Eastern Europe | 01 February 2012

On 12 September 2011 the International Chamber of Commerce (ICC) published the revised version of its Rules of Arbitration, updating the 1998 Rules. The new Rules of Arbitration of the International Chamber of Commerce (the 2012 Rules)1 will come into force on 1 January 2012 and will be applicable to all ICC arbitrations (with some limited exceptions) which will be started after that date.
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Eastern Europe | 01 December 2011

Undertakings for Collective Investment in Transferable Securities (UCITS), are open-ended, regulated investment funds.

Since their inception in 1985, UCITS have been regulated by Directive 85/611/EEC, known as UCITS I. UCITS I has been substantially amended several times, most importantly by Directive 2001/107/EC and Directive 2001/108/EC, these amendments generally being known as UCITS III.
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Eastern Europe | 01 November 2011

Infrastructure development is, and will continue to be, a leading sector of the economy in Bulgaria and Eastern Europe over the next few years. As sponsors and banks conduct much greater due diligence, this article considers which remedies in the security package are effective in practice. This is of course a ‘hot’ issue in the context of non-recourse project financing. [Continue Reading]

Human Resources | 04 July 2011

On 1 May 2011, long-debated amendments to law no 53/2003 (the labour code) finally entered into force in Romania. At the same time, a significant number of laws and secondary legislation were repealed and replaced by the new law no 62/2011 when social dialogue was effected mid-May 2011 (the social dialogue law). [Continue Reading]

Projects, energy and natural resources | 04 June 2011

The energy sector is one of the most important sectors in Bosnia and Herzegovina (BiH), boasting a long-standing, continuous development history and enormous potential and opportunities for further investment. This sector is currently subject to extensive reforms and a restructuring process, with the intention to turn it into an integral part of the European energy market. Before analysing some of the most recent changes in energy legislation, however, it is necessary to take a preliminary look at the BiH legal system in general. [Continue Reading]

Corporate & Commercial | 04 May 2011

In the context of budgetary restrictions on the one hand, and the need for major economy-driving projects in the public sector on the other, public-private partnerships (PPPs) provide states with an excellent option for achieving this goal with minimum financial participation. Many European countries have so far been successfully implementing PPP structures in various projects. However, when it comes to the ever-changing and often difficult markets of central and eastern Europe (CEE) and southeastern Europe (SEE), PPPs are still considered to be a unique challenge for the governments and are in need of further development. [Continue Reading]

Eastern Europe | 01 April 2011

A peculiarity in austrian law is the Austrian Stamp Duty Act (GebG). The Act contains a list of agreements, such as suretyships, settlement agreements, assignments of rights and rental agreements, which are subject to stamp duty if a ‘written deed’ is executed in Austria, or if any link to Austria exists. However, the Act itself does not precisely define the term ‘written deed’, therefore it is questionable whether or not an e-mail, for instance, would be considered such a deed. [Continue Reading]

Eastern Europe | 01 February 2011

Not least due to the financial crisis, the situation surrounding the public budget in central and eastern Europe (CEE) and southeastern Europe (SEE) countries is fraught with complications. Nonetheless, governments (including the states, provinces and municipalities) in the EU will invest a barely credible €2.5trn (ie €2,500bn) in various government contracts in 2011 – purchasing goods and services ranging from engineering services to copying paper to the construction of power plants. In the CEE/SEE region alone, the value of government contracts in 2011 will amount to some hundreds of billions of euros. However, studies have shown that ensuring compliance with existing EU public procurement law would result in savings of dozens of billions of euros every year.
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TMT | 01 December 2010

In a recent decision, the Commercial Court of Vienna (Handelsgericht Wien) ordered the publication of a judgment in the form of a YouTube video. As far as can be told, this was the first time, confirming that new information channels and social networks can provide a venue for the publication of judgments. [Continue Reading]