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 »

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 »

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 »

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 »

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 »