Karanović & Nikolić Recognized as Top Tier Law Firm by Legal 500 Karanović & Nikolić Recognized as Top Tier Law Firm by Legal 500 | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2018/April/Karanovic-Nikolic-Top-Tier-Law-Firm-Serbia-2018-Legal-500-rankings.aspxKaranović & Nikolić Recognized as Top Tier Law Firm by Legal 500 Karanović & Nikolić Recognized as Top Tier Law Firm by Legal 500 | News | Karanović & Nikolić string;#17/04/2018<p style="text-align:justify;">We are proud to announce that Karanović & Nikolić and its cooperating lawyers have once again been recognized as a top tier legal practice on the 2018 Legal 500 list of leading law firms. This prestigious UK-based directory provides comprehensive worldwide coverage on recommended law firms. </p><p style="text-align:justify;">"Karanović & Nikolić's newest rankings on the Legal 500 list presents the latest in a long line of recognitions we have obtained from world-leading independent legal directories. We are honoured by their continuous recognition of our hard work and diligence. We look forward to once again meeting and exceeding the expectations of our peers and clients, while delivering service of the highest quality", said Rastko Petaković, the Managing Partner of Karanović & Nikolić. </p><p style="text-align:justify;">This year, the Legal 500 has ranked Karanović & Nikolić and its cooperating lawyers as belonging to their Band 1 level in the following categories: Banking & Finance; Commercial, Corporate and M&A, Competition, Dispute Resolution, Employment, Projects and Energy, and Real Estate and Construction. Attorneys at law <a href="/people/darko-jovanovic"><span lang="EN-GB" style="text-decoration:underline;">Darko Jovanović</span></a>, <a href="/people/dragan-karanovic"><span lang="EN-GB" style="text-decoration:underline;">Dragan Karanović</span></a>, <a href="/people/rastko-petakovic"><span lang="EN-GB" style="text-decoration:underline;">Rastko Petaković</span></a>, <a href="/people/milan-lazic"><span lang="EN-GB" style="text-decoration:underline;">Milan Lazić</span></a>, <a href="/people/dragomir-kojic"><span lang="EN-GB" style="text-decoration:underline;">Dragomir Kojić</span></a>, <a href="/people/nihad-sijercic"><span lang="EN-GB" style="text-decoration:underline;">Nihad Sijerčić</span></a> and <a href="/people/milos-vuckovic"><span lang="EN-GB" style="text-decoration:underline;">Miloš Vučković</span></a> are recognized as leading practitioners, while <a href="/people/katarina-guduric"><span lang="EN-GB" style="text-decoration:underline;">Katarina Gudurić</span></a>, <a href="/people/ivan-nonkovic"><span lang="EN-GB" style="text-decoration:underline;">Ivan Nonković</span></a>, <a href="/people/bojana-miljanovic"><span lang="EN-GB" style="text-decoration:underline;">Bojana Miljanović</span></a>, <a href="/people/amina-djugum"><span lang="EN-GB" style="text-decoration:underline;">Amina Đugum</span></a>, <a href="/people/milica-savic"><span lang="EN-GB" style="text-decoration:underline;">Milica Savić</span></a> and <a href="/people/milena-jaksic-papac"><span lang="EN-GB" style="text-decoration:underline;">Milena Jakšić Papac</span></a> are praised as next generation lawyers.</p><p style="text-align:justify;">For 29 years, the <a href="https://www.legal500.com/"><span lang="EN-GB" style="text-decoration:underline;">Legal 500</span></a> has been analysing the capabilities of law firms across the world, with a comprehensive research programme revised and updated every year to bring the most up-to-date vision of the global legal market. Their rankings are based on feedback from 250,000 in-house peers and access to law firms' deals and confidential matters, independently assessed their researchers.</p><p>​</p>
Montenegrin Competition Agency takes over state aid control Montenegrin Competition Agency takes over state aid control | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2018/March/Montenegrin-Competition-Agency-takes-over-state-aid-control.aspxMontenegrin Competition Agency takes over state aid control Montenegrin Competition Agency takes over state aid control | News | Karanović & Nikolić string;#28/03/2018<p style="text-align:justify;">​As of recently, state aid control is a part of the <a href="http://www.azzk.me/novi/joomlanovi/en/"><span lang="EN-GB" style="text-decoration:underline;">Montenegrin Competition Agency</span></a>'s (the "<strong>Agency</strong>") scope of authority. The <a href="http://www.skupstina.me/index.php/en/"><span lang="EN-GB" style="text-decoration:underline;">Montenegrin Parliament</span></a> enacted a new State Aid Control Law (the "<strong>State Aid Law</strong>"), largely aligned with the EU legal framework - especially with Articles 107 and 108 of the TFEU. In the institutional sense, the new law grants the Agency the competence for reviewing state aid, since the former State Aid Commission was not considered a sufficiently operationally-independent authority - which represented an issue in Montenegro's EU accession negotiations (Chapter 8).</p><p style="text-align:justify;">As a result of the implementation of the new State Aid Law, beginning from the 8<sup>th</sup> of March 2018, aid grantors are given one year to review whether they granted aid compatible with the State Aid Law (and the EU legal framework, per the Stabilisation and Association Agreement between EU and Montenegro). Should the Agency consider existing aid incompatible with the rules following the one-year deadline, it will give the aid grantor recommendations on how to achieve compliance. The aid grantor is then entitled either to propose a plan for implementing those recommendations, or to provide an opinion as to why it considers the specific aid to be compatible. In the latter case, if the Agency rejects the arguments of the aid grantor, the authority may initiate an in-depth investigation.</p><p style="text-align:justify;">In conjunction with the new State Aid Law, the corresponding amendments to the Competition Law were enacted, making the Agency competent for all issues in relation to the protection of competition and state aid on the Montenegrin market. The body in charge (within the Agency) for state aid matters will be the Council – consisting of three members, the President of the Council and two other members appointed by the Government. </p><p style="text-align:justify;">The effects of the shift to one regulator being in charge of both antitrust and state aid control remain to be seen in the near future, after the Council renders its' first decisions. There is prior precedent in accession countries from the region entrusting these matters to a single authority (e.g. Croatia, Macedonia), while Serbia and Montenegro, up to now, have had separate authorities handling state aid control and competition. Ultimately, the authority will not be judged by its institutional make-up, but the results of its practice. </p>
