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 […]
Details
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 […]
Details
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 […]
Details
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 […]
Details
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 […]
Details
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 […]
Details
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 & […]
Details
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 […]
Details
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, […]
Details
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 […]
Details
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 […]
Details
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 […]
Details
Bogdan Gecić, Managing Partner at Gecić Law, was quoted once again in Forbes, the leading global business publication, in an article titled “How To Get Your ‘A’ Players Back On Track When They’re Bored Or Burned Out”. Bogdan was asked to join a panel of experts and share his perspective on approaching top performers when they are bored or burned out from the point of view of an eminent entrepreneur in the legal and professional services industry. “Burnout is often less about being tired and more about a feeling of not having control over your life—as if work is just […]
Details
Facebook teamed up with Ray-Ban to create Ray-Ban Stories, new smart glasses. The product, which will initially be only available in stores in Australia, Canada, Ireland, Italy, the UK and the US, is already facing severe scrutiny over privacy concerns. So, how are different privacy watchdogs taking the development of these spectacles? Did Facebook take any steps to respond to privacy concerns? And finally, could the smart glasses come under the radar of privacy watchdogs in the Western Balkans? What are Facebook’s Ray-Ban smart glasses? Smart glasses are not a new technological development. The concept has been around for […]
Details
We are immensely pleased to announce that our own Ognjen Colić was elected partner at Gecić Law. This is a greatly important milestone marking five years of continued successes. Ognjen’s independent practice joined Gecić Law in 2016, complementing its corporate arm and contributing to the strengthening of common values. Ognjen has since headed our Corporate/M&A, Labor and Energy, Infrastructure & PPP practices, taken them from strength to strength and will continue driving their growth as a partner. Ognjen’s career path has been remarkable, with more than fifteen years of professional experience across the Western Balkans (Bosnia & Herzegovina, Montenegro, North […]
Details
The Irish Data Protection Commission (“DPC”) fined Facebook’s WhatsApp with EUR 225 million in its latest EU data protection ruling. The fine is the second largest of its kind in the EU. So far, only Amazon paid more in a privacy case in the EU. The DPC said in its ruling on September 2 that WhatsApp’s policies were not in line with the EU’s General Data Protection Regulation (“GDPR”), noting it registered breaches of Article 5(1)(a) as well as Articles 12 through 14. The breaches particularly include the provision of information and the transparency of that information to both users […]
Details
Why Schrems? The EU’s trust in the processing of personal data seems to be shaken. With the famous case Maximillian Schrems v Facebook Ireland Limited pending before the Austrian Supreme Court (“Court“) for a while now, Maximillian Schrems requested the Court to refer four questions to the Court of Justice of the European Union (“CJEU“) concerning the lawful use of personal data of all Facebook users from the EU. So, who is Maximilian Schrems? Maximillian Schrems is a law student from Austria and a personal data protection activist who has been extremely vocal about data protection before EU authorities. […]
Details
We live in the era of digitalization. Changes in technology inevitably affect our lives. One such innovation in Serbia are digital assets, which can be virtual / cryptocurrencies or digital tokens. Although the local legislation has only recently recognized this institute, an increasing number of companies that operate in Serbia now work in the sphere of cryptocurrencies. The Digital Assets Act (the “Act”) provides options and opens many doors for the use of digital assets, primarily cryptocurrencies. Therefore, the question whether cryptocurrencies are our future or our present arises. Opportunities for the use of cryptocurrencies are yet to be fully […]
Details
During the COVID-19 pandemic, our usual work habits changed completely. From the well-established mechanism of going to the office, we moved to an armchair in our living room. Are we now returning to work from business premises? What are the conditions for us to return to the office? What are employers allowed to do to implement occupational health protection measures and what are they not allowed to do? All these issues have not yet been fully resolved, although it is evident that their resolution is becoming increasingly important day by day. For this reason, the Ministry of Labor, Employment, Veterans’ […]
Details
In April, the Commercial Court of Madrid (“Court”) granted provisional measures forbidding FIFA and UEFA to adopt, any type of actions against the so-called European Super League (“ESL”) or against the teams and players participating in the newly proposed European football competition during the course of the main proceedings (Gecic Law has already given legal insight on this topic). Before the measures, the ESL sent a letter to FIFA and UEFA officials calling for cooperation, but also warning that they had taken legal actions to prevent and nullify any efforts to block their project. The Madrid Decision The Court […]
Details
The German Constitutional Court and the Court of Justice of the European Union (“CJEU”) have been at odds lately. In June 2021, the European Commission brought infringement proceedings against Germany over an alleged breach of the principle of primacy of EU law by the German Federal Constitutional Court. Namely, the German Federal Constitutional Court has delivered a landmark decision that is precedent-setting and has tremendous repercussions for the question of the power dynamics between the European Union (“EU”) and a Member State. Before getting into the nitty-gritty details of this legal conundrum, let us take a look at how things played […]
Details
It is almost impossible to remain unfazed by the increasing detriments of global warming. To make matters worse – the worst is yet to come, and we can only mitigate the unavoidable consequences. To this end, the European Union (“EU”) has sought to develop a strategy for combating climate change and global warming. The children of this effort are several significant legal acts. As part of the “Fit for 55” initiative, the EU wants to reduce net greenhouse emissions by 55% by 2030. So, here’s where we get to the hydrogen economy. The global economy is currently based on hydrocarbons […]
Details
