Gecić Law Firm Serbia

27 Sep 2022

Spanish Agency Confirms – GDPR Applies to All

In August, the Spanish Data Protection Agency (Agencia Española de Protección de Datos, hereinafter: “Agency“) fined an NN person the sum of EUR 1,500 for violating the norms stipulated by the GDPR (General Data Protection Regulation), through the illegal collection and processing of personal data using a video surveillance system. (In the Decision issued by the Agency, the names of the parties involved were not disclosed, so the following terms will be used in the rest of this text: Injured party – person 1, Tortfeasor- person 2) What happened? The proceedings in front of the Agency were initiated by Person […]

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22 Sep 2022

Ognjen Colić Talks ESG at Forum Media Event

Our Partner and Head of Corporate M&A practice Ognjen Colić delivered an inspiring lecture about the latest in sustainable development and ESG, focusing on the EU’s Carbon Border Adjustment Mechanism (CBAM) and the practice of greenwashing in corporate non-financial reporting. Ognjen gave the attendants a comprehensive overview of these hot topics using examples and anecdotes from his rich experience in the field. The lecture was followed by a Q&A session and lively discussion on the topics. Ognjen explained the genesis of CBAM, its planned roll-out and its potential ramifications for businesses in Serbia.  He also spoke about the consequences of […]

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21 Sep 2022

Bogdan’s Keynote at EducationUSA Forum Featured in Euronews Serbia

Our Founding Partner Bogdan Gecić was honored to deliver the keynote address at the Opening Plenary Session of the EducationUSA Europe and Eurasia Forum, which was held in Belgrade from September 19-21. The opening session of the forum was attended by numerous dignitaries, high-ranking officials, members of the diplomatic community and representatives of US institutions of higher education and EducationUSA from across the two continents.  Bogdan was joined by H.E. Christopher R. Hill, U.S. Ambassador to Serbia, and Branko Ružić, First Deputy Prime Minister and Minister of Education, Science and Technological Development, who also delivered their opening remarks at the event. […]

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16 Sep 2022

CEE Legal Matters Comparative Legal Guide: Restructuring 2022

Gecić Law is proud to have contributed to the fifth CEE Legal Matters Guide in their Comparative Guides series, with a focus on Restructuring in Central and Eastern Europe. Our team members Danica Misojčić, Senior Associate, Miloš Petaković, Senior Associate, and Žarko Popović, Associate supported CEELM with a focus on Serbia by providing critical information on the legal framework for insolvency and restructuring. The guide provides intel on legislation, international instruments, and proposed or upcoming changes in restructuring insolvency. This includes which steps restructuring proceedings normally include and the roles of the courts and other key stakeholders. The guide also […]

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12 Sep 2022

Bloomberg Adria – Bogdan Gecić interview

Our Founder & Managing Partner Bogdan Gecić recently held a key discussion at Bloomberg Adria Serbia on the ramifications of the expected introduction of EU’s CBAM for the Adria & Balkans region. Bogdan discussed what this revolutionary new trade instrument, which will take effect in 2023, means for all companies from the Western Balkans and beyond that export to the EU. If adopted by the EU Council, every importer in the EU will have to pay tax on the goods they import into the EU if the goods are produced in countries that do not have an Emissions Trading System […]

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09 Sep 2022

September Interest Rate Hike by NBS

At today’s session, the Executive Board of the NBS decided to again raise key interest rates by 50 basis points, to 3.5% ,, the deposit facility rate – to 2.5% and the credit facility rate – to 4.5%. The NBS had previously increased the key interest rate as per the decision of the Executive Board on August 11, this year. The NBS’s Executive Board continued to tighten the monetary policy.,attributing this trend to increasingly rising inflationary pressure. According to the NBS, the Executive Board assessed that, in the conditions of continued price pressures, as well as the growth of imported […]

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07 Sep 2022

Cycling Down Sustainability Lane in Slovenia

ESG awareness is more than essential. Organizing various panel discussions on relevant topics is a must. Yet, what type of example does an event that encourages environmental sustainability set forth if they print a ton of unnecessary paper, each delegate travels to the venue with their own car or provide an all-you-can-eat buffet which leads to an embarrassing amount of food wastage. As they say, practice what you preach. Yesterday, our team Branko Gabrić, Counsel and Nikola Kovačević, Business Development Manager attended the Net 0 event in Maribor which was co-organized by the Institute of Strategic Solutions (ISR), Ministry of […]

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01 Sep 2022

Walking the ESG Talk: Green Finance Kicked Up a Notch

With ESG becoming such a hot topic and the global sustainable finance market reaching more than USD 35 trillion in value, there are expectations of further growth in this rapidly expanding sector.  The growth is fuelled on one hand by greater standardization in the area in major economies, including the EU taxonomy, but also a rise in innovation and an ever-greater variety of financial products that fall within this category. Case in point, interesting news has just recently came from the sector. On August 29th, one of the biggest banks in Europe, Raiffeisen Bank International AG announced that it has […]

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25 Aug 2022

Consumer protection disputes – have the long-awaited changes arrived?

For many individuals, consumer rights amount to an everyday battle. With the latest amendments to regulations, out-of-court dispute resolution are increasingly becoming a viable option. Suppose a consumer is not satisfied with the outcome of a settlement of a complaint filed with a merchant. The consumer dispute can be resolved out of court with the help of a third party who, according to the Consumer Protection Act (“Act”), must be: neutral, independent and impartial. As part of Serbia’s digitalization efforts, a platform has been established to satisfy these needs. What is it all about? The IT platform for out-of-court settlement […]

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18 Aug 2022

The Hitchhikers Guide to the Open Balkans

The Open Balkans initiative aims to encourage and facilitate cooperation among the Balkans countries. The initiative was conceived across the Balkans, where the different cities symbolize the various stages in the development of the Open Balkans initiative.  In this article, we present the chronology of building ties between the countries by virtually visiting six key locations. (Note: If you decide to visit these towns, we advise you to create your itinerary on Google Maps,  not by this article :D). The first location associated with the birth of the Open Balkans project (as we know it today) is Novi Sad, and […]

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15 Aug 2022

NBS – New Measures to Curb Inflation

As we discussed last week, the National Bank of Serbia (“NBS”) decided to hike the interest rate to 3%. In addition to this decision, several other measures were introduced aimed at reducing the growing inflationary pressures affecting the economy of Serbia.  One of the measures is the decision that all banks that have increased their fees for payment services since January 1, 2021, will reduce those fees by 30% starting September 1 or reduce these fees prior levels.  According to the NBS, the aggregate benefit of this measure to individual clients will amount to 7 billion dinars. In addition, NBS […]

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12 Aug 2022

EU Parliament Adopts Digital Services Package

Despite rapid developments in technology and business, EU laws on e-commerce have not been updated for more than 20 years.  To keep up with the digital revolution, the EU Parliament („EP“) adopted the Digital Markets Act (“DMA”) and the Digital Services Act (“DSA”).  The  DMA was adopted in July 2022 and it will start to apply at the beginning of 2023.  As for the DSA, it is expected to be implemented in early 2024. Why was the DMA adopted? This act provides a framework that is tailored to the major influence of the largest digital companies, known as “gatekeepers” – […]

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11 Aug 2022

NBS Hikes Interest Rates Again

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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09 Aug 2022

Gecić Law contributes to TerraLex Cross-Border Guide to Crypto Assets

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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08 Aug 2022

Google Play Store Under the Radar of the EU’s Competition Watchdog

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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04 Aug 2022

Investing in the pharmaceutical sector – Serbia

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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28 Jul 2022

The Personal Data Protection Act Revisited

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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21 Jul 2022

A Wrecking Ball in a UK Demolition Cartel’s Courtyard?