Landmark Deal: PPF Acquires Telenor’s CEE Operations for 2.8 Billion Euros Landmark Deal: PPF Acquires Telenor’s CEE Operations for 2.8 Billion Euros | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2018/March/PPF-Acquires-Telenor-CEE-Operations.aspxLandmark Deal: PPF Acquires Telenor’s CEE Operations for 2.8 Billion Euros Landmark Deal: PPF Acquires Telenor’s CEE Operations for 2.8 Billion Euros | News | Karanović & Nikolić string;#23/03/2018<p style="text-align:justify;">Karanović & Nikolić, together with <a href="https://www.whitecase.com/">White & Case</a> as lead international counsel, advised PPF Group, the Czech investment firm, on the EUR 2.8 billion acquisition of <a href="https://www.telenor.com/">Telenor's</a> assets in Central and Eastern Europe. The transaction includes the Norwegian telecoms firm's mobile operations in Bulgaria, Hungary, Montenegro and Serbia, as well as the technology service provider Telenor Common Operation. The transaction requires necessary regulatory approval and is expected to be completed within Q3 2018. </p><p style="text-align:justify;">Karanović & Nikolić advised PPF Group in the transaction concerning operations in Serbia and Montenegro. Our Corporate team was led by senior partner <a href="/_layouts/15/FIXUPREDIRECT.ASPX?WebId=de941175-f8d4-4a41-8207-c9aec3e1e3b2&TermSetId=9c3dd502-4f62-4d66-9ef2-684258a8f9ed&TermId=1f9a7104-07ae-497f-aefb-69507217ea71">Rastko Petaković</a> and partner <a href="/_layouts/15/FIXUPREDIRECT.ASPX?WebId=de941175-f8d4-4a41-8207-c9aec3e1e3b2&TermSetId=9c3dd502-4f62-4d66-9ef2-684258a8f9ed&TermId=77527c2f-9a51-4979-8475-7b278ecee149">Miloš Jakovljević</a>, with associates <a href="/_layouts/15/FIXUPREDIRECT.ASPX?WebId=de941175-f8d4-4a41-8207-c9aec3e1e3b2&TermSetId=9c3dd502-4f62-4d66-9ef2-684258a8f9ed&TermId=08bc904d-3465-4408-84fd-3c5fd477abaf">Sava Drača</a> and <a href="/_layouts/15/FIXUPREDIRECT.ASPX?WebId=de941175-f8d4-4a41-8207-c9aec3e1e3b2&TermSetId=9c3dd502-4f62-4d66-9ef2-684258a8f9ed&TermId=66cf9e08-167e-4b43-8541-89c1a0626a2f">Sonja Guzina</a>, while the Finance team was led by senior partner <a href="/_layouts/15/FIXUPREDIRECT.ASPX?WebId=de941175-f8d4-4a41-8207-c9aec3e1e3b2&TermSetId=9c3dd502-4f62-4d66-9ef2-684258a8f9ed&TermId=2bde9f18-b87d-4a22-82b7-d580b4199f91">Darko Jovanović</a>. </p><p style="text-align:justify;">"This is a landmark transaction that will certainly have great impact on the CEE telecommunications sector. We are very pleased that, together with our colleagues from White & Case, we advised on a deal that will reshape the regional telecoms milieu", said Rastko Petaković, Managing Partner at Karanović & Nikolić.</p><p style="text-align:justify;"><a href="https://www.ppf.eu/en/homepage">PPF Group</a> is the largest private investment group in CEE with approximately EUR 35 billion of assets under its control. PPF Group invests in various sectors, including banking, consumer finance, real estate, mining and telecommunications. Previous transaction experience includes the acquisition of O2 Czech Republic from Telefonica in 2013 and Nova Broadcasting Group in Bulgaria in 2018. </p>
Karanović & Nikolić Ranks as Leading Law Firm in Chambers Europe 2018 Karanović & Nikolić Ranks as Leading Law Firm in Chambers Europe 2018 | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2018/March/Karanovic-Nikolic-Leading-Law-Firm-Serbia-Chambers-Europe-2018.aspxKaranović & Nikolić Ranks as Leading Law Firm in Chambers Europe 2018 Karanović & Nikolić Ranks as Leading Law Firm in Chambers Europe 2018 | News | Karanović & Nikolić string;#14/03/2018<p style="text-align:justify;">​We are proud to announce that Karanović & Nikolić has once again emerged on top of the rankings on the most recent list of leading European law firms – the prestigious <a href="https://www.chambersandpartners.com/guide/europe/7">Chambers Europe 2018</a>. This year's edition of the Chambers Europe has highlighted seven different practice areas within the Karanović & Nikolić legal practice and cooperating offices as belonging to top tier level – Corporate/Commercial, Banking & Finance, Competition/Antitrust, Dispute Resolution, Employment, Energy and Real Estate.</p><p style="text-align:justify;">Commentating Karanović & Nikolić, its' business culture and professional approach for this year's Guide, clients have praised the practice for its "pool of knowledge and regional reach combined with really experienced individuals who are creative and pragmatic in relation to complex matters that have recently been introduced or are untested in the market."</p><p style="text-align:justify;">"From a law firm perspective, the Chambers Guides stand out as reference points for unbiased, up to date insight into how our clients see us, and not less importantly, how our peers see us. We are thankful for all the kind words all the referees shared about our partners and associates and we plan to be vigilant and sharper still, in meeting and exceeding their expectations", said <a href="/people/rastko-petakovic"><span lang="EN-GB" style="text-decoration:underline;">Rastko Petaković</span></a>, the Managing Partner of Karanović & Nikolić.</p><p style="text-align:justify;">The Chambers Guides have been ranking the best law firms and lawyers since 1990, and now cover 185 jurisdictions throughout the world. The rankings are based on their research team interviewing clients all year round. The Chambers Guides represent an excellent resource for finding outside counsel in countries where you may not already have a law firm relationship and irreplaceable tools for every in-house lawyer due to their comprehensive and accurate description of the legal professional worldwide.</p>
Karanović & Nikolić Shortlisted to Win the CEE Legal Matters 2018 Deal of the Year Award Karanović & Nikolić Shortlisted to Win the CEE Legal Matters 2018 Deal of the Year Award | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2018/February/KN-Shortlisted-to-Win-the-CEE-Legal-Matters-2018-Deal-of-the-Year-Award.aspxKaranović & Nikolić Shortlisted to Win the CEE Legal Matters 2018 Deal of the Year Award Karanović & Nikolić Shortlisted to Win the CEE Legal Matters 2018 Deal of the Year Award | News | Karanović & Nikolić string;#27/02/2018<p style="text-align:justify;">​Karanović & Nikolić is in the finals for the first ever Deal of the Year Award, organized by the renowned CEE Legal Matters magazine. Beginning in 2018, these accolades are a way of recognizing the biggest and most important deals by law firms in Central and Eastern European jurisdictions. Out of a total of <a href="http://ceelegalmatters.com/deal-of-the-year-nominees/8052-nominees-for-serbia">three deals which are in the finals</a> for the jurisdiction of Serbia, Karanović & Nikolić has been shortlisted with two: the <a href="/knnews/Pages/2017/10/Karanović-Nikolić-Advises-on-the-Financing-of-the-Largest-Windfarm-in-the-Western-Balkans.aspx">EBRD Financing of Vektroelektrane</a> – Čibuk Windfarm, and the <a href="/knnews/Pages/2017/08/Karanovic-Nikolic-Advises-on-OTP-Acquisition-of-Vojvođanska-Banka.aspx">National Bank of Greece's sale of Vojvođanska Banka to OTP</a>.</p><p style="text-align:justify;">In order to avoid any chance or possibility of favouritism or bias, The Deal of the Year Awards are strictly peer-judged. So, the winners are selected not by the organizers, but instead by a two-tiered panel of leading lawyers from across the region who do not themselves stand to benefit from the final results. </p><p style="text-align:justify;">The first tier of judges consists of senior partners at leading law firms in each CEE jurisdiction who have agreed to carefully review the submissions and rank them for complexity, size, and market significance.</p><p style="text-align:justify;">After that, the shortlisted deals are forwarded to the Final Selection Committee, which consists of CEE Legal Matters Knowledge Partners and attendees to the annual End of Year Expert Summit, who independently rank the final nominees, identifying the ultimate winner in each market. Critically, members of the Final Selection Committee are not allowed to vote on deals their own firms worked on.</p><p style="text-align:justify;">The winners will be announced on the 6th of June, 2018, at the CEE Legal Matters Annual Dinner and Awards Banquet.</p>
