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  • Rymarz Zdort Maruta and Clifford Chance Advise on Innova Capital’s Acquisition of Punkta Group

    Rymarz Zdort Maruta has advised Innova Capital on the acquisition of Punkta Group from Pollen Street Capital. Clifford Chance advised Punkta on the deal.

    Innova Capital is a growth equity fund investment manager.

    Punkta Group is a corporate insurance distribution and services company. 

    According to Rymarz Zdort Maruta, upon completion, Punkta Group will be rebranded as ISON Group. The acquisition, which was supported by the European Bank for Reconstruction and Development, will position ISON Group as a leading independent insurance brokerage in Poland, with an aggregate Gross Written Premium exceeding PLN 500 million for corporate clients.

    According to Clifford Chance, the transaction specifically covered the “disposal of Poland-based Punkta Brokers, ISON Care, Punkta Pro, Inotis Centrum Likwidacji, as well as Slovenia-based Assistance Coris and Orcis and their subsidiaries.”

    The Rymarz Zdort Maruta team included Partners Jacek Zawadzki and Iwona Her, Senior Associates Aleksander Jakubisiak, Malgorzata Banaszkiewicz, and Aleksandra Modzelewska, and Associates Magdalena Kos and Karolina Chudy.

    The Clifford Chance team included Partner Wojciech Polz, Counsels Karol Kulhawik and Kacper Bardan, Senior Associates Zuzanna Potoczna and Marta Michalek-Gervais, and Associates Adam Szyndler, Martyna Sieczka, and Marta Swiderska.

  • Integrites Advises Eurocape on Development of Wind Park in Lviv

    Integrites has advised Eurocape’s subsidiary on the development of a 100-megawatt wind park in the Lviv region, Ukraine, involving an investment of EUR 200 million.

    Eurocape New Energy Limited is an independent renewable energy company

    According to Integrites, the facility, now in the final stage of development with equipment installation underway, will generate renewable electricity for approximately 116,800 households, supporting local communities and bolstering Ukraine’s economy.

    In 2021, Integrites advised Eurocape Ukraine I on the commencement of Zaporizhzhia Wind Park’s electricity production (as reported by CEE Legal Matters on June 9, 2021). In 2019, Integrites helped the company secure financing for the development of the wind park (as reported by CEE Legal Matters on August 1, 2019).

    The Integrites team included Managing Partner Oleksiy Feliv, Partners Viktoriya Fomenko and Igor Krasovskiy, Counsel Inna Kostrytska, Special Counsel Dmytro Kiselyov, Senior Associates Serhii Datsiv, Kostiantyn Kharchenko, and Yurii Sivovna, and Junior Associates Iryna Karazhbei-Truska and Kateryna Lyaskovets.

  • Norton Rose Fulbright Advises BBI Development on PLN 44.74 Million Bond Issuance

    Norton Rose Fulbright has advised BBI Development on the issuance and allocation of 44,740,000 new bonds with a total nominal value of PLN 44.74 million.

    BBI Development is a Warsaw Stock Exchange-listed property developer.

    The Norton Rose team in Warsaw included Partner Grzegorz Dyczkowski, Consultant Piotr Zawislak, Associate Julia Pycka, and Lawyer Kacper Wojtacha.

  • CMS Advises Green Energy Market on 10-Year License for Electricity Trading and Balancing Services

    CMS has advised Green Energy Market on a 10-year market coordinator license from the Energy and Water Regulatory Commission of Bulgaria.

    Green Energy Market operates in the electricity trading and balancing market.

    According to CMS, the EWRC granted the license after confirming that Green Energy Market possesses all the necessary human, technical, financial, and material resources to operate effectively, as evidenced by the Bulgarian TSO’s confirmation of its communication and data transfer capabilities, and its plan to employ at least six dedicated employees.

    The CMS team included Managing Partner Kostadin Sirleshtov, Counsel Borislava Piperkova, Senior Associate Elena Yotova-Yordanova, and Associate Viktoriya Dimitrova-Toneva.

  • Schoenherr and Greenberg Traurig Advise on Enterprise Investors’ Financing for Grupa Expobud

    Schoenherr has advised Enterprise Investors on a debt financing transaction aimed at supporting the growth of Expobud Domy. Greenberg Traurig advised mBank on the financing of the transaction.

