New Law on Collective Investment Undertakings in Albania

Albanian Parliament recently enacted a new Law on collective investment undertakings which entered into force on 20 June 2020.

Cross-border ESPPs and ESOPs in Serbia – has anything really changed?

Serbian residents are generally allowed to acquire shares in foreign companies. However, the Serbian Capital Markets Act (CM Act) prohibits cross-border public offers of shares directed at Serbian residents. Public offer is defined as any notice providing sufficient information on the conditions of the offering and the securities being offered so to allow offerees to decide on the purchase of, or subscription to, the securities. Public offer of shares must be conducted in accordance with the procedure prescribed by the CM Act. This includes an obligation of a foreign offeror to register the prospectus with the SEC. Moreover, a foreign issuer cannot offer on the Serbian market securities denominated in foreign currency but may offer only Serbian dinar-denominated depository certificates relating to the foreign securities.

Distressed Securities for Sale by HETA Asset Resolution

HETA Asset Resolution d.o.o. is part of HETA Group, a wind-down corporation owned by the Republic of Austria. Its statutory task is to dispose of the non-performing and non-strategic portion of Hypo Alpe Adria portfolio, nationalized in 2009, as effectively as possible whilst preserving value. In the process of single loan sales they are currently presenting an opportunity to invest in over EUR 56 million claims towards four individual borrowers from Slovenia, diversified across industries, maturity and type of collateral: EUR 26.8 million claims against the company ELECTA NALOŽBE d.o.o.; EUR…


The New Compliance Environment for Future Issuers of ‘Corona’ Bonds in Serbia

As a follow-up to the Decree on the Procedure for Issuance of Debt Securities, the Serbian Securities Commission has enacted amendments to the Regulation on Content of Application for Prospectus Publication Approval and Documentation Accompanying Application and the Regulation on Form and Minimal Content of Information to be Included in Prospectus, Basic Prospectus and Related Publications.

Emergency Rules on the Issuance of “Corona Bonds” in Serbia

The Government of Serbia adopted on 10 April 2020 the emergency Decree on the Procedure for Issue of Debt Securities (“Decree“), which provides for the simplification of the current regime regarding public offerings of debt securities by Serbian companies on the territory of Serbia.