December 2012 - Transparency International (TI) released its 2012 Corruption Perception Index (CPI) this week. The 2012 CPI surveys 176 countries and territories (seven fewer than last year).
August 2012 – The Romanian Competition Council closed an investigation regarding an alleged abuse of the dominant position of the incumbent Romanian telecom operator Romtelecom, which related to an alleged failure to provide the termination service and refusal to expand the capacity of its interconnection link. The Romanian Competition Council concluded that there was insufficient evidence of an abuse of a dominant position.
On 18 April 2012, the Competition Council published its findings in a detailed report regarding its sector inquiry aiming at a better understanding of the auto vehicle spare parts market. The report contains certain recommendations made in order to address concerns regarding competition which have been identified. Special attention was paid to the impact on competition of IP rights on the market for visible spare parts.
Bogdan Chiritoiu, the president of the Competition Council has recently issued a press statement advocating for the application of criminal sanctions in cases of antitrust infringements. Article 60 of Competition Law No. 21 / 1996 qualifies as criminal offence the participation of a natural person, with a fraudulent intention and in a decisive manner to the conception, organisation or achievement of prohibited anti-competitive practices or agreements. The afore-said criminal offense shall be punished by imprisonment from six months to three years or by fine.
An amendment to the Slovak Insolvency Code has been recently approved by the Parliament (the “Amendment“). The Amendment, which is considered to be the most significant amendment to the current Slovak Insolvency Code since its introduction back in 2006, seeks to revise those provisions of the Insolvency Code that have proven to be problematic in their application, or less effective than originally intended.
In May 2011, the Serbian parliament adopted a new company law, which is scheduled to take effect on 1 February 2012 (hereinafter: the “New Company Law”). The new legislation will replace the current company law that has been in force since 2004 (hereinafter: the “Old Company Law”).
Following the EU-wide initiatives for the introduction of special levies and taxes on financial institutions, the Slovak draft “Act on Special Levy for Selected Financial Institutions” aims to introduce a levy on the banks and branches of foreign banks in Slovakia. This article gives a short overview of the draft Bill.
The new Bribery Act 2010 (the “Bribery Act”) came into force on 1 July 2011 in the UK. If your company is doing business in the UK, it is definitely worth taking some time and paying some attention to this new piece of legislation. The main reason is its extra-territorial reach. The Bribery Act applies not only to UK companies but also to any company (whether public or private) doing business in the UK, whether through its permanent presence (e.g. thorough its subsidiaries) or otherwise.
The general elections in June 2010 resulted in a change of government and the ruling coalition in Slovakia. Several new ministers (including the Minister of Finance responsible for tax policy) were members of the government during the period 1998–2006 and were responsible for reforms which earned Slovakia the label “economic tiger of the CEE”. One might expect a similar development in the tax system, in particular, in the context of the ongoing economic crisis, the rising state budget deficit, and the need to consolidate public finance.
On July 06 2010 Emergency Government Ordinance 75/2010 (“EGO 75”), amending the provisions of the Competition Law 21/1996 as republished and amended, has been published in the Official Gazette no. 459. The EGO 75 will enter into force on 05 August 2010. Furthermore, an amended version of a number of secondary legislative measures (regulations and instructions) will also enter into force on the same day.