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Catch up on the latest news and press releases about CMS – the firm, latest developments and press coverage regarding CMS. Read all about the newest developments in the legal industry.

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Ra­divo­je Pet­rikić’s in­ter­view for Bloomberg Ad­ria
New ESG reg­u­la­tions ad­op­ted by the European Uni­on ap­plic­able to Ser­bi­an com­pan­ies as well
Mar­ija Marošan, seni­or ex­pert for real es­tate and con­struc­tion, pro­moted...
The co-Head of the Real Es­tate and Con­struc­tion prac­tice at CMS Bel­grade and CMS Podgor­ica, Mar­ija Marošan, has been pro­moted to Coun­sel after more than 12 years of ad­vising in­ter­na­tion­al com­pan­ies on real es­tate and con­struc­tion law mat­ters. Mar­ija Marošan star­ted her leg­al ca­reer after ob­tain­ing her mas­ter’s de­gree in Land Man­age­ment from Kunglinga Tekniska Hög­skolan in Stock­holm, in a reput­able law of­fice in Bel­grade. Since join­ing the team of CMS in Bel­grade in 2013, she has been provid­ing leg­al sup­port to pre-em­in­ent cli­ents on some of the largest and highly com­plex and sens­it­ive real es­tate and en­ergy pro­jects both in Ser­bia and in Montenegro. Her ex­tens­ive ex­per­i­ence in­cludes ad­vising cli­ents on the prop­erty de­vel­op­ment, sales and ac­quis­i­tions, leas­ing, con­struc­tion (in­clud­ing zon­ing, per­mit­ting, FID­IC and oth­er forms of con­struc­tion con­tracts), con­ver­sion, etc.  Mar­ija also has an ex­tens­ive track re­cord with re­new­able en­ergy and in­fra­struc­ture pro­jects both in Ser­bia and in Montenegro and has ad­vised nu­mer­ous cli­ents re­gard­ing real es­tate and reg­u­lat­ory as­pects of the de­vel­op­ment, op­er­a­tion, and fin­an­cing of re­new­able en­ergy and in­fra­struc­ture fa­cil­it­ies, en­ergy ef­fi­ciency pro­jects, PPPs. Her ad­mir­able work and ded­ic­a­tion to provid­ing ex­cel­lent ser­vice to cli­ents and her out­stand­ing ex­pert­ise have led to her be­com­ing the co-Head of the Real Es­tate and Con­struc­tion prac­tice at CMS Bel­grade and a very prom­in­ent mem­ber of the En­ergy and Cli­mate Change team. She shares her ex­pert­ise and know-how and provides in­valu­able sup­port to the CMS team in North Mace­do­nia in ad­vising on com­plex mat­ters of law rel­ev­ant to vari­ous re­new­able en­ergy pro­jects. We are proud to an­nounce this new step in Mar­ija’s ca­reer and wish her con­tin­ued growth and suc­cess with­in the CMS fam­ily!  
CMS Podgor­ica and Bel­grade team has provided sup­port to UGT Re­new­ables...
UGT Re­new­ables, one of the largest US sol­ar en­ergy and stor­age de­velopers, has signed an agree­ment on co­oper­a­tion with Montenegro’s EP­CG. They will jointly de­vel­op a large-scale sol­ar en­ergy pro­ject in Montenegro. In this and oth­er pro­jects, UGT Re­new­ables will be as­sisted by its stra­tegic part­ner Hy­undai En­gin­eer­ing, the South Korean en­gin­eer­ing, pro­cure­ment and con­struc­tion com­pany that is ex­pand­ing from the con­ven­tion­al en­ergy sec­tor to the re­new­able en­ergy sec­tor. CMS Podgor­ica and Bel­grade team has been sup­port­ing UGT Re­new­ables in this pro­ject and has provided ad­vice on all leg­al as­pects rel­ev­ant to the joint de­vel­op­ment agree­ment with EP­CG in Montenegro. The agree­ment was signed by Adam Cortese, the CEO of UGT Re­new­ables, and Milutin Djukan­ović, the Pres­id­ent of the Board of Dir­ect­ors of EP­CG. The sign­ing ce­re­mony in Podgor­ica was at­ten­ded by out­go­ing Prime Min­is­ter of Montenegro Drit­an Abazović, US Am­bas­sad­or to Montenegro, H.E. Judy Rising Reinke, and many oth­ers.The core CMS team as­sist­ing UGT Re­new­ables with this green en­ergy pro­ject in Montenegro con­sisted of seni­or at­tor­neys Tamara Ze­jak and Tamara Samardžija, headed by Man­aging Part­ner Ra­divo­je Pet­rikić.
