Arbitration and Insolvency Friends or Foes
Business matters are very dynamic and require a high level of flexibility. For this very reason, arbitration procedures have been developed to provide a quick way for business people to settle disputes.
When and how are data breaches to be reported?
In mid-December, the European Data Protection Board (EDSA) adopted the Guidelines 01/ 2021 on examples of data breach notification (the "Guidelines").
Romania wants to become more attractive for "digital nomads“
On 14.01.2022, Law No. 22/2022 (hereinafter "the Law"), which introduces the concept of "digital nomad" in the Romanian legislation regarding foreigners, was published. This new category of foreigners is granted, under certain conditions, the right to temporary residence on the territory of Romania for the purpose of remote work for companies not established in Romania.
Conduct rules for combating money laundering
Unternehmen, die in Rumänien zu Umsatzsteuerzwecken registriert sind, können am Ende des Berichtszeitraums gemäß der bei der Steuerverwaltung ANAF eingereichten Umsatzsteuererklärung eine Erstattung ihres negativen USt-Saldos verlangen.
The importance of the Internal Controls in Preventing abuse within Organizations
Almost all organizations use internal control systems, i.e. packages of measures implemented in order to meet its business objectives. These measures aim at protecting assets, establishing clear responsibilities and accountability within organization, reporting timely and correctly on its results.
NEWSFLASH - Wind of change in Romanian energy law
NEWSFLASH - Wind of change in Romanian energy law After several months of public debate and numerous amendments and revisions, Emergency Ordinance no. 143/2021 ("GEO 143") entered into force on the last day of the previous year. It brings significant positive changes to the Romanian energy legislation, including the end of a ten-year-old block on electricity transactions outside centralized markets Please find more details here.
Categories of shares with different voting rights under discussion
On 8.12.2021 a draft law aimed at significantly amending and completing Company Law No. 31/1990 (hereinafter referred to as “the Law“) was submitted to the Romanian Senate. According to this draft law, a new type of shares is introduced, which could result in shareholders of Romanian joint stock companies and LLCs being granted different rights.
Do‘s and Don’ts for real estate purchase agreements
We have recently noticed a strong tendency of extending existing investments. While the majority of investors decides to purchase plots of land for establishing or extending existing properties, the number of investors seeking the purchase of completed properties consisting of plots of land and buildings erected by the landowner at the request (and according to the specifications) of the investor increases.
Higher consumer protection in connection with the sale of goods
On 28.12.2021 Romania surprised the public with the implementation of two EU directives which, starting January 22, are supposed to create unitary purchase conditions in all member states.
Fiscal risks implied by cross-border activities
The Covid pandemic has led to a strong development of the electronic communication and thus to extended possibilities to carry out activities remotely.