Cryptocurrencies, digital currencies, electronic money… are the talk of the world. A common question these days is what cryptocurrencies are and how they work. This question now has a more recent addition – what are digital currencies? Is digital currency a synonym for cryptocurrency? If not, what is the difference? If you are a fintech enthusiast, you may think that this is a great time to be alive. But if you are not, it is perfectly ok to be confused, even a bit scared by the changes happening this fast. The only thing we can do is to keep up […]
Details
Here we go again, fighting climate change. This time, we are focusing on State aid and climate change, and discussing an important question – how green is State aid? Back in 2019, Europe ushered the European Green Deal. The European Commission published a Communication on the European Green Deal in its tenacious efforts to tackle climate change and other environmental challenges. This Communication is the EU’s attempt to work on the transition to a future where there will be no “bad emissions”, to put it plainly. If we were to get more technical, to create a Europe with net-zero emissions […]
Details
A phenomenon known as the Internet of Things (“IoT”), which has been at the forefront of the global tech changes, recently caught the European Commission’s (“Commission”) attention. The Commission’s Preliminary Report and Q&A on this tech & business sector is a big step towards acknowledging IoT as a market of the future, while simultaneously pointing out some potential dangers of this groundbreaking technology. Internet of Things – a Brief Explanation Let’s imagine this situation: you are not only an ardent coffee drinker but also a sleepyhead. Your alarm wakes you up at 7.00 am. You have little precious time to […]
Details
As the exclusive member of TerraLex for Montenegro and Serbia, Gecić Law is proud to have contributed to the latest edition of the TerraLex Cross-Border Guides. The guides offer a unique perspective on legislation across practice areas and jurisdictions throughout the world, offered by world-class law firms and distinguished TerraLex members. Our team, led by Senior Associate Danica Misojčić, contributed to the latest TerraLex Cross-Border Trademark Guide for the jurisdictions of Serbia and Montenegro, which is now live on the Terralex website. Earlier this year, our Competition team contributed to the Anticorruption Legislation and Data Protection guides. Gecić Law has supported the […]
Details
Bogdan Gecić, Managing Partner at Gecić Law, was quoted once again in Forbes, the leading global business publication, in an article titled “Are These Nine Cash Flow Mistakes Jeopardizing Your Company’s Future?”. Bogdan was asked to join a panel of experts and share his perspective on the way new businesses need to look at their finances from the point of view of an eminent entrepreneur in the legal and professional services industry. “Entrepreneurs do not take into account the stage in the life cycle of their product or service and then confuse profitability with cash flow. For instance, in the […]
Details
In the past few years, virtual currencies have become very attractive to investors across the globe. Their importance for world capital and money flows is constantly growing, which resulted in the need for them to be regulated. That was the precise reason for the Republic of Serbia to adopt the Digital Property Act at the end of last year. Its significance is recognized in defining digital assets for the very first time, thus introducing them into regulated economic flows. However, this Act alone could not resolve all issues and questions related to digital property. For example, the Digital Property Act […]
Details
The European Commission (“EC”) adopted the Fit for 55 climate action plan on Wednesday, announcing a legislative package that aims to cut carbon emissions in the European Union (“EU”) by 55% by 2030, compared to levels measured in 1990. It also calls for action to make the continent carbon neutral by 2050. The Fit for 55 package includes provisions on expanding the EU Emissions Trading System to charge for carbon emissions in more sectors. Additionally, it proposes Effort Sharing Regulation and prescribes new emissions-cutting targets per Member State. It also calls for an increase in renewable energy sources use, creates […]
Details
Bogdan Gecić, Managing Partner at Gecić Law, was quoted in Forbes, the leading global business publication, in an article titled “10 Myths About Selling To Customers (And The Real Truth)”. Bogdan was asked to join a panel of experts and share his perspective on sales myths from the point of view of an eminent entrepreneur in the legal and professional services industry. “A big myth is that if you have a great product or service, customers are going to get this and continue buying it. Although such revolutionary ideas do come about, they are rare and businesses still need to […]
Details
The last decade has completely changed the way we do business. Developments in technology have led to tremendous progress in nearly all sectors, leading to previously unknown issues in the process. One of the questions raised is how to protect business secrets in the knowledge economy. Recognizing the problem, the National Assembly of the Republic of Serbia, after nearly a decade, passed a new Protection of Business Secrets Act (“the Act“). The Act was passed on May 27, 2021 and entered into force on June 5th this year. The Act harmonizes Serbian regulations with the regulations of the European Union. […]
Details
In the Republic of Serbia, agricultural policy is based on the Act on Agriculture and Rural Development and the Act on Incentives in Agriculture and Rural Development. However, none of these two acts enable the regulation of the agricultural products market and the introduction of new market regulation mechanisms, which are necessary to help Serbian agriculture maintain steady development. Market mechanisms in the Republic of Serbia are not in accordance with the common EU market organization. Serbia lacks a similar unique legal framework to implement most measures of market regulation. In order to harmonize further with mechanisms in the EU, […]
Details
Crypto, crypto, crypto…Wherever you go, whoever you talk to, crypto must be mentioned. In the last few years, and especially in the last few months, virtual currencies and digital tokens have seen a true expansion. More and more people are getting interested in crypto and are starting to trade in them. As a result, the importance of cryptocurrencies is rising. “New” business and new earnings? Naturally, corporate giants recognized the upward trend and did not want to miss this “historical moment” to create a completely new way of doing business by entering a new market that generates huge profits. Recently, […]
Details
