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Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki Attorney Partnership has advised Ace Games on a USD 25 million investment from Playtika. Baker McKenzie Turkish affiliate Esin Attorney Partnership reportedly advised Playtika.

Clifford Chance has advised Allwyn on its new senior facilities agreement with a syndicate of international banks. Allen & Overy advised the lenders, including UniCredit Bank Czech Republic and Slovakia, on the deal.

Jalsovszky has advised Zambo Vagyonkezelo on the pre-exit restructuring and the sale of Tuzallotechnika to Alba Industrial Holding. Peremiczki & Turi advised the buyer.

Moravcevic Vojnovic and Partners in cooperation with Schoenherr has advised Integral Venture Partners on its acquisition of a controlling stake in Chips Way alongside co-investor and industrial partner Nelt Group. Vukina & Partners advised sellers Jagoda Bajevic, Dobroslav Barbaric, Ivana Vujcic, Matko Dropuljic, Vlatko Barbaric, Djordje Dragicevic, Ivana Einfalt, and Tomislav Bajevic.

Sorainen has provided pro bono legal support to Filaret on drafting contracts for its cigarette butt waste upcycling program.

Zepos & Yannopoulos, working with White & Case, has advised Intrum and Intrum Hellas on the securitization transaction involving Piraeus Bank's Sunrise III non-performing loan portfolio with a total gross book value of EUR 500 million.

Velchev & Co has helped Premier Energy obtain a natural gas trading license in the Republic of Bulgaria.

Cerha Hempel has advised Spar on its cooperation agreement with vegan-vegetarian chef Paul Ivic.

Cytowski & Partners has advised Supernova on the USD 4.8 million series seed financing from Wing VC with the participation of EQT Ventures, Kaya VC, Credo Ventures, and other angel investors. Reportedly, Sedlakova Legal also advised Supernova and Gunderson advised Wing VC.

Clifford Chance has advised Komercni Banka on the financing of a solar energy power plant owned by Decci subsidiary FVE Czech Novum. Allen & Overy reportedly advised the lenders.

Stratulat Albulescu has advised Reorg on its acquisition of FinDox. O'Melveny & Myers reportedly advised FinDox.

White & Case has advised the State Treasury of the Republic of Poland, represented by the Minister of Finance, on the issuance of a USD 3 billion dual-tranche Securities and Exchange Commission-registered transaction consisting of USD 1.5 billion five-year and USD 1.5 billion ten-year bonds. Linklaters advised lead managers BNP Paribas, Deutsche Bank, Goldman Sachs Bank Europe SE, Santander, and Societe Generale.

PwC Legal Polska Managing Partner Cezary Zelaznicki has been appointed the EMEA Legal Business Solutions Leader for the PwC Network as of November 7, 2022.

Former Calavros & Partners Partner Dimitris Babiniotis has joined Zepos & Yannopoulos as a Partner and Head of Dispute Resolution.

Cemile Demir Gokyayla has joined KPMG Turkish affiliate KP Law as a Partner and Head of the firm's Arbitration/ADR practice along with her team.

Starting in February 2023, Partner Alexander Popp will take over as Managing Partner, with Partner Gudrun Stangl continuing in the COO position. Rounding out the Schoenherr Steering Committee are Partners Matei Florea, Thomas Kulnigg, and Franz Urlesberger.

Former Dragne & Asociatii Lawyer Razvan Bala has joined Cluj-based Vlasin & Associates as a Partner.

Tomasz Romanowski and Piotr Kieloch have been appointed as Partners with Resist Rezanko Sitek.

Former Constitutional Court judge and National Anti-Corruption Department Chief Prosecutor Daniel Morar has joined forces with the Albu Legal white-collar and corporate crime law firm, joining as a Senior Partner to form Albu Morar.

Integrites Partner and Head of Corporate/M&A and the firm's French desk lllya Tkachuk has been promoted to a Senior Partner in October 2022.

Former Spasov & Bratanov Attorney-at-Law Irina Stanimirova has joined Komarevski, Dimitrov and Partners as an Associated Counsel and Head of the firm's Real Estate & Construction practice.

Bucharest-based Baiculescu & Asociatii has announced it is expanding its footprint through a partnership with Cluj-based Vlasin & Associates.

Former Senior Associate Grzegorz Dudek has been appointed a Partner with Wozniak Legal in Poland.

Linklaters Managing Associate Szymon Sieniewicz has been appointed as Head of the firm’s TMT/IP practice in Warsaw as of November 1, 2022.

Keeping investments in or out of line with the development of the IT sector.

The Hungarian data protection authority (NAIH) fined Magyar Éremkibocsátó Kft, a limited liability company engaged in the numismatic business, HUF 30m (approx. EUR 73,000) for unlawful direct marketing activities.

