The recent amendments to the Montenegrin rules regulating OTC trading with securities 1 (the “ Amendments ”) limit the freedom of parties to determine purchase price in an OTC transaction, by prescribing that the purchase price of a share package sold over – the – counter has to be per share equal to the weighted […]
Dragoljub Cibulić, partner at BDK, presented the regulatory framework applicable to PPP’s in the Serbian power sector to the senior executives of Elektroprivreda Srbije and the representatives of the Serbian Ministry of Mining and Energy. The event was organized by IFC and the State Secretariat for Economic Affairs of Switzerland. You can download Dragoljub’s presentation here.
In a litigation in which BDK represented the seller defending itself from a claim for termination of a series of real estate sale and purchase pre-agreements based on changed circumstances, the Montenegrin Appellate Court confirmed the first instance judgment which denied the claim, holding that the alleged world financial crisis does not amount to changed […]
Law on Electronic Communications The Serbian Parliament has recently adopted the Law on Electronic Communications („Law“). The Law follows the wide-spread fashion of providing a single legal framework for all types of electronic communications. It replaces the previous approach of local lawmakers which assumed separate legislative instruments for different types of electronic communication. Electronic Communications […]
Only 8 months after allowing privatization of state-owned urban construction land by converting the right of use into full ownership title, the Serbian Government has enacted already the second set of amendments to the implementing by-laws, to address multiple hurdles that hindered the privatization process in practice. Those hurdles are best illustrated by the fact […]
The Law on Prevention of Mobbing at Work (the “Law”) was adopted on 26 May 2010 and it will become applicable on 5 September 2010. The Law partly overlaps and partly supplements the mobbing provisions of the general Labor Law. Mobbing is defined in the Law as any active or passive continuing act against an […]
BDK successfully advised the Spanish energy company FERSA in negotiations for the execution of the Agreement with the Montenegrin Government for 20 + 10 years concession contract for the construction and utilization of the first Wind Park in Montenegro, Mozura. The contract was signed last week by the Minister of Economy Branko Vujovic and the […]
The new Law on Bankruptcy (Zakon o stečaju, Official Gazette of the Republic of Serbia, n.104/09) partially ends legal uncertainties as to the enforceability of ISDA Master Agreements or similar netting agreements against Serbian parties in the event of insolvency. The new Law explicitly addresses close-out netting in the context of “financial contracts” including financial […]
Corporate Income Tax (CIT) Amendments to the CIT Law now permit that the financial year may differ from the calendar year, subject to the approval of the Ministry of Finance in each particular case. This flexibility is advantageous to foreign investors from countries where financial year does not necessarily match calendar year. Formerly, capital gains […]
Even though the Serbian competition protection legislation has contained prohibition of both vertical and horizontal restrictive agreements since 2005, until recently there had been no regulation on block exemptions. As a result, market participants were facing great legal uncertainty. For example, practically every distribution agreement (apart from de minimis ones) could have been caught by […]
