The Launch of the Central Ultimate Beneficial Owners Register: A New Filing Obligation for Greek Legal Entities

Pursuant to the provisions of Law 4557/2018, recent Ministerial Decision (MD) 67343/2019 (as amended by MD 73900/2019, Government Gazette issues 2443/B/2019 and 2718/B/2019) regulates specific matters regarding the launch and function of the Central Ultimate Beneficial Owners Register for Greek legal entities. Law 4557/2018 on the prevention and combat of money laundering and terrorist funding stipulated that all legal entities whose registered seat is in Greece or which conduct business activity taxed in Greece must collect and submit adequate, accurate and up-to-date information on their beneficial owners, i.e. the individuals who ultimately own or control them, to the national register established for this purpose, the CUBOR

First GDPR Fines in Romania

NNDKP's head of the Data Protection practice, Roxana Ionescu, published two articles in relation to the first two fines notified by the Romanian Data Protection Authority (DPA). In applying its first fine, the Romanian DPA has reinforced its past practice on minimising the processing of personal numeric codes (equivalent to social security numbers) while making use of new concepts under the General Data Protection Regulation, like the accountability principle and data protection by design and by default. The second fine was imposed due to a data breach.

The Greek Ministry of Health on Conferences, Scientific Events and Educational Activities Applying to Pharmaceutical and Medical Devices Companies

The KG Law Firm’s pharmaceutical team has circulated a News Flash on the Greek Ministry of Health Circular Ref. No. Γ5α/Γ.Π.οικ 46754 in relation to Conferences, Scientific Events & Educational Activities that pertains, inter alia to Pharmaceutical and Medical Devices Companies.

Polenak Law Firm Contributed to the North Macedonia Chapter on Corporate Governance

Kristijan Polenak, managing partner and Tatjana Shishkovska, partner at Polenak Law Firm authored the North Macedonian Chapter on Corporate Governance, 18th edition, published in May 2019 by Law Business Research.

CNIL’s Primer on Video Surveillance at Work: Uniontrad Company Decision

On 18 June 2019, the French data protection supervisory authority (“CNIL”) issued a decision on video surveillance at work. The Uniontrad Company case demonstrates that a law specifically regulating the processing of images is not an indispensable prerequisite for reaching a decision. Instead, CNIL relied on the general GDPR rules on proportionality, fair notices, and security of processing. That does not mean that every detail of the video surveillance legal regime obviously flows from the general data protection rules. For example, data protection authorities may differ as regards the format of a data processing notice. But the fundamental rules governing video surveillance at work are clear, even in the absence of a specific regulation.

KG Law Firm on Bank of Greece: Obligation of Submission of the Annual Financial Statements

KG Law Firm’s partner Claire Pavlou and junior associate, Aggelos Charalampidis discuss Bank of Greece’s obligation of submission of the Annual Financial Statements. According to Act No 2682 / 03.06.2019 of the Governor of the Bank of Greece, published in the Government Gazette No. 2453 / 21.06.2019, non-financial entities are obliged to submit their annual financial statements with the Bank of Greece.

BDK Advokati on Telecoms and Media

BDK Advokati has once again contributed to the Getting the Deal Through Serbia chapter on Telecoms and Media. The chapter, authored by partner Bogdan Ivanisevic, consultant Pablo Perez Laya and junior associate Zorana Brujic, contains an in-depth legal analysis on the telecom and media sectors in the country.

Limitation Periods for the Hellenic Competition Commission: The Conseil D’ Etat has spoken with a New Ruling

In its much expected decision 582/2019, the Greek Supreme Administrative Court (Conseil d’ Etat), examined once more the issue of limitation periods for competition law violations and the notion of ‘reasonable time’ within which the Hellenic Competition Commission (‘HCC’) can bring cases against undertakings and delivered an ambiguous ruling which deviates from its previous decision on the matter.

Recent Developments on the Greek Strategic Investments Law

The long-awaited new law 4608/2019 re Hellenic Development Bank and Attracting Strategic Investments and Other Provisions includes provisions taking on board recommendations and proposals suggested by the Hellenic Federation of Enterprises in an effort to address non-sustainable investments as a byproduct of the previous framework(s). KG Law Firm’s team provides a complete analysis of the recent developments on the Greek Strategic Investments Law in its latest article available for download.

A Comparative Review of the Split-up Process under Greek Law 2190/1920 and New Greek Law 4601/2019

Kyriakides Georgopoulos Law Firm provides a comparative analysis of the Split-up Process under Greek Law 2190/1920 and New Greek Law 4601/2019 (or the simplification of the Split up process under New Law 4601/2019): New Greek Law 4601/2019 introduces an innovative legal framework systematizing the corporate restructurings of all legal forms of companies. Except for mergers and conversions, Law 4601/2019 also regulates the legal framework of divisions (demergers or “diaspasi” in Greek). According to the Law’s explanatory report, demerger is the act of transfer, with universal succession, of the property of a company which is dissolved without liquidation in at least two existing or newly established companies. The demerger process contributes to the adaptability of companies to new market conditions while ensuring the continuation of business activity. It is noteworthy that, contrary to the previous legal regime, the New Law extends the scope of the demergers to other forms of companies other than Société Anonyme. According to Law 4601/2019 there are three forms of demerger: (i) split up («koini diaspasi» in Greek) (ii) spin off («meriki diaspasi» in Greek) and (iii) hive down («aposchisi kladou» in Greek).

Concentrations Between Undertakings – What To Watch For

The Slovenian Competition Protection Agency (“CPA”) reports that it has initiated merger filing proceedings against the Croatian company Agrokor d.d. in respect of the concentration between Agrokor AG (Switzerland), which is part of the Agrokor group, and Ardeya Global Ltd. (UAE) which owns the Slovenian company Costella d.o.o. (“Costella”). The proceedings were initiated as a result of a potential failure to notify the CPA of a concentration which is subject to the provisions of the Slovenian Prevention of Restriction of Competition Act (“PRCA”).

Public Tenders: The Participant’s Right to Provide Explanations When Potential Grounds for Its Exclusion Arise - The Participation Right of Affiliat...

In the article, available for download, KG Law Firm discusses a recent Decision of the Greek Supreme Administrative Court issued in response to a petition to suspend the enforcement of a decision issued by the public authority responsible for the examination of pre-judicial recourses concerning the awarding of public procurements. The underexamination issue concerned the award of a public contract (e.g. for the construction of a part of Greek National Highway) to a Consortium which was in breach of a provision of Directive 2014/24/EC (transposed by Law 4412/2016) on public procurement.