Alltech Sells its Factory in Serbia to Lesaffre Alltech Sells its Factory in Serbia to Lesaffre | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2018/February/Alltech-Sells-its-Factory-in-Serbia-to-Lesaffre.aspxAlltech Sells its Factory in Serbia to Lesaffre Alltech Sells its Factory in Serbia to Lesaffre | News | Karanović & Nikolić string;#21/02/2018<p style="text-align:justify;">Alltech - a leading global animal and crop nutrition company, sold its <strong>baking yeast factory in Senta, in northern Serbia, to</strong> Lesaffre - a<strong> leading global baking yeast and fermented products company. T</strong>he acquired factory will continue to produce baker's yeast for the Serbian market and yeast extracts for the food and animal feed industries. The transaction is in line with <a href="https://www.alltech.com/"><span lang="EN-GB" style="text-decoration:underline;">Alltech</span></a>'s continued focus on its core business in animal and crop nutrition.</p><p style="text-align:justify;">Karanović & Nikolić provided sell-side advisory services in this acquisition, and the team included partner <a href="/_layouts/15/FIXUPREDIRECT.ASPX?WebId=de941175-f8d4-4a41-8207-c9aec3e1e3b2&TermSetId=9c3dd502-4f62-4d66-9ef2-684258a8f9ed&TermId=ec9b723f-4e8a-4ebd-9714-959ae2192629"><span style="text-decoration:underline;">Ivan Nonković</span></a>, <a href="/_layouts/15/FIXUPREDIRECT.ASPX?WebId=de941175-f8d4-4a41-8207-c9aec3e1e3b2&TermSetId=9c3dd502-4f62-4d66-9ef2-684258a8f9ed&TermId=4826cdb4-5e4c-4a92-9aad-c053b6bfd567"><span style="text-decoration:underline;">Milijana Tomić</span></a> and <a href="/_layouts/15/FIXUPREDIRECT.ASPX?WebId=de941175-f8d4-4a41-8207-c9aec3e1e3b2&TermSetId=9c3dd502-4f62-4d66-9ef2-684258a8f9ed&TermId=eb6bf5a7-c5ee-4355-b781-9312718f6485"><span style="text-decoration:underline;">Marko Ćulafić</span></a>. The services performed included structuring of the transaction, as well as drafting and negotiating the transaction documents.</p><p style="text-align:justify;">"Alltech is pleased to sell this facility to a family group recognised internationally for its professionalism and the quality of its products and services.  It is the perfect company to acquire and drive the business for future growth. Alltech meanwhile will continue to focus on its core activities following unprecedented growth in recent years", stated Alric Blake, CEO of Alltech.</p><p style="text-align:justify;">Alltech, with its headquarters outside of Lexington, Kentucky, USA, has a strong presence in all regions of the world. With expertise in yeast fermentation, solid state fermentation and the science of nutrigenomics, the company is a leading producer and processor of yeast additives, organic trace minerals, feed ingredients, premix and feed.</p><p style="text-align:justify;"><a href="http://www.lesaffre.com/"><span lang="EN-GB" style="text-decoration:underline;">Lesaffre</span></a>, a multi-national and a multicultural company based in northern France with a EUR 2 billion turnover, employs more than 10.000 people in more than 75 subsidiaries based in 50 countries. </p>
Even More Sector Inquiries: Sportswear and Oil Retail under Scrutiny by the Serbian Commission Even More Sector Inquiries: Sportswear and Oil Retail under Scrutiny by the Serbian Commission | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2018/February/Even-More-Sector-Inquiries-Sportswear-and-Oil-Retail-under-Scrutiny-by-Serbian-Commission.aspxEven More Sector Inquiries: Sportswear and Oil Retail under Scrutiny by the Serbian Commission Even More Sector Inquiries: Sportswear and Oil Retail under Scrutiny by the Serbian Commission | News | Karanović & Nikolić string;#13/02/2018<p style="text-align:justify;">The Serbian Competition Commission (the "<strong>Commission</strong>") continues its diligent examination of the Serbian competitive landscape in specific industries, this time with inquiries in two more industries – sportswear (including footwear and sporting equipment) and oil (petroleum products). Once again, the aim behind the market test was to identify potential issues on the relevant markets and provide broader insight into the functioning of the relevant markets.</p><p style="text-align:justify;">Both of these industries have previously been of some interest to the Commission. <a href="/knnews/Pages/2017/12/Serbian-Commission-Cracks-Down-on-Sportswear-Retailers.aspx"><span lang="EN-GB" style="text-decoration:underline;">The Commission recently conducted dawn raids and fined several sportswear retailers for resale price maintenance</span></a>. The Commission has identified significant concentration on this market, giving rise to potential concerns about restrictive agreements in the industry, especially vis-à-vis the relationship between suppliers and resellers.</p><p style="text-align:justify;">Sector inquiries into the conditions in oil wholesale and retail have traditionally been high on the Commission's agenda, with a number of market investigations conducted into the past. The <a href="http://www.kzk.org.rs/en"><span lang="EN-GB" style="text-decoration:underline;">Commission</span></a> noted a trend of market growth in comparison to 2016, especially in relation to production of crude oil and import of diesel fuel. The Commission (sadly) noted limited progress being made in terms of the recommendations relevant to market development it issued in previous reports. The Commission stated that it would watch over the oil industry with great care and already announced a new inquiry in this sector starting in March and covering 2017. </p><p style="text-align:justify;">Sector inquiries have obviously been on the rise in the previous period, simultaneously contributing to the Commission's understanding of the workings of the markets identified as key to the Serbian economy and the antitrust awareness of market players. The next steps for both sector investigations and antitrust enforcement efforts spearheaded by the Commission remain to be seen and are eagerly awaited in the local competition community. </p><p>​</p>
Raspberries and IT: New Sector Inquiries by the Serbian Competition Commission Raspberries and IT: New Sector Inquiries by the Serbian Competition Commission | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2018/January/Raspberries-and-IT-New-Sector-Inquiries-by-the-Serbian-Competition-Commission.aspxRaspberries and IT: New Sector Inquiries by the Serbian Competition Commission Raspberries and IT: New Sector Inquiries by the Serbian Competition Commission | News | Karanović & Nikolić string;#29/01/2018<p style="text-align:justify;">​The Serbian Competition Commission (the "<strong>Commission</strong>") recently finished sector inquiries concerning quite distinct industries – raspberries and the public procurement for software and hardware. The aim behind the inquiries was to perform extensive market research and analysis in order to acquire a clearer picture of the possible antitrust issues and risks in two sectors widely perceived as strategic for the development of the Serbian economy.</p><p style="text-align:justify;">The Commission analysed two relevant markets within the broader ICT market - more specifically:</p><ul style="text-align:justify;"><li>the wholesale of software; and,</li><li>the wholesale of hardware (computers and computer equipment). </li></ul><p style="text-align:justify;">These markets are especially interesting in relation to the public procurement procedures, where the value of public procurements rose by 27% from 2014 to 2016, mostly in open bidding procedures. The <a href="http://www.kzk.org.rs/en"><span lang="EN-GB" style="text-decoration:underline;">Commission</span></a> identified four major contracting authorities, the largest of them being "Elektroprivreda Srbije" and six suppliers/bidders identified as largest by accounting for almost 50% of the value of the relevant public procurements. </p><p style="text-align:justify;">Having in mind the characteristics of these markets, <em class="ms-rteStyle-Quote">inter alia</em>, a small number of market players, few alternatives to the services provided, repetitive public procurement procedures, the Commission noted that bid rigging could be a potential cause for concern, and stated that it would dedicate special attention to working together with the relevant actors in rooting out any such practices in the future, in order to ensure a level playing field and efficient use of public resources. </p><p style="text-align:justify;">The second sector inquiry dealt with the markets for raspberry repurchase and export in the period between 2015 and 2017. The competitive conditions on these markets are likely especially interesting for the local authorities, since Serbia is one of the largest producers of raspberries in the world, accountable for approx. 10% of the raspberries grown globally. </p><p style="text-align:justify;">During the inquiry, the Commission determined that there are certain structural issues that might affect the relevant markets and the Serbian raspberry industry as a whole. The problems with a single repurchase price and long-term supply agreements gave rise to uncertainties concerning the value of raspberries produced and sold on the market. The Commission stressed the importance of including all the competent authorities and undertakings in order to solve these problems and maintain raspberries as a prominent and recognisable Serbian brand. </p><p style="text-align:justify;">The Commission ultimately concluded that it did not identify any <em class="ms-rteStyle-Quote">prima facie</em><span class="ms-rteStyle-Quote"> </span>evidence of competition infringements affecting either of these markets. However, this does not mean that the Commission, now armed with more detailed information on the competitive environment, would not scrutinize the behaviour of specific market players at some point in the future. </p>
