After numerous delays, the European Parliament gave the green light today for the Corporate Sustainability Due Diligence Directive (CSDDD). This directive aims to hold companies accountable for any environmental or human rights violations in their supply chains. However, the final version of the CSDDD has been significantly watered down from its original proposal, much to the dismay of sustainability advocates. The CSDDD, also known as the CS3D, sets out a standard for corporate due diligence on sustainability in the EU. This primarily involves environmental and human rights concerns. Under the new rules, companies are responsible for their own actions and […]
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The European Union’s Corporate Sustainability Due Diligence Directive (CSDDD) has faced escalating challenges since its final draft release on January 20. Despite weeks of uncertainty and concerns over the proposal’s fate, supporters were buoyed by the European Council’s unexpected decision to schedule a vote for February 28. However, optimism quickly waned as the vote failed to garner sufficient support. This cast doubt on the CSDDD’s revival before the March 15 deadline for approval by the European Parliament. The Directive The CSDDD, also called the CS3D, aims to establish a corporate due diligence standard on sustainability issues within the EU. The […]
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Montenegro’s Renewable Energy Leap Montenegro has unveiled the Draft Renewable Energy Act as a significant step towards rapid renewable energy development. The legislation introduces several innovations, including auctions for premiums and feed-in tariffs, to boost the country’s green energy sector. The Ministry of Mining and Energy has organized a trio of round-table discussions in Podgorica, focusing on the Draft. This reflects Montenegro’s efforts to meet the requirements of the Energy Community, particularly in implementing the EU’s Renewable Energy Directive. Indeed, the Draft Renewable Energy Act sets an ambitious target of achieving a 50% share of renewable energy by 2030. This […]
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On February 8, 2024, the European Commission (“EC”) unveiled an updated Market Definition Notice (“the Notice”). The revision plays a crucial role in the EC’s approach to assessing mergers and antitrust cases by delineating the competitive boundaries and assessing the market power of companies. The Notice extends beyond EU Member States, mandating compliance from Western Balkan countries (“WBs“) aligned with the EU competition law acquis. Namely, all WBs, through the Stabilization and Association Agreements, have committed to enforce the criteria derived from the implementation of competition rules applicable in the EU, in particular from famous Articles 101, 102, 106 and […]
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Autonomous vehicles and driving technologies, characterized by their complexity, are at the forefront of modern transportation advancements. In our article 5G CAM: Revolutionizing Cross-Border Mobility, we highlighted the pivotal role of CAM technology in facilitating vehicle-to-vehicle and vehicle-to-infrastructure communication, a prerequisite for autonomous driving. These technologies are in rapid development worldwide due to their potential benefits. These include enhancing road safety, alleviating traffic congestion, and reducing CO2 emissions. Autonomous driving encompasses various developmental directions, relying on sensors to collect environmental information. Complementary devices, such as cameras and GPS, are also integral to data collection. A sophisticated computer unit then processes […]
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Business activity generates thousands of documents, contracts, letters, invoices, and the like. This constitutes documentary material. This means that every entrepreneur and company in the Republic of Serbia, in one way or another, is either a creators or possessor of documentary material. Through their activities, they either create or appear as owners, contractual parties in obligational relationships, or simply holders (holders). Only a portion of this material holds permanent significance for society and forms what a body of archival material. The Act on Archival Material and Archival Activity (“Act”) uniformly regulates all of the above. The Act came into force […]
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During its last session on October 26, 2023, the National Assembly adopted amendments to the Public Procurement Act. The most significant changes relate to: introducing quality rather than price as a key criterion for selecting certain services/goods, introducing principles of environmental protection in the awarding of public procurement and specifying the initiation of misdemeanor proceedings in case of illegal spending of public procurement funds. The amendments will be applicable from January 1, 2024. At the outset, it is worth mentioning that the amendments introduce the principle of environmental protection. When considering the procurement of goods, services, or works, the contracting […]
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Gecić Law is honored to announce that our esteemed colleague and counsel, Branko Gabrić, will share his specialist knowledge during an upcoming interactive global webinar on the European Union’s new Carbon Border Adjustment Mechanism (CBAM) regulation. The prestigious global legal network TerraLex presents the event “The Impact of the Carbon Border Adjustment Mechanism.” Branko will be in the company of illustrious speakers, including Assunção Cristas, Head of Environment at Vieira de Almeida, and Nithya Nagarajan, Partner at Husch Blackwell. The event aims to discuss the implementation of CBAM, a groundbreaking initiative by the European Union. The mechanism entered its transitional phase […]
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5G is the fifth-generation mobile network, which promises to lead to a revolution, particularly in transportation. This article focuses on connected and automated mobility (CAM), an offspring of 5G. CAM lets vehicles communicate with each other and with the surrounding infrastructure. Such communication can, in fact, enhance road safety, ease traffic jams, and cut CO2 emissions. With this in mind, countries worldwide are diligently working on developing 5G cross-border corridors. 5G cross-border corridors are networks that connect transportation routes. These routes, whether along roads, railways, or waterways, maintain 5G connectivity across international borders. This connectivity is vital for CAM’s full-scale […]