CMS ad­vises Mutares on ac­quis­i­tion of Ar­riva Den­mark, Po­land Bus and Ser­bia
The stock lis­ted private equity in­vest­ment com­pany Mutares SE & Co. KGaA has signed an agree­ment to ac­quire the Dan­ish, Pol­ish and Ser­bi­an busi­ness activ­it­ies of the Ar­riva Group. The Pol­ish busi­ness...
The Walt Dis­ney Com­pany Lim­ited & Dis­ney DTC EM Lim­ited ap­point Pet­rikić...
The Walt Dis­ney Com­pany, a me­dia and en­ter­tain­ment power­house, and Dis­ney DTC EM Lim­ited, have ap­poin­ted Pet­rikić & Part­ners AOD as their data pro­tec­tion rep­res­ent­at­ive for their Dis­ney+ stream­ing ser­vice in the Re­pub­lic of Ser­bia.Pur­su­ant to Art­icle 44 of the Ser­bi­an Law on Per­son­al Data Pro­tec­tion, data con­trol­lers that do not have a re­gistered seat in Ser­bia are re­quired to ap­point a rep­res­ent­at­ive in Ser­bia to act as a point of con­tact for the data pro­tec­tion au­thor­ity and for data sub­jects.Since Dis­ney+ stream­ing ser­vice has re­cently been launched in Ser­bia, Dis­ney+ cus­tom­ers in Ser­bia may reach out to Pet­rikić & Part­ners AOD for any ques­tions or com­plaints in re­la­tion to the pro­cessing of their per­son­al data by the above Walt Dis­ney com­pan­ies. The ap­point­ment of Pet­rikić & Part­ners AOD was an­nounced by the Com­mis­sion­er for In­form­a­tion of Pub­lic Im­port­ance and Per­son­al Data Pro­tec­tion: Dis­ney DTC EM Lim­ited and The Walt Dis­ney Com­pany Lim­ited des­ig­nate rep­res­ent­at­ive for Re­pub­lic of Ser­bia in ac­cord­ance with Law on Per­son­al Data Pro­tec­tion - Com­mis­sion­er for In­form­a­tion of Pub­lic Im­port­ance and Per­son­al Data Pro­tec­tion (poverenik.rs)The con­tact email ad­dress des­ig­nated for this pur­pose is datapri­vacy­bel­grade@cms-rrh.com
CMS Com­pet­i­tion team from CEE made their mark at the in­ter­na­tion­al com­pet­i­tion...
The team of six com­pet­i­tion law­yers from CEE shared the ex­per­i­ence from their re­spect­ive coun­tries on the top­ic of ex­change of sens­it­ive in­form­a­tion
CMS Bel­grade and CMS Podgor­ica sup­port Hys­tead Lim­ited in the sale of Delta...
Fol­low­ing the suc­cess­ful sale of Delta City shop­ping mall in Bel­grade Ser­bia, Hys­tead Lim­ited, a Lon­don-based com­pany and in­vestor in the West­ern Balkans, has signed an agree­ment to sell Delta City Mall in Podgor­ica, Montenegro to Is­raeli com­pany BIG Shop­ping Centres. Delta City Podgor­ica is the largest shop­ping mall in Podgor­ica and one of the most de­veloped com­mer­cial fa­cil­it­ies in Montenegro. The trans­ac­tion value is EUR 95 mil­lion. Hav­ing ad­vised Hys­tead Lim­ited in the sale of Delta City Bel­grade, CMS Bel­grade has been en­gaged again, to­geth­er with CMS Podgor­ica, to provide leg­al as­sist­ance in the di­vest­ment of Delta City Podgor­ica. Full leg­al sup­port in ne­go­ti­ations and struc­tur­ing of the trans­ac­tion and sign­ing of the sales agree­ment has been provided by the team of CMS ex­perts led by part­ners Maja Stepan­ović (Cor­por­ate/M&A) and Milica Pop­ović (Bank­ing & Fin­ance). Oth­er team mem­bers in­cluded part­ner Ivan Gazdić (Real Es­tate & Con­struc­tion) and at­tor­ney Tamara Samardžija (Cor­por­ate/M&A).