Permit-free Regime for Construction in Montenegro Permit-free Regime for Construction in Montenegro | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2018/January/Permit-free-Regime-for-Construction-in-Montenegro.aspxPermit-free Regime for Construction in Montenegro Permit-free Regime for Construction in Montenegro | News | Karanović & Nikolić string;#18/01/2018<p style="text-align:justify;">The new Construction Law entered into force in Montenegro and it is meant to unify construction, zoning regulations and deal with illegal objects. However, some provisions of the old Construction Law still remain in force, until the adoption of the General Regulation Plan.</p><p style="text-align:justify;">The new Construction Law completely changed the legal regime of construction in Montenegro. It aims to simplify and compile spatial planning, boost the construction industry and deal with historical issues concerning the massive construction of illegal objects. It also aims to further centralise the decision-making processes in this industry. </p><h3>Authority centralisation</h3><p style="text-align:justify;">Perhaps the most important novelty under the new Construction Law is that that there will be only two spatial planning documents for the territory of Montenegro (instead of hundreds of so far enacted documents). Both plans will be enacted by the Parliament upon the <a href="http://www.gov.me/en/homepage"><span lang="EN-GB" style="text-decoration:underline;">Government's</span></a> preparation and proposal. Those are:</p><ul style="text-align:justify;"><li>the Spatial Plan of Montenegro, which is a general planning document, that is to be valid 20 years after the adoption; and,</li><li>the General Regulation Plan, which is a more detailed zoning plan, that is to be valid 10 years after the adoption.</li></ul><p style="text-align:justify;">The Spatial Plan of Montenegro is a higher ranked planning document. It will regulate the strategic guidelines for spatial planning, the basis for the development and spatial organisation and the policy of spatial usage, the concept for maritime spatial planning, the general guidelines for the adoption of the General Regulation Plan, as well as principles for the preservation of cultural heritage and environmental protection. </p><p style="text-align:justify;">Strategic principles and guidelines set out in the Spatial Plan will be further developed under the General Regulation Plan – which will provide the conditions and the manner for spatial development and construction. This plan will completely encompass the territory of Montenegro, and it will regulate construction capacities. Specifically, it will provide for spatial designation, the conditions for its development, building capacities and boundaries, parcelling rules etc. The General Regulation Plan is planned for adoption within the next 36 months. Until then, all currently applicable spatial plans and zoning documents remain in force.</p><h3>A new construction and usage regime</h3><p style="text-align:justify;">Another major novelty is that the permitting system is replaced with a permit-free regime. This means that one is no longer required to obtain a construction or usage permit. In order to construct, an investor is required to prepare a report for construction, an audited main design and other necessary documents. Upon the finalisation of the construction, instead obtaining the usage permit, the new object should only be registered at the competent Land Registry.</p><p style="text-align:justify;">The permitting regime still applies to the most complex construction projects, such as, for example, heavy industry and energy facilities. </p><h3>Chief state/city architects</h3><p style="text-align:justify;">The New Law introduces two new instances which will play the main role in the construction process. These are chief state architect and city architects. The chief state architect will be in charge of all projects of national interest and will guide the legalisation of objects. His role is also to ensure the protection of authenticity of the space and the promotion of best practice in areas of urbanism and architecture. The city architects will be in charge of approving concept designs of buildings, squares and other public areas in settlements, verifying the compliance of concept designs with the urban projects, and approving temporary constructions. The chief state architect is elected by the Government, while the chief city architects are elected by local municipalities.</p><h3>(Un)Developed construction land fees</h3><p style="text-align:justify;">A new burden for the owners of construction land is that they will be obliged to pay a monthly land development fee, for the undeveloped construction land in their ownership. After the development, the owner is obliged to pay monthly city land rent. The amounts of these fees will be determined by local municipalities - which is expected to occur within 60 days upon the adoption of the General Regulation Plan.</p><p> </p><p> </p><p><em class="ms-rteStyle-Quote">The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.</em></p><p>​</p>
Karanović & Nikolić Shortlisted to Win Another Law Firm of the Year Award Karanović & Nikolić Shortlisted to Win Another Law Firm of the Year Award | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2018/January/Karanovic-Nikolic-Shortlisted-to-Win-Another-Law-Firm-of-the-Year-Award.aspxKaranović & Nikolić Shortlisted to Win Another Law Firm of the Year Award Karanović & Nikolić Shortlisted to Win Another Law Firm of the Year Award | News | Karanović & Nikolić string;#16/01/2018<p style="text-align:justify;">After winning the <a href="/knnews/Pages/2017/03/17/Karanovic-Nikolic-wins-the-award-for-Law-firm-of-the-year-in-Eastern-Europe-and-the-Balkans-by-The-Lawyer.aspx"><span lang="EN-GB" style="text-decoration:underline;">Law Firm of the Year awards in 2014 and 2017</span></a>, Karanović & Nikolić is once again a finalist for this prestigious recognition. The awards, now in their ninth year, are organised by <a href="https://www.thelawyer.com/">The Lawyer</a>, a prestigious British weekly magazine for lawyers and in house counsel. According to the organisers, this year's contest is particularly fierce. </p><p style="text-align:justify;">The Lawyer awards are meant to reward and celebrate excellence across the European legal market. Karanović & Nikolić has been shortlisted for the fourth consecutive time in the category Eastern Europe and the Balkans and the overall Law Firm of the Year category. The <a href="http://www.thelawyereuropeanevent.com/2018-shortlistcategories/2018-shortlist"><span lang="EN-GB" style="text-decoration:underline;">shortlisted firms</span></a> have been selected by the judges as having demonstrated excellence in their work over the past year, setting themselves apart from the rest of the legal industry. Each entry is scrutinised for its quality based on highly demanding criteria and the winners are selected for their commitment to excellence and clear strategic vision.</p><p style="text-align:justify;">The awards ceremony will take place on Thursday, the 15<sup>th</sup> of March 2018, at Grange Tower Bridge, London. It will welcome over 350 managing and senior partners from across the continent to celebrate the success of the industry's top law firms.</p>