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Bogdan Gecić, the Founding Partner of Gecić Law, recently spoke with journalist Paddy Bolton. He was thereafter quoted in a Brussels Signal article regarding the EU’s Foreign Subsidies regulation (FSR) and its application in football. Spain’s top football division has filed a complaint with the European Commission (EC) against France’s Paris Saint-Germain (PSG). They argue that PSG’s funding from Qatar violates the EU’s rules on foreign subsidies. Similarly, Belgian football club Royal Excelsior Virton has raised objections about Lommel SK, which receives Abu Dhabi funds. The Foreign Subsidies Regulation (FSR) and Football These interventions come after the EU’s FSR came into […]
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Gecić Law experts will participate in multiple sectoral training sessions on the EU’s new Carbon Border Adjustment Mechanism (CBAM) in October and November. The Ministry of Environmental Protection and the Chamber of Commerce of Serbia initiated the training program within the Swiss Program on Capacities for Trade Policies (C4TP) framework. CBAM training sessions will hence take place in several cities in Serbia during the next two months. These sessions are particularly tailored to the economic sectors affected by the CBAM regulation. First CBAM Training Session on Fertilizers On Monday, the program started its first full-day workshop at the Chamber of […]
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Bogdan Gecić, the Founding Partner of Gecić Law, recently spoke with journalist Paddy Bolton. He was thereafter quoted in a Brussels Signal article regarding the significant changes coming up with the European Union’s pioneering Carbon Border Adjustment Mechanism (CBAM) regulation. The European Union (EU) has begun a transitional phase for implementing CBAM, effective October 1. This initiative, part of the European Green Deal, aims to reduce carbon emissions by taxing carbon-intensive imports. The article discusses the possible implications of CBAM. Boston Consulting Group predicts this could increase the average car price in the EU by approximately EUR 600. This is […]
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The SEEenergy conference kicked off this morning with an exciting panel on Decarbonization in the economy. Our colleague Branko Gabrić sparked great interest as he spoke about the EU’s Carbon Border Adjustment Mechanism (CBAM). The discussion was timely as the new regulation took effect on October 1. The code will introduce significant changes, especially for a specific group of carbon-intensive industries. The energy sector is consequently among the most significantly affected. Panel Discussion on Decarbonization in Industry The distinguished panelists hailed from companies in diverse industries, including Henkel, ABB Group, Schneider Electric, Energy Net, and Viessmann. They shared their views on Decarbonization and specific […]
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Gecić Law, in collaboration with Deloitte Legal and RPHS Law, is proud to unveil a monumental victory, having been instrumental in successfully navigating the dispute between the Priština authorities and Telekom Srbija’s subsidiary, MTS d.o.o. (MTS), stemming from the abrupt decision to revoke MTS’s operating license in Kosovo. The contentious decision threatened to halt MTS’s operations within Kosovo, wiping out its registration from the business registry. The outcome of this would have been catastrophic, plunging numerous businesses into uncertainty, rendering employees jobless, and depriving clients of their service provider. These actions by the authorities were predicated on claims that MTS’s […]
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The European Union has formally unveiled today specific rules for importers on implementing the world’s first carbon border tax. These guidelines in the form of its Implementing Regulation were published today in the EU’s official journal, highlighting the processes to be followed by EU importers in light of the Carbon Border Adjustment Mechanism (CBAM) during its transitional phase. The Carbon Border Adjustment Mechanism is a groundbreaking initiative by the European Union. CBAM aims to level the playing field between EU producers who bear carbon pricing costs and foreign producers who don’t face these charges. It discourages businesses from seeking cheaper […]
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In the previous article, we became familiar with the class action. This legal institute originated from Anglo-Saxon law, and many countries use it, primarily the USA. In this article, we will consider the introduction of a similar institute into the legal system of the Republic of Serbia from the perspective of de lege ferenda. Purpose and Use Through its centuries-long application, class action has proven to be a significant legal mechanism essential to every modern societal system. Indeed, in situations where an event threatens the interests of a more significant number of individuals, there is no better way to provide […]
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August 25, 2023, marks a monumental shift as the Digital Services Act (“DSA“) takes center stage, impacting industry giants like Amazon, Google, Apple, and TikTok. With 19 platforms and search engines, each having a minimum of 45 million users, the DSA takes action to uphold data privacy, combat disinformation, and eliminate online hate speech. This dynamic legislation aims to give users, including minors, enhanced rights and control over their online presence, fostering a high level of privacy and security. What’s the story? Back on April 25, 2023, the first designation decisions were made, designating very large online platforms (“VLOPs“) and […]
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Introduction The European Union has initiated the world’s first carbon border tax, known as the Carbon Border Adjustment Mechanism (CBAM), in a strategic move to tackle the mounting concerns of climate change. The CBAM is designed to level the competitive landscape, ensuring that EU companies, which are already bearing the cost of their carbon emissions, remain on equal footing with enterprises originating from nations with minimal or no carbon emission charges. While the Carbon Border Adjustment Mechanism (CBAM) stands as a significant development in the realm of climate policy, its ramifications extend beyond environmental considerations, reshaping the contours of international […]