At the event hosted by the API/IPA international press association, Slovenia revealed the priorities of its upcoming presidency of the Council of the EU and the Fit for 55 legislative package stole the spotlight all for itself. Before leaning into the story of Fit for 55, let us make a quick turn to the conference held just a few days ago. Slovenia is taking over the Council of the EU presidency for the next six months. The country’s Permanent Representative to the EU Mr. Iztok Jarc and his deputy Ms. Tamara Weingerl-Požar laid out the priorities of the presidency. Of […]
Details
This year will bring big changes, at least when it comes to financial markets. Namely, 2021 is when the long-awaited abolition of LIBOR will take place. Although there was a lot of talk about technical obstacles that need to be overcome, change was seemingly inevitable. LIBOR (London Interbank Offered Rate) is the daily reference interest rate at which banks lend to each other on the interbank market. It gained in importance in the 1990s, when the British Banking Association (“BBA”) settled relevant standards of regulation, the collection and analysis of data obtained, which will serve as a basis for calculating […]
Details
The topic of data protection and Big Tech keeps on giving. It appears the subject of data protection simply does not want to leave the main stage and wishes to remain in everyone’s center of attention. This should not come as a surprise, since the world is only starting to become more integrated in terms of digital services provided by Big Tech companies. The most recent “controversy” on data protection and Big Tech comes from Germany, or to be more precise, Hamburg’s Commissioner for Data Protection (“Commissioner”). The Commissioner investigated Facebook’s use of personal data gathered from WhatsApp users and […]
Details
In the process of gradually aligning its legislation with the EU acquis the Government of the Republic of Serbia adopted two bylaws on 11 March 2021 in the field of state aid, complementary to the recently adopted new State Aid Control Act. All this adds value to the start of talks on the Chapter 8 – Competition Policy of Serbia’s negotiation process and may speed up Serbia’s EU accession. Regional Aid Regulation This regulation is designed to promote economic development of the least developed regions or the development of regions with a high level of unemployment. It also allows state […]
Details
Some reports say that it would be impossible to live in the digital world outside of the ecosystem created by Big Tech giants. The concentration of power in a small number of platforms has allowed some tech companies, popularly known as the Four Horsemen” to exercise unparalleled economic power and social impact almost without any oversight by regulators. These companies have complete market dominance, each in their respective field of expertise: Apple in consumer electronics and mobile operating systems; Facebook in the social media, Google in online searches, video-sharing and mapping-based navigation; and, finally, Amazon in the e-commerce market. Hence, […]
Details
The imaginary familiarity with a famous person through platforms such as Instagram is more common when the other party is a so-called influencer – a person that enjoys appreciation of a large number of users due to their reputation. The imaginary closeness is, on the other hand, a very powerful tool in hands of influencers as users often aspire to emulate their lifestyle. However, the lifestyle the influencer presents is not always genuine as the content presented often includes (some form of) promotion. When an influencer shows on their profile that they use a certain product, there is a great […]
Details
Ognjen Colić, head of Gecić Law’s corporate practice, spoke at the 4th Serbian Public Private Partnership Conference, a hybrid event held today, organized under the auspices of the British-Serbian Chamber of Commerce, the British Embassy in Belgrade, the Ministry of Economy and the Ministry of Construction, Transportation and Infrastructure of the Republic of Serbia. Opening remarks were delivered by several high government officials and experts, including Tomislav Momirovic, Minister of Construction, Transportation and Infrastructure and Andjelka Atanackovic, Minister of Economy of the Republic of Serbia. Besides high government officials, developers, contractors and service providers engaged in public-private partnerships also attended […]
Details
The EU’s second-highest court sided with Amazon.com (“Amazon”) recently, saying it did not owe millions to Luxembourg in unpaid taxes. On May 12, 2021, the General Court (“Court”) overturned the European Commission’s (“Commission”) order to Amazon to pay EUR 250 million to Luxembourg, as reimbursement of illegal State aid. The Court held that the European Commission’s primary finding of an alleged advantage was based on an incorrect analysis. Precisely, the Court argued that none of the findings set out by the Commission in the contested decision were sufficient to demonstrate the existence of an advantage for the purposes of Article […]
Details
Business cartels between competing market participants are designed to limit or eliminate competition between them, with the objective of increasing prices and profit of the cartel members. In practice, this is generally achieved by fixing prices, market sharing, limiting output, allocating customers or territories, bid-rigging, or a combination of the above. Cartels are harmful to consumers and society as a whole since the participating businesses charge higher prices (and earn higher profits) than would be the case in a competitive market. Because of their negative impact on the market, competition legislation fights against cartels, imposing substantial fines on participants, which […]
Details
Legal Framework for the so-called influencing To say that there is no special advertising act in Bosnia and Herzegovina (“BiH”) is not completely true. Namely, certain forms of (illegal) advertising are regulated by the Prohibited Advertising Act. This Act regulates the protection of merchants from illicit advertising, the protection of procedures and determines forms of illicit advertising. On the other hand, advertising as such is regulated indirectly at the level of the Federation. In this regard, the Consumer Protection Act is applicable, considering that BiH is one of few European countries that has neither a media act nor an electronic […]
Details
The European Union (“EU”) and Japan created a Green Alliance and issued a document on May 27 that defines their joint goals on climate change. They committed to green growth and reaching carbon neutrality by 2050, reaffirming their commitment to the Paris Agreement. The creation of the alliance comes ahead of the UN climate conference in Glasgow in November. The event should define the implementation of the Paris Agreement. In the meantime, the EU and Japan have promised to promote green economy goals. They noted that they will help developing nations transition to low-carbon energy use. The two sides also […]
Details