Serbian Commission Fines Another Bid Rigging Cartel Serbian Commission Fines Another Bid Rigging Cartel | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2018/January/Serbian-Commission-Fines-Another-Bid-Rigging-Cartel.aspxSerbian Commission Fines Another Bid Rigging Cartel Serbian Commission Fines Another Bid Rigging Cartel | News | Karanović & Nikolić string;#09/01/2018<p style="text-align:justify;">The Serbian Competition Commission (the "<strong>Commission</strong>") recently fined four undertakings for bid rigging in the public procurement for the maintenance of train wagons. The contracting authority, the "Nikola Tesla" power plant, which represents the largest electricity-producing complex in Serbia, informed the Commission about possible collusion in public procurement for repair services for the train wagons it uses in coal transportation. </p><p style="text-align:justify;">Following this tip-off, the <a href="http://www.kzk.org.rs/en"><span lang="EN-GB" style="text-decoration:underline;">Commission</span></a> initiated an official investigation, including dawn raids at the premises of bidders. <em>Inter alia</em>, the Commission looked at historical tenders and price fluctuations, as well as deviations and inconsistencies in the bidders' own offers. However, the crowning evidence came from the notes from the meeting between the bidders, whereby they seemed to have clearly allocated the lots and pricing, correlating to the results of the public procurement procedure. The representatives of the bidders made the notes prior to the 18<sup>th</sup> of January 2016, when the bids were opened. Further questioning of the representatives and employees of the bidders determined that the bidders actually met regularly to discuss the market conditions, further developments in the industry etc. and used such meetings to divide up the tender among themselves, in a classic cartel. The Commission imposed a fine in the amount of 2% of the total annual revenue generated for each undertaking in the public procurement procedure (including MIP RŠV, Inter-mehanika, Tatravagonka bratstvo and Šinvoz). </p><p style="text-align:justify;">However, the Commission refrained from imposing a ban on participating in tenders, as it considered that this would lead to a temporary market exit for almost half of the market players, with three other market players currently undergoing bankruptcy.</p>
Karanović & Nikolić Promotes New Senior Partner and Six Partners* Karanović & Nikolić Promotes New Senior Partner and Six Partners* | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2018/January/Karanovic-Nikolic-Promotes-New-Senior-Partner-and-Six-Partners.aspxKaranović & Nikolić Promotes New Senior Partner and Six Partners* Karanović & Nikolić Promotes New Senior Partner and Six Partners* | News | Karanović & Nikolić string;#03/01/2018<p style="text-align:justify;">Karanović & Nikolić is pleased to welcome Marko Ketler as its new Senior Partner, as well as Ivan Nonković, Goran Radošević, Ivana Dišović, Katarina Gudurić, Jaka Simončič and Petar Mitrović who have been named Partner. We are proud to announce the promotion of these attorneys at law cooperating with Karanović & Nikolić who have demonstrated their utmost professional excellence and in such a way contributed to strengthening our international practice and furthering the legal network's reputation as a regional legal powerhouse.</p><p style="text-align:justify;">Managing Partner, <a href="/people/rastko-petakovic"><span lang="EN-GB" style="text-decoration:underline;">Rastko Petaković</span></a>, said: "These individuals represent the next generation of Karanović & Nikolić. Clients and peers recognize them as leading experts in their fields. They embody our core values, creativity and commercial approach. Often on the cutting-edge areas of the law, and with full commitment to our clients and teamwork, they have greatly contributed to the growth of our practice."</p><p style="text-align:justify;"><a href="/people/marko-ketler"><span lang="SR-LATN-RS" style="text-decoration:underline;">Marko Ketler</span></a> is a highly experienced transaction lawyer with a wealth of experience in corporate law, mergers and acquisitions and banking and finance. Marko has immense professional experience and niche expertise in takeovers, advising on the sale of non-performing loans and international financings.</p><p style="text-align:justify;"><a href="/people/ivan-nonkovic"><span lang="SR-LATN-RS" style="text-decoration:underline;">Ivan </span><span lang="SR-LATN-RS" style="text-decoration:underline;">Nonkovi</span><span lang="EN-GB" style="text-decoration:underline;">ć</span></a>, recognised for his keen professional and commercial insights, focuses on mergers and acquisitions, takeovers, privatisations and corporate restructurings where he represents both public and private companies, as well as private equity firms in a variety of domestic and international transactions. Ivan's broad experience includes counselling clients in a variety of industries, including healthcare, energy, retail, consumer products and services, manufacturing and banking.</p><p style="text-align:justify;"><a href="/people/goran-radosevic"><span lang="SR-LATN-RS" style="text-decoration:underline;">Goran Radošević</span></a> is renowned for his ingenuity and strategic advice. Thanks to the breadth of his professional experience, he advises on a wide range of corporate and commercial law matters. His areas of expertise include contractual law, consumer protection, data protection, healthcare, public procurement, regulatory and compliance, anti-corruption, IT and intellectual property.</p><p style="text-align:justify;"><a href="/people/ivana-disovic"><span lang="SR-LATN-RS" style="text-decoration:underline;">Ivana Dišović</span></a> is highly experienced in employment law and labour relations, and regularly advises both leading multinationals, as well as domestic companies, on all types of dispute resolution in the context of employment law, including litigation in the civil courts, arbitration and mediation of employee claims including in respect of dismissals, discrimination and equality, and other labour dispute resolution matters. She also represents clients in corporate and commercial litigation and has in-depth knowledge of the pharma and FMCG sectors.</p><p style="text-align:justify;"><a href="/people/katarina-guduric"><span lang="EN-GB" style="text-decoration:underline;">Katarina Gudurić</span></a> brings unique perspective from the business world, joining the knowledge of what clients look for with in-depth legal professionalism. She advised clients in many major infrastructure transactions in Serbia and has extensive experience in transactions involving international banks and leading financial institutions, advising both lenders and the borrowers in a wide range of industries. She also specializes in the areas of insurance business and FX transactions. </p><p style="text-align:justify;">Jaka Simončič is widely recognised for his breadth of knowledge and understanding of all aspects corporate / commercial and banking & finance matters. His expertise encompasses a full range of corporate work, principally in mergers and acquisitions and restructurings. Jaka also advises on privatisations, reorganisations, financing, data protection and other commercial arrangements and associated regulatory issues. </p><p style="text-align:justify;"><a href="/people/petar-mitrovic"><span lang="SR-LATN-RS" style="text-decoration:underline;">Petar Mitrović</span></a> has played a leading role in some of the most high-profile energy projects related to both the development of new energy facilities and projects that aim to improve the regulatory framework for renewable energy sources. He is recognised as a top energy lawyer among relevant stakeholders. Petar is also a highly experienced tax attorney and he focuses on issues related to VAT and corporate income tax, general corporate law and M&A. </p><p style="text-align:justify;"> </p><p style="text-align:justify;"> </p><p style="text-align:justify;">*<span class="ms-rteStyle-Quote">The terms "Partner" and "Senior Partner" refer to independent attorneys at law with adequate professional qualifications or standing in the respective jurisdiction in which any such person is a qualified attorney at law. </span></p>
