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2019 Romania - Call for Petroleum Blocks Tender. A Breath of Fresh Air?
Nestor Nestor Diculescu Kingston Petersen, August 2019

In a country with a significant number of mature fields and few discoveries made and/or developed in the last years, the Romanian National Authority for Mineral Resources has recently launched a public call for tender for the concession of 28 exploration, development and exploitation petroleum blocks, both onshore and offshore (Licensing Round XI/2019)...

Draft Order of ANRE for the Application of GEO 114/2018
Nestor Nestor Diculescu Kingston Petersen, February 2019

On December 29, 2018, Government Emergency Ordinance No. 114/2018 on the establishment of measures in the field of public investments and of fiscal – budgetary measures, the amendment and completion of certain normative acts and the extension of certain deadlines (“GEO 114/2018”) was published in the Official Gazette...

Amendments in the Field of Construction and Infrastructure Projects in Romania
Nestor Nestor Diculescu Kingston Petersen, September 2018

The beginning of 2018 has brought certain amendments in the field of construction and infrastructure projects in Romania, by means of a new enactment which shivered the contractors' professional life who were used to the FIDIC provisions until this moment. The Government Decision no. 1/10.01.2018 (the “GD no...

The Award of Administrative Contracts - New Benchmarks for Review Procedures
Nestor Nestor Diculescu Kingston Petersen, June 2018

After a sustained legislative marketing activity that started earlier this year, Government Emergency Ordinance 45/2018 amending and supplementing certain regulatory acts with impact on public procurement was published in the Official Gazette no. 459...

CJEU Guidance in Merger Cases: Qualification of a Measure as Gun-Jumping Requires Contribution to a Lasting Change in Control of the Target
Nestor Nestor Diculescu Kingston Petersen, June 2018

How to strike the right balance between (i) the business need to take preparatory steps in view of integrating the target in M&A deals and (ii) the legal requirement to comply with the standstill obligation under merger control rules?...

An analysis of certain atypical, but predictable situations in the field of contractual liability. When can a framework agreement give rise to contractual liability?
Nestor Nestor Diculescu Kingston Petersen, May 2018

“The framework agreement is an agreement whereby the contracting parties define and establish the main rules and conditions that will govern future agreements that will be concluded between them and that are called agreements “for the application” or “for the enforcement” of the framework agreement.” (High Court of Cassation and Justice Decision n0...

When a Joint Venture Faces Insolvency
Nestor Nestor Diculescu Kingston Petersen, March 2018

Insolvency that stems from the obligations assumed by a joint venture may concern any of the associates. Such proceeding, especially when it has an international dimension, requires a broader perspective on some of the requirements set forth by law with respect to the initiation and application of the proceeding. Through its effects on the debtor, creditors and on the socioeconomic environment in general, insolvency is more than a mere legal procedure...

Romanian Government Approves Draft Law on Mining Activities
Nestor Nestor Diculescu Kingston Petersen, November 2017

The Romanian Government has recently approved a draft law on mining activities that is intended to replace the existing law. In order to be enacted, the draft law needs to pass the Parliament test, which means that it will not come into force this year. In addition, the draft can suffer many changes in the parliamentary proceeding...

Practical Benchmarks Regarding the Recognition and Enforcement in Romania of Court and Arbitral Judgments Rendered in Foreign Jurisdictions
Nestor Nestor Diculescu Kingston Petersen, September 2017

In a world that is becoming increasingly globalized, the law serves as a powerful tool in improving economic and social conditions. In such a world, trans-border judicial proceedings, or, as legal scholars call it, "legal disputes with extraneous elements" demand a certain consistency and predictability...

Gambling - An Industry of Adrenaline
Nestor Nestor Diculescu Kingston Petersen, June 2016

Since at the end of this month, specifically on 30 June 2016, the first interim rights to operate remote gambling, granted by NGO, will expire, we expect to see the first licenses (Class I) and the authorizations to operate and exploit remote gambling in Romania entering into force on 1st of July 2016...

New amendments to the public procurement legislation in Romania
Nestor Nestor Diculescu Kingston Petersen, May 2016

The implementation process for the three new European directives (i.e. Directive 2014/24/EU of the European Parliament and of the Council of 26 February 2014 on public procurement. Directive 2014/23/EU of the European Parliament and of the Council of 26 February 2014 on the award of concession contracts...

IP In Romania: Trademark E-filing Launched In Romania
Nestor Nestor Diculescu Kingston Petersen, April 2014

The New Year brought good news for Romanian intellectual property counselors. The Romanian State Office for Inventions and Trademarks (SOIT) introduced the trademark E-filing system...

Holding Legislation in Romania
Nestor Nestor Diculescu Kingston Petersen, November 2013

The Romanian Government has approved the necessary legislative amendments to create a holding regime in Romania, the ordinance being published in the Official Gazette on Friday, November 15, effective as of January 1st, 2014.   The ordinance includes profits tax exemptions for Romanian holding companies as regards revenues from dividends received, revenues from the sale of shares and revenues from the liquidation process...