Joe Biden’s first big clash with the largest businesses in the US came as a result of his proposal to increase corporate tax and raised quite a few eyebrows. Although Corporate America initially welcomed the massive government spending plan, it later expressed genuine concerns on the topic. International corporate taxation has long presented a challenge for tax authorities worldwide, causing them losses in billions of tax dollars. The US has been one of the largest backers of negotiations on a large-scale reform of international corporate taxation that have been going on for quite some time. However, an agreement is yet […]
Details
We are delighted to reveal that Gecić Law’s website continues to attract the attention of professionals globally as it has been recognized by several prestigious rankings. Our website was positioned, for the sixth consecutive year, among the top-ranked Global law firm websites for 2021 in a selection of 23 law firm websites across the world. This prestigious ranking, published by Comrade, a leading US digital marketing network, puts us side by side with the world-class law firm Axiom among others. In another ranking of legal websites worldwide, Astra, a leading web design business, placed the Gecić Law website among the best legal websites globally. Furthermore, […]
Details
Influencer marketing is a fast-growing discipline, and the number of influencers is growing every day in our region. Like Serbia, Croatia is also “fertile ground” for influencer marketing and numerous extremely “influential influencers”. Testimonies of many, both “micro” and “macro” influencers from Croatia, demonstrate that this indeed amounts to a full-time job. So, how does one hire an influencer? In a nutshell, after “becoming famous”, influencers receive offers to promote various products and services on a daily basis, but how is this activity legally regulated in Croatia? Stay tuned, as we discuss below in greater detail the legal position of […]
Details
Bogdan Gecić, Managing Partner at Gecić Law, was quoted in Forbes, the leading global business publication, in an article titled “10 Important Customer Service Metrics To Help You Better Understand Your ROI”. Bogdan was asked to join a panel of experts and share his perspective on the best approach to client relations in relation to ROI from the point of view of an eminent entrepreneur in the legal and professional services industry. “In professional services, customer service is of such importance that its returns seem to be close to the overall ROI of our business. This may be hard to […]
Details
The current Health Insurance Act (the “Act”) came into force in 2019. However, earlier this year the National Assembly of the Republic of Serbia passed the Draft on Amendments to the Health Insurance Act (the “Draft“) was passed, and it was in public debate until the end of February. Only the Draft that was at the public debate is publicly available, so we are waiting for the version of the text that will be sent to the Government, and then in the parliamentary procedure. Reasons for introducing amendments One of the reasons for the adoption of the Draft is certainly […]
Details
The Serbian Competition Authority (“SCA”) recently focused on unapproved mergers i.e. gun-jumping. The most recent “victim” of the SCA’s investigations into gun-jumping was Fortenova Grupa d.d. (“Fortenova”), with the only previous undertaking fined for gun-jumping being Prointer IT Solutions. Meanwhile, Ernst & Young are also being investigated under the same allegations. Is this simply a witch hunt or is there something going on here? Gun-jumping (not only during the Olympics) Before we get into the heart of the matter let`s define what gun-jumping is. In competition law, gun-jumping is a concept pertaining to an unlawful pre-merger and pre-clearance coordination of […]
Details
Bogdan Gecić, Managing Partner at Gecić Law, was quoted in Forbes, the leading global business publication, in an article titled “Nine Solutions for Gathering and Responding to Customer Feedback”. Bogdan was asked to join a panel of experts and share his perspective on the best ways to capture and implement client feedback from the point of view of an eminent entrepreneur in the legal and professional services industry. “Surveys and interviews are a great way to gauge what clients are really interested in. In professional services, a client-centric approach to everything we do is essential, while understanding and anticipating our […]
Details
What do Facebook, WhatsApp and TikTok have in common? Well, they are social media giants, with billions of users all around the world. But there is something else that these platforms have in common that is worthy of attention. Lately, they have all been “hunted down” by regulators over their data policies. So, we wanted to take the time to say a few words on the TikTok case. What makes the TikTok case special? As most of you already know, TikTok is a social media platform used to make short-form videos that last between 15 and 60 seconds. The videos […]
Details
The Council of the EU agreed on Tuesday to apply its revised enlargement methodology in the accession negotiations of Serbia and Montenegro. The new rules within the accession process aim to increase contacts at the ministerial level and promote fundamental reforms in the two countries. Additionally, the new enlargement methodology has the goal of improving the predictability of the accession process. Furthermore, it reorganizes chapters into clusters to speed up negotiations between the states with the EU. The decision comes after the European Commission issued a Communication in February which addressed the need to improve the accession process. The new […]
Details
Gecić Law’s expertise was yet again called upon by international media last Friday, as Head of Corporate/M&A Ognjen Colić was quoted in the leading German daily Frankfurter Allgemeine Zeitung (“FAZ”) where he commented on Serbia’s latest Decree on Incentive Measures for Immunisation and Prevention and Suppression of the Infectious Disease COVID-19. In the article, Mr. Colić noted that the Official Gazette is yet to publish the latest decree on the new COVID-19 sick leave payment rules after the Serbian Government announced that only those vaccinated would be eligible for an incentive to on top of regular salary reimbursements. Those infected […]
Details
Who are “influencers”? Developments in technology and the significant influence of social networks on modern life, have resulted in the development of a completely new breed of digital marketers – influencers[1]. Increasingly, successful brands now recognize influencer marketing as an extremely effective way to advertise their business which in turn expands their reach and increasing the sales of products and services. The term influencers originated in the English language, and many other languages, including Serbian, use anglicisms to refer to influencers to denote influential people within a certain group of people. We are familiar with their work today on various […]
Details