    Enterprise Investors is a Central and Eastern Europe private equity firm.

    The Schoenherr team included Partner Ilona Fedurek and Associate Gabriela Chrzanowska.

    The Greenberg Traurig team included Counsel Pawel Dlugoborski, Senior Associate Jakub Walawski, and Junior Associate Weronika Lakoma.

  • Nyerges & Partners Advises R.Power Renewables on PPA in Romania

    Nyerges & Partners has advised R.Power Renewables on an 11-year physical power purchase agreement for the full output of four solar photovoltaic projects developed in Romania.

    According to Nyerges & Partners, the agreement will deliver an estimated 357 gigawatt-hours of renewable energy.

    The Nyerges & Partners team included Managing Partner Mihaela Nyerges, Counsel Daniela Draghici, and Junior Associate Radu-Andrei Dancau.

    Nyerges & Partners could not disclose additional information on the matter.

  • Domicile of an Arbitral Award – What Does and What Does Not Influence It

    The distinction between a domestic and a foreign arbitral award is important because it affects the recognition, enforcement, and legal remedies available under Serbian law. The domicile of the award is determined by the seat of arbitration and the law applied to the arbitral proceedings.

    However, in practice, there can arise confusion about what influences the domicile of an arbitral award. Hence, it is just as important to examine the factors that do not determine it, as overlooking them can lead to misunderstandings, unfounded arguments, and even legally incorrect court decisions. This article will assess the issue of what does and what does not influence the domicile of an arbitral award.

    In a recently rendered decision, the Serbian Commercial Court of Appeals provided the rationale that the award made in arbitration proceedings conducted under the ICC Rules of Arbitration is a foreign arbitral award. The court determined that the application of the ICC Rules of Arbitration means that the award is foreign because foreign law was applied to the arbitral proceedings. Driven by concerns over the incorrect application of the law, this article examines the factors that determine the domicile of an arbitral award, as well as various factors that do not affect it but are sometimes wrongly believed to do so.

    The Domicile of an arbitral award determines its legal nationality, which in turn affects key aspects of its enforcement, challenge, and recognition. In the Republic of Serbia, a domestic arbitral award has the same effect as a final judgment of the domestic court. It is enforceable in accordance with the law regulating enforcement procedure. Only domestic arbitral awards can be subjected to the procedure for setting aside before the Serbian courts. Unlike a domestic arbitral award, a foreign arbitral award gains the effect of a final judgment of the domestic court after being recognized by the competent court in the Republic of Serbia.

    A domestic arbitral award is an award made in internal or international arbitration in the Republic of Serbia. A foreign arbitral award is an award made by an arbitral tribunal, the place of which is outside the Republic of Serbia, as well as an award made by an arbitral tribunal in the Republic of Serbia, if foreign law was applied to the arbitral proceedings.

    Considering the cited provisions, there are two criteria that affect the domicile of an arbitral award:

    • Place (seat) of arbitration
    • Law applied to the arbitral proceedings.

    In most cases, the place of arbitration is defined in the arbitral agreement. If this is not the case, it will be determined by the arbitral tribunal or in accordance with the rules of the chosen institutional arbitration. If it is not determined in either of the described manners, it shall be considered that the place of arbitration is the place that is indicated in the award as the place of its rendering.

    In respect to the law applied to the arbitral proceedings, in the majority of the cases, this is the law of the place of arbitration. Nevertheless, the parties have an option to envisage that the law applied to the arbitral proceedings will not be the law of the place of arbitration.

    The easiest way to illustrate how the arbitral award’s domicile is determined in accordance with the above-described criteria is through an example. If the arbitration agreement envisages that the place of arbitration will be in Belgrade and that the law applied to the arbitral proceedings will be Serbian law, the arbitral award will be considered domestic. If the arbitration agreement defines that the place of arbitration shall be in Belgrade and is silent about the law applicable to the arbitral proceedings, the law applied to the proceedings will be Serbian law. Hence, in this case the award will also be domestic. If the seat of arbitration is in Belgrade but the parties opted that the law applicable to the arbitral proceedings will be the law of another country, the arbitral award will be considered foreign.