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Serbia is opening its doors wider to foreign workers due to several factors. The qualified labor shortages, technological and economic growth, and the effects of globalization have made it essential to simplify and facilitate the residence and work procedures for foreigners in Serbia. Recognizing this need, last winter Serbia began drafting amendments to three foundational immigration laws: the Foreigners Act, the Foreigners’ Employment Act, and the Citizenship Act. Two of these, he amendments to the Foreigners Act and the Foreigners’ Employment Act, have been adopted by the National Assembly. These changes aim to provide a more streamlined and appealing environment […]
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On July 4, the EU Commission introduced a new Procedural Regulation aimed at enhancing cooperation among data protection authorities (“DPAs“) when enforcing the General Data Protection Regulation (“GDPR“) in cross-border cases. The Procedural Regulation focuses on establishing clear guidelines for DPAs handling cases involving individuals in multiple Member States without impacting any substantial elements of the GDPR, including the rights of data subjects, obligations of data controllers and processors, or the lawful grounds for processing personal data. A notable aspect of the Procedural Regulation is a provision that mandates the lead DPA to share a “summary of key issues” with […]
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In this second installment of our series focusing on the risks posed by artificial intelligence (AI) and the legislative initiatives in the US to address them, we will be examining the proposed AI Bill of Rights. The transformative impact of AI on our world is evident, from self-driving cars to facial recognition software. As AI technology gains potency, we must consider its potential implications for human rights. In response, the White House Office of Science and Technology Policy (OSTP) has released a Blueprint for an AI Bill of Rights (The Blueprint). The Blueprint outlines five essential principles for the creation […]
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In a landmark gathering at the White House, some of the most influential CEOs and leaders in artificial intelligence (AI) convened for a crucial discussion on responsible innovation and mitigating AI risks. The meeting, organized to foster collaboration and cooperation between the government and the private sector, brought together renowned figures from technology giants and AI-focused companies. In the series of articles we present to you, we will deal with the US legislative initiatives behind the above meeting, which concern various risks of using AI. Block Nuclear Launch by Autonomous AI Act In recent years, the rapid development of AI […]
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Last week, Branko Gabrić, our counsel, had the honor of being invited to speak at the South-East European Data Protection Congress in Belgrade. The congress was held to establish a forum for data protection professionals to facilitate the exchange of ideas, opinions, updates, experiences, and the application of best practices, ultimately boosting the data protection scene in the region. Branko participated in the central panel on the first day of the conference, which focused on “Transparency – Can Organizations Ever be Too Transparent?”. Alongside him were Boško Vojkić, Director of Data Protection at Ergomed PLC; Stevan Stanojević, founder of PrivacyOneStop; […]
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On Wednesday, our Senior Associate and a key member of our Banking & Finance team, Miloš Petaković, was invited to deliver a guest lecture on consumer protection for consumer loans in Serbia at the Faculty of Law of the European University in Rome. The class was held for the students of European Banking Law, led by Prof. Attilio Cristiano Vaccaro Belluscio. Miloš began the lecture by providing an overview of the history and general principles governing the banking system in Serbia and its position in the European context. He highlighted the regulatory and institutional landscapes that govern the banking sector […]
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The landscape of business registration in Serbia is changing, catalyzed by the advent of digital technologies. As of May 17, 2023, Serbia is set to embrace a comprehensive digital transformation by mandating all business entity registrations to be conducted exclusively via the Business Registers Agency’s (APR) eRegistration application. This move will render paper-based applications obsolete, bringing greater efficiency and practicality to the business registration process. This transition applies across the board to all legal entities in Serbia, including Limited Liability Companies (DOO), General Partnerships (OD), Limited Partnerships (KD), and Joint-Stock Companies (AD). This change not only streamlines administrative procedures but […]
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Bogdan Gecić, Founding Partner at Gecić Law, was invited by the prestigious directory The Legal 500 to discuss the legal aspects of Artificial Intelligence (AI) in an article titled “Rise of the Machines: Shaping the Legal Response to AI’s Rapid Expansion,” published on Legal Business. The article discusses the rapid expansion of AI and its implications. Bogdan argues that the legal world is on the cusp of a major transformation driven by AI technology and explores its benefits, including improved efficiency, accuracy, and reduced costs. He also acknowledges the potential risks and ethical concerns associated with AI, such as data […]
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The Western Balkans ESG Summit, the first regional event on this hot topic, successfully concluded last week after two days of insightful discussions and informative sessions on Environmental, Social, and Governance (ESG) issues. The conference, which gathered 450 participants and 150 companies from the region, was held to promote sustainable development and drive positive change for businesses and society in the area. The Western Balkans ESG Summit brought together industry experts, business leaders, policymakers, and representatives from civil society to discuss the importance of ESG issues for the region. The event featured keynote speeches, panel discussions, and interactive workshops that […]