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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07 Jul 2022

Inflation – an (old) new phenomenon in the global economy

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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05 Jul 2022

Football on Thin Ice – The potential implications of the ISU case judgement on the ESL

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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30 Jun 2022

Bogdan Gecić Talks The Buzz with CEE Legal Matters

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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27 Jun 2022

Gecić Law Supports Revolutionary Business Law Book Launch

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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24 Jun 2022

Branko Gabrić Joins the Firm

We have recently had many reasons to be proud of our team which has gone from strength to strength.  We are also pleased that the team is continuously growing as it is joined by individuals able to draw on their vast knowledge and experience to boost the firm’s further growth and development.  Gecić Law is proud to announce that Branko Gabrić has joined the firm which confirms our commitment to professional excellence and a deep understanding of the needs of our clients as the basis for achieving great results in legal services. Branko is a true veteran of the airline […]

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23 Jun 2022

CBAM Adopted by EU Parliament

Building on our CBAM series, we can now report that the CBAM was adopted by the EU Parliament (“Parliament”) on June 22, 2022.  The next step is the EU Council approval (“Council”).  Even though there are still some differences in regard to the approach between the Parliament and the Council, it is assumed that their common vision on the overall goals will be decisive in finding a compromise on regulation introducing CBAM. Back in 2005, the EU established the EU Emissions Trading System (“ETS”) which has since become a cornerstone of the EU’s climate change policy and its most important tool […]

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21 Jun 2022

Corporate Reporting – the Decision Day

Today in Brussels, the EU parliament, EU governments and the European Commission will try to agree on uniform rules for corporate reporting on environmental, governance and social standards (ESG).  This will be the last time that the lawmakers meet to confirm the new reporting rules. Pascal Durand, the lead negotiator for the European parliament, stated ahead of the meeting: “If we strike a deal tonight, the EU will set the tone of the global conversation on sustainable standards for the company of the 21st century.”  This highlights the importance of the new uniform reporting rules for the companies, and as […]

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20 Jun 2022

Bogdan Gecić talks to Forbes about team performance

Bogdan Gecić, the Founder and Managing Partner at Gecić Law, was quoted in Forbes, the leading global business publication, in an article titled “Nine Ways To Support An Average Or Low-Performing Employee”. Bogdan was asked to join a panel of experts and share his perspective on the best ways to help associates improve their performance. “A leader must be mindful of at least two things: One is that each member of the team is unique and complex in their own way and, therefore, requires a tailored approach to perform at their best. The other is that we must learn to […]

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17 Jun 2022

General’s Court Judgement Creates Two Massive Headaches for the European Commission

In January 2018, the European Commission (Commission) imposed on Qualcomm, a US chipsets company, a fine of close to €1 billion for abuse of dominance from February 2011 to September 2016.  The Commission found the company liable for prompting Apple to conclude agreements with incentive payments and make it exclusively bound by Qualcomm’s LTE chipsets to be incorporated into their devices.  This had, ultimately, led to anticompetitive effects on the relevant market. Qualcomm challenged the decision which was annulled in its entirety on June 15, 2022, by the General Court of the EU (Court) for two reasons – procedural irregularities […]

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17 Jun 2022

SCA adopted the proposal of the Model Program for Business Compliance with the Competition Rules

On June 17, 2022, the Council of the Serbian Competition Authority (“Council“) adopted the proposal of the Model Program for Business Compliance with the Competition Rules (“Model Program”), in order to help the undertakings in developing their own compliance programs. In that sense, the Council points out that the Model Program represents only an example and a proposal to the undertakings, and that each compliance program should be made in accordance with the specific needs of a certain undertaking, as well as adjusted with the markets on which a particular company operates. The aim of the Model Program is to assist undertakings […]

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17 Jun 2022

The Legal 500 Series: Bogdan Gecić enters Hall of Fame

In this edition of our series dedicated to our esteemed colleagues who were recognized in this year’s The Legal 500 EMEA rankings, we bring you our founder and managing partner Bogdan Gecić.  After being recognized by The Legal 500 as a Leading Individual in Competition for seven consecutive years, in this year’s rankings, Bogdan was especially honored by being amongst the distinguished few to be inducted into the elite global directory’s newly established EMEA Hall of Fame category, which highlights the law firm partners who are at the pinnacle of the profession having received constant praise by their clients for continued […]

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16 Jun 2022

Gecić Law team talks ESG at TerraLex Global Meeting

The first post-covid Global Meeting of the elite global legal alliance TerraLex was last week’s highlight as lawyers from 180 member law firms from across the globe gathered in Oslo.  Delegates had the opportunity to learn, collaborate and network with their colleagues in a unique series of activities and a relaxed collegial atmosphere.  The Gecić Law team took to the center stage, as for the first time the alliance built its annual meeting around a single theme, choosing one of the hottest topics in the legal world today – ESG: Environmental, Social, and Governance.  The gathering took a multifaceted approach […]

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15 Jun 2022

Guidelines for Detecting Bid Rigging in Public Procurement

Collusive tendering or bid rigging is an illegal activity by which bidders create the illusion of competition while secretly agreeing among themselves which of them will win the tender.  By choosing the best price, the purchasers, who are frequently national and local governments, are forced to pay more than they would otherwise pay in conditions of fair competition.  Bid rigging is one of the most severe competition law infringements which causes damage to taxpayers given that public procurement participates to a substantial extent in the economy of each country.  It typically accounts for 12% of the gross domestic product, which […]