    To conclude, the place of arbitration and the law applied to the arbitral proceedings are the factors that influence whether an arbitral award will be considered domestic or foreign. However, it is equally important to discuss which factors do not influence the domicile of the award, as they can result in misunderstandings, unsubstantiated arguments, and even court decisions that are contrary to the law.

    One of the factors that may mislead that the arbitration is foreign, and not domestic, is the language of arbitration. Choosing a language other than Serbian—such as English or another widely spoken language—can often be more convenient, particularly in international commercial arbitration involving parties from different countries. When businesses from different countries engage in arbitration, they frequently select a language common to both parties to ensure efficient communication, avoid unnecessary translation costs, and accommodate participants who may not speak the local language. Despite the practical advantages of conducting arbitration in a language that is common to both parties, it has no bearing on whether the arbitral award is considered domestic or foreign.

    Another factor that does not influence the domicile of an arbitral award is the institutional rules. One can wrongly conclude that opting to conduct arbitration before a foreign institution will result in a foreign arbitral award. Yet another erroneous assumption is that the rules of a foreign institution located outside of the Republic of Serbia are in fact a foreign law applied to the arbitral proceedings. Both assumptions are incorrect. Institutional arbitration rules play a crucial role in ensuring that arbitration proceedings are conducted efficiently, fairly, and in accordance with best practices. They provide a structured framework for resolving disputes, offering procedural clarity and administrative support. Parties in a dispute often choose to conduct arbitration under the rules of a well-known institution, such as the International Chamber of Commerce (ICC), the London Court of International Arbitration (LCIA), Swiss Arbitration Centre (SCAI), German Arbitration Institute (DIS) or the Vienna International Arbitral Centre (VIAC). However, the institutional rules are regulations of private organizations, and not the state law applicable to the procedure. If the agreed seat of arbitration is in Serbia and the Serbian Arbitration Act is applied to the proceedings, the resulting award is domestic, even if the rules of a foreign arbitral institution govern the proceedings.

    Another issue that does not affect the domicile of the arbitral award is whether the arbitration is internal or international. Internal arbitration is an arbitration without an international element and awards rendered in such disputes are always domestic awards. International arbitration is an arbitration having as its subject matter disputes arising out of international business relations. The arbitral award is international if the parties to an arbitration agreement have, at the time of the conclusion of that agreement, their places of business in different states. Award is also international if one of the following places is situated outside the Republic of Serbia in which the parties have their places of business (i) the place of arbitration, if determined in, or pursuant to, the arbitration agreement, or (ii) the place where a substantial part of the obligations of the business relationship is to be performed or the place with which the subject matter of the dispute is most closely connected. In this respect, there is one issue that can affect the domicile of an international arbitral award, and that is the place of arbitration. If the place of arbitration in international arbitration is outside of the Republic of Serbia, the award rendered in such dispute will be a foreign arbitral award. Finally, an award is international if the parties have expressly agreed that the subject matter of the arbitration agreement relates to more than one country.

    The material law applicable in a dispute also does not influence the domicile of the arbitral award. Same as the state courts, the arbitral tribunals will apply foreign law in disputes when such law is designated in the contract as applicable or determined pursuant to the Law on Resolving the Conflict of Laws with Regulations of Other Countries. However, the application of foreign substantive law does not affect the legal seat or domicile of the award.

    The location of the hearings can also give rise to confusion regarding the nationality of an arbitral award. Hearings usually take place in the seat of arbitration. However, there is no obstacle to organizing the hearing in a different place it would be more convenient for the participants. Also, in recent years, there has been a rise in the use of online hearings. If the hearings take place in a foreign country, one might assume that the award itself will be considered foreign. Despite the hearings being held in a foreign location, the domicile of the award will still be tied to the seat of arbitration, not where the hearings took place.

    Finally, the nationality of the arbitrators can sometimes lead to confusion about the domicile of an arbitral award. If a tribunal is composed entirely or primarily of arbitrators from foreign countries, one might incorrectly assume that the award is foreign as well. This impression stems from the idea that the nationality of the decision-makers influences the character of the award, leading to a misconception that the award is bound to follow the legal norms and procedures of the arbitrators’ home jurisdictions.

    In conclusion, the domicile of an arbitral award is determined only by the place of arbitration and the law applied to the arbitral proceedings. Other factors, such as the language of the arbitral proceedings, institutional rules, nationality of the arbitrators or the participants in the proceedings, or the substantial law applied in the proceedings do not influence the domicile of the award.

