As May 2023 marks the fifth anniversary of the implementation of GDPR, we have prepared an overview of the five years of regulatory struggle in Romania since the regulation came into effect. By examining the value of the sanctions and the types of violations, we can identify some regulatory trends of the local practice. Statistics on fines In the first year of GDPR (i.e., May 2018–May 2019), the Romanian Data Protection Authority (“the Authority”) did not issue any fines, but only recommendations, even if a significant number of ex-officio investigations were performed (namely 336). This was a year of accommodation. In the following years (May 2019–end of 2021), the Authority continued to carry
Kinstellar, together with Linklaters LLP, has successfully advised a syndicate of leading banks—led by ING Bank N.V., London Branch and comprising ING Bank N.V., Citigroup Europe plc Dublin – Romania Branch, UniCredit Bank S.A., Raiffeisen Bank S.A., BRD – Groupe Société Générale S.A., and ING Bank N.V. Amsterdam, Bucharest Branch—on a EUR 500 million senior facility agreement granted to Romanian telecommunications service provider RCS & RDS. The loan consists of a term loan in the amount of EUR 150 million, a revolving loan in the total amount of EUR 100 million, and one or more additional facilities in an aggregate amount of up to EUR 250 million with a maturity of up to five years. The amount
The recent resolution of the European Parliament on video games calls on the European Commission to take the necessary steps to bring about a European approach to loot boxes which could lead to more restrictive regulation. Kinstellar’s TMT team looked into the national framework for loot boxes in Bulgaria, Croatia, Czech Republic, Hungary, Romania, Serbia, Slovakia, Turkey, Ukraine to conclude that, while no specific local laws exist, the developments around gambling regulation should be monitored, as loot boxes have already been discussed in the context of national rules on gambling in some countries. Click on this link or the image below to read below on overview prepared by our TMT experts in each jurisdiction.
Early 2023 is shedding light on how to implement the numerous changes to Romanian labour law that occurred during 2022. In addition, at the EU level, a new directive which is set to come into force provides for equal pay for women and men. Collective bargaining in Romania at the sector level On 29 March 2023, Romania’s Ministry of Labour and Social Solidarity adopted Order no. 798/2023 regarding the procedure for the classification of business units to sectors in collective bargaining. Law no. 367/2022 on social dialogue provides that collective bargaining agreements may also be negotiated at the sector level, and therefore it was necessary to adopt a subsequent procedure to determine the allocation
The healthcare industry in Central and Eastern Europe and Turkey is undergoing a digital transformation, with telemedicine at the forefront. Governments and healthcare providers are adopting digital solutions to improve medical services and support healthcare system digitization, which can increase efficiency, reduce costs, and improve access to healthcare. Click on this link or the image below to read the overview put together by a team of our experts led by Partner Tomáš Čihula.
Kinstellar is delighted to announce the promotion to Managing Associate of Mădălina Perțe (Corporate M&A), Andrei Covaliu (Dispute Resolution) and Răzvan Constantinescu (Banking and Finance), and to Senior Associate of Raluca Constantin (Dispute Resolution). These promotions come as a recognition of their contribution to our office’s recent development and their commitment to delivering exceptional value to our clients. Mădălina Perțe specializes in Corporate / M&A matters where she has dealt with various assignments. She has also been involved in multiple due diligence exercises and regularly advises companies on daily housekeeping matters. Mădălina’s expertise extends to capital
The European Commission and European Intellectual Property Office (“EUIPO”) have launched a small and medium sized business fund (SME Fund) to provide reimbursement for trademark and design application fees and pre diagnostic services. The grant scheme, designed to encourage SMEs to expand their IP portfolios, has a budget of EUR 25 million, available on a first come, first serve basis. The submission period for applications runs from 23 January to 8 December 2023. Read more in the brochure below: Download in English: In case of any questions with respect to the above, our specialists
Kinstellar is delighted to announce that it has successfully advised BRD-Groupe Société Générale SA on a EUR 24.3 million financing for the development of two green residential buildings by the Belgian property developer Speedwell in western Romania (Timișoara). The financing has been structured by BRD in accordance with the LMA Green Loans Principles and the provisions of the Substantial Contribution Criteria of the EU Taxonomy for mitigating climate-change risks applicable to this type of development. BRD is confident that these two “green” buildings located in a premium location in Timișoara will set new quality standards for addressing climate-change challenges, proving once again that the ESG standard
A new law on social dialogue has recently been adopted in Romania, Law No 367/2022 on social dialogue 1 ("Law No. 367/2022"), repealing the previous regulation, Law No. 62/2011. The new law on social dialogue is a true game changer and brings four significant reforms, respectively: the obligation to perform collective bargaining at both the unit (if it has at least 10 employees) and at the bargaining sector level; the possibility to perform collective bargaining at the national level; new obligations for employers to inform and consult employees' representatives/trade union representatives; extension of the range of cases triggering collective labour disputes. We expect
The rapid development of technologies and solutions in the healthcare sector is contributing to the proliferation of decentralised clinical trials (“DCTs”). The aim of DCTs is for clinical trials to be conducted more effectively and conveniently – for patients, sponsors and investigators – through the use of digital technologies. In addition, with hospital visits temporarily limited and staff capacities overwhelmed, the challenges associated with the Covid-19 pandemic have significantly underscored the necessity of performing certain elements of clinical trials remotely. Download in English:
Last week, the European Parliament (“EP”) adopted a resolution on online video games (the “Resolution”) . In essence, the Resolution calls for strong enforcement of consumer protection rules in the video game industry, requires stricter regulation of loot boxes and emphasizes the enormous potential of the gaming sector. Download in English: In case of any questions with respect to the above, our specialists are standing by to offer guidance and counsel.
This year’s first issue of our newsletter, put together by our Bucharest Employment and Labour law team, provides an overview of the new updates on employee salary rights, namely: the new level of the minimum gross basic salary in Romania; various fiscal facilities for employers and employees; the regulation of tips in the hotel and restaurant (“HORECA”) sector; the reflection of salary rights in the new framework model of the individual employment agreement; the EU Directive on adequate minimum wages in the European Union; the Court of Justice of the European Union (“CJEU”) ruling on the rights of workers to receive or to be reimbursed the value of eyeglasses for