On 16.10.2025, the Parliament of the Republic of Albania adopted a new law that aims to establish a comprehensive and sustainable system for integrated waste management across the territory of the Republic of Albania. This law is based on the principles of environmental protection, public health, and the gradual transition toward a circular economy, where waste is regarded not only as a problem but also as a resource for recovery and recycling. The main objective is to reduce the negative impacts of waste, increase resource-use efficiency, and ensure a functional and transparent system.

Albania’s post-election agenda is shifting into high gear, with a newly seated parliament pushing EU accession alignment and sector reforms, according to Lalaj & Partners Partner Sabina Lalaj, who says momentum is visible across key areas, from environmental legislation and SEPA integration to construction, real estate, and tourism.

On August 25, 2025, the National Council of Territory and Water (KKTU) approved Decision No. 01, which sets forth the procedures for on-site verification of properties registered with the cadastral designation “orchard” or “olive grove” as part of the review process for development and construction permit applications.

Wolf Theiss, working with White & Case, has advised Nomura on the acquisition of Macquarie Asset Management’s public investments business in North America and Europe. Schoenherr, working with Allen Overy Shearman Sterling, reportedly advised Macquarie.

The Austrian Federal Government has presented an updated draft law to implement the NIS-2 Directive. The Network and Information Systems Security Act 2026 (NISG 2026) tightens requirements for companies in critical sectors and explicitly assigns responsibility for cybersecurity to senior management. Under the proposed regime, entities are classified as either essential or important based on their size and the sector in which they operate, with stricter obligations for essential entities. The rules aim to address growing digital threats and establish a strict supervisory and control regime – including temporary disqualification from management duties for non-compliant executives.

Schoenherr has advised Via Unita on its acquisition of all shares in Lang Finanzsoftware. KPMG Law advised the sellers.

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. 

As Bosnia and Herzegovina advances EU-alignment and energy transition priorities, mandates have broadened across compliance, projects, and cross-border deals. Maric & Co Partner Bojana Bosnjak-London and Sijercic & Partners Senior Partner Nihad Sijercic discuss where the work is coming from, who’s investing, what’s slowing things down, and how the outlook is shaping up.

Reflecting on his path from a fascination with aircraft landings to leading Sarajevo International Airport’s legal team, Sarajevo International Airport Head of Legal Berin Ridjanovic discusses the complexities of air law, managing expansion projects, working with external counsel, and navigating EU regulatory alignment.

An in-depth look at Stevan Dimitrijevic of Dimitrijevic & Partners, covering his career path, education, and top projects as a lawyer, as well as a few insights about him as a manager at work and as a person outside the office.

Bulgaria’s legal and business landscape is currently being shaped by a combination of major defense-sector projects and sweeping regulatory adjustments, according to Gugushev & Partners Senior Partner Antoniya Markova, who highlights how a simultaneous push toward defense modernization, euro adoption, and AI-related reforms is creating a dynamic period for policymakers and market participants.

CMS has advised DSK Bank and OTP Bank on the financing of a renewable energy development near Dimitrovgrad, Bulgaria. Trichkov & Partners reportedly advised the unidentified counterparty.

Schoenherr has advised the shareholders of EuShipments.com on the sale of a 70% stake in the company to Austrian Post. Wolf Theiss reportedly advised Austrian Post.

Divjak Topic Bahtijarevic & Krka has advised the Spotler Group on its acquisition of Webpower Adria. Jujnovic Lucic Markovic Ivandic Galic advised the sellers – Jan de Jong and Martina Sepic.

BDV has advised Telegram Media Group on its acquisition of Story.hr. together with Sensa, Storybook, and Roditelji.hr from Mondo Inc Zagreb. Wahl advised the sellers.

Savoric & Partners has promoted Nives Nola to Partner.

Reals has advised investment fund Conseq Realitni on its acquisition of the Kavci Hory Office Park in Prague 4 from CA Immobilien Anlagen. Dentons advised the sellers.

Addleshaw Goddard and Kinstellar have advised Pegasus Airlines on its acquisition of Czech Airlines and its subsidiary Smartwings in a transaction valued at EUR 154 million, including related receivables. Dentons reportedly advised the sellers.

Glatzova & Co has advised insolvency administrator Hart & Partners on consolidating the assets of the Helske Group within the insolvency estate of Helske Limited, whose insolvency proceedings are pending before the Regional Court in Ostrava.

Greek M&A has been exceptionally busy due to strong economic growth, increased foreign investment, and a wave of corporate restructurings supported by RRF funding and a flexible legal framework, according to Drakopoulos Partner Mika Lalaouni. Looking ahead, activity is expected to rise further, driven by a growing real estate pipeline and continued interest from European, Middle Eastern, and Asian investors seeking to enter or expand in the Greek market.

Kyriakides Georgopoulos has advised Avis Budget Greece on the EPC agreement for a new 150/33-kilovolt high-voltage substation with a capacity of 90-110 megavolt-amperes. 

Bernitsas has advised Metlen Energy & Metals Single Member on the issuance and offering of its EUR 600 million senior notes due 2031.

On 11 November 2025, the Court of Justice of the European Union (CJEU) upheld the validity of the Directive on Adequate Minimum Wages, confirming that its core provisions remain in force across the EU.

In mid-November, the Hungarian Parliament adopted an 11-point tax and administrative relief package. According to the Government, the newly approved measures aim to significantly ease the burden on small and medium-sized enterprises (SMEs), stimulate investment activity and support a more stable economic environment. Several provisions take effect this year, while others will apply from 2026 and 2027.

Kertesz and Partners has advised the 4iG Group on its Transformation Program, which concluded on September 30, 2025. 

Tegos has advised C2Grid on its latest investment round, which included participation from BSV Ventures and angel investor Mike Oliinyk.

Cobalt has advised Estravel Group on the implementation of its employee share option program.

Addleshaw Goddard, working with Linklaters and Rask, has advised Baltic Storage Platform on construction and project-related matters in connection with the EUR 85.6 million limited-recourse financing for the development of two battery energy storage projects, Hertz 1 and Hertz 2, in Estonia. Cobalt reportedly advised the Baltic Storage Platform as well. Allen Overy Shearman Sterling and Ellex advised the lenders.

Kosovo’s prolonged political deadlock has slowed down the pace of reforms and delayed progress under the Growth Plan, leaving the country in a transitional period ahead of the December 28 elections, according to PRI Legal & Partners Partner Festa Stavileci.

The legislative landscape on insolvency in Kosovo has undergone substantial changes with the Law No. 08/L-256 on Bankruptcy (Law on Bankruptcy), which, beyond modernizing domestic procedures, regulates cross-border bankruptcy in line with international standards such as the EU Insolvency Regulation (2015/848). Through such changes, Kosovo moves closer toward protecting cross-border assets and creditors, providing for a better climate for further economic development.

Kosovo’s regulatory landscape is shifting fast, with a key highlight from Energy Regulatory Office decision pushing certain companies which meet the criteria entering the open power market and sparking legal challenges, according to RPHS Law Head of Energy Blerina Ramaj, who, at the same time, reports of a wind-power public auction framework and a new crypto-licensing regime aligned with EU rules as signals of a broader push toward modernization and EU convergence.

Cobalt has advised Storent Holding on its EUR 16.5 million public bond issuance, the second series under the company’s EUR 50 million bond program. 

Sorainen has advised BlockBen on obtaining a crypto-asset service provider licence under the EU’s Markets in Crypto-Assets Regulation in Latvia.

Tegos has advised INVL Bridge Finance Fund on its exit from SIA Finto Capital.

Lithuania’s regulatory landscape is undergoing a very significant shift, with crypto-asset licensing reforms and stricter fintech governance rules reshaping the market, according to Walless Partner Laurynas Narvydas.

Cobalt has advised Estravel Group on the implementation of its employee share option program.

Sorainen, working with Morrison Foerster, has advised Palo Alto Networks on its acquisition of Chronosphere.

Following the foundation of the Ministry of Sport, North Macedonia has made strong progress in developing its sports sector.

In 2025, the Commission for Protection of Competition of the Republic of North Macedonia (the “Commission”) has considerably stepped up its enforcement efforts under antitrust rules in the country. Following several cartel investigations and misdemeanour proceedings, the Commission has now started to issue concrete sanctions against infringing undertakings.

The Macedonian Commission for the Protection of Competition (CPC) has recently intensified its scrutiny of anti-competitive conduct and unfair trading practices across multiple sectors, signaling a notable shift toward more assertive and proactive enforcement.

In our Looking In series, we talk to Partners from outside CEE who are keeping an eye on the region to learn how they perceive CEE markets and their evolution. For this issue, we reached out to new Jones Day Partner Veronica Dragalin, who recently joined the firm’s Washington office after working as the Chief Anti-Corruption Prosecutor in Moldova since 2022.

Moldova’s Insolvency Law (No. 149/2012) provides for two categories of procedures that could apply to debtors facing financial distress: the bankruptcy procedure (including the simplified bankruptcy) and the restructuring procedure (including the accelerated restructuring). In 2020, the accelerated restructuring procedure was redesigned to make it more accessible for companies. Rather than facing the insolvency court within a formal and complex process, a company can quickly negotiate with its main creditors a restructuring plan aimed at preserving the business and paying creditors at least part of their claims. A modernized framework is intended to provide a second chance but carries the risk of being misused for opportunistic purposes.

Filip & Company has advised on the establishment of the International Stock Exchange of Moldova.

Moravcevic Vojnovic and Partners in cooperation with Schoenherr, working with Norton Rose Fulbright, has advised a group of financial institutions, including Merrill Lynch International, MUFG Bank, Societe Generale, OTP Bank, Erste Group, AKA Ausfuhrkredit-Gesellschaft, and Eurobank Private Bank Luxembourg, on a EUR 450 million facility agreement granted to the State of Montenegro. White & Case reportedly advised the State of Montenegro.

Moravcevic Vojnovic and Partners in cooperation with Schoenherr has advised the Ministry of Finance of Montenegro on a retail government bond issuance that raised EUR 49.87 million from citizens, residents, and Montenegrin companies.

We are witnessing the fact that social media has become an inseparable part of the everyday life of modern individuals. In addition to being one of the main communication channels, businesses increasingly use them to reach consumers more easily. Legal regulation significantly lags behind technologies that are developing at an unprecedented speed. In recent years, the European Union (“EU”) has taken significant steps in regulating various social spheres affected by technological development (e.g., GDPR, the use of AI).

Poland’s legal and business landscape is being shaped by a mix of geopolitical uncertainty and strong domestic fundamentals, creating a nuanced environment for investors and advisers alike, according to Addleshaw Goddard National Managing Partner for Poland and Head of Real Estate Janusz Dzianachowski.

White & Case has advised a consortium of joint lead managers on the issuance of EUR 500 million senior non-preferred green notes by mBank. Allen Overy Shearman Sterling reportedly advised mBank.

Dentons has advised Erste Group Bank on the extension of a EUR 40 million loan to LCP Poland, part of the M Core collective, to refinance the existing debt of the EMKA Koszalin shopping center. KNP Kaminski Radcowie Prawni i Adwokaci reportedly advised the borrower.

Schoenherr has advised Allianz-Tiriac Asigurari on its acquisition of Campion Broker from Campion Grup. Draghiceanu, Bolca and Associates and Toacse, Iavolschi and Associates reportedly advised Campion Grup.

Nestor Nestor Diculescu Kingston Petersen’s Competition practice has navigated a broad mix of mandates, including investigations, complex litigation, and a growing volume of merger control and FDI filings, according to Partner and Head of Competition, State Aid, EU Law, and FDI, Anca Diaconu. The team has also seen clients make fuller use of procedural tools, reflecting a more sophisticated and fast-moving enforcement environment.

The Romanian Parliament has adopted, in its decisional chamber, a new law introducing provisions regarding real estate transactions involving future residential properties, such as units in condominiums or individual dwellings under development (the “Legislative Proposal“).

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. 

Picture this: a desert highway, a coyote clutching a subpoena, and a roadrunner attorney zooming past, muttering “Beep Beep, see you in court.” Welcome to the uncanny overlap between client-lawyer dynamics and Looney Tunes logic, where legal ethics and Wile E. Coyote’s antics collide.

Karanovic & Partners has advised Czechoslovak Group on its acquisition of a majority stake in Belgrade-based aerospace technology company Must Solutions. Zecevic & Lukic reportedly advised the seller.

Act Legal has expanded into the Western Balkans by joining forces with Belgrade-based Vukovic & Partners.

Glatzova & Co has advised insolvency administrator Hart & Partners on consolidating the assets of the Helske Group within the insolvency estate of Helske Limited, whose insolvency proceedings are pending before the Regional Court in Ostrava.

Sona Hankova has joined G. Lehnert as a Partner in Bratislava.

Squire Patton Boggs has advised the shareholders of Johnny Servis on the sale of the company and its subsidiaries in Slovakia and Austria to Enygea Group. Alister Avocats and EY Law advised Enygea Group.

After several relatively calm years, corporate bankruptcies in Slovenia trended upward during 2024 and into 2025. The Statistical Office of the Republic of Slovenia reports that in July 2025, bankruptcies were 60% higher than in July 2024, indicating a clear upward trend.

Lovric Novokmet & Partners has advised Fortenova Grupa on the sale of Zvijezda Plus Zagreb and Zvijezda Ljubljana to Zito Grupa. Dvojkovic / Bohacek advised Zito Grupa.

Schoenherr has promoted Evelin Hilna, Matthias Pressler, Michal Jendzelovsky, Jan Primozic, and Magdalena Roibu to Partner across CEE.

Addleshaw Goddard and Kinstellar have advised Pegasus Airlines on its acquisition of Czech Airlines and its subsidiary Smartwings in a transaction valued at EUR 154 million, including related receivables. Dentons reportedly advised the sellers.

Pekin & Pekin, working with Baker Botts, has advised the International Finance Corporation on a USD 550 million sustainability-linked loan extended to Turkiye Sise ve Cam Fabrikalari.

Turkiye’s deal market accelerated into 2025, driven by strong tech, infrastructure, and renewable-energy activity, alongside tighter regulation and growing sophistication in transactions, according to Herguner Bilgen Ucer Partner Deniz Tuncel.

Ukraine’s legal market continues to operate under the shadow of the war, where reconstruction planning and defense-sector expansion dominate nearly every strategic discussion, according to Baker McKenzie Partner Lina Nemchenko, who observes that both clients and law firms are positioning themselves for the post-war landscape.

Ukraine’s Cabinet of Ministers have approved new mechanism that will provide state support for businesses that have suffered losses as a result of hostilities or that have obtained war-risk insurance. Resolution No. 1541 of 28 November 2025 establishes programs (for damage and for war-risk insurance) to be launched on 1 January 2026 and administered by the Export Credit Agency (ECA). Businesses can participate in one or both programs.

On 3 December 2025, the European Commission designated the russian federation as a high-risk third country with strategic deficiencies in its anti-money laundering and counter-terrorist financing (“AML/CFT”) frameworks.