The UK Supreme Court ruled on February 19, 2021 that Uber drivers must be treated legally as workers. After a five year long legal battle, Mr. James Farrar and Mr. Yaseen Aslam (who jointly initiated the legal process), as well as all their fellow Uber drivers, celebrated the fact that they are finally recognized as workers of Uber, with all privileges and rights (e.g. minimum wage, right to paid holidays, right to unionize) that come with the status. However, in late March Uber stressed that the Supreme Court’s decision meant its drivers were “workers” but not “employees.” Nevertheless, the distinction […]
Details
I. Introductory Remarks The application of the Act on Determining the Origin of Property and Special Tax (“Act”) started on March 12, 2021. Since the introduction of the bill, the Act has attracted a lot of attention, both from the professional public and others, not only because of the subject of regulation, but also because of its legal solutions. The Act came into force at the start of 2020, but its implementation was postponed for a year. In that period, amid criticism, some amendments were added to the Act, just before the start of its implementation. It is noticeable that […]
Details
In addition to numerous novelties and changes in Serbian legislation, the beginning of this year was also marked by the legal regulation of archiving materials and similar documentation, which attracted significant attention. The new Archival Material and Archival Activity Act (the “Act“) is not only an important step towards improving the protection of archival material and regulating archival activity but also towards developing awareness of the importance of preservation of archival material, since that helps “protect” the history of our country. Until recently Serbia did not have a specific act that would comprehensively regulate the issue of archival material and […]
Details
The adoption of amendments, and the new group of energy-related acts are crucial for Serbia’s energy transition, which is set to be implemented through several new regulations. All countries in the Western Balkans must transition to carbon-neutral energy sectors and become part of the integrated energy market. The main goal of the transition is to increase the share of renewable energy sources, improve energy efficiency and reduce greenhouse gas emissions. Members of the Serbian Parliament adopted the Amendments to the Energy Act, the Act on Energy Efficiency and Rational Use of Energy (the “Energy Efficiency Act”) and the Amendments to […]
Details
“Three Strikes, You’re Out!”, or, as in the practice of the UK’s watchdog, “third time is a charm”, but the fourth is not. Let us check out the rules of fair play when it comes to protecting competition in the UK market. In the early 2020 Associated Lead Mills Ltd (ALM) and H.J. Enthoven Ltd (trading as BLM British Lead), two of the UK’s largest suppliers of rolled lead, admitted to forming a cartel and thus breaking the law four times by colluding on prices, sharing the rolled lead market by arranging not to target certain customers, and purposely not […]
Details
Introductory remarks There are many reasons why football is one of the world’s most successful and popular sports, and that Europe is its home. As Rohan Roy said in his poem, football is “the most beautiful game”. Although football has changed over the years, which was inevitable, it kept receiving support from its fans. Historically, adjustments to “the most important of the least important things” have been announced and introduced gradually, so that the core principles of football would survive. It is obvious that the fans and supporters were and always will be the reason for football’s worldwide success. This […]
Details
During the session held on March 18, Serbian MPs adopted the Climate Change Act (the “Act”). The Minister of Environmental Protection, Ms. Irena Vujović noted that “the issues concerning environmental protection and climate change are of high priority and have finally received deserved attention from the Government of Serbia.” The main goal of the Act is to reduce greenhouse gas (“GHG”) emissions, as the accelerated development of technology and international trade make pollution, and especially emissions of GHG, a global problem. Long History of Global Climate Change Mitigation Acts The United Nations (the “UN”) noted the impending problems caused by […]
Details
At Gecić Law, we are delighted whenever we have the opportunity to reward professionals who best represent our core values. With this in mind, we are proud to announce another round of expansion and congratulate three of our star legal professionals. These include the promotion of Ivana Stojanović Raišić from Senior Associate to Counsel, while Jelena Škorić and Danica Misojčić will be promoted to Senior Associate positions. “We’re pleased to promote Ivana, Jelena and Danica. Our strategy has always been to build talent and reward the exceptional contribution of our team to the firm. It is truly wonderful to watch […]
Details
One of the significant novelties in Serbian legislation refers to the regulation of electronic invoicing through the Electronic Invoicing Bill (the “Bill“). The adoption of the Bill is on the agenda of the National Assembly on April 21, and it remains to be seen whether the Bill will be modified and if so, which provisions will be changed. Reasons for the adoption of the Bill One of the key reasons for the adoption of the Bill is further harmonization of Serbian legislation with European Union law. Additionally, in the words of the Minister of Finance, the Bill ”improves the transparency, […]
Details
After a short break from our previous reflections on the EU’s new set of regulations concerning digital markets (more details available here), we are back with an even more vivid and thorough breakdown of the proposed regulation. To pick up where we left off, we will be taking a closer look at the Digital Services Act (“DSA“ or „Act“). As we have already familiarized ourselves with the EU’s goals and ambitions regarding new digital market regulation, we can now fully indulge ourselves by taking a closer look at the Act. We hope that you managed to catch your breath because […]
Details
In the last few months, the Serbian National Competition Authority (“NCA”) has turned its attention to sanctioning agreements between undertakings where resale prices are maintained. After taking cases against consumer electronics undertakings, the NCA recently opened an investigation against a general importer and its three car dealers of “Audi” vehicles, in the course of its sectoral analysis of the markets of sales and after-sales services of motor vehicles. Resale Price Maintenance – What is the Problem? Resale price maintenance (“RPM”) is a contractual provision where the supplier (usually the manufacturer or general importer) binds the buyer (usually the distributor or […]
Details
As the famous Arabic proverb says, ‘Silence is golden’. And it seems that this nugget of ancient wisdom still holds true today – even in law; even when it comes to a high-profile case before the European Court of Justice. To find out why would silence be so important as to cause a stir among lawyers throughout Europe, we must track back to the beginning. What happened? On February 2, 2021, the European Court of Justice (ECJ) released a landmark ruling on due process rights in preliminary reference from the Italian Constitutional Court in DB v Commissione Nazionale per le […]
