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Polish tax evasion rules – Impact on escrow agreements

To counteract tax evasion, Polish authorities have recently introduced legislation and digital systems allowing tax authorities to analyse banking systems, search for potential fraud, and block suspicious bank accounts. Effective 30 April 2018, the new rules may have an adverse effect on escrow accounts, M&A closings, and real estate transactions in Poland. This client alert […]

Warsaw: Management liability in M&A transactions

By Niall Crowley Increased volatility on financial markets is putting pressure on company management teams when setting valuations in M&A transactions, according to experts gathered at a seminar held by international law firm Wolf Theiss…

New EU regulation: The end of geo-blocking when shopping online

A new EU Regulation, which will take effect on 3 December 2018, provides for borderless online shopping. Traders are obliged to treat online customers equally, regardless of which EU-member state they come from. Geo-blocking will be abolished in many cases. However, digital content protected under copyright law and some other services are not yet affected […]

Bulgaria: Commission recommends amendments to the energy act

On 8 February 2018, the Bulgarian Competition Protection Commission (“CPC”) issued a Decision in a Competition Advocacy proceeding initiated in 2017 for the assessment of conformity with Competition law of the legal framework applicable to heat energy supply legislation. The Competition Advocacy proceeding analyzed the respective sections of the Energy Act (“EA”), the Heat Energy […]

Romania and GDPR: Key proposed measures

On March 14 2018, the Romanian law for implementing measures on EU regulation no.2016/679 on the protection of individual rights regarding the processing of personal data directive GDPR was submitted. The legislative proposal can be reviewed here…

Bulgaria joins EU anti-money laundering club

The Bulgarian Parliament has adopted the Anti-Money Laundering Act. The Act transposes Directive (EU) 2015/848 on the prevention of the use of the financial system for the purposes of money laundering and terrorist financings…

Bulgaria: Court repeals energy regulator’s decision on wind energy

On 23 February 2018, the Administrative Court–City of Sofia (“ACCS”) rendered a Judgment repealing two chapters of Decision SP-1/31.07.2015 (“Decision SP-1”) of the Bulgarian Energy and Water Regulatory Commission (“EWRC”), which had considerable adverse effects on producers of electricity from wind energy…

Bucharest: Draft rules on teleworking

Draft law regarding teleworking activities is currently in the process of being approved by the Romanian Government… …Aside from the general provisions set out in an individual labour agreement, the employment agreement (“Agreement”) or the addendum to the employment agreement (“Addendum”) must include the following provisions…

Bulgarian Competition commission banking sector inquiry

The Competition Protection Commission (CPC) sector inquiry will focus on the competitiveness and transparency in the banking sector and the conditions of banking services in Bulgaria. The CPC will review any existing barriers preventing customers to switch to another bank for provision of a specific service, the possible product tying (i.e. binding / bundled sales), and other […]

Polish capital plans for employees

On February 8th, 2018, the Polish Ministry of Finance released the long-awaited first draft of the bill on employee capital plans (Ustawa o pracowniczych planach kapitałowych). It is one of the measures implementing the governmental Strategy for Responsible Development (also dubbed Morawiecki’s plan after the current Polish prime minister) and aims to increase the financial […]

Bulgaria: Amendments to the energy act

On 7 February 2018, the Bulgarian Competition Protection Commission (“CPC”) initiated Competition Advocacy proceedings in relation to the recently proposed amendments to the Bulgarian Energy Act (“EA”), aiming to increase controlling and enforcement powers of the Bulgarian Energy and Water Regulatory Commission (“EWRC”) in respect of possible energy market manipulations under REMIT (Regulation 1227/2011 on […]

Ukraine: New law on limited liability companies adopted

On 6 February 2018 the Ukrainian Parliament adopted a long-awaited Law “On Limited Liability Companies and Additional Liability Companies” No. 4666 (the “Law”). The law will supersede the legislation currently regulating the most popular type of Ukrainian companies – limited liability companies (“LLC”). The following are among the most important novelties which will be introduced […]