Authors: Sebastian Gutiu, Managing Partner (Bucharest) Schoenherr & Sofia Cozac, Attorney at Law There has been a lot of talk about investment arbitration in relation to the cuts in and changes to the Romanian government's support scheme for renewable energy ("RESS"). Several investors appear to have taken a closer look at this legal tool to obtain compensation for the detriments they have suffered as the consequence of the government's recent policy changes. We know for a fact that some law firms have been busy at work, drafting assessments and pitching for cases. There may even have been drafts of notices of dispute floating around. Those investors who did not get as far as asking for their lawyers' advice or who are interested in matters that, for one reason or the other, are rarely to be found in formal legal assessments, may find the text below an interesting read. It is not an assessment of the chances of success of RESS-related investment arbitration proceedings. Instead, it provides our opinion, expressed from the viewpoint of a diligent observer of the Romanian (legal) market....more »

Regulatory scrutiny and a tightening, global legal framework place customized compliance programs at the top of companies' agenda says Diana Crângașu, Senior Associate and coordinator of the Competition practice of Clifford Chance Badea. For Competition, 2015 was an extremely intense year in Romania as well, with a very active regulatory authority, a record number of investigations and infringement decisions, as well as important changes in the legislation. "The local competition landscape reflects, mostly, an international reality," Diana Crângașu, Senior Associate and coordinator of the Competition practice of Clifford Chance Badea, said. "Globally, competition authorities become more alert, and the number of cartel investigations and resulting fines have seen record levels in recent years in the European Union and other major economies of the world, like the United States and China."...more »

Romanian companies are becoming more aware of the significance of compliance, although, in some cases, the reason is not grounded on the belief of doing business ethically, but rather on potentially high cost of non-compliance. In pursuance of the...more »

Romania’s macroeconomic figures and potential for growth should translate into real life with an increase in investments. The question whether Romania is only attractive to investors on paper or can still be considered a tiger of Eastern ...more »

The tax on "special" constructions, lowered by 0.5% as of 1 January 2015, is now expected to be repealed beginning 1 January 2016. Meanwhile, tax authorities decided – the tower of a WTG is subject to taxation....more »

Since the beginning of 2015, a number of legislative changes were enforced regarding the VAT registration of Romanian companies established in accordance with Company Law no. 31/1990....more »

An updated regulation on the licensing regime in Romania's power sector was recently adopted by ANRE, the national regulatory authority. On 17 March 2015, Order no. 12/2015 on the Regulation for granting licenses and authorizations in the electricity sector ("Order 12"), effective as of publication, was published in the Romanian Official Gazette no. 180/2015 and repeals the former regulation, ie Order no. 48/2013. ...more »

By Iulia Simion, Senior Lawyer at WOLF THEISS Rechtsanwälte GmbH & Co KG. In 2014, Law no. 17 (the "Law") was enacted. The Law enforced new prerequisites for the sale of agricultural land located outside the built up area of the citie...more »

"Biometric data", as defined in Opinion no. 4/2007 on the concept of personal data, which was established under Directive 95/46/EC on the protection of individuals with regard to the processing of personal data and on the free movement of such data, refers to biological properties, physiological characteristics, living traits or repeatable actions that are both unique and measurable. The biometric data of an individual may be provided, inter alia, by fingerprints, retinal patterns, facial structure, voices, but also hand geometry, vein patterns or even some deeply ingrained skill or other behavioral characteristic, such as a handwritten signature, the manner of speech and even walking....more »

The transactions of 2014 have confirmed the optimistic expectations from the beginning of the year, which forecasted an increase of the M&A market based on the slight economic increase from the first part of the year. With two of the largest transactions (i.e. divestment of the Lafarge / Romcim assets as part of the conditions required by the Lafarge-Holcim merger clearance by the European Commission and sale of the Enel assets in Romania) still pending at the end of 2014, last year has nevertheless proven to be one of the most prolific in M&A transactions until the beginning of the economic crisis....more »