Details
At Gecić Law, we proudly look back at 2020 and remember it as a year of significant achievement. Some of our accomplishments singled out in this review testify not only to the ability of our team to quickly adapt to radically different circumstances, but to see them as an opportunity to affirm our core values, to build on them and to grow. We rose to the challenge, learned and developed, and in the process, we helped our employees, clients, and business partners gain the strength to overcome the uncertainty and grow together with us. These are the highlights of our […]
Details
Gecić Law is currently representing Bosnia and Herzegovina in a procedure with the Energy Community, a landmark case across the Balkans related to alleged state aid in the construction of Block 7 of the Tuzla Thermal Power Plant, a project worth USD 1.1 billion, with co-counsel Marić & Co. Law Firm based in Sarajevo. Launched in 2018 by the Secretariat of the Energy Community against Bosnia and Herzegovina, the process has been marked by violation of due process, complete disregard for the rights of the defense as well as continuous bids of the prosecution to speed up the process and […]
Details
Diplomacy & Commerce magazine, a syndication of London’s The Economist magazine for Serbia, prepared a special InFocus supplement as part of its February 2021 issue, with the aim of providing the readers a closer insight into the development of bilateral relations and successful cooperation between Serbia and the United Arab Emirates. Bogdan Gecic, Managing Partner at Gecic Law, a founding and exclusive member of the UAE Serbia Business club since 2019, gave an interview, which can be read in its entirety below. As an industry, the legal profession has been changing significantly. We have always believed there is a lot […]
Details
Our Energy practice team has repeatedly demonstrated its credibility by devising unique opportunities for greenfield and brownfield investments for our clients. We provide comprehensive solutions related to privatization, regulatory compliance and due diligence in cooperation with eminent regulatory, corporate and financial experts. Counsel to Norwegian NBT AS on Wind Farms Project in Serbia Our latest accomplishment in the energy sector is providing counsel to NBT AS, Norway, a utility-scale wind power developer (exceeding 100 KW of power), in partnering with WV International (formerly Windvision). WV International has been developing wind farm projects in Serbia since 2010 and has been active […]
Details
Gecic Law is proud to share the great news about a significant recognition received by the prestigious global alliance TAGLaw of which we are an exclusive member for Serbia and Montenegro. TAGLaw, the leading global alliance of law firms, has once again been recognized by Chambers & Partners as “Elite” for 2021, the highest ranking awarded to legal networks and alliances. For over 30 years, Chambers and Partners has been researching the legal markets of over 180 countries, identifying the leading lawyers, law firms and networks worldwide through interviews with thousands of lawyers and their clients. Chambers prestigious reputation is based on the […]
Details
The Treaty of Nice, a landmark agreement in the history of the European integration process, celebrated its 20th anniversary last Friday. The legislation was signed on February 26, 2001 and came into force on February 1, 2003. The key aim of the Treaty was to introduce institutional changes and decision-making reform, amending the Maastricht Treaty and the Treaty of Rome, which would allow for the ensuing EU enlargement. The Treaty introduced qualified majority voting in the European Council, removed national vetoes in many areas and gave the European Parliament the power to elect the Commission President. It formalized the principles […]
Details
On December 3, 2020, the Fourth Chamber of the Court of Justice of the European Union (CJEU) rendered a judgement in the case Star Taxi App SRL v Unitatea Administrativ Teritorială Municipiul Bucureşti prin Primar General and Consiliul General al Municipiului Bucureşti providing some extremely interesting conclusions, to say the least. But let us leave the conclusions for later, and first touch upon the factual bits and pieces of the case. The Romanian company SC Star Taxi App SRL is a manager of an application which places users of taxi services directly in touch with taxi drivers all over Romania. […]
Details
On January 21, 2021, the Republic of Serbia and the U.S. Government signed the Investment Incentive Agreement (“IIA“), still waiting to be ratified by the Serbian Parliament. The IIA paves the way for the U.S. International Development Finance Corporation (DFC) to provide investment services in Serbia. In September last year, DFC opened its first office on this side of the Atlantic, right here in Belgrade . The opening of DFC’s office in Belgrade is indeed a significant step forward in US-Serbia relations. However, this is not their first foray into economic cooperation in this field. IIA, judging by the available information […]
Details
Beyond a shadow of a doubt, the Internet has been a key factor in driving globalization and economic growth in recent years. Along the same lines, leading internet intermediaries have played an essential role in expediting this growth and providing companies of all sizes with the means to capitalize on all the benefits the digital era has to offer. Thus, it is hardly surprising that many Internet intermediaries, such as Amazon, Facebook, and Google, are among the world’s most successful companies. However, there are genuine concerns that their economic prosperity and progress are indirectly being encouraged by legislation that shields […]
Details
The Necessity of the Digital Single Market… Not only is the global economy flourishing, it is going digital also. Information and communications technology is no longer a specific business sector but the foundation of all modern innovative economic systems. The Internet and digital technologies are transforming the lives we live, the way we work –personally, in business, and in our societies as they increasingly weave their way into all sectors of our economy and community. Consequently, our lives and, especially, our businesses need to follow global trends such as competitive strategies, marketing techniques, and business models, and that would not […]
Details
The Serbian Ministry of Economy formed a working group to draft an act that will regulate the bankruptcy of entrepreneurs (the “Draft“) following the Program for resolving problem loans for 2018-2020 of the Government of Serbia (the „Program“). Serbian bankruptcy legislation should now be complete since the Bankruptcy Act does not provide for a procedure in which creditors of an entrepreneur could collectively settle their claims. The view of the Government of Serbia stated in the Program, is that bankruptcy in the case of entrepreneurs should be regulated in a way that it could be carried out quickly and efficiently […]
