27 Jun 2023

Gecić Law Contributes to Terralex Cross-Border Guide to ESG and Sustainable Finance

Gecić Law is proud to announce that it has contributed to the inaugural edition of the Terralex Cross-Border Guide to ESG and Sustainable Finance for the jurisdictions of Montenegro and Serbia.  We are especially thrilled that our team was honored to contribute with its expertise and complete the section of the guide that refers to the entire EU.  The guides are now live and are free to access.  This confirms our team’s pioneering expertise in one of the hottest fields of law today. The EU chapter, authored by counsel Branko Gabrić and associates Nikola Ivković, Milica Novaković, Teodora Ristić, Marko […]

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22 Jun 2023

Who’s Responsible? Addressing Liability in the Age of AI

In the realm of modern technology, the association with Artificial Intelligence (AI) has become increasingly present.  AI has reached various segments of human activity, both private and business.  However, like any innovation or human creation, AI is imperfect and carries inherent risks.  It is susceptible to biases, errors, security breaches, and a growing level of autonomy, all of which entail potential liabilities associated with artificial intelligence. Consider the scenario of an autonomous vehicle causing an accident.  Who should bear responsibility in such a case?  Likewise, if an AI-powered medical diagnosis tool misdiagnoses a patient, who should be held accountable – […]

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15 Jun 2023

The AI Risk Management Framework

In the latest installment of our series on the risks presented by artificial intelligence (AI), we delve into the risk management framework released by the esteemed American National Institute of Standards and Technology (NIST). Known as the Artificial Intelligence Risk Management Framework (AI RMF), this voluntary framework has been meticulously crafted by NIST in response to the growing adoption of AI.  While AI holds immense potential to deliver significant societal benefits, it also generates various risks, including bias, discrimination, privacy breaches, and security vulnerabilities.  The AI RMF aims to aid organizations in effectively managing these risks, ensuring AI’s responsible and […]

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09 Jun 2023

AI and ESG – Friends or Frenemies

Due to climate change, and the state of the world, companies are under considerable pressure from investors and customers to improve their ESG performance.  While companies and governments work hard to develop and implement ESG principles, there is still much work in this field and many pieces that need to be added to build reliable ESG mechanisms. One of the most significant challenges global businesses face today is setting ESG goals and effectively monitoring and progressing toward them.  The complexity and fragmentation of incoming data sources often result in incomplete analyses, inconsistent reporting, and unmet commitments. This is precisely why […]

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06 Jun 2023

New Block Exemption Regulations and Guidelines on Horizontal Agreements

Starting from July 1, 2023, the newly adopted Horizontal Block Exemption Regulations on Research and Development Agreements (“R&D“) and Specialisation agreements (together “HBERs“) shall take effect in the EU. The essence of HBERs, and the accompanying Horizontal Guidelines (“Guidelines“), is to facilitate the self-assessment of the most common types of horizontal cooperation agreements.  They are also well-known as a safe harbor to undertakings, for as long as the latter comply with the rules set in the HBERs, leading to block exemption of such agreements from the competition rules. The novelties in said pieces of legislation offer a more flexible approach […]

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05 Jun 2023

CEE Legal Matters Guide: Banking & Finance 2023

Gecić Law is delighted to announce its contribution to the renowned CEE Legal Matters Comparative Guides to Central and Eastern Europe series.  This time, our expertise shines in the field of Banking and Finance, marking another milestone in our commitment to providing comprehensive legal insights. Our team, comprising Senior Associate Miloš Petaković and Associate Teodora Ristić, worked on the chapter dedicated to Serbia, shedding light on the legal framework governing the country’s financial services sector.  With a comprehensive analysis of relevant legislation, the chapter offers essential information contributing to a detailed understanding of Serbia’s financial services landscape. The Banking and […]

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30 May 2023

Serbian Public Enterprises to Transform into Joint Stock Companies or Limited Liability Companies

The Government of Serbia has adopted the proposed Act on the Management of Enterprises Owned by the Republic of Serbia, which foresees the transformation of public enterprises into joint-stock or limited liability companies.  Twenty-three public enterprises are thus set to change their legal form.  A complete automated English translation of the Draft Act is available here. In this transition, the equity capital of a public enterprise will be converted into shares or stakes, depending on the legal form.  The change maintains the public enterprise’s legal subjectivity and business identity without liquidation or interruption of legal continuity, retaining its identity in […]

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30 May 2023

Blueprint for an AI Bill of Rights

In this second installment of our series focusing on the risks posed by artificial intelligence (AI) and the legislative initiatives in the US to address them, we will be examining the proposed AI Bill of Rights. The transformative impact of AI on our world is evident, from self-driving cars to facial recognition software.  As AI technology gains potency, we must consider its potential implications for human rights. In response, the White House Office of Science and Technology Policy (OSTP) has released a Blueprint for an AI Bill of Rights (The Blueprint).  The Blueprint outlines five essential principles for the creation […]

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26 May 2023

AI & Data Protection: Is GDPR Ready for Retirement?

I.  Strengths of the GDPR The General Data Protection Regulation (“GDPR”), implemented in 2018, has played a vital role in safeguarding personal data in the era of information and communications technologies (“ICT”).  As AI technologies continue to advance rapidly, questions arise regarding the effectiveness and adaptability of GDPR in addressing the evolving challenges of data protection.  This article examines whether GDPR is ready for retirement or if it requires updates to address AI-related data protection concerns effectively. Namely, Artificial Intelligence (AI) is defined as a methodology used in machine learning to determine which one of several used models has the […]

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24 May 2023

Serbian Government Seeks Strategic Partner for Ambitious Solar Energy Project

The Serbian government announced that it is looking for a strategic partner to develop a minimum of five self-balancing solar power plants with a total installed capacity of 1,000 MWac (or 1,200 MWdc) and a battery storage system with a minimum total installed capacity of 200 MW and the ability to accumulate at least 400 MWh of electric energy.  The full text of the Decision of the Government of the Republic of Serbia in English is available here. The strategic partner will design, develop, build, and maintain the project before transferring ownership to the public power utility company (EPS) on […]

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