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15 Jun 2022

Open Balkans Summit Held in Ohrid

Six months after the last summit in Tirana, high-ranking officials from Serbia, Albania, and North Macedonia gathered again in Ohrid as a part of the Open Balkans Initiative.  This summit was also attended by the Commissioner for Neighborhood and Enlargement of the European Union, the Prime Minister of Montenegro, and the Chairman of the Council of Ministers of Bosnia and Herzegovina, indicating that the EU fully supports the Open Balkans Initiative, and signals that Bosnia and Herzegovina and Montenegro could soon become part of the Initiative. Summit in Ohrid was marked by further expansion of cooperation between Serbia, Albania, and […]

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14 Jun 2022

Serbia Takes Bold Steps Towards Renewable Energy

Serbian Mining and Energy Minister Zorana Mihajlovic revealed last week an aggressive national climate and energy plan that aims to increase the share of renewable energy sources (RES) fivefold to 15% by 2030, reducing dependency on coal and take Serbia into carbon-neutrality by 2050, in line with EU targets.  The EUR 35bn plan focuses on solar, wind and hydropower project and is set to mark a fundamental shift that should reshape its energy sector over the coming decades. She said the new energy and mining legislation that came into effect in 2021 is historic in its focus on RES and […]

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10 Jun 2022

CBAM Will Have to Wait

Building on our series of CBAM articles, we report shocking news from the EU Parliament.  Members of the EU Parliament (“MEPs”) unexpectedly rejected a series of legislative proposals from the “Fit for 55” legislative package, including the EU Parliament’s negotiating position on the introduction of a Carbon Border Adjustment Mechanism (“CBAM”). Back in 2005, the EU established the EU Emissions Trading System (“ETS”) which has since become a cornerstone of the EU’s climate change policy and its most important tool for reducing greenhouse gas emissions.  Since its inception, the ETS is constantly being reformed which was one of the goals […]

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08 Jun 2022

Agreement Reached at the EU Level on Universal Chargers

On June 7, 2022, the European Parliament and the Member States of the European Union reached an agreement on the introduction of universal chargers for all electronic devices.  The European Commission submitted the proposal in September 2021. What changes the agreement reached? Namely, all small and medium-sized mobile electronic devices will need to be equipped with a USB Type C port.  Thus, consumers will no longer have to use different chargers to charge their devices from different manufacturers.  The agreement will be applied to mobile phones, tablets, digital cameras, headphones, headsets, e-readers, keyboards, portable navigation systems, and earbuds from 2024, […]

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06 Jun 2022

Open Balkan initiative – a step towards cooperation

With the idea of implementing the four freedoms of the European Union in the Western Balkans as soon as possible; movement of people, goods, services and capital, the Open Balkan initiative was launched in October 2019 by the leaders of Serbia, Albania, and North Macedonia.  It is a major step in cooperation between the three countries, aiming to increase trade and improve bilateral relations. Another important milestone is expected this week at the Summit to take place in Ohrid, June 7-8. The legal framework and basis for concrete activities within the Open Balkan initiative were established by declarations and agreements […]

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03 Jun 2022

CBAM Proposal: The Wind of Change

In anticipation of the June 7 plenary session when the European Parliament will take on the CBAM proposal, we delve into the key ideas behind and the expected game-changing impact of the regulation on international trade.  In this edition of our CBAM series, find out more about how this wind of change may affect consumers, businesses and economies across the globe. Why is the EU introducing a new carbon pricing policy? As a new policy, the Carbon Border Adjustment Mechanism (“CBAM”) is being developed to work in conjunction with the EU Emission Trading System (“ETS”) – a cornerstone of the EU’s […]

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02 Jun 2022

Legal 500 Series: Ognjen Colić, a Leading Individual

As part of our Legal 500 Series, we are delighted to present our partner Ognjen Colić.  Ognjen’s knowledge, experience and market-leading work in the region have been continuously recognized by The Legal 500 ever since 2019 when he was named Next Generation Lawyer.  In this research cycle, for the third consecutive year, Ognjen was honored as a Leading Individual in Commercial, Corporate and M&A.  The renewed accolade comes after a year of tremendous success in Ognjen’s practice and his appointment as a partner in the firm. Ognjen has headed the firm’s Corporate/M&A practice since its early stages after he joined […]

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01 Jun 2022

The SEC Takes Decisive Steps in ESG

Through several moves in recent months, the U.S. Securities and Exchange Commission (“SEC”) has demonstrated its will to put its proverbial money where its mouth is when it comes to ESG. Businesses often resort to window dressing in their ESG reports to showcase a pretty picture, using appealing ESG vocabulary without actually committing to any of these goals and values, and most importantly, without any accountability for what is being reported. The SEC seems to be interested in putting an end to such attitudes.  The body is increasingly showing resolve in addressing the practice of greenwashing reports and is doing […]

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31 May 2022

SCA Issues New Guidelines on Detecting Bid Rigging In Public Procurement

The Serbian Competition Authority (‘’SCA’’) revealed yesterday the long-awaited new Guidelines on bid-rigging (‘’Guidelines’’).  The Guidelines provide essential instructions on how to detect rigged bids in public procurement procedures.  They come 11 years after they were last updated, reflecting the latest amendments to the Public Procurement Act and the Criminal Code. This news is crucial as the new Guidelines aim to prevent and hinder bid-rigging, an illegal practice where bidders collude to decide the winner, resulting in a higher price than may have been achieved in a truly competitive bidding process.  As prices are driven up in public procurement processes, […]

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27 May 2022

Warming Up CBAM Regulation to Cool the Earth

What has been in the making for years now is set to become a reality very soon.  The EU’s Carbon Border Adjustment Mechanism (“CBAM”) is expected to be adopted at the plenary session of the European Parliament, which will be held on June 7, 2022.  The EU is finalizing its plans to introduce a charge at its border for carbon emissions associated with products sold in the EU.  This is likely to mark a tectonic shift in international trade with far-reaching implications for businesses and economies around the world that rely on exporting their goods to the European Union.  In […]

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26 May 2022

The Legal 500 Series: Ivana Stojanović Raišić – a Rising Star

Gecić Law is delighted to present to you a series dedicated to the individuals who are responsible for the firm’s continued successes over the years, as seen through the eyes of this year’s The Legal 500 EMEA rankings. In this first edition, Gecić Law brings you a success story dedicated to Ivana Stojanović Raišić who was recognized by the Legal 500 as a Rising Star in our Competition Law practice.  After joining the Gecić Law team five years ago, Ivana has built a fully rounded experience in Competition Law, Banking & Finance and M&A, which she further refined by delivering […]

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24 May 2022

ESG Means No Playing Favorites: The Tesla Case

Keeping up with the latest news concerning the ESG can be hard considering all the related events shaking the globe lately.  However, there may be a few of us who have not heard of Elon Musk’s outburst last week about ESG being “an outrageous scam” after Tesla was dropped from the S&P 500 ESG Index.  Why is this news important? Let’s start from the beginning.  When investors began considering aspects other than profit in their investments, that was the turning point for many corporations.  The launch of the S&P 500 ESG Index meant an evolution in (sustainable) investments, addressing the […]

