EU
The EU Listing Act: Easier Access to European Capital Markets
For years, European capital markets were perceived as overly complex and costly, particularly for small and medium-sized enterprises (SMEs). Extensive prospectus requirements, three-year financial track records for equity transactions and burdensome ongoing obligations discouraged many companies from considering a listing. The EU Listing Act, entering into force in key parts in March and June 2026, seeks to address this imbalance.
BULGARIA
Bulgaria Introduces New Consumer Collective Redress Framework
With effect from 3 February 2026, Bulgaria introduced a new regime for consumer collective redress by transposing into national law Directive (EU) 2020/1828 on representative actions for the protection of the collective interests of consumers.
CZECH REPUBLIC
New Czech ESOP Legal Framework
On 1 January 2026, an amendment to the Czech Act on Income Taxes introduced a preferential tax regime for selected employee share ownership and option schemes, including ESOP structures. The aim is to bring income taxes into line with the realization of actual economic benefit and international standards, while also preventing ESOP from being abused by introducing clearly defined eligibility and compliance requirements.
ROMANIA
Strengthening Fiscal and Corporate Discipline: Entry into Force of Law No. 239/2025 on the Recovery and Efficiency of Public Resources
On 15 December 2025, Law No. 239/2025 entered into force following its promulgation by Decree No. 1152/2025, introducing targeted measures to strengthen fiscal discipline and improve the efficient use of public resources.
SLOVENIA
Legislative Update: Employees’ Right to a Winter Bonus and the Increase in the Minimum Wage
The Act on the Right to a Winter Bonus and the Reform of the Tax Base Assessment with Regard to Standardised Expenses (Official Gazette of the Republic of Slovenia, No. 91/25, hereinafter “the Winter Bonus Act”) was enacted on 11 November 2025 and introduced a new labour law obligation for employers in Slovenia. The Act establishes a mandatory payment of the “Winter Bonus” to all employees.