    By Djordje Novcic, Partner, and Ivana Petkovic, Senior Associate, JPM & Partners Serbia

  • Cyber Fraud Cases and Methods Increase During Periods of Uncertainty. What Are the Steps To Follow If You Have Been a Victim of the New Smishing Attacks?

    The White-Collar Crime Department of the law firm Musat & Asociatii, having a wide expertise in cybersecurity and in providing legal assistance and representation in complex cases involving cyber fraud, informs its clients and the general public about a newly emerging method of smishing (phishing via mobile phone messaging) in virtual space., which involves perpetrators targeting messaging and calling platform accounts (e.g. WhatsApp) with the intent of compromising and cloning them to commit various crimes.

    We bring to your attention certain aspects of the latest cyberattack methods that have recently emerged in the public sphere, e.g. a new smishing campaign that involves sending WhatsApp users a message urging them to vote for a particular person to win a certain prize. An example message is: “Please support Ana, my cousin, in her school contest! She could win a year of free tuition, and a vote from you would mean a lot. Thank you very much! (link)”.

    In reality, upon completing the so-called “vote”, the user unknowingly grants access to their WhatsApp account, which is then used by perpetrators to compromise other accounts or solicit money.

    This is just one recent example of smishing campaigns currently in practice, with other methods still in use, such as the accident scheme, the 1800 scam and the pay per click scheme (or the pay for likes on certain platforms).

    These types of fraud, regardless of their specific method, tend to intensify during periods of economic, political and social uncertainty. At present, these attacks are targeting both large corporations, but also highly vulnerable individuals, such as the elderly, people form disadvantaged backgrounds or those with limited technical knowledge.

    Musat & Asociatii has extensive experience in assisting both corporate and individual clients in various types of fraud cases, including: (i) the largest “CEO Fraud” case in Romania; (ii) cyberattacks disrupting online video streaming platforms; (iii) frauds involving individuals through the theft of cryptocurrency from their electronic wallets; (iv) the compromise of bank account and credit card data; (v) scams requiring the payment of nonexistent fees to claim substantial prizes, among many others.

    In this regard, a series of steps should be followed in the event of such cyberattacks in order to eliminate or decrease the negative effects caused by the attackers.

    If the attackers manage to gain access to bank accounts or credit card details, the first step should be to contact the bank and immediately block the compromised accounts and cards, take all necessary measures to safeguard the funds in the accounts and cancel any fraudulent transactions resulting from the cyberattack.

    In the case of the recently observed smishing fraud, if the user still has access to his WhatsApp account, it is recommended to go to Settings, select “Linked devices”, remove any unknown devices from the list and enable two-step verification (2FA) if this hasn’t been done already.

    If the user loses access to his account, he needs to contact WhatsApp Help Center and follow the necessary steps for account recovery.

    Once the account is regained and secured access to, it is advisable to send a message to individuals who may have received unsolicited messages from the attackers using this account, to prevent them from falling victim as well.

    In case of financial losses, the user should report the incident, as soon as possible, to law enforcement authorities, such as the police or public prosecutors’ office, as well as to DNSC (the National Cyber Security Directorate).

    Additionally, we strongly recommend consulting specialized legal professionals for guidance and assistance in addressing or mitigating the consequences of cyberattacks like those described above.

    By Stefan Diaconescu, Partner, and Florian Negurici, Associate, Musat & Asociatii

  • Ukraine: Updated Regulations for Employing Persons with Disabilities

    On 1 March 2025, the Law of Ukraine “On Amendments to Certain Laws of Ukraine on Ensuring the Rights of Persons with Disabilities to Work” dated 15 January 2025 No. 4219-IX (“Law”) came into force, aiming to create conditions for the exercise of the right to work for persons with disabilities.

