December 13, 2016 14:43
Even though the Romanian banking system as we know was not critically endangered and overexposed to sub-prime assets, still it is difficult to calculate how much of the loan volume is healthy. The shift of banking activity from giving loans to calling in the lent money and restructuring bad credit is an ongoing process even in 2016. In a market that is still posting impressive profitability results, banks are still working on figuring out how to keep those profitability margins in a shrinking base of eligible clients....more »
October 21, 2016 10:00
Romania’s Parliament has enacted (not without much debate) Law no. 170/2016 on activity specific taxes, cracking down on Horeca tax evasion by imposing a new flat tax on bar, restaurant, catering and hotel activities. Starting January 1, 2017, such businesses will pay a tax calculated irrespective of the volume of income and expenses, but which is determined based on a mix of zoning, seasonal and surface area parameters....more »
September 30, 2016 11:34
Lawyers have to face a reality that clients these days don’t just hand over a case and expect the lawyer to do the job, get the fee and move on.  Clients changed. Their demand for legal services is now undergoing important transformation, reshaping the fundamentals of a profession traditionally adverse to changes. This puts pressure on managers, whose main objective is to point the sail in the right direction, identifying trends early and often, foreseeing the evolution for years ahead. Unless they find the right answer, the harsh reality will mean that some firms will go bust....more »
September 28, 2016 09:08
Arbitration-friendly jurisdiction   In Romania, courts of law and arbitral tribunals recognize as a rule the legally binding effects of arbitration clauses and the entailing jurisdiction bestowed upon the arbitral tribunal. This is mainly the result of an arbitration-friendly national legal framework (namely, Sections IV and VII sub-section IV of the Civil Procedure Code in force as of February 15, 2013) and arbitration-friendly court practice. Parties may choose arbitration as dispute settlement method both before and after the occurrence of the dispute. ...more »
April 25, 2016 11:32
Covered bonds bring several benefits for both issuers and investors – the possibility of obtaining high credit rankings and ensuring access to a large pool of potential investors (from the issuers' point of view), more accessible investment thr...more »
April 15, 2016 16:07
Competition investigations are getting ever more complex and interconnected, as more and more jurisdictions consolidate their regulatory framework, and related authorities work closer together at international level. As a result, companies see greater risks and regulatory requirements. The most recent Global Antitrust Trends report published by Clifford Chance identifies the main competition-related topics for 2016, based on sector-by-sector analysis and multi jurisdictional statistics....more »
March 31, 2016 16:03
Author: Emeric Domokos-Hancu, Partner Schoenherr si AsociatiiCENTRE OF MAIN INTERESTSAs a general rule, insolvency proceedings fall under the jurisdiction of the national courts in the state where the debtor's head office is registered ("State o...more »
February 08, 2016 10:55
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 »
January 28, 2016 10:43
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 »
November 20, 2015 15:42
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 »
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