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Migration is a phenomenon as old as humanity itself. In modern times, a good life today means a good job. Since industrialization and globalization, it has become increasingly more accessible and more efficient for people to move around and satisfy the needs for labor in different parts of the world. Today, due to demographic and economic trends, in addition to the growing demand for jobs in digital and technology, there is also a need for more traditional occupations. Numerous, mainly developed countries, have already taken measures to ease the conditions for the employment of foreign nationals. Serbia is increasingly becoming […]
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The Western Balkans ESG Summit starts tomorrow! Gecić Law proudly announces its participation in the first regional event dedicated to environmental protection, social responsibility, and responsible management (ESG). The summit will be held on April 27th and 28th, 2023 in Tivat and will focus on sustainable development issues in the Western Balkans. The Western Balkans ESG Summit will bring together regional and global leaders and experts in sustainable business who will address this global paradigm shift and its impact on Southeast European markets. Gecić Law will participate in the ESG regulation panel, discussing the latest ESG regulations and their far-reaching […]
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Companies, primarily global corporations, may enjoy enormous power and influence. Their power comes mainly from the capital these companies have at their disposal, but also from other sources. And while the main focus is on whether the influence of companies can be limited, case law and international legislation have recognized certain human rights for companies. The most important legal document on human rights is the United Nations Universal Declaration of Human Rights. This document influenced most of the United Nations member states’ national constitutions after its adoption, as well as international documents such as the Council of Europe’s European Convention […]
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The article “Subjective Scope of Domestic Arbitral Award” by our Partner and Head of Dispute Resolution, Jovana Veličković, was published in the latest edition of the eminent publication Law and Economy of the Business Lawyers Association of Serbia. We bring here a summary of the article: Summary: Based on Article 64 par 1 of the Arbitration Act, the domestic arbitration award can legally affect only the parties and their legal successors (singular and universal). In relation to third parties, the award can affect only if the nature of the subject matter of the dispute requires it (effect erga omnes) or […]
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Our Senior Associate Miloš Petaković had a live guest appearance in the afternoon Zoom In program on Bloomberg Adria TV last week. As part of a panel of experts, he was invited to comment on the new proposal to amend and supplement the Serbian Planning and Construction Act and clarify the proposed changes, mainly as they apply to businesses and the economy. Miloš explained the importance of the changes in the treatment of land conversion and related charges. These are set to resolve a long-standing issue that has been an obstacle for many businesses. The changes are expected to open new […]
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In February, the Parliament of the Republic of North Macedonia ratified the Agreement on the Conditions for Free Access to the Labor Market in the Western Balkans and the Agreement on the Interconnection of Schemes for Electronic Identification of the citizens of the Western Balkans as part of the Open Balkans initiative. Both agreements were signed in Tirana on December 21, 2021, by the President of the Republic of Serbia, Aleksandar Vučić, the Prime Minister of the Republic of North Macedonia, Zoran Zaev, and the Prime Minister of the Republic of Albania, Edi Rama. The Agreement on the Conditions for Free Access to […]
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Sustainable investing has gained significant momentum in recent years as environmental, social, and governance (ESG) principles rose to the top of the corporate agenda. However, there has recently been growing backlash to ESG investing from multiple stakeholders, including politicians and industries, particularly in the US. This anti-ESG sentiment has become a significant performance risk for many investment firms on Wall Street. Heavyweights, such as BlackRock, Blackstone, KKR, and T Rowe Price, have cautioned in their annual reports that divergent views on ESG investing could hurt their financial performance. These warnings follow pressure caused by an accelerated campaign supported by top-ranking […]
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Amendments to the Tax Procedures and Tax Administration Act (“Act“) were adopted and entered into force on December 20, 2022. The following is a reminder of the most significant changes you should keep an eye on. (Non)postponement of the enforcement procedure The legislator removed paragraph 6 from Article 77 of the Act through the amendments. This article stipulated that the Tax Administration would only initiate compulsory enforcement after a decision had been made on a taxpayer’s request to postpone tax payment. This move implies that the Tax Administration may, without restrictions, initiate enforcement proceedings even though a request for tax deferment has […]
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EU and Western Balkans leaders gathered in Albania last December for the EU and Western Balkans Summit to discuss cooperation and EU perspectives of the region. The Tirana Declaration (“Declaration”) was signed between the leaders of the Western Balkans Six and the EU Member States, with representatives of the EU Council and the EU Commission. The document comprises specific initiatives to strengthen regional cooperation in parallel with the EU accession processes. One of the Declaration’s critical topics was the Western Balkans’ commitment to fully implement the Green Agenda and develop a carbon pricing policy in the context of the EU […]
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In her keynote speech at the 2023 World Economic Forum in Davos, Ursula von der Leyen, EU Commission President, outlined yesterday the main pillars of the EU’s Green Deal Industrial Plan to boost Europe’s leadership in green technology on its road to carbon neutrality. “We know we have a small window to invest in clean tech and innovation to gain leadership before the fossil fuel economy becomes obsolete,” said von der Leyen. As the plan’s regulatory pillar, she announced a new Net-zero Industry Act to support the “greatest industrial transformation of our times” and keep up with strongly incentivized programs […]