    Key changes

    • The employer is required to provide the person with disabilities with reasons for the refusal to conclude an employment agreement or to transfer such person to another position (i.e., a promotion).
    • Employers are required to provide reasonable accommodation in the workplace for persons with disabilities (e.g., purchase special equipment, change the scope of duties, etc.) at their own expense, at the expense of the State Fund For Social Protection of Persons with Disabilities, or using other financial sources not prohibited by law.
    • If an employee has become disabled due to an accident or occupational disease, the relevant employer is obligated to take measures to ensure the employee’s return to work by taking all necessary measures for the reasonable accommodation of the employee within four months from the date of notification by the employee of readiness to resume work or from the date of the employee’s actual return to work. If the employer fails to fulfill this obligation, they must compensate the employee for lost earnings in an amount equal to three times the average salary at the employer’s enterprise for the entire period of non-fulfillment of those obligations (but capped at six months).
    • Employers may choose between the following options to support persons with disabilities:
      • Employing persons with disabilities in accordance with the following quotas: one workplace for employers with 8 to 25 employees; 4% of workplaces for employers with more than 25 employees; 2% of workplaces for employers whose main business is rehabilitation, training, or care for persons with disabilities; or
      • Paying a contribution to support the employment of persons with disabilities (“Contribution”), which will replace the currently existing fine for noncompliance with the above quotas.
    • The amount of the Contribution is to be calculated by the employer as a product of the following indicators for the relevant quarter:
      • 40% of the average monthly salary at the enterprise in the relevant calendar quarter
      • The number of months in the quarter
      • The difference between the quota of the workplace for disabled persons and the average number of employees with disabilities at the enterprise in the relevant quarter (with due regard to the salary requirements established by the Law).
    • Non-payment of the Contribution within the time limits established by the Law will trigger accrual of penalties and fines.
    • Violations of laws on the employment of persons with disabilities may trigger audits by the State Labor Service and result in the imposition of fines.
    • The list of companies eligible for financial assistance for the employment of persons with disabilities has been supplemented with the following types (specific criteria to obtain this status must be met):
      • Labor integration companies: to qualify, at least 50% of the average number of full-time employees should be persons with disabilities, or the premises and workplaces must be accessible to persons with disabilities through reasonable accommodation, etc.
      • Protected employment companies engaged in non-commercial business activities: at least 50% of the average number of full-time employees should be persons with disabilities of Grade 1 and/or Grade 2, or the company’s revenues must be used solely to further the statutory (non-commercial) activities of the company, etc.

    Recommendations

    The Law will take effect on 1 January 2026, with certain exceptions. We recommend that employers consider these changes when planning their future business activities. Additionally, for your information, we have prepared a brief overview of key hiring models in Ukraine.

    By Lina Nemchenko, Partner, Mariana Marchuk, Counsel, Baker McKenzie

  • Albania Moves Forward with Draft Law to Establish the Development Bank of Albania

    The Minister of State for Entrepreneurship and Business Climate has introduced a draft law for the establishment of the Development Bank of Albania (“DBA”), a specialised public financial institution designed to facilitate financing for small and medium enterprises, start-ups, and underfinanced sectors. The bank is also envisioned as a key player in promoting exports of domestic products and services, as well as supporting public projects and various infrastructure developments.

    The DBA will be structured as a joint-stock company headquartered in Tirana, with an initial capital of approximately EUR 100 million. The State will maintain a controlling stake of at least 51% at all times, while the remaining shares can be acquired by international financial institutions, banks, investment funds and other entities determined by subordinate acts. To achieve its objectives, the DBA will be authorised to grant loans, make financial investments, issue securities, and engage in other financial activities. Additionally, it would have the ability to raise funds through various financial mechanisms, including public refundable deposits. Another noteworthy feature of the draft law is the exemption of the DBA from the income tax.

    The governance structure will consist of four key decision-making bodies: the General Assembly, the Supervisory and Managing Boards, and an Audit Committee, with specific provisions governing their responsibilities, competencies, and the qualification criteria. Furthermore, the bank’s financial operations will be subject to independent audits conducted in accordance with international auditing standards.

    Notably, DBA will be excluded from standard bankruptcy and liquidation procedures and will not be subject to Albania’s general banking regulations. Its dissolution will be governed by a separate legal act, while its cooperation with the Bank of Albania will be governed by a formal agreement, outlining account management, reporting obligations, and data-sharing mechanisms.

    The draft law has recently completed the public consultation phase and is expected to be included in the parliament’s legislative agenda in the coming month. 

    The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.

    By Anisa Rrumbullaku, Partner, and Adi Brovina, Senior Associate, Kranovic & Partners