The Executive Board of Serbia’s Central Bank (“NBS”) voted today to raise key interest rates by 25 basis points to 3%, in a fifth hike this year. The credit facility rate is now 4% and the deposit facility rate is 2%, all increased by 25 basis points. The Executive Board decided that an additional tightening of the monetary policy is necessary, and that year-on-year inflation is expected to peak during the current quarter and then start declining. In conditions of continued cost pressures and growth of imported inflation beyond all expectations, the NBS is aiming for a balanced approach that […]
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Gecić Law is proud to announce that it has contributed to the inaugural edition of the TerraLex Cross-Border Guide to Crypto Assets for the jurisdictions of Montenegro and Serbia. The guide is now live and is free to access. This confirms our team’s pioneering expertise in one of the hottest fields of law today. As the exclusive member of TerraLex in the jurisdictions, Gecić Law is a regular contributor to the TerraLex Cross-Border Guides in a broad array of practices. The guides are unique as they offer a comparative perspective on legislation across fields and jurisdictions throughout the world, offered by world-class […]
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The European Commission’s (Commission) antitrust enforcers are investigating Google Play Store. The antitrust enforcers are now looking into the restrictions Google has placed on the Play Store app market. According to the sources, the Commission has sent a confidential questionnaire to several companies that use the Play Store. Most of the questions are about the billing terms and fees they must pay to this tech giant to be listed in its application catalog. Any purchase made inside an application (in-app) that has been downloaded from the Play Store is subject to a 15% to 30% fee that Google charges. Publishers […]
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As part of our series on investment opportunities in Serbia, this time we delve into the pharmaceutical industry. The coronavirus pandemic demonstrated that Serbia has significant potential in the sector that is still running strong. Unlike other industries, the pharmaceutical industry has been showing unprecedented growth. The high demand for medicines, supplements, basic hygiene products and disinfectants, and other medications has shown that there is a strong need for businesses and institutions that will meet this demand. In that sense, Serbia’s pharmaceutical industry showed high efficiency and managed to establish and maintain regular supply, stable production, and unhindered imports as […]
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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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We recently wrote about bid rigging and the new guidelines issued by the Serbian NCA on detecting this illegal activity in public procurement procedures. Here we look into an interesting case that illustrates how bid rigging occurs and is dealt with in the United Kingdom. After it had initiated an antitrust probe in 2019, The UK’s Competition and Markets Authority (“CMA”) came across a cartel activity of 10 demolition companies that plotted to rig bids for demolition and asbestos-removal contracts worth more than £150 million. The contracts in question were the result of tenders organized by the MET Police Training […]
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These days, after many years, inflation is back as a central topic of discussion for governments, businesses and individuals. Media reports across the globe talk of central banks tightening monetary policies and hiking interest rates to protect their economies. As inflation rises, financial and other markets face another aspect of uncertainty and the end is still not on the horizon. What does all this mean and why is it important? Why? The issues that began with supply chain issues attributed to the Covid pandemic have now continued and taken a new form with the escalation of global tensions during this […]
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Last year, the top 12 European football clubs formally agreed to organize a separate competition. Gecić Law has already given legal insights on establishing the European Super League (“ESL”) – the football league that may never start. The ESL aims to compete with – if not completely replace – the current UEFA Champions League, the elite European football championship organized by the UEFA. The ESL has experienced tremendous pressure from the fans, officials, coaches, players, other stakeholders and especially UEFA, which resulted in (temporary) stopping the initiative. Much of the opposition to the ESL stemmed from fears of elitism and […]
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Our founding partner Bogdan Gecić was invited by the preeminent regional legal publication CEE Legal Matters to speak for The Buzz section of its July issue. Bogdan spoke about current trends in the business and legal environments in Serbia and the broader region. In the interview, he highlighted strengths in several high-growth sectors, including renewable energy, telecommunications and media, electric vehicles and components. He also discussed regional initiatives such as the Open Balkan and its ramifications when it comes to the free flow of goods, capital and labor, the latter being a key determinant of growth for the Western Balkans […]
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As great admirers of innovation, it always gives us pleasure to celebrate revolutionary endeavors. This is especially when it comes to education in business and law. Last Tuesday, our team came together in support of the launch of a new book with authors with whom the firm has close professional cooperation. Titled “Business Law in the Digital Age” by Dr Đorđe Krivokapić and Andrea Nikolić, the unique edition will serve as a coursebook for students in Business Law at the Faculty of Organizational Sciences of Belgrade University. The Gecić Law team gathered at the launch event which brought together an […]
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