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As anticipated for some time in the previous months, while having been agreed upon between the EU institutions, the Foreign Subsidies Regulation (Regulation) finally saw the light of day on January 12, 2023. Its application will commence on July 12, 2023. The Regulation offers new tools for the European Commission (Commission) to investigate financial contributions from non-EU countries to companies operating in the EU to prevent distortions in the internal market. This specific State aid regime provides for an extended application of EU rules and the Commission’s competencies beyond the EU borders. One of the notable features is that the […]
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The end of the current year and the beginning of the new year bring changes in the form of a fee hike applicable to all legal entities covered by the Business Register Agency (“BRA“). The November Decision on Registration Fees and Other Services brought by the BRA of the Republic of Serbia increased fees for almost all services provided by the Agency (“Decision“). Among others, the Agency changed fees for registration of incorporation, data changes, registration of other data, and deletion of data. This change is of great importance to anyone planning any corporate changes, bearing in mind that the […]
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The Judgment of the European Court of Justice (“ECJ“) from November this year raised the issue of compatibility of proclaimed fundamental human rights with public registers of ultimate beneficial owners available to all interested parties (“Judgment“). According to the Fourth Anti-Money Laundering and Terrorist Financing Directive (the “Fourth AML Directive“), all European Union member states were obliged to make public the registers of beneficial owners of companies operating in their countries so that they can be accessed by any person who has a “legitimate interest.” Accordingly, in 2019, Luxembourg passed a law confirming this directive. It established a register of ultimate […]
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A significant and long-awaited day for Bosnia and Herzegovina! As announced by the Council of the EU, the EU General Affairs Council recommended granting the candidate status to Bosnia and Herzegovina. The European Council will make the formal decision on Thursday, December 15, at the summit of the leaders EU’s 27 in Brussels. It’s been six years since the country submitted its formal application for full membership in the EU back in 2016. The process is now nearing its conclusion, and yet another Western Balkans country is about to reach its primary goal – attaining candidate status as an essential step […]
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The European Union (EU) and the Association of Southeast Asian Nations (ASEAN) signed yesterday in Bali the world’s first bloc-to-bloc Comprehensive Air Transport Agreement (CATA). Most EU member states so far have had bilateral agreements with some of the ASEAN countries, with different scopes and rules. However, very few had such arrangements with all the countries of ASEAN. The new agreement now includes all member states of each region and replaces all existing contracts with a unified framework, connecting more than one billion people. The agreement aims to revitalize air travel and transport between Southeast Asia and Europe, which has […]
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Although the Personal Data Protection Act (“Act“) has been in effect for four years, it seems that its provisions have not yet been fully implemented in practice, nor have all companies in Serbia fully adapted to them. Non-compliance with the obligations prescribed by the Act especially starts hurting when inspections are carried out by the Commissioner, and a new round is being announced. So, let’s take a moment to revise what companies should pay attention to when it comes to complying with the Act. Back to basics The general obligations of companies are contained in the principles of the Act. […]
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In times of crisis, cryptocurrencies found new roles in financial markets. We witness different forms in which cryptocurrencies are used to transfer value when the regular financial flows fail (or are just too laggy). It seems crypto is here to stay and governments are taking stock and developing plans. This March, US President Joe Biden was determined to find a regulatory solution for crypto by kickstarting the legislative machine of the US with the Executive Order on Ensuring Responsible Development of Digital Assets (“EO”). The EO recognizes the explosive growth of digital assets as an opportunity to reinforce American leadership […]
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The US Federal Reserve published a document titled Money and Payments: The U.S. Dollar in the Age of Digital Transformation (“Paper”) in January. The Paper points out the pros and cons of creating the digital dollar in the form of a CBDC (Central Bank Digital Currency), to determine whether it could improve the US payment system. As we explained in earlier texts on this subject, CBDCs are virtual records of existing fiat currencies. They represent the complete equivalents of currencies such as the euro, dollar, dinar, etc. The Paper points out that the digital dollar would be a liability of […]
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At the very end of 2021, amendments and supplements[1] were adopted to the Act on Registration Procedure with the Serbian Business Registers Agency[2]. The implementation of certain provisions has been delayed by 12 or 18 months, respectively. The legislator’s main motive for the amendments is the time and cost-efficiency of registrations before the Serbian Business Registers Agency (“SBRA”), as well as to continue implementing the administration of the digitalization policy, in this case with the SBRA. Digitalization is certainly the key catalyst for innovation, modernization and economic growth and development. The most significant changes are following: Company incorporation The most […]