Details
As you already know, we make it our business to bring you news of cases that are out of the ordinary and interesting in so many ways. But this one is a first. It is not new as in recent, because it all began 10 years ago, but new in the context of originality. What you are about to read is the story of probably the most flagrant “abuse of dominant position” ever. Factual originality Providing the backdrop to this story is a business relationship in the Baltics between Lithuanian Railways (“LR”), the state-owned rail company in Lithuania, with responsibility […]
Details
The subject of adequate and/or fair tax regulation is always a hot topic. Not only because it affects a country’s economy, but also people`s everyday lives. Updates to tax regulations are almost always controversial. This article gives an overview of amendments to Serbia’s Value Added Tax (“VAT”), and the wrangling between members of the gig economy and the Tax Administration. The Ministry of Finance of the Republic of Serbia published the Value Added Tax Amendment Bill (“Bill”). The main changes are as follows: Open-end investment funds and alternative investment funds will be liable to VAT; VAT on speculative […]
Details
Is there another earthshattering change in the tech sector that will be making headlines for the next few weeks? Tech behemoths have certainly kept journalists and bloggers on their toes lately due to many recent dramatic changes and major decisions. WhatsApp, a company owned by Facebook, wanted to go the whole nine yards to become the most successful messaging and calls application, so its executives have quite recently reached a decision to update its privacy policy. As it rolled out the latest updates for Android and iOS, the internet exploded with claims that this encrypted messaging app, whose major selling point […]
Details
Digital assets. A somewhat contradictory notion, but for a short period of time, the digital assets managed to put to question the millennial legal perception of assets as something purely material. And that would not be so interesting if it were not for the digital assets’ ability to financially transform into money. Mining and cryptocurrencies have been filling newspaper columns for years now and the first thing that catches the eye is their monetary value. Behind these terms is a legally unregulated business creating a significant fortune for individuals who, as simple as it gets, just sit in front of […]
Details
If you think you have seen “everything” in 2020, well, think again! This is the year that sees water traded on the stock exchange for the first time ever. News from Wall Street that water is to be traded on the stock exchange spread quickly and overshadowed a raft of other, important financial stories. This December the world’s largest financial derivatives exchange, the CME Group, launched futures contracts tied to the spot price of water in California, a market of $ 1.1 billion. The very concept of trading water inevitably gives us all pause for thought about the reasons for […]
Details
After many years of speculations on its interest in cryptocurrencies, this year PayPal finally announced that it will enable its users to buy and sell cryptocurrencies, as well as to safe keep them in crypto wallets on their accounts. With the money from the sale of cryptocurrencies, users may freely buy goods and services. PayPal, the American company whose main business activity is the provision of payment services related to electronic money, has been long present in the payment services market. PayPal is not a bank, because it does not use the funds of the users for its own needs, […]
Details
One Belgrade University professor used to say that cinematography is an arranged marriage that marries investors and intellectual creators/artists. We respectfully disagree with that statement – the “marriage” is missing a legal professional. Media law is a broad area that could, in some segments, include almost every branch of law – intellectual property, state aid, competition, company & commercial law, criminal law, human rights law, etc. With this bulletin focusing on filming in Serbia, we are going to cover two of the most relevant issues for the film industry. The first one is creators’ copyrights and producers’ right to economic […]
Details
Gecić Law is pursuing a competent and experienced Business Development Manager to join our young, talented, diverse, and dynamic team, the winner of the prestigious The Lawyer European Award 2020 for the Law firm of the year: Eastern Europe and the Balkans. Are you ready to join one of the foremost innovative law firms in Serbia, truly committed to building long-term relationships with clients, striving to achieve exceptional results by adopting creative models for the delivery of legal services? What we are looking for: • Bachelor’s degree (advanced degree or MBA is a plus) • Minimum 3 years of experience in a […]
Details
As much as the rise of new technologies and novel business models has shown as inevitable in the past few decades, so has the payment of taxes. Most taxpayers operating in the Republic of Serbia are aware of their obligation to pay taxes and contributions. However, questions arise for those who work and earn abroad through new and increasingly complex business models (although physically residing mostly in Serbia), and may not be aware that they have to pay taxes and contributions, and should report to the Tax Office. The precipitous rise in the number of new types of creatives and […]
Details
Gecić Law’s innovation, drive and perseverance in pushing the envelope ever further, were once again recognized at the very highest level, by The Lawyer, a leading global legal magazine. This year, we entered Europe’s exclusive legal playoffs and were honored to be shortlisted for The Lawyer European Awards in two competitive categories, of which one is Europe-wide: European competition or antitrust team of the year – Top Five category, where we entered again the revered playoffs, neck and neck with the best competition and antitrust teams from the whole of Europe (without the UK). Law firm of the year: Eastern […]
Details
Although it has been more than a year since the new Personal Data Protection Act (“Act”) entered into force in Serbia, some of its provisions are not yet fully applicable. One clear-cut example is Article 44 of the Act, which requires foreign companies (therefore those who does not have a registered business seat in Serbia) to appoint a Personal Data Protection Representative for Serbia (“Representative”). Who is the Representative? This provision, (as well as the majority of the Act’s provisions), was adopted from Article 27 of the General Data Protection Regulation (“GDPR”) and refers to any personal data controller and […]
Details
