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11 Dec 2024

EU Announces EUR 4.6 Billion Investment to Boost Clean Energy Development

To bolster Europe’s clean energy transition, the European Commission has recently announced a EUR 4.6 billion investment.  This funding aims to advance net-zero technologies, electric vehicle (EV) battery cell manufacturing, and renewable hydrogen production.  Thie initiative marks a pivotal step in the EU’s commitment to achieving climate neutrality by 2050. Investment Breakdown Net-Zero Technologies: A EUR 2.4 billion call for proposals targets projects that focus on decarbonization, including the manufacturing of components for renewable energy, energy storage, heat pumps, and hydrogen production.  This effort aims to enhance Europe’s leadership in innovative, clean energy technologies. Electric Vehicle Battery Manufacturing: For the […]

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26 Nov 2024

European Council Adopts New Regulation on ESG Ratings Providers

Last week, the European Council adopted new legislation to regulate Environmental, Social, and Governance (ESG) ratings providers.  This marks a significant step in enhancing the transparency, reliability, and accountability of ESG ratings, which have become crucial in sustainable finance and investment decision-making.  The regulation addresses the increasing demand for trustworthy ESG data amid criticisms about the sector’s lack of oversight and uniformity. Key Features of the Regulation Supervision by ESMA Under the new rules, ESG ratings providers operating in the EU must obtain authorization from the European Securities and Markets Authority (ESMA).  This requirement also extends to providers outside the […]

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23 Jan 2024

Open Balkan Initiative: Protocols Signed to Establish a Free Labor Market

Yesterday in Skopje, member countries of the Open Balkan initiative took an important step towards enhancing regional economic cooperation.  Representatives of Serbia, North Macedonia, and Albania signed two protocols aimed at establishing a free labor market between the member countries of the Open Balkan initiative.  These include the Protocol on the Implementation of the Agreement on Conditions for Free Access to the Labor Market in the Western Balkans and the Protocol on Connecting the Electronic Identification Schemes of the Western Balkans Citizens. Representing Serbia, Gojko Stanivuković, the State Secretary of the Ministry of Finance, signed the documents.  This demonstrates the […]

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27 Oct 2023

EU’s New Growth Plan for Western Balkans Unveiled

The European Union (EU) has introduced a growth plan to accelerate the accession of the Western Balkans.  European Commission President Ursula von der Leyen unveiled a commitment of EUR 6 billion at the Western Balkans summit in Tirana.  Out of this amount, two billion euros will be in grants and four billion euros in loans.  However, specific details regarding the mechanisms of this growth plan are still pending clarification. The EU’s strategy is to bring the region closer economically before political integration.  This would allow the Western Balkans to benefit from certain privileges.  Benefits include the free movement of goods […]

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30 Aug 2023

Digital Services Act Takes Effect on Large Platforms

August 25, 2023, marks a monumental shift as the Digital Services Act (“DSA“) takes center stage, impacting industry giants like Amazon, Google, Apple, and TikTok.  With 19 platforms and search engines, each having a minimum of 45 million users, the DSA takes action to uphold data privacy, combat disinformation, and eliminate online hate speech.  This dynamic legislation aims to give users, including minors, enhanced rights and control over their online presence, fostering a high level of privacy and security. What’s the story? Back on April 25, 2023, the first designation decisions were made, designating very large online platforms (“VLOPs“) and […]

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31 Jul 2023

Serbia Eases Conditions for Foreigners’ Residence and Work

Serbia is opening its doors wider to foreign workers due to several factors.  The qualified labor shortages, technological and economic growth, and the effects of globalization have made it essential to simplify and facilitate the residence and work procedures for foreigners in Serbia.  Recognizing this need, last winter Serbia began drafting amendments to three foundational immigration laws: the Foreigners Act, the Foreigners’ Employment Act, and the Citizenship Act. Two of these, he amendments to the Foreigners Act and the Foreigners’ Employment Act, have been adopted by the National Assembly.  These changes aim to provide a more streamlined and appealing environment […]

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11 May 2023

The Digital Revolution in Serbian Business Entity Registration

The landscape of business registration in Serbia is changing, catalyzed by the advent of digital technologies.  As of May 17, 2023, Serbia is set to embrace a comprehensive digital transformation by mandating all business entity registrations to be conducted exclusively via the Business Registers Agency’s (APR) eRegistration application.  This move will render paper-based applications obsolete, bringing greater efficiency and practicality to the business registration process. This transition applies across the board to all legal entities in Serbia, including Limited Liability Companies (DOO), General Partnerships (OD), Limited Partnerships (KD), and Joint-Stock Companies (AD).  This change not only streamlines administrative procedures but […]

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