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23 May 2022

Sustainability Information Mandatory Under New EU Rules

Leading economic minds are highlighting climate change as one of the most threatening factors to today’s relative economic prosperity.  Although environmental policies have been in place for a long time, they appear to have had little impact in practice.  The lack of clear definition and specific rules in the field may be an important factor, as this has been a cause of much concern and given raise to questionable practices, including the growing phenomenon of greenwashing – a deceptive method of marketing in which a product, good, or service is presented to appear to follow environmental protection principles intended to […]

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19 May 2022

EU’s New Vertical Block Exemption Regulation Revealed

On May 10, 2022, the European Commission adopted a new Vertical Block Exemption Regulation (“VBER“) and related guidelines (“Vertical Guidelines“), following a detailed review of the previous Vertical Block Exemption Regulation dating to 2010 (“old VBER“). The objective of the VBER is to exempt agreements between undertakings operating at different levels of the supply chain (“vertical agreements”): if certain market share thresholds are met, and provided the agreement does not contain certain prohibited restrictions (“hardcore restrictions”). In other words, the VBER aims to recognize which types of vertical agreements are generally efficiency-enhancing and provide benefits to consumers. One of the […]

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18 May 2022

Gecić Law Talks About Receivables Management with SMEs

Our colleagues Danica Misojčić, senior associate and Suzana Dončić, associate, led an interesting webinar yesterday, titled “Successful Accounts Receivable Management – Successful Business” where they gave an interactive and practical overview of this very important aspect of everyday business. The topic sparked the interest of micro, small and medium business owners and managers across the country, who were eager to learn more about an area crucial for the vitality of their businesses. The webinar was held as part of the „SDGs for All“ platform, which aims to strengthen the knowledge and capacities of micro, small and medium enterprises in the […]

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17 May 2022

ESG: Green Companies Require Green Management

It looks like ESG is taking another interesting turn in the corporate world.  Topics like ESG reporting are already standard, and governments worldwide are working hard on ESG reporting rules.  Companies have recognized how important it is for their businesses to wear a shiny green badge, so international companies are competing in how to best demonstrate their green agendas.  There is, however, a new initiative that gives rise to the development of “green management”.  Companies are increasingly linking the compensation packages of their executives to their performance on ESG principles.  In short, large multinationals are now including ESG criteria in […]

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13 May 2022

EU lawmakers back switch to zero emission vehicles by 2035

The Committee on the Environment, Public Health, and Food Safety (“ENVI”) decided on Wednesday to accelerate the shift to electric vehicles in Europe to reach increased climate ambitions. In July 2021, as part of the ‘’Fit for 55’’ package, the European Commission (‘’Commission’’) decided to propose an amendment to the Regulation 2019/631 to strengthen the CO2 emission performance standards for new passenger cars and new light commercial vehicles in line with the Union’s increased climate ambition.  Currently, carmakers need to ensure that their average fleet of new cars emits no more than 95 grams of C02 a kilometer. Lawmakers have […]

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11 May 2022

Gecić Law Announces Latest Team Promotions

After a successful 2021, our team continues its winning streak in 2022, so it is that wonderful time again when we proudly recognize the achievements of those that have contributed with their passion, expertise and hard work, and have consistently upheld the core values that our firm stands for – meritocracy, innovation, integrity, and philanthropy.  On this occasion, Gecić Law is delighted to announce another round of promotions within its team as we congratulate three of our esteemed legal professionals who will receive recognition for their significant achievements.  Our colleague Miodrag Jevtić is being promoted from Senior Associate to Counsel, […]

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06 May 2022

Gecić Law Contributes to the ICLG Consumer Protection Guide 2022

We are excited to announce that Gecić Law contributed to the Serbian chapter of the International Comparative Legal Guide (ICLG) – Consumer Protection 2022 published by the renowned Global Legal Group. The most recent edition of the Guide offers a comprehensive overview and detailed analysis of consumer protection law and practice in 15 jurisdictions across the globe. Authored by Gecić Law’s Senior Associate Danica Misojčić and Associates Suzana Dončić and Teodora Ristić, the Serbian chapter includes detailed information and insights into the country’s consumer protection rules and covers several key topics, including protections, prohibitions, investigation, enforcement, appeals and current and […]

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22 Apr 2022

Earth Day Special Report: Fit for 55

Today is Earth Day, a global celebration held on April 22 every year to show support for environmental protection. It began on April 22, 1970, and has since grown to include a diverse range of events coordinated globally, involving over a billion people in over 193 nations.  On Earth Day 2016, the United States, the United Kingdom, China, and 120 other countries signed the historic Paris Agreement.  To mark this important day, Gecić Law is bringing you a special Insights Report dedicated to the European Union’s legislative journey toward a carbon-neutral continent.  In July 2021, the European Commission (“EC“) adopted […]

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12 Apr 2022

EU Directive on Shell Companies

What are shell companies? These are legitimate legal entities that do not own assets or conduct business operations.  Although they are not illegal, they may be used illicitly.  Shares of shell companies are not traded on stock exchanges.  Most exist on paper only and are little more than a mailing address. That is why the European Commission (“EC”) has issued a draft directive on shell companies. Legal vs Illegal Use of Shell Companies   Examples of the legal use of a shell corporation could be to serve as vehicles in cross-border transactions, such as mergers and acquisitions. However, shell companies are […]

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08 Apr 2022

Ognjen Colić Talks M&A at the Faculty of Law

Our Partner and Head of Corporate M&A practice Ognjen Colić captured the imaginations of the students of the Faculty of Law in Belgrade yesterday as he delivered an interactive guest lecture focusing on mergers and acquisitions.  He gave the students a comprehensive overview of this fascinating field using examples and anecdotes from his rich experience in the field. Ognjen explained the key processes and negotiations that are crucial during a merger or acquisition.  Between due diligence, drawing up contracts, and signing and closing, he explained that legal teams must be meticulous and systematic in their approach. As Ognjen said, “Lawyers […]

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05 Apr 2022

Dow Jones Launches ESG Scoring

Dow Jones, the eminent global financial news and data provider, recently launched its sustainability data set for asset managers.   The purpose of the launch is to help the financial community to understand the impact of a company’s Environmental, Social and Governance (‘’ESG’’) practices. The data set shows sustainability scores for more than 6,000 publicly traded companies and includes Industry, Category and Country Scoring. As part of its methodology, Dow Jones uses a proprietary model which captures a large amount of information about environmental, social and governance elements of the ESG concept.  The information is intended to help investors build their […]