In Turkey, parties of a dispute tend to resort to courts even if they have a valid arbitration clause for the respective dispute. In the Final Award in Case 8887 (“Case”), International Chamber of Commerce (“ICC”) ruled that the defendant Turkish company (“Defendant”), by pursuing an action in the Turkish Courts despite the existence of a valid arbitration clause, breached its agreement to arbitrate and therefore it is liable for damages which the claimant Italian company (“Claimant”) might suffer due to this breach. In this article, we will briefly share the details of the Case and touch upon the reasoning of the ICC for deciding that Defendant is liable for the damages that the Claimant might suffered due to this breach.

On October 26, 2022, the Turkish Competition Board (“Board”) published its reasoned decision dated June 23, 2022 and numbered 22-28/443-180, upon its preliminary investigation initiated against six undertakings (i.e. Ahmet Tanrıbuyurdu, Emin Helal Et ve Gıda A.Ş., Göktaşlar Et-Et Ürünleri Yan San. ve Tic. Ltd. Şti, Namet Gıda Sanayi ve Ticaret A.Ş., Pınar Entegre ve Un Sanayi A.Ş. and Sultan Et ve Gıda Üretim Tic. Paz. Ltd. Şti.) that are active in the red meat industry to determine whether the undertakings have violated Article 4 of Law No. 4054 on the Protection of Competition (“Law No. 4054”).

Factoring volumes in Romania have seen a marked increase over the last year, up to EUR 3.68bln in the first half of 2022, according to public sources. While part of this 31.6 % year-on-year surge was driven by inflation rates, local businesses do appear to show a growing appetite for this type of financing product.

The Tax Foundation issued its annual International Tax Competitiveness Index (ITCI) of 38 OECD countries. The Index seeks to measure the extent to which a country’s tax system adheres to two important aspects of tax policy: competitiveness and neutrality. The ranking weighs variables across five categories: corporate taxes, individual taxes, consumption taxes, property taxes, and international tax rules.

Continuing our series on opportunities for investment in Serbia, we discuss the real estate sector.  Historically, countries have been reluctant to allow foreigners to acquire real estate. In the past, real estate (primarily lands) symbolized its owners’ power, and today apartments, buildings, houses, properties, mines, and fields have significant worth. Nevertheless, globalization has increased the dynamics of “international” real estate trade. Real estate has thus become an important segment in international investment, both as a secondary part of the project (leasing or even buying space for the investors’ regular business operations) and as the very purpose of the investment (real estate construction, exploitation of mineral resources, construction of roads, etc.). As discussed in our previous articles, Bilateral Investment Treaties (“BITs”) play a crucial role in encouraging and securing foreign investors to invest in a foreign country, this time in real estate.

After Decree No 318 of 7 October 2022 adopting the Ordinance on the conditions and procedure for issuing, extending and revoking a certificate for a high-tech and/or innovative project (the "Ordinance") was promulgated in issue 82 of the State Gazette of 14 October 2022, Bulgaria joins the almost half of EU countries that issue "start-up visas".

The Hungarian Government has adopted new decrees concerning household power plants and microgrids. These new legislations aim to enable economic operators to cooperate in fulfilling energy needs in times of high demand as well as to regulate small household power plants. The rules in question entered into force on 26 October 2022 and presumably will remain in force at least until the end of the state of emergency.

In mid-October 2022, a new bill has been submitted to the Parliament on the amendment of certain tax provisions in relation to real estates. The bill, on the basis of changes in the building regulations, clarifies the definitions of the properties under construction and built-on new properties. Thus, a built-on new property means also a property for which an occupancy permit was already issued, but then, its use or the number of its units changed (e.g. it was converted from a flat to an office) and 2 years have not yet elapsed until its sale. These properties will be sold subject to VAT.

On November 10, 2022, the European Parliament finally adopted the Corporate Sustainability Reporting Directive (“CSRD“). The CSRD intends to expand the application of corporate sustainability standards across the market by including an even larger specter of business entities compared to the application scope of the Non-financial Reporting Directive (“NFRD“).

Following in the footsteps of the previously adopted Government Emergency Ordinance no. 27/2022 on the measures applicable to final consumers on the electricity and natural gas market between 1 April 2022 and 31 March 2023, as well as for amending and supplementing certain regulations in the energy sector (GEO 27/2022), as well as the subsequent Government Emergency Ordinance no. 119/2022 (GEO 119/2022), which amended GEO 27/2022 as of 1 September 2022, the Romanian Government has recently adopted a new regulatory act, further amending both GEO 27/2022 and GEO 119/2022, and establishing an even higher degree regulatory control over the energy market, in the form of Government Emergency Ordinance no. 153/2022 for the amendment and supplementation of GEO 27/2022 and GEO 119/2022 (GEO 153/2022), published in the Official Gazette of Romania on 11 November 2022. 

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With large energy and infrastructure projects under development in Bosnia and Herzegovina, local legal professionals are facing an uphill battle against the double standards in their industry, according to Sajic Law Firm Senior Partner Natasa Krejic.