CMS par­ti­cip­ates in the Balkan Green En­ergy News Con­fer­ence on the Chan­ging...
The con­fer­ence "Ser­bi­an Com­pan­ies on the Chan­ging Power Mar­ket" or­gan­ised by Balkan Green En­ergy News gathered to­geth­er nu­mer­ous play­ers in the re­new­able en­ergy mar­ket. An in­dustry meet­ing of re­gion­al im­port­ance On 22 Feb­ru­ary 2022, lead­ing elec­tri­city mar­ket ex­perts from Ser­bia and abroad met in Bel­grade to dis­cuss key is­sues in the Ser­bi­an en­ergy sec­tor. The top­ics were rel­ev­ant for the en­tire re­gion. The ex­perts provided in­sights in­to both the way the Ser­bi­an elec­tri­city mar­ket would likely de­vel­op in the com­ing years and the op­por­tun­it­ies avail­able to vari­ous mar­ket par­ti­cipants. The con­fer­ence offered an ana­lys­is of the most im­port­ant chal­lenges fa­cing com­pan­ies in the course of the en­ergy trans­ition.CMS also re­lies on in­nov­at­ive ad­vis­ory products to help its cli­ents be­ne­fit from the en­ergy trans­ition.The con­fer­ence was opened by Ser­bi­an Deputy Prime Min­is­ter Zor­ana Mi­hajlović and Dir­ect­or of the En­ergy Com­munity Sec­ret­ari­at Ar­tur Lorkowski. CMS was a spon­sor and par­ti­cipant of this cru­cial event for the en­ergy sec­tor and was de­lighted to be rep­res­en­ted onsite by its law­yers Ivan Gazdić, part­ner CMS Ser­bia, Georg Gut­fleisch, law­yer CMS Aus­tria, and Tamara Kosi, law­yer CMS Slov­e­nia, and Maja Živan­ović, Busi­ness De­vel­op­ment Coun­try Head, CMS Ser­bia, Montenegro and North Mace­do­nia.  One step ahead in the en­ergy crisis The 2021 en­ergy crisis has con­tin­ued in­to 2022 caus­ing un­pre­ced­en­ted in­creases in elec­tri­city prices across Europe. The Ser­bi­an gov­ern­ment has put up a res­cue para­chute for com­pan­ies and capped the elec­tri­city price at EUR 75 per MWh for the peri­od un­til June 2022. However, it re­mains to be seen how elec­tri­city prices will de­vel­op in the me­di­um and long term. In the com­ing years, the Ser­bi­an elec­tri­city mar­ket will – like the en­tire re­gion – be af­fected by oth­er im­port­ant changes too: de­car­bon­isa­tion and the need to align its busi­ness with the Green Agenda; the pro­jec­ted growth in sol­ar and wind ca­pa­city; the in­creas­ing at­tract­ive­ness of cus­tom­ers pro­du­cing their own en­ergy onsite; and the car­bon cap tax on ex­ports to the EU.The con­clu­sion was: “The event ‘Ser­bi­an Com­pan­ies on the Chan­ging Power Mar­ket’ provided an ex­cel­lent op­por­tun­ity for the ex­change of in­form­a­tion and ideas that are ur­gently needed to bet­ter un­der­stand trends in the power mar­ket and to re­main com­pet­it­ive".The CMS En­ergy and Cli­mate Change Sec­tor Group provides lead­ing ad­vice products on all as­pects of in­nov­at­ive en­ergy, cli­mate change and ESG.