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The National Assembly of the Republic of Serbia adopted the Amendments to the Patent Act (“Amendments“) on December 8, 2021. The Act seeks to harmonize local protection of inventions regulations with those of the European Union. It also looks to eliminate certain shortcomings that have been identified in the application of the existing Patent Act. Therefore, the most important changes relate to the supplementary protection certificate and the protection of inventions through a utility model system. The changes will have a significant impact on the Serbian pharmaceutical industry and potentially incentivize investments by domestic entities. These changes seek to eliminate […]
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Environmental awareness has been a pressing topic for decades. In the past, international treaties were signed to put words into action. One of these key treaties was the 1997 Kyoto Protocol. The reasoning behind this protocol was evident; countries needed to reduce greenhouse gas emissions (“GHG”). Back in 2008, Serbia had ratified this agreement and prescribed mandatory targets for the reduction of harmful emissions in the period between 2008-2012. The Amendment from Doha confirmed the second binding period of the Kyoto Protocol, between 2013-2020, including new obligations in GHG emissions reduction. However, perhaps the most crucial treaty was the Paris […]
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The Global Gateway initiative was unveiled on December 1, 2021, as a strategy of the European Union (“EU”) to support sustainable infrastructure development around the world. The EU is planning to invest EUR 300 billion over five years. The European Commission pitched the Global Gateway as a template for how Europe aims to build more resilient connections across the globe. The Global Gateway is about increasing investment, promoting values and high standards, good governance and transparency, partnerships based on equality, green, clean, secure infrastructure, but also catalyzing and supporting private sector investment in new markets as part of the Global […]
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Technological development influenced capital markets far more than expected in the last decade. Decentralized currencies, central bank digital currencies and digital tokens are all huge news in the world of finance. And so are stablecoins. What are stablecoins and how do they “work”? Stablecoins are a unique kind of decentralized digital assets, developed to “bring the best of both worlds”. They have all the characteristics of decentralized currencies but also solve the problems of volatility and uncertainty. That makes them similar to centralized currencies. Stablecoins are unique because they are backed by real reserves. They are either backed by fiat […]
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The end of 2021 was marked by changes in the legislation of the Republic of Serbia, which included the adoption of a new Capital Market Act (“Act”) that entered into force on January 5 this year. The objective of the Act is to introduce greater transparency and responsibility in business, the introduction and development of financial instruments offered on the Serbian capital market, creating a more attractive environment for both domestic and foreign investors. It was adopted following the government’s Capital Market Development Strategy 2021-2026, and the Action Plan for its implementation. The law will start to apply after one […]
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Senior Associate Miodrag Jevtić delivered a training session on cross-border insolvency on Monday, December 20. The event was organized by The Bankruptcy Supervision Agency of the Republic of Serbia, within a project supported by the Ministry of Economy of the Republic of Serbia and the Swiss State Secretariat for Economic Affairs (“SECO“). Miodrag gave an overview of the legal framework for cross-border insolvency and the best practices in the field, analyzing the UNITRAL Model Law of Cross-Border Insolvency. Dr Marko Radović, a judge of the Commercial Court of Belgrade also spoke at the webinar. The event was held as part […]
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The battle for supremacy i.e. primacy between Member State and European Union (“EU”) law is in full swing, with the prospect of even more trouble. In late October, the EU’s highest court (“CJEU”) issued a landmark daily fine to Poland in the amount of EUR 1 million for failing to comply with CJEU’s order. This tremendous fine is the biggest to date and may very well be a warning to any other Member State that might try to question the primacy of EU law. Getting to the Biggest Supremacy Fine Polish judicial system reforms are what triggered the dispute between […]
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Does blockchain technology carry risks of money laundering and terrorist financing? The Financial Action Task Force (“FATF”) responds affirmatively. In October 2021, FATF published an Updated Guidance for a Risk-Based Approach (“Guidance”), as a result of crypto market monitoring. The Guidance is based on the assessment of the risk of money laundering and terrorist financing regarding the regulation and supervision of virtual assets (“VA“) and Virtual Assets Service Providers (“VASP“). The amendments to the Guidance are the result of the FATF’s ongoing work and oversight of the VA and VASP sectors and their development, to prevent money laundering and terrorist […]
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We live in the era of digitalization. Changes in technology inevitably affect our lives. One such innovation in Serbia are digital assets, which can be virtual / cryptocurrencies or digital tokens. Although the local legislation has only recently recognized this institute, an increasing number of companies that operate in Serbia now work in the sphere of cryptocurrencies. The Digital Assets Act (the “Act”) provides options and opens many doors for the use of digital assets, primarily cryptocurrencies. Therefore, the question whether cryptocurrencies are our future or our present arises. Opportunities for the use of cryptocurrencies are yet to be fully […]
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During the COVID-19 pandemic, our usual work habits changed completely. From the well-established mechanism of going to the office, we moved to an armchair in our living room. Are we now returning to work from business premises? What are the conditions for us to return to the office? What are employers allowed to do to implement occupational health protection measures and what are they not allowed to do? All these issues have not yet been fully resolved, although it is evident that their resolution is becoming increasingly important day by day. For this reason, the Ministry of Labor, Employment, Veterans’ […]
