Tag Archives: Romania

ILN Today Post

New AML law in Romania – the EU 4th Anti-Money Laundering Directive transposed into domestic legislation

On July 18, 2019, Law no. 129/2019 on the Prevention of and Combat Against Money Laundering and the Financing of Terrorism, as well as for Amending and Supplementing Certain Normative Acts (the “Law”) was published in Romania’s Official Gazette.

The Law, that entered into force on July 21, 2019, transposes Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or the financing of terrorism (“Directive 2015/849”), as well as Council Directive (EU) 2016/2258 of 6 December 2016 amending Directive 2011/16/EU as regards to access to anti-money-laundering information by the tax authorities.

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PETERKA & PARTNERS Newsletter

PETERKA & PARTNERS has prepared a special Newsletter dedicated to the legal developments affecting business in Central and Eastern Europe. Similarly to previous editions, the Newsletter includes the following sections:
· legal news
· tax news
· news from PETERKA & PARTNERS The Newsletter covers all of the jurisdictions in which PETERKA & PARTNERS has offices: the Czech Republic, Slovakia, Ukraine, Bulgaria, Russia, Poland, Romania, Belarus and Hungary.

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Peterka Partners – The CEE Law Firm Newsletter 1Q 2017

CZECH REPUBLIC

New Act on Public Procurement

On 1 November 2016, the new Act on Public Procurement, reflecting three European Directives from 2014, came into effect in the Czech Republic. The new Act brings with it more extensive scope for the application of the general principles of public procurement (transparency, non-discrimination, equal treatment, proportionality, etc.).

Electronic Records of Sale

On 1 December 2016, the Act on Electronic Records of Sale entered into effect. Due to the Act, a new system of online information for the tax authorities on all cash payments received was introduced and it caused the closing of a few small businesses; however, no substantial problems have yet occurred.

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Peterka Partners – Newsletter July 2016

CZECH REPUBLIC

Register of Contracts As from 1 July 2016, contracts with public institutions must be published in a central register kept by the Ministry of the Interior. The failure to publish the relevant contracts will be sanctioned as from 1 July 2017, and this for contracts concluded from 1 July 2017 on.

Registration of beneficial owners

Amendment to the Act on Public Registers is passing through the legislative process. If enacted, companies registered in the Czech Republic will be required to disclose, within one year, their ultimate beneficial owner.

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Peterka Partners – Newsletter 2016

Amendments to the Consumer Protection Act Alternative dispute resolution for consumer disputes Starting 1 February 2016, the Consumer Protection Act (“CPA”) newly regulates alternative dispute resolution for consumer disputes. In particular, this provides the consumer with the opportunity to resolve his/her rights arising from (among others) purchase agreements before the national authority. In the Czech Republic, the authority for disputes arising from purchase agreements is the Czech Trade Inspection Authority.

Furthermore, the act also brings with it the obligation of the trader to inform the consumer about the exact competent authority to arbitrate the particular consumer dispute. That information should be provided in a clear, comprehensible and easily accessible way. If the General Terms of Purchase are an obligatory part of the agreement, or if the trader operates its own website(s), such information must also be mentioned there.

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Peterka & Partners CEE Newsletter, January 2016

Extension of investment support in the Czech Republic – amendment on investment incentives On May 1, 2015, an amendment regarding investment incentives came into effect. The amendment introduces new types of incentives and at the same time removes the current limitations in the Act on Investment Incentives and connected acts. Under the Act on Investment Incentives, investors who make or expand their investments in the Czech Republic may gain support in the form of investment incentives. The supported areas currently include the manufacturing industry, technology centres and centres of strategic services. For centres of strategic services the support is also extended to data centres and customer-support centres (call centres). In addition, the government determined through a resolution that industrial zones are to be provided with more attractive investment incentives – increased financial support for new jobs or completely new incentives such as an exemption from property tax for five years. The amendment also significantly reduced the required minimum number of newly-created jobs in activities with high added value.

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