Karanović & Nikolić Becomes a Member of the Digital Serbia Initiative Karanović & Nikolić Becomes a Member of the Digital Serbia Initiative | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/12/Karanovic-Nikolic-Becomes-a-Member-of-the-Digital-Serbia-Initiative.aspxKaranović & Nikolić Becomes a Member of the Digital Serbia Initiative Karanović & Nikolić Becomes a Member of the Digital Serbia Initiative | News | Karanović & Nikolić string;#29/12/2017<p>Karanović & Nikolić is proud to announce that our firm has become a member of Digital Serbia. This initiative was founded with the idea of creating an environment for Serbian technological companies to become regional leaders in their respective fields, and by doing so contribute to creating new jobs and improving the overall quality of life. Karanović & Nikolić is committed to creating and improving Serbia's digital and technological ecosystem.</p><p>To view Digital Serbia's holiday video, please follow this <a href="https://www.youtube.com/watch?v=Wc4SjxRtteY"><span style="text-decoration:underline;">link</span></a>. </p><p>​</p>
Serbian Commission Cracks Down on Sportswear Retailers Serbian Commission Cracks Down on Sportswear Retailers | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/12/Serbian-Commission-Cracks-Down-on-Sportswear-Retailers.aspxSerbian Commission Cracks Down on Sportswear Retailers Serbian Commission Cracks Down on Sportswear Retailers | News | Karanović & Nikolić string;#28/12/2017<p style="text-align:justify;">The Serbian Competition Commission (the "<strong>Commission</strong>") recently fined fifteen sporting goods retailers for vertical resale price maintenance. The Commission determined that the involved undertakings infringed competition law by entering into restrictive agreements on the relevant markets of wholesale and retail sale of sportswear, footwear and sporting equipment.</p><p style="text-align:justify;">The <a href="http://www.kzk.org.rs/en"><span lang="EN-GB" style="text-decoration:underline;">Commission</span></a> initiated an <em>ex officio</em> investigation on 18<sup>th</sup> of August, 2016, with a dawn raid on the premises of "N SPORT", a major local distributer of sporting brands. The Commission collected sale and purchase agreements of the supplier and a number of local retailers, including the price lists of certain sport brands (Puma, Sergio Tacchini, Russell Athletic etc.).</p><p style="text-align:justify;">The agreements in question obliged the buyers to apply resale prices determined by <a href="https://www.n-sport.net/"><span lang="EN-GB" style="text-decoration:underline;">N SPORT</span></a>, together with a prohibition on promotions without N SPORT's prior approval. The supplier used various methods for ensuring that the buyers complied with the resale price maintenance obligation, including a reduction in rebates and ultimately termination of the agreement. </p><p style="text-align:justify;">The Commission established that all fifteen relevant agreements contained provisions that in various ways determined the resale price for wholesale and retail sale. Ultimately, all of the involved undertakings were fined, with fines ranging from 0.2% to 0.62% of the total annual turnover generated by the undertakings in 2015. The largest individual fine was issued against the supplier "N SPORT" in the amount of RSD 16,525,732.75 (approx. EUR 140,000). </p><p>​</p>
Serbian Bankruptcy Law Amended Serbian Bankruptcy Law Amended | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/12/Serbian-Bankruptcy-Law-Amended.aspxSerbian Bankruptcy Law Amended Serbian Bankruptcy Law Amended | News | Karanović & Nikolić string;#26/12/2017<p style="text-align:justify;">After two long years of analysing and debating, the <a href="http://www.parlament.rs/national-assembly.467.html"><span lang="EN-GB" style="text-decoration:underline;">Serbian Parliament</span></a> adopted changes to the Bankruptcy Law and they have entered into force on the 25<sup>th</sup> of December, 2017.</p><p style="text-align:justify;">The idea was to improve the position of secured creditors and to provide clarity to certain provisions that caused conflicting interpretations in practice. Changes will apply only to bankruptcies initiated after the changes entered into force. Although most of the novelties allow secured creditors increased control over the bankruptcy proceedings, it remains to be seen whether these changes will achieve the desired goals in practice. </p><h3 style="text-align:justify;">The position of secured creditors improved</h3><p style="text-align:justify;">Historically, secured creditors have not had any impact to how the secured asset is being treated. There have been numerous examples of prolonging the settlement of secured creditors' claims with little to no influence on this situation by the secured creditors themselves. The newly adopted amendments are supposed to improve this by introducing several new roles of secured creditors. The most crucial improvements are the following: </p><ul style="text-align:justify;"><li>The creditors board must have one secured creditor as a member;</li><li>A secured asset cannot be put under lease without the approval of a secured creditor whose claim is secured by that particular asset. If the secured asset is put under lease, the secured creditor is allowed to collect a portion of the rent, in the amount determined by the acting judge. Interestingly enough, this share in collecting the rent is not treated as a settlement of the claim;</li><li>A secured creditor who is interested in buying a secured asset within bankruptcy is now allowed to set-off its claim with the price reached at the public sale;</li><li>The bankruptcy judge approves upon request by the secured creditor its right to sell the secured asset in any manner it finds appropriate (there is no constraint to sell under rules applying to a sale in bankruptcy proceedings) within 9 months; and,</li><li>Secured creditors are given pre-emptive rights in a direct sale of the secured asset.</li></ul><h3 style="text-align:justify;">Engagement of licensed evaluators</h3><p style="text-align:justify;">A very welcome novelty is a mandatory engagement of licensed real estate evaluators. This amendment serves to harmonise the Bankruptcy law with the recently enacted Law on evaluators (<em>Official gazette 108/16</em>), that prescribes that only evaluators, licensed in accordance with this Law, are allowed to evaluate assets in bankruptcy. It remains to be seen how this provision will apply to court experts, traditionally engaged for this type of work. In any event, these amendments will certainly improve the quality of evaluations, given that before the amendments, the bankruptcy manager was allowed to evaluate the property subject to sale at its own discretion, which often led to conflicts with secured creditors. </p><h3 style="text-align:justify;">Possibility to change acting bankruptcy manager at any point in the proceedings</h3><p style="text-align:justify;">The creditors' board now has the power to remove the current bankruptcy manager and appoint a new bankruptcy manager without any reasoning, at any stage of the proceedings. The only requirement is that they make this decision by a ¾ majority. </p><h3 style="text-align:justify;">Reduced threshold for liquidation vote, no option to prolong reorganisation deadlines </h3><p style="text-align:justify;">The previous 70% of claims entitled to vote out liquidation at the first creditors hearing has now been reduced to 50%. Also, the option of prolonging deadlines to submit a reorganisation plan has now been revoked and only one amendment of the reorganisation plan is now allowed.