AUSTRIA
The new Austrian Virtual Assembly Act
The COVID-19 Corporate Law Ordinance (abbreviated in German to "COVID-19-GesV") expired on 30 June 2023. Its purpose was to enable corporations to hold meetings virtually. After initially being enacted in 2020, it has since been extended several times, and yet another extension did not appear to be the most effective solution going forward.
BULGARIA
New screening of foreign investments in Bulgaria
A revised Investment Protection Act (“IPA”) is expected to transpose into Bulgarian law Regulation (EU) 2019/452 of the European Parliament and of the Council establishing a framework for the screening of foreign direct investments into the Union (“FDI Screening Regulation”).
CZECH REPUBLIC
New Czech Preventive Restructuring Legislation
With a delay of over a year, the Czech Act on preventive restructuring (the "Act") implemented Directive (EU) 2019/1023 on preventive restructuring frameworks. The Act finally became effective on 23 September 2023. This new legislative development in the Czech Republic aims to provide a fresh approach to handling financial distress and preventing insolvency.
HUNGARY
Exclusion from public procurement as a penalty for anti-competitive behaviour
According to Section 62 (1) n) of Hungary’s Act on Public Procurement, every company that was fined by the Hungarian Competition Authority (“HCA”) for committing an infringement of Section 11 of the Hungarian Competition Act (prohibition of anti-competitive agreements) is excluded from Hungarian public procurement procedures for three years.
ROMANIA
The registration procedure for economic operators that introduce on the national market sustainable, reusable or plastic-free alternatives to certain plastic products
Order no. 2.002/2023 of the Ministry of the Environment, Waters and Forests entered into force at the end of September 2023. The Order concerns the approval of the registration procedure for economic operators that introduce on the national market sustainable, reusable or plastic-free alternatives to single-use plastic products, PET bottles containing recycled plastic and recycled plastic to be incorporated into PET bottles.