Is Reconciliation of Divergences with the Competition Council Near?
Nestor Nestor Diculescu Kingston Petersen, March 2008

The last years have revealed significant divergences between the Romanian Competition Council and the High Court of Cassation and Justice regarding certain merger notification aspects. A recent High Court of Cassation and Justice decision seems however to indicate a potential reconciliation of the positions of the two authorities.The Competition Law no...

Doing Business In Romania 2008
Nestor Nestor Diculescu Kingston Petersen, February 2008

Legal system1. What is the legal system (civil law, common law or a mixture of both)?Romania has a civil law system.Foreign investment2. Are there any restrictions on foreign investment (including authorisations required by central or local government)? There are only a few restrictions on foreign investment. For example, foreign persons cannot acquire land, subject to a limited number of conditional exceptions. 3...

Taking Security in Finance Transactions
Nestor Nestor Diculescu Kingston Petersen, January 2008

Real estate 1. Please briefly state what is considered real estate in your jurisdiction. What are the most common forms of security granted over it? How are they created and how are they perfected (that is, made valid and enforceable)?Under Romanian law, real estate (generally known as immovable property) covers land, buildings and those movable assets attached to land or buildings as fixtures...

Real Gains in Romania
Nestor Nestor Diculescu Kingston Petersen, November 2007

In recent years, Romania witnessed a continuously growing real estate market, along with a sustained rush of investors, including many foreign ones, eager to secure prime locations for their future development projects.On such a rapidly expanding market, it has been difficult at times to implement sophisticated real estate projects, as the country’s legal framework in the area of real estate did not change overnight, despite Romania’s recent accession to the EU...

A Growing Practice for Leveraged Acquisition and Certain Related Corporate Constraints
Nestor Nestor Diculescu Kingston Petersen, May 2007

Romania¡¦s yearly economic growth has triggered in the past few years an increased interest for investment in the existing domestic companies. Most of the financial investors seek to leverage their acquisitions and expect the possibility to use the target companies¡¦ assets to such purpose. This article will briefly review corporate limits and prevailing interpretation.Prohibition of financial assistanceRomania has implemented the provisions of art...

Promoting Energy Efficiency and Renewable Energy Sources in the Current Romanian Market Environment
Nestor Nestor Diculescu Kingston Petersen, March 2007

Currently Romania’s market is characterized by the implementation of two seemingly opposite sets of actions, one aimed at ensuring Romania’s transition to the market economy and the achievement of economic growth, while the other is targeting the environmental protection through promotion of energy efficiency and use of renewable energy sources for electricity generation...

Overhaul of Corporate Law Revises Company Management
Nestor Nestor Diculescu Kingston Petersen, March 2007

In the context of Romania's accession to the European Union and in response to the World Bank's reports on the compatibility of the country's legislation with the principles of the Organization for Economic Cooperation and Development (OECD), which indicated a number of deficiencies in Romania's corporate governance regulations, the government introduced major changes to the Company Law (31/1990) with effect from December 1 2006...

Cartels Regulation – Romania Chapter
Nestor Nestor Diculescu Kingston Petersen, January 2007

Legislation and jurisdiction1. What is the relevant legislation and who enforces it?Competition is regulated under Competition Law no. 21/1996, as subsequently amended andsupplemented (the Competition Law), and under Competition Council regulations andguidelines. The Romanian competition legislation generally follows the provisions of EuropeanCommunity legislation...

Building Permit in Romania
Nestor Nestor Diculescu Kingston Petersen, January 2007

1 When Do We Need a Building Permit?As a rule, the construction of or any structural alterations to any building situated on theRomanian territory requires a building permit. Few are the contexts where this rule is notapplicable. These situations usually refer to the repairing and maintenance works to the existingbuildings, which do not involve changes in the initial features of the buildings...

The European Regional Development Fund Under the New Generation of Structural Funds 2007-2013
Nestor Nestor Diculescu Kingston Petersen, December 2006

The European Regional Development Fund (“ERDF”) appears to be one of theappropriate means allowing Romania to reach, within the following years, the level of economicand social cohesion requested within the European Union (ERDF representing along with theEuropean Social Fund the new generation of Structural Funds)1...

Highlights of the Upcoming Company Law Amendments
Nestor Nestor Diculescu Kingston Petersen, November 2006

The article was first published in Invest Romania, November 2006 issue.The Bill for amending Company Law no. 31/1990 as subsequently modified,supplemented and republished (the “Company Law Bill”) was approved by the Senate on 30August 2006 and is currently at the Chamber of Deputies commissions undergoing a fast-trackapproval process...

The New Romanian Customs Code Bill
Nestor Nestor Diculescu Kingston Petersen, October 2006

This article was first published in Invest Romania, October 2006 issue. 1 Common customs policy The enlargement of the European Union automatically triggered the enlargement of the scope and applicability of the common commercial policy promoted by the member states towards the new member states...

 

 

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