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The German Constitutional Court and the Court of Justice of the European Union (“CJEU”) have been at odds lately. In June 2021, the European Commission brought infringement proceedings against Germany over an alleged breach of the principle of primacy of EU law by the German Federal Constitutional Court. Namely, the German Federal Constitutional Court has delivered a landmark decision that is precedent-setting and has tremendous repercussions for the question of the power dynamics between the European Union (“EU”) and a Member State. Before getting into the nitty-gritty details of this legal conundrum, let us take a look at how things played […]
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Cryptocurrencies, digital currencies, electronic money… are the talk of the world. A common question these days is what cryptocurrencies are and how they work. This question now has a more recent addition – what are digital currencies? Is digital currency a synonym for cryptocurrency? If not, what is the difference? If you are a fintech enthusiast, you may think that this is a great time to be alive. But if you are not, it is perfectly ok to be confused, even a bit scared by the changes happening this fast. The only thing we can do is to keep up […]
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In the past few years, virtual currencies have become very attractive to investors across the globe. Their importance for world capital and money flows is constantly growing, which resulted in the need for them to be regulated. That was the precise reason for the Republic of Serbia to adopt the Digital Property Act at the end of last year. Its significance is recognized in defining digital assets for the very first time, thus introducing them into regulated economic flows. However, this Act alone could not resolve all issues and questions related to digital property. For example, the Digital Property Act […]
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In the process of gradually aligning its legislation with the EU acquis the Government of the Republic of Serbia adopted two bylaws on 11 March 2021 in the field of state aid, complementary to the recently adopted new State Aid Control Act. All this adds value to the start of talks on the Chapter 8 – Competition Policy of Serbia’s negotiation process and may speed up Serbia’s EU accession. Regional Aid Regulation This regulation is designed to promote economic development of the least developed regions or the development of regions with a high level of unemployment. It also allows state […]
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The current Health Insurance Act (the “Act”) came into force in 2019. However, earlier this year the National Assembly of the Republic of Serbia passed the Draft on Amendments to the Health Insurance Act (the “Draft“) was passed, and it was in public debate until the end of February. Only the Draft that was at the public debate is publicly available, so we are waiting for the version of the text that will be sent to the Government, and then in the parliamentary procedure. Reasons for introducing amendments One of the reasons for the adoption of the Draft is certainly […]
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The Council of the EU agreed on Tuesday to apply its revised enlargement methodology in the accession negotiations of Serbia and Montenegro. The new rules within the accession process aim to increase contacts at the ministerial level and promote fundamental reforms in the two countries. Additionally, the new enlargement methodology has the goal of improving the predictability of the accession process. Furthermore, it reorganizes chapters into clusters to speed up negotiations between the states with the EU. The decision comes after the European Commission issued a Communication in February which addressed the need to improve the accession process. The new […]
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In addition to numerous novelties and changes in Serbian legislation, the beginning of this year was also marked by the legal regulation of archiving materials and similar documentation, which attracted significant attention. The new Archival Material and Archival Activity Act (the “Act“) is not only an important step towards improving the protection of archival material and regulating archival activity but also towards developing awareness of the importance of preservation of archival material, since that helps “protect” the history of our country. Until recently Serbia did not have a specific act that would comprehensively regulate the issue of archival material and […]
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On January 21, 2021, the Republic of Serbia and the U.S. Government signed the Investment Incentive Agreement (“IIA“), still waiting to be ratified by the Serbian Parliament. The IIA paves the way for the U.S. International Development Finance Corporation (DFC) to provide investment services in Serbia. In September last year, DFC opened its first office on this side of the Atlantic, right here in Belgrade . The opening of DFC’s office in Belgrade is indeed a significant step forward in US-Serbia relations. However, this is not their first foray into economic cooperation in this field. IIA, judging by the available information […]
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The Necessity of the Digital Single Market… Not only is the global economy flourishing, it is going digital also. Information and communications technology is no longer a specific business sector but the foundation of all modern innovative economic systems. The Internet and digital technologies are transforming the lives we live, the way we work –personally, in business, and in our societies as they increasingly weave their way into all sectors of our economy and community. Consequently, our lives and, especially, our businesses need to follow global trends such as competitive strategies, marketing techniques, and business models, and that would not […]