Cor­por­ate le­gis­la­tion in Ser­bia march­ing to­ward di­git­al­isa­tion
The end of 2021 has brought us amend­ments of both the Com­pany Act and the Law on Re­gis­tra­tion Pro­ced­ure with the Ser­bi­an Busi­ness Re­gisters Agency.Most of the amend­ments have been ad­op­ted with the aim of either fur­ther di­git­al­iz­ing or en­sur­ing more trans­par­ency and safety in the busi­ness en­vir­on­ment in Ser­bia.Apart from the amend­ments deal­ing with pro­ced­ur­al or tech­nic­al mat­ters (e.g. pro­ced­ure for the cor­rec­tion of tech­nic­al er­rors, broad­en­ing the cat­egory of ap­plic­ants, etc.), ma­jor amend­ments to the Law on Re­gis­tra­tion Pro­ced­ure refer to fur­ther di­git­al­iz­a­tion:start­ing on 16 May 2023, the ap­plic­a­tion for the in­cor­por­a­tion of a com­pany will only be pos­sible on­line (elec­tron­ic ap­plic­a­tion), and de­cisions of the Re­gistry (to e-ad­min­is­tra­tion users) will be de­livered to users’ elec­tron­ic mail­boxes;start­ing on 16 Novem­ber 2022, cer­ti­fic­a­tion of a di­git­ized act (i.e. con­firm­a­tion of its iden­tity with the ori­gin­al) may be per­formed by at­tor­neys-at-law.Amend­ments to the Com­pany Act are wider in scope and in­clude, among oth­er things:more de­tailed pro­ced­ures for re­port­ing on the trans­ac­tions in­volving a per­son­al in­terest and on forced li­quid­a­tions;the an­nul­ment and the con­sequences of the an­nul­ment of share trans­fer agree­ments;re­mov­al of the double sig­na­ture rule re­stric­tion for com­pany rep­res­ent­at­ives, as well as the re­mov­al of the ob­lig­a­tion for a com­pany to have at least one rep­res­ent­at­ive that is a nat­ur­al per­son;pro­hib­i­tion on en­tre­pren­eurs us­ing the term “Ser­bia” in their busi­ness name;reg­u­la­tion of the value of the share cap­it­al of the com­pany upon its ac­quis­i­tion with­in the bank­ruptcy pro­ced­ure (i.e. a price paid);ex­pli­cit state­ment that treas­ury shares can­not be sub­ject to a pledge.Mat­ters re­lated to in­sti­tu­tion­al in­vestors, as­set man­agers and vot­ing ad­visers are reg­u­lated, but the ap­plic­a­tion is post­poned un­til the ac­ces­sion of Ser­bia to the EU.However, there are also changes that re­quire har­mon­iz­a­tion or at least amend­ments in terms of the cur­rent re­gis­tra­tion re­gime:Com­pan­ies must be­come users of the E-ad­min­is­tra­tion plat­form no later than 26 May 2023;By 26 Novem­ber 2022, a com­pany’s re­gistered seat must con­tain an in­dic­a­tion of the city, mu­ni­cip­al­ity, street, house num­ber, floor, apart­ment; pub­lic joint-stock com­pan­ies must ad­opt re­mu­ner­a­tion policies, keep a re­cord of and re­port on the re­mu­ner­a­tion of dir­ect­ors;Start­ing from 1 June 2022, for re­gis­tra­tion of nat­ur­al per­sons (as share­hold­ers, dir­ect­ors, etc.), their gender must be in­cluded and re­gistered as well.While di­git­al­iz­a­tion is ob­vi­ously an in­ev­it­able fact and a “one-way street”, it re­mains to be seen how smoothly the mech­an­isms en­vis­aged by the rel­ev­ant amend­ments will op­er­ate in prac­tice.
CMS Bel­grade sup­ports Hys­tead Lim­ited in the di­vest­ment of Delta City Bel­grade
UK-based Hys­tead Lim­ited, ma­jor­ity-owned by South Afric­an Hyprop In­vest­ments, has suc­cess­fully closed the sale of Delta City shop­ping mall in Bel­grade, Ser­bia. Delta City Bel­grade, one of the most vis­ited shop­ping malls in Ser­bia, has been ac­quired by MPC Prop­er­ties, one of the lead­ers in con­struc­tion and real es­tate man­age­ment in the re­gion. CMS Bel­grade has been se­lec­ted to provide full leg­al sup­port to Hys­tead Lim­ited in this EUR 115 mil­lion trans­ac­tion. The team of CMS Bel­grade ex­perts headed by part­ners Maja Stepan­ović (Cor­por­ate/M&A) and Milica Pop­ović (Bank­ing & Fin­ance) as­sisted the cli­ent through­out the trans­ac­tion, provid­ing sup­port in ne­go­ti­ations, clos­ing activ­it­ies and tax struc­tur­ing. Oth­er team mem­bers whose en­gage­ment has been in­valu­able are Real Es­tate and Con­struc­tion co-heads Ivan Gazdić and Mar­ija Marošan.