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30 Mar 2022

US defines its digital asset priorities

In times of crisis, cryptocurrencies found new roles in financial markets. We witness different forms in which cryptocurrencies are used to transfer value when the regular financial flows fail (or are just too laggy).  It seems crypto is here to stay and governments are taking stock and developing plans. This March, US President Joe Biden was determined to find a regulatory solution for crypto by kickstarting the legislative machine of the US with the Executive Order on Ensuring Responsible Development of Digital Assets (“EO”). The EO recognizes the explosive growth of digital assets as an opportunity to reinforce American leadership […]

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25 Mar 2022

Bogdan Gecić Discusses the Importance of Values in Forbes

Bogdan Gecić, Founding Partner at Gecić Law, was quoted in Forbes, the leading global business publication, in an article titled “10 Entrepreneurs Share The Most Important Early Business Decisions They Made”. Bogdan was asked to join a panel of experts and share his perspective on some of his most important early decisions as an eminent entrepreneur in the legal and professional services industry. “It was essential to select and start delivering on a set of core values in the very early stages of the development of the firm. Values are an authentic expression of what your firm is all about […]

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25 Mar 2022

Court of Justice of EU Specifies Protection Against Double Jeopardy

The Court of Justice of the European Union (“CJEU“) delivered two judgments on 22 March 2022.  By those judgments, the CJEU ruled on the scope of the protection afforded by the prohibition of ne bis in idem principle in competition law.  The CJEU recalled in both cases that the application of the ne bis in idem principle is subject to a twofold condition.  First, there must be a prior final decision and secondly, the prior decision and the subsequent proceedings must concern the same facts.  The CJEU clarified that the limitations may be imposed on the exercise of a fundamental right, such as the prohibition against double […]

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24 Mar 2022

Moody’s Expands ESG Scoring

As the focus on environmental, social and governance considerations is becoming increasingly important and billions of dollars are being invested in sustainable projects the leading global rating agencies have incorporated these factors into their methodologies. Due to greater sensitivity to these topics and increasing client demand, as investors now must have a clear view of ESG aspects of potential investments, in the past several years credit rating agencies have found distinct methods of assessing the impact and have since gradually expanded the scope and scale of their analysis in this area to include a broader array of sectors and entities. […]

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21 Mar 2022

ESG and Football

Football fans around the world know which football clubs are in the top divisions in their respective leagues but do they know which football clubs are in the Environment, Social, Governance (‘’ESG’’) top division? ESG has become increasingly important for every industry in the world, so it comes as no surprise that ‘’the most important secondary thing in the world’’ is also largely influenced by ESG.  Clubs have adopted ESG strategies in their businesses to show their commitment to sustainability within their communities. Football clubs have large profits. Meanwhile, ESG is financial in its essence. The concept underlines that responsible […]

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14 Mar 2022

The “G” in ESG

’’Good corporate governance, it’s about being proper and prosper.” Toba Beta Environmental, social and governance (ESG) factors are increasingly being used by investors looking to assess the sustainability and risk profile of companies. Governments worldwide are taking part in this ESG focus, with new legislation being introduced to build the foundations and provide a legal basis to ESG. We have already written about the importance of ESG when assessing the market performance of a company which is supported by a growing number of research and data analyses. In previous articles, we have covered the “E” and “S”, with the letter […]

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10 Mar 2022

Gender Equality Act – New obligations for employers

On June 1st 2021, the new Gender Equality Act (the “Act”) entered into force and  Serbia finally has a modern act to address this issue. The Act regulates the concept, meaning and policy measures for achieving and promoting gender equality, as well as measures for combating and preventing all forms of gender-based violence, violence against women and domestic violence. We emphasize that discrimination based on sex and gender was prohibited even before the entry into force of this Act. The Act confirms the current principles of equality of employees in employment rights and the prohibition of discriminatory behaviour of employers, […]

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07 Mar 2022

One step closer to the digital dollar

The US Federal Reserve published a document titled Money and Payments: The U.S. Dollar in the Age of Digital Transformation (“Paper”) in January.  The Paper points out the pros and cons of creating the digital dollar in the form of a CBDC (Central Bank Digital Currency), to determine whether it could improve the US payment system. As we explained in earlier texts on this subject, CBDCs are virtual records of existing fiat currencies.  They represent the complete equivalents of currencies such as the euro, dollar, dinar, etc. The Paper points out that the digital dollar would be a liability of […]

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23 Feb 2022

Bogdan Gecić spoke with Adriatic Magazine

Our founder and partner Bogdan Gecić spoke with the regional publication The Adriatic, an English-language publication by the Institute for Strategic Solutions (Inštitut za strateške rešitve) in Ljubljana. It features fundamental business and geopolitical issues of importance for the region of Southeast Europe. The interview was published in the February issue. Bogdan spoke about the Gecić Law’s achievements and its strengths when advising diverse entities in the SEE region. He singled out innovation as the key ingredient to the firm’s success and the decision to expand into new practice areas such as ESG, one of the most pressing issues of […]

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21 Feb 2022

Investment in Serbian Agriculture

According to the January 2022 Development Agency of Serbia report, the agricultural sector recorded a significant inflow of foreign investments indicating that Serbia is fertile ground for investment in agriculture. The sector showed special resilience during the crisis caused by the COVID-19 pandemic when many countries faced food shortages, while during this period (January to November 2021) cereals, cereal-based products, fruits and vegetables were among the most important Serbian export products. Serbia has a long-standing agricultural tradition and optimal conditions for the development of this sector. Its land is fertile, the climate is optimal, and there is great potential for […]

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17 Feb 2022

Ivana Stojanović Raišić joins Terralex Leadership Training Program

Gecić Law Counsel Ivana Stojanović Raišić joined the 2022 edition of the prestigious Terralex Leadership Training Program which helps top talent in the legal profession to connect and enhance their leadership skills. Throughout the twelve-month program, Ivana will take part in a series of webinars, meetups and workshops organized by TerraLex. Previously, our Partner | Head of Corporate / M&A Ognjen Colić graduated from TerraLex’s inaugural Leadership Training Program which was held from January to November 2021. Topics covered by the program include strategic thinking, client service, communications, personal branding, project management, law firm economics, and more. The program, which […]

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14 Feb 2022

Legal Novelties in the Registration Procedure before SBRA

At the very end of 2021, amendments and supplements[1] were adopted to the Act on Registration Procedure with the Serbian Business Registers Agency[2].  The implementation of certain provisions has been delayed by 12 or 18 months, respectively.  The legislator’s main motive for the amendments is the time and cost-efficiency of registrations before the Serbian Business Registers Agency (“SBRA”), as well as to continue implementing the administration of the digitalization policy, in this case with the SBRA. Digitalization is certainly the key catalyst for innovation, modernization and economic growth and development.  The most significant changes are following: Company incorporation The most […]

