonia, and Romania, sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the evolving role of the regulatory authorities in their countries.

The question of who owns intellectual property (IP) rights in the workplace has gained significant relevance, especially given that employees are involved in extensive creative activity nowadays. The Moldovan legal framework has well-defined rules on this subject, providing insight into the important question: who holds the rights over the creations, inventions, industrial designs, and utility models created by employees?

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.

At the session held on December 19, 2024, the Government of Montenegro adopted the Bill of Law on Construction of Buildings and the Bill of Law on Spatial Planning. It was proposed that these laws should be adopted through an expedited procedure.

Montenegro’s real estate sector is undergoing significant transformations due to recent legislative changes and proposed reforms, particularly in the tourism sector. These novelties will impact investors, developers, and most certainly the entire economy of Montenegro, but it remains debatable if the impact will be positive.

From September 2024, the Montenegrin Parliament passed a series of tax legislative amendments aligned with the country’s Fiscal Strategy for 2024-2027. Set to take effect on January 1, 2025, these reforms aim to increase budget revenues to offset recent reductions in labor taxes and improve the business environment. The changes affect the Corporate Income Tax Law, Personal Income Tax Law, VAT Law, Law on the Write-off of Interest on Outstanding Tax Liabilities, and Excise Law, focusing on modernizing the tax system and stimulating investments primarily in the agricultural sector.

Schoenherr, working with Ashurst, has advised Aviva Investors on the acquisition of a 51% majority shareholding in Connected Infrastructure Capital.

Addleshaw Goddard has entered the Polish market via an agreement with Linklaters to transfer the former's Warsaw office.

DLA Piper has advised the H&M Group on a long-term corporate power purchase agreement with R.Power to supply 50 gigawatt-hours of solar-generated electricity annually for H&M’s operations in Poland.

Dentons has advised Piraeus Bank on project financing for a solar power plant developed by Metlen Energy & Metals in Romania.

Bulboaca & Asociatii has advised Superbet Group on a EUR 1.3 billion investment from American investment funds Blackstone and HPS Investment Partners.

1 January 2025 marked the entry into force of the obligation for Romanian established taxpayers that carry out taxable operations in Romania to report in the Romanian invoicing System the invoices issued in B2C transactions.

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. 

Gecic Law, working with Clifford Chance, has advised Telekom Srbija on its acquisition of Eon TV International from United Group as part of a deal that also saw United Group sell SBB Belgrade to e& PPF Telecom Group. Kinstellar, working with Sullivan & Cromwell, advised e& PPF Telecom Group. Moravcevic Vojnovic and partners in cooperation with Schoenherr, working with Kirkland & Ellis, advised United Group.

NKO Partners has advised CTP on the acquisition of land in Kragujevac, Serbia, from Stellantis’ subsidiary Fiat Srbija. Karanovic & Partners advised Fiat Srbija.

Last year, a new regulation on artificial intelligence (“AI Act”) was published in the Official Journal of the European Union. This new AI Act lays down legal framework for the development, placing on the market, putting into service and use of artificial intelligence systems (“AI systems”) in the EU, in order to, inter alia, promote the uptake of human centric and trustworthy artificial intelligence, protect against harmful effects of AI systems and to support innovation.

Allen & Overy Shearman Sterling has advised on the approximately EUR 3.6 billion refinancing of Slovenske Elektrarne. Clifford Chance advised the UniCredit Bank-led banking club.

Nechala & Partners has announced it successfully represented Zdruzenie Realitnuch Kancelarii Slovenska and software provider BackOffice in their complaint before the Slovak Antimonopoly Office regarding United Classifieds.

Kinstellar has advised Mitiska REIM fund First Retail International 2 on the acquisition of land in Bratislava for the construction of the Podunajska Brana retail park via a joint venture between Mitiska Group and Asset Services.

Recent rulings of the Slovenian Supreme Court on the permissibility of including contractual penalties in employment contracts highlight that when assessing the permissibility of applying the concept of a contractual penalty, one must consider the subordinate and dependent position of the employee relative to the employer both when concluding the employment contract and during the employment relationship.

Rojs, Peljhan, Prelesnik & Partners has promoted Polona Fink to Partner.

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

Kolcuoglu Demirkan Kocakli has promoted Busra Ozden to Partner.

Turunc has advised Netcad on its pre-IPO funding round with Hedef Portfoy, Findoor Girisim Sermayesi Yatirım Fonu, Ral Girisim Sermayesi Yatirim Ortakligi, and two Neo Portfoy funds participating. Atar Avci reportedly advised Hedef Portfoy.

Akol has advised Visne Madencilik on its initial public offering and listing on Borsa Istanbul.

Sayenko Kharenko has advised the Export and Investment Fund of Denmark on a EUR 3.17 million loan facility to Ristone Holdings.

Kyrylo Kazak has become the new Managing Partner of KPD Consulting, taking over from Ihor Kalitventsev.

Vasil Kisil & Partners has successfully represented Kamianske Agro, part of the Dnipro Agro Group, in a tax dispute exceeding UAH 18 million.