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The Serbian Ministry of Economy formed a working group to draft an act that will regulate the bankruptcy of entrepreneurs (the “Draft“) following the Program for resolving problem loans for 2018-2020 of the Government of Serbia (the „Program“). Serbian bankruptcy legislation should now be complete since the Bankruptcy Act does not provide for a procedure in which creditors of an entrepreneur could collectively settle their claims. The view of the Government of Serbia stated in the Program, is that bankruptcy in the case of entrepreneurs should be regulated in a way that it could be carried out quickly and efficiently […]
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Unbelievable numbers: 840,000 employees, USD 280 billion in revenue for 2019, USD 11.5 billion profit (for the same year) and first centi-billionaire owner ever. Today, one of the biggest undertakings in global trade. But, on the other side, one of “The Biggest Deals” for the EU, ever. We bring you a story of to-ings and fro-ings between Amazon and the EU Commission. Short Recap Rewind to July 17, 2019. On that day, the Commission opened an investigation into possible anti-competitive conduct by Amazon. More precisely, an investigation was opened to assess whether Amazon’s use of sensitive data from independent retailers […]
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After many years of speculations on its interest in cryptocurrencies, this year PayPal finally announced that it will enable its users to buy and sell cryptocurrencies, as well as to safe keep them in crypto wallets on their accounts. With the money from the sale of cryptocurrencies, users may freely buy goods and services. PayPal, the American company whose main business activity is the provision of payment services related to electronic money, has been long present in the payment services market. PayPal is not a bank, because it does not use the funds of the users for its own needs, […]
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The new Decree on Conditions for Issuing Extracts from the Ordnance Survey, Real Estate and Land Registry Information System, by Notaries Public and Surveyors (“Decree“) cuts through another piece of red tape – the need to apply exclusively to the Republic Ordnance Survey Authority for folio extracts. However, the Decree is a source of some controversy in terms of application. Will the Decree see us spend even more time queuing at counters and in consultation with experts? The main innovations under the Decree are: When disposing of real estate and concluding other transactions before notaries, parties will no longer have to obtain a folio […]
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The development of the judiciary is one of the key priorities for the Republic of Serbia. It is a permanent process of modernization and harmonization of the judiciary with the needs of the state and society, in order to ensure rule of law and enhance legal certainty. In line with this, on July 10, the Government of the Republic of Serbia, adopted Judicial Development Strategy for the time period between 2020 and 2025 (“Strategy”), as well as the revised Action Plan for the Chapter 23 (“Action plan”). We would also like to point out that AmCham Serbia, of which Gecić […]
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Money laundering – a crime that is not victimless In a globalized world where modern technology allows the rapid flow of funds, fighting money laundering has never been a more important and urgent need. Trillions of dollars are laundered each year and these funds fuel serious organized crime activities such as drug trade, sexual exploitation, human trafficking, terrorism, etc. Money laundering is far from a victimless crime, and, moreover, it harms society in a more perfidious manner than other crimes. The Financial Action Task Force (“FATF”) is the leading global money laundering and terrorist financing “watchdog”. As a policy-making body, […]
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One learns early on – if you want to sit at the cool kids’ table, you must do the work and engage in tedious diplomatic battles and quid pro quo bargains. Yet, does the accession to the EU automatically erase ghosts of times past? If one looks at the love-hate triangle between the EU, Romania and the Micula brothers, the answer is not necessarily positive. The Micula phenomenon No international lawyer is likely to ever ask: “Micula – who?” On the contrary, the Micula case(s) have by now generated such notoriety that they represent household terms in law offices around […]
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On 24 February 2020 the National Assembly of the Republic of Serbia adopted the Registry of Real Estate, Overhead Lines and Underground Ducts (Registration Procedure) Amendment Act (“Registration Procedure Act”). The amendments will enter into force on 3 March 2020, while certain provisions shall apply as from 31 March 2020. The main idea was to simplify the procedure before the Republic Ordnance Survey Authority. A key change concerns Article 39 of the Registration Procedure Act, which now stipulates that service of procedural documents to parties will be effected in the form of an electronic document via single electronic mailbox. If […]
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On 1 January 2020, Serbia rolled out its first court electronic bulletin board service, giving enforcement creditors and enforcement debtors online access to orders and other procedural documentation, which the court or public bailiff failed to serve on them personally. The Ministry of Justice of the Republic of Serbia in cooperation with USAID Rule of Law Project has made it possible to post enforcement orders and other procedural documentation online, while also giving parties to enforcement proceedings access to information about their enforcement proceedings. The service of written documents and decisions is a key element of civil court proceedings. Consequently, […]
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To create a more favorable business environment for domestic and foreign companies wishing to invest in Serbia, and to enhance the national economy, a new Decree on the Conditions and the Manner of Attracting Investments1 (Decree), announced by the Act on Investments2, has been enacted on 11 March 2016. Relying on the Serbia Investment and Export Promotion Agency’s (SIEPA) 2015 Decree on the Conditions and Manner of Attracting Direct Investments3 (SIEPA Decree), the new Decree provides for incentives in the form of grants or, under certain conditions, exemption from customs duties, both for the investments in new production facilities (greenfield […]
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