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09 Feb 2022

Bogdan Gecić & Ognjen Colić talk about ESG with CEE Legal Matters

Our Founding Partner Bogdan Gecić and Partner | Head of Corporate/M&A Ognjen Colić spoke with the Managing Editor of the preeminent regional legal publication CEE Legal Matters which invited Gecić Law as a leading regional law firm to take part in its featured interview published in the December edition dedicated to the Western Balkans.  They talked about the importance of ESG in the region, the firm’s new practice area and its unique approach to advising clients in the field. Gecić Law recently became the first independent law firm in the region to expand into the area of Environmental, Social & […]

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07 Feb 2022

The “S” in ESG

“Business, after all, is nothing more than a bunch of human relationships.” Lee Iacocca Whenever people talk about Environmental, Social & Governance (’’ESG’’), the environmental part always seems to draw all the attention.  The importance of the “S” element is often neglected.  However, it looks like COVID-19 along with the Great Resignation phenomenon have changed that, making social issues increasingly relevant. The “S” stands for the social part of the ESG concept and simply put, it deals with businesses’ relations with employees, suppliers, customers, and communities in which it operates.  Basically, the “S” is all about the way businesses treat […]

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04 Feb 2022

Significant changes to the intellectual property legislation in Serbia

The National Assembly of the Republic of Serbia adopted the Amendments to the Patent Act (“Amendments“) on December 8, 2021. The Act seeks to harmonize local protection of inventions regulations with those of the European Union. It also looks to eliminate certain shortcomings that have been identified in the application of the existing Patent Act. Therefore, the most important changes relate to the supplementary protection certificate and the protection of inventions through a utility model system. The changes will have a significant impact on the Serbian pharmaceutical industry and potentially incentivize investments by domestic entities. These changes seek to eliminate […]

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03 Feb 2022

Gecić Law at the Serbia-Slovenia Business Forum

We were honored to take part in the conference titled “Economic Integration of the Western Balkans – Economic Relations between Serbia and Slovenia”, organized by the Serbian Chamber of Commerce and the Slovenian Institute for Strategic Solutions (slo. Inštitut za strateške rešitve), held on Wednesday, February 2 at the Crown Plaza Hotel in Belgrade. The main topic of the event was improving business cooperation in the region, especially between Serbia and Slovenia. Representatives of the Serbian Chamber of Commerce, the Institute for Strategic and the Ministry of Foreign Affairs of Slovenia addressed the delegates and analyzed the key indicators which […]

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02 Feb 2022

Miodrag Jevtić talks about class action lawsuits in Serbia for Euronews

Our Senior Associate Miodrag Jevtić had a live guest appearance in the central news program of Euronews Serbia yesterday. He was invited to speak about class action lawsuits and their specific status in Serbian law, especially as they could apply to the protection of consumer rights, an area that has lately seen significant public interest in a number of different instances. Miodrag explained the concept of class action lawsuits and their potential advantages, particularly in leveling the playing field for consumers facing large companies who have infringed upon their rights. He also pointed out that class action lawsuits could help […]

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31 Jan 2022

Ombudsman: EU Commission President’s Text Messages are Public Access Documents

The European Ombudsman Emily O’Reilly stated on Friday that text messages between EU Commission President Ursula von der Leyen and the CEO of pharmaceutical giant Pfizer are documents the public should have access to. O’Reilly’s opinion indicates that the Commission mishandled a request for public access to these messages, which concern the EU’s purchase of COVID 19 vaccines from the manufacturer. The European Commission had earlier denied a request made on 4 May 2021 via Access Info’s AsktheEU.org platform by Alexander Fanta, a journalist with netzpolitik.org. Access Info’s platform enables citizens of the EU direct access to public information. The […]

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24 Jan 2022

Green bonds in Serbia

Environmental awareness has been a pressing topic for decades. In the past, international treaties were signed to put words into action. One of these key treaties was the 1997 Kyoto Protocol.   The reasoning behind this protocol was evident; countries needed to reduce greenhouse gas emissions (“GHG”). Back in 2008, Serbia had ratified this agreement and prescribed mandatory targets for the reduction of harmful emissions in the period between 2008-2012.  The Amendment from Doha confirmed the second binding period of the Kyoto Protocol, between 2013-2020, including new obligations in GHG emissions reduction.  However, perhaps the most crucial treaty was the Paris […]

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19 Jan 2022

EU’s Global Gateway and China’s Belt and Road Initiative

The Global Gateway initiative was unveiled on December 1, 2021, as a strategy of the European Union (“EU”) to support sustainable infrastructure development around the world.  The EU is planning to invest EUR 300 billion over five years.  The European Commission pitched the Global Gateway as a template for how Europe aims to build more resilient connections across the globe. The Global Gateway is about increasing investment, promoting values and high standards, good governance and transparency, partnerships based on equality, green, clean, secure infrastructure, but also catalyzing and supporting private sector investment in new markets as part of the Global […]

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18 Jan 2022

Bogdan Gecić – A remarkable achievement for our team

We recently won the Oscars of the legal world! Gecić Law was named the top legal firm in the 150-million-strong SEE market at The Lawyer European Awards 2021, placing our firm among the crème de la crème of the European legal market. Gecić Law was the only law firm from the former Yugoslavia and the Western Balkans to be shortlisted for the award and the first firm ever to be awarded the coveted prize in the new category covering the dynamic regional market. This is a truly remarkable achievement for our team. The news of the award going to a […]

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17 Jan 2022

Stablecoins run the world?

Technological development influenced capital markets far more than expected in the last decade.  Decentralized currencies, central bank digital currencies and digital tokens are all huge news in the world of finance. And so are stablecoins. What are stablecoins and how do they “work”? Stablecoins are a unique kind of decentralized digital assets, developed to “bring the best of both worlds”.  They have all the characteristics of decentralized currencies but also solve the problems of volatility and uncertainty.  That makes them similar to centralized currencies.  Stablecoins are unique because they are backed by real reserves.  They are either backed by fiat […]

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14 Jan 2022

Making the Most of FDIs in Serbia

For several years in a row, Serbia is ranked among the leading destinations for foreign investors.  According to the Greenfield FDI Performance Index, in 2019 Serbia was ranked first among 105 states observed by the index.  A similar status was maintained throughout the subsequent years as Serbia ranked fifth in 2020, and sixth in 2021.  According to the World Bank Doing Business rankings, Serbia is ranked among business-friendly jurisdictions, whose ease of doing business index grows regularly. The willingness to invest raises concerns regarding the legal and institutional framework of the host economy.  Bilateral investment treaties (“BIT”) have been presented […]