CMS Bel­grade provides full sup­port to Uni­Cred­it Bank Ser­bia in the re­fin­an­cing...
Uni­Cred­it Bank Ser­bia and Eli­cio Ali VE, a 100% sub­si­di­ary of Eli­cio NV, suc­cess­fully closed the re­fin­an­cing trans­ac­tion of the 42 MW Alibunar wind farm in Q3 2021. CMS Bel­grade has been se­lec­ted to pre­pare the full set of fin­ance doc­u­ments for Uni­Cred­it Bank Ser­bia as the sole lender in the EUR 53 mil­lion re­fin­an­cing.  Com­ment­ing on the trans­ac­tion, Nikola Vu­letić, Chair­man of the Man­age­ment Board of Uni­Cred­it Ser­bia, said: “We are proud that Eli­cio once again re­cog­nised our bank as a re­li­able part­ner for the first re­fin­an­cing of an op­er­a­tion­al wind farm con­duc­ted in Ser­bia. This is a clear ex­ample of how banks and the re­new­ables sec­tor can con­trib­ute to im­prov­ing over­all en­ergy se­cur­ity and con­sump­tion of re­new­able en­ergy in Ser­bia.”  Alain Jans­sens, CEO of Eli­cio, ad­ded: “This re­fin­an­cing rep­res­ents an im­port­ant mile­stone for the Ser­bi­an re­new­ables mar­ket as it af­firms the strong fun­da­ment­als of the pro­ject and the bank­able reg­u­lat­ory en­vir­on­ment for re­new­able en­ergy pro­duc­tion in Ser­bia. The trans­ac­tion also con­firms the fund­ing avail­able in the Ser­bi­an mar­ket to loc­ally fin­ance well-struc­tured pro­jects and to do so on longer ten­ors. These are cru­cial con­di­tions for real­iz­ing Ser­bia’s con­sid­er­able am­bi­tions in terms of an in­creased con­tri­bu­tion of wind en­ergy to the en­ergy mix, an area in which Eli­cio will con­tin­ue to act­ively par­ti­cip­ate.” The team of CMS Bel­grade ex­perts headed by part­ners Ivan Gazdić and Milica Pop­ović provided full leg­al sup­port in every phase of this land­mark re­fin­an­cing, from the leg­al due di­li­gence re­view to full-scope ad­vice on mul­tiple reg­u­lat­ory, real es­tate, cor­por­ate, pro­ject fin­ance and oth­er leg­al is­sues and draft­ing of the fin­ance doc­u­ments. Oth­er team mem­bers in­clude Ksen­ija Bor­eta, Mar­ija Marošan, Ig­or Đorđević, and Teodora Vu­jošević.
CMS Bel­grade sup­ports Ger­man on­line bank N26
We, at CMS Bel­grade, ap­pre­ci­ate the op­por­tun­ity to sup­port start-ups with a strong vis­ion, such as re­tail neo­bank N26. CMS Bel­grade Man­aging Part­ner Ra­divo­je Pet­rikić, early re­cog­nised the po­ten­tial of N26 and with his team of loc­al part­ners Mar­ija Tešić and Maja Stepan­ović, and seni­or tax law­yer Ivana Blago­jević, sup­por­ted them with the ac­quis­i­tion of a Ser­bi­an fintech, thus en­abling fur­ther ex­pan­sion of N26 op­er­a­tions in glob­al mar­kets.   This fast-grow­ing neo­bank from Ger­many has an in­spir­ing motto: to be the first mo­bile bank the world loves to use! As it seems, they are liv­ing up to their motto, since N26 has already wel­comed more than 7 mil­lion cus­tom­ers in 25 mar­kets for only 6 years, and has just raised a USD 900 mil­lion Series E round at a USD 9 bil­lion valu­ation of the com­pany. In ad­di­tion to Cent­ral Europe op­er­a­tions, they are now eye­ing op­por­tun­it­ies in East Europe, and open­ing an of­fice in Ser­bia is an im­port­ant step in their plan.   We are look­ing for­ward to as­sist­ing the in­nov­at­ive mo­bile bank with achiev­ing their goal of be­com­ing one of the biggest re­tail banks in Europe.