Each week, Legal Insights offers a brief but insightful treatment of a topic of current legal interest. Whether it’s a short article on a recent legal development or an interview with one of our leading legal experts, Legal Insights promises to be both informative and interesting reading.
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|19. 02. 2013||
Romania: New financial and fiscal legislative amendments
Government emergency ordinance no. 8/2013 for the amendment and supplementation of Law no. 571/2003 regarding the Fiscal Code and the regulation of certain financial and fiscal measures (published in the Official Gazette no. 54/23.01.2013) enters into force starting from 1 February 2013. GEO 8 introduces a number of important amendments and supplementa-tions in the fiscal legislation. We shall further present some of the amendments related to di-rect taxation, respectively to social insurance:
|15. 02. 2013||
Client Alert: Amendments to Austrian Competition Law
In December 2012, the Austrian Parliament adopted changes to the Austrian Cartel Act as well as the Austrian Competition Act that will enter into force as of 1 March 2013 (Austrian Cartel and Competition Law Amendment Act; KaWeRÄG 2012). Although the Amendment does not lead to a major overhaul of the current system, several changes are noteworthy:
|11. 02. 2013||
Romania: New rules for public procurement in Romania
As of 1 January 2013, the Government Emergency Ordinance no. 77/2012 published in the Official Gazette, Part I, no. 827/10.12.2012 ("GEO 77/20012") amended the public pro-curement rules set out under Government Emergency Ordinance no. 34/2006.
|04. 02. 2013||
Slovakia: Significant Amendment to the Slovak Commercial Code
A new amendment to the Slovak Commercial Code (Act No. 9/2013 Coll.) has been passed by the Slovak legislator (the "CC Amendment"), mainly as a result of implementation of the EU directive on combating late payment in commercial transactions. Effective 1 February 2013, the CC Amendment brings forward the following key changes:
|31. 01. 2013||
EU: CEER Review of the Renewable Energy Support Schemes in Europe
The latest Status Review of Renewable and Energy Efficiency Support Schemes in Europe published by the Council of European Energy Regulators (CEER) shows that in most member states, the support schemes are financed by passing on suppliers' costs to end-users. The unit support level on final electricity consumed varies from EUR 0.25/MWh to EUR 25.52/MWh, while the average support is roughly EUR 7/MWh. The electricity from renewable sources that used the support schemes on average represented 8% of the gross electricity generation, and 9% of the final consumption in 2010. The Czech Republic leads the CEE region for TWh generated from renewable sources that received support schemes. At the EU level, Germany had the highest level of renewable electricity receiving support schemes. As concerns access to the grid and balancing costs, the report shows that in most of the reporting countries, access to the grid and dispatching are granted with priority, and the generators are responsible for the balancing costs of their renewable generation facilities. For the investors in the renewable energy sector, the report could serve as an indicator of the pressure put on the end-consumers in a particular market, and could potentially raise a red flag as to the likelihood that a support scheme might be revisited.
|28. 01. 2013||
Poland: Newsletter Labour Law
|21. 01. 2013||
EU: European Commission releases Action Plan on European Company Law and Corporate Governance
The Action Plan is titled "European company law and corporate governance – a modern legal framework for more engaged shareholders and sustainable companies" and was made public on 12 December 2012. Its key elements are presented in the following summary.
|21. 01. 2013||
Special Situations Newsletter January 2013: The End of Extend and Pretend: Non-Performing Loans in CEE/SEE
|18. 01. 2013||
Romania: Proposed new OTC trading arrangements for electricity
Friday (11 January 2013), the Romanian energy market regulator (ANRE) published on its website for public consultation a proposal for a procedure and regulation on OTC electricity trading (the "Proposal"). ANRE has invited stakeholders to submit their comments by 21 January 2013.
|15. 01. 2013||
Serbia: "Financial Restructuring" – A New Solution or Reorganisation in Insolvency?
In May 2011 the Law on Consensual Financial Restructuring of the Com-panies (the Law) was enacted, bringing what appeared to be a new way out for the companies facing financial difficulties.