Autumn on the European money market has sparked discussion on digital money. The rapid development and use of digital technology increased the volume of online/e-payments due to COVID-19, but also competition coming from digital currencies developed by other central banks, such as the Chinese central bank, from cryptocurrencies and digital currencies developed by tech giants, are some of the reasons that spurred the European Central Bank (ECB) i.e. Eurosystem to publish the Report on a digital euro. The Report analyses potential options and conditions under which the digital euro could operate, reflecting clear caution from its introduction as a means […]
Details
Here we bring you a more detailed overview of the State aid package granted to Montenegro Airlines A.D. Podgorica, Montenegro’s national airline. We touched on the topic a few weeks ago. Introduction To recap, just days after announcing a EUR 133 million aid package for Montenegro Airlines the country’s national competition and state aid authority, the Protection of Competition Agency (“Agency“), launched an investigation into the State aid package. The Agency’s investigation found that the MEO test conditions had not been fulfilled, therefore qualifying this boost to Montenegro Airlines as State aid. On foot of that finding the Agency ordered […]
Details
Do experts in arbitration and court proceedings help tribunals in making decisions or they are just instruments a party? Experts in arbitration and court proceedings have the task of assisting arbitrators and judges, in connection with complex issues related to a particular field. These experts possess specialized knowledge in various fields and help the arbitral tribunal and judges to better understand the problem that is being adjudicated. Experts make an exceptional contribution to the accurate assessment of the facts of the case since the tribunal itself often does not have the necessary expertise in a certain field. Even in the […]
Details
From October 11, 2020, the Serbian Business Registers Agency (“SBRA”) will start keeping the Register of Healthcare Institutions (“Register”) as a single record of healthcare service providers, in accordance with the Healthcare Act (“Act”). The Register is a unified record of healthcare service providers, which includes data about healthcare institutions and private practices throughout the Republic of Serbia. Therefore, data about public and private healthcare institutions have been consolidated in the Register. Before the introduction of the Register, healthcare institutions had to register with the competent commercial courts. Now, the Register, as an electronic, central, public database of registered healthcare […]
Details
The new Decree on Conditions for Issuing Extracts from the Ordnance Survey, Real Estate and Land Registry Information System, by Notaries Public and Surveyors (“Decree“) cuts through another piece of red tape – the need to apply exclusively to the Republic Ordnance Survey Authority for folio extracts. However, the Decree is a source of some controversy in terms of application. Will the Decree see us spend even more time queuing at counters and in consultation with experts? The main innovations under the Decree are: When disposing of real estate and concluding other transactions before notaries, parties will no longer have to obtain a folio […]
Details
The New Public Procurement Act (“new Act”) was adopted in December 2019 and came into force on January 1, 2020. The key objectives of the new act are increased transparency within the public procurement procedure, elimination of the administrative burden and increased competition between the participants in the procedure. If conducted legally, the public procurement process should result in the acquisition of the highest possible quality of goods or services for the lowest possible price. However, collusion between bidders, i.e. “bid-rigging”, eliminates genuine competition and hinders the interests of both purchasers and taxpayers. Bids can be rigged through secret coordination […]
Details
The development of the judiciary is one of the key priorities for the Republic of Serbia. It is a permanent process of modernization and harmonization of the judiciary with the needs of the state and society, in order to ensure rule of law and enhance legal certainty. In line with this, on July 10, the Government of the Republic of Serbia, adopted Judicial Development Strategy for the time period between 2020 and 2025 (“Strategy”), as well as the revised Action Plan for the Chapter 23 (“Action plan”). We would also like to point out that AmCham Serbia, of which Gecić […]
Details
One of the foremost business publications in Serbia, CorD Magazine featured in its latest edition, a joint interview with Terri Peper Gavulic of TerraLex and our managing partner Bogdan Gecić, revealing all the innovative initiatives we’ve been continuously working on, to offer our clients the utmost benefits and global support in a pandemic stricken world. Our story with TerraLex begins in 2017, when we joined this elite legal network as the only local member for Serbian and Montenegrin jurisdictions, taking a step forward in our global aspirations and business standards. Since then, we have collaborated on a variety of exciting projects, such as […]
Details
Traveling the world, being part of the global digital community, earning a living in far-flung destinations… Almost everybody has at least once fantasized about living the life of a digital nomad. However, is it as simple as it seems at first glance? Catching Up with a Term… Digital nomads are location-independent workers that avail of amazing technological innovations and modern culture to work remotely. As technology has dramatically reshaped the work environment, swapping the office for some distant destination is becoming a reality for many. Key to this digital nomad lifestyle is the ability and the flexibility to work remotely. […]
Details
The amazing results of the US-brokered economic normalization talks between Belgrade and Priština in Washington DC on September 4 made major political (and legal) waves, but one specific point made the Balkans and broader European business community hopeful, even in these dire and uncertain pandemic times. The U.S. International Development Finance Corporation (DFC) “is opening its first and only office outside of the United States in Belgrade”, according to Damon Wilson, the Executive Vice President of the Atlantic Council. As announced in a tweet by Adam Boehler, DFC’s CEO, his team is set to arrive in Serbia on September 21 […]
Details
Everyday life in the 21st century is awash with change, change mostly dictated by modern technologies and their constant evolution. Mobile payment apps are the latest (and most innovative) addition to the stable of convenience services, allowing users to pay quickly and securely. The COVID-19 pandemic has pressed home the advantages of paying through mobile phone apps, considering that this method of payment minimizes physical contact between merchants and customers, Apple Pay, a mobile payment application, was launched in Serbia at the end of June 2020. We spoke with Nikola Mehandžić, Business Development Director for the Western Balkans at MasterCard, […]
Details