</p><h3 style="text-align:justify;">The effect of bankruptcy to arbitral clauses </h3><p style="text-align:justify;">There has been a long debate as to how bankruptcy affects the arbitration clause. The Bankruptcy law provides for the exclusive jurisdiction of the court handling the bankruptcy to any dispute involving the bankruptcy debtor, which contradicts the effect of arbitral clauses within dispute resolution mechanisms. These new amendments bring clarity to this, with an unusual approach. Arbitral proceedings, if initiated before bankruptcy, can be continued, should the claim subject to arbitration be disputed in bankruptcy. </p><p style="text-align:justify;">However, the amendments exclude the possibility of starting the arbitration after the bankruptcy was initiated and after a claim, not previously subject to arbitration, is disputed in bankruptcy. This provision requires increased diligence on the side of creditors who, for the sake of upholding the arbitral clause, would need to closely monitor financial and legal status of the debtor and initiate arbitration prior to bankruptcy being opened over their debtor.</p><p style="text-align:justify;"> </p><p style="text-align:justify;"> </p><p><span class="ms-rteStyle-Quote">​<em>The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.</em></span></p>
Transfer of Claims No Longer a Problem in Enforcement Transfer of Claims No Longer a Problem in Enforcement | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/12/Transfer-of-Claims-No-Longer-a-Problem-in-Enforcement.aspxTransfer of Claims No Longer a Problem in Enforcement Transfer of Claims No Longer a Problem in Enforcement | News | Karanović & Nikolić string;#26/12/2017<p style="text-align:justify;">Ever since the latest Law on Enforcement and Security entered into force on the 1<sup>st</sup> of July, 2016, an issue arose over the wording and scope of Article 48, dealing with how creditors acquiring claims can initiate enforcement. The main idea behind this new law was to make it easier for creditors to collect claims.  </p><p style="text-align:justify;">However, something went wrong along the way and, instead of improving the creditors' position, the law did quite the opposite. In cases of transfer of claims, the now (in)famous Article 48 required from the new creditor to evidence the transfer by a certified document, or to prove the transfer by a final court/administrative decision. </p><p style="text-align:justify;">The court had conflicting and strange interpretations of this provision, to the extent that the courts would recognise transfer only when the transfer was based on law, but not when based on contract. The <a href="http://www.parlament.rs/national-assembly.467.html"><span lang="EN-GB" style="text-decoration:underline;">Serbian Parliament</span></a> has previously tried to resolve this issue, but the first interpretation from late 2016 did not make much difference.</p><p style="text-align:justify;">Naturally, this caused quite a stir, especially in the NPL market. Lawyers and bankers were very active in trying to resolve the matter. After a number of discussions, round tables and conferences, the Parliament finally issued a new interpretation article 48 on the 17<sup>th</sup> of December, 2017 – leaving no doubt that the transfer of claim refers both to transfer based on law and contract. </p><p style="text-align:justify;">Earlier in the fall, the Serbian Supreme Court adopted a similar standpoint, reasoning that the ratio behind this article was to give broader possibilities to creditors.</p><p style="text-align:justify;">All in all, good news for the NPL market at the end of the year, leading to a more exciting 2018 with no procedural hurdles in collecting acquired claims.</p><p> </p><p> </p><p><em class="ms-rteStyle-Quote">The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.</em></p>
Karanović & Nikolić Advises on the Sale of Tikkurila’s Balkan Subsidiaries Karanović & Nikolić Advises on the Sale of Tikkurila’s Balkan Subsidiaries | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/12/Karanovic-Nikolic-Advises-on-the-Sale-of-Tikkurilas-Balkan-Subsidiaries.aspxKaranović & Nikolić Advises on the Sale of Tikkurila’s Balkan Subsidiaries Karanović & Nikolić Advises on the Sale of Tikkurila’s Balkan Subsidiaries | News | Karanović & Nikolić string;#22/12/2017<p>Karanović & Nikolić, in cooperation with local lawyers, advised <a href="https://www.tikkurilagroup.com/"><span lang="EN-GB" style="text-decoration:underline;">Tikkurila Oyj</span></a>, the Finnish paints and coatings maker, on the sale of the entire share capital of its subsidiaries in Serbia and Macedonia to the local management. According to the signed sales agreement, the transaction – subject to the fulfilment of agreed conditions, will be closed in the first quarter of 2018. </p><p>The Karanović & Nikolić legal team - led by <a href="/people/milos-vuckovic"><span lang="EN-GB" style="text-decoration:underline;">Miloš Vučković</span></a>, <a href="/people/ivan-nonkovic"><span lang="EN-GB" style="text-decoration:underline;">Ivan Nonković</span></a> and <a href="/people/milijana-tomic"><span lang="EN-GB" style="text-decoration:underline;">Milijana Tomić</span></a>, assisted Tikkurila in the structuring of the transaction, drafting and negotiating the transaction documents.</p><p>Operating in 14 countries, Tikkurila is the leading paints and coatings professional in the Nordic region and Russia. The company entered the Balkan market in 2012, after acquiring the business operations of Zorka Color, a Serbian paint company. In addition to Serbia, Tikkurila operated in Macedonia, Bosnia and Herzegovina, Montenegro, Croatia, and Kosovo*. According to the company statement, the divestiture of the subsidiaries in Serbia and Macedonia is part of a more extensive programme to boost profitability and competitiveness.</p><p>The combined revenue of the two companies to be sold was approximately EUR 13 million in 2016, and the number of employees totalled 130. The buyer will continue the distribution of Tikkurila branded products in the Balkan area.</p><p>​</p>
Societe Generale Acquires Jubanka’s Credit Portfolio Societe Generale Acquires Jubanka’s Credit Portfolio | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/12/Societe-Generale-Acquires-Jubankas-Credit-Portfolio.aspxSociete Generale Acquires Jubanka’s Credit Portfolio Societe Generale Acquires Jubanka’s Credit Portfolio | News | Karanović & Nikolić string;#21/12/2017<p>Karanović & Nikolić advised on Societe Generale Srbija's acquisition of a part of Jubanka's credit portfolio – which included housing and cash credits, credit cards, as well as credits for small and medium-sized enterprises. Societe Generale Srbija is now the third largest bank in Serbia in terms of credit volume.</p><p style="text-align:justify;">The Karanović & Nikolić team consisted of Darko Jovanović, Ivan Nonković and Marko Ćulafić. Their services included the due diligence of Jubanka's credit portfolio, work on the transaction documents, with counsel throughout the acquisition and the negotiation process.</p><p style="text-align:justify;">Societe Generale Srbija, a wholly owned subsidiary of the French-based Société Générale bank – one of the largest banking groups in Europe, is the oldest foreign bank in Serbia, establishing its Belgrade office in 1977. This transaction is Societe Generale Srbija's second acquisition, after it acquired KBC Bank's client portfolio in 2013.</p><p style="text-align:justify;">Jubanka, formerly known as Alfa banka, is owned by AIK banka Beograd – which acquired a 100% of Jubanka's shares in April, 2017. Societe Generale Srbija stated that they will contact Jubanka's clients and offer them all the necessary help and support, in order to enable them the highest quality of service.</p><p>​</p>