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13 Jan 2022

New Capital Market Act in Serbia

The end of 2021 was marked by changes in the legislation of the Republic of Serbia, which included the adoption of a new Capital Market Act (“Act”) that entered into force on January 5 this year. The objective of the Act is to introduce greater transparency and responsibility in business, the introduction and development of financial instruments offered on the Serbian capital market, creating a more attractive environment for both domestic and foreign investors. It was adopted following the government’s Capital Market Development Strategy 2021-2026, and the Action Plan for its implementation. The law will start to apply after one […]

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11 Jan 2022

Bogdan Gecić – Innovation is about continuous learning

We recently won the Oscars of the legal world! Gecić Law was named the top legal firm in the 150-million-strong SEE market at The Lawyer European Awards 2021, placing our firm among the crème de la crème of the European legal market. Gecić Law was the only law firm from the former Yugoslavia and the Western Balkans to be shortlisted for the award and the first firm ever to be awarded the coveted prize in the new category covering the dynamic regional market. The news of the award going to a Belgrade-based firm sparked significant interest. Our Founding Partner Bogdan […]

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29 Dec 2021

Bogdan Gecić – The Lawyer award is the Oscar of the legal world

We recently won the Oscars of the legal world! Gecić Law was named the top legal firm in the 150-million-strong SEE market at The Lawyer European Awards 2021, which places our firm among the crème de la crème of the European legal market. Gecić Law was the only law firm from the former Yugoslavia and the Western Balkans to be shortlisted for the award and the first firm ever to be awarded the coveted prize in the new category covering the dynamic regional market. The news of the award going to a Belgrade-based firm sparked significant interest. Recently, our Founding […]

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24 Dec 2021

Bogdan Gecić – The Lawyer recognized our fundamental values

We recently won the Oscars of the legal world! Gecić Law was named the top legal firm in the 150-million-strong SEE market at The Lawyer European Awards 2021, which places our firm among the crème de la crème of the European legal market. Gecić Law was the only law firm from the former Yugoslavia and the Western Balkans to be shortlisted for the award and the first firm ever to be awarded the coveted prize in the new category covering the dynamic regional market. The news of the award going to a Belgrade-based firm sparked significant interest. During the past […]

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21 Dec 2021

Miodrag Jevtić held online training session on cross-border insolvency

Senior Associate Miodrag Jevtić delivered a training session on cross-border insolvency on Monday, December 20. The event was organized by The Bankruptcy Supervision Agency of the Republic of Serbia, within a project supported by the Ministry of Economy of the Republic of Serbia and the Swiss State Secretariat for Economic Affairs (“SECO“). Miodrag gave an overview of the legal framework for cross-border insolvency and the best practices in the field, analyzing the UNITRAL Model Law of Cross-Border Insolvency. Dr Marko Radović, a judge of the Commercial Court of Belgrade also spoke at the webinar. The event was held as part […]

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15 Dec 2021

Gecić Law named top legal firm in 150-million-strong SEE market

Gecić Law has been named the leading law firm in a dynamic regional market of 150 million people, winning the title in The Lawyer European Awards 2021 on December 1st. The award places the company among “crème de la crème of the European legal market” in The Lawyer’s words, and positions Gecić Law first in a highly-competitive market encompassing Turkey and the entire Balkans. The prestigious prize – awarded for the first time, covering an expanded region – confirms Gecić Law’s reputation as the most innovative law firm in South Eastern Europe and truly a member of the European legal […]

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14 Dec 2021

EU Opens Cluster Four in Accession Negotiations with Serbia

Cluster 4 on the Green Agenda and Sustainable Connectivity was formally opened at an Intergovernmental conference on Tuesday, in Brussels, covering four negotiating chapters. Earlier this year, and in order to make the accession process more efficient, the Commission proposed and the EU Council agreed to implement the revised Enlargement Methodology, according to which negotiating chapters are organized in thematic clusters.  Clusters were envisaged as a means to ensure stronger progress monitoring and accelerated integration.  The Green Agenda and Sustainable Connectivity cluster encompass Chapter 14 on Transport Policy, Chapter 15 on Energy, Chapter 21 on Trans-European Networks and Chapter 27 […]

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13 Dec 2021

European Commission Approves ’Green’ State Aid to Croatia

On December 9, 2021, the European Commission (’’Commission’’) approved Croatian State aid in the amount of EUR 783 million to support the production of electricity from renewable energy sources as part of the European Union’s endeavors to meet the climate and energy objectives set by the Communication ‘A policy framework for climate and energy in the period from 2020 to 2030’. The Croatian scheme will be open until 2023 and will be paid out to the selected beneficiaries for a period of 12 years.  The Commission assessed this scheme under the 2014 Guidelines on State aid for environmental protection and […]

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07 Dec 2021

E-fiscalization: Changes to be expected

This year brought numerous changes to businesses in Serbia, and digitalization was particularly in focus. Instead of the Fiscal Cash Registers Act, Serbia now has the Fiscalization Act, which will start to apply on January 1, 2022 (the “Act“).  Entities who have the obligation to record the turnover of goods and services in retail through the fiscal cash register are obliged to harmonize their business with the provisions of the Act by April 30, 2022. The transition period began on November 1, so that taxpayers can now gradually adjust their businesses to the new fiscalization model. So, what does the […]

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03 Dec 2021

Bogdan Gecić talks competition at Winter Vivaldi Forum

Bogdan Gecić, the founding partner at Gecić Law, spoke today at the winter edition of the prestigious Vivaldi Forum which traditionally takes place in Drvengrad, on the picturesque Mokra Gora mountain. His thought-provoking presentation titled “Sufficient Light: The Market and Competition”, delivered as part of the “Vivaldi Talks: Fertile Grounds for Growth” segment of the conference showed a fresh and unconventional perspective on the importance of fair competition for growth and development on the market, capturing the interest and sparking discussion among the delegates attending the event and numerous other participants who followed the session online. “Competition is a natural […]

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30 Nov 2021

What does the E in ESG stand for?

“The Earth is what we all have in common.” —Wendell Berry   Environmental Social and Governance (“ESG”) are the three main elements that companies increasingly consider when deciding whether to cooperate with or invest in a company.  It is also a term used in capital markets when assessing corporate behavior and a method of linking the performance in these three areas with the – future financial performance of corporations.  The term is sometimes referred to as sustainable investing, responsible investing, impact investing, or socially responsible investing. Nevertheless, once enough data has been obtained, they are integrated into the investment process […]

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26 Nov 2021

EU slaps Poland with biggest supremacy fine

The battle for supremacy i.e. primacy between Member State and European Union (“EU”) law is in full swing, with the prospect of even more trouble.  In late October, the EU’s highest court (“CJEU”) issued a landmark daily fine to Poland in the amount of EUR 1 million for failing to comply with CJEU’s order.  This tremendous fine is the biggest to date and may very well be a warning to any other Member State that might try to question the primacy of EU law. Getting to the Biggest Supremacy Fine Polish judicial system reforms are what triggered the dispute between […]

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25 Nov 2021

Ivana Stojanović Raišić lectures at top Italian university

Our own Ivana Stojanović Raišić, Counsel, shared her tremendous knowledge and experience with the students of the esteemed University of Florence (ita. Università degli Studi di Firenze) in a unique experience, as a guest lecturer in the International Business Law Course, led by Prof. Ettore M. Lombardi. Students had the opportunity to listen in and take an active part in an online two-part mini-course titled Elements of Competition Law: An International Perspective, where Ivana provided practical insights into the most interesting aspects of competition law and how they relate to business activity. Students engaged in a number of hands-on exercises […]

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22 Nov 2021

Gecić Law experts discuss sustainability at CSR Forum 2021

Gecić Law’s sustainability experts took part in two sessions at this fall’s CSR Forum organized by the Responsible Business Forum and Smart Kolektiv. Gecić Law and the Responsible Business Forum hosted a panel on responsible business practices on November 22.  The event was held as part of the CSR Forum and was titled “Strategies for Sustainability – from CSR to ESG policies.” Our Partner and Head of Corporate / M&A Ognjen Colić moderated the panel. Meanwhile, speakers at the event were Erste Bank Senior Expert for Corporate Social Responsibility Sonja Konakov Sirčev, Nelt Operations Manager Milenko Ribić, Lidl Serbia CSR […]

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17 Nov 2021

Gecić Law Yet Again Nominated Among Top Firms in SEE

Gecić Law is proud to announce that it remains a force to be reckoned with as it qualified yet again for the finals of the Oscars of the European legal world, the coveted The Lawyer European Awards, for the fourth consecutive year.  As last year’s Law firm of the year: Eastern Europe and the Balkans laureate, Gecić Law is now part of the playoffs for the 2021 Law firm of the year: South Eastern Europe Award, which now covers a market of more than 150 million people.  Our firm, positioned among the crème de la crème of law firms in […]

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08 Nov 2021

Gecić Recognized as Litigation Star

We are immensely pleased to announce that the prestigious global guide Benchmark Litigation ranked our Founding Partner Bogdan Gecić as a “Litigation Star” and Gecić Law as a “Recommended Firm” in Dispute Resolution in the Benchmark Litigation Europe 2022 edition.  Bogdan Gecić is one of only six practitioners in Serbia to receive the recognition and the only expert in the country to be acknowledged as a “Litigation Star” in Dispute Resolution.  The recognition also places Gecić Law among select firms in the market to be recognized by the distinguished guide. Benchmark Litigation is the definitive guide to the world’s leading litigation […]

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Crypto and money laundering? FATF updates its rules

Does blockchain technology carry risks of money laundering and terrorist financing?  The Financial Action Task Force (“FATF”) responds affirmatively.  In October 2021, FATF published an Updated Guidance for a Risk-Based Approach (“Guidance”), as a result of crypto market monitoring.  The Guidance is based on the assessment of the risk of money laundering and terrorist financing regarding the regulation and supervision of virtual assets (“VA“) and Virtual Assets Service Providers (“VASP“). The amendments to the Guidance are the result of the FATF’s ongoing work and oversight of the VA and VASP sectors and their development, to prevent money laundering and terrorist […]

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27 Oct 2021

Taboroši Scholarship 2021 – Applications now open!

Gecić Law is pleased to announce that we have opened the application process for the Taboroši Scholarship for the fifth consecutive year. About the Scholarship The Taboroši Scholarship was established in memory of Professor Svetislav Taboroši, by family members and former students who have been inspired by the professor’s work and dedication to academic research and innovative problem-solving in the practice of business law.  A brilliant teacher and scholar, Professor Taboroši strived to educate his students on the most recent trends in legal academic thinking and the importance of critical thinking in academic and professional analysis of international law & […]

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23 Oct 2021

Bogdan Gecić Discusses Client Communication in Forbes

Bogdan Gecić, Founding Partner at Gecić Law, was quoted in Forbes, the leading global business publication, in an article titled “Nine Important Lessons Leaders Have Learned About Customer Communication”. Bogdan was asked to join a panel of experts and share his perspective on the best approach to client communication from the point of view of an eminent entrepreneur in the legal and professional services industry. “In services, the client relationship itself seems to be the biggest part of what is being bought and sold. Like any other relationship between people, it is intangible and based mainly on subjective perceptions, not […]

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22 Oct 2021

Does the New Act Provide Greater Consumer Protection Opportunities?

On September 9, 2021, the National Assembly of the Republic of Serbia adopted a new Consumer Protection Act (“Act”), which entered into force on September 19, 2021.  The Act shall become applicable three months following its entry into force i.e. on December 20, 2021 (save for the articles regulating out-of-court settlements of consumer disputes, which shall become applicable six months following the entry into force i.e. on March 20, 2022). The Act’s main objectives are the improvement of consumer protection, more efficient implementation of statutory solutions and the comprehensive harmonization of consumer rights in Serbia with EU consumer protection law, […]

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13 Oct 2021

What is ESG and why is it important?

Multinational entities and governments are pushing for more action regarding Environmental, Social and Governance (ESG) issues. As a result, enterprises increasingly integrate the ever-changing social and environmental factors into their business strategies. The concept of business success has changed and so must the actions they take. But what exactly is ESG? ESG is a set of standards to guide corporate policies to ensure sustainable development in the fields of environment, social and corporate governance. How Did We Get to ESG? Only twenty years ago, if one would ask a group of individuals with a business background about the main objective […]

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07 Oct 2021

Gecić Law Expands with ESG Practice Launch

Gecić Law is pleased to announce that we have become the first independent law firm in the region to expand into the sphere of Environmental, Social & Governance (ESG) by launching a new practice that will focus on the needs of businesses in this increasingly prominent area.   The practice will be co-headed by Partner | Head of Corporate/M&A Ognjen Colić and Head of Operations Hristina Kosec. The formal development of the ESG practice is a natural expansion of our corporate law activities and complements existing practices at Gecić Law.  Our firm’s multijurisdictional, holistic, and cross-disciplinary approach will be coupled with […]

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04 Oct 2021

EU Proposes the Prolongation of the State Aid Temporary Framework

The European Commission has proposed the prolongation of the State aid Temporary Framework until 30 June 2022, in order to expedite the ongoing Covid-19 economic recovery in Europe. The Temporary Framework was initially adopted on 19 March 2020 and to this date, it was amended and prolonged five times (more information available here and here). Margaret Vestager, the Executive Vice-President, who is in charge of the competition policy said that we are finally seeing improvements in the EU economy after the big crisis that hit the EU due to Covid-19.  She also added: ’’[W]e need to be aware of disparities […]

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