The Montenegrin Ministry of Internal Affairs recently implemented a Rulebook on Ultimate Beneficial Owner (“UBO”) Registration, effective from 27 July 2024. It introduces significant changes in how legal entities in Montenegro must manage their UBO information as part of the country’s effort to strengthen its fight against money laundering.

ACI Partners Managing Partner Igor Odobescu, Nagy es Trocsanyi Founding Partner Peter Nagy, Kinstellar Partner Radovan Grbovic, Law Office Vujacic Partner Sasa Vujacic, and Tuca Zbarcea & Asociatii Partner Robert Rosu discuss recent litigation trends across CEE, driven by the impact of economic shifts and regulatory changes in their jurisdictions.

Montenegro is making significant strides towards European Union membership by satisfying interim benchmarks in negotiation chapters 23 and 24, essentially aimed at strengthening the rule of law, according to BDK Partner Luka Popovic who shares a number of updates on important legislative changes in the country.

JPM Partners has successfully represented photographer Stevo Vasiljevic before the Court of Appeals of Montenegro in a case against NGO Radio Skala concerning a violation of copyright rights.

Selih & Partnerji, Polenak, Maric & Co, Kalo & Associates, and BDK Advokati have advised NLB Skladi on its acquisition of Generali Investments in North Macedonia. Papazoski and Mishev, an independent law firm in cooperation with PwC, advised Generali Investments.

On 13 May 2024, the Parliament of Montenegro passed the Draft Law on amendments to the Copyright Law. The entry into force is yet to be announced, but it could be expected after June 2024.

In the last decade, Montenegro has focused on creating a favorable business environment, attracting renowned foreign investors and resulting in significant economic development and growth. The government has been focusing on high-level tourism, transitioning from seasonal to year-round hotels that offer luxurious stays and services.

BDK Advokati has advised Turkish Net Holding subsidiary Net Montenegro on a casino concession agreement with the Government of Montenegro.

On the evening of April 25, 2024, the Deal of the Year Awards Banquet brought together, under the same roof, top-tier lawyers from Central and Eastern Europe's leading law firms in the region in Warsaw.

Contributed by Jovovic, Mugosa & Vukovic.

Slovenia and Croatia adopted the Minimum Tax Act (MTA). The MTA implements Directive (EU) 2022/2523 to ensure a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the EU. The latter is a consequence of the OECD’s global fight against tax base erosion within the scope of Pillar II.

A huge new infrastructure project, a historical first USD-denominated bond issuance, and potentially transformative news on price controls and concessions make for interesting times in Montenegro, according to JPM & Partners Senior Partner Lana Vukmirovic Misic.

Montenegro's Law on Games of Chance (the "Law") was enacted in 2004 and has undergone multiple amendments since. The most recent ones came into effect on 1 January 2024. The aim of the amendments, as stated by the competent authorities, is to ensure a sustainable regulatory system for organising games of chance via the internet or other telecommunication means, as well as to generate additional revenue from these activities.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

Harrisons, Maric & Co, Lambadarios, and Wolf Theiss, working with Linklaters, have advised a banking consortium led by UniCredit Bank London on the United Group's EUR 1.7 billion issuance of four tranches of senior secured and PIK notes as well as on the increase and extension of its EUR 410 million revolving credit facility. Selih & Partnerji, working with Paul Weiss, advised the United Group. Schoenherr, Koutalidis, De Brauw Blackstone Westbroek, and Elvinger Hoss Prussen reportedly advised the United Group as well.

Did you know that, using the Activity Rankings function of the CEELMDirect website, you can look up the 2023 deal leaderboards in each CEE market, including Bosnia and Herzegovina, Moldova, Montenegro, North Macedonia, and Slovenia?

On 28 December 2023, the Agency for the Protection of Competition of Montenegro (the “Agency”) adopted a decision regarding its finding that the pricelist adopted by the Association of Tourist Agencies of Montenegro (the “Association”) concerning services provided by the tourist agencies amounts to a restrictive agreement by object under the Montenegrin Competition Law.

Drakopoulos has become a part of the South East Legal Alliance, thus expanding the network’s reach to Athens, Bucharest, and Nicosia.