Cross-Border Cooperation Between Competition Authorities in the SEE Region Intensifies Cross-Border Cooperation Between Competition Authorities in the SEE Region Intensifies | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/12/Cross-Border-Cooperation-Between-Competition-Authorities-in-SEE-Region-Intensifies.aspxCross-Border Cooperation Between Competition Authorities in the SEE Region Intensifies Cross-Border Cooperation Between Competition Authorities in the SEE Region Intensifies | News | Karanović & Nikolić string;#20/12/2017<p style="text-align:justify;">The national competition authorities in South Eastern Europe are evidently increasing and strengthening their cross-border cooperation and communication, allowing for a more effective regional approach in the protection of competition. Taking into account common challenges and economic interdependence, as well as similar goals in EU integration, the authorities appear to have recognized significant merit in a broader regional framework for competition enforcement.  </p><p style="text-align:justify;">Speaking in November at the <a href="/knevents/Pages/Karanovic-Nikolic-Hosts-the-12th-Traditional-Conference-on-Competition-Law.aspx"><span lang="EN-GB" style="text-decoration:underline;">"</span><span class="ms-rteStyle-Quote" lang="EN-GB" style="text-decoration:underline;"><em>Competition and Competitiveness</em></span><span lang="EN-GB" style="text-decoration:underline;">" conference</span></a>, organized by Karanović & Nikolić, the President of the <a href="http://www.kzk.org.rs/en"><span lang="EN-GB" style="text-decoration:underline;">Serbian Competition Commission</span></a>, Miloje Obradović, initially announced that one of the authority's main goals for the next two years is intensifying cooperation with its regional counterparts. With that in mind, he proposed the establishment of a Western Balkans Competition Forum, where regulators would meet to discuss the latest developments in the practice and legislation of competition protection. The Commission stated that this initiative was supported by the <a href="http://www.ebrd.com/home"><span lang="EN-GB" style="text-decoration:underline;">European Bank for Reconstruction and Development (EBRD)</span></a>. The framework would allow competition authorities to build upon existing cooperation in exchanging relevant information on market development, coordinating activities, competition advocacy etc.</p><p style="text-align:justify;">In the last few months, increased communication between the regional competition enforcers has been evident and public, including a number of bilateral and multilateral meetings being held across the region. On the <em>International Competition </em>conference, held in Albania in December, Mr. Obradović underlined that: „Regional cooperation through the Forum would additionally increase capacity and influence coordination in practice between the regional competition authorities. The Forum would also expand on competition advocacy activities of all of the regional competition authorities".</p><p style="text-align:justify;">There is a number of pan-European organizations dedicated to fostering cooperation between competition authorities already in place, including most notably the International Competition Network and the European Competition Network. However, it is evident that competition authorities in the region, whether they are already EU member states or candidates for accession, are increasingly becoming aware of the similar challenges facing regional economies and the effects that cross-border commerce has on competition in each of their jurisdictions, and are looking for a coordinated approach to tackling the main issues of the day. From a corporate perspective, a consistent and unified regional strategy for compliance becomes even more important for companies which are active in multiple jurisdictions, as the costs of non-compliance could grow exponentially wider. </p><p>​</p>
Karanović & Nikolić at the Competition Law in the Energy Sectors Conference Karanović & Nikolić at the Competition Law in the Energy Sectors Conference | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/12/Karanovic-Nikolic-at-the-Competition-Law-in-the-Energy-Sectors-Conference.aspxKaranović & Nikolić at the Competition Law in the Energy Sectors Conference Karanović & Nikolić at the Competition Law in the Energy Sectors Conference | News | Karanović & Nikolić string;#20/12/2017<p style="text-align:justify;">Miloš Vučković, Senior Partner at Karanović & Nikolić, held a presentation on the 4<sup>th</sup> of December at the Competition Law in the Energy Sectors conference in Vienna. The event was organized by the Energy Community and it featured representatives from various European countries, as well as legal experts and professionals from the energy sector. The main topics at the conference were the current and future trends in the energy industry and their relation with the field of competition law.</p><p style="text-align:justify;"><a href="/people/milos-vuckovic"><span style="text-decoration:underline;">Mr Vučković</span></a>'s presentation was in the fourth part of the conference "Market coupling, market splitting, power exchanges and the role of competition law". Titled "SEEPEX - Serbian Experience", the presentation gave an overview of the developments and trends in the Balkan energy sector. In particular focus was the establishment of SEEPEX – the only regional power exchange in South East Europe. </p><p style="text-align:justify;">Based on the WB6 Electricity Monitoring Report, issued by the <a href="https://www.energy-community.org/"><span lang="EN-GB" style="text-decoration:underline;">Energy Community</span></a> in the autumn of 2017, Serbia is at the moment ahead of its neighbouring countries, having the first power exchange in the Western Balkans region (i.e. WB6 region) as of the beginning of 2016. At the moment trading on SEEPEX is voluntary and no regulatory measures promoting liquidity have been taken. </p><p style="text-align:justify;">The standard products traded at SEEPEX are single orders and block orders at the day-ahead spot market.  As of March 2017, SEEPEX introduced a flexible block order as a new product with the aim of increasing liquidity. Further measures to increase liquidity should be implemented, such as the purchase of network losses, the selling of electricity from renewable sources, further deregulation of retail prices and abandoning the licensing regime. At the moment, the introduction of an intra-day market does not seem realistic. </p><p style="text-align:justify;">There was no progress made towards the coupling of the Serbian day-ahead market with the markets of Hungary, Czech Republic, Slovakia and Romania (known as 4MMC), for which SEEPEX expressed interest in a letter of intent sent to 4 MMC, together with the Serbian regulatory authority and the transmission system operator. Activities concerning the coupling with 4MMC, as well as with Montenegro, Albania and Italy are part of the implementation of a road map for the regional day-ahead market integration in Western Balkans.</p><p style="text-align:justify;">Other panels at the conference included: "The Gazprom Case – A Controversy", dealing with the European Competition Commission's case against Gazprom, a large Russian gas company; and, "Competition Law as a Sword and Shield in Arbitration", discussing the extent in which competition law is helpful or in the energy sector from